CTFA Annual Report 2020

NOTES TO THE FINANCIAL STATEMENTS FIGURES IN R 2020 2019 FIGURES IN R 2020 2019 14. Other income Other income comprises Ad Valorem - 2,250 Artwork reviews 9,100 27,850 Certificate of free sale - 1,900 Sundry Income 8,321 - Training and workshops 150,231 117,633 Total other income 167,652 147,383 15. Employee benefits expense 15.1 Accounting policies Short-term employee benefits Compensation paid to employees for the rendering of services are recognised at the undiscounted amount paid or expected to be paid in the accounting period in which the services were rendered. Where employees accumulate entitlement for paid absences, an expense is recognised as the additional amount that the entity expects to pay as a result of the unused entitlement that has accumulated at the end of the reporting period. In the case of non- accumulating paid absences, the expense is recognised only when the absences occur. The expected cost of profit-sharing and bonus payments are recognised when there is a present legal or constructive obligation to make such payments as a result of past events, and a reliable estimate of the obligation can be made. A present obligation exists when there is no realistic alternative but to make the payments. 15.2 Employee benefits expense comprises Salaries 2,818,226 2,551,324 16. Other gains and losses Other gains and losses comprise Gain or loss on foreign exchange differences - 55 Fair value gain on investment - 229,695 Total other gains and losses - 229,750 ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 20