CGE ANNUAL REPORT

2022/23 ANNUAL REPORT

Financial Statements for the year ended 31 March 2023

Notes to the Financial Statements for the year ended 31 March 2023

Figures in Rand

2023

2022

10.

Provisions

Reconciliation of provisions - 2023

Total

Reversed during the year

Opening Balance

Additions

Utilised duringthe year

Performance Bonus

2 450 679 2 318 847 (2 294 099)

(156 579)

2 318 848

Provision for pending settlement negotiations

1 391 270 619 970 2 011 240 3 841 949 2 938 817 (2 294 099) (156 579) 4 330 088 - -

Reconciliation of provisions - 2022

Total

Reversed during the year

Opening Balance

Additions

Utilised duringthe year

Performance Bonus

2 885 315 2 450 679 (2 716 684) 730 983 739 495 (79 208) 1 391 270 3 616 298 3 190 174 (2 795 892) (168 631) 3 841 949 (168 631) 2 450 679 -

Provision for pending settlement negotiations

The performance bonus is payable to staff and management in terms of the Performance Management and Development Policy of the Commission. The performance bonus is payable within the ensuing 12 months’ period after the reporting date, and is determined on the basis of an objective assessment of individual staff member’s performance during the period. The provision is estimated to the current figures subject to the finalisation of the assessment as referred above. Furthermore, in terms of the internal policies, performance bonus is payable subject to a strict condition that the financial position of the Commission permits, and such payment would be relative to the financial performance objectives of the Commission for a given period. Provision for pending settlement negotiations came as a result of a salary dispute between CGE and five (5) of it’s employees. Plenary took a resolution in July 2021 for management to consult the affected employees and negotiate a settlement agreement. A consultation meeting was converned on 22 April 2022, in which five (5) of the affected employees and their legal representatives attended.In the current year negotiations reconvened in September 2022. Negotiations are still to be finalised which necessitated a need to make a provision for figures subject to the matter.

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