BANKSETA ANNUAL REPORT 2023

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

2.

INTANGIBLE ASSETS (continued)

Movement summary 2022/23

Carrying amount 2022

Carrying amount 2023

Additions

Disposals Amortisation

R’000

R’000

R’000

R’000

R’000

Application software

612

1 966

-

(700)

1 878

Movement summary 2021/22

Carrying amount 2021

Carrying amount 2022

Additions

Disposals Amortisation

R’000

R’000

R’000

R’000

R’000

Application software

751

428

-

(567)

612

Application software complies with the definition of intangible assets, which is an identifiable non monetary asset without physical substance. The amortisation expense has been included in the line item ‘depreciation/amortisation’ in note 15, administration expenditure. The BANKSETA disposed of fully depreciated software assets with original cost of R945 000 during the year as the licence periods had expired. The fixed asset register is available at the BANKSETA’s registered office for inspection. BANKSETA incurred no repairs and maintenance expenditure on these assets. The BANKSETA has contractual commitments for acquisitions of intangible assets of R3 012 000 (USD169 000) until 2026. BANKSETA has no restriction or encumbrances on its assets.

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

Category Depreciation rate - Application software 2 years (unless license period is different) 33% - 100% p.a. Useful lives

3. RECEIVABLES FROM NON-EXCHANGE TRANSACTIONS

2022/23

2021/22

Notes

R’000

R’000

Employer receivables

3.1

601 601

717 717

Receivables from non-exchange transactions

The effect of discounting was considered and found to be immaterial.

153

BANKSETA ANNUAL REPORT 2022/23