CTFA Annual Report 2021

NOTES TO THE FINANCIAL STATEMENTS 7. Provisions 7.1 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. 7.2 Provisions comprise Leave pay provision 217,297 137,566 7.3 Provisions for employee benefits Leave Pay Provision Total Balance at 1 January 2021 137,566 137,566 Additions 217,297 217,297 Utilised during the year (137,566) (137,566) Balance at 31 December 2021 217,297 217,297 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 FIGURES IN R 2021 2020 COSMETIC TOILETRY AND FRAGRANCE ASSOCIATION OF SOUTH AFRICA 35