BANKSETA ANNUAL REPORT 2023

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

22. RELATED PARTY TRANSACTIONS (continued)

* Note that wherever amounts relating to SETA transfers relating to skills development levies received from employers are shown, these include interest and penalties transferred to or from the SETA wherever applicable. 22.2 QCTO The BANKSETA and the Quality Council for Trade and Occupations (QCTO) are both public entities under the common control of DHET. In terms of legislation all SETAs contribute amounts annually to the QCTO to fund QCTO’s operations. Such amounts should not exceed 0.5% of the annual levies of the SETA. The value of BANKSETA’s contribution to the QCTO during the year are included in administration costs disclosed under note 15. The annual contributions by a SETA to QCTO are determined by the Minister and are payable in full in advance on 1 April of each year. There are no balances outstanding and no commitments outstanding to QCTO at year-end. Any commitments to the QCTO would not be secured and there are no guarantees given or received.

2022/23

2021/22

Amount Transferred During the Year

Amount Transferred During the Year

Amount receivable/ (payable)

Amount receivable/ (payable)

Type of entity

Nature of transaction

Note

R’000

R’000

R’000

R’000

QCTO Contribution

towards QCTO operational costs

15

5 826

-

3 951

-

22.3 Public universities and universities of technology (UoTs) The BANKSETA and the public universities and the universities of technology are public entities under the common control of DHET.

The BANKSETA funds programmes through the public universities and the UoTs as follows:

- bursary programmes benefitting learners for both under graduate, post graduate, doctoral and post doctoral level studies; - work integrated learning (WIL) programmes benefiting learners; - research programmes including research chairs; - various skills programmes including entrepreneurship programmes benefitting learners and stakeholders; and - lecturer development programmes.

The year-end balances payable or receivables and outstanding commitments to the universities and UoTs are shown at the end of note 22 below.

191

BANKSETA ANNUAL REPORT 2022/23