BANKSETA AR 31 AUGUST

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

22.

RELATED PARTY TRANSACTIONS (CONTINUED)

22.2 QCTO

The BANKSETA and the Quality Council for Trade and Occupations (QCTO) are both public entities under the common control of DHET. In terms of legislation all SETAs contribute amounts annually to the QCTO to fund QCTO’s operations. Such amounts should not exceed 0.5% of the annual levies of the SETA. The value of BANKSETA’s contribution to the QCTO during the year are included in administration costs disclosed under note 7. The annual contributions by a SETA to QCTO are determined by the Minister and are payable in full in advance on 1 April of each year. There are no balances outstanding and no commitments outstanding to QCTO at year end. Any commitments to the QCTO would not be secured and there are no guarantees given or received.

2021/22

2021/22

Amount transferred during the year

Amount transferred during the year

Amount receivable/ payable

Amount receivable/ payable

Type of entity Nature of transaction Note

R’000

R’000

R’000

R’000

Contribution towards QCTO operational costs

QCTO

15 3 951

-

5 793

-

22.3 Public Universities and Universities of Technology (UoTs)

The BANKSETA and the public universities and the universities of technology are public entities under the common control of DHET.

The BANKSETA funds programmes through the public universities and the UoTs as follows: - bursary programs benefitting learners, - work integrated learning programs benefiting learners and - research programs including research chairs.

The year end balances payable or receivables and outstanding commitments to the universities and UoTs are shown at the end of note 22 below.

22.4 Technical and Vocational Colleges (TVETs)

The BANKSETA and the TVETs are public entities under the common control of DHET.

The BANKSETA funds the following programmes through the TVETs: - bursary programs benefiting learners - work integrated learning programs benefiting learners

The year end balances (payable and/or receivables) and outstanding commitments to the TVETs are shown at the end of note 22 below.

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