GPW_AR_2013_Final_v10.pdf

125 year anniversary

NOTES TO THE ANNUAL FINANCIAL STATEMENTS Annual Financial Statements for the year ended 31 March 2013

11. CAPITAL FUND

2013

2012

R ‘000

R ‘000

Balance at the beginning of the year

683,911 191,782 875,693

469,096 214,815 683,911

Transfer of the National Treasury approved surplus

The capital fund originated through the transfer of net surplus in previous years’ after the approval of the National Treasury was obtained for the necessary transfers.The purpose of the fund is the ½ nancing of the operations of the GPW.

12. DEFERRED INCOME During the ½ nancial year under review the GPW received an amount of R 135,219 thousand from National Treasury via the Department of Home Affairs (DHA) as a contribution towards the transformation of the GPW, including the procurement of new production equipment.The deferred income will be credited to the statement of comprehensive income over the useful life of the asset starting when the asset is brought to use.

2013

2012

R ‘000

R ‘000

Opening balance

605,920 135,219 (66,933) 674,206

543,251 129,002 (66,333) 605,920

Grants received during the year

Deferred income realised through depreciation and appropriation

Closing balance

13.TRADE AND OTHER PAYABLES

2013

2012

R ‘000

R ‘000

Trade payables Other payables

184,444 109,237

115,765 35,823

Accrued expense - leave pay

4,739

4,878

298,420

156,466

Included in other payables are the following: unallocated deposits of R 86,849 thousand (2012: R 15,050 thousand),VAT of R 11,680 thousand (2012: R 618 thousand) and debtors with credit balances of R 4,167 thousand (2012: R 4,840 thousand).

Management consider that the carrying amount of trade and other payables approximates their fair value.

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