BANKSETA AR 31 AUGUST

ANNUAL FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS for the year ended 31 March 2022

1.

PROPERTY AND EQUIPMENT (CONTINUED)

Movement summary 2020/21

Carrying amount 2020 Additions Disposals Depreciation

Carrying amount 2021

R’000

R’000

R’000

R’000

R’000

Computer equipment

220 749 452

710

-

(222)

708

Office furniture and fittings

29

(21)

(144) (127)

613 325 616 2 262

Office equipment

-

-

Leasehold improvements Balance at end of period

-

621

-

(5)

1 421

1 360

(21)

(498)

Three laptops and a tablet were stolen during the year with original cost of R73 000, and accumulated depreciation of R25 000. The insurance proceeds amounted to R33 000 on those assets.

BANKSETA has not incurred R65 000 on repairs and maintenance on these assets.

The BANKSETA had contractual commitments of R45 000 at year-end for acquisitions of property and equipment.

BANKSETA has no restriction or encumbrances on their assets.

The following useful lives are used in the calculation of depreciation. Category Useful lives

Depreciation rate

- - - -

Computer equipment

3 - 12 years 10 - 21 years 5 - 15 years

33.33% to 8% 10% to 4.7% 20% to 6.7%

Office furniture and fittings

Office equipment

Leasehold improvements

over the lease term

10% - 8%

1.1 Change in useful lives At the beginning of the year, the useful lives of the assets were individually re-assessed and the following changes made.

Previous useful lives

Category

Re-assessed useful lives

- - - -

Computer equipment

3 - 10 years 10 - 21 years 5 - 11 years

3 - 12 years 10 - 21 years 5 - 15 years

Office furniture and fittings

Office equipment

Leasehold improvements over the lease term over the lease term The net reversal is not considered material. The fixed asset register is available at the BANKSETA’s registered office for inspection. Useful lives of property and equipment are re-assessed each financial year and prior adjustments have not been material.

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