Page 280 - DSD ANNUAL REPORT 2022-2

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E: FINANCIAL
E: FINANCIAL
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INFORMA
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PART E: FINANCIAL INFORMATION STATE PRESIDENT FUND
INFORMA
Notes to the Financial Statements of the State President Fund for the year ended 31 March 2022 Notes to the Financial Statements of the State President Fund for the year ended 31 March 2022
7. Cash utilized in Operations
2021/22 2020/21
R’000 R’000
Surplus before tax 1,705 1,668
(Interest received) (1,739) (1,698)
Cash generated from Operations (34) (30)

8. Net cash inflows/outflows from Operating Activities

2021/22 2020/21
R’000 R’000
Cash payments to suppliers and employees (34) (30)
Cash generated from/ (utilized in) operations (34) (30)
Interest received 1,739 1,698
Net cash inflows/outflows from operating activities 1,705 1,668

9. Events after Balance Sheet Date
None identified to date.
10. Related party transactions

10.1 The Department of Social Development
The Executive Authority of the State President Fund is the Minister of the Department of Social Development (DSD). Although a
related party relationship exists between DSD and the Fund, there were no transactions with DSD.
10.2 Relief Fund Boards
A related party relationship exists between the State President Fund, the Disaster Relief Fund, the Refugee Relief Fund, and the
Social Relief Fund. There were no transactions between the above-mentioned related parties.
10.3 National Development Agency (NDA)
A related party relationship exists between the State President Fund and the NDA. There were no transactions between the parties.

10.4 South African Social Security Agency (SASSA)
A related party relationship exists between the State President Fund and SASSA. There were no transactions between the parties.
11 Going Concern
The annual financial statements have been prepared based on accounting policies applicable to a going concern. This basis presumes
that funds will be available to finance future operations and that the realisation of assets and settlement of liabilities, contingent
obligations and commitments will occur in the ordinary course of business. The Fund is in the process of being closed. This will be
done upon the amendment of the Social Assistance Act and the Fund-Raising Act, the processes of which commenced in the 2012/13
financial year.

DEPARTMENT OF SOCIAL DEVELOPMENT ANNUAL REPORT 2021/22 280