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CSIR ANNUAL REPORT 2010/11 Notes to the Annual Financial Statements for the year ended 31 March 2011 4FINANCE INCOME/ExPENSE GROUP CSIR 2011 2010 2011 2010 R’000 R’000 R’000 R’000 Finance income 58 861 78 468 57 243 75 921 Interest on bank balances and investments 50 892 65 144 49 274 62 597 Adjustment on initial recognition of Contract R&D income* 7 969 13 324 7 969 13 324 Finance expense (4 063) (7 152) (4 063) (7 152) Fair value adjustment on trade and other receivables 1 6 1 6 Adjustment on initial recognition of operating expenses* (4 064) (7 158) (4 064) (7 158) 54 798 71 316 53 180 68 769 *These adjustments are due to the effect of the time value of money (the value of discounting) in terms of SAICA’s Circular 9 of 2006: Transactions giving rise to adjustments to revenue/purchases. 5INCOME TAx ExPENSE The CSIR is exempt from South African income tax in terms of section 10 (1) (t) (i) of the Income Tax Act, Act No 58 of 1962. South African normal taxation due by subsidiaries 60 122 Current taxation 202 122 Deferred taxation - temporary differences (142) - 60 122 South African normal rate of taxation 28% 28% Profi t attributable to tax exempt entities (29%) (25%) Assessed loss (refer to note 13) 1% (3%) Current and deferred taxation - effective rate 0% 0% 140
6PROPERTY, PLANT AND EQUIPMENT 2011 2010 Cost Accumulated depreciation Carrying value Cost Accumulated depreciation Carrying value R’000 R’000 R’000 R’000 R’000 R’000 GROUP Land 5 549 - 5 549 5 549 - 5 549 Buildings 277 842 70 850 206 992 249 665 77 463 172 202 Equipment 630 098 453 314 176 784 608 025 438 645 169 380 Vehicles 7 426 4 271 3 155 7 154 4 082 3 072 920 915 528 435 392 480 870 393 520 190 350 203 CSIR Land 5 549 - 5 549 5 549 - 5 549 Buildings 277 842 70 850 206 992 249 665 77 463 172 202 Equipment 627 767 451 358 176 409 605 351 436 991 168 360 Vehicles 7 426 4 271 3 155 7 154 4 082 3 072 918 584 526 479 392 105 867 719 518 536 349 183 141 ANNUAL FINANCIAL STATEMENTS
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ANNUAL REPORT 2010/11
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5AUDIT REPORT 106 Report of the Aud
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contribution to the pursuit of scie
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engagement with all its stakeholder
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focuses on establishing new develop
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Nanotechnology, specifi cally nanos
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Infrastructure and associated opera
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uilt environment Getting to grips I
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uilt environment The Port of Doha,
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uilt environment Locally, the South
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The changing security environment p
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defence & security placed close tog
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defence & security recalled per tar
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defence & security communication an
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The demand for energy in South Afri
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energy required by the heliostat to
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For many South Africans, limited ac
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health group has hosted and trained
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health these devices now enables re
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The importance of manufacturing in
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industry advanced manufacturing can
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industry advanced manufacturing CSI
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industry advanced manufacturing tra
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industry advanced manufacturing tec
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industry advanced manufacturing One
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With its 495 000 workers and R162 b
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industry mining elimination of sili
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The natural environment is both an
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natural environment • South Afric
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natural environment is strongly rec
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natural environment Oceanography; B
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The CSIR’s work in information an
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ict The research has been documente
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ict The VOs are encouraged through
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ict allow engineers to make adjustm
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ict development and implementation
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Currently, marine research vessels
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ict their long-term athlete develop
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Publication equivalents allocated t
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Archibald S, Scholes RJ, Roy DP, Ro
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De Lange WJ, Wise RM, Forsyth GG, N
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Kumar R, Yakubu MK, Anandjiwala RD.
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405(12), p.2659-2663. Mishra SB, Mi
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Phasha MJ, Ngoepe PE, Chauke HR, Pe
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Van den Bergh F, Engelbrecht AP. 20
Page 91 and 92: J John MJ, Thomas S. 2010. Cellulos
Page 93 and 94: Wright C. 2010. Children’s sight
Page 95 and 96: CORPORATE GOVERNANCE 93
Page 97 and 98: are fairly presented in conformity
Page 99 and 100: CSIR. All subsidiary companies are
Page 101 and 102: CSIR Board Members (1 April 2010 -
Page 103 and 104: CSIR leadership team The CSIR manag
Page 105 and 106: Meetings 7 October 2010 24 March 20
Page 107 and 108: Report of the Audit and Risk Commit
Page 109 and 110: the fi nancial position of the Coun
Page 111 and 112: Role in the National System of Inno
Page 113 and 114: to accessing each other’s researc
Page 115 and 116: Table 2: Building and transforming
Page 117 and 118: The CSIR achieved outstanding perfo
Page 119 and 120: Significant progress was made in 20
Page 121 and 122: B Five-year review of income and ex
Page 123 and 124: 121 EXECUTIVE REPORT
Page 125 and 126: ANNUAL FINANCIAL STATEMENTS 123
Page 127 and 128: Statements of financial position as
Page 129 and 130: Statements of cash flows for the ye
Page 131 and 132: 1 PRINCIPAL ACCOUNTING POLICIES (co
Page 133 and 134: 1PRINCIPAL ACCOUNTING POLICIES (con
Page 141: 3OPERATING PROFIT GROUP The net ope
Page 145 and 146: 6PROPERTY, PLANT AND EQUIPMENT (con
Page 147 and 148: 8INTEREST IN JOINT VENTURES AND ASS
Page 149 and 150: 13 DEFERRED TAx ASSET GROUP Balance
Page 151 and 152: 18 RETIREMENT BENEFITS OF EMPLOYEES
Page 153 and 154: 19 REMUNERATION OF BOARD MEMBERS, D
Page 155 and 156: 20 CONTINGENT LIABILITIES AND FACIL
Page 157 and 158: 22 FINANCIAL INSTRUMENTS (continued
Page 163 and 164: 23 RECONCILIATION OF OPERATING PROF
Page 165 and 166: 25 RELATED PARTY TRANSACTIONS (cont
Page 167 and 168: 26 SUBSEQUENT EVENTS 26.1 Satellite
Page 169 and 170: Interests of the CSIR Net indebtnes
Page 171 and 172: 169 2010 FIFA SOCCER WORLD CUP
Page 173 and 174: ACCESS Applied Centre for Climate a
Page 175 and 176: Printed on Hi-Q Titan Plus environm
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