Here - ETDP Seta

1.19 Standards of GRAP not yet effective
The following standards have been approved but are not effective at 31 March 2011:
• GRAP 21: Impairment of non-cash-generating assets
• GRAP 23: Revenue from non-exchange transactions
• GRAP 24: Presentation of budget information
• GRAP 25: Employee benefits
• GRAP 104: Financial Instruments
2. Allocation of Net Surplus/(Deficit) for the Year to Reserves:
Administration
reserve
Employer grants
reserve
Discretionary
grants reserve 2010/11 2009/10
R’000 R’000 R’000 R’000 R’000
Total revenue 103,795 130,943 71,044 305,782 295,238
Skills development levy: income
Administration levy income
(DHET) 26,260 - - 26,260 24,633
Grant levy income (DHET) - 130,943 53,455 184,398 172,455
Skills development levy: penalties
and interest - - 2,074 2,074 1,820
Administration levy – DBE and
DHET 77,392 - - 77,392 76,109
Investment income - - 15,515 15,515 19,994
Other income 143 - - 143 227
Total expenses 76,752 108,223 117,688 302,663 318,592
Administration expenses 76,752 - - 76,752 78,152
Finance charges - - - - 86
Employer grants and project
expenses - 108,223 117,688 225,911 240,354
Net surplus/(deficit) per
statement of
financial performance 27,043 22,720 (46,644) 3,119 (23,354)
Project expense is recognised when the training has been delivered in accordance with contract. These relate to the portfolio of
evidence, uploading of learners onto the learner data base and certification. Due to the possibility of learner drop outs and the
uncertainty around the time by which a training provider will contractually be able to provide a portfolio of evidence of the successful
completion of training, no accruals or provisions are made in the financial statements. Instead, the funds are reported as commitments
and an application is made to National Treasury for these funds to be rolled over to future years to pay for the training deliverables as
they happen.
ETDP•SETA Annual Report 2010/11
73