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 11

Taxation

The Council is exempt from the payment of income tax in terms of section 10(1) (CA) (I) of the Income Tax Act, No. 58 of 1962.

Note 12

2024 R

2023 R

Auditor’s remuneration

Consulting fees Disbursements

96 645 33 730

79 037 14 312

Statutory audit fees

812 322

528 393

942 697

621 742

Note 13

2024 R

2023 R

Commitments

Already contracted, but not provided for: Operating expenditure

8 217 760

4 631 191

This committed expenditure relates to operating expenses and will be financed by available retained surplus. Commitments disclosed takes into consideration clauses as per the contractual agreements.

Minimum lease payments under operating lease recognised as an expense during the year Operating lease expense

2 203 563

1 859 750

Total minimum lease payments Not later than one year

1 741 973 2 543 136

1 022 484

Later than one year and not later than five years

558 845 4 285 109 1 581 329

Operating lease payments represent rentals payable by the ELRC for rentals of premises in the nine provincial offices. Rental expenses are increased annually as per the escalation clauses of the lease agreements.

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