2005/2006 - SANParks

ANNUAL FINANCIAL STATEMENTSfor the year ended 31 March 20062006South African National Parks31 March 2006R’00031 March 2005R’000Trade debtors comprise a large number of customers, dispersed across differentindustries and geographical areas. Ongoing credit evaluations are performedon the fi nancial condition of these debtors. Where appropriate, credit guaranteeinsurance cover is purchased. Trade debtors are presented net of the allowancefor doubtful debt.Concentration of credit risksExposureR’000% of TotalexposureRated agenciesGovernment 255,030 90.8%Other parties 1,811 0.6%24 Fair value of financial instruments24,060 8.6%280,901 100.0%Where the fair value of fi nancial instruments are disclosed, the following methodsand assumptions were used by South African National Parks in establishingfair values:Financial instruments traded in an organised financial marketThe current quoted market prices are used to determine fair values.Monetary financial assets and liabilities not traded on an organisedfinancial marketThe carrying amounts of trade debtors, trade creditors and accruals reportedin the statement of fi nancial position approximate their fair values.Interest bearing debtThe carrying amounts of short-term interest bearing debt approximates theirfair values.25 South African National Parks retirement funds25.1 South African National Parks joint retirement fundsThe South African National Parks joint retirement funds consist of the SouthAfrican National Parks Joint Provident Fund and the South African National ParksJoint Pension Fund. Both these funds were founded on 1 November 1993.131