Brand-South Africa - Annual report 2015 - 2016
During the past financial year, aligned with its mandate to build pride and patriotism in the Nation Brand, Brand South Africa has worked on initiatives to encourage active citizenship in partnership with its stakeholders in government, business, civil society and identified influential forums to increase the participation of all people, particularly our young people, in building a strong, cohesive Nation Brand. These activities, together with engagements at provincial level on Nation Brand alignment, contribute to social cohesion and a positive Nation Brand. Brand South Africa’s activities took place under the leadership of its new CEO, Amb. Kingsley Makhubela, PhD, who joined the organisation during the year.
During the past financial year, aligned with its mandate to build pride and patriotism in the Nation Brand, Brand South Africa has worked on initiatives to encourage active citizenship in partnership with its stakeholders in government, business, civil society and identified influential forums to increase the participation of all people, particularly our young people, in building a strong, cohesive Nation Brand. These activities, together with engagements at provincial level on Nation Brand alignment, contribute to social cohesion and a positive Nation Brand.
Brand South Africa’s activities took place under the leadership of its new CEO, Amb. Kingsley Makhubela, PhD, who joined the organisation during the year.
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13. Provisions<br />
Opening<br />
balance<br />
R<br />
Additions<br />
R<br />
Utilised<br />
during the<br />
year<br />
R<br />
Total<br />
R<br />
Reconciliation of provisions – <strong>2016</strong><br />
Salary and related expense provision (Leave) 1 021 619 511 453 (81 281) 1 451 791<br />
Salary and related expense provision (Bonus) - 3 360 285 - 3 360 285<br />
Professional fees provision 2 970 000 - (2 970 000) -<br />
Notch increase provision - 1 868 392 - 1 868 392<br />
3 991 619 5 740 130 (3 051 281) 6 680 468<br />
The provision for bonus relates to the performance achievements of the employees during the current financial year. Only in the<br />
past two financial years did the entity pay performance bonuses consistently after years of not paying such. During the previous<br />
financial year after the approval of an amended and improved Organisational Structure, various human capital policies and<br />
strategies were also improved to be aligned to talent retention strategies. The implementation of these policies amongst others<br />
were to recognise and reward performance. This prompted management to start providing for performance bonuses only from<br />
the current financial year.<br />
Opening<br />
balance<br />
R<br />
Additions<br />
R<br />
Utilised<br />
during the<br />
year<br />
R<br />
Total<br />
R<br />
Reconciliation of provisions – <strong>2015</strong><br />
Salary and related expense provision (Leave) 1 157 400 759 756 (895 537) 1 021 619<br />
Professional fees provision 2 970 000 - 2 970 000<br />
1 157 400 3 729 756 (895 537) 3 991 619<br />
The leave provision relates to employees’ accumulated leave at year end. The provision is based on assumption that employees<br />
will commute leave on demand and on resignation for leave.<br />
The bonus provision relates to <strong>Brand</strong> SA’s best estimate for performance related bonus payment at year end. The performance<br />
bonuses have been determined using the <strong>Brand</strong> SA’s performance bonus policy.<br />
The reduction in provision for professional fees related to the settlement fees paid in the current year for an amount of R2.97<br />
million relating to an obligation created by foreign labour laws.<br />
115
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