Economic Development Annual Report

Annual Report 2023/2024 Mpumalanga: Department of Economic Development and Tourism - Vote 6

Department of Economic Development & Tourism (Vote number 6)

Financial Statements for the year ended March 31, 2024 Notes to the Financial Statements

Figures in Rand thousand

Note(s) 2023/2024

2022/2023

18. Employee benefits Leave entitlement

9,170 4,466 5,521

9,460 4,079 5,484

Service bonus Capped leave

Other Total

131

77

19,288

19,100

Other refers to an amount of R130 787 for Long Service Awards anticipated to be paid to officials in the next financial year. Long Service Awards was last revised by the DPSA on the 01 April 2020. Included in the leave entitlement above are negative leave credits amounting to R60 282. 19. Lease commitments 19.1 Operating leases 2023/2024 Figures in Rand thousand Total

Buildings and other fixed structures 7,227

Machinery and equipment 2,519

Not later than 1 year

9,746 38,334 48,080

Later than 1 year and not later than 5 years

31,758 38,985

6,576 9,095

Total lease commitments

2022/2023 Figures in Rand thousand

Buildings and other fixed structures 7,168

Total

Not later than 1 year

7,168 36,337 1,378 44,883

Later than 1 year and not later than 5 years

36,337 1,378 44,883

Later than five years

Total lease commitments

The material leasing agreement that the department has entered into is with Blue Cloud Investments for the lease of office building located at Mbombela Square with a lease period from 01 June 2021 to 30 June 2029. The escalation clause is 7% annually and no restrictions are imposed to the department. Maintenance and repairs are the responsibility of the Landlord in this regard. 20. Accrued departmental revenue Tax revenue 86,447 61,054 Sale of capital assets 56 - Total 86,503 61,054

20.1 Analysis of accrued departmental revenue Opening balance

61,054 (61,054) 86,447

38,889 (38,889) 61,054

Less: Amounts received Add: Amounts recognised

Total

86,447

61,054

72

274