annrep 1011 1 to 148.qxp - Department of Defence

D E P A R T M E N T O F D E F E N C ESOUTH AFRICAN NATIONAL DEFENCE FORCE FUNDANNUAL REPORTfor the year ended 31 March 2011A C C O U N T I N G A U T H O R I T Y ’ S R E P O R T F O R T H E Y E A R E N D E D3 1 M A R C H 2 0 1 1The Board presents their Annual Report, which form part of the audited financial statements of the Fund for the year ended31 March 2011.N a t u r e a n d a i m o f t h e S A N D F F u n dThe SANDF Fund was established in terms of the Fund Raising Act 1978, (Act No. 107 of 1978) as amended. The aim of theFund is to render aid to members and former members of the South African National Defence Force and Auxiliary Services, andtheir dependants who suffer hardship or financial distress arising, directly or indirectly, as a result of any service or duties in termsof the new Defence Act 2002, (Act No. 42 of 2002) and to provide facilities and matters connected therewith to such membersand former members who perform such services or duties.G e n e r a l r e v i e wThe activities in the SANDF Fund were still at a low level for the year under review. Isolated requests for aid were reviewedbut not approved. The newly appointed Board has finally been officially approved by the Minister of Defence and MilitaryVeterans. With the Board in place and the finance committee functioning, it is anticipated that activities of the Fund will increaseand the Fund will render aid to the beneficiaries of the Fund during the 2011/2012 financial year.F i n a n c i a l r e s u l t sIncome for the financial year consisted of interest received mainly on investments. Interest on investments was capitalised. Thisresulted in the investment capital increasing by 5.97 %. (7.39 % in 2009/2010). The growth of the investment is lower than theprior year due to the lower interest rates during the current year and the transfer of capital (R16 000) to the current account tofinance operating costs.Expenditure for the financial year consisted mainly of audit fees, honorarium of the accountant and travelling expenses for Boardmembers attending Board meetings.E v e n t s a f t e r t h e r e p o r t i n g d a t eThere were no events, favourable and unfavourable, that occurred after the reporting date.I n t e r e s t o f t h e B o a r d m e m b e r sBoard members do not have any interest in the SANDF Fund.278ANNUAL REPORT FY 2010/2011