2005/2006 - SANParks

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2005South African National ParksNOTES TO THE ANNUAL FINANCIAL STATEMENTSfor the year ended 31 March 200631 March 2006R’00031 March 2005R’000The loan was repaid with a fi nal payment of R25,740 million on30 September 2005. (2005 -The loan was repayable in 83 equal monthlyinstalments of R0,358 million from 1 October 2004 with a fi nal instalment ofR0,286 million. The interest rate applicable was prime less 4%, subject toa minimum rate of 7.5%. At 31 March 2005 the interest rate was 7.5%.)(ii) The commercial development IDC long-term loan was entered into fordevelopment of new infrastructure to a total value of R35 million.The loan is repayable in 119 equal monthly instalments of R0,292 millioncommencing 1 October 2006 with a fi nal instalment of R0.252 million.The loan bears interest at prime less 2.5% (At 31 March 2006 the interestrate was 8% (2005 - 8.5%)) subject to a minimum rate of 7.5%.The IDC loans are guaranteed by a notarial bond over movable assetsas detailed in Note 9 (i).(iii) Lease obligations are secured by moveable assets which revert tothe lessor in the event of default as detailed in Note 9 (ii). The leaseobligations bear interest varying between 8,2% and 8.5% (2005 - 8.5%and 9.4% ) per annum.(iv) The unsecured registered stock loan bears interest at 16,90% per annumand the capital was repayable on 31 December 2005. This loan was usedto fund the erection of tourism facilities inside national parks.In terms of section 66(3)(c) of the Public Finance Management Act, 1999(Act No. 1 of 1999), as amended, South African National Parks may onlythrough the Minister of Finance borrow money or, in the case of the issue ofa guarantee, indemnity or security, only through the Minister of Labour, actingwith the concurrence of the Minister of Finance. In terms of section 32.1.1 ofthe Treasury Regulations, South African National Parks may borrow moneyfor bridging purposes with the approval of the Minister of Finance, subject tocertain conditions.Maturity of long-term borrowingsWithin 1 year 1,752 10,296Between 1 and 5 years 14,016 29,448After 5 years 19,232 25,95835,000 65,702126
ANNUAL FINANCIAL STATEMENTSfor the year ended 31 March 20062006South African National Parks31 March 2006R’00031 March 2005R’000The present value of capitalised finance leases are as follows:Within 1 year 5,004 4,107Later than 1 year but not later than 5 years 5,942 6,47710,946 10,584Total value of future minimum lease payments 12,135 11,926Less: Future fi nance charges 1,189 1,342Present value of leases 10,946 10,58418 Deferred Income - asset grantsSpecial project grants relating to property, plant and equipment - recognisedover the life of the related assets- Property, plant and equipment 217,362 55,240- Construction work in progress 80,057 204,495297,419 259,735Amortised / Recognised to date (7,329) (4,004)290,090 255,73119 Trade and other payablesTrade payables 12,362 24,316Accrued expenses 17,135 26,306Revenue received in advance 21,332 11,583Leave liability 14,430 14,59365,259 76,798Leave liabilityEmployee entitlements to annual leave is recognised as and when it accruesto employees. An accrual is made for the liability for annual leave as a result ofpast services rendered by employees to the year end date. The organisationallows its employees to accumulate annual leave to a maximum of one year’sallocation. The organisation remains liable to pay out an amount equal to theleave balance at the current rate of remuneration.127
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2005/2006 - SANParks

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