South African Local Government Association
Schedule 3A public entity i.t.o. the Public Finance Management Act, 1999 and recognised i.t.o. the
Organised Local Government Act, 1997
Annual Financial Statements for the year ended 31 March 2017
Notes to the Annual Financial Statements
Figures in Rand
23.
2017 2016
18 830 706
1 693 363
2 046 493
827 232
273 973
239 775
23 911 542 16 111 745
1 488 705
1 714 240
747 883
242 163
238 754
20 543 490
Employee related costs (continued)
Remuneration of senior management
Annual remuneration
Employer contribution to retirement fund
Performance rewards
Subsistence; cell phone; and travel allowances
Employer contribution to group risk
Employer contribution to medical aid
Also refer to note 32: Related parties for further details on remuneration of senior management.
24.
Investment revenue
Interest income
Bank
Trade and other receivables at amortised cost – interest revenue
14 911 285
4 975 816
19 887 101
12 659 976
5 418 632
18 078 608
Total interest revenue, calculated using the effective interest rate, on financial instruments not at fair
value through surplus or deficit amounted to R19 887 101 (2016: R18 078 608).
25. Fair value adjustments
Investment property (Fair value model) (see note 2)
26.
37 000 1 653 000
54 152 349 497
54 152 349 497
Impairment of assets
Impairments
Property, plant and equipment
An impairment loss has been recognised on items of property, plant
and equipment due to the said assets having no future service potential.
Furniture and fixtures that are broken and thus have no service potential
amounts to R28 588 (2016: Nil). Impairment losses were recognised for
IT equipment no longer required for delivery of services to members
over the longer planning period due to technological obsolescence and
amounted to R16 535 (2016: R349 497). Office equipment amounting to
R 9 029 (2016: R nil) were impaired due to the equipment having no
service potential over the longer planning period. All these assets are
not required for the delivery of services to members, either currently,
or over the longer planning period and some have evidenced physical
damage.
219
SALGA ANNUAL REPORT
2016/17