Page 272 - SAMRC Annual Report 2023-24
P. 272

ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
            NOTES TO THE ANNUAL FINANCIAL STATEMENTS

            (CONTINUED)



            13. Investments in controlled entities


                                                                                     CARRYING       CARRYING
                                                        % HOLDING     % HOLDING       AMOUNT        AMOUNT
            NAME OF COMPANY            HELD BY       31 MARCH 2024  31 MARCH 2023  31 MARCH 2024  31 MARCH 2023
            Medres (Pty) Ltd           SAMRC               100.00%       100.00%             1             1
            Jiresha Medical (Pty) Ltd  Medres (Pty) Ltd     42.00%        42.00%             1             1
                                                                                            2              2

            The carrying amounts of controlled entities are shown net of impairment losses.

            The financial statements of Medres (Pty) Ltd and Jirehsa Medical (Pty) Ltd have not been consolidated with those of the
            SAMRC, as they are not considered material in the context of SAMRC.


            Controlled entities with less than 50% voting powers held
            Although the entity holds less than 50% of the voting powers in Jirehsa Medical (Pty) Ltd the investment is considered a
            controlled entity because SAMRC has the power to govern the financial and operating policies of Jirehsa Medical (Pty) Ltd.

            During the year under review Jirehsa issued additional shares. The percentage shareholding has not changed by the
            share issue.


                                                                                     31 MARCH      31 MARCH
                                                                                          2024          2023
                                                                                            R              R
            14. Payables from exchange transactions

            Trade payables                                                            42,509,397    78,405,009
            Leave accrual                                                             21,656,816    20,902,587
            Accruals                                                                  51,301,948    67,013,717
            Interest due to funders                                                     169,359       169,134
                                                                                    115,637,520   166,490,447

            The decrease in payables from exchange transactions is attributed to amounts due
            in respect of grants awarded.

            The carrying amount of trade payables are denominated in the following currencies:
            Rand                                                                      39,692,523    76,471,247
            US Dollar                                                                  1,982,892     1,748,699
            Pound Sterling                                                              821,337       185,063
            Euro                                                                          8,152            –
            Naira                                                                         4,493            –
                                                                                     42,509,397    78,405,009

            Leave accrual
            Balance at the beginning of the year                                      20,902,587    22,089,407
            Leave payouts                                                            (10,281,142)    (9,202,628)
            Movement recognised in surplus or deficit                                 11,035,371     8,015,808
                                                                                     21,656,816    20,902,587



            270         SAMRC  ANNUAL REPOR T 2023-24
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