Page 336 - SAMRC Annual Report 2024-2025

ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
NOTES TO THE ANNUAL FINANCIAL STATEMENTS

(CONTINUED)

2025 2024
31 MARCH 31 MARCH
R R
45. Statutory receivables

The entity had the following statutory receivables where the Framework for the
Preparation and Presentation of Financial Statements have been applied:
Vat receivable 13,248,404 25,439,861

Transaction(s) arising from statute
Value Added Tax Act 89 of 1991.

Determination of transaction amount
The net amount of VAT recoverable from SARS is reflected in the Statement of Financial Position as Vat Receivable.

Interest or other charges levied/charged
The Value Added Tax Act determines the rates and interest is charged.

Basis used to assess and test whether a statutory receivable is impaired
No impairment, the balance is expected to be fully recoverable.

46. B-BBEE Performance

Information on compliance with the B-BBEE Act is included in the annual report under the section titled B-BBEE
Compliance Performance Information.

47. In-kind donations and assistance

During the 2023/2024 financial year 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.
48. Accounting by principals and agents

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.

During the 2023/2024 financial year a contract was identified that established a principal/agent arrangement.
During the year under review the arrangements changed, such that the SAMRC will be the contracting party with
the third parties (recipients of equipment and suppliers) and not the Department of Science and Innovation. No
further income was received from the Department of Science and Innovation and no funding was received from
KfW Development bank for the year under review.

334 SAMRC ANNUAL REPOR T 2025-26