BANKSETA ANNUAL REPORT 2023

ANNUAL FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS for the year ended 31 March 2023

1.

PROPERTY AND EQUIPMENT (continued)

Movement summary 2021/22

Carrying amount 2021

Carrying amount 2022

Additions

Disposals Depreciation

R’000

R’000

R’000

R’000

R’000

Computer equipment Office furniture and fittings

708

1 136

(48)

(297)

1 499

613

97

-

(136)

574

Office equipment Leasehold improvements

325

-

-

(107)

218

616

- -

- -

(68)

548

-

Other movable assets

-

-

Balance at end of period

2 262

1 233

(48)

(608)

2 839

Computer equipment with original cost of R79 000 and accumulated depreciation of R33 000, was stolen during the year. The insurance proceeds on those assets amounted to R82 000.

BANKSETA has incurred no repairs and maintenance costs on these assets.

At year-end, the BANKSETA had assets held for disposal with an original cost of R1 510 000 and net book value of R8 000. These were disposed of after year-end and are included in the above balances. In line with GRAP standards the BANKSETA continues to depreciate those assets unless they were fully depreciated until they were disposed of.

The BANKSETA had no contractual commitments at year-end for acquisitions of property.

BANKSETA has no restriction or encumbrances on its assets.

The following useful lives are used in the calculation of depreciation.

Category

Useful lives Depreciation rate

- Computer equipment

3 - 15 years 33.33% - 6.77% 10 - 25 years 10% - 4% 5 - 22 years 20% - 4%

- Office furniture and fittings

- Office equipment

- Leasehold improvements

Over the lease term

10% - 8%

- Other movable assets

5 - 10 years 20% - 10%

151

BANKSETA ANNUAL REPORT 2022/23