OMBUD COUNCIL ANNUAL REPORT 2024/25

PART F: FINANCIAL INFORMATION

EXPENDITURE The expenditure including finance costs increased by 136% from a low expenditure base in the prior year. This was due to several factors: The Council has been steadily filling its planned organisational structure over 2023/24 and 2024/25, with recruitment in 2023/24 being slower than budgeted for, but with all budgeted vacancies filled by the end of 2024/25 year; the Council began operating independently from 1 April 2024, after being supported (without charge) by the FSCA in the prior year, resulting in considerable savings on expenditure in 2023/24 and contributing to a high surplus at the end of that year, as compared to 2024/25; the Ombud Council implemented its own financial and procurement processes in 2024/25, enabling more effective expenditure on planned projects, notably in respect of our consumer awareness mandate. The Council’s total expenditure for the current financial year is R23.28 million, which is 86% of what was budgeted to spend. The Council’s three largest expense items were employee costs, other operating expenses and consumer education and awareness as reflected in the graph below.

Expenditure (2024/25)

1% 0%

12%

Employee Cost Consumer Education and Awareness Board and Committee Remuneration Impairment Loss Audit Fees Professional and Consulting Fees Office Lease Expenses Other Operating Expenses Depreciation Finance Costs

3%

6%

46%

5%

0%

2%

25%

63

OMBUD COUNCIL ANNUAL REPORT 2024/25