deliver - microsoft · 2016. 6. 20. · r. russon secretary appointed 1 may 2013 . ... accounting...

DELIVERRegistration No. 078 734 – NPOAnnual Financial Statements

For the year ended 28 February 2015

DELIVER Registration No. 078 – 734 – NPO Annual Financial Statements Statement of Responsibility for the Year Ended 28 February 2015

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CONTENTS PAGE

Approval of financial statements 2

Statement of Responsibility by the Executive Committee 3

Report of the Accounting Officer 4

Executive Committee Report 6

Statement of Financial Position 7

Statement of Comprehensive Income 8

Statements of Changes in Organisational Funds 9

Statement of Cash Flows 10

Notes to the Annual Financial Statements 11

Approval of financial statements

The annual financial statements set out on pages 6 to 16 were approved by the Executive Committee of Deliver on 23 March 2015 and are signed on its behalf by:

C. Marriott Chairperson

R. Russon Secretary

Y. Lubbee Treasurer

DELIVER Registration No. 078 – 734 – NPO Annual Financial Statements Statement of Responsibility for the Year Ended 28 February 2015

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In accordance with the Non – Profit Organizations Act of 1997 par. 17 (2), the committee/(s) is required to prepare Annual Financial Statements that comply with statements of South African Generally Accepted Accounting Practice (GAAP). The Executive Committee is responsible for ensuring that complete, accurate and reliable accounting records form the basis for preparing Annual Financial Statements. The Annual Financial Statements include judgments and estimates that are reasonable and prudent, made by management, reviewed and accepted by the Executive Committee. The Executive Committee also ensures that accounting policies are appropriate to the entity’s circumstances. In order to achieve this objective the Executive rely on the systems of internal controls set up and maintained by management. The internal controls include a risk-based system of internal accounting and administrative controls. They are designed to provide reasonable, but not absolute, assurance that the assets are safeguarded and transactions executed and recorded in accordance with generally accepted business practices, as well as with the entity’s policies and procedures. The Executive has, however, the ultimate responsibility for this system of internal controls and reviews the effectiveness of its operations on an ongoing basis. The Executive has every reason to believe that the entity has adequate resources and stakeholder support in place to continue in operation in the foreseeable future and has for this reason adopted the going concern basis in preparing the Annual Financial Statements. The external accounting officer, HOC Consulting (Pty) Ltd, who were given unrestricted access to all financial records and related data, including minutes of the Organisation’s meetings, have reviewed the financial statements. The Executive believes that all representations made to the independent reviewers during their review are valid and appropriate. Their review report on the Annual Financial Statements is presented on page 4. The Executive is of the opinion that the Annual Financial Statements fairly present the financial position of the entity at 28 February 2015 and the results of its operations and cash flows for the year then ended. There are no material developments that have occurred between the date of approval of these financial statements and the financial year-end date. The financial statements which appear on page 6-16 have been approved by the Executive Committee on 23 March 2015 and signed on its behalf by;

C. Marriott Chairperson

R. Russon Secretary

Y. Lubbee Treasurer

Your partner through development, growth and sustainability Reg. No. 2008/010680/07

4TH Floor, The Business Place, 58 Marshal Street, Marshalltown, Johannesburg, 2001

P.O Box 1549, Houghton, 2041 Tel: (011) 838 8260 Fax: 086 657 5563 Email: [email protected]

Directors: ZA Xhakaza (CEO), LAM Moloto, and PP Tsotetsi

Accounting| Taxation| Audit Readiness| BEE Advisory

REPORT OF THE INDEPENDENT REVIEWERS TO THE EXECUTIVE COMMITTEE MEMBERS OF DELIVER FOR THE YEAR ENDED 28 FEBRUARY 2015

23 March 2015 I have prepared the attached financial statements for the year ended 28 February 2015 from the monthly statements, source documents, and other records supplied to me by management of the organisation. Management is responsible for these financial statements. From my investigations, tests and discussions I confirm that these statements are in agreement with the accounting records of the organisation and that in my opinion adequate records have been maintained. In common with similar organisations, it is not feasible for the organisation to institute accounting controls over collections from fees received and other fundraising activities prior to the initial entry of the collections in the accounting records. Accordingly, it was impracticable for us to extend our examination beyond the receipts actually recorded. Subject to the above comments, in my opinion, the attached Statement of Financial Position at 28 February 2015 fairly presents the financial position of the Organisation at that date, and the Statement of Comprehensive Income fairly presents the results of its activities for the year ended on that date.

Archie Xhakaza Professional Accountant (SA) Practice No. 22960 Johannesburg

mailto:[email protected]

DELIVER Registration No. 078 – 734 – NPO Annual Financial Statements

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Executive Committee Report for the year ended 28 February 2015

EXECUTIVE COMMITTEE REPORT FOR THE PERIOD ENDED 28 FEBRUARY 2015

1. Introduction The Executive Committee is pleased to present their report and the reviewed Annual Financial Statements for the year ended 28 February 2015. In the opinion of the Executive, the financial statements fairly represent, in all material aspects, the financial position of Deliver at 28 February 2015 and the result of its operations and cash flow information at the year-end. The financial statements were prepared in accordance with South African Generally Accepted Accounting Practice (GAAP) for limited purpose and in a manner required by the Non – Profit Organisations Act 71 of 1997 2. Nature of business The organisation carries on the activities of coaching and mentoring high school pupils for no gain. 3. Financial results The results of operations for the period under review are fully disclosed in the financial statements. 4. Organisation’s Board Members The Organisation’s Board Membersduring the accounting period and up to the date of this report were as follows:

C. Marriott Chairperson Appointed 1 May 2010

Y. Lubbee Treasurer Appoointed 1 May 2010

R. Russon Secretary Appointed 1 May 2013


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Executive Committee Report for the year ended 28 February 2015

5. General information Business address (Physical) 15 Aberfeldy Road Kensington 2094

Business address (Postal) PO Box 955 Saxonwold Johannesburg 2132

Legal form Non – Profit Organisation

Registration Number 078 – 734 – NPO

Accounting Officer Archie Xhakaza

Bankers First National Bank

PBO Number 930033532

6. Events Subsequent to the Statement of Financial Position Date

No events have occurred between the accounting date and the date of this report which requires adjustments to or disclosure in the annual financial statements.


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Annual Financial Statements Statement of Financial Position as at 28 February 2015

Notes 2015 2014

R R

Assets

Non-Current Assets

- -

Property Plant And Equipment

- -

Investments

- -

Current Assets

190 085 136 634

Cash and Cash Equivalents 2 190 085 136 634

Total Assets

190 085 136 634

Funds And Liabilities

Funds

190 085 136 634

Accumulated Funds

190 085 136 634

Liabilities

- -

Trade and Other Payables

- -

Total Funds And Liabilities

190 085 136 634


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Statement of Comprehensive Income for the year ended 28 February 2015

Notes 2015 2014

R R

Donation Income 3 460 391 366 158

Other Income 3 17 659 182 337

Total Income 478 050 548 495

Employee Costs 4 (181 359) (129 648)

Operational Costs 5 (243 240) (323 560)

Surplus / (Deficit) Before Taxation 53 451 95 287

Taxation 6 - -

Surplus / (Deficit) For the Year 53 451 95 287

DELIVER Registration No. 078 – 734 – NPO Annual Financial Statements Accumulated Funds Analysis For the year ended 28 February 2015

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Accumulated Funds Total

R R

Balance at 1 March 2013 41 347 41 347

Surplus / (Deficit) for the year 95 287 95 287

Balance at 28 February 2014 136 634 136 634

Balance at 1 March 2014 136 634 136 634

Surplus / (Deficit) for the year 53 451 53 451

Balance at 28 February 2015 190 085 190 085

DELIVER Registration No. 078 – 734 – NPO Annual Financial Statements Statement of Cash Flows For the year ended 28 February 2015

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Notes 2015 2014

R R

Cash flows From operating activities Profit / (Loss) for the year

53 451 95 287

Adjustments for: Finance costs

- -

Income tax

- -

Depreciation of property plant and equipment

- -

Investment income

- -

(Increase) / decrease in trade and other receivables

- -

(Increase) / decrease in inventory

- -

Increase / (decrease) in trade and other payables

- -

Cash generated by operating activities

53 451 95 287

Interest received

- -

Finance costs

- -

Income tax paid

- -

Net cash from operating activities

53 451 95 287

Cash flows from investing activities

Additions to Property plant and equipment

- -

Increase /(Decrease) on Financial Assets

- -

Net cash flows from investing activities

- -

Cash flows from financing activities Board Members Loans (repaid) / raised

- -

Loans (repaid)/raised

- -

Net cash utilised in financing activities

- -

(Decrease) / increase in cash and cash equivalents

53 451 95 287

Cash and Cash equivalents at the beginning of the year

136 634 41 347

Cash and Cash equivalents at the end of the year 2 190 085 136 634

DELIVER Registration No. 078 – 734 - NPO Annual Financial Statements Notes to the Financial Statements for the year ended 28 February 2015

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1. Accounting policies and basis of presentation 1.1. General information Deliver is a Non – Profit Organisation incorporated in the Republic of South Africa. The addresses of its registered office, principal place of operations and the nature of its activities are disclosed in the Executive Committee report. 1.2. Basis of preparation The measurementbasis used is historical cost, except for financial instruments which are measured at fair value as noted below. 1.3. Statement of compliance The financial statements have been prepared in accordance with Statements of South African Generally Accepted Accounting Practice 1.4. Critical judgement and estimates made in applying the accounting policies The preparation of financial statements in conformity with Statements of South African Generally Accepted Accounting Practice requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors, including making assumptions concerning future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions are reviewed on an on-going basis. Revisions to accounting estimates are accounted for prospectively. In process of applying the entity’s accounting policies as set out below, management has made the following judgements that have a significant risk of causing material adjustments to the amounts recognised in the financial statements: a) Useful lives of plant and equipment and intangible assets The useful lives of plant and equipment and intangible assets are assessed and reviewed at each balance sheet date. The useful lives are estimated by management based on historic analysis and other available information. b) Residual values of plant and equipment The residual values of plant and equipment and intangible assets are assessed and reviewed at each balance sheet date. The useful lives are estimated by management based on historic analysis and other available information.


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1.5. Property Plant and equipment The cost of an item of plant and equipment is recognised as an asset when:

It is probable that future economic benefits associated with the item will flow to the entity; and

The cost of the asset can be measured reliably.

Classes of plant and equipment are measured at historical cost. Cost includes all costs directly attributable to bringing the asset to working condition for its intended use. : The gain or loss arising on the disposal or retirement of an item of equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss. 1.6. Financial assets Financial assets are recognised on trade date and are initially measured at fair value net of transaction costs, except for those financial assets classified as at fair value through profit and loss which are measured at fair value.

Financial assets are classified into the following categories: financial assets ‘as at fair value through profit or loss’, ‘held to maturity investments’, ‘available for sale’, and ‘loans and receivables’. The classification depends on the nature and purpose of the financial asset and is determined at the time of initial recognition.

The entity’s financial assets are comprised of loans and receivables and available for sale assets. Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market, other than those classified by the entity as at fair value through profit and loss or available for sale.

Financial assets classified as loans and receivables are carried at amortized cost, with interest revenue recognized in the Statement of Comprehensive Income.

The entity’s financial assets which are classified as loans and receivables comprises of loans to related parties, trade and other receivables and cash and cash equivalents. Assets classified as held for sale comprise of the investment policies. (i) Investment policies

Financial assets are classified as available-for-sale where the intention with regard to the instrument and its origination and designation does not fall within the ambit of other financial asset classification. Available-for-sale instruments are typically assets that are held for a longer period and in respect of which short-term fluctuations in value do not affect the entity’s hold or sell decision.


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Available-for-sale financial assets are measured at fair value, with fair value gains recognized directly in equity along with associated deferred taxation. Any foreign currency translation gains or losses or interest revenue, measured on an effective yield basis, are removed from equity to the Statement of Comprehensive Income as they arise. When available for sale equity instruments are determined to be impaired to the extent that the fair value declines below its original cost, the resultant losses are recognized in profit or loss.

(ii) Accounts receivable Accounts receivable are recognized initially at fair value and subsequently measured at amortised cost after allowing for provision for impairment. A provision for impairment is raised when there is objective evidence that the entity will not be able to collect all amounts due according to original terms.

(iii) Cash and cash equivalents Cash and cash equivalents comprise balances with banks, monies in call accounts and short-term assets.

(iii) Loans to related parties Accounts receivable are recognized initially at fair value and subsequently measured at amortised.

(b) Derecognition

All financial assets and liabilities are derecognised on trade date, which is when the entity commits to selling a financial asset or redeeming financial liability.

The entity derecognises a financial asset when and only when:

The contractual right to the cash flows arising from the financial asset have expired or have been forfeited by the entity, or

It transfers the financial asset, including substantially all the risks and rewards of ownership of the asset, or

It transfers the financial asset, neither retaining nor transferring substantially all the risks and rewards of ownership of the asset, but no longer retains control of the asset.

1.7. Financial liabilities and equity instruments issued by the organisation

(a) Classification as debt or equity

Debt and equity instruments are classified as either financial liabilities or equity in accordance with the substance of the contractual arrangement.

(b) Equity instruments

An equity instrument is any contract that evidences residual interest in the assets of an entity after deducting all its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs.


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(c) Financial liabilities

Financial liabilities are classified as fair value through profit or loss or other liabilities.

Financial liabilities are initially measured at fair value plus transaction costs. However, transaction costs in respect of financial liabilities classified at fair value through profit or loss are expensed. Financial liabilities that are designated on initial recognition as financial liabilities at fair value through profit or loss are measured at fair value, with changes in fair value being recognised in profit or loss. Other liabilities are measured at amortised cost. Derivative liabilities are measured at fair value, with changes in fair values being recognised in profit or loss other than those designated as cash flow hedges.

(d) Derecognition A financial liability is derecognised when and only when the liability is extinguished i.e. when the obligation specified is discharged, cancelled or has expired. 1.8. Taxation The organisation is exempt from the tax liability in terms of the Income Tax Act 58 of 1962 1.9. Provisions Provisions are recognised when the group has a present legal or constructive obligation as a result of a past event, when it is probable that an outflow of resources will be required to settle the obligation and when the amount can be reliably estimated. Provisions are not recognised for future operating losses. Provisions are measured at the present value of the expenditures required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows using the pre-tax rate that reflect the current market assessment of the time value of money and where appropriate, the risks specific to the liability.


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1.10. Impairment The carrying amounts of the entity’s assets are reviewed at each balance sheet date to determine whether there is an indication of impairment. If any such indication exists, the recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognised in the Statement of Comprehensive Income. When a decline in the fair value of an available-for-sale financial asset has been recognised directly in equity and there is objective evidence that the asset is impaired, the cumulative loss that had been recognised directly in equity is recognised in profit or loss even though the financial asset has not been derecognised. The amount of the cumulative loss that is

1.11. Employee benefits

(a) Short term employee benefits The cost of short term employee benefits are recognised in the period in which the service is rendered and are not discounted except in the case of non-accumulated absences, which is recognised when the absence occurs.

1.12. Borrowing costs Borrowing costs are recognised in profit or loss in the period in which they are incurred.


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2015 2014

R R

2. Cash and Cash Equivalents

Cash at bank 190 085 136 024

Petty Cash - 610

190 085 136 634

3. Income

International Donations Received 129 739 -

Local Donations Received 330 653 366 158

Other Income 17 659 182 337

Total Income 478 050 548 495

4. Employee Costs (181 359) (129 648)

5. Operating Costs (243 240) (323 560)

Consulting Fees (205 353) (294 339)

Advertising & Promotions (685) (4 450)

Bank Charges (1 748) (1 946)

Cleaning - (30)

Catering Costs (2 613) (4 446)

Computer Expenses - (7 497)

Courier & Postage - (334)

Motor Vehicle Expenses (1 800) (450)

Printing & Stationery (5 122) (4 175)

Rent Paid - (4 950)

Training Costs (25 770) -

Telephone & Fax (149) (943)

6. Taxation

Deliver if exempt from tax as it is Public Benefit Organisation as defined in terms of the Income Tax Act, Section 30.

deliver - microsoft · 2016. 6. 20. · r. russon secretary appointed 1 may 2013 . ... accounting...

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