SMD

Annual Report 2023/2024

Annual Financial Statements for the year ended 31 March 2024

Notes to the Annual Financial Statements

23. Related party transactions DSBD has oversight responsibility over the following public and trading entities: % Small Enterprise Development Agency (Seda) % Small Enterprise Finance Agency ( sefa ) % Transfers to sefa are still done by the Department of Trade Industry and Competition ( the dtic ) % All transactions were at arm’s length.

24. Key management personnel

2023/24

2022/23

R’000

R’000

Political office bearers (provide detail below)

4 469

4 557

Officials: Level 15 to 16

9 216

8 875

Level 14 (incl. CFO if at lower level)

11 819

9 015

Family members of key management personnel

-

-

Total

25 504

22 447

25. Provisions

2023/24

2022/3

Note

R’000

R’000

Please specify Product Markets

13 232

50 382

Total

13 232

50 382

Claims awaiting outstanding documents.

25.1. Reconciliation of movement in provisions – Current year

2023/4

Product Markets

Provision 2

Provision 3

Total provisions

R’000

R’000

R’000

R’000

Opening balance

50 382

-

-

50 382

Increase in provision

-

-

-

-

Settlement of provision

(58961)

-

-

(58961)

Change in provision due to change in estimation of inputs

21 811

-

-

21 811

Closing balance

13 232

-

-

13 232

Part F • FINANANCIAL INFORMATION • Department of Small Business Development

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