ELRC 202324 Annual Report

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

NOTES TO THE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (cont.)

Note 7 (cont.)

Reconciliation of provisions: 31 March 2024

Opening Balance

Additions Reversed

Paid

Total

Provision for 13th cheque

668 190

3 070 202

-

(2 988 931)

749 461

Provision for performance bonus*

2 200 984

2 679 632

-

(2 200 984)

2 679 632

Provision for annual leave*

1 542 261

472 553

(334 767)

-

1 680 047

Provision for SADTU

72 343

-

(44 450)

(20 893)

7 000

4 483 778 6 222 387

(379 217)

(5 210 808)

5 116 140

Reconciliation of provisions: 31 March 2023

Opening Balance

Additions Reversed

Paid

Total

Provision for 13th cheque

564 810

2 706 838

-

(2 603 458)

668 190

Provision for performance bonus*

1 813 577

2 200 984

-

(1 813 577)

2 200 984

Provision for annual leave*

1 390 843

462 616

(155 136)

(156 063)

1 542 261

Provision for SADTU

653 754

-

(581 411)

-

72 343

4 422 984 5 370 438

(736 547)

(4 573 098)

4 483 778

Provisions for SADTU comprise of costs to be claimed for services rendered by Parties to Council but for which claims have not been received. A reliable estimate is made based on the number of meetings attended and provisions as per Collective Agreement.

Note 8

2024 R

2023 R

Revenue

Levies – FETC Levies – DBE

3 022 090 5 001 354 103 170 797 96 300 615 106 192 887 101 301 969

All levies received bear no credit risk and are paid from salary deductions from educators and an equal contribution by employer.

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