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ANNUAL REPORT 2012 - 2013

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THE SEDA CONSTRUCTION INCUBATOR TRUST<br />

(Registration number : IT 183/2008)<br />

STATEMENT OF FINANCIAL POSITION<br />

as at 31 March <strong>2013</strong><br />

<strong>2013</strong> <strong>2012</strong><br />

ASSETS<br />

Notes R R<br />

Non-current assets


THE SEDA CONSTRUCTION INCUBATOR TRUST<br />

(Registration number : IT 183/2008)<br />

STATEMENT OF FINANCIAL POSITION<br />

as at 31 March <strong>2013</strong><br />

<strong>2013</strong> <strong>2012</strong><br />

ASSETS<br />

Notes R R<br />

Non-current assets<br />

Property, plant and equipment 2 1 036 487 1 517 870<br />

Current assets 2 698 417 1 541 343<br />

Accounts receivable 3 327 885 1 036 282<br />

Cash and cash equivalents 4 2 370 532 505 061<br />

Total assets 3 734 904 3 059 213<br />

FUNDS AND LIABILITIES<br />

Capital and reserves 2 993 551 2 442 731<br />

Trust capital 5 100 100<br />

Accumulated surplus 2 993 451 2 442 631<br />

Non-current liabilities<br />

Deferred income 6 - 87 057<br />

Current liabilities 741 353 529 425<br />

Accounts payable 7 741 353 484 851


Current assets 2 698 417 1 541 343<br />

Accounts receivable 3 327 885 1 036 282<br />

Cash and cash equivalents 4 2 370 532 505 061<br />

Total THE assets SEDA CONSTRUCTION INCUBATOR TRUST<br />

(Registration number : IT 183/2008)<br />

FUNDS STATEMENT AND LIABILITIES OF FINANCIAL POSITION<br />

as at 31 March <strong>2013</strong><br />

3 734 904 3 059 213<br />

Capital and reserves 2 993 551 2 442 731<br />

Trust capital 5 <strong>2013</strong>100 <strong>2012</strong>100<br />

Accumulated surplus 2 993 451 2 442 631<br />

Non-current ASSETS liabilities<br />

Notes R R<br />

Deferred Non-current income assets<br />

6 - 87 057<br />

Current<br />

Property,<br />

liabilities<br />

plant and equipment 2 1<br />

741<br />

036<br />

353<br />

487 1<br />

529<br />

517<br />

425<br />

870<br />

Accounts<br />

Current<br />

payable<br />

assets<br />

7<br />

2<br />

741<br />

698<br />

353<br />

417 1<br />

484<br />

541<br />

851<br />

343<br />

Deferred income 6 - 44 574<br />

Accounts receivable 3 327 885 1 036 282<br />

Total funds and liabilities 3 734 904 3 059 213<br />

Cash and cash equivalents 4 2 370 532 505 061<br />

Total assets 3 734 904 3 059 213<br />

FUNDS AND LIABILITIES<br />

Capital and reserves 2 993 551 2 442 731<br />

Trust capital 5 100 100<br />

Accumulated surplus 2 993 451 2 442 631<br />

Non-current liabilities<br />

Deferred income 6 - 87 057<br />

Page 7<br />

Current liabilities 741 353 529 425<br />

Accounts payable 7 741 353 484 851


THE SEDA CONSTRUCTION INCUBATOR TRUST<br />

(Registration number : IT 183/2008)<br />

STATEMENT OF CHANGES IN FUNDS<br />

for the year ended 31 March <strong>2013</strong><br />

Trust Accumulated Total<br />

Note capital surplus funds<br />

R R R<br />

Balance at 01 April 2011 5 100 3 065 162 3 065 262<br />

Comprehensive deficit for the year - (622 531) (622 531)<br />

Balance at 31 March <strong>2012</strong> 100 2 442 631 2 442 731<br />

Comprehensive surplus for the year - 550 820 550 820<br />

Balance at 31 March <strong>2013</strong> 100 2 993 451 2 993 551


Page 7


Page 7


Page 9<br />

THE SEDA CONSTRUCTION INCUBATOR TRUST<br />

(Registration number : IT 183/2008)<br />

DETAILED STATEMENT OF COMPREHENSIVE INCOME (continued)<br />

for the year ended 31 March <strong>2013</strong><br />

<strong>2013</strong> <strong>2012</strong><br />

R<br />

R<br />

Operating expenses<br />

Accounting fees 1 568 -<br />

Auditors remuneration 47 310 52 938<br />

Bank charges 23 882 17 013


THE SEDA CONSTRUCTION INCUBATOR TRUST<br />

(Registration number : IT 183/2008)<br />

DETAILED STATEMENT OF COMPREHENSIVE INCOME<br />

for the year ended 31 March <strong>2013</strong><br />

<strong>2013</strong> <strong>2012</strong><br />

R<br />

R<br />

Revenue 10 956 631 9 100 000<br />

Grant received 10 956 631 9 100 000<br />

Other income 558 650 420 363<br />

Rental income 169 025 182 480<br />

Recoveries 1 519 20 205<br />

Sundry income 14 016 207 173<br />

Profit on disposal of assets - 10 505<br />

Mentorship income 374 091 -<br />

Operating income 11 515 281 9 520 363<br />

Operating expenses (Refer to page 21) 11 041 424 10 168 841<br />

Surplus/(deficit) before interest 473 857 (648 478)<br />

Investment income 76 982 25 947<br />

Finance cost (19) -<br />

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


THE SEDA CONSTRUCTION INCUBATOR TRUST<br />

(Registration number : IT 183/2008)<br />

DETAILED STATEMENT OF COMPREHENSIVE INCOME (continued)<br />

for the year ended 31 March <strong>2013</strong><br />

<strong>2013</strong> <strong>2012</strong><br />

R<br />

R<br />

Operating expenses<br />

Accounting fees 1 568 -<br />

Auditors remuneration 47 310 52 938<br />

Bank charges 23 882 17 013<br />

Board member's expenses 115 276 132 307<br />

Computer expenses 168 863 138 651<br />

Consulting and profesional fees 36 472 19 893<br />

Courier & postage 12 393 13 472<br />

Depreciation, amortisation and impairments 1 009 428 871 634<br />

Electricity and water 169 298 142 644<br />

Employee and mentor costs 5 720 381 5 266 157<br />

Flowers 350 50<br />

Bad debts 33 570 87 101<br />

Donations 10 635 -<br />

Entertainment 7 564 -<br />

Assets written off (559) -<br />

Insurance 106 158 94 965<br />

Legal expenses 4 617 67 292<br />

Licence renewals 8 777 -<br />

Loss on disposal of assets 279 -<br />

Marketing and advertising 209 811 110 406<br />

Motor vehicles expenses 133 617 69 326<br />

Office decorations 5 440 2 923<br />

Printing and stationery 122 141 84 705<br />

Project expenses 929 710 1 079 544<br />

Rent paid 447 233 413 450<br />

Repairs and maintenance 207 716 239 197<br />

Security 199 894 277 026<br />

Non capital assets 17 936 9 695<br />

Staff welfare 61 987 92 704


Donations 10 635 -<br />

Entertainment 7 564 -<br />

Assets written off (559) -<br />

Insurance 106 158 94 965<br />

Legal expenses 4 617 67 292<br />

Licence renewals 8 777 -<br />

Loss on disposal of assets 279 -<br />

Marketing and advertising 209 811 110 406<br />

Motor vehicles expenses 133 617 69 326<br />

Office decorations 5 440 2 923<br />

Printing and stationery 122 141 84 705<br />

Project expenses 929 710 1 079 544<br />

Rent paid 447 233 413 450<br />

Repairs and maintenance 207 716 239 197<br />

Security 199 894 277 026<br />

Non capital assets 17 936 9 695<br />

Staff welfare 61 987 92 704<br />

Stakeholder relationship costs 45 976 57 859<br />

Subscriptions 32 485 47 372<br />

Telephone and fax 212 091 228 765<br />

Trustees' emoluments 127 301 67 333<br />

Travel - local 443 922 431 099<br />

Travel - overseas 206 146 53 320<br />

Staff training 113 968 -<br />

Rates & taxes 15 664 -<br />

Leave provision (56 922) -<br />

Occupational injuries and deseases 21 570 -<br />

Refreshment 3 904 -<br />

Staff recruitment 63 573 -<br />

11 041 424 10 168 841<br />

Page 21

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