SCI_ANNUAL_REPORT

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THE SEDA CONSTRUCTION INCUBATOR TRUST

(Registration number : IT 183/2008)

STATEMENT OF FINANCIAL POSITION

as at 31 March 2013

2013 2012

ASSETS

Notes R R

Non-current assets


THE SEDA CONSTRUCTION INCUBATOR TRUST

(Registration number : IT 183/2008)

STATEMENT OF FINANCIAL POSITION

as at 31 March 2013

2013 2012

ASSETS

Notes R R

Non-current assets

Property, plant and equipment 2 1 036 487 1 517 870

Current assets 2 698 417 1 541 343

Accounts receivable 3 327 885 1 036 282

Cash and cash equivalents 4 2 370 532 505 061

Total assets 3 734 904 3 059 213

FUNDS AND LIABILITIES

Capital and reserves 2 993 551 2 442 731

Trust capital 5 100 100

Accumulated surplus 2 993 451 2 442 631

Non-current liabilities

Deferred income 6 - 87 057

Current liabilities 741 353 529 425

Accounts payable 7 741 353 484 851


Current assets 2 698 417 1 541 343

Accounts receivable 3 327 885 1 036 282

Cash and cash equivalents 4 2 370 532 505 061

Total THE assets SEDA CONSTRUCTION INCUBATOR TRUST

(Registration number : IT 183/2008)

FUNDS STATEMENT AND LIABILITIES OF FINANCIAL POSITION

as at 31 March 2013

3 734 904 3 059 213

Capital and reserves 2 993 551 2 442 731

Trust capital 5 2013100 2012100

Accumulated surplus 2 993 451 2 442 631

Non-current ASSETS liabilities

Notes R R

Deferred Non-current income assets

6 - 87 057

Current

Property,

liabilities

plant and equipment 2 1

741

036

353

487 1

529

517

425

870

Accounts

Current

payable

assets

7

2

741

698

353

417 1

484

541

851

343

Deferred income 6 - 44 574

Accounts receivable 3 327 885 1 036 282

Total funds and liabilities 3 734 904 3 059 213

Cash and cash equivalents 4 2 370 532 505 061

Total assets 3 734 904 3 059 213

FUNDS AND LIABILITIES

Capital and reserves 2 993 551 2 442 731

Trust capital 5 100 100

Accumulated surplus 2 993 451 2 442 631

Non-current liabilities

Deferred income 6 - 87 057

Page 7

Current liabilities 741 353 529 425

Accounts payable 7 741 353 484 851


THE SEDA CONSTRUCTION INCUBATOR TRUST

(Registration number : IT 183/2008)

STATEMENT OF CHANGES IN FUNDS

for the year ended 31 March 2013

Trust Accumulated Total

Note capital surplus funds

R R R

Balance at 01 April 2011 5 100 3 065 162 3 065 262

Comprehensive deficit for the year - (622 531) (622 531)

Balance at 31 March 2012 100 2 442 631 2 442 731

Comprehensive surplus for the year - 550 820 550 820

Balance at 31 March 2013 100 2 993 451 2 993 551


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Page 9

THE SEDA CONSTRUCTION INCUBATOR TRUST

(Registration number : IT 183/2008)

DETAILED STATEMENT OF COMPREHENSIVE INCOME (continued)

for the year ended 31 March 2013

2013 2012

R

R

Operating expenses

Accounting fees 1 568 -

Auditors remuneration 47 310 52 938

Bank charges 23 882 17 013


THE SEDA CONSTRUCTION INCUBATOR TRUST

(Registration number : IT 183/2008)

DETAILED STATEMENT OF COMPREHENSIVE INCOME

for the year ended 31 March 2013

2013 2012

R

R

Revenue 10 956 631 9 100 000

Grant received 10 956 631 9 100 000

Other income 558 650 420 363

Rental income 169 025 182 480

Recoveries 1 519 20 205

Sundry income 14 016 207 173

Profit on disposal of assets - 10 505

Mentorship income 374 091 -

Operating income 11 515 281 9 520 363

Operating expenses (Refer to page 21) 11 041 424 10 168 841

Surplus/(deficit) before interest 473 857 (648 478)

Investment income 76 982 25 947

Finance cost (19) -

Comprehensive surplus/(deficit) for the year 550 820 (622 531)


THE SEDA CONSTRUCTION INCUBATOR TRUST

(Registration number : IT 183/2008)

DETAILED STATEMENT OF COMPREHENSIVE INCOME (continued)

for the year ended 31 March 2013

2013 2012

R

R

Operating expenses

Accounting fees 1 568 -

Auditors remuneration 47 310 52 938

Bank charges 23 882 17 013

Board member's expenses 115 276 132 307

Computer expenses 168 863 138 651

Consulting and profesional fees 36 472 19 893

Courier & postage 12 393 13 472

Depreciation, amortisation and impairments 1 009 428 871 634

Electricity and water 169 298 142 644

Employee and mentor costs 5 720 381 5 266 157

Flowers 350 50

Bad debts 33 570 87 101

Donations 10 635 -

Entertainment 7 564 -

Assets written off (559) -

Insurance 106 158 94 965

Legal expenses 4 617 67 292

Licence renewals 8 777 -

Loss on disposal of assets 279 -

Marketing and advertising 209 811 110 406

Motor vehicles expenses 133 617 69 326

Office decorations 5 440 2 923

Printing and stationery 122 141 84 705

Project expenses 929 710 1 079 544

Rent paid 447 233 413 450

Repairs and maintenance 207 716 239 197

Security 199 894 277 026

Non capital assets 17 936 9 695

Staff welfare 61 987 92 704


Donations 10 635 -

Entertainment 7 564 -

Assets written off (559) -

Insurance 106 158 94 965

Legal expenses 4 617 67 292

Licence renewals 8 777 -

Loss on disposal of assets 279 -

Marketing and advertising 209 811 110 406

Motor vehicles expenses 133 617 69 326

Office decorations 5 440 2 923

Printing and stationery 122 141 84 705

Project expenses 929 710 1 079 544

Rent paid 447 233 413 450

Repairs and maintenance 207 716 239 197

Security 199 894 277 026

Non capital assets 17 936 9 695

Staff welfare 61 987 92 704

Stakeholder relationship costs 45 976 57 859

Subscriptions 32 485 47 372

Telephone and fax 212 091 228 765

Trustees' emoluments 127 301 67 333

Travel - local 443 922 431 099

Travel - overseas 206 146 53 320

Staff training 113 968 -

Rates & taxes 15 664 -

Leave provision (56 922) -

Occupational injuries and deseases 21 570 -

Refreshment 3 904 -

Staff recruitment 63 573 -

11 041 424 10 168 841

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