FASSET ANNUAL REPORT

32. Prior period error 31.1 Net assets

Other administrative expenditure of R 26 306 was incorrectly omitted from the financial statements prior 2019. The expenditure relates to the travelling and accomodation which was paid through the credit card, however it was not recorded in the statement of financial performance. Employer grant and project expenses of R 6 125 803 was incorrectly recorded in the financial statements for 2019 finacial year. the expenditure relates to ISFAP project invoices for the funds that was not utilised and the funds were refunded to FASSET in 2022 finacial year. The statement of changes in net assest opening balance has been restated. 32.2 Project expenditure Employer grant and project expenses was incorrectly overstated by R 15 735 867 in perior period 2020. This mainly relates to project accruals of R 4 280 721 in TIG invoices which were acrued and also incorrecly included in the TIG provision in 2020, and Project expenses of R 11 601 680 which relates to ISFAP project invoices for the funds that was not utilised and the funds were refunded to FASSET in 2022 finacial year. 32.2 Other administrative expenditure Other administration expenditure was incorrectly undersated by R 2 425 in prior period 2020, this relates to acruals not provided in 2020.

Statement of financial position 2019

As previously reported/ Restated

Correction of error

Restated

Current assets

-

-

-

Receivables from non exchange

11 026

6 126

17 152

Total current assets Current liabilities

806 959

6 126 813 085

-

-

-

Payable from exchange transactions

4 512

26

4 538

Total Current liabilities

128 624 680 404

26 128 650

Net Assets

6 099 686 503

FASSET Annual Integrated Report 2020/21

134