HSRC Integrated Annual Report 2018/2019

94 / HSRC INTEGRATED ANNUAL REPORT 2018/19 PART E: ANNUAL FINANCIAL STATEMENTS STATEMENT OF COMPARISON OF APPROVED BUDGET TO ACTUAL RESULTS for the year ended 31 March 2019 Budget Notes 2019 Actual Results 2019 Approved Budget Percentage Achieved Variance R’000 R’000 % R’000 Revenue 484 997 530 632 91 (45 635) Research revenue 29 179 171 213 943 84 (34 772) Parliamentary grants 29 254 488 254 488 100 (0) Parliamentary grants – Ring-fenced 29 9 628 9 628 100 - Other operating revenue 29 41 710 52 573 79 (10 863) Expenses (485 549) (530 632) 92 45 083 Administrative expenses 29 (46 991) (62 668) 75 15 678 Research cost 29 (94 087) (116 311) 81 22 223 Staff cost 29 (293 196) (293 608) 100 412 Other operating expenses (Incl. finance cost) 29 (36 898) (46 773) 79 9 875 Depreciation, amortisation and impairment expense 29 (14 377) (11 272) 128 (3 105) Deficit for the year (552) - (100) (552) The budget was approved by the HSRC Board and submitted to the Executive Authority in terms of section 53(1) of the PFMA. (Both the annual budget and financial statements adopt an accrual basis of accounting). The budget and actual amount reflected excludes VAT.