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 5

2024 R

2023 R

Cash and cash equivalents

Cash and cash equivalents consist of: Cash on hand

18 281

20 200

Current account

17 011 178 12 605 107

Short term deposits *

259 749 780 234 020 734

276 779 239 246 646 041

*Short term deposits are held with the South African Reserve Bank (Corporate of Public deposits) and bears interest at a rate more competitive than those offered by the commercial banks. These are made available immediately on call or request.

Note 6

2024 R

2023 R

Trade and other payables

Trade payables

5 078 822 2 175 538

Operating lease liability

46 371

-

Accrued expenses

309 378 1 065 526 5 434 572 3 241 064

Trade and other payables are all financial instruments carried at amortised cost.

Note 7

2024 R

2023 R

Provisions

Provision for 13th cheque

749 461

668 190

Provision for performance bonus

2 679 632

2 200 984

Provision for annual leave

1 680 047

1 542 261

Provision for SADTU

7 000 72 343 5 116 140 4 483 778

148