Ronald McDonald House Charities of South Africa NPC Registration number 2012/036626/08. ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 April 2016
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1 egistration number 2012/036626/08 ANNUAL FINANCIAL STATEMENTS FO THE YEA ENDED 30 April 2016
2 GENEAL INFOMATION Country of incorporation and domicile South Africa Nature of business Charitable services Directors G. Solomon L.P. Chirwa G.T. Manyaka S..B. Skhosana N. Marcel D. Sekhukhune T. Motsepe egistered office 23rd Floor 46 Main oad Claremont 7708 Business address 85 Grayston Drive Sandton 2196 Postal address PO Box 1522 Gallo Manor 2052 Bankers First National Bank Auditors Ernst & Young Chartered Accountants (S.A.) Page 2 of 14
3 INDEX The reports and statements set out below comprise the annual financial statements presented to the directors: Contents Page Directors' esponsibilities and Approval 4 Independent Auditors' eport 5 Directors' eport 6 Statement of Financial Position 7 Statement of Comprehensive Income 8 Statement of Changes in Equity 9 Statement of Cash Flows 10 Accounting Policies Notes to the Annual Financial Statements 13 The following supplementary information does not form part of the annual financial statements and is unaudited: Notes to the Annual Financial Statements (continued) Detailed Income Statement 14 Preparer S A Pinks Accounting Services Published August 2016 Page 3 of 14
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5 EY 102 ivonia oad Sandton Private Bag X14 Sandton 2146 Ernst & Young Incorporated Co. eg. No. 2005/002308/21 Tel: +27 (0) Fax: +27 (0) Docex 123 andburg ey.com INDEPENDENT AUDITO S EPOT To the Directors of onald McDonald House Charities of South Africa NPC We have audited the financial statements of onald McDonald House Charities of South Africa NPC, set out on pages 7 to 13, which comprise the statement of financial position as at 30 April 2016, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and the notes, comprising a summary of significant accounting policies and other explanatory information. Directors esponsibility for the Financial Statements The company s directors are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial eporting Standards and the requirements of the Companies Act of South Africa, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s esponsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about 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. Basis for Qualified Opinion Cash collections from donations are a significant source of revenue for onald McDonald House Charity of South Africa. The directors have determined that it is impracticable to establish internal controls over the collection of cash from donation boxes prior to the initial entry into their financial records. We were therefore unable to confirm whether all cash collections relating to the donation boxes were recorded. Our opinion for the prior year was also modified in this regard. Qualified Opinion In our 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 onald McDonald House Charities of South Africa as at 30 April 2016, and its financial performance and cash flows for the year then ended in accordance with International Financial eporting Standards. Other reports required by the Companies Act As part of our audit of the financial statements for the year ended 30 April 2016, we have read the Directors eport and the Detailed Income Statement for the purpose of identifying whether there are material inconsistencies between these reports and the audited financial statements. These reports are the responsibility of the respective preparers. Based on reading these reports, we have not identified material inconsistencies between these reports and the audited financial statements. However, we have not audited these reports and accordingly do not express an opinion on them. Ernst & Young Inc. Director Derek Engelbrecht egistered Auditor Chartered Accountant (SA) 12 October 2016
6 DIECTOS' EPOT The directors submit their report on the annual financial statements for the year ended 30 April Nature of business onald McDonald House Charities of South Africa NPC was incorporated in South Africa and is engaged in the business of charitable services. There have been no material changes to the nature of the company's business from the prior year. 2. eview of financial results and activities The annual financial statements have been prepared in accordance with International Financial eporting Standards and the requirements of the Companies Act 71 of The accounting policies have been applied consistently compared to the prior year. Full details of the financial position, results of operations and cash flows of the company are set out in these annual financial statements. 3. Directorate The directors in office at the date of this report are as follows: G. Solomon L.P. Chirwa G.T. Manyaka S..B. Skhosana N. Marcel D. Sekhukhune T. Motsepe 4. Events after the reporting period The directors are not aware of any matter or circumstance arising since the end of the financial year that has a material impact on the annual financial statements. 5. Auditors Ernst & Young Inc Page 6 of 14
7 STATEMENT OF FINANCIAL POSITION AS AT 30 April 2016 Assets Note(s) Non-Current Assets Property, plant and equipment Current Assets Cash and cash equivalents Total Assets Equity and Liabilities eserves etained income Liabilities Current Liabilities Trade and other payables Total Equity and Liabilities Page 7 of 14
8 STATEMENT OF COMPEHENSIVE INCOME evenue Operating expenses Operating profit Investment revenue Surplus for the year Page 8 of 14
9 STATEMENT OF CHANGES IN EQUITY etained Total Income Equity Balance at 01 May Surplus for the year Balance at 01 May Surplus for the year Balance at 30 April Page 9 of 14
10 STATEMENT OF CASH FLOWS Note(s) Cash flows from operating activities Cash generated from operations Interest income Net cash from operating activities Cash flows from investing activities Purchase of property, plant and equipment Total cash movement for the year Cash at the beginning of the year Total cash at end of the year ^ Page 10 of 14
11 ACCOUNTING POLICIES 1. Presentation of Annual Financial Statements The annual financial statements have been prepared in accordance with the International Financial eporting Standards and the Companies Act 71 of The annual 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 ands. These accounting policies are consistent with the previous period. 1.1 Property, plant and equipment The cost of item of property, plant and equipment is recognised as an asset when: - It is probable that future economic benefits associated with the item will flow to the company, and - The cost of the item can be measured reliably Property, plant and equipment is initially measured at cost. Costs include costs incurred initially to acquire or construct an item of property, plant and equipment and costs incurred subsequently to add to, replace part of, or service it. If a replacement cost is recognised in the carrying amount of an item of property, plant and equipment, the carrying amount of the replaced part is derecognised. Property, plant and equipment are depreciated on the straight line basis over their expected useful lives to their estimated residual value. Property, plant and equipment is carried at cost less accumulated depreciation and any impairment losses. The useful lives of items of property, plant and equipment have been assessed as follows: Item Improvements to land and buildings Furniture and fixtures Office equipment Donation boxes Average useful life 6-10 years 6-10 years 2-5 years 6 years The residual value, useful life and depreciation method of each asset are reviewed at the end of each reporting period. If the expectations differ from previous estimates, the change is accounted for as a change in accounting estimate. 1.2 Financial instruments Initial recognition and measurement Financial instruments are recognised initially when the company becomes a party to the contractual provisions of the instrument. The company classifies financial instruments, or their component parts, on initial recognition as a financial asset, a financial liability or an equity instrument in accordance with the substance of the contractual arrangement. Financial instruments are measured initially at fair value, except for equity investments for which a fair value is not determinable, which are measured at cost and are classified as available-for-sale financial assets. For financial instruments which are not at fair value through profit or loss, transaction costs are included in the initial measurement of the instrument. Trade and other receivables Trade and other receivables are measured at amortised cost using the effective interest method. At the end of each reporting period, the carrying amounts of trade and other receivables are reviewed to determine whether there is any objective evidence that the amounts are not recoverable. If so, an impairment loss is recognised immediately in the statement of comprehensive income. Cash and cash equivalents Cash and cash equivalents comprise cash on hand, demand deposits and other short-term highly liquid investments that are readily convertible to known amount of cash. These are initially and subsequently recorded at fair value. 1.3 Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Financial liabilities include trade and other payables. Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IAS 39 are satisfied. Page 11 of 14
12 ACCOUNTING POLICIES continued 1.4 evenue Primary evenue evenue comprises grants and donations received Other Income Income from the sale of goods is recognised when all the following conditions have been satisfied: - the company has transferred to the buyer the significant risks and rewards of ownership of the goods, - the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold, - the amount of revenue can by measured reliably, - it is probable that the economic benefits associated with the transaction will flow to the company and - the costs incurred or to be incurred in respect of the transaction can be measured reliably. When the outcome of a transaction involving the rendering of services can be estimated reliably, revenue associated with the transaction is recognised by reference to the stage of completion of the transaction at the end of the reporting period. The outcome of a transaction can be estimated reliably when all the following conditions are satisfied: - the amount of revenue can be measured reliably; - it is probable that the economic benefits associated with the transaction will flow to the company; - the stage of completion of the transaction at the end of the reporting period can by measured reliably; and - the costs incurred for the transaction and the costs to complete the transaction can be measured reliably. When the outcome of the transaction involving the rendering of services cannot be estimated reliably, revenue shall be recognised only to the extent of the expenses recognised that are recoverable. Interest is recognised, in profit or loss, using the effective interest rate method. 1.5 Standards Issued but not yet Effective IFS 15 evenue from Contracts with Customers IFS 15 was issued in May 2014 and establishes a five-step model to account for revenue arising from contracts with customers. Under IFS 15, revenue is recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. The new revenue standard will supersede all current revenue recognition requirements under IFS. Either a full retrospective application or a modified retrospective application is required for annual periods beginning on or after 1 January 2018, when the IASB finalises their amendments to defer the effective date of IFS 15 by one year. Early adoption is permitted. The entity plans to adopt the new standard on the required effective date using the full retrospective method Financial Instruments In July 2014, the IASB issued the final version of IFS 9 Financial Instruments that replaces IAS 39 Financial Instruments. ecognition and Measurement and all previous versions of IFS 9. IFS 9 brings together all three aspects of the accounting for financial instruments, project classification and measurement, impairment and hedge accounting. IFS 9 is effective for annual periods beginning on or after 1 January 2018, with early application permitted. Except for hedge accounting, retrospective application is required but providing comparative information is not compulsory. For hedge accounting, the requirements are generally applied prospectively, with some limited exceptions. The entity plans to adopt the new standard on the required effective date. The entity expects no significant impact on its balance sheet and equity except for the effect of applying the impairment requirements of IFS 9. Page 12 of 14
13 NOTES TO THE ANNUAL FINANCIAL STATEMENTS 2. Property, plant and equipment Cost Accumulated Carrying Cost Accumulated Carrying Depreciation Value Depreciation Value Improvements to land and buildings Furniture and fixtures econciliation of property, plant and equipment 2016 Opening balance Additions Depreciation Total Improvements to land and buildings Furniture and fixtures Cash and cash equivalents Cash and cash equivalents consist of: Cash on hand Bank balance Trade and other payables Trade payables Other payables Terms and conditions of the above financial liabilities: * Trade and other payables are non-interest bearing and are normally settled on 60-day terms 5. Taxation No provision has been made for 2016 tax as the company has no taxable income. The company is a non-profit organisation and is therefore exempt from paying tax Cash generated from operations Surplus for the year Adjustments: Depreciation Interest received Changes in working capital: Trade and other payables Page 13 of 14
14 NOTES TO THE ANNUAL FINANCIAL STATEMENTS (continued) 7. Detailed income statement evenue Donations received - Individuals Donations received - Corporate Income from donation boxes and fund raisers Other income Interest received Operating expenses Accounting fees Advertising & Promotions Bank charges Conference fees Consulting fees Consumables and cleaning expenses Depreciation Employee costs Entertainment Fund raising expenses Minor assets Printing, stationery and postage epairs and maintenance Secretarial fees Staff welfare Subscriptions Telephone and fax Travel - local Travel - overseas Uniforms Surplus for the year Page 14 of 14
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