2014/15 Annual Report
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<strong>Annual</strong> <strong>Report</strong> <strong>2014</strong>/<strong>15</strong><br />
111<br />
Notes to the <strong>Annual</strong> Financial Statements<br />
as at 31 March 20<strong>15</strong><br />
20<strong>15</strong><br />
R ‘000<br />
<strong>2014</strong><br />
R ‘000<br />
2. Inventories<br />
Consumable stores 375 149<br />
3. Receivables from exchange transactions<br />
Trade debtors from exchange transactions 267 –<br />
Sundry debtors 2,062 1,452<br />
Trade and other receivables pledged as security<br />
None of the trade and other receivables were pledged as security for any obligations.<br />
Fair value of trade and other receivables<br />
The effect of discounting was considered and found to be immaterial since the carrying value of trade and other<br />
receivables approximates fair values.<br />
4. Cash and cash equivalents<br />
Cash and cash equivalents comprise cash that is held with registered banking institutions and are subject to<br />
insignificant interest rate risk. The carrying amount of these assets approximates their fair value.<br />
2,329 1,452<br />
Bank Balances 19,260 22,093<br />
Short-term deposits 112,834 88,471<br />
Cash on hand 8 3<br />
132,102 110,567<br />
Cash and cash equivalents held by the entity that are not available for use by the economic entity 25 1,925<br />
Balance held for the African Competition Forum – 1,925<br />
Penalties collected at year end but transferred after year end 25 –<br />
Credit quality of cash at bank and short term deposits, excluding cash on hand<br />
The credit quality of cash at bank and short term deposits, excluding cash on hand that are neither past due nor impaired can be assessed by reference to external credit<br />
ratings (if available) or historical information about counterparty default rates. None of the financial institutions with which bank balances are held defaulted in the prior<br />
periods and as a result a credit rating of high was ascribed by the financial institutions. The entity’s maximum exposure to credit risk as a result of the bank balances held is<br />
limited to the carrying value of these balances as detailed above. All the bank balances are held with one banking institution increasing the related banking risk. However<br />
to mitigate the risk of loss, the entity only transacts with highly reputable financial institutions.
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