VALUE-CREATED

CFO financial review with a link to the AFS

SUMMARISED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2023

GROUP CHANGE
2023 2022 2023/2022
R’000 R’000 %
Assets
Non-current assets 111 123 110 810 0,28%
Current assets 612 771 602 010 1,79%
Total assets 723 894 712 820 1,55%
Reserves and liabilities
Reserves 450 934 431 769 4,44%
Non-current liabilities 30 455 55 195 -44,82%
Current liabilities 242 505 225 856 7,37%
Total reserves and liabilities 723 894 712 820 1,55%
  • Assets (1,5%) due to:
    • Slight increase in non-current assets attributable to investments in PPE R2 500 and Ushintsho R25 727 (2022: R12 020) and depreciation of R 28 580 (2022: R28 839).
    • Current assets increased by a marginal amount due to the increase in trade receivables.
    • Cash comprises 76% (2022: 85%) of current assets.
  • Liabilities (2,8%) due to:
    • Decrease due to unwinding of lease liability and an increase in the provision of leave pay of R16 985 (2022: R13 810) .
    • Decrease in deferred income due to the decrease of contracts in TEUF.

SUMMARISED STATEMENT OF SURPLUS OR DEFICIT FOR THE YEAR ENDED 31 DECEMBER 2023

GROUP CHANGE
2023 2022 2023/2022
R’000 R’000 %
Total Income 794 108 777 061 2,19%
Revenue 518 325 481 360 7,68%
Other income 275 783 295 701 -6,74%
Operating surplus before interest (24 439) 21 097 (-215,84%)
Finance income 48 554 30 653 58,40%
Finance costs (4 220) (8 082) -47,79%
Surplus for the year before tax 19 895 43 668 -54,44%
Tax expense (730) (144) 406,94%
Surplus for the year before tax 19 165 43 524 -55,97%
Opening reserves 431 769 388 245 11,21%
Total reserves at end of year 450 934 431 769 4,44%
  • Reserves (4,4%) due to:
    • Due to the reported surplus distributed as follows
      • SAICA – R1 908
      • THF – R3 483
      • TEUF – R13 035
    • Revenue growth represent increase in number of members and inflationary adjustment as well as an increase in sponsorships received.
    • Operating margin declined to -3% (2022: 3%). This was due to expenditure incurred that contributed to the delivery of SAICA strategic objectives.
    • Other income declined due to transfer of TEUF-ISFAP legacy contracts to the ISFAP Foundation entity.

SUMMARISED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Operating activities

  • Core operations and interest realised a R7 231 additional cash
  • The Group net cash increase reflects the outcome of close management of working capital and a significant portion of income being cash based

Investing activities:

  • Investment of R28 227 was towards the digitisation programme for the Group (R25 727) and other operating assets (R2 500) net of proceeds from disposal

Financing activities:

  • SAICA Group buildings are leased from third parties and the amount reflects the payments of capital (R17 214) and interest (R6 224) in line with IFRS 16
REWARDING PERFORMANCE (REMUNERATION REPORT)

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