SACAA Annual Report 2022_23

S

Annual Financial Statements for the year ended 31 March 2023

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A

Y

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Notes to the Annual Financial Statements

2023

2022

23. Commitments Authorised capital expenditure Authorised and contracted for Property, plant and equipment

362 883

-

Intangible assets

6 395 846 6 758 729

24 362 133 24 362 133

Authorised and not contracted for Property, plant and equipment

143 127 200

116 138 400

Intangible assets

-

6 395 846

143 127 200

122 534 246

Total capital commitments Authorised and contracted for Authorised and not contracted for

6 758 729

24 362 133 122 534 246

143 127 200 149 885 929

146 896 379 The capital commitment authorised and contracted for in property, plant and equipment is for computer equipment of R35 597 and furniture and fittings for R327 286. The capital commitment authorised and contracted for in intangible assets is for the acquisition of the Enterprise Business System of R6 395 846. The capital commitment authorised and not contracted for in property, plant and equipment is for the acquisition of an aircraft of R143 127 200 for the Flight Inspection Unit (FIU). This increased from R116 138 400 is due to the devaluation in the Rand/dollar exchange rate from 14.52 to 17.89 The capital expenditure budget for the year ending 31 March 2024 is R34 500 000. Operating leases Minimum lease payments due - within one year 29 093 612 22 806 097 - in second to fifth year inclusive 186 441 780 5 071 821 - later than five years 419 824 185 - 635 359 577 27 877 918 Operating lease payments represent rentals payable by the SACAA for certain of its office properties and equipment. Leases are negotiated for an average term of between three to ten years. No contingent rent is payable. During the current financial year, a ten year lease contract was signed with Centurion Vision Development (Proprietary) Limited for office rental commencing on 1 April 2025.

Annual Financial Statements I Annual Report 2022/23 I 211