Interfront Annual Report 2022

PART E: FINANCIAL INFORMATION 100 12. Deferred Tax Liability International Frontier Technologies SOC Ltd Trading as Interfront Financial Statements for the year ended 31 March 2022 Deferred tax liability Deferred tax 81 579 (2 146 366) At the beginning of the year (2 146 366) (4 371 386) Temporary difference on prepayments 24 714 (19 615) Temporary difference on tangible fixed assets (136 628) (232 455) Movement in provision and accruals 838 497 947 955 Originating temporary difference on operating lease 34 827 87 779 Reversing temporary difference on intellectual property 1 389 879 1 441 356 Reduction in the opening balance due to rate change 76 656 - 81 579 (2 146 366) Reconciliation of deferred tax asset\(liability) 13. Employee Benefit Obligations Defined contribution plan It is the policy of the entity to provide retirement benefits to all its employees. Entitlement to retirement benefits is governed by the rules of the Allan Gray Retirement Annuity Fund, which is a defined contribution retirement annuity fund. The entity has no legal or constructive obligation to pay for future benefits. The responsibility vests with the Allan Gray Retirement Annuity Fund. The entity is under no obligation to cover any unfunded benefits. The total economic entity contribution to such schemes 6 138 371 6 017 113 Figures in Rand 2022 2021