Page 273 - SAMRC Annual Report 2023-24

FINANCIAL INFORMATION

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

(CONTINUED)

15. Provisions

Reconciliation of provisions – 31 March 2024
UTILISED REVERSED
OPENING DURING DURING
BALANCE ADDITIONS THE YEAR THE YEAR TOTAL
Provision for legal fees 929,019 – – – 929,019
Provision for collaborative research – 188,000 – – 188,000
Provision for performance bonus 6,432,869 15,842,307 (6,405,789) (27,080) 15,842,307
Other provisions 3,711,833 4,059,726 (3,711,833) – 4,059,726
11,073,721 20,090,033 (10,117,622) (27,080) 21,019,052

Reconciliation of provisions – 31 March 2023

UTILISED REVERSED
OPENING DURING DURING
BALANCE ADDITIONS THE YEAR THE YEAR TOTAL
Provision for legal fees 929,019 – – – 929,019
Provision for collaborative research 958,000 – (958,000) – –
Provision for performance bonus 5,897,840 6,432,869 (5,856,321) (41,519) 6,432,869
Other provisions 2,866,561 3,101,721 (2,256,449) – 3,711,833
10,651,420 9,534,590 (9,070,770) (41,519) 11,073,721

Collaborative research costs
At 31 March 2024 self initiated grants were provided for as the institutions have not responded to the request to submit
an invoice. The March 2022 self initiated grants were paid during the period under review (31 March 2023: There was no
provision for collaborative research grants. The grants were all settled during the period under review).

Provision for legal fees
The legal fees provision relates to the estimated legal costs that is due to NEHAWU regarding a previous bonus dispute.

Other provisions
The other provisions at year-end relate to the Department of Labour assessment for the claim for occupational injury on
duty assessment for 2024 (COIDA) and an admission of no liability settlement amount for two ex-employees. (March 2023:
The other provisions relate to the repayment of unspent grant funds to the National Institute of Health and the Department
of Labour assessment for the claim for occupational injury on duty assessment for 2023 (COIDA).

Provision for performance bonus
The performance bonus cycle was changed after discussions and agreement with the union. The Accounting Authority
approved the change in bonus cycle which will result in payments being made after the financial year end. The amount
reflected is the 2023/2024 provision for performance bonuses.

SAMRC ANNUAL REPOR T 2023-24 271