Page 300 - SAMRC Annual Report 2023-24

NOTES TO THE ANNUAL FINANCIAL STATEMENTS

(CONTINUED)

48. Comparative figures
Collaborative research costs were previously included with General expenses in the Detailed Income Statement and in the
Operating Expenses note 23 and General expenses note 27. The effects of the reclassification in the 2023 figures are as
follows: General expenses after reclassification R239,911,953 (Previously stated R797,536,392) and Collaborative research
costs after reclassification R557,624,439 (Previously stated RNil).

49. In-kind donations and assistance
During the year under review SAMRC received a donation of laboratory equipment from MGI International Sales Co
Limited valued at R20,622,547, the assets have been recognised in terms of GRAP17 in property, plant and equipment.

50. Accounting by principals and agents

The entity is a party to a principal-agent arrangements.

Details of the arrangements are as follows:
The SAMRC was appointed as the project executing agency for funding received from the Government of the Federal
Republic of Germany. The Department of Science and Innovation (DSI) as the recipient of the funds will pay SAMRC a
management fee for the implementation of the project. It is anticipated that funds approved by DSI and KfW Development
Bank for project expenditure will be paid directly to SAMRC.

Entity as agent
Resources held on behalf of the principal(s), but recognised in the entity’s own
financial statements
The remittance of resources will be for the project implementation costs, during the period no funds were received.

Expected timing of remittance of remaining resources to the principal, are for three years and will be paid in tranches on
submission of an approved payment schedule in three monthly intervals.

Risks transferred from the principal to the entity, are the timing of the outflow of funds and the initial costing for the project.

Revenue recognised
The aggregate amount of revenue that the entity recognised as compensation for the transactions carried out on behalf of
the principal is R- (2023: R-) as costs have not yet been incurred on the project.

Liabilities and corresponding rights of reimbursement recognised as assets
Liabilities recorded incurred on behalf of the principal(s) that have been recognised by the entity are deferred income
recognised for R6M for the contractual amount invoiced to the Department of Science and Innovation.

298 SAMRC ANNUAL REPOR T 2023-24