SACAA Annual Report 2022_23

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Annual Financial Statements for the year ended 31 March 2023

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Accounting Authority’s Report

The Board submit its report for the year ended 31 March 2023. 1. Introduction

3. Going concern The financial statements have been prepared on the basis of accounting policies applicable to a going concern. This basis presumes that funds will be available to finance future operations and that the realisation of assets and settlement of liabilities, contingent obligations and commitments will occur in the ordinary cause of business. Management is of the view that the SACAA will continue as a going concern for the foreseeable future as it has sufficient available reserves currently as well as financial support from its Executive Authority, the Department of Transport for the next three financial years. Conditions in the aviation industry continues to improve. 4. Events after the reporting date The Board is not aware of any significant events that occurred after the reporting date that were not adjusted or disclosed in the annual financial statements. Furthermore, management is not aware of any circumstances that exist that would impede the SACAA’s ability to continue as a going concern. 5. Accounting policies The annual financial statements are prepared in accordance with the South African Statements of Generally Recognised Accounting Practice (GRAP), including any interpretations of such Statements issued by the Accounting Practices Board, and in accordance with the prescribed Standards of Generally Recognised Accounting Practices (GRAP) issued by the Accounting Standards Board as the prescribed framework by National Treasury.

The Board presents its twenty-fifth Annual Report in terms of the Civil Aviation Act, 2009 (Act No.13 of 2009), (previously governed by the South African Civil Aviation Authority (Act No.40 of 1998)) and the Public Finance Management Act, 1999 (Act No. 1 of 1999) (PFMA), which forms part of the audited annual financial statements for the year ended 31 March 2023. The South African Civil Aviation Authority (SACAA) is a statutory body which has the primary focus to control and regulate civil aviation in the Republic of South Africa and to oversee the functioning and development of the civil aviation industry. The Civil Aviation Act, 2009, read in conjunction with the South African Civil Aviation Authority Levies Act, 1998 (Act No. 41 of 1998), enables the SACAA to charge a passenger safety charge on scheduled operations, a fuel levy on non-scheduled operations and general aviation, and charges for services rendered to the aviation industry, allowing it to generate revenue to fund its operations. The operating results and state of affairs of the SACAA are fully set out in the attached annual financial statements and do not in our opinion require any further comment. The SACAA recorded a net surplus of R89 234 959 for the year ended 31 March 2023 (2022: R111 927 610) 2. Principal activities Main business and operations

Annual Financial Statements I Annual Report 2022/23 I 175