Interfront 2023 Annual Report

International Frontier Technologies SOC Ltd Trading as Interfront Financial Statements for the year ended 31 March 2023 99 FINANCIAL INFORMATION PART Statement of Financial Performance AS AT 31 MARCH 2023 Figures in rand Note(s) 2023 2022 Revenue Revenue from exchange transactions Rendering of services 15 171 790 485 108 405 948 Profit/(loss) from exchange transactions and other sundry income 15 390 030 (374 529) Interest received – investment 15 2 651 599 1 786 154 Gain on disposal of assets and liabilities – 16 085 Total revenue from exchange transactions 174 832 114 109 833 658 Expenditure Employee costs (151 259 684) (90 340 312) External development services (3 849 812) (5 929 827) Depreciation and amortisation (10 392 421) (9 139 066) Loss on disposal of assets and liabilities (3 461) – Administrative expenses (20 504 059) (11 817 614) Auditor’s remuneration 16 (1 411 574) (642 240) Total expenditure (187 421 011) (117 869 059) Deficit before taxation (12 588 897) (8 035 401) Taxation 17 (2 795 270) (1 651 435) Deficit for the year (9 793 627) (6 383 966) Statement of Changes in Net Assets AS AT 31 MARCH 2023 Figures in rand Share capital/ contributed capital Accumulated surplus/deficit Total net assets Balance at 01 April 2021 1 67 112 319 67 112 320 Changes in net assets Deficit for the year – (6 383 966) (6 383 966) Total changes – (6 383 966) (6 383 966) Balance at 01 April 2022 1 60 728 352 60 728 353 Changes in net assets Deficit for the year – (9 793 627) (9 793 627) Total changes – (9 793 627) (9 793 627) Balance at 31 March 2023 1 50 934 725 50 934 726 Note(s) 14