CTFA Annual Report 2019

NOTES TO THE FINANCIAL STATEMENTS FIGURES IN R 2019 2018 11. Other financial liabilities . . 11.1 Carrying amount of other financial liabilities by category Debt Instruments at Amortised Cost Total Year ended 31 December 2019 Operating lease payable 60,149 60,149 Trade and other payables excluding non-financial liabilities (Note 10) 50,056 50,056 Bank overdraft (Note 7) 3,763 3,763 113,968 113,968 Year ended 31 December 2018 Trade and other payables excluding non-financial liabilities (Note 10) 33,058 33,058 Bank overdraft (Note 7) 3,569 3,569 36,627 36,627 12. Deferred income 12.1 Accounting policies Deferred income are recognised at their fair value in profit or loss where there is a reasonable assurance that the deferred income will be received and the association has compiled with all attached conditions. Deferred income received where the association has yet to comply with all attached conditions are recognised as a liability and released to income when all attached conditions have been compiled with. Deffered incomes received are included in profit or loss. 12.2 Deferred income comprise: Annual memberships fees received in advance 148,701 132,039 Summit income received in advance 172,205 - 320,906 132,039 COSMETIC TOILETRY AND FRAGRANCE ASSOCIATION OF SOUTH AFRICA 41