BANKSETA AR 31 AUGUST

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

25. TRANSACTIONS WITH STAKEHOLDERS REPRESENTED ON THE ACCOUNTING AUTHORITY (CONTINUED)

2021/22

2020/21

Amount of the transaction

Amount receivable/ (payable)

Amount of the transaction

Amount receivable/ (payable)

Related party

Nature of relationship

Transaction type Discretionary and mandatory grants Discretionary and mandatory grants Discretionary and mandatory grants

R’000

R’000

R’000

R’000

MFSA

Accounting Authority member Accounting Authority member Accounting Authority member

(3)

(3)

-

-

Landbank

-

-

(50)

(50)

NEF

(24)

(24)

(19)

(19)

Total

(11 365)

(11 365)

(10 330)

(10 330)

The above transactions occurred under terms that were no less favourable than those available in similar arm’s length dealings.

26. NOTES TO THE STATEMENT OF CHANGES IN NET ASSETS

The administration grant reserve carries accumulated reserves allocated to administration expenditure in future years.

An amount of R3 451 000 (2020/21: R3 013 000) is retained in the administration reserve equal to the carrying value of property and equipment, and intangible assets.

The employer grant reserve carries accumulated reserves allocated to mandatory grants (employer grants) expenditure in future years.

An amount of R111 000 (2020/21: R136 000) is disclosed in the employer grant reserve for newly registered member companies, participating after the legislative cut-off date and new scheme year levies received for the period ending 31 March. Refer to note 17.2 for disclosure of this contingent liability.

The discretionary grant reserve carries accumulated reserves allocated to discretionary grants and project expenses in future years.

All surplus funds of the BANKSETA, except for the amounts left in the administration grant reserve and employer grant reserve are swept to the discretionary grant reserve to fund future skills development.

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