MHSC ANNUAL REPORT 2020

MINE HEALTH AND SAFETY COUNCIL ▪ ANNUAL REPORT 2019/20

Mine Health and Safety Council for the year ended March 31, 2020

Notes to the Financial Statements

2020 R

2019 R

27. Budget differences Material differences between budget and actual amounts 28.1. Interest received

Actual income exceeded budgeted total income by 4.4% due to actual interest income that exceed budgeted interest. The main reason for the variance is interest income was under budgeted. Total expenditure is less than budgeted expenditure by 15.6%. Below are the explanations of the major variances. Research and development expenditure During this financial year, there was under spending on research projects due to the delays in contracting. There has been a slight increase in expenditure in the current month. Most of the Research procurement was finalised late, however the program put in place as expected was not achieved by 21 milestones. Administrative expenses The administration expenditure variance is due to delays in the implementation of the HR Strategy Due to cost containment measures, lower spend on travel and venues has been realised.

28.2.

28.3.

28.4.

Employee costs The cause of the variance is vacant positions not filled.

28.5

Depreciation Depreciation was higher than budget due to additional research assets acquired and depreciated over a shorter period.

100

“EVERY MINE WORKER RETURNING FROM WORK UNHARMED EVERYDAY”