Umsobomvu Youth Fund Annual Report 2006 - Nyda

GROUPAs 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 217 261 772 (113 412) 1 562 086 218 710 446Interest received 68 971 739 – – 68 971 739Administration fees 1 098 538 – – 1 098 538Profit 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 38 906 506 632 502 1 562 086 41 101 094Share of profits from joint venture 4 925 499 – – 4 925 499Share of profits from associates 2 534 088 – (2 534 088) –Surplus for the year 46 366 093 632 502 (972 002) 46 026 593Umsobomvu Youth Fund 2006 Financial Statements59