BANKSETA ANNUAL REPORT 2023

ANNUAL FINANCIAL STATEMENTS STATEMENT OF COMPARISON OF BUDGET AND ACTUAL AMOUNTS for the year ended 31 March 2023

Approved Original Budget

Final Adjusted Budget 2022/23

Actual Income/ (Expenditure) Variance

Budget Adjustments

Notes

2022/23

2022/23

2022/23

2022/23

R’000

R’000

R’000

R’000

R’000

REVENUE

Skills development levy transfer from non exchange transactions Skills development levy penalties and interest from non-exchange transactions Investment revenue from exchange transactions Other revenue from exchange transactions

29.2

788 914

80 000

868 914

936 256

67 342

29.3

-

-

-

8 537

8 537

29.4

46 667

4 000

50 667

75 638

24 971

-

89

89

121

32

-

Total Revenue

835 670

84 000

919 670

1 020 552

100 882

EXPENSES Employer grant expenses 29.5 (191 309)

(25 919) (217 228)

(228 570)

(11 342)

29.1 and 29.6 (590 818)

Discretionary grant expenses

(249 500) (840 318) (10 500) (114 043)

(786 554) (98 830)

53 764 15 213

Administration expenses 29.7 (103 543)

Total Expenses

(885 670)

(285 919) (1 171 589)

(1 113 955)

57 634

NET SURPLUS/(DEFICIT) FOR THE PERIOD

(50 000)

(201 919) (251 919)

(93 402)

158 516

The BANKSETA considers the R157 516 000 variance as SETAs aim to not accumulate funds and utilise all budgets in that year. Please refer to note 29.1 for explanations on the budget and budget adjustment.

131

BANKSETA ANNUAL REPORT 2022/23