1. ANNUAL GENERAL MEETING 2017/2018 Annual Financial Statements
Presented by| Mr. Tsheola Matsebe
Date| 29 November 2018

2. CONTENT
Audit Opinion History
Statement of Financial Performance
Statement of Financial Position
Statutory disclosures

3. AUDIT OPINION HISTORY Financial year Audit Opinion Number of findings
Qualified 99
Unqualified 58
Clean 35 26 25 22

4. STATEMENT OF FINANCIAL PERFORMANCE
Description
Variance +/(-)
R’ Million
Revenue from Exchange Transactions
131
165
(20,6%)
Revenue from Non-Exchange Transactions
1,567
1,611
(3%)
Total Revenue
1,698
1,776
(4,4%)
Mandatory Grants
167
186
(10,2%)
Discretionary Grants
2,073
1,503
37,92%
Administrative Expenses
278
250
(11,2%)
Total Expenses
2,518
1,938
29,9%
Surplus/(Deficit)
(819)
(162)
405%

5. STATEMENT OF FINANCIAL POSITION
Description
Variance
Increase/(Decrease)
R’ Million
Current assets
1,448
2,276
(36%)
Non-current assets
170
126
34,9%
Total Assets
1,618
2,403
(32,66%)
Liabilities
632
597
5,86%
Total Reserves
987
1,802
(45,22%)
Discretionary commitments
3,590
2,921
22,9%

6. STATUTORY DISCLOSURE Description 2017-18 2016-17 2015-16 2014-15
R’ Million
Irregular expenditure
80*
0,817 10 64
Fruitless expenditure **
144
217
* R79.4 million of the R80 million relates to administrative expenditure exceeding the 10.5% limit test where prior approval was obtained, however, further clarification on the approval was obtained post year end. The remaining balance was in relation to contract concluded in the prior financial years for critical services
** R19 thousand relates to penalties incurred from SARS as a result of PAYE contribution underpayment in the first month of using a new payroll system

7. Thank you