BANKSETA ANNUAL REPORT 2023

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

4. RECEIVABLES FROM EXCHANGE TRANSACTIONS (continued)

2022/23

2021/22

R’000

R’000

Reconciliation of impairment allowance on employer receivable Opening balance: Impairment of employer receivable

-

- - - -

Addition

(8)

Recovered/reversed

-

(8)

Closing balance: Impairment of employer receivable

5.

CASH AND CASH EQUIVALENTS

For the purposes of the cash flow statement, cash and cash equivalents include cash on hand and in banks and investments in fixed deposits. Cash and cash equivalents at the end of the financial year as shown in the cash flow statement can be reconciled to the related items in the statement of financial position as follows: 2022/23 2021/22 R’000 R’000 Cash at bank and on hand 67 212 32 096 Cash at bank 67 211 32 093 Cash on hand 1 3 Short term investments/instruments 1 059 366 1 180 480 Cash and cash equivalents at end of year 1 126 578 1 212 576 As required in Treasury Regulation 31.2, National Treasury approved the banks where the bank accounts are held. The weighted average interest rate on short-term bank deposits was 6.12% (2021/22: 3.99%). Treasury Regulation 31.3 requires that, unless exempted by the National Treasury, the SETA as a public entity that is listed in Schedule 3A of the Act, must invest surplus funds with the Corporation for Public Deposits. National Treasury clarified that SETAs should invest in line with the Skills Development Act (SDA) which directs that surplus funds should be invested in fixed deposits, permanent shares or savings accounts of any financial institution in South Africa.

BANKSETA is compliant with the legislation.

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BANKSETA ANNUAL REPORT 2022/23