BANKSETA AR 31 AUGUST

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

2.

INTANGIBLE ASSETS

Closing carrying amount

Accumulated amortisation

Cost

Year ended 31 March 2022

R’000

R’000

R’000

612 612

Application software

1 340

(728) (728)

1 340

Balance at end of period

Made up as follows: -

1 340

(728)

612

Owned assets

Closing carrying amount

Accumulated amortisation

Cost

Year ended 31 March 2021

R’000

R’000

R’000

751 751

Application software

1 004 1 004

(253) (253)

Balance at end of period

Made up as follows: -

1 004

(253)

751

Owned assets

Movement summary 2021/22

Carrying amount 2020 Additions Disposals Amortisation

Carrying amount 2022

R’000 R’000

R’000

R’000

R’000

Application software

751

428

-

(567)

612

Movement summary 2020/21

Carrying amount 2020 Additions Disposals Amortisation

Carrying amount 2021

R’000 R’000

R’000

R’000

R’000

Application software

577

994

-

(820)

751

Application software complies with the definition of Intangible assets, which is an identifiable non monetary asset without physical substance. The amortisation expense has been included in the line item ‘depreciation/amortisation’ in note 15, administration expenditure. The BANKSETA disposed of fully depreciated software assets with original cost of R92 000 during the year as the licence periods had expired. The fixed asset register is available at the BANKSETA’s registered office for inspection. BANKSETA incurred no repairs and maintenance expenditure on these assets. The BANKSETA has no contractual commitments for acquisitions of intangible assets. BANKSETA has no restriction or encumbrances on their assets.

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