CTFA Annual Report 2021

FIGURES IN R 2021 2020 9. Trade and other payables 9.1 Trade and other payables comprise Trade creditors 2,102 5,826 COIDA accrual 7,991 7,926 Other accruals 32,564 10,770 Total trade and other payables 42,657 24,522 9.2 Items included in trade and other payables not classified as financial liabilities Total trade and other payables excluding non-financial liabilities included in trade and other payables 42,657 24,522 10. Operating lease liabilities 10.1 Accounting policies Lease payments under an operating lease are recognised as an expense on a straight-line basis over the lease term unless another systematic basis is more representative of the pattern of the benefit obtained. 10.2 Operating lease liabilities comprise Operating lease payable 97,438 100,684 97,438 100,684 10.3 Future minimum lease payments Not later than one year 38,798 3,245 Later than one year and not later than five years 58,640 97,439 97,438 100,684 11. Deferred income 11.1 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 complied 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 complied with. Deferred incomes received is included in profit or loss. 11.2 Deferred income comprise Annual memberships fees received in advance 169,025 391,733 NOTES TO THE FINANCIAL STATEMENTS COSMETIC TOILETRY AND FRAGRANCE ASSOCIATION OF SOUTH AFRICA 37