CTFA Annual Report 2020

NOTES TO THE FINANCIAL STATEMENTS 8. Provisions 8.1 Accounting policies Provisions are measured at the present value of the amount expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. 8.2 Provisions comprise Leave pay provision 137,566 80,876 8.3 Provisions for employee benefits Leave Pay Provision Total Balance at 1 January 2020 80,876 80,876 Additions 137,566 137,566 Utilised during the year (80,876) (80,876) Balance at 31 December 2020 137,566 137,566 Leave Pay Provision Total Balance at 1 January 2019 26,118 26,118 Additions 80,876 80,876 Utilised during the year (26,118) (26,118) Balance at 31 December 2019 80,876 80,876 FIGURES IN R 2020 2019 ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 16