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 14

2024 R

2023 R

Cash generated from operations

Surplus for the year

26 910 428

33 630 963

Adjustments for: Depreciation and amortisation

2 145 297

1 844 748

Movement in accruals

(756 148)

225 267

Movement in provisions

632 362

60 794

(Gains) Loss on disposal of assets

38 530

(10 715)

Interest income

(20 717 639)

(13 445 815)

Changes in working capital: Trade and other receivables

(883 531)

553 488

Trade and other payables

2 949 654

765 644

10 318 954

23 624 375

Note 15

Related parties

Employer party

Department of Basic Education

Chairperson of Council Members of key management

Dr Luvuyo Bono Dr Nolusindiso Foca Ms Unathi Ndobeni Ms Octavia Makofane Mr Matlose Moela Ms Nelisiwe Bongco

Trade unions

South African Democratic Teachers Union (SADTU) Combined Trade Union – Autonomous Trade Union (CTU-ATU)

Non-Executive members serve in the audit committee of the ELRC. The Audit Committee sits for four meetings annually and any other special meetings.

152