2.2 National Skills Fund Mr M Macikama: CEO led the presentation which highlighted the following key issues: . The annual performance of the NSF for the year under review was incorporated in the Department's Annual Report since the entity was not yet listed as separate. . A total number of 6,979 bursaries were awarded for the period under review to support studies in critical skills through Career Wise and the National Student Financial Aid Scheme (NSFAS). A total of 856 post graduate bursaries were also awarded in partnership with the National Research Foundation (NRF). . The scarce skills learning programme benefited 4,399 people through learnerships and internships. The scarce skills artisan programme benefited 5,152 people. The Training Layoff Scheme benefited 520 workers. . The NSF continues monitoring disbursement made through ongoing site visit to all projects. . A total of 333 Community Based Organisations (CBO's) benefitted from various interventions. An actual total of 3,728 beneficiaries participated in the programmes, at a cost of 19, 6 million. Targets were not met in delivering new venture projects for young people as a result of the impending NSDS III. . The delay in the launch of the NSDS III necessitated postponement of provides capacity building grants for FET colleges to improve skills development to benefit young people. . A total budget of R99.4 million was approved for the Career Advisory Services in partnership with the South African Qualifications Authority (SAQA). . Financial Report: The total revenue of the NSF for the year under review was R2 billion while the expenditure was R633 million leaving a net surplus of R1.4 billion. The net total assets of the NSF were R6.6 billion in total. . Auditor General's Report: The NSF received an unqualified audit opinion for the year under review. Irregular expenditure of R48 million was incurred. The NSF was not yet listed as a public entity and its budget was underspent. . The NSF completed an action plan regarding audit findings which included matters identified during the audit that resulted in audit queries.