PKF RademeyerWesson TYGERBERG ASSOCIATION FOR PERSONS WITH PHYSICAL DISABILITIES ANNUAL FINANCIAL STATEMENTS FOR THE YER ENDED 31 MARCH 2015

Transcription

1 PKF ademeyerwesson TYGEBEG ASSOCIATION FO PESONS WITH PHYSICAL DISABILITIES ANNUAL FINANCIAL STATEMENTS FO THE YE ENDED 31 MACH 2015

2 TYGEBEG ASSOCIATION FO PESONS WITH PHYSICAL DISABILITIES ANNUAL FINANCIAL STATEMENTS FO THE YEA ENDED 31 March 2015 DIECTOS AND ADMINISTATION COMMITTEE MEMBES Mrs. P.G. Claassen (Chairperson) Mr. L.M. Smith (ViceChairperson) Mr. J. Bulterman (Treasurer) Mrs.. Theunissen (Secretary) Mrs. C.H.P. Bulterman (Additional member) Mr. A.J. Schreuder (Additional member) POSTAL ADDESS PO BOX 563 GOODWOOD 7459 BUSINESS ADDESS c/o 100 Voortrekker oad and Alice Street GOODWOOD 7460 AUDITOS PKF ademeyerwesson PO BOX 5700 TYGE VALLEY 7536

3 TYGEBEG ASSOCIATION FO PESONS WITH PHYSICAL DISABILITIES 1 ANNUAL FINANCIAL STATEMENTS FO THE YEA ENDED 31 MACH 2015 INDEX Page Auditor s eport 2 3 Sheet 4 Income Statement 5 6 Notes to the annual financial statements 7 9 APPOVAL The annual financial statements, as set out on pages 4 to 9, were approved by the committee and signed on behalf of them by: CHAIPESON COMMITTEE MEMBE 13 August 2015

4 PKF ademeyerwesson EPOT OF THE INDEPENDENT AUDITOS 2 To the members of the TYGEBEG ASSOCIATION FO PESONS WITH PHYSICAL DISABILITIES We have audited the financial statements of Tygerberg Association for Persons with Physical Disabilities, which comprise the Sheet as at 31 March 2015, the Income Statement for the year then ended, and other explanatory notes, as set out on pages 4 to 9. Management Committee s esponsibility for the Financial Statements The organisation s management committee is responsible for the preparation and fair presentation of these financial statements in accordance with the accounting policies set out in note 1. 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. 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 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Qualification As is common with similar organisations, it is not feasible for the organisation to institute accounting controls over cash collections from voluntary income 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. Qualified Audit Opinion In our opinion, except for the effect on the financial statements of the matter referred to in the preceding paragraph, the accompanying financial statements have been prepared, in all material respects, in accordance with the basis of accounting policies described in note 1. T +27(0) F +27(0) E info.cpt@pkf.co.za W Tyger Forum A, 2nd Floor, 53 Willie van Schoor Avenue, Tyger Valley, Cape Town, South Africa, 7530 PO Box 5700, Tyger Valley, Cape Town, South Africa, 7536 Partners: FE Wesson ademeyer MJ Strydom JH Kotze M Louw M Oosthuizen PKF ademeyerwesson is a member firm of the PKF South Africa Inc. network of legally independent firms in South Africa. PKF South Africa Inc. is a member firm of the PKF International Limited network of legally independent firms and does not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms. PKF in South Africa practise as separate incorporated entities in the Eastern Cape, Free State, Gauteng, KwaZuluNatal and Western Cape.

5 Emphasis of matter 3 Without qualifying our opinion, we emphasise that the basis of accounting and the presentation and disclosures contained in the financial statement are not intended to, and do not, comply with all (or, in most respects with) the requirements of International Financial eporting Standards. PKF ademeyerwesson Chartered Accountants (S.A.) egistered Auditors Per: M Oosthuizen Partner 13 August 2015 TYGE VALLEY

6 TYGEBEG ASSOCIATION FO PESONS WITH PHYSICAL DISABILITIES 4 BALANCE SHEET ON 31 MACH 2015 Notes ASSETS Noncurrent Assets Property, Plant and Equipment Current Assets Deposits Cash and Cash Equivalents Sundry Debtors VAT eceivable TOTAL ASSETS EQUITY AND LIABILITIES Capital and eserves April Net profit/(loss) for the year ( ) Current Liabilities Sundry Creditors TOTAL EQUITY AND LIABILITIES

7 TYGEBEG ASSOCIATION FO PESONS WITH PHYSICAL DISABILITIES INCOME STATEMENT FO THE YEA ENDED 31 MACH INCOME GANTS AND SUBSIDIES Department of Social Services Community Chest TS Berwitz Testamentary Trust National Lottery Distribution Trust Fund (NLDTF) FUND AISINGS Other events Lollipop Day Street Collections Casual Day Motor Car Competition INVESTMENT INCOME Dividends eceived Sanlam Interest eceived MIACLES WOKSHOP Contract work Needle Work Income ecycling Project OTHE INCOME Cent Donations Sundry Income Charity Shop Profit from Sale of Vehicle Membership fees 120 Photo Copies Donations Parent Leader Project Bloekombos Group TOTAL INCOME

8 TYGEBEG ASSOCIATION FO PESONS WITH PHYSICAL DISABILITIES INCOME STATEMENT FO THE YEA ENDED 31 MACH 2015 (continued) EXPENSES Accounting Fees Affiliation and Membership Fees Auditor s emuneration Bank Charges Charity Shop expenses Cleaning and efreshments Computer Expenses Craft Material Depreciation Equipment Hire Functions and Meetings Fund aising Expenses Motor Car Competition Lollipop Day Casual Day Commission Other events Garmin GPS Insurance Interest paid Independent Living Program Miracles Workshop Workshop Wages Parent Leader Project Peer Support Project Printing and Stationery Office Expenses Salaries Professional Staff Support Staff Association Contributions Security Sewing Material and Equipment (Bloekombos Group) Social Work Projects Staff Development Stipends Telephone and Postage Trailer Expenses 130 Trading Expenses Transport Expenses Fuel Depreciation epairs ent paid epairs and Maintenance NET POFIT/(LOSS) FO THE YEA ( ) NET POFIT/(LOSS) ACCUMULATED FUNDS ( )

9 TYGEBEG ASSOCIATION FO PESONS WITH PHYSICAL DISABILITIES 7 NOTES TO THE ANNUAL FINANCIAL STATEMENTS ON 31 MACH ACCOUNTING POLICY The following are the main accounting policies of the association that has been consequently applied in all material aspects, and are consistent with that of the previous accounting period, except where indicated otherwise. 1.1 Basis of presentation The financial statements have been prepared on the historical cost basis. 1.2 Property, Plant and Equipment Property, Plant and Equipment (owned and/or finance lease) are measured at the historical cost less depreciation. Depreciation on vehicles is calculated on the straightline method, in order to write down the cost of these assets (less the residual value) over the expected life as determined by the committee members. Depreciation on all other assets are calculated using the diminishing balance method: Furniture and Fittings Machinery and Equipment Computer Equipment Motor Vehicles 10% per annum 20% per annum 33.33% per annum 33.33% per annum 1.3 Income ecognition Cash receipts from charitable donations are recognised when it is received. Interest received is recognised when it accrues, except when the recovery thereof is doubtful. 1.4 Financial Instruments Initial recognition and measurement Financial instruments are recognised when the association becomes party to a transaction. Financial instruments are measured initially at cost price plus direct transaction costs. Subsequently, financial instruments are measured as follows: Debtors and other amounts receivable Debtors and other amounts receivable generated by the association are shown at cost less provision for doubtful or bad debts. Cash and cash equivalents Cash and cash equivalents are shown at fair value. Financial liabilities at amortised cost Financial liabilities at amortised cost include trade payables and long term loans. These financial liabilities are subsequently measured at amortised cost, using the effective interest method.

10 8 TYGEBEG ASSOCIATION FO PESONS WITH PHYSICAL DISABILITIES NOTES TO THE ANNUAL FINANCIAL STATEMENTS ON 31 MACH POPETY, PLANT AND EQUIPMENT 2.1 MOVABLE ASSETS Gross Carrying Amount Opening Additions Disposals Closing Furniture and Fittings Machinery and Equipment Motor Vehicles Computer Equipment Accumulated Depreciation Opening Depreciation Disposals Closing Furniture and Fittings Machinery and Equipment Motor Vehicles Computer Equipment Carrying Value The assets are depreciated as described in note CASH AND CASH EQUIVALENTS ABSA Money Market Account ABSA Cheque Account Petty Cash SUNDY DEBTOS Sundry Debtors Western Cape Association For Persons With Disabilities Loan

11 TYGEBEG ASSOCIATION FO PESONS WITH PHYSICAL DISABILITIES 9 NOTES TO THE ANNUAL FINANCIAL STATEMENTS ON 31 MACH NET POFIT/(LOSS) FO THE YEA 2015 Attributable to: 2014 Association ( ) National Lottery Distribution Trust Fund ( ) (NLDTF) Old Mutual Staff Community Builder (18 421) Programme ( ) 6. CAPITAL AND ESEVES Attributable to: Opening Net (Loss)/ Profit for the Year Transfers Closing Accumulated Funds National Lottery Distribution ( ) Trust Fund (NLDFT) Old Mutual Staff Community Builder Programme Social Work Projects (7 544) (7 544) Social Work Projects: Opening Project Income Project Expenses Closing Bathesda Helpmekaar (8 197) (8 197) Sports Day (7 544) (7 544) 7. SUNDY CEDITOS AND POVISIONS Accrued employee expenses