ANNUAL REPORT 2012 - 2013

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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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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