Limpopo Gambling Board Annual Report

LIMPOPO GAMBLING BOARD Annual Financial Statements for the year ended 31 March 2022 Notes to the Annual Financial Statements

2022

2021

5. Fines payable

Opening balance

80 000 75 000

167 425 80 000 (167 425)

Amount raised during the current year Amount transferred to revenue fund

-

155 000

80 000

Fines payable are treated under GRAP 109 (Accounting by Principles and Agents) Agent - Principle Relationship. 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 2019/20 financial year were paid over to the shareholder in October 2020. The penalties that are raised in the current year will be transferred over to the Provincial Revenue Fund through the shareholder in the 2022/23 financial year. 6. Payables from exchange transactions Trade payables 865 073 503 557 Sundry Creditors 1 371 - Other payables 544 777 611 011 1 411 221 1 114 568

7. Payables from non-exchange UIF and SDL

70 133

928

PAYE

1 432 611

3 025

Levies to be paid to Ledet

- 2 334 732 1 502 744 2 338 685

The amount for PAYE in the current year was settled after the 31st of March 2022, in the previous financial year the amount was settled before the 31st of March 2021. The amount of levies to be paid over to LEDET which were not transferred at year end is R 0 (R 2334 732). 8. Employee benefit Obligation The amounts recognised in the statement of financial position for long service awards are as follows: Carrying value Present value of the defined benefit obligation-wholly unfunded 301 132 277 668

Non-current liabilities Current liabilities

(269 288) (31 844) (301 132)

(250 168) (27 500) (277 668)

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