Umsobomvu Youth Fund Annual Report 2006 - Nyda

COMPANYAs Effect of Effect ofpreviously error in transition Asreported estimates to IFRS restatedRand Rand Rand Rand2.2 Reconciliation of reserves at 1 April 2005 (continued)Income statement – 31 March 2005Income 219 763 643 (113 412) 1 562 086 221 212 317Interest received 69 783 319 – – 69 783 319Administration fees 1 098 538 – – 1 098 538Profit from sale of investments 1 690 291 – – 1 690 291Profit from disposal of property,plant and equipment 15 436 – – 15 436Grant utilised 147 604 665 (113 412) – 147 491 253Fair value adjustment to associate – – 1 562 086 1 562 086Repayment of management fee (434 133) – – (434 133)Other income 5 527 – – 5 527Expenses (178 355 266) 745 914 – (177 609 352)Operating expenses (30 750 601) 632 502 – (30 118 099)Project disbursements (147 604 665) 113 412 – (147 491 253)Surplus from operations 41 408 377 632 502 1 562 086 43 602 965Share of profits/(loss) from joint venture – – – –Share of profits from associates – – – –Surplus for the year 41 408 377 632 502 1 562 086 43 602 965Umsobomvu Youth Fund 2006 Financial Statements57