LIMPOPO GAMBLING BOARD A/REPORT 2022/23

LIMPOPO GAMBLING BOARD Financial Statements for the year ended 31 March 2023 4. Intangible assets (continued) Reconciliation of intangible assets - March 2023

Opening balance

Software under development

Amortisation

Total

Computer software

469 822

111 994

(96 424)

485 392

Reconciliation of intangible assets - March 2022

Prior period error

Opening balance

Amortisation

Total

Computer software

564 521

1 737

(96 436)

469 822

Intangible assets in the process of being constructed or developed Cumulative expenditure recognised in the carrying value of Intangible assets 2023

2022

Computer software, other

111 994

–

In the curreft financial year the entity has started a migration excercise as a result of an upgrade of the current software. By year end the process of migration and upgrade had not been completed but the entity had already incurred costs for the software. Prior period error The R1737 prior period error resulted from an incorrect useful life applied in the amortisation of the Teammate software when it was first brought into use. The error has been adjusted for retrospectively. 5. Fines payable 2023 2022 Opening balance 155 000 80 000 Amount raised 101 000 75 000 Amount transferred (155 000) – 101 000 155 000 Fines payable are treated under GRAP 109 (Accounting by Principals and Agents). The entity collects fines that arises as a result of non compliance by operators with the Limpopo Gambling Regulations. These are directly paid to the Provincial Revenue Fund through the shareholder on completion of the audit.The penalties that were raised in the 2021/22 financial year were paid over to the shareholder in August 2022. The penalties that are raised in the current year will be transferred over to the Provincial Revenue Fund through the shareholder in the 2023/24 financial year.

LIMPOPO GAMBLING BOARD

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