Annual Report2012

More documents

Recommendations

Info

Country of incorporation and domicile: South Africa Trust registration number: IT 183/2008 Type of trust To promote and assist small businesses in the field of construction Trustees T. Msomi (Chairperson) M.W. Nyandeni (Chief Executive Officer) S.E.G. Bophela P.D. Masiase Z.N. Ntombela L. Mxenge P.V. Pillay J.J. Ravjee Business address 127 Johannes Nkosi Street Durban 4001 Postal address Postnet Suite 02 Private Bag x504 Northway 4065 Bankers ABSA Bank Registered office 8th Floor 135 Musgrave Road Durban 4001 Auditors Aitken Lambert Elsworth Inc Chartered Accountants (S.A.) Registered Auditors SEDA CONSTRUCTION INCUBATOR 28 2011/2012 ANNUAL REPORT
REPORT OF THE INDEPENDENT AUDITORS We have audited the accompanying annual financial statement of the SEDA Construction Incubator Trust, which comprise the trustees’ report, the statement of financial position as at 31 March 2012, the statement of comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, a summary of significant accounting policies and other explanatory notes. Trustees’ Responsibility for the Financial Statements The trust’s trustees are responsible for the preparation and fair presentation of the annual financial statement in accordance with International Financial Reporting Standards for Small and Medium-sized Entities. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of annual financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditors’ Responsibility Our responsibility is to express an opinion on these annual financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. These standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether annual financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the annual financial statement. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the annual financial statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of annual financial statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the trustees, as well as evaluating the overall presentation of the annual financial statement. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for audit opinion. Opinion In our opinion, the annual financial statement present fairly, in all material respects, the financial position of the trust as of 31 March 2012, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards for Small and Medium-sized Entities. Supplementary Information We draw your attention to the fact that the supplementary information does not form part of the annual financial statement and is presented as additional information. We have not audited this information and accordingly do not express an opinion thereon. Aitken Lam Bert Elsworth Inc Chartered Accountants (S.A.) Registered Auditors Durban 04 June 2012 29 SEDA CONSTRUCTION INCUBATOR 2011/2012 ANNUAL REPORT
Page 1 and 2: ANNUAL REPORT 2011 2012 1 SEDA CONS
Page 3 and 4: CONTENTS CHAIRPERSON’S REPORT 4 C
Page 5 and 6: CHIEF EXECUTIVE OFFICER’S REPORT
Page 7 and 8: BOARD OF TRUSTEES THEMBA MSOMI - ME
Page 9 and 10: BOARD OF TRUSTEES VISION To be the
Page 11 and 12: HUMAN RESOURCES SCI has a board of
Page 13 and 14: CONSTRUCTION INDUSTRY AND SCI RELEV
Page 15 and 16: • Mentorship and training/skills
Page 17 and 18: SCI OPERATIONAL FRAMEWORK Exit and
Page 19 and 20: 19 SEDA CONSTRUCTION INCUBATOR 2011
Page 21 and 22: PROGRAMME RESULTS OUTREACH PROGRAMM
Page 23 and 24: PROGRAMME RESULTS Based on the diag
Page 25 and 26: SUCCESS STORIES ULUTSHA CONSTRUCTIO
Page 27: AWARDS NATIONAL CIDB AWARDS The ann
Page 31 and 32: TRUSTEES’ REPORT The trustees sub
Page 33 and 34: STATEMENT OF COMPREHENSIVE INCOME N
Page 35 and 36: ACCOUNTING POLICIES PRESENTATION OF
Page 37 and 38: NOTES TO THE ANNUAL FINANCIAL STATE
Page 39 and 40: NOTES TO THE ANNUAL FINANCIAL STATE
Page 41 and 42: DETAILED INCOME STATEMENT 2012 R 20
Page 43 and 44: ACRONYMS BEE CCC CE CETA CIDB CIETS

Annual Report2012

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?