BANKSETA ANNUAL REPORT 2023

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

18. COMMITMENTS (continued)

18.1 Reconciliation of project expenditure

2022/23

2021/22

R’000

R’000

Discretionary grant project expenditure (per commitments table disclosed above)

784 076

521 439

Split into Discretionary grant project direct expenditure Discretionary grant project admin expenditure

761 133 22 943

506 376 15 063

Discretionary grant project admin expenditure (included in commitments analysis) Discretionary grant project admin expenditure - non contractual (not in commitments analysis)

22 943

15063

2 478

1 231

25 421

16 294

Total discretionary grant project admin expenditure

761 133 786 554

506 376 522 670

Discretionary grant project direct expenditure Total discretionary grant project expenditure

18.2 Multi-year contracts shown as contingent commitments In certain cases, the SETA enters into multi-year contracts whereby only the first year amount is unconditional and future years’ amounts are dependent on several suspensive conditions which normally include satisfactory execution of the deliverables by the service provider, the SETA’s continued need for the service, the availability of funds for that year and approval by the Board. The SETA only discloses the commitment of the year where all suspensive conditions have been met as a commitment. The amounts that are still subject to suspensive conditions and are not included in commitments are shown below:

2022/23

2021/22

Note

R’000

R’000

Amounts for 2022/23 year Amounts for 2023/24 year

- -

-*

8 000

Total contracts with suspensive conditions not included in commitments note

17.4

-

8 000

18.2.1 Prior year errors

a) Commitments

In the prior year, DG commitments on one project was recognised in the incorrect year and certain contracts were omitted from commitments because they were classified as having suspensive conditions which were not yet met, when in fact the contracts either did not have suspensive conditions or the suspensive conditions had already been met. These errors have been corrected in the prior year resulting in the restatement of commitments as at 31 March 2022 which become current year opening balances as follows.

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BANKSETA ANNUAL REPORT 2022/23