siyaphambili otsk trust - SA-YES

SIYAPHAMBILI OTSK TRUST
(Trust Registration number IT2774/2010)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2011
L. Rubin & Company
Chartered Accountant (S.A.)
Registered Auditor
Issued 17 October 2011
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SIYAPHAMBILI OTSK TRUST
(Registration number IT2774/2010)
Financial Statements for the year ended 28 February 2011
GENERAL INFORMATION
country of incorporation and domicile
South Africa
Type of trust
Non-profit organisation
Trust registration number
IT2774/2010
Non-Profit Organisation number
088-299-NPO
Public Benefit Organisation reference number
930 035 691
Board of Trustees
Andrew Planting (Chairperson)
Malcolm Charles (Treasurer)
Michelle Potter (Secretary)
Mfundo Gallada
Leanne Gordon
John Harris
lain Lowe
Marit Mohn
Rahla Xenopoulos
Contact details
Tel:
+27 (0)21 788 3807
Email:
info@sa-yes.com
Website:
Registered office
www.sa-yes.com
PO Box 39205
Capricorn Square
Cape Town
South Africa
7948
Auditor
L. Rubin & Company
Chartered Accountant (SA)
Registered Auditor
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SIYAPHAMBILI
OTSK TRUST
(Registration number IT2774/2010)
Financial Statements for the year ended 28 February 2011
INDEX
The reports and statements set out below comprise the financial statements presented to the members:
INDEX
PAGE
3-4
Independent Auditor Report
Trustees' Responsibilities and Approval
5
6-7
Trustees' Report
Statement of Financial Position
8
Statement of Comprehensive Income
9
Statement of Changes in Equity
10
Statement of Cash Flows
11
Accounting Policies
12
Notes to the Financial Statements
13
The following supplementary
information does not form part of the financial statements and is unaudited:
Detailed Income Statement
14
Schedule of Donations Received
15
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L. RUBIN
CHARTERED
& COMPANY
ACCOUNTANTS
REPORT OF THE INDEPENDENT
(SA)
AUDITOR
TO THE MEMBERS OF SIYAPHAMBILI
OTSK TRUST
Report on the Financial Statements
I have audited the financial statements of Siyaphambili OTSK Trust, which comprise the statement of
financial position as at 28 February 2011, and the statement of comprehensive income, statement of
changes in equity and statement of cash flow for the year then ended, and a summary of significant
accounting policies and other explanatory notes, and the Trustees' Report as set out on pages 6 to 13.
Trustees'Responsibility
for the Financial Statements
The Trustees' are responsible for the preparation and fair presentation of these financial statements in
accordance with the International Financial Reporting Standard for Small and Medium-sized Entities.
This responsibility includes: designing, implementing and maintaining internal control relevant to the
preparation and fair presentation of financial statements that are free from material misstatement,
whether due to fraud or error; selecting and applying appropriate accounting policies; and making
accounting estimates that are reasonable in the circumstances.
Auditors Responsibility
My responsibility is to express an opinion on these financial statements based on my audit. I conducted
my audit in accordance with International Standards on Auditing. Those standards require that I
comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor's judgement, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the entity's
preparation and fair presentation of the financial statements in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by management, as
well as evaluating the overall presentation of the financial statements.
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my
qualified audit opinion.
Basis for Qualified Opinion
In common with similar organisations, it is not feasible for the Trust to institute accounting controls
over cash collections from donations prior to initial entry of the collections in the accounting records.
Accordingly, it was impracticable for us to extend our examination beyond the receipts actually
recorded.
3
101 Rubicor House, 17 Old Stanhope Road, Claremont 7700
Tel: 021671-5045'
Fax: 021671-7418
p.a. Box 23081, Claremont 7735 Cape Town'
Paul Wilson CA (SA) • Practice Number 903705
• Email: paul@lrubin.co.za
L. RUBIN & COMPANY
CHARTERED
ACCOUNTANTS
(SA)
Qualified Opinion
In my opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion
paragraph, the financial statements present fairly, in all material respects, the financial position of
Siyaphambili OTSK Trust as at 28 February 2011, and its financial performance for the year then ended
in accordance with the International Financial Reporting Standard for Small and Medium-sized Entities.
Supplementary
information
Without qualifying my opinion, I draw attention to the fact that the supplementary information set out
on pages 14 to 15 does not form part of the financial statements and is presented as additional
information. I have not audited this information and accordingly do not express an opinion thereon.
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Chartered Accountant (S.A)
Registered Auditor
Per: Paul Wilson
17 October 2011
Cape Town
4
101 Rubicor House, 17 Old Stanhope Road, Claremont 7700
p.a. Box 23081, Claremont 7735 Cape Town· Tel: 021671-5045· Fax: 021671-7418
Paul Wilson CA (SA) • Practice Number 903705 • Email: paul@lrubin.co.za
SIYAPHAMBILI OTSK TRUST
(Registration number IT2774/2010)
Financial Statements for the year ended 28 February 2011
TRUSTEES' RESPONSIBILITIES AND APPROVAL
The trustees are required to maintain adequate accounting records and are responsible for the content and
integrity of the financial statements and related financial information included in this report. It is their responsibility
to ensure that the financial statements fairly present the state of affairs of the trust as at the end of the financial
year and the results of its operations and cash flows for the period then ended, in conformity with the International
Financial Reporting Standard for Small and Medium-sized Entities. The external auditors are engaged to express an
independent opinion on the financial statements.
The financial statements are prepared in accordance with the International Financial Reporting Standard for Small
and Medium-sized Entities and are based upon appropriate accounting policies consistently applied and supported
by reasonable and prudent judgments and estimates.
The trustees acknowledge that they are ultimately responsible for the system of internal financial control
established by the trust and place considerable importance on maintaining a strong control environment. To enable
the trustees to meet these responsibilities, the board of trustees sets standards for internal control aimed at
reducing the risk of error or loss in a cost effective manner. The standards include the proper delegation of
responsibilities within a clearly defined framework, effective accounting procedures and adequate segregation of
duties to ensure an acceptable level of risk. These controls are monitored throughout the trust and all employees
are required to maintain the highest ethical standards in ensuring the trust's business is conducted in a manner
that in all reasonable circumstances is above reproach. The focus of risk management in the trust is on identifying,
assessing, managing and monitoring all known forms of risk across the trust. While operating risk cannot be fully
eliminated, the trust endeavours to minimise it by ensuring that appropriate infrastructure, controls, systems and
ethical behaviour are applied and managed within predetermined procedures and constraints.
The trustees are of the opinion, based on the information and explanations given by management, that the system
of internal control provides reasonable assurance that the financial records may be relied on for the preparation of
the financial statements. However, any system of internal financial control can provide only reasonable, and not
absolute, assurance against material misstatement or loss.
The trustees have reviewed the trust's cash flow forecast for the year to 29 February 2012 and, in the light of this
review and the current financial position, they are satisfied that the trust has or has access to adequate resources
to continue in operational existence for the foreseeable future.
The external auditor is responsible for independently reviewing and reporting on the trust's financial statements.
The financial statements have been examined by the trust's external auditor and their report is presented on page
3.
The financial statements
app;~lrd
set out on pages 6 to 14, which have been prepared on the going concern basis, were
of trustees on 17 October 2011 a~i~n
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airperson
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Treasurer
Cape Town
17 October 2011
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its behalf by:
SIYAPHAMBILI
OTSK TRUST
(Registration number IT2774/2010)
Financial Statements for the year ended 28 February 2011
TRUSTEES' REPORT
1.
REVIEW OF ACTIVITIES
Main business and operations
The trust is engaged in non-profit activities and operates principally in South Africa.
The operating results and state of affairs of the trust are fully set out in the attached financial statements and do
not in our opinion require any further comment.
Mission Statement and Philosophy:
Aiding the empowerment
of marginalised children and young people in South Africa.
The Trust has adopted the ubuntu philosophy held by the communities with whom we work closely in South
Africa. The concept of ubuntu emphasises the need for unity and a humanitarian ethic in decision-making.
The Trust works with the youth in planning their individual development
from a point of disenfranchisement to one of empowerment.
programmes
and aims to bring them
Non-profit Organisation
Siyaphambili OTSK Trust is registered with The Department
Registration number 088-299-NPO (14 March 2011).
2.
of Social Development as a Non-Profit Organisation,
GOING CONCERN
The Trustees would like to establish a level of reserves needed to bridge funding gaps and to cover possible
emergency expenditure.
The Trustees consider that the ideal level of reserves would be sufficient to cover
operating expenses for 3 months. The Trustees will begin implementing this policy in the coming year.
The financial statements have been prepared on the basis of accounting policies applicable to a going concern. This
basis presumes that funds will be available to finance future operations and that the realisation of assets and
settlement of liabilities, contingent obligations and commitments will occur in the ordinary course of business.
3.
EVENTS AFTER THE REPORTING PERIOD
On 10 August 2011 the name change referred to in note 5 below was registered at the Master of the Western Cape
High Court.
The trustees are not aware of any matter or circumstance arising since the end of the financial year and the date
of this report that materially affects the results of the association for the year ended 28 February 2011 or the
financial position at that date.
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SIYAPHAMBILI OTSK TRUST
(Registration number IT2774/2010)
Financial Statements for the year ended 28 February 2011
Trustees' Report
4.
TRUSTEES
The Trustees of the trust during the year and to the date of this report are as follows:
Andrew Planting (Chairperson)
Malcolm Charles (Treasurer)
Michelle Potter (Secretary)
Mfundo Gallada
Leanne Gordon
John Harris
lain Lowe
Marit Mohn
Rahla Xenopoulos
5.
SPECIAL RESOLUTIONS
The Trustees approved the name change of the Trust to The South African Youth Education for Sustainability Trust
(SA-YES) on 11 April 2011. The name change was registered at the Master of the Western Cape High Court on 10
August 2011.
6.
AUDITOR
L. Rubin & Company will continue in office for the next financial period.
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SIYAPHAMBILI
OTSK TRUST
(Registration number IT2774/2010)
Financial Statements for the year ended 28 February 2011
STATEMENT OF FINANCIAL
POSITION
2011
Note(s)
R
ASSETS
CURRENT ASSETS
Cash and cash equivalents
2
23300
23300
Total Assets
EQUITY AND LIABILITIES
EQUITY
Trust capital
Accumulated surplus
3
100
20348
20448
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
4
2852
23300
Total Equity and Liabilities
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SIYAPHAMBILI
OTSK TRUST
(Registration number IT2774/2010)
Financial Statements for the year ended 28 February 2011
STATEMENT OF COMPREHENSIVE INCOME
2011
Note(s)
5
Revenue
Operating expenses
R
46327
(25979)
Operating surplus
20348
Surplus for the year
20348
Other comprehensive income
20348
Total comprehensive income for the year
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SIYAPHAMBILI
OTSK TRUST
(Registration number IT2774/2010)
Financial Statements for the year ended 28 February 2011
STATEMENT OF CHANGES IN EQUITY
Trust capital
Accumulated
surplus
Total equity
R
R
R
Balance at 01 March 2010
Changes in equity
Surplus for the year
Increase in trust capital
100
Total changes
100
20348
20448
100
20348
20448
-
Balance at 28 February 2011
20348
20348
100
-
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SIYAPHAMBILI
OTSK TRUST
(Registration number IT2774/2010)
Financial Statements for the year ended 28 February 2011
STATEMENT OF CASH FLOWS
2011
Note(s)
R
CASH FLOWS FROM OPERATING ACTIVITIES
8
Cash generated from operations
23200
CASH FLOWS FROM FINANCING ACTIVITIES
100
Trust capital introduced
23300
Total cash movement for the year
Cash at the beginning of the year
2
Total cash at end of the year
23300
{2
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SIYAPHAMBILI
OTSK TRUST
(Registration number IT2774/2010)
Financial Statements for the year ended 28 February 2011
ACCOUNTING POLICIES
1.
PRESENTATION OF FINANCIAL STATEMENTS
The financial statements have been prepared in accordance with the International Financial Reporting Standard for
Small and Medium-sized Entities. The financial statements have been prepared on the historical cost basis, and
incorporate the principal accounting policies set out below. They are presented in South African Rands.
1.1 REVENUE
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the organisation and
the revenue can be reliably measured.
Revenue is measured at the fair value of the consideration received or receivable and represents the amounts
receivable for goods and services provided in the normal course of business, net of trade discounts and volume
rebates, and value added tax.
Interest is recognised, in surplus or deficit, using the effective interest rate method.
1.2 BORROWING COSTS
Borrowing costs are recognised as an expense in the period in which they are incurred.
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SIYAPHAMBILI
OTSK TRUST
(Registration number IT2774/2010)
Financial Statements for the year ended 28 February 2011
NOTES TO THE FINANCIAL
STATEMENTS
2011
R
2.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents consist of:
Bank balances
3.
23300
TRUST CAPITAL
Trust donation - Off The Street Kids Ltd (United Kingdom)
4.
100
TRADE AND OTHER PAYABLES
2852
Other payables
5.
REVENUE
46327
Donations received
6.
AUDITOR'S REMUNERATION
2850
Fees
7.
TAXATION
No provision has been made for 2011 tax as the trust has been approved as a public benefit organisation on 29
June 2011 in terms of section 30 of the Income Tax Act and the receipts and accruals of the trust are exempt from
income tax in terms of section 10(1)(cN) of the Income Tax Act.
The organisation has also been approved for purposes of Section 18A(1)(a) of the Act and donations to the
organisation will be tax deductible in the hands of the donors in terms of and subject to the limitations prescribed
in section 18A of the Act.
8.
CASH GENERATED FROM OPERATIONS
20348
Surplus before taxation
Changes in working capital:
2852
Trade and other payables
23200
9.
COMPARATIVE FIGURES
No comparative figures have been presented as these are the first financial statements of the trust.
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SIYAPHAMBILI
OTSK TRUST
(Registration number IT2774/2010)
Financial Statements for the year ended 28 February 2011
DETAILED INCOME STATEMENT
Note(s)
REVENUE
Donations received
2011
R
46327
OPERATING EXPENSES
Accounting fees
Auditors remuneration
Bank charges
8300
2850
1
100
7137
112
329
556
6
Legal expenses
Mentor recruitment & training
Postage
Printing and stationery
Programme Co-ordinator expenses
Rent paid
Telephone and fax
Training material
1533
2599
2247
215
Volunteer expenses
25979
20348
Surplus for the year
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The supplementary information presented does not form part of the financial statements and is unaudited
SIYAPHAMBILI
OTSK TRUST
(Registration number IT2774/2010)
Financial Statements for the year ended 28 February 2011
SCHEDULE OF DONATIONS
1.
DONATIONS
RECEIVED
RECEIVED
2011
R
10327
500
20000
15500
Off The Street Kids Ltd
Ackermann Foundation
1 Tap capital (Andrew Planting)
Epic Bike Ride - Various
46327
h C2
15
The supplementary
information
presented does not form part of the financial statements and is unaudited