BANKSETA AR 31 AUGUST

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

30. NOTES TO STATEMENT OF COMPARISION OF BUDGET AND ACTUAL AMOUNTS (CONTINUED)

30.7 Administration expenses Administration expenditure is limited to 10.5% of levies received.

BANKSETA did not exceed this level in 2021/22.

Admin expenditure is 13% below budget and 4% below prior year.

The larger variances for 2021/22 year are as follows:

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Employment costs

5% below budget

The BANKSETA had an average of 4 vacancies during the year The BANKSETA experienced reversals of prior year performance bonuses provisions that had not been finalised by 31 March 2021. The expense is lower than budgeted as some of the planned 2021/22 projects were will only be executed in 2022/23 financial year. Covid-19 restrictions on meetings and exhibitions limited this work. The organisation study started this year but will only be completed in 2022/23. BANKSETA delivered some of these services like MIS inhouse. This is the effect of lease smoothing adjustments.

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Employee performance bonus

11% below budget

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Audit fees internal

42% below budget

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Communications and marketing costs Consultation costs

53% below budget

-

48% below budget

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Outsourced services

41% below budget

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Rent paid

17% above budget

In addition, capital expenditure which is funded from admin levies but capitalised was 65% below budget.

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