BANKSETA AR 31 AUGUST

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

18.

COMMITMENTS (CONTINUED)

2021/22

2020/21

Notes

R’000

R’000

18.1.1 Project expenditure (per commitments table disclosed above)

521 439

322 987

Split into Project direct expenditure Project admin expenditure

312 589 * 10 398 *

506 376 15 063

Project admin expenditure (included in commitments analysis) Project admin expenditure - non contractual (not in commitments analysis)

10 398 *

15 063

1 231

432

10 830 *

16 294

Total project admin expenditure

312 589 *

506 376 522 670

Total project direct expenditure

323 419

Total project expenditure

5

* Prior year figures restated

* Prior Year Error In the prior year project admin expenditure relating to project management fees paid to institutes of higher education for monitoring BANKSETA bursary projects at their institution was incorrectly included in project direct expenditure.

This has been correctly retrospectively with impact as follows 2020/21

2020/21

2020/21

R’000 Project admin

R’000

R’000

Total project admin expenditure

Total project admin direct expenditure

Closing commitments value

expenditure included in commitments table

As reported in prior year

5 271 5 559

318 148 (5 559) 312 589

4 839 5 559

Correction effected

10 830

Prior year figure restated

10 398

This prior year error and restatement has no effect on opening reserves or the statement of financial position or performance.

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