housing - National Housing Finance Corporation

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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 20. REVENUE Interest income Interest earned on advances 60 118 69 620 60 118 69 620 Interest earned on deposits and investments held for trading 95 812 111 465 94 277 105 464 Net-interest income 155 930 181 085 154 395 175 084 Non interest income Other income 13 414 20 045 13 942 19 925 Other income is made up as follows: SA <strong>Housing</strong> Trust (refer note 19) 5 700 4 106 5 700 4 106 Management fees – intercompany charges (refer note 27) — — 528 539 Management fees – Government funds under management (refer note 18) 2 754 — 2 754 — Revaluation of investments held for trading 2 583 12 020 2 583 12 020 Sundry income 2 377 3 919 2 377 3 260 21. FINANCE COSTS Interest paid during the year: – banks — 126 — 126 – other — 15 153 — 15 153 Net interest expenditure — 15 279 — 15 279 52 NHFC ANNUAL REPORT 2006
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 22. PROFIT BEFORE TAXATION Non-interest income comprises: Income: 13 414 20 045 13 942 19 925 – Revaluation on investments held for trading 2 583 12 020 2 583 12 020 – Management fees on funds under management/ 2 754 — 3 282 539 intercompany changes – Sundry income 2 377 3 919 2 377 3 260 – SA <strong>Housing</strong> Trust 5 700 4 106 5 700 4 106 Operating costs Employment cost 34 688 35 625 34 688 35 625 Sundry costs: 5 503 5 189 5 503 5 819 – Capacitation of costs 5 461 4 189 5 461 4 819 – Donations 42 1 000 42 1 000 Auditors’ remuneration: 1 024 896 990 836 – Audit fees 950 812 916 752 – Prior year underprovision 74 84 74 84 Other costs 15 759 16 867 25 247 27 005 – Consultancy and advisory 3 845 4 329 3 845 4 329 – Legal fees 1 156 1 312 1 156 1 312 – Directors’ fees 177 218 177 218 – Administration 5 713 2 716 15 200 12 854 – Communication 1 256 1 320 1 256 1 320 – Training and development 337 458 337 458 – Travel and entertainment 1 402 1 944 1 402 1 944 – Marketing 964 3 577 964 3 577 – Office expenses 909 993 909 993 Depreciation 1 423 1 659 1 423 1 659 Operating lease payments for the year 3 747 3 843 3 747 3 843 Total operating costs 62 143 64 079 71 597 74 787 NHFC ANNUAL REPORT 2006 53
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A N N U A L R E P O R T 2 0 0 6 u O
Page 4 and 5:
A TRIBUTE TO OUR CHAIRMAN IN MEMORY
Page 6 and 7: KEY FINANCIAL FEATURES 2006 % 2005
Page 8 and 9: HIGHLIGHTS NHFC - TEN YEARS ON NHFC
Page 10 and 11: BOARD OF DIRECTORS Mr Tim Middleton
Page 12 and 13: “EVERY TIME YOU ARE TEMPTED TO RE
Page 14 and 15: CHIEF EXECUTIVE’S REPORT CONTINUE
Page 16 and 17: CHIEF EXECUTIVE’S REPORT CONTINUE
Page 18 and 19: CORPORATE GOVERNANCE INTRODUCTION C
Page 20 and 21: CORPORATE GOVERNANCE CONTINUED Boar
Page 22 and 23: CORPORATE GOVERNANCE CONTINUED MCC
Page 24 and 25: CORPORATE GOVERNANCE CONTINUED inte
Page 26 and 27: ANNUAL FINANCIAL STATEMENTS FOR THE
Page 28 and 29: REPORT OF THE INDEPENDENT AUDITORS
Page 30 and 31: REPORT OF THE DIRECTORS The Directo
Page 32 and 33: BALANCE SHEETS AS AT 31 MARCH 2006
Page 34 and 35: STATEMENT OF CHANGES IN EQUITY FOR
Page 36 and 37: GROUP ACCOUNTING POLICIES 1. CORPOR
Page 38 and 39: GROUP ACCOUNTING POLICIES CONTINUED
Page 44 and 45: NOTES TO THE ANNUAL FINANCIAL STATE
Page 72: ADMINISTRATION REGISTRATION NUMBER
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