OMBUD COUNCIL ANNUAL REPORT 2024/25

PART F: FINANCIAL INFORMATION

NOTES TO THE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Amounts in Rand

2025

2024

2. CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of First National Bank account for daily transactions and the Corporation for Public Deposits bank account for invesment purposes.

Cash on hand

3,129

-

Bank balances

11,037,446

2,150,564

Short-term deposits

11,246,586

17,920,174

22,287,161

20,070,738

3. RECEIVABLES FROM EXCHANGE TRANSACTIONS

Office lease deposit

149,366

-

4. STATUTORY RECEIVABLES FROM NON-EXCHANGE TRANSACTIONS

Statutory receivable: FSCA

-

2,476,631

Statutory receivable: Levy Debtors

957,049

1,023,004

Less: Impairment loss

(81,058)

(188,493)

875,991

3,311,142

STATUTORY RECEIVABLES Statutory receivables: FSCA consist of balances owing to the Ombud Council by the FSCA for levies that have been paid by financial institutions to the FSCA, collected on behalf of the Council. All amounts due to the Council in 2024/25, was settled by the 31 March 2025. Stautory receivables: Levy Debtors consists of balances owing to the Ombud Council by financial institutions for levies that have been invoiced by the FSCA on behalf of the Ombud Council, but not yet paid to the FSCA.

RECONCILIATION OF PROVISION FOR IMPAIRMENT FOR STATUTORY RECEIVABLES

Opening balance

188,493

-

Provision utilised

(32,643)

-

Reversal of prior year provision

(144,991)

-

Charged to the statement of financial performance

70,199

188,493

81,058

188,493

83

OMBUD COUNCIL ANNUAL REPORT 2024/25