Interfront 2024 Annual Report

INTERFRONT ANNUAL REPORT 2024 International Frontier Technologies SOC Ltd Trading as Interfront Financial Statements for the year ended 31 March 2024 STATEMENT OF FINANCIAL PERFORMANCE AS AT 31 MARCH 2024 Figures in rand Note(s) 2024 2023 Revenue Revenue from exchange transactions Rendering of services 15 215 828 131 171 790 485 Proft/(loss) from exchange transactions 118 732 390 030 Interest received and other sundry income 3 380 272 2 651 599 Total revenue from exchange transactions 219 327 135 174 832 114 Expenditure Employee related costs (183 041 303) (151 259 684) External development services (4 879 621) (3 849 812) Depreciation and amortisation (4 549 003) (10 392 421) Loss on disposal of assets (319 231) (3 461) Administrative expenses (19 582 188) (20 504 059) Auditor’s remuneration (1 150 589) (1 411 574) Total expenditure (213 521 935) (187 421 011) Surplus/(deficit) before taxation 5 805 200 (12 588 897) Taxation 17 1 727 058 (2 795 270) Surplus/(deficit) for the year 4 078 142 (9 793 627) STATEMENT OF CHANGES IN NET ASSETS AS AT 31 MARCH 2024 Figures in rand Share capital/ contributed capital Accumulated surplus/(deficit) Total net assets 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 01 April 2023 1 50 934 725 50 934 726 Changes in net assets Surplus for the year – 4 078 142 4 078 142 Total changes 4 078 142 4 078 142 Balance at 31 March 2024 55 012 867 55 012 868 Note(s) 14