housing - National Housing Finance Corporation

NOTES TO THE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2006
CONTINUED
Group
Company
2006
R’000
2005
R’000
2006
R’000
2005
R’000
16. GRANT CAPITAL
Balance at 1 April 2005 200 000 200 000 200 000 200 000
Movement for the year — — — —
Balance as at 31 March 2006 200 000 200 000 200 000 200 000
The grants arose as the result of the merger
of HEF and HIDF in the 2002 financial year.
They were considered to be permanent and are
therefore included in shareholder’s equity
17. GOVERNMENT FUNDS UNDER MANAGEMENT
Job Summit
– Poverty Relief funds 279 652 293 959 279 652 293 959
– Subsidies – KwaZulu-Natal 118 980 138 906 118 980 138 906
– Subsidies – Mpumalanga 2 245 3 171 2 245 3 171
Development Fund 118 036 80 489 118 036 80 489
Total funds under management 518 913 516 525 518 913 516 525
NHFC was appointed by the National Department
of Housing to project manage the delivery of
rental stock under the Job Summit. As a result of
this appointment the Corporation has been tasked
to manage funds allocated by treasury in terms of
the Poverty Relief Fund and subsidy funds from
KwaZulu-Natal and Mpumalanga provinces. The
net income on these funds is capitalised.
The Development Fund is to provide capacition and
technical assistance into low income housing market.
18. DEFERRED INCOME
Balance at the beginning of the year 33 903 38 501 33 903 38 501
Deferred income received (5 700) (4 598) (5 700) (4 598)
Balance at the end of the year 28 203 33 903 28 203 33 903
50
NHFC ANNUAL REPORT 2006