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)

1.1

Change in useful lives At the beginning of the year, the useful lives of the assets were individually re-assessed and the following changes were made:

Category

Previous useful lives

Re-assessed useful lives

- Computer equipment

3 - 12 years 10 - 21 years 5 - 15 years

3 - 15 years 10 - 25 years 5 - 22 years

- Office furniture and fittings

- Office equipment

- Leasehold improvements - Other movable assets

Over the lease term

Over the lease term

not applicable as first purchased in current year

The net reversal was not considered material.

The fixed asset register is available at the BANKSETA’s registered office for inspection.

Useful lives of property and equipment are re-assessed each financial year and prior adjustments have not been material.

2.

INTANGIBLE ASSETS

Closing carrying amount

Accumulated amortisation

Cost

Year ended 31 March 2023

R’000

R’000

R’000

1 878 1 878

Application software

2 362 2 362

(484) (484)

Balance at end of period

Made up as follows: - Owned assets

2 362

(48)

1 878

Closing carrying amount

Accumulated amortisation

Cost

Year ended 31 March 2022

R’000

R’000

R’000

612 612

Application software

1 340 1 340

(728) (728)

Balance at end of period

Made up as follows: - Owned assets

1 340

(728)

612

152

PART F: FINANCIAL INFORMATION | BANKSETA ANNUAL REPORT 2022/23