Department of Defence Annual Report 2008-2009

| Department of Defence | Vote 19 |
SOUTH AFRICAN NATIONAL DEFENCE FORCE FUND
ANNUAL REPORT for the year ended 31 March 2009
(continued)
MANAGEMENT REPORT FOR THE YEAR ENDED 31 MARCH 2009
The Board presents their Annual Report, which form part of the audited nancial statements of the Fund
for the year ended 31 March 2009.
Nature and aim of the SANDF Fund
The SANDF Fund was established in terms of the Fund Raising Act, 1978 (Act No. 107 of 1978)No
107 of 1978 as amended. The aim of the Fund is to render aid to members and former members of the
South African National Defence Force and Auxiliary Services, and their dependants who suffer hardship
or nancial distress arising, directly or indirectly, as a result of any service or duties in terms of the new
Defence Act, 2002 (Act No. 42 of 2002) and to provide facilities and matters connected therewith to such
members and former members who perform such services or duties.
General review
The activity in the SANDF Fund is still low due to the fact that the nalisation of the Department of Defence
Instruction/Ministerial Instruction and the Rules for the Financial Committee must be promulgated before
the SANDF Fund can be marketed and applications for aid be processed. The aim is to promulgate this
Instruction by the end of August 2009.
It is anticipated that the increasing demands on members of the South African National Defence Force for
peace operations in Africa coupled with the economic recession in South Africa, will increase the necessity
and the activity of the SANDF Fund in terms of the aid that it should provide.
A serious effort is made to put the structures in place to enable the Fund to render aid to the beneciaries
of the Fund within the latter part of the 2009/2010 nancial year.
| Financial Performance |
Financial results
Income for the nancial year consisted of interest received mainly on investments. Interest on investments
was capitalised. This resulted in the investment capital increasing by 11.39%. (9.79% in 2007/2008). The
substantial increase was partly due to the economic factors which resulted in increased investment rates.
Expenditure for the nancial year consisted of Audit Fees and the Honorarium of the Accountant.
The non-current assets with a book value of R3.26 were written off. Certain assets were beyond economic
repair, while others were outdated or badly soiled. The badly soiled items were destroyed. The outdated
items were donated to the SA Military Museum, Saxonwold.
Interest of the Board members
Board members do not have any interest in the SANDF Fund.
Auditors
The Auditor of the SANDF Fund is the Auditor-General South Africa.
381 Annual Report FY 2008 - 2009