BANKSETA AR 31 AUGUST

ANNUAL FINANCIAL STATEMENTS STATEMENT OF COMPARISON OF BUDGET AND ACTUAL AMOUNTS for the year ended 31 March 2022

Approved original budget

Final adjusted budget 2021/22

Actual income/ (expenditure)

Budget adjustments

Notes

Variance 2021/22

2021/22

2021/22

2021/22

R’000

R’000

R’000

R’000

R’000

REVENUE

Skills development levy transfer from no- exchange transactions 30.2 733 373

-

733 373

805 221

71 848

Skills development levy penalties and interest from non-exchange transactions Investment revenue from exchange transactions Other revenue from exchange transactions

30.3

-

-

-

43 023

43 023

30.4

40 500

-

40 500

47 613

7 113

-

-

106

106

-

Total Revenue

773 873

-

773 873

895 963

122 090

EXPENSES

Employer grant expenses Project expenses Administration expenses

30.5 (177 843)

- (177 843)

(194 101) (522 670)

(16 258)

30.6 (599 775) (564 000) (1 163 775)

641 105

30.7 (96 255)

-

(96 255)

(84 031)

12 224

Total Expenses

(873 873) (564 000) (1 437 873)

(800 802)

637 071

NET SURPLUS/(DEFICIT) FOR THE PERIOD

(100 000) (564 000) (664 000)

95 161

759 161

The BANKSETA considers the R759 161 000 variance as unfavourable. Please refer to note 30.1 for explanations on budget adjustments.

129

PART E: FINANCIAL INFORMATION | BANKSETA ANNUAL REPORT 2021/22