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Annual Financial Statements. Briefing to Portfolio Committee Parliament of the Republic of SA 11 October 2011. Outline. Statement of Financial Performance Statement of Financial Position Statement of Cash flow Financial management Outcomes from the AGSA Report

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Annual financial statements
Annual Financial Statements

Briefing to Portfolio Committee

Parliament of the Republic of SA

11 October 2011


Outline
Outline

  • Statement of Financial Performance

  • Statement of Financial Position

  • Statement of Cash flow

  • Financial management

    • Outcomes from the AGSA Report

    • Successes & Challenges


Statement of financial performance revenue 1
Statement of Financial Performance – Revenue ……………1

  • Transfers from National increased by 6% from R49, 112,000 in 2009/10 Financial year to R51,949,000 in 2010/11

  • This increase represents Only an adjustment for inflation on the baseline of the previous years i.e. The increase does not include additional funding for any change project

  • R206, 972 was also received from other revenue sources, mainly donor funding from Unifem realized at R127, 805 made to finance the Mock Trial Session that was held in support to the department in processes leading to CEDAW session in Geneva held in January 2011

  • Total Revenue recorded therefore stood at R52,155, 972



Statement of financial performance baseline budget figures
Statement of Financial Performance – Baseline budget figures

These programes were funded from the transfers made by Treasury during the year under review


Statement of financial performance expenses 1
Statement of Financial Performance – Expenses ……………1

  • Total spending realized for the year was R49. 8 million of which:

    • R16, 96 m was on Goods and Services, where the main expenditure Drivers were:

      • Travel and accommodation : R5,5 million

      • Professional Services : R4 million and includes expenses such as Audit fees, legal costs, etc

      • Printing & stationery : R1, 6 million

      • Telecommunications : R2, 4 million

      • Computer expenses (R833, 276), Office maintenance etc (R930, 412)

    • R29, 9 m on Compensation of Employees, split per program as follows:

      • Main Core program : R 18 m

      • Corporate Support: R6, 4 m

      • Commissioners: R5, 6 m

    • R180, 891 on Capital Expenditure, for purchase of assets as follows:

      • Office Equipment : R112, 753

      • Office Furniture and Computer Equipment respectively for R39, 389 and R28, 749


Statement of financial performance expenses 2
Statement of Financial Performance – Expenses ……………2

This spending compares favourable against the budget figures of R51, 9 million shown above


Statement of financial performance summary
Statement of Financial Performance – summary ……………2

  • A surplus of R2, 574, 849 was recorded for the year under review, compared to a deficit of R2, 329, 703 in the preceding period

  • Savings from Salaries ( of R5, 2 m) due to vacancies a the major contributor to the reported surplus

  • Offset partly by the depreciation expense of R2, 7 million

  • Capital expenditure budget was also under spent by R1,56 million mainly for the procurement for the IT infrastructure


Statement of financial position 1
Statement of Financial Position……1 ……………2

  • Current assets levels increased year on year from R1, 6 m to R9 m mainly being constituted of Cash & cash equivalents

  • Non-Current assets carrying amounts are diminishing due to age and were R2,2 million in 2010/11 compared to R4, 88 m as at end of 2009/10. The movement was mainly due to depreciation

  • Current liabilities have increased compared to prior year, from R7,4 m to R9, 6 m in the current year mainly as a result of the rise in provisions for DPW

  • The Net Asset situation shows a final improvement at R1, 6 million as compared to a negative amount of R969, 627 as at 31 March 2010


Statement of financial position 2
Statement of Financial Position……2 ……………2

  • Contingencies disclosed in the AFS a made out of liabilities mainly from the following claims:

    • Department of Public Works R5, 2 million : Still being followed through with the department with support from National Treasury and DoJ

    • Axolute R814, 192 – the matter having been withdrawn by the plaintiff and the contingency falls away post balance sheet date

    • CSAP – The possible liability emanates from the part ( R2, 8 m ) that other parties to the MoU viz. HRCSA & OPP owe to the Service Provider and given the firm commitment by these parties, the probability of the liability taking effect is minimal or completely diminished


Statement of cash flow
Statement of Cash flow ……………2

  • Cash generated is mainly accounted for by injections from National Treasury: R52 m compared to R49m in the past period

  • The cash was utilized for purposes of operations: Personnel costs as well as Goods & Services at R44, 7 million whilst 47, 5 million was utilized in the previous financial year, comparatively

  • Minimal amount of cash (at R180, 891) was utilized for the acquisition of fixed assets, similarly so in the previous year

  • This culminated in excess cash at hand of R8, 87 million at end of 2010/11compared to R1, 6 million as at 31 March 2010

  • of R969, 627 as at 31 March 2010


Financial management audit outcomes 1
Financial Management & Audit Outcomes……..1 ……………2

  • An improvement in the financial Management environment resulting in an Unqualified Report by AGSA

  • Matters emphasized which are been dealt with by management are:

    • Irregular, Fruitless & wasteful expenditure: Regularization process under process with National Treasury. The corrective action needed does not require recovery as there has not materially been any embezzlements, whatsoever but includes interventions to ensure that officials responsible stems recurrence

    • Compliance in terms of reporting: PFMA, GRAP & other standards, the situation is materially improving because of appropriate staffing choices as well as development

    • Procurement : the Commission has created the SCM unit since January 2011 and already the intervention is yielding results that includes procedures to avoid irregular spending


Questions answers
Questions & Answers ……………2

  • Thank You !


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