Page 284 - SAMRC Annual Report 2023-24

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

(CONTINUED)

31 MARCH 31 MARCH
2024 2023
R R
24 Employee related costs

Basic 445,861,114 399,495,406
Bonus 15,815,227 6,391,350
UIF 1,764,776 1,668,074
Leave payments 11,567,427 10,204,487
Movements in retirement benefit assets and liabilities (2,081,000) (2,428,000)
Other salary related costs 13,316,355 10,918,787
Defined pension benefit plan expense – current service cost 2,726,031 2,798,148
Overtime payments 1,495,604 1,259,919
Temporary staff 27,820,387 22,996,675
Defined pension contribution plan expense 32,454,010 29,715,870
Post retirement medical aid contribution 1,208,785 1,044,440
551,948,716 484,065,156
The bonus amount includes the 2023/2024 provision for performance bonus of R15,842,307 and an unutilised amount of
R27,080 relating to the 2022/2023 provision that was reversed.
Basic salary includes other non pensionable allowances for the period under review.

Staff exercised the option to encash a maximum of ten days leave, the encashment of leave is included in the leave
payment amount.
25. Finance costs

Other interest paid 371,551 293,179

SAMRC had to refund interest due to its funders for monies received in advance (March 2024: R225; March 2023: R38,955),
to the earmarked funds (March 2024: R370,774; March 2023: R249,784). Interest paid to suppliers for late payments of
account is not classified as fruitless and wasteful expenditure if the invoice is received late from the supplier (March 2024:
R552; March 2023: R1,298). During the 2023 financial year interest charged on an excessive municipal bill amounting to
R3,142 was paid, the water bills were investigated by an appointed service provider.
26. Debt impairment

Debt impairment – 80,255
(Reversal of) Provision for debt impairment (136,828) 276,173
(136,828) 356,428

The provision for debt impairment reflected above include the current periods provision for bad debt of R489,484
(including VAT of RNil and reversal of the previous year’s provision (March 2023 provision for bad debts of R626,312
(including VAT of RNil)).
The 31 March 2023 debt written off relates to amounts owed by rental tenants ZA Refractories (Pty) Ltd and The Leading Edge.

282 SAMRC ANNUAL REPOR T 2023-24