Umsobomvu Youth Fund Annual Report 2006 - Nyda

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eportof thedirectorsincomestatementsfor the year ended31 March 2006Capitalisation and going concernThe initial capitalisation of the Fund was by way of a 2,5% levyimposed on the proceeds of the demutualisation of Sanlamand Old Mutual (Demutualisation Levy Act, 50 of 1998) and hasbeen treated as deferred income.No new funding has since been obtained, however UYF hassuccessfully leveraged funding from strategic partnerships, tocontribute towards the sustainability of UYF-initiated and/orfunded projects.The Fund has been authorised by its Board to utilise itsAccumulated Reserves to continue its grant making andinvestment operations.The Fund has submitted its application for recapitalisation toits Shareholder in May 2006, and awaits a decision from theNational Cabinet.Notwithstanding the confirmation of the recapitalisation of theFund, the Directors have evaluated Management’s forecastsand approved contingency plans, and consider that, as atdate of the approval of the financial statements, the Fund hasadequate resources to operate as a going concern at leastuntil 30 September 2007. For this reason, the Fund continuesto adopt the going concern basis for the preparation of thefinancial statements.DirectorsThe following persons served as Directors of the Fund at thefinancial year-end 31 March 2006:Non-executive DirectorsAdv Richard Moloko (Chairman) – CEO of Akani LeisureInvestments and a shareholder in G0ld Reef City Casino.Mr Kgomoco Diseko – CHIETA Project Specialist representing theNedlac Community constituency.Dr Sean Phillips – Chief Operations Officer from the Departmentof Public Works.Ms Maphomolo Tsiki – Chief Director from the Department ofTrade and Industry.Ms Vuyiswa Tulelo – Commissioner from the National YouthCommission.Executive DirectorMr Malose Kekana – Chief Executive Officer of UmsobomvuYouth Fund.Mr Vishwapre Suparsad, General Manager from the BankingCouncil representing the Nedlac Business constituency, servedon the Board of Directors, until his untimely passing in February2006.The term of the current Board is with effect from 1 June 2004until 31 May 2007.Subsequent eventsThe Directors are not aware of any matter or circumstancearising since 31 March 2006 and to date of this report, not dealtwith in the annual financial statements that would significantlyaffect the operations or the results of the Fund, other than thefollowing:• Project funding commitmentsFrom the period 1 April 2006 to 30 June 2006, the Fund’s projectcommitments, after following internal governance processes,are stated as follows:2006 2005Rand RandApproved and contracted 14 304 718 30 417 981Approved, but not yetcontracted 18 729 628 23 599 065Mr Jeffrey du Preez – Chief Director from the Department of Labour.33 034 346 54 017 046Umsobomvu Youth Fund 2006 Financial StatementsMr Willy Madisha – President of COSATU and SADTU representingthe Nedlac Labour constituency.Ms Dumo Motau – Director from the National Treasury.44
• Micro Finance integrationPost financial year-end, the Fund was implementing measuresto integrate the loan books of its Micro Finance intermediaries,namely The Nations Trust and the NICRO Enterprise Finance,into the normal lending operations of UYF.The gross values of the loan books as at 1 April 2006 wereas follows:2006 2005Rand RandThe Nations Trust 9 320 000 5 400 000NICRO Enterprise Finance 2 425 000 2 356 76611 745 000 7 756 766The disclosure required by IFRS 3, for business combinationsafter the balance sheet date and before the financial statementswere authorised for issue, has not been disclosed. It is notpractical to provide for such disclosure as the legal agreementshave not yet been concluded.BankersStandard Bank of Southern AfricaAuditorsErnst & YoungCompany secretaryMr Cyprian Chama KamukwambaCompany registration number1999/028039/08Registered 0fficeUmsobomvu House11 Broadwalk AvenueHalfway HouseMidrandSouth AfricaPostal addressPO Box 982Halfway House1685balancesheetsat 31 March 2006Adv Richard MolokoChairmanMr Malose KekanaChief Executive Officer31 July 2006Umsobomvu Youth Fund 2006 Financial Statements45
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Umsobomvu Youth Fund Annual Report 2006 - Nyda

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