Limpopo Gambling Board Annual Report

Notes to the Annual Financial Statements Figures in Rand 28. Related parties (continued) 6 555 587 88 272 436 758 109 916 128 708 222 150 143 270 701 845 8 386 506 29. Prior-year adjustments

56

Presented below are those items contained in the statement of financial position, statement of financial performance and cash flow statement that have been affected by prior-year adjustments. There was an amount of R 80 000 that relates to penalties of prior financial year which has now been incoroprated to reflect the true value of receivables from non exchange as at 31 March 2021. Similarly the same figure was raised as a payable of fines and penalties at as 31 March 2021. The amount of R 1 197 832 relates to performance bonus accrual that was raised as at 31 March 2021 and is now being reversed

as it did not meet the definition of a short term liability which was supposed to be settled within 12 months. As at 31 March 2022 the entity had not paid the amount out. Similarly, the amount of R 236 370 was taken out of salaries as it relates to the performance bonus accrual of the the prior financial year. The operating lease was incorrectly split between non current and current liability which is in contravention of GRAP 13. The lease accrual has since been restated to only reflect as a current liability. The operating expense has increased with regards to legal fees amounting to R227 700. The invoice was only delivered to the entity in April 0f 2022 and these was for services rendered in the March 2021 financial year. Sundry income has been reclassified from revenue from exchange transactions to revenue from non exchange transactions. The effects of the prior period errors are incorporated in note 33, in the funds to surrender note. Statement of financial position

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