OMBUD COUNCIL ANNUAL REPORT 2024/25

PART F: FINANCIAL INFORMATION

Amounts in Rand

2025

2024

22. CASH GENERATED FROM OPERATIONS

Surplus

4,385,850

22,317,559

ADJUSTMENTS FOR: Depreciation

122,660

57,959

Movements in retirement benefit assets and liabilities

-

-

Movements in provisions

92,614

715,000

Other income

-

(4,973)

CHANGES IN WORKING CAPITAL: Receivables

2,285,785

8,425,625

Prepayments

(367,965)

(23,105)

Payables

3,872,575

451,006

10,391,519

31,939,071

23. BUDGET DIFFERENCES MATERIAL DIFFERENCES BETWEEN BUDGET AND ACTUAL AMOUNTS There are material differences between the annual budget actual amounts for the 2024/25 financial year. LEVIES The total levies recognised as at 31 March 2025 is 4% more than the annual budget due to new entrants in the financial sector and increases in Funds Under Management (FUM) and this is mainly in the FAIS and Insurance industries. EMPLOYEE COST The total employee cost recognised as at 31 March 2025 is 10% less than the annual budget due to the positions that were vacant during parts of the year. The total number of full-time employees budgeted on the approved organisational structure for the 2024/25 financial year is 8 and all vacant positions were filled by the end of the financial year. BOARD AND OTHER COMMITTEE REMUNERATION The total remuneration recognised as at 31 March 2025 is 22% more than the annual budget due to a board workshop, member incidental costs and an additional audit committee member that was not initially budgeted for. PROFESSIONAL AND CONSULTING FEES The total fees recognised as at 31 March 2025 is 52% less than the annual budget due to the board secretariat appointment only being made at the end of the year therefore no costs incurred in this year.

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OMBUD COUNCIL ANNUAL REPORT 2024/25