MHSC ANNUAL REPORT 2020

MINE HEALTH AND SAFETY COUNCIL ▪ ANNUAL REPORT 2019/20

Mine Health and Safety Council for the year ended March 31, 2020

Notes to the Financial Statements

2020 R

2019 R

2019

Fees for services as a member

Travel Claims

Total

Ms L Mathabathe (Chairperson)

351,563 108,294

9,826 8,093 11,508 29,427

361,389

Mr J Mabaso

116,387

Mr S P Nku

70,541

82,049

530,398

559,825

22. Prior period errors and change in accounting policy 1) A payment for research equipment was made to a supplier. Delivery of such equipment did not take place, and the amount was reclassified to accounts receivable. Refer to Note 3. 2) MHSC previously incorrectly did not de‑recognise Research Equipment that was no longer in use. The assets already had a Zero rand net book value in the prior years. As such no depreciation was included in 2019. There is no impact on the deficit reported for the prior year 3) Revenue earned from non‑exchange was previously incorrectly classified as exchange transactions. There was no impact on the deficit reported for prior year. Refer Note 14 4) MHSC previously incorrectly accounted for Admin Fine Liability under GRAP23 instead of GRAP104. The correction resulted in the removal of deferred revenue and related expenses in the Income Statement. There is no impact on reported deficit for the prior year .The Accounting Policies were also updated to this effect. .The Admin Fine Liability accounting policy was changed from GRAP 23 to GRAP 104 and it had no material impact on the Balance Sheet as it was already regarded as a long term liability previously under GRAP 23. The change was due to incorrect interpretation of the GRAP 23 standard 5) Interest on investment based on funds received from mines was re‑classified from Revenue from Exchange transactions to Revenue from Non‑Exchange as a result of changes in GRAP 23 that became effective in the current year. The impact of this change in accounting policy as reflected below. The correction of the errors and/or change in accounting policies result in adjustments as follows:

2020 R

2019 R

Statement of financial position Decrease in research equipment (Refer to 1 above)

- - - -

(2,271,932)

Increase in receivables from exchange transactions (Refer to 1 above)

2,271,932

Decrease in Cost of Property Plant and Equipment (Refer 2 above)

(9,356,841)

Decrease in Accumulated Depreciation ( Refer 2 above)

9,356,841

97

“EVERY MINE WORKER RETURNING FROM WORK UNHARMED EVERYDAY”