SACAA Annual Report 2022_23

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Annual Financial Statements for the year ended 31 March 2023

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Y

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Notes to the Annual Financial Statements

12. Provisions Reconciliation of provisions - 2023

Opening Balance

Additions

Utilised during the year

Total

Performance and retention bonus provision 22 490 696 75 000 000 (22 203 123)

75 287 573

Reconciliation of provisions - 2022

Opening Balance

Additions

Total

2023 Performance and retention bonus provision 22 490 696 22 490 696 The performance and retention bonus provision is calculated in line with the remuneration and retention policies as approved by the Board. The performance bonus provision is calculated based on the performance of the SACAA as well as the individual performance ratings of each employee for the financial year ended 31 March 2023. Executive management are entitled to a retention bonus payable at a three year cycle of uninterrupted service in SACAA. The retention bonus is calculated at 24% of their prevailing total cost of employment. Assumptions Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the obligation at the Statement of Financial Position date. The discount rate used to determine the present value reflects current market assessment of the time value of money and the risks specific to the liability. 13. Employee benefit obligation 62 061 214 It is the policy of the SACAA to provide retirement benefits to all its employees. The defined contribution provident fund, which is subject to the Pensions Fund Act, 1956 (Act No. 24 of 1956) exist for this purpose. The SACAA is under no obligation to cover any unfunded benefits. 14. Interest revenue Financial Institutions and Corporation for Public Deposit 23 646 358 8 945 556 Trade and other receivables 399 119 1 989 247 24 045 477 10 934 803 - The total amount recognised as an expense for defined contribution plan 66 944 065 2022

Annual Financial Statements I Annual Report 2022/23 I 207

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