2022 FINANCIAL RESULTS

SAICE’s audited annual financial statements incorporate the group consolidated financial position for SAICE NPO, including its branches and divisions, as well as its subsidiary, SAICE (Pty) Ltd.

The SAICE group consolidated financial results show an audited operating surplus in 2022, with 12.1% growth in total revenue, totalling R36.12 million after cost of sales (vs R32.21 million in 2021).

Operating expenses totalled R33.32 million compared to R31.49 million in 2021 (growth of 5.8%). The ‘total comprehensive surplus’ for the year is R4.45 million. The accumulated surplus has increased to R25.66 million.

Auditors

The current auditors, Mazars, were appointed by the SAICE Council in 2019. We are proud to announce that the 2022 audit report is unqualified and thank all of SAICE’s staff and officials for their commitment and cooperation in this regard.

Equity

The total equity of R33.28 million reflects an increase of just over R5 million compared to 2021.

The ‘statement of changes in equity’ reflects total equity as follows:

• Group accumulated surplus: R25 665 225

• SAICE NPO Infrastructure Report Reserve Fund: R2 036 269

• SAICE NPO Insurance Reserve Fund: R852 399

• SAICE NPO Special Purposes Fund: R3 357 111

• SAICE NPO Patrons Bursary Fund: R1 321 499.

Revenue

Total revenue from operations for 2022 is R37.83 million compared to R33.63 million in 2021.

SAICE NPO revenue increased by 7.2% in 2022 while revenue from SAICE (Pty) Ltd increased by 22.9%. Revenue highlights for 2022 include:

• Book sales: R3.1 million

• Branch revenue: R1.3 million

• Courses revenue: R5.8 million

• Division revenue: R846 000

• Magazine advertising revenue: R2.6 million

• Membership revenue (after discount and fee exemptions): R21.1 million.

Membership revenue, after early bird discount and fee exemptions, comprised 55.8% (vs 61.4% in 2021) of total group revenue. The early bird discount, which allowed for payment by 31 December 2021, was 20%. Early payment take-up amounted to 11.4% (vs 12.8% in 2021) of membership subscription fees, resulting in a total benefit of R2.72 million (vs R3.04 million in 2021) going back to members.

Student membership is free and SAICE invested R1.65 million (vs R1.30 million in 2021) in fee exemptions for our full-time student members.

The SAICE National Office Finance Department would like to thank all involved for their input, which has contributed to SAICE maintaining a strong financial position. We appreciate the continued commitment of our volunteers and staff members.