BANKSETA ANNUAL REPORT 2023

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

24. REMUNERATION OF MEMBERS OF MANAGEMENT

24.1 Remuneration of management The senior management group consists of the SETA’s Chief Executive Officer, the Chief Financial Officer and the following General Managers: General Manager: Operations and General Manager: Corporate Services. The aggregate remuneration of members of the senior management group and the number of managers receiving remuneration within this category are:

Post employment benefits pensions

Bonuses and performance related amounts**

Basic salary remuneration

Other short term benefits

Total

Total

2022/23

2022/23

2022/23

2022/23 2022/23 2021/22

R’000

R’000

R’000

R’000

R’000 R’000

CEO CFO

1 783 1 444 1 360

211 168 167

186 104 129

777 2 957 2 621 610 2 356 2 131 610 2 266 2 136

GM Operations GM Corporate Services (position is vacant)

1 651 *

-

-

-

-

-

Total

4 587

546

419

1 997 7 549 8 539

* The GM Corporate Services position has been vacant since February 2022. ** The amounts disclosed as bonuses and performance related amounts are provisions. The actual amounts for the financial year are determined after reporting date.

25. NOTES TO THE STATEMENT OF CHANGES IN NET ASSETS

The administration grant reserve carries accumulated reserves allocated to administration expenditure in future years. An amount of R4 376 000 (2021/22: R3 451 000) is retained in the administration reserve equal to the carrying value of property and equipment, and intangible assets. The employer grant reserve carries accumulated reserves allocated to mandatory grants (employer grants) expenditure in future years. An amount of R137 000 (2021/22: R111 000) is disclosed in the employer grant reserve for newly registered member companies, participating after the legislative cut off date and new scheme year levies received for the period ending 31 March. Refer to note 17.2 for disclosure of this contingent liability. The discretionary grant reserve carries accumulated reserves allocated to discretionary grants and project expenses in future years. All surplus funds of the BANKSETA, except for the amounts left in the administration grant reserve and employer grant reserve are transferred to the discretionary grant reserve to fund future skills development.

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BANKSETA ANNUAL REPORT 2022/23