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FASSET | Annual Integrated Report 2022/23

Finance and Accounting Services Sector Education and Training Authority
Audited Annual Financial Statements for the year ended 31 March 2023

Statement of Responsibility

The Accounting Authority is responsible for the prepararion of FASSET’s Audited Annual Financial Statements
and for judgements made in compiling this information.
Revenue has been higher than expected in
the fourth quarter with the actual received It is responsible for establishing and implementing a system of internal control to provide reasonable assurance
14,1% revenue of as to the intergrity and reliability of the Audited annual finacial statements.
R 762 Million In our opinion, the Audited Annual Financial Statements fairly reflect the operations of FASSET for the reporting

being 14,1% higher than budget. period ended 31March 2023.
The Audited Annual Financial Statements are based upon appropriate accounting policies consistently applied
and supported by reasonable and prudent judgements and estimates.

The Audited Annual Financial Statements set out on page 112, which have been prepared on the going
concern basis, were approved by the Board on 31 July 2023 and were signed on its behalf by:

The total grant expenditure
for the 2022/23 financial period The commitment balance
was as at the end of the financial
R548 Million R726 Million Bongani Mathibela Ayanda Mafuleka CA (SA)
period is
CEO
Interim Chairperson
As a result, the net surplus for
the period is R 136 Million. which is 90% of the current
accumulated surplus.

Asset balances,
R 1010 Million of which Unqualified audit with no
R1002 Million material adjustments
(Clean audit) for
Highlights
is bank and cash balances. 2 consecutive years.

R207 Million

liabilities recognised at the
end of the financial period.

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