Page 259 - DSD ANNUAL REPORT 2022-2

REFUGEE RELIEF FUND PART E: FINANCIAL INFORMATION
The Financial Stat
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Not es t o the Financial Stat ements o f the R efuge e R elief Fund f or the y The Y ear
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Notes To The Financial Statements Of The Refugee Relief Fund For The Year
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The R
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Ended 31 March 2022
Ended 31 March 2022
ended 31 March 2022
Ended 31 March 2022
Ended 31 March 2022
Ended 31 March 2022
Measurement
Financial instruments are initially measured at cost, which includes transaction costs. After initial recognition, these instruments
are measured as set out below.
Financial assets
The Fund's principal financial assets are investments.
All financial assets are measured at amortized cost, comprising original debt less principal payments and amortizations.
Investments
The investments are measured at subsequent reporting dates at amortized cost by using the effective interest rate method if they
have a fixed maturity or at cost if there is no fixed maturity.
Cash and cash equivalents
Cash and cash equivalents are measured at fair value.
Financial Liabilities
The Fund's principal financial liabilities are accounts payable.
All financial liabilities are measured at amortized cost, comprising original debt less principal payments and amortizations.

1.7 EXPENDITURE
Expenditure is accounted for on the accrual basis of accounting.

1.8 PROVISIONS
Provisions are recognized when the entity has a present or constructive obligation as a result of past events, it is probable that an
outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the provision
can be made.
Provisions are reviewed at the reporting date and adjusted to reflect the current best estimate.
2. Revenue
2021/22 2020/21
R’000 R’000
Interest received 24 25
Total 24 25
3. Administrative Expenditure
Bank Charges 2 2
Total 2 2
4. Audit Fees 29 27
5. Risk Management
5.1 Financial Risk Factors
5.1.1 Market Risk
Market risk is the risk that changes in market prices. Interest rates will affect the Refugee Relief Fund. Market risk management
aims to manage and control market risk exposure within acceptable parameters while optimizing return. The Refugee Relief Fund
does not manage this risk aggressively as the investments of funds are determined by the Minister of Social Development and the
Minister of Finance. Within these parameters, funds are invested with reputable financial institutions.

259 DEPARTMENT OF SOCIAL DEVELOPMENT ANNUAL REPORT 2021/22