NRF Annual Report 2018

PART D: ANNUAL FINANCIAL STATEMENTS
15. SALT fund
The SALT fund represents income received from the Department of Science and Technology, for the purpose of investing
the funds in the SALT Foundation (Pty) Ltd. The balance is adjusted with post-acquisition surpluses/losses of the SALT
Foundation (Pty) Ltd. Refer note 6
Available income for the SALT Foundation (Pty) Ltd. 16,133 18,447
2018
R’000
2017
R’000
16. Finance lease obligation
Minimum lease payments due
2018
R’000
2017
R’000
- within one year 59 104
- in second to fifth year inclusive 37 96
96 200
less: future finance charges (9) (25)
Present value of minimum lease payments 87 175
Present value of minimum lease payments due
- within one year 51 88
- in second to fifth year inclusive 36 87
2018
R’000
2017
R’000
87 175
Non-current liabilities 36 87
Current liabilities 51 88
It is entity policy to lease certain equipment under finance leases.
87 175
The average lease term was two to three years and the average effective borrowing rate was 18% (2017: 14%).
The entity’s obligations under finance leases are secured by the lessor’s charge over the leased assets. Refer note 3.
Market risk
The fair value of finance lease liabilities approximates their carrying amounts.
NRF Annual Report 2017/18 199