BANKSETA ANNUAL REPORT 2023

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

18. COMMITMENTS (continued)

2021/22 R’000

31 March 2022 commitments balance as previously disclosed

1 041 906

Corrections affected

38 550

Restated 31 March 2023 commitments balance

1 080 456

The prior year error has no impact on opening reserves or the statements of financial position or performance.

a) Multi Year Contracts Classified as Contingent Commitments

In prior year the multi year contracts balance was overstated by R38 550 000 due to some items misclassified as multi year contracts with suspensive conditions (contingent commitments) instead of commitments. The effect of this correction is shown below.

2021/22 Restated

2021/22

2021/22

Multi-year amounts for 2022/23 year

Multi-year amounts for 2022/23 year

Total

R’000

R’000

R’000

Amounts previously disclosed

33 572

13 130

46 702

Amounts corrected and reclassified as commitments

(33 572)

(5 130)

(38 702)

Restated amounts

-

8 000

8 000

The prior year error has no impact on opening reserves or the statements of financial position or performance.

2022/23

2021/22

18.3 Other commitments

R’000 3 102

R’000

Capital expenditure Intangible assets

-

Office furniture and fittings

-

45 45

Total

3 102

180

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