Page 258 - DSD ANNUAL REPORT 2022-2

PART E: FINANCIAL INFORMATION REFUGEE RELIEF FUND
ements
Of
ements
ements o
The Financial Stat
ements
ements
Of
The R
The R
The R
The R
Of
Of
f the R
The Financial Stat
T
T
T
es t
es
es
es
T
o
The Financial Stat
The Financial Stat
o
o the Financial Stat
o
o
y
ear
Y
The
The
The
The
Y
ear
ear

ear
Y
Y
ear
or the
efuge
e R
e R
efuge
efuge
efuge
efuge
e R
elief Fund For
elief Fund For
elief Fund For
elief Fund For
e R
e R
elief Fund f
Not
Not
Not
Notes To The Financial Statements Of The Refugee Relief Fund For The Year
Not
Not
es
Ended 31 March 2022
Ended 31 March 2022
Ended 31 March 2022
Ended 31 March 2022
Ended 31 March 2022
ended 31 March 2022
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES * IGRAP 14: Evaluating the Substance of Transactions involv-
The annual financial statements have been prepared in accordance ing the Legal Form of a Lease
with the effective Standards of Generally Recognized Accounting * IGRAP15: Revenue – Barter Transactions involving Advertis-
Practice (GRAP) including any interpretations, guidelines and ing Services
directives issued by the Accounting Standards Board. * IGRAP 16: Intangible Assets – Website Costs
1.2 CURRENCY
The following are the principal accounting policies of the Fund These financial statements are presented in South African
which are, in all material respects, consistent with those applied in Rands. All figures are rounded to the
the previous year, except as otherwise indicated. nearest one thousand rand.

1. BASIS OF PREPARATION 1.3. REVENUE RECOGNITION
The annual financial statements have been prepared in accordance Revenue is recognized when it is probable that future
with the effective Standards of Generally Recognized Accounting economic benefits will flow to the fund and these benefits
Practice (GRAP) including any interpretations, guidelines and can be measured reliably.
directives issued by the Accounting Standards Board. Interest income is accrued on a time proportion basis, taking
into account the principal outstanding and the effective
The following approved Standards of GRAP have been approved and interest rate over the period to maturity.
issued by the Accounting Standards Board, but only become effective
in the future or have not been given an effective date by the Minister 1.3.1 Revenue from exchange transactions
of Finance. The Fund has not early-adopted any new Standards but Revenue from exchange transactions refers to revenue
has in some cases referred to them for guidance in developing that accrued to the entity directly in return for services
appropriate accounting policies in accordance with the requirements rendered or goods sold, the value of which approximates
of Directive 5: Determining the GRAP Reporting Framework: the consideration received or receivable.
* GRAP 20: Related Party Disclosures Interest revenue is recognised on a time proportion basis.
Revenue from the rental of facilities and equipment is
1.1.1 The following interpretations have also been issued and are recognised on a straight-line basis over the term of the
expected to have an insignificant impact on the finanxcial lease agreement.
statements since they generally reflect the interpretations and Revenue from the sale of goods is recognised when
principles that are already established under IFRS. substantially all the risks and rewards in those goods are
passed to the consumer.
* IGRAP 1: Applying the Probability Test on Initial Recognition of
Revenue 1.3.2 Revenue from non-exchange transactions
* IGRAP 2: Changes in Existing Decommissioning Restoration Revenue from non-exchange transactions refers to
and Similar Liabilities transactions where the entity received revenue from another
* IGRAP 3: Determining Whether an Arrangement Contains a entity without directly giving approximately equal value
Lease in exchange. Revenue from non-exchange transactions is
generally recognised to the extent that the related receipt
* IGRAP 4: Rights to Interests Arising from Decommissioning, or receivable qualifies for recognition as an asset and there
Restoration and Environmental Rehabilitation Funds
is no liability to repay the amount.
* IGRAP 5: Applying the Restatement Approach under the The revenue from the recovery of unauthorised, irregular,
Standard of GRAP on Financial Reporting in Hyperinflationary fruitless and wasteful expenditure is based on legislated
Economies procedures.
* IGRAP 6: Loyalty Programmes
* IGRAP 7: The Limit of a Defined Benefit Asset, Minimum Fund- 1.4 INVESTMENTS
ing Requirements and their Interaction Investments are shown at fair value including interest
* IGRAP 8: Agreements for the Construction of Assets from Ex- capitalized.
change Transactions
* IGRAP 9: Distributions of Non-cash Assets to Owners 1.5 COMPARATIVE FIGURES
Where necessary, comparative figures have been adjusted to
* IGRAP 10: Assets Received from Customers
conform to the changes in presentation in the current year.
* IGRAP 11: Consolidation – Special Purpose Entities
* IGRAP 12: Jointly Controlled Entities – Non-Monetary Contribu- 1.6 FINANCIAL INSTRUMENTS
tions by Ventures
Recognition
* IGRAP 13: Operating Leases – Incentives
Financial assets and liabilities are recognized in the
balance sheet when the Fund becomes a party to the
contractual provisions of the instrument.
DEPARTMENT OF SOCIAL DEVELOPMENT ANNUAL REPORT 2021/22 258