1. Agriseta AFS for the year ended 31 March 2010
AGM presentation 15 Sep 2010

2. Audit Opinion Auditor-General issued an Unqualified Audit Report
Draw attention to the relicensing of Setas
NSDS III is yet to be finalized by the Department of Higher Education and Training. 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 15 Sep 2010

3. Employers info – March 2010
17,381 (2009: 16,6633) registered employers
4,424 (2009: 4,258) employers paying SDL levy - Total levies received R161,5M (2009 R142,6M)
Applications received by 30 June 2009 (for 2010):
WSP’s = 1,709 (previously 1,680)
Total amount paid towards Mandatory Grants – R72.5m (2009 R60M) – Payout % 73%(2009:73%)
reduced numbers of levy payers due to R500k threshold
AGM presentation 15 Sep 2010

4. Project Grant Expenditure March 2010
Total project spend: R95,1 (2009 R59.6M)
Top 5 projects on spending (90%):
Learnership/Skills 2.8/ R 28.8m
ABET Project R 12.9m
Skills Programmes 18.1/ R 15.4m
Workers Programmes R 22.3m
NQF Capacity R m
Other Projects R m
Total Project Expenditure R 95m
Grouped projects together
AGM presentation 15 Sep 2010

5. Statement of Financial Performance March 2010
INCOME
R’000
SD Levies, penalties & interest
162,983
NSF & special projects income
7,155
Investment and other income
12,321
Total
182,459
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 15 Sep 2010

6. Statement of Financial Performance March 2010
EXPENSES
R’000
Employer grant
Discretionary
>Paid
>Accrued
72,562
83,391
11,695
Admin expenses
19,653
NSF & Special project expenses
7,155
Total
194,456
Net deficit:
11,997
- 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 15 Sep 2010

7. Statement of Financial Position March 2010
ASSETS
R’000
Property Plant & Equipment
4,623
Intangible assets
Receivables 12
3,663
Cash
159,174
Total
167,473
Receivables relate to 2 month levies received after year end
AGM presentation 15 Sep 2010

8. Statement of Financial Position March 2010
EQUITY & LIABILITIES
R’000
Grant and Other Reserves
129,246
Capitalisation reserve
3,107
Payable & Provisions
34,436
Grants and funding in advance
684
Total
167,473
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
R124m approved for future projects
AGM presentation 15 Sep 2010

9. Discretionary Reserve
Discretionary Reserve R 127.6m
Approved by board R 124.4m
Allocation to Top 5 Projects(67%):
Workers Programme R 29.2m
Mentoring-Land Reform R 19.9m
Skills Programmes R 15.9m
Learnerships/skills R 10.3m
ABET R 8.5m
AGM presentation 15 Sep 2010

10. Cash Flow Statement –Summary March 2010
Net cash outflow operating activities: 9,750
Net cash outflow investing activities:
Net decrease in cash ,057
Cash and cash equivalents: ,174
AGM presentation 15 Sep 2010

11. Conclusion Questions? AGM presentation 15 Sep 2010
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 15 Sep 2010

12. Conclusion
Thank You
AGM presentation 15 Sep 2010