ECIC IR 2023

ANNUAL Financial Statements for the year ended 31 March 2023

E

D

H

S

I

L I

N

B

2

0

A

0

T

S

1

E

E X P O R T C R E

L T D

O C

A S

C

R I

D I

F

T

A

I

N

H

S

T

U

U

R

O

A

S

N

F

C

O

E

N

C

O

O

I

R

T

P

A

O

R

Notes to the Financial Statements

23. Net operating expenses Operating (loss) profit for the year is stated after charging (crediting) the following, amongst others:

2023 R’000

2022 R’000

External auditors’ remuneration Audit fees for the current year

3 012

2 115

Internal auditors’ remuneration

721

634

Remuneration to non-employees Consulting services

3 605

5 114

Actuarial services

847 348

191 587

Legal services

4 800

5 892

Directors’ emoluments Remuneration paid to executive director

2 672 2 303 4 975

5 583 1 658 7 241

Remuneration paid/payable to non-executive directors

Employee costs Salaries

86 201 (1 752) 22 021 106 470

77 373

Prior year over provision for bonus Provision for bonus for current year

(656)

21 080 97 797

Total employee costs

Short-term leases/Operating leases Building

3 461

2 077

Equipment

141

76

3 602

2 153

Depreciation, amortisation, write off and disposal of assets Equipment

1 278

1 223

Intangible assets

-

691

Building

1 789

2 805

Loss on sale of equipment

- -

8

Equipment written off

217

3 067

4 944

General administrative expenses

31 932

27 393

Total operating expenses (excluding portfolio fees)

158 579

148 169

Investment portfolio management fee

15 569

12 866

Total operating expenses

174 148

161 035

YOUR EXPORT RISK PARTNER

75