ANNUAL REPORT 2010 - Business and Arts South Africa

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12. Commitments Operating leases - as lessee (expense) FIGURES IN RAND 2010 2009 Minimum lease payments due - within one year Special projects initiatives/sponsorships Amounts received from sponsors for specific projects but not yet expensed 105 810 - 83 660 300 000 13. First-time adoption of the International Financial Reporting Standard for Small and Medium-sized Entities. The company has applied the International Financial Reporting Standards, for the first time for the 2010 year end. The standard provides certain mandatory and optional exemptions, all of which have been utilised in the preparation of these financial statements. Given the fact that the company previously applied the South African Statement of Generally Accepted Accounting Practice, there are no items that impacted the opening balance sheet of the company for the year ending 31 March 2010, and as such no reconciliation is provided. 14. Related parties Relationships Directors Other Refer to directors report SAFM (Michelle Constant provides presenter services for certain radio features) Radio Today 1485 (Dr Ivan May is the Honorary CEO of Radio Today 1485 ) Pinpoint One (Proprietary) Limited (a company of which F Thom is a director) Related party transactions FIGURES IN RAND 2010 2009 Consulting fees paid to related parties Pinpoint One (Proprietary) Limited Radio airtime paid to related parties Radio Today 1485 Compensation to directors and other key management Chief executive officer's remuneration for managerial services 86 990 74 552 680 000 - - 619 720 38
15. Directors' emoluments No emoluments were paid to the directors during the year. 16. Financial Risk Management Liquidity risk The company only deposits cash surpluses with a bank of quality credit standing. In terms of the company's investment policy all cash resources are held in bank accounts whose terms terms do not exceed 92 days. The Department of Arts and Culture has been formally advised of such bank accounts in terms of the Public Finance Management Act. Interest rate risk Cash deposits attract interest at rates that vary with prime. The company's policy is to manage the interest rate risk so that fluctuations in variable rates do not have a material impact on the surplus / deficit. Fair value The directors are of the opinion that the book value of financial instruments approximates fair value. 17. Government Grants An amount of R5 453 000 (2009: R5 180 000) was granted to the company by the Department of Arts and Culture and covers the year to 31 March 2010. The company is obliged to use the funds by way of grants and for the purpose set out in its Memorandum of Association. Grants are received in three installment and are recognised in the revenue during the relevant financial year. Unaudited Supplementary Schedule - detailed income statement FIGURES IN RAND NOTE 2010 2009 Revenue 2137 232 1 681 213 Other income Membership Fees 348 476 731 484 Interest revenue 8 162 317 220 816 Sponsorship for award ceremony 400 000 225 000 Sundry income 181 026 57 562 1 091 819 1 234 862 Expenses (Refer to page 20) (3 062 343) (2 296 173) Surplus for the year 166 708 619 902 39
Page 1 and 2: Annual report 2010
Page 3 and 4: Index Chairman's statement 2 Vision
Page 6 and 7: 04 VISION To attract corporate sect
Page 8 and 9: 06 Johannes Segogela, Nkosi Sikelel
Page 10 and 11: 08 As example, VANSA Western Cape h
Page 12 and 13: GOVERNANCE For the year ended 31 Ma
Page 14 and 15: 12 STRATEGIC OVERVIEW In Relation T
Page 16 and 17: 14 XI BASA Awards The annual Busine
Page 18: • The Business and Arts South Afr
Page 21 and 22: SPONSORS: Distell Foundation Pick n
Page 23 and 24: Sponsors: City Property Administati
Page 25 and 26: Recipient Organisation: Appollo Mus
Page 27 and 28: Supporting Grant: R15 000,00 Date F
Page 29 and 30: Project Barloworld Artworks Mentori
Page 31 and 32: RepoRt on otheR leGal anD ReGulatoR
Page 33 and 34: Directors' Report The directors sub
Page 35 and 36: STATEMENT OF CHANGES IN EQUITY FIGU
Page 37 and 38: schemes are funded both by member a
Page 39: 7. Surplus for the year Surplus for
Page 43 and 44: Corporate members of BUSINESS AND A

ANNUAL REPORT 2010 - Business and Arts South Africa

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