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

16.

Finance costs

Finance Cost

23 044

42 697

Finance cost comprises of interest amortised on the finance leases of an amount R21 212 and interest charged on underpayment-SARS amounting to R1 832. 17. Related parties Relationships The CGE is a schedule 1 Constitutional Institution in terms of the Public Finance Management Act (Act 1 of 1999 as amended). Although the CGE is an independent institution, created under chapter 9 of the Constitution of the Republic of South Africa, the CGE has defined relationships with other entities that fall within the national sphere of government.

Unless specifically disclosed, the transactions between the CGE and these entities are concluded on an arm’s length basis. There are no restrictions in the CGE’s capacity to transact with any entity.

Related party transactions

Donation in Cash First National Bank

18 000 160 259

- -

Auditor General of South Africa

• First National Bank The Commission as part of its mandate develops, conducts and manage public education and information programmes, in the current year as celebration of its 25 years of existence, the Commission received an amount of R18 000 as a donation from First National Bank. First National Bank as a main banker of the Commission, the donation is outside normal transaction and by virtue of receiving the funding for the celebration, the amount is disclosed as related parties. • Auditor General of South Africa In excersicing their role to support democracy, the Forum for Institution Supporting Democracy(FISD) identified the need to engage the Minister of Higher Education and Training on the matters pertaining to the performance of the sector. A presentation was made in June 2016 by the Minister of DHET, following from the Minister’s presentation, the FISD members resolved to have a PSET workshop to gain more insight and explore ways to deal with the challenges in the sector.

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