Umsobomvu Youth Fund Annual Report 2006 - Nyda

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notes to thefinancialstatementsfor the year ended31 March 200621 Related parties (continued)Company and GroupTypeRelatedpartiesPercentageshareholdingNature oftransactionLoans andinvestmentsgrantedTerms and conditionsJointventures1. Jointlycontrolled33% UYF has investedR8m with FESR8,6m(2005:FNB will lend funds to SME’sand remit collectionsassetwith a commitmentR7,4m)to UYF as and when received.with FNBto invest R8om.EnterpriseSolutions(FES)2. Jointly50% UYF undertook toR171kFNB will lend funds to SME’scontrolledinvest up to R1m of(2005: Nil)and remit collections to UYFasset withits own funds andas and when received.MassmartR1m of MassmartHoldingsFunds in franchisesLtdcosting less thanR150k.Associates1. Franchise80% UYF has investedR20mBusiness Partners will lendFund [en-R60m of its R100m(2005:funds to SME’s and remitcommanditecommitment inR20m)collections as from April 2008partnershipthe Franchiseto UYF.betweenFund in order toUYF andassist young, blackBusinessentrepreneurs toPartnersstart franchises.(Pty) Ltd]2. Chicken26% UYF has entered intoR446kThe interest rate on this loanKwasaa loan agreement(2005: Nil)is prime less 2%. Participation(Pty) Ltdwith Chicken Kwasafees (royalties) are charged at(Pty) Ltd for ana rate of the greater of 1,25%approved amountof actual gross monthlyUmsobomvu Youth Fund 2006 Financial Statements3. SerokoloHealthSolutions(Pty) Ltdof R1,75m.26% UYF has entered intoa loan agreementwith Serokolo HealthSolutions (Pty) Ltdfor an approvedamount of R1,2m.R560k(2005: Nil)revenue or R9 100 per month.The loan period is from March2005 to March 2010.The interest rate on this loanis prime. Participation fees(royalties) are charged at arate of the greater of 2,5% ofactual gross monthly revenueor R7 500 per month. The loanperiod is from October 2005to October 2010.76
GuaranteesLoanbalanceswithrelated partybefore Liabilityimpairment balancesInterestincomeRoyaltyincomeFrontendfeesOtherexpenseswithrelatedpartiesImpairmenton loanswith relatedpartyNoneNoneNoneR619kNoneNoneR5mR405k(2005: Nil)(2005:(2005: Nil)(2005:(2005:R811k)R1,8m)R947k)NoneR171k(2005: Nil)None None None None None NoneNone None None None None None R5,7m(2005:R5,7m)NoneNote 1R1,2mNoneR101kR109kNoneNoneNone(2005:(2005:(2005:(2005:R850k)R3k)R9k)R35k)Note 2R575k(2005: Nil)NoneR15k(2005: Nil)Nil – royaltycharges onlycommenceson 31 March2007.R30k(2005: Nil)NoneR590k(2005: Nil)Umsobomvu Youth Fund 2006 Financial Statements77
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facilitating facilitatingjob creati
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CapacityBuilding &ResearchProcess C
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performancefor yearunder reviewSkil
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oard ofdirectorsWe subscribe to aph
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executivecommitteeUmsobomvu Youth F
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chairman’sreportAdv Richard Molok
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chiefexecutiveofficer’sreport“
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chiefexecutive’sreport• Youth E
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operationalreviewUmsobomvu Youth Fu
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operationalreviewCompanies pledging
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Page 28 and 29: operationalreviewYouth Entrepreneur
Page 30 and 31: operationalreviewYouth Advisory Cen
Page 32 and 33: statement ofcorporategovernanceYout
Page 34 and 35: statement ofcorporategovernanceall
Page 36 and 37: statement ofcorporategovernanceYout
Page 38 and 39: statement ofcorporategovernancePhot
Page 40 and 41: statement ofresponsibilitiesand app
Page 42 and 43: eport ofthe auditcommitteeincomesta
Page 44 and 45: eportof thedirectorsincomestatement
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Page 48 and 49: incomestatementfor the year ended31
Page 50 and 51: statementof changesin reservesfor t
Page 52 and 53: notes to thefinancialstatementsfor
Page 84: contactinformationUmsobumvu Youth F
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Umsobomvu Youth Fund Annual Report 2006 - Nyda

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