BANKSETA ANNUAL REPORT 2023

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

29. NOTES TO STATEMENT OF COMPARISION OF BUDGET AND ACTUAL AMOUNTS (continued) 29.7 Administration expenses (continued)

- Legal fees

74% below budget

The BANKSETA experienced delays in scheduling of the three employee claims. The court cases will proceed in 2023/24 year. The budget was revised upwards during the year, however part of the additional budget was postponed to the next financial year. No qualifying bids were received for the quality assurance work and therefore it did not proceed. The work was re-advertised in 2023/24 year.

- Travelling expenses 50% below budget

- Workshops

75% below budget

In addition, capital expenditure which is funded from admin levies but capitalised was 437% below budget as some ICT related purchases were delayed as no acceptable bids were received..

30. RECONCILIATION OF PRESENTATION OF EXPENDITURE CHANGED FROM PRIOR YEAR 30.1 Employer grant and discretionary grant expenditure The amount disclosed in prior year as employer grant and project expenses in the statement of financial performance and in note 9 has been split into the two categories in line with the current year presentation as follows: 2021/22 R’000 Employer grant expenses (194 101) Discretionary grant expenses (522 670) Total (716 771)

Amount disclosed as employer grant and project expenses in prior year in the statement of financial performance and in note 9.

(716 771)

Amount disclosed as employer grant and project expenses in prior year in the statement of financial performance and in note 9.

30.2 Commitments - write backs and other adjustments - 2021/22 The amounts disclosed in prior year under note 18 as Adjustments 2021/22 has been split to align to current year disclosure as follows: 2021/22 R’000 Total adjustments increases to existing contracts 2021/22 7 055 Total write backs and other adjustments 2021/22 (94 257) Total 87 202

Total amount disclosed as write backs and other adjustments 2021/22 in prior year note 18

87 202

202

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