Umsobomvu Youth Fund Annual Report 2006 - Nyda

GROUP AND COMPANY2006 2005RandRand13 Cash on callCash deposited with the Corporationfor Public Deposits (CPD) 620 811 467 808 137 876Interest is computed daily. The average interest ratefor the 12 months ended 31 March 2006 was6,67% per annum (2005: 7,27%).14 Deferred grant incomeBalance at beginning of year 524 398 425 671 889 678Released to income: (158 091 847) (147 491 253)External project disbursements (90 490 862) (91 951 329)Internal project disbursements (27 385 250) (12 550 178)Project-related operating expenses (40 215 735) (42 989 746)Direct, indirect costs and share of overheads (47 512 946) (42 989 746)Written off to accumulated reserves (7 297 211) –Balance at end of year 366 306 578 524 398 425Made up as follows:Committed 242 050 119 280 306 690Uncommitted – Restricted 124 256 459 74 623 454Uncommitted – Unrestricted – 169 468 281Balance at end of year 366 306 578 524 398 425Deferred grant income represents the balance of unexpended amounts previously received from theproceeds of the demutualisation levy.Analysis of balance of committed funds, by DivisionSkills Development and Transfer 20 165 677 20 077 298Process Cycle Management 3 944 201 7 067 852Contact, Information and Counselling 2 672 277 4 568 686Entrepreneurship Financing 188 561 164 222 922 617Business Development Services 26 517 502 25 507 816Communications 49 912 23 035Research and Development 139 386 139 386242 050 119 280 306 690Included in the Entrepreneurship Financing commitments, is the balance of the committed funds in the ProgressFund of R109,2 million (2005: R118,1 million) and Franchise Fund of R66,4 million (2005: R92,7 million).Umsobomvu Youth Fund 2006 Financial Statements69