Page 66 - annualreport2020

AFRICAN DAWN ANNUAL REPORT 2020

Notes to the Financial Statements continued
Annual Financial Statements For the year ended 29 February 2020

Group Company
2020 2019 2020 2019
R'000 R'000 R'000 R'000
Opening balance - 2 - -
derecognition of the straight lined lease liability on (2) - - -
adoption of IFRS 16 (refer to note 1.2)
Opening balance of lease liability on adoption of 1,799 - - -
IFRS 16 (refer to note 1.2)
Additional leases entered into 557 - - -
Interest on leases realised 2020 225 - - -
Less lease payments capital (670) - - -
Closing balance 1,909 2 - -
The lease installments are payable as indicated below:
Within 1 year 715 - -
Within 2-5 years 1,616 - - -
Total 2,331 - - -

Current liability 528 2 - -
Non-current liability 1,381 - - -
1,909 2 - -

16. Trade and other payables
Group Company
2020 2019 2020 2019
R'000 R'000 R'000 R'000
Trade payables 1,382 707 1,138 463
VAT 74 160 - -
Accrued leave pay 871 933 108 108
Accrued expenses 261 222 5 -
2,588 2,022 1,251 571

17. Revenue

Group Group Company Company
2020 2019 2020 20198
R’000 R’000 R’000 R’000
Commissions received 173 185 - -
Administration fee 2,683 3,058 - -
Rendering of service 159 310 - -
Interest received 9,058 9,785 - 95
Discount allowed (38) (3) - -
12,035 13,335 - 95

All the revenue streams except commission received is recognised over time.
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