BANKSETA ANNUAL REPORT 2023

PERFORMANCE INFORMATION

Linking performance with budgets

2022/23

2021/22

Programme/activity/ objective

Budget

Actual Expenditure

(Over)/Under Expenditure

Budget

Actual Expenditure

(Over)/Under Expenditure

R’000 R’000

R’000

R’000 R’000

R’000

Budget contribution to QCTO

5 826

5 826

0 3 951

3 951

0

Strategy to overcome areas of under performance

This programme performed well during the year under review and all indicators were achieved. To maintain the performance level BANKSETA will continue to monitor this area of delivery regularly. Revenue Collection Revenue from Exchange Transactions Revenue from exchange transaction is mainly investment income from investment of surplus funds in the short term money market. Investment revenue was 49% greater than budget due to increases in interest rates during the year as the South African Reserve Bank increased its rates. The BANKSETA also did not expend all its budgets leading to larger surplus funds than anticipated. Revenue from Non-Exchange Income This is mainly skills development levy (SDL) paid by employers within the banking and alternative banking sector calculated as a percentage of their employee costs in line with legislation. SARS is the collection agent. Employment figures were stable in the sector. The banking sector experienced strong results which were higher than expected. This impacted SDL favourably. SDL income was 9% higher than budget.

2022/23

2021/22

Sources of revenue

Budget

Actual Amount Collected

(Over)/ Under Collection

Budget

Actual Amount Collected

(Over)/ Under Collection

R’000 R’000

R’000 R’000 R’000

R’000

Revenue from exchange transactions 50 756 75 759 25 003 40 500 47 719

7 219

Revenue from non-exchange transactions

868 914 944 793 75 879 733 373 848 244 114 871 919 670 1 020 552 100 882 773 873 895 963 122 090

Total

Capital Investment

The BANKSETA does not have infrastructure projects. All of its offices are leased. The capital expenditure is for assets held for administrative purposes mainly furniture and equipment and ICT licences.

2022/23

2021/22

Infrastructure projects Budget

Actual Expenditure

(Over)/Under Expenditure

Budget

Actual Expenditure

(Over)/Under Expenditure

R’000

R’000

R’000

R’000

R’000

R’000

Property and equipment

1 197 2 848 4 045

343

854 1 950 522 1 700 1 376 3 650

1 233

717

Intangible assets

1 966 2 309

428

1 272 1 989

Total

1 661

61

BANKSETA ANNUAL REPORT 2022/23