annrep 1011 1 to 148.qxp - Department of Defence

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D E P A R T M E N T O F D E F E N C ESOUTH AFRICAN NATIONAL DEFENCE FORCE FUNDNOTES TO THE FINANCIAL STATEMENTSfor the year ended 31 March 20118.1.6 Capital managementsThe policy of management is to maintain a strong capital base so as to maintain aid in the future. There were no changesin management's approach to capital management during the year.2011InterestbearingRNon-InterestbearingRTotalRASSETSCash and cash equivalentsInvestmentsCurrent liabilitiesNet financial assets (liabilities)24 97612 021 03512 046 011-12 046 011---(6 418)(6 418)24 97612 021 03512 046 011(6 418)12 039 5932010InterestbearingRNon-InterestbearingRTotalRASSETSCash and cash equivalentsInvestmentsCurrent liabilitiesNet financial assets (liabilities)47 00011 343 33311 390 333-11 390 333---(5 614)(5 614)47 00011 343 33311 390 333(5 614)11 384 7198.1.7 Currency riskThe SANDF Fund does not enter into forward exchange contracts and therefore have no currency risk.8.2 Fair value estimationThe face values of cash, and trade payables less any estimated credit adjustments, are the approximate fair valueson 31 March 2011, as a result of the short-term maturity of these assets and liabilities.292ANNUAL REPORT FY 2010/2011
D E P A R T M E N T O F D E F E N C ESOUTH AFRICAN NATIONAL DEFENCE FORCE FUNDNOTES TO THE FINANCIAL STATEMENTSfor the year ended 31 March 20119. Related partiesThe SANDF related parties and the Department of Defence are related because of common control under theMinister of Defence. Board members are related parties.The related party transactions for the year under review are as follows:Attendance allowance for attendance of meetings of non Departmentof Defence (DOD) Board Members:Prof D.F.S. FourieLt Gen (Ret) D.P. KnobelR Adm (JG) L.M. BakkesLt Col L. PoorterDepartment of Defence (DOD) personnel serving on the Board or representativeswho provide services to the SANDF Fund during DODofficial working hours without compensation from the SANDF Fund.2010/11R3002006002 40025 69129 1912009/10R1001003002 10010 77213 37210. Budget and actual amounts10.1 The Fund did not plan for any fund raising events for the year under review and consequently no budget wasprepared. The income from interest is not the core business of the Fund and does not require a budget.10.2 Budget for expenditure is limited to 90% of the prior year interest earned on investments. The increase of administrativeexpenses were due to the significant increase of audit fees.Reconciliation of budget deficit with the surplus in the statement of financial performanceNote2010/11R2009/10RNet surplus per the statement of financial performanceAdjusted for:Administration expensesMembers aidOther operating revenueNet deficit per approved budget10.210.210.1654 874(11 462)(653 278)(693 278)(703 702)1001003002 10010 77213 372ANNUAL REPORT FY 2010/2011 293
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annrep 1011 1 to 148.qxp - Department of Defence

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