1. Agriseta AFS for the year ended 31 March 2009
AGM presentation 21 October 2009

2. AGM presentation 21 October 2009
Agriseta AFS
Received an unqualified audit report from the AG
- Draw attention to the relicensing of Setas
NSDS II five year period ends 31 March 2010
AGRISETA has applied for the renewal of its certificate of establishment
Reported on performance information – no findings
The slides deal in detail with the main set being 12 months ended 31 March 2007
Emphasis relates to common revenue problem being addressed by NT, Dol and AG and accounting treatment of project assets
AGM presentation 21 October 2009

3. AGM presentation 21 October 2009
Employers info – March 2009
16,633 (2008: 16,638) registered employers
4,258 (2008: 4,368) employers paying SDL levy - Total levies received R142,6M (2008 R131,5M)
Applications received by 30 June 2008 (for 2009):
WSP’s = 1,680 (previously 1,553)
Total amount paid towards Mandatory Grants - R60M (2008 R61M) - (Estimated 73% payout)
reduced numbers of levy payers due to R500k threshold
AGM presentation 21 October 2009

4. Project Grant Expenditure March 2009
Total project spend: R59,6 (2008 R39.5M)
Top 5 projects on spending (88%):
Learnership Project M
ABET Project M
Skills Programmes 18.1 & M
Workers Programmes M
NQF Capacity M
Grouped projects together
AGM presentation 21 October 2009

5. Statement of Financial Performance March 2009
INCOME
R’000
SD Levies, penalties & interest
143,808
NSF & special projects income 78
Investment and other income
18,195
Total
162,081
SD Levies 80% of employer contributions received from DoL (also includes transfers to/from other Seta’s)
NSF & Special projects relates to monies from non SDL funding
AGM presentation 21 October 2009

6. Statement of Financial Performance March 2009
EXPENSES
R’000
Employer grant & project exp
119,893
Admin expenses
18,733
NSF & Special project expenses 78
Total
138,704
Net surplus:
23,377
- Admin expenses are within the legislated 10% limit. Significant discussion relating to this in the New/ updated funding regulations (currently activity based costing used)
- The deficit indicates spending in the current period of income accumulated previously. This is very necessary to constantly manage down the cash reserves whilst it is important not to commit more funds than are available
AGM presentation 21 October 2009

7. Statement of Financial Position March 2009
ASSETS
R’000
Property Plant & Equipment
5,112
Intangible assets
Receivables 16
1,375
Cash
169,231
Total
175,734
Receivables relate to 2 month levies received after year end
AGM presentation 21 October 2009

8. Statement of Financial Position March 2009
EQUITY & LIABILITIES
R’000
Grant and Other Reserves
141,196
Capitalisation reserve
3,107
Payable & Provisions
24,547
Grants and funding in advance
6,884
Total
175,734
Of the R99.9M R79.5M has been approved for future projects
Payable relate to o/s Grant payments of R19.3M and Project and Trade Payables of R11.6M R3.3M Relates to amounts due to SARS
R135M approved for future projects
AGM presentation 21 October 2009

9. Cash Flow Statement –Summary March 2009
Net cash inflow operating activities: 24,947
Net cash outflow investing activities:
Net increase in cash ,452
Cash and cash equivalents: ,231
AGM presentation 21 October 2009

10. AGM presentation 21 October 2009
The End
Questions?
Note 18 - Pending litigation 2 cases Significant legal fees incurred
Note 23 - Transfers in R726k out R434k
Other RP, new disclosure in which disclosed transaction (project expenses) with entities which had nominated representative on the Board (important to identify any interest in contracts)
AGM presentation 21 October 2009