Post on 31-Dec-2015
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Welcome 3rd BANKSETA Annual General Meeting23 September 2003
BANKSETA Annual General Meeting
23 September 2003
1. Annual Financial Statements 2002/2003
2. Challenges
3. Future Focus
Annual Financial Statements 2002/2003
Year 2002 2003
Income Total: R132,875m R171,632m
Operational income (10% allowed): R13,933m R16,160m
Interest earned: R3,305m R12,175m
Operational savings: R3,399m R3,985m
Annual Financial Statements 2002/2003 (Grants)
Year 2002 2003
Grants paid/payable: R106,74m R107,741m
Grants paid/payable %: 96% 97%
Project grants paid R3,84m R16,267m
NSF grant received 0 R78,m
Annual Financial Statements 2002/2003 ( Operations)
Year 2002 2003Operational income (10% allowed):
R13,933m R16,160mOperational expenses:
R10,534m R12,254m (7,6%) (7,6%)
% change Operational exp.: 27,6% 16,3%
Operational savings: R3,399m R3,985m (24,4%) (24,7%)
Interest earned: R3,305m R12,175m
GRANT DISBURSEMENTS
• Remains consistently high : +95% average
• Disbursement of over R100m (2003) to 273 companies
• Over R243m allocated over last three years
Audit of financial statements
In my opinion, the financial statements fairly present, in all material respects, the financial position of the Banking Sector Education and Training Authority at 31 March 2003 and the results of its operations and cash flows for the year then ended in accordance with South African Statements of Generally Accepted Accounting Practice and in the manner required by the Public Finance Management Act, 1999 (Act No. 1 of 1999) as amended.
N MANIK
for Auditor-General
Approval of 2002/2003
Annual Financial Statements of the Banking Sector Education
and Training Authority (BANKSETA)
Challenges
• Serving diverse needs from an increasing range of stakeholders
• Balancing Sector and national needs
• Expected changes to the seta landscape
• Skills Development Amendment Act
• Levy/grant machine as mechanism in the sector to create value and buy-in
• Future employment opportunities in sector: need for higher level skills and shedding of lower skills category jobs
BANKSETA Future Focus
• Transformation
• Legislative Compliance
• Advocacy
• Seta landscape
• Strategic projects
Questions ?