ELRC 202324 Annual Report

Financial Statements for the year ended 31 March 2024 EDUCATION LABOUR RELATIONS COUNCIL | 2023/24 ANNUAL REPORT

L EDUCATION LABOUR RELATIONS COUNCI NOTES TO THE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (cont.) Note 3 Intangible assets March 2024 March 2023 Cost Accumulated amortisation Carrying Value Cost Accumulated amortisation Carrying Value Application Software 4 785 213 (4 487 829) 297 384 4 667 148 (4 358 909) 308 240 System Software 634 129 (624 968) 9 161 634 129 (621 916) 12 214 5 419 342 (5 112 797) 306 545 5 301 277 (4 980 825) 320 454 Reconciliation of intangible assets: 31 March 2024 Opening Balance Additions Amortisation Total Application Software 308 240 118 065 (128 921) 297 384 System Software 12 214 - (3 053) 9 161 320 454 118 065 (131 974) 306 545 Reconciliation of intangible assets: 31 March 2023 Opening Balance Additions Amortisation Total Application Software 451 613 - (143 374) 308 240 System Software 22 996 - (10 782) 12 214 474 609 - (154 156) 320 454

During the prior financial year the Council noticed that its major intangible asset would reach the end of its useful life in the year 2024, this resulted in reassessment of its useful life and a reduced amortisation during this financial year. Changes in estimates The entity reassesses the useful lives and residual values of items of property and equipment at the end of each reporting period, in line with the accounting policy and section 18 Intangible Assets. These assessments are based on historic analysis, benchmarking, and the latest available and reliable information. This resulted to an increase of R22,123 to the surplus.

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