SACAA Annual Report 2022_23

PART F I Annual Financial Statements Annual Financial Statements for the year ended 31 March 2023 Notes to the Annual Financial Statements

2. New standards and interpretations 2.1 Standards and interpretations issued, but not yet effective The SACAA has not applied the following standards and interpretations, which have been published and are mandatory for the SACAA’s accounting periods beginning on or after 01 April 2023 or later periods: Standard/ Interpretation: Effective date: Years beginning on or after Expected impact: • GRAP 25 (as revised): Employee Benefits 01 April 2023 Not expected to have a material impact • GRAP 104: Financial Instruments 01 April 2025

Not expected to impact results but may result in additional disclosure Not expected to have a material impact Not expected to have a material impact

• Improvements to the standards of GRAP 2021 • GRAP 1 (amended): Presentation of Financial Statements

01 April 2023

01 April 2023

3. Cash and cash equivalents

2023

2022

Cash and cash equivalents consist of: Bank balances

4 209 497

12 493 049 326 388 221

Short-term deposits with commercial banks and Corporation for Public Deposit

466 720 059

470 929 556

338 881 270

Credit quality of cash at bank and short term deposits, excluding cash on hand Bank balances and short-term deposits are held at financial institutions which have a credit rating of an acceptable investment grade. Cash and cash equivalents attract interest at variable rates linked to prime.

200 I Annual Report 2022/23 I Annual Financial Statements