2014/15 Annual Report

Annual Report 2014/15
125
Notes to the Annual Financial Statements
as at 31 March 2015 (continued)
23. Financial risk management (continued)
2015
R ‘000
2014
R ‘000
Foreign currency exposure at statement of financial position date
Closing Exchange rates used for conversion of foreign items were:
GBP – 14.036
24. Comparative figures
There was no significant adjustment to prior year figures.
25. Income Taxation Exemption
The Commission is exempted from income tax in terms of Section 10(1)(a) of the Income Tax Act, 1962.
26. Employee benefit obligations
Defined contribution plan
All employees are members of a defined contribution scheme administered by Sanlam Ltd. The scheme is currently invested in investment policies underwritten by
Metropolitan Life.
27. Contingencies liabilities
Surplus for the current financial year
The surplus of R24.6 million has been classified as a contingent liability as at 31 March 2015 as there is no approval received to retain the surplus as yet. In terms
of PFMA Section 53 (3), entities are not allowed to accumulate surpluses unless approved by National Treasury. The Commission has an approved retained
surplus of R85.2 million as at 31 March 2014. The Commission is obliged to repay to National Treasury any amount of the surplus not granted for retention.
The Commission is of the opinion that National Treasury will grant the approval for R24.6 million which is the surplus and therefore the Commission will not be
required to repay this amount.