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183
STATEMENT OF CASH FLOWS
for the year ended 31 December 2018
Trust
2018
2017
R’000
R’000
Cash flows from operating activities
Cash generated from operations
4 073
822
– Surplus/(Deficit) before tax
8 226
(2 673)
– Changes in Receivables
(3 791)
3 355
– Changes in Payables
(362)
140
Tax paid
(1 583)
(675)
– Tax receivable at beginning of year
1 271
(596)
– Current tax as per Statement of Profit or Loss, Other Comprehensive Income and
Equity
(2 801)
–
– Tax receivable at end of year
(53)
1 271
Net cash from operating activities
2 490
147
Net increase in cash and bank
2 490
147
Cash and bank at beginning of year
1 597
1 450
Cash and bank at end of year
4 087
1 597
NOTES TO THE ANNUAL FINANCIAL STATEMENTS
1. EQUITY
PERMANENT CAPITAL
An amount of R100 was contributed to the trust fund of the beneficiaries on formation of The Professional
Provident Society Holdings Trust during 2011.
ACCUMULATED FUNDS
The Accumulated funds balance represents the cumulative profits and losses of the trust since inception.
2. TOTAL INCOME
Income is recognised in line with IFRS 15 "Revenue from contracts with customers". There are no material
changes to revenue recognition of administration fees income which is recognised under IFRS 15.
Total income comprises of administration fees received from PPS Insurance Company Limited and income
from the PPS Members Forum which comprises sponsorship and entrance fees.
Income from the PPS members forum was recognised after the conclusion of the event.