Statement of Comparison of
Budget and Actual Amounts
FOR THE YEAR ENDED 31 MARCH 2025
Budget on Accrual Basis
| Figures in Rand | Approved budget | Adjustments | Final budget | Actual amounts on comparable basis | Difference between final budget and actual |
|---|---|---|---|---|---|
| Statement of Financial Performance | |||||
| Revenue | |||||
| Revenue from exchange transactions | |||||
| Revenue | 690,344,000 | 472,389 | 690,816,389 | 615,622,303 | (75,194,086) |
| AETP and internal development services | 1,975,000 | - | 1,975,000 | 1,227,047 | (747,953) |
| Transformation and development services | 710,000 | - | 710,000 | 1,466,571 | 756,571 |
| Sundry income | 2,765,041 | - | 2,765,041 | 7,853,449 | 5,088,408 |
| Investment interest | 7,500,000 | - | 7,500,000 | 7,524,478 | 24,478 |
| Total revenue | 703,294,041 | 472,389 | 703,766,430 | 633,693,848 | (70,072,582) |
| Expenditure | |||||
| Employee compensation and benefits | (481,861,350) | - | (481,861,350) | (459,088,377) | 22,772,973 |
| Operating expenses | (257,343,000) | (472,389) | (257,815,389) | (193,871,623) | 63,943,766 |
| Total expenditure | (739,204,350) | (472,389) | (739,676,739) | (652,960,000) | 86,716,739 |
| Deficit | (35,910,309) | - | (35,910,309) | (19,266,152) | 16,644,157 |
| Actual Amount on Comparable Basis | (35,910,309) | - | (35,910,309) | (19,266,152) | 16,644,157 |
Budgeted revenue is calculated on industry approved volume expectations. Market conditions, global demand, weather conditions influenced anticipated volumes. Unrealised maize volumes contributed materially to the variance on budget.
The underspend on employee compensation and benefits is attributable to vacant administrative positions. The postponement of Human Capital (training) and ICT initiatives contributed to the underspend on operating expenses and unrealised revenue resulted in savings on some direct activity costs.
Statement of Financial Position
Assets
| Non-Current Assets | |||||
|---|---|---|---|---|---|
| Property, plant and equipment | 20,310,000 | - | 20,310,000 | 11,231,427 | (9,078,573) |
The underspend is due to cost containment initiatives and the postponement of procuring certain assets to the following financial period.