2015 annual report african enterprise australia

WWW.AFRICANENTERPRISE.COM.AU | 1

ANNUAL REPORT 2015

2 | AFRICAN ENTERPRISE ANNUAL REPORT WWW.AFRICANENTERPRISE.COM.AU | 3

CONTENT

STATUS

INCORPORATIONAfrican Enterprise Australia ABN 88 001 563 417 is a public company limited by guarantee. Its registered office is located at suite 2G/5 Byfield St, Macquarie Park NSW.

4VISION & MISSION

AE BOARD 7

14HARARE LEADERSHIP

6CHAIRMANS REPORT

AE IN ACTION 8

18AID & DEVELOPMENT

MISSION HIGHLIGHTS 10

20PTC OVERVIEW

12INTERNATIONAL & STRATEGY

2015 Annual Report

African Enterprise Australia is a Charitable Institution. It is endorsed as an Income Tax Exempt Charity and receives certain other tax concessions and exemptions. African Enterprise Australia has been endorsed by the Australian Taxation Office as a Deductible Gift Recipient (DGR) to operate an Overseas Aid DGR as follows:

New South Wales – Registration no. CFN 10569

Queensland – Registration no. CH 1661

South Australia – Licence no. CPP 951

Tasmania – Registration no. FIA – 163

Victoria – Registration no. 10193.15

Australian Capital Territory – Licence no. 19000081

Western Australia – Licence no. CC 20435

23FINANCIALS


“We exist to seethe continent

of Africa savedby the love of

Jesus, Africansdiscipled by

the church andtransformed for

good works.”


V I S I O N &M I S S I O N

MISS

ION

CORE

COMM

ITMEN

TS We are team based – working through strategic partnerships and alliances.

We are committed to reaching every strata of society holistically.

We seek to bring peace where there is conflict.We adhere to the Lausanne Covenant as our

statement of faith.

To evangelise the cities of Africa through word and deed in partnership with the church.


God is doing a mighty work in Africa. The number of Christians is growing at the almost unbelievable rate of 30,000 new Christians every day across this vast continent. Yet there are still many millions who have either not heard the Gospel or not yet responded to the Gospel. The Church has the task of proclaiming the Gospel to these people and discipling all who have accepted Christ as their saviour. Our teams in Africa are responding to this challenge by partnering with churches and equipping them for effective evangelism and discipleship. Our supporters around the globe are upholding this work in prayer and sacrificial giving. It is this army of dedicated supporters who play such a vital part in enabling this ministry to flourish and grow.This year our AE Teams in Africa, in partnership with the city churches, were able to preach the Gospel to over 490,000 people and the Lord led 51,548 people to accept Christ as their Saviour and were welcomed into His church.One of our missions in Eldoret involved 1,500 missionaries from local Kenyan churches who proclaimed the Gospel to over 103,000 people resulting in 8,672 people accepting Christ as their Saviour. The leadership mission in Harare focused on Righteous Leadership challenging the political, religious, legal, medical, business, and educational leaders of Zimbabwe to stand tall for the Gospel and hold Christ at the centre of all of their work.We continue to push north and west across the continent of Africa while maintaining our work in the south and the east. We are now building partnerships with Christians in the Muslim north to develop and implement programs to help support, train, and encourage local evangelical Christians so that the love of Christ can be shared with many more people in North Africa.Another highlight in 2015 is the formation of a new AE International Missions team under the leadership of Emmanuel Kwizera based in Nairobi. Emmanuel and his small team are already having a major impact throughout the Partnership by inspiring, guiding, supporting, and training our mission teams.We here in Australia look forward to a year of growth and development in 2016 building on the great work of Richard Eggington in the second half of 2015. His strategic insights have helped us formulate clear strategies for the future and in 2016 we will be enabling our supporters to be on mission with our teams in Africa.I have again this year enjoyed the privilege of working to support the Lord’s work in Africa and my own faith has been supported and strengthened through many interactions with wonderful Christian supporters here in Australia and our incredible brothers and sisters in Africa.

In Christ

Jeff CollettExecutive ChairmanAfrican Enterprise Australia

Dear Partners in Christ,

EXECUTIVE CHAIRMANS REPORT Mr Jeffrey Collett has thirty years management experience in large international engineering companies and has held directorships in public operating companies and industry associations. Recently retired, he is actively involved in a number of Christian organisations.

Mr Mike WoodallFCA (Retired)

Mr Michael Woodall was formerly a Finance Director to a market research company, a publishing group and also a finance personnel recruitment consultant. He was the former Executive Director of Australia and New Zealand for 19 years and the Chief Operating Officer for African Enterprise International for 7 years.

Gudrun AdamLLB, CAHRI, GPHR, HRBP, MAICD

Ms Gudrun Adam is a cross-cultural Human Resources and Marketing Management Consultant with a history of living, working and studying internationally and has contributed to a better understanding of Human Resources in a global economy.

Mrs Judy Wong-SeeAIM, AHRI

Mr Jeffrey Lindsay CollettBSc (Eng) Chairman

Mrs Judy Wong-See is the Principal of an executive search firm, Credence International. Having begun in corporate and government sectors, her work in recent years identifies senior talent for the leadership of Christian Not For Profit organisations.

Mr Benjamin HenshallBSc

Mr Henshall has many years experience in the sales and marketing roles for Australian and multinationals IT companies. He has been actively involved in his local church in various ministries for the past decade.

Rev Matt StedmanBEnvSc, B Div.

Rev Stedman is the Senior Minister at St Bede’s Anglican Church in Drummoyne, NSW. He regularly travels to Africa to train Ministers and Pastors in theology.

Dr Robert Charles ClaxtonMB, BS, FRACS, FRCS, FRCSEd

Dr Claxton is a practicing Medical Doctor in Sydney, Australia. He has field experience as a medical missionary in Uganda where he developed a passion for Africa.

Dr John Anthony HanneMB, BS, FRNZCGP, DIP, OBST, MGP

Dr Hanne is a practicing Medical Doctor. He is a Director of a Bible College in New Zealand. He has visited South Africa, Zambia and Uganda to teach the Bible, train Pastors and give medical advice.


An interdenominational Christian ministry committed to evangelising the cites of Africa, through word and deed, in partnership with African churches. AE has a holistic approach to ministry with a primary focus on evangelism.

Indigenous (African) - AE was founded in Africa in 1961 and continues to be led by Africans.

Cities - The cities of Africa are strategic. The cities of Africa need hope. The cities of Africa have been and will remain AE’s primary focus.

Partnership - Like no other ministry in Africa, we are committed to seeing the whole church working together, to promote the gospel and effectively disciple new Christians. The key to reaching any city is facilitating partnership between the churches. Consequently a central value in any AE initiative is working to bring churches together.

Holistic - AE’s core and primary ministry is evangelism. Integrated with evangelism are three key support ministries namely peace building, aid and development, and leadership development.

ACTION

AFRICAN ENTERPRISEIN ACTION

Some of the distinctive aspects of the AE Ministry are:

IN AND ACROSS AFRICA...African Enterprise is strategically positioned from 10 locations to spread the Gospel across the continent of Africa:

South Africa Zimbabwe Malawi Tanzania Uganda Rwanda Kenya DRC Ethiopia Ghana

Africa

Cities

Church Partnerships

Holistic


MISSION IMPACTMissions in 2015 “One morning during door to door evangelism, a man

saw us coming and began running to us,” said Joseph, an AE volunteer. “He knelt down with tears in his eyes and said, ‘I want to receive salvation.’ We didn’t even preach to him! Another woman was about to go to the hospital to try sell her kidney because she had nothing to eat. As she prayed with us to accept Christ she became so excited she burst from her house declaring to everyone that was around, ‘I have been saved today!’ She will no longer try to sell her kidney as she knows that God will provide for her every need.” Eldoret MissionKenya, 2015.

“I entered this prison a bitter person, full of hatred and un-forgiveness but now I feel like the bitterness and hatred has been melted away, I feel like a brand new person. God has transformed my life in prison.” ChristineMbale MissionUganda, 2015.

1 Ethiopia Reached: 7,000 Saved: 305

2 Kenya Reached: 103,394 Saved: 8,672

3 Malawi Reached: 5,300 Saved: 1,100

4 South Africa Reached: 162,286 Saved: 16,060

5 Zimbabwe Reached: 1,470 Saved: 93

6 Rwanda Reached: 43,797 Saved: 7,148

7 Uganda Reached: 170,408 Saved: 18,208

Total Reached: 493,655 Total Saved: 51,586

1

2

3

4

5

6

7

Pietermaritzburg,SOUTH AFRICA

Dar es Salaam,TANZANIA

Lilongwe, MALAWI

Accra, GHANA

Kigali, RWANDAKinshasa,DRC

Kampala, UGANDA

Harare, ZIMBABWE

Nairobi, KENYA

Addis Ababa, ETHIOPIA

TUNISIAReverseMission

see page 12

1 Children making decisions for Christ at the Eldoret Mission

2 Evangelistic Event from Mbale Mission

3 Decision cards from the Eldoret Mission

AE Office

AE Mission 2015

1 2 3


INTERNATIONAL & STRATEGY

Moving North and West“Go North!” This is a call from God especially for Sub-Saharan African churches to partner with North African churches to obey the Great Commission. African Enterprise together with Eglise Reforme de Tunisie (the biggest Evangelical Church in Tunisia) concluded a three-day Forum from the 26th to the 28th of November 2015. The forum brought together key church leaders from Sub-Saharan and North Africa to reflect, pray and strategize the mission partnership.

“In the last 3 years, AE’s CEO, Stephen Mbogo has been meeting with different mission agencies working in North Africa. AE is now part of the South to North Partnership which is actively working to bring the Gospel to North Africa and organise events for the encouragement of North African Christians.” Emmanuel KwizeraInternational Missions Director

Further momentum was gained early in 2015 when AE’s team hosted like-minded church leaders in Nairobi to strategise on a “South to North Partnership Alliance” (S2NPA). This group similarly resolved during this forum to adopt AE’s 2016 event that will take place in North Africa. The event will similarly bring together Southern and Northern leaders to pursue this resolution on evangelism, prayer mobilization, development of cross-cultural tools, student empowerment and south to north short-term missions engagement.

Do pray with us that the strategies being pursued will bear fruit and for the safety of those involved, including Sub-Saharan students as they seek to be witnesses on their campuses.

Forming the International Missions Department In 2015 a strategic decision was made to form the International Missions Department at African Enterprise International. This exciting endeavour has been planned to help improve the way that AE does missions and provide support to all of our national teams. The International Missions Department is made up of several specialists in the areas of Mission, Evangelism and Aid & Development. The team is being lead by Emmanuel Kwizera who was looking after Evangelism at AE Rwanda prior to his appointment.

Looking forward into 2016 this team will start the important work of helping our national teams with internal capacity building, equipping and empowering our teams to improve on great missions and bringing more strategy into the way we plan missions.

Emmanuel and his team have also started to implement the three P’s (Preparation, Proclamation and Preservation) as a standard rhythm to all missions planning across the continent of Africa. This has been a significant shift of focus as we are now putting a lot more emphasis on the different stages of putting on a mission and following up those who have given their lives to Christ.

Emmanuel KwizeraInternational Missions Director

PREPARATION

PROCLAMATION

PRESERVATION

12 | AFRICAN ENTERPRISE ANNUAL REPORT


HARARE LEADERSHIP MISSIONImpacting the Leaders of Zimbabwe

1 Cleaning up the streets after the Leadership Breakfast

2 Vice President Manangagwa speaking at the Leadership Breakfast

Lives Transformed for the Future of Zimbabwe“I came to hear about how to lead Zimbabwe. I was here for the youth and women’s forum and they were both really great. I used to think youth were the leaders of tomorrow but now I have learned that youth are the leaders of today! After today I now believe that I can motivate women to do much more to lead Zimbabwe. Thank you very much. I so much want to make a difference in this nation. It has motivated me that I can do more than I am doing. It helped me to believe in myself.” Eldah (below left), Youth Event

“I believe that the seed of the Word which has been sown in todays meeting (Presidential Prayer Breakfast) is going to effect our leaders and influence them to lead lives which are God fearing and directed by God… I believe that today’s meeting was critical in delivering the message of Christ to the leaders of our nation. Thank you for contributing towards making this event a success, it is part of a process and events like this are very strategic for Zimbabwe.”Rev. G. Dube (below centre)National Presidential Prayer Breakfast

“It was a really beautiful event because it brings together business and the praise of God. Sometimes I think that I am where I am because of my own doing but after today I know that God is leading me and that I am here today by His grace! He has been the One to give me the wisdom and ideas that I need in my business. I’m going to share all these things with my employees so that they also know that we need to put God first in everything in order to prosper. I think it’s important that every woman out there understands the grace of God and how God can impact their business.” Nyasha (below right), Women’s Event

3 Eldah

4 Rev Dube

5 Nyasha

African Enterprise held the Harare Leadership Mission in September 2015. The Proclamation period consisted of several strategic meetings that reached out to leaders in many areas of Zimbabwe society. In the penultimate meeting, African Enterprise hosted the National Presidential Prayer Breakfast in Harare, which attracted 500 local leaders.

Dr. Michael Cassidy, founder of African Enterprise, addressed the local leaders: “I don’t care if you’re rich, wise, clever, or powerful,” he said; “it’s not enough to be patted on the back by society and have nice big cars and houses unless you know Christ. That’s what really, really matters.”

He told them that the most successful thing anyone can do in life is to choose to have a relationship with Jesus. “If you give your life to Christ today, he gets your money, your influence, and your political power, he gets everything,” he said.

Vice President Mnangagwa said, “Dr. Cassidy has just shared that people need to ask who it is that leads their leaders, I had never thought about it myself; I thought it was enough that we simply led them!”

After the breakfast, and as the final event of a week focused on top leadership, over 300 people met at Harare’s Town House to sweep the city and pick up litter. It was an act that mirrored the servant leadership of Christ and symbolized the need for a cleaning up of our hearts. At the cleaning, CEO Stephen Mbogo reminded those who gathered that they all need to look inward. “As we clean up the city,” he said, “let’s look inside where there is hatred, tribalism, and corruption, and clean up inside ourselves.”

1 2 3 4 5


THE MISSION OF AFRICAN ENTERPRISE IS TO EVANGELISE THE CITIES OF AFRICA THROUGH WORD AND DEED IN PARTNERSHIP WITH THE CHURCH


AID & DEVELOPMENTSome of our 2015 A&D Projects

1 Ghana Apprenticeship Project (Tailoring)

2 Ghana Apprenticeship Project Graduation.

3 Korogocho Latrines Project Recipient

Lives Transformed“I want to open a tailoring shop for my business,” said Brenda. “With this I will raise my family, and I am going to train others and share my skills with them. May God bless the donors and African Enterprise for enabling me to know how to pray and share a word of God!” Brenda, Malawi Tailoring Project.

“It has never been easy for me since I dropped out of school due to lack of funds. My life has been under the control of friends who manage to feed me. The good part of me tells me it is better to learn vocational skills in order to become self-sufficient. There was no means for me to learn any trade. By the grace of God, I heard about the good work AE is doing so I made a move to the office. Lo and behold I was given the opportunity to learn aluminum fabrication. Though I have just started I am hopeful it will end well for me. May the good Lord bless African Enterprise for the good work they are doing.”Alex Collins Seddoh, Ghana Apprenticeship Project.

“Once I complete my training in 2 months’ time, I am hoping to start a small dressmaking and embroidery business near where I live. Once my business is stable, I will also create opportunities for other women interested in learning a skill to come and learn from me. I believe that through these skills, my life will be transformed economically and my family will live a better life. I wish to thank the Mathare Women Staff and AE for their love, support and commitment to empower me. May God richly bless you.” Esther Wangari, Mathare Women Empowerment Project.

supported by AE Australia1 Tanzania HIV and AIDS Education ProjectThis project helped to educate over 10,000 children in 2015 and reach a community of over 60,000 people. 2 Ghana Apprenticeship ProjectTogether we have helped give apprenticeships to 17 young people living in Accra this year.

3 Kenya Mathare Women Empowerment Project25 vulnerable women had their lives transformed andwere empowered with skillsto start businesses and provide for themselves.

4 Malawi Tailoring ProjectThis year we have trained 30 vulnerable women in Malawi and have helped to transform their lives holistically, while providing them with a skill for life.

5 Kenya Korogocho LatrinesThe sanitation project in the Korogocho slum has positively impacted 72 households by enablingthem to have access to clean latrines due to your support.

6 Rwanda Water ProjectThe Kabuga Community in Kigali, Rwanda can now provide clean water to 700 people in the community thanks to your support.

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2

3

4

56

1 2 3


PTC OVERVIEWPTC Theological Training in AfricaThrough your prayers and financial support we were able to provide training towards the Preliminary Theological Certificate (PTC) to 4 different countries in 2015.

Through African Enterprise in partnership with Moore College, students are able to access this vital theological training. Church Pastors and leaders across Australia give of their time and energy to visit Africa and train current and future church leaders. The students of this program come from various denominations across Africa to be equipped and empowered for ministry.

1 Rev. Bill & Jackie France

2 Malawi PTC students Anthony & Patrick

3 Malawi PTC students Adam, Moses & Anthony

Theological Training in AfricaIn 2015 African Enterprise facilitated theological training of 171 students across Zimbabwe, Kenya, Rwanda and Malawi. These students come from all walks of life and will now go back to their Churches being able to preach and teach the Bible more effectively.

Discipleship and theological training are vital to the growth of the African Church.

“I am totally convinced that PTC is very relevant and very important for churches in Africa especially because of the way the whole courses are Christ centred. PTC helps pastors to know how they can do expository preaching and Inductive Bible study (those two elements are very important and new in churches).” Emmanuel KwizeraInternational Missions DirectorAfrican Enterprise

“You’ve put your finger on one of the great needs I see in Africa – the support and enabling of discipleship programs.” Simon GillhamHead of Department of MissionsMoore Theological College

“We are very thankful for the support that AEE Rwanda received, which enabled us to host the training. It has made a remarkable difference in various ministries and expansion of the kingdom of God in Rwanda. It is a special blessing for Rwanda, especially because resourceful persons died and others fled during the 1994 war and genocide against the Tutsi. Some of those who stood in the gap did not have any formal theological training, so the training that they have now received, has made a huge difference in their understanding of the word of God and in the ministry work that they do.” John KalenziTeam LeaderAfrican Enterprise Rwanda.

“Neither Geoff nor I had been to Africa before, let alone Malawi, so it was all new to us. We saw the Lord’s hand in everything, and overall the experience was eye-opening, and a real joy and blessing. We were much challenged by the sheer exuberance of the students in worship and the simple nature of their faith.”Rev. Bill FrancePTC Facilitator

321


FINANCIALREPORT


STATEMENT OF FINANCIAL

POSITION as at

31 December 2015

0

50000

100000

150000

200000

0

50000

100000

150000

200000

0

50000

100000

150000

200000

Cash & Equivalent$661,588

Receivables$5,853

Inventory$1,067

FinancialAssets$142,362

Equipment$23,481

Current$158,663

Non-Current$7,773

Curre

nt A

sset

s

Non-

Curre

nt A

sset

s

Liabil

ities

2015 2014

661,588 1,019,9905,853 25,0561,067 879

668,508 1,045,925

142,362 135,07023,481 9,758

165,843 144,828

834,351 1,190,753

158,663 384,809158,663 384,809

7,773 21,6217,773 21,621

166,436 406,430

667,915 784,323

460,921 561,669206,994 222,654

667,915 784,323

Net assets

FUNDSReservesAccumulated Funds

Total funds

Non-current liabilitiesProvisionsTotal non-current liabilities

Total assets

LIABILITIES

Total liabilities

Current liabilitiesTrade and other payablesTotal current liabilities

Cash and cash equivalents

Total Current Assets

Property, plant and equipmentAvailable for sale financial assetsNon-current assets

Receivables

Total non-current assets

Inventories

STATEMENT OF FINANCIAL POSITION as at 31 December 2015

ASSETSCurrent Assets

2015 2014

661,588 1,019,9905,853 25,0561,067 879

668,508 1,045,925

142,362 135,07023,481 9,758

165,843 144,828

834,351 1,190,753

158,663 384,809158,663 384,809

7,773 21,6217,773 21,621

166,436 406,430

667,915 784,323

460,921 561,669206,994 222,654

667,915 784,323

Net assets

FUNDSReservesAccumulated Funds

Total funds

Non-current liabilitiesProvisionsTotal non-current liabilities

Total assets

LIABILITIES

Total liabilities

Current liabilitiesTrade and other payablesTotal current liabilities

Cash and cash equivalents

Total Current Assets

Property, plant and equipmentAvailable for sale financial assetsNon-current assets

Receivables

Total non-current assets

Inventories

STATEMENT OF FINANCIAL POSITION as at 31 December 2015

ASSETSCurrent Assets

FINANCES


STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME for the year ended 31 December 2015

Donations & Gifts$1,744,624

Grants - Australia$50,000

Legacies & Bequests$156,845

Investment Income$19,334

Other Income$5,815

Fundraising Costs$333,885

Community Education$151,719

Overseas Projects $1,393,504

Administration$215,197

REVENUEALLOCATION

DISBURSEMENTS /COST ALLOCATION

Note 2015 2014$ $

1,744,624 1,884,50950,000 82,000

156,845 438,527Operating revenue 1,951,469 2,405,036

19,334 19,7545,815 8,048

1,976,618 2,432,838

1,040,097 1,002,201353,407 547,966

- 13,2831,393,504 1,563,450

3,545 4811,397,049 1,563,931

151,719 145,402333,885 310,909

428 3,835215,197 202,511

2,098,278 2,226,588

2 (121,660) 206,250

Changes in fair value of available-for-salefinancial assets 13 5,252 2,182

(116,408) 208,432

Other comprehensive income

Total comprehensive (deficit)/surplus for the year

The accompanying notes form part of this financial statement.

AFRICAN ENTERPRISE LIMITED AND CONTROLLED ENTITYABN 88 001 563 417


Total disbursements

Cost of sales

Other project costs - Management in Australia

Fundraising costs - Public

Surplus/(deficit) for the year

Disbursements

Community education

Meetings - Overseas

Administration

Funds to other overseas projects - Aid & DevelopmentFunds to overseas projects - Ministry

Grants - AustraliaDonations and gifts

Overseas projects

Legacies and bequests

Revenue

Investment incomeOther incomeTotal revenue

5

Note 2015 2014$ $

1,744,624 1,884,50950,000 82,000

156,845 438,527Operating revenue 1,951,469 2,405,036

19,334 19,7545,815 8,048

1,976,618 2,432,838

1,040,097 1,002,201353,407 547,966

- 13,2831,393,504 1,563,450

3,545 4811,397,049 1,563,931

151,719 145,402333,885 310,909

428 3,835215,197 202,511

2,098,278 2,226,588

2 (121,660) 206,250

Changes in fair value of available-for-salefinancial assets 13 5,252 2,182

(116,408) 208,432

Other comprehensive income

Total comprehensive (deficit)/surplus for the year

The accompanying notes form part of this financial statement.

AFRICAN ENTERPRISE LIMITED AND CONTROLLED ENTITYABN 88 001 563 417


Total disbursements

Cost of sales

Other project costs - Management in Australia

Fundraising costs - Public

Surplus/(deficit) for the year

Disbursements

Community education

Meetings - Overseas

Administration

Funds to other overseas projects - Aid & DevelopmentFunds to overseas projects - Ministry

Grants - AustraliaDonations and gifts

Overseas projects

Legacies and bequests

Revenue

Investment incomeOther incomeTotal revenue

5


AUDITORS INDEPENDENCEDECLARATION & AUDITORS REPORT

Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389 ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited. Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where a current scheme applies.

Level 17, 383 Kent Street Sydney NSW 2000 Correspondence to: Locked Bag Q800 QVB Post Office Sydney NSW 1230 T +61 2 8297 2400 F +61 2 9299 4445 E [email protected] W www.grantthornton.com.au

Independent Auditor’s Report To the Members of African Enterprise Limited

We have audited the accompanying financial report of African Enterprise Limited (the

“Company”), which comprises the consolidated statement of financial position as at 31

December 2015, the consolidated statement of profit or loss and other comprehensive

income, consolidated statement of changes in equity and consolidated statement of cash

flows for the year then ended, notes comprising a summary of significant accounting

policies and other explanatory information and the Responsible Entities’ declaration of the

company. In addition, we have audited African Enterprise Limited’s compliance with the

requirements of the Charitable Fundraising Act 1991 and regulations, the Charitable

Collections Act 1946 and the Charitable Collections Regulations 1947 (collectively referred

to as the “Charitable Fundraising Acts”).

Responsible Entities’ responsibility for the financial report

The Responsible Entities of the Company are responsible for the preparation of the

financial report that gives a true and fair view in accordance with Australian Accounting

Standards - Reduced Disclosure Requirements, the Australian Charities and Not-for-profits

Commission Act 2012 and the Charitable Fundraising Acts. The Responsible Entities’ responsibility also includes such internal control as the Responsible Entities determine is

necessary to enable the preparation of the financial report that gives a true and fair view and

is free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We

conducted our audit in accordance with Australian Auditing Standards. Those standards

require us to comply with relevant ethical requirements relating to audit engagements and

plan and perform the audit to obtain reasonable assurance whether the financial report is

free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error.

In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation of the financial report that gives a true and fair view 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 Company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Responsible Entities, as well as evaluating the overall presentation of the financial report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Independence

In conducting our audit, we have complied with the independence requirements of the Accounting Professional and Ethical Standards Board and the Australian Charities and Not-for-profits Commission Act 2012.

Auditor’s opinion

In our opinion:

1) the financial report of African Enterprise Limited is in accordance with the Australian Charities and Not-for-profits Commission Act 2012, including:

a) giving a true and fair view of the Consolidated Entities’ financial position as at 31 December 2015 and of its performance for the year ended on that date;

b) complying with Australian Accounting Standards- Reduced Disclosure Requirements and the Australian Charities and Not-for-profits Commission Regulation 2013;

2) the financial report gives a true and fair view of the financial results of fundraising appeals for the year ended 31 December 2015, the financial statements and associated records have been properly kept during the year in accordance with the Charitable Fundraising Act 1991 and regulations, and money received as a result of fundraising appeals conducted during the year has been properly accounted for and applied in accordance with this Act and the regulations; and



Auditor’s Independence Declaration To the Responsible Entities of African Enterprise Limited In accordance with the requirements of section 60-40 of the Australian Charities and Not-for-profits Commission Act 2012, as lead auditor for the audit of African Enterprise Limited for the year ended 31 December 2015, I declare that, to the best of my knowledge and belief, there have been:

1. no contraventions of the auditor independence requirements of the Australian Charities and Not-for-profits Commission Act 2012 in relation to the audit; and

2. no contraventions of any applicable code of professional conduct in relation to the audit.

GRANT THORNTON AUDIT PTY LTD Chartered Accountants

James Winter Partner - Audit & Assurance Sydney, 4 March 2016

3) African Enterprise Limited has complied, in all material respects, with the requirements

of the Charitable Collections Act 1946 and the Charitable Collections Regulations 1947

for the year ended 31 December 2015.

GRANT THORNTON AUDIT PTY LTD

Chartered Accountants

James Winter

Partner - Audit & Assurance

Sydney, 4 March 2016

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error.

In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation of the financial report that gives a true and fair view 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 Company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Responsible Entities, as well as evaluating the overall presentation of the financial report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Independence

In conducting our audit, we have complied with the independence requirements of the Accounting Professional and Ethical Standards Board and the Australian Charities and Not-for-profits Commission Act 2012.

Auditor’s opinion

In our opinion:

1) the financial report of African Enterprise Limited is in accordance with the Australian Charities and Not-for-profits Commission Act 2012, including:

a) giving a true and fair view of the Consolidated Entities’ financial position as at 31 December 2015 and of its performance for the year ended on that date;

b) complying with Australian Accounting Standards- Reduced Disclosure Requirements and the Australian Charities and Not-for-profits Commission Regulation 2013;

2) the financial report gives a true and fair view of the financial results of fundraising appeals for the year ended 31 December 2015, the financial statements and associated records have been properly kept during the year in accordance with the Charitable Fundraising Act 1991 and regulations, and money received as a result of fundraising appeals conducted during the year has been properly accounted for and applied in accordance with this Act and the regulations; and



Independent Auditor’s Report To the Members of African Enterprise Limited

We have audited the accompanying financial report of African Enterprise Limited (the

“Company”), which comprises the consolidated statement of financial position as at 31

December 2015, the consolidated statement of profit or loss and other comprehensive

income, consolidated statement of changes in equity and consolidated statement of cash

flows for the year then ended, notes comprising a summary of significant accounting

policies and other explanatory information and the Responsible Entities’ declaration of the

company. In addition, we have audited African Enterprise Limited’s compliance with the

requirements of the Charitable Fundraising Act 1991 and regulations, the Charitable

Collections Act 1946 and the Charitable Collections Regulations 1947 (collectively referred

to as the “Charitable Fundraising Acts”).

Responsible Entities’ responsibility for the financial report

The Responsible Entities of the Company are responsible for the preparation of the

financial report that gives a true and fair view in accordance with Australian Accounting

Standards - Reduced Disclosure Requirements, the Australian Charities and Not-for-profits

Commission Act 2012 and the Charitable Fundraising Acts. The Responsible Entities’ responsibility also includes such internal control as the Responsible Entities determine is

necessary to enable the preparation of the financial report that gives a true and fair view and

is free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We

conducted our audit in accordance with Australian Auditing Standards. Those standards

require us to comply with relevant ethical requirements relating to audit engagements and

plan and perform the audit to obtain reasonable assurance whether the financial report is

free from material misstatement.


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2015 annual report african enterprise australia

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