National Consumer Tribunal Annual Report 2011/12 National Consumer Tribunal 2011-12 | Page 100

Annual Financial Statements
NOTES TO THE ANNUAL FINANCIAL STATEMENTS
for the year ended 31 March 2011
31 March
2011
R
18
31 March
2010
R
Related Parties (continued)
Amounts included in trade receivables /( trade payables)
regarding related parties
H Devraj - 4 843
BC Dumisa - (735)
K Manamela - (3 186)
South African Revenue Services (143 573) (114 045)
Duja Consulting (177 840) -
(76 950) -
KRB Law Firm
Compensation to members and other key management: Refer to Note 9
Key consultants are members of the Executive Committee of the Tribunal
19
FINANCIAL INSTRUMENTS
Exposure to currency, interest rate, credit risk and liquidity risks arise in the normal course
of the National Consumer Tribunal’s business.
Financial risk management
The National Consumer Tribunal has exposure to the following risks from its use of financial
instruments:
Credit risk
Liquidity risk
Interest rate risk
This note presents information about the National Consumer Tribunal’s exposure to each
of the above risks and its objectives, policies and processes for measuring and managing
risks. Further quantitative disclosures are included throughout these financial statements.
The Accounting Authority and the Chief Executive Officer have overall responsibility for
the establishment and oversight of the National Consumer Tribunal’s risk management
framework. The National Consumer Tribunal’s risk management policies are established to
identify and analyse the risks faced by the National Consumer Tribunal, to set appropriate
risk limits and controls and to monitor risks and adherence to limits. Risk management
policies and systems are reviewed regularly to reflect changes in market conditions and
the National Consumer Tribunal’s activities. The National Consumer Tribunal through its
training and management standards and procedures, aims to develop a disciplined and
constructive environment in which all employees understand their roles and obligations.
Annual Report 2011
page 98 | national consumer tribunal