Limpopo Gambling Board Final

LIMPOPO GAMBLING BOARD Financial Statements for the year ended 31 March 2023 25. Commitments

2023

2022

Authorised operational expenditure Already contracted for but not provided for • Committed funds Total operational commitments Already contracted for but not provided for

2 461 450

4 429 858

2 461 450

4 429 858

The commitments relate to contracts in respect of printers, security, hygiene cleaning company. The commitments are funded from existing funds. Investment properties The entity has entered into a maintenance contract for the investment properties. Commitments regarding the maintenance are as follows. Operating leases - as lessee (expense) Minimum lease payments due - within one year

319 464 212 976 532 440

15 538 916

- in second to fifth year inclusive

-

15 538 916

The entity rents offices in Polokwane at 8 Hans van Rensburg Street. Rental is payable monthly in advance and it escalates at the rate of 10% per annum. The tenant has the option to make an offer to purchase at any time in the current lease agreement. The tenant is also precluded from using the building for other purposes other than that agreed upon in the lease agreement. The landlord can terminate the contract upon expiry of the termination date. There is no contingent rent in the Statement of Financial Performance. The lease expired on the 28th of February 2023. The entity rents digital printers for a period of three years. Rental is payable monthly in advance and is fixed over the entire contract period. The tenant has the option to renew the rental agreements at reduced rental. Contingent rent is payable based on the number of copies made by the tenant. The contract expires on 30 November 2024.

LIMPOPO GAMBLING BOARD

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