ANNUAL REPORT 2005/2006 - Railway Safety Regulator

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1.6 Cash and Cash equivalentsCash and cash equivalents comprise cash andshort-term, highly liquid investments that areheld with registered banking institutions withmaturities of three months or less and that aresubject to insignificant interest rate risk. Thecarrying amount of these assets approximatesto their fair value.1.7 LeasingOperating LeaseRentals payable under operating leases arecharged to income on a straight-line basisover the term of the relevant lease.Finance LeaseAssets held under finance leases arerecognised as assets of the entity at their fairvalue at the date of acquisition.The corresponding liability to the lessor isincluded in the balance sheet as a financelease obligation. Finance costs, whichrepresent the difference between the totalleasing commitments and the fair value ofthe assets acquired, charged to the incomestatement over the term of the relevantlease so as to produce a constant periodicrate of interest on the remaining balance ofthe obligations for each accounting period.2. PROPERTY, PLANT AND EQUIPMENTProperty, Plant and EquipmentYear ended 31 March 2005Opening netcarrying amountComputerEquipmentFurnitureandFittingsOfficeEquipmentBuildingsLeaseholdImprovementFinanceLeaseEquipmentTotalR R R R R R26,595 - - - - 26,595Additions 227,987 101,000 50,917 - - 379,904Assetstransferred from the Department180,687 230,542 67,647 478,876Depreciation (218,334) (34,782) (26,396) - - (279,512)Net carrying amount 31 March 2005 216,935 296,760 92,168 - - 605,863Year ended 31 March 2006Opening netcarrying amount216,935 296,760 92,168 - - 605,863Cost 442,868 331,542 118,564 - - 892,974Accumulated depreciation (225,933) (34,782) (26,396) - - (287,111)Additions 1,101,476 659,164 507,500 1,145,886 449,923 3,863,949Depreciation (303,016) (50,454) (85,235) (86,776) (36,421) (561,902)Write-off (12,633) (52,646) (65,279)Net carrying amount 31 March 2006 1,002,762 905,470 514,433 1,006,464 413,502 3,842,631Cost 1,544,344 990,706 626,064 1,145,886 449,923 4,756,923Accumulated depreciation (541,582) (85,236) (111,631) (139,422) (36,421) (914,292)Annual Report - 421.8 Comparative figuresWhere necessary, comparative figures havebeen adjusted to conform to changes inpresentation in the current year.
2006 20057. CONTINGENT LIABILITIES2006 20053. TRADE AND OTHER DEBTORS73,435 31,974There is no contigency liability identified as at the end of the financial period.Trade DebtorsSuspense AccountPrepaid expenses65,662 21,674- 7007,773 9,6008. GOVERNMENT GRANTS4. BANK AND CASHBank balance at 31/03/2006Petty cash at 31/03/200611,051,349 15,664,71711,050,432 15,664,191917 526Grant receivedDeferred incomeGrant received for capital expenditureDeferred income recognised in current year20,000,000 15,000,000(2,607,685) 4,822,664(3,222,233) (1,460,000)614,548 6,282,6645. DEFERRED INCOMEGrant recognised in income statement17,392,315 19,822,664During the current year the entity received a grant from the Department of Transport. Thegrant for capital expenditure has been deferred and will be recognised to income whenthe related expenditures are incurred. The carrying amounts of deferred income can bereconciled as follows:9. INVESTMENT INCOMEInvestment income comprises interest of R187,484 (2005: R244,503) received fromfavourable bank balances.Balance 1 April 2005Assets transferred from the NationalDepartment of TransportGrants received for capital expensesDeferred income realised for current yearBalance 31 March 20062,561,765 6,905,552- 478,8773,222,233 1,460,000(614,548) (6,282,664)5,169,450 2,561,76510. SURPLUS/(DEFICIT) FOR THE YEARSurplus/(deficit) is stated after:Income 187,484 244,503Interest Received 187,484 244,503ExpenditureBalance at 31 March 2006 consist of:Assets purchased less depreciationUnutilised grants received for capital expenses6. TRADE AND OTHER PAYABLESTrade CreditorsProvision for leaveProvision for bonusAccrued expensesProvision for operating lease expenses3,842,631 605,8631,326,819 1,955,9025,169,450 2,561,765973,667 974,726155,641 508,127295,263 -166,163 -203,672 466,599152,928 -Depreciation 561,902 279,512- Computer Equipment 303,016 218,334- Furniture & Fittings 50,454 3 4,782- Office Equipment 85,235 2 6,396- Finance Lease Assets 36,421 -- Leahold Improvement 86,776 -Annual Report - 43
Page 1 and 2: ANNUAL REPORT 2005/2006
Page 3 and 4: TABLE OF CONTENTSPART I:Legislative
Page 5 and 6: Structure of the RSRMosenngwa MofiA
Page 7 and 8: capacity has now been created to au
Page 9 and 10: SARCC will fall directly under the
Page 11 and 12: Performance Report7.1. SAFETY REGUL
Page 13 and 14: Performance ReportObjectivesOutputs
Page 15 and 16: Performance Report7.2 Safety Assura
Page 17 and 18: Performance Report7.4 FinanceObject
Page 19 and 20: Human Resource Tables8.1 PERSONNEL
Page 21 and 22: 8.2 Employment and Vacancies - Apri
Page 23 and 24: Table 8.4.2 - Reasons Why Staff Are
Page 25 and 26: Table 8.5.3 Recruitment April 2005
Page 27 and 28: State of RailwaySafetyAnnual Report
Page 29 and 30: • Number of train movements per d
Page 31 and 32: Annual Financial StatementsCorporat
Page 33 and 34: Corporate GovernanceStatementThe Bo
Page 35 and 36: The management of the RSR indicated
Page 37 and 38: Directors’ Reportfor the year end
Page 39 and 40: Statement Of Financial PerformanceF
Page 41 and 42: Cash Flow Statementfor the year end
Page 43: 1.2.2 Grants received from Governme
Page 47 and 48: 2006 2005General Manager: Corporate
Page 49 and 50: 18. FRUITLESS AND WASTEFUL EXPENDIT
Page 51: SAFE, SECURE AND ON TRACK2 Ernest O

ANNUAL REPORT 2005/2006 - Railway Safety Regulator

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