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2018ANNUAL REPORT

SUCCESS IS WHAT YOU INSPIRE OTHERS TO DO

CONTENTS1 2018 HIGHLIGHTS - FURNTECH

2 2018 HIGHLIGHTS - INCUBATION

3 2018 HIGHLIGHTS - SKILLS DEVELOPMENT

4 MESSAGE FROM THE CHAIRPERSON

6 REPORT BY THE CHIEF EXECUTIVE OFFICER

8 WHAT DO WE DO?

9 CORPORATE GOVERNANCE

12 FURNTECH CLIENT RECOGNITION INITIATIVE

13 INTERNAL AWARDS

14 CORPORATE SOCIAL INVESTMENT

16 CELEBRATING ACHIEVEMENTS AND OPPORTUNITIES

27 MATTERS RELATING TO THE MOA AND THE PFMA

28 FINANCIAL PERFORMANCE

35 MEMBERS OF THE BOARD OF TRUSTEES

36 TEAM CREDO FURNTECHSTAFF44

2018ANNUAL REPORT

1F U R N T E C H A N N U A L R E P O R T 2 0 1 8

2018HIGHLIGHTSFURNTECH

STAFF GENDERDISTRIBUTION

42%58%

UNQUALIFIEDAUDITS16 SEDA Supported Centres

Cape Town Nyanga Mthatha Umzimkhulu Durban/KwaMashu Johannesburg White River

Partner Supported Centres Transnet: Transnet-Furntech

Furniture Manufacturing Incubator in Shayandima

10 Years’ Service Marry Zitha Pretty Motloung Bonakele Mfeka Kevin Govender

CENTRES

Thembelihle Zulu Facilitator Furntech KwaMashu

I AM VERY PEOPLE ORIENTATED SO THE BIGGEST JOY I RECEIVE AS A MEMBER OF TEAM FURNTECH, IS THE ROLE I GET TO PLAY IN HELPING OUR TRAINING AND

INCUBATION CLIENTS ACHIEVE THEIR DREAMS AND CHANGE THEIR LIVES. FURNTECH HAS ALSO HELPED ME CHANGE MY LIFE, AS SOMEONE WHO WASN’T EVEN ABLE TO USE

A DRILL, I CAN NOW OPERATE MOST OF THE MACHINES IN THE

WORKSHOP, UPHOLSTER AND SPRAY PAINT FURNITURE ITEMS. I AM

THANKFUL FOR THE OPPORTUNITIES PROVIDED TO ME AND LOOK

FORWARD TO CONTINUING THIS JOURNEY WITH FURNTECH.

2 F U R N T E C H A N N U A L R E P O R T 2 0 1 8

2018HIGHLIGHTSINCUBATION

CLIENTS

94SMME’S SUPPORTED

CLIENTS SUPPORTED

174SMME’S ESTABLISHED

PROJECTS INITIATED

JOBS AND EQUITY

NEW PERMANENT JOBS

96

ON SITECLIENTS

CASUALJOBS

VIRTUAL CLIENTS

21

TOTAL NUMBER OFEMPLOYESS IN PROGRAMME

YOUTH OWNED CLIENTS

62% 94BLACK OWNEDCLIENTS

%

WOMEN OWNEDCLIENTS


Incubatees Industry Based

Learners

Other Learners

14

93

152

0

50

100

150

200

TOTAL NUMBER OF LEARNERS 259

2018HIGHLIGHTSSKILLS DEVELOPMENT

GENDERDISTRIBUTION

24%

74%

Male Female

38%

6%38%1%17%

Learnerships

Skills Programmes

Short Courses

RPL

Special Projects

PROGRAMMEDISTRIBUTION

79%11%5%5%

Black

Coloured

Indian

White

RACEDISTRIBUTION


04

The European Union definition of a business incubator is ‘an organization that accelerates and systematizes the process of creating successful enterprises by providing them with a comprehensive and integrated range of support, including incubator space, business support services, clustering and networking opportunities.

Furntech’ s operations fit in the centre of the definition as we continue with our trend of growth by developing more small businesses. Furntech is in the strategic busi-ness of wealth creation (small business development)

Business incubation as a concept has evolved over time. It is defined and understood differently by various scho-lars, however, most scholarship on business incubation suggests that there is uniformity in understanding busi-ness incubators as strategic tools to achieve sustainable economic development. In addition, there is consensus among many analysts that a business incubator is an organization that provides various targeted business support and technical support services aimed at growing emerging and small start-up business enterprises into financially and operationally independent enterprises.

MESSAGE FROM THE CHAIRPERSON OF THE BOARD OF TRUSTEES

GLOBALLY, START-UP ENTERPRISES HAVE BEEN FOUND TO HAVE A HIGH MORTALITY RATE PARTICULARLY IN THEIR EARLY AND MOST VULNERABLE STAGES OF EXISTENCE, AND THIS IS ESPECIALLY PREVALENT IN THE DEVELOPING WORLD. IN RESPONSE TO POOR SURVIVAL RATES OF SMALL, MEDIUM AND MICRO-ENTERPRISES (SMMES), BUSINESS INCUBATION HAS BEEN IDENTIFIED AS A TOOL TO HELP FOSTER START-UPS AS WELL AS TO SUPPORT EXISTING SMMES DURING THEIR EARLY STAGES OF BUSINESS DEVELOPMENT (AS SEEN BY RICE 2002; AL-MUBARAKI AND BUSLER 2010; INFODEV 2010A, B, C). BUSINESS INCUBATION THEREFORE IS A CRITICAL TOOL FOR ENSURING THE SURVIVAL OF START-UP SMALL ENTERPRISES.


and human capital development (technical and business skills training) which place us in an ideal position to contribute to the government’s focus on incubation. This ideal position Furntech finds itself in is made possible because our stakeholders and partners recognize the fact that Furntech Team has consistently achieved their objectives of contributing to the growth of the furniture and wood products industries by offering world-class skills development and innovative business technology incubation services. What makes Furntech different from other skills development providers is its resolve to not “train for the sake of training” but rather to work with its stakeholders to identify their needs and to develop solutions to address these needs. These stakeholders are a diverse group that includes corporate and small employers from formal industry, national and local government departments, parents, learners and disabled learners in urban, rural and semi-rural areas.

The past year as any other year has not gone by without its challenges and external environmental factors in the international and national economic area which impact severely on Furntech and its clients and which was outside our control. The biggest challenge over the past year has been the volatile economic and political environment, which since January 2018 saw major improvements. This will bode well for the economy and especially the small business sector. The Board however believes that Furntech’ s achievements during this financial year confirm that its award-winning model of combining skills development and business incubation is a socially, morally and economically viable solution to creating jobs and growing businesses. It

stimulates entrepreneurial capacity in the youth and provides an enabling environment that assists start-up businesses, particularly those in rural and semi-rural areas, to become sustainable.

It remains our mission to nurture selected individuals and businesses who are working towards a future in which they can contribute to the reduction of poverty and unemployment. This can only be achieved through sustained growth and continuous improvement. Some of the key activities that I would like to see us focusing on going forward include:

Developing the Next Generation of EntrepreneursOur mission is to focus on engaging the next generation of entrepreneurs via skills development and innovation with the aim of building leadership and entrepreneurship skills and thereby enhancing the capacity of selected individuals and businesses to address local and global economic challenges.

Empowering Women The furniture industry is noted for the low levels of female entrepreneurs. Furntech is committed to increasing opportunities for women entrepreneurs as this is critical to achieving wide-scale gender equity and significant social and economic reforms.

Promoting Sustainability through Skills Development and servicesFurntech has a stunning collection of diverse experience and skills that rests within Team Furntech (The Board

of Trustees and Staff) who are united by a common passion for excellence and human resource develop-ment. There is a culture of client-centred innovation and excellence within Furntech. It is a culture that we espouse with pride that has been developed by a team of dedicated professionals. The skills and dedi-cation of Team Furntech – supplemented by external networks – are thus the basis of our success.

I would like to extend the Board’s gratitude to all our stakeholders for their continued support of Furntech over the past year, and I want to make special mention of and acknowledge Seda for their continued support. I would also like to give a special thanks to TEAM Furntech for their dedication, hard work and commitment in ensuring that the needs of the clients and stakeholders are constantly met or exceeded. I urge Team Furntech to continue with its good work and remember Furntech belongs to the people of South Africa and those who share our commitment to people development.

Adv. Sibongile SigodiChair of the Furntech Board of Trustees

specialists (BDS) appointed by the incubator and thus the responsibility to make the business succeed moves from the entrepreneur to the BDS. Failure then becomes invertible.

It is critical for incubators to deliver on their economic value adding potential and to do so in a manner that contributes to the sustainability of both the incuba-tor and the entrepreneurs it supports. It is also vital that incubation as an industry in South Africa remains

REPORT BYTHE CHIEF EXECUTIVE OFFICER06

F U R N T E C H A N N U A L R E P O R T 2 0 1 8

THERE IS AN INTERNATIONAL DISCOURSE THAT SAYS THAT SMEs ARE THE BIGGEST EMPLOYERS AND CREATORS OF JOBS. THIS IS BORNE OUT OF A 2010 REPORT BY ABOR AND QUARTEY WHICH ESTIMATED THAT SMEs ACCOUNT FOR OVER 60% OF FORMAL EMPLOYMENT IN SOUTH AFRICA. IN CONTRAST, THE INDUSTRIAL DEVELOPMENT THINK TANK BASED AT THE UNIVERSITY OF JOHANNESBURG INDICATED THAT 22 OUT OF 80 MANUFACTURING SUB-SECTORS ARE DOMINATED BY A SMALL NUMBER OF FIRMS (SUNDAY TIMES, 20 MAY 2018) AND VARIOUS REPORTS ESTIMATE THAT THESE SMALL NUMBER OF FIRMS HAVE A MARKET SHARE OF APPROXIMATELY 70%. IN MAY 2014, MINISTER OF TRADE AND INDUSTRY, ROB DAVIES NOTED THAT AS MANY AS 70% OF THE COUNTRY’S SMEs FAIL IN THEIR FIRST YEAR.

Incubators, through public and private sector initiatives, provide an amazing array of support services to the emerging entrepreneur. However, we need to heed the so-called “incubator syndrome.” This is a double-edged sword where the incubator is seen as the default position for local economic initiatives without any proper feasibility study. The flip side of the so-called “incubator syndrome” is where the entrepreneurs surrender their initiative and judgement to business development

Given this current environment; the propensity of SMEs to create jobs; and the high early stage failure, the role of incubators as a tool for local economic development has become crucial to the development of the South African Economy. It is worth reiterating that the principle aim of a business incubator is to encourage the development of new businesses as within the local community so as to increase the number of available jobs in the area and to help revitalise the local economy.

6


Michael ReddyChief Executive Officer

LAST, BUT CERTAINLY NOT LEAST, I WOULD LIKE TO THANK THE ENTIRE

TEAM FURNTECH (BOTH BOARD AND STAFF) FOR THEIR STEADFAST

COMMITMENT, LOYALTY, SHEER RESILIENCE AND IMMEASURABLE CONTRIBUTION TOWARDS OUR CLIENTS’ SUCCESS. THE SOLID

FOUNDATION LAID BY OUR BOARD OF TRUSTEES AND THE ONGOING DEDICATION AND DESIRE FROM

OUR STAFF TOWARDS ACHIEVING EXCELLENCE HAS GIVEN THE ORGANIZATION THE TOOLS TO

WEATHER UNFAVORABLE CONDITIONS AND TO CONTINUE DELIVERING VALUE

TO OUR CLIENTS AND PARTNERS. LONG MAY WE ENDURE…

competitive, world class, held to certain standards of delivery and its focus is not diluted in the plethora of different business support mechanisms that are currently available and seemingly springing up every other day.

In lieu of this, April 2018 will see the re-launch of the Southern African Business Technology Association (SABTIA), that will seek to promote and coordinate business incubation in Southern Africa. There are many International Incubator Associations in existence however the recent trend in most has been on devel-oping an inward focus. The re-launch of SABTIA thus represents an opportunity for a credible association that is “for us, by us” and I am pleased to have been appointed as a Member of the Board.

The year past has been fraught with challenges, ex-perienced both on a micro level and in terms of the entire economy. Whilst there is still a largely positive sentiment around business incubation, there has been increasing pressure to “do more with less”. This has forced us to re-examine our key operations and to apply innovative thinking and methodology to increase our value offering to our clients while simultaneously maxi-mizing our efficiency and economy in implementation.

Apart from sustainability, a key focus in the upcoming year will be on impact. In line with the needs of the country, we need to ensure that our achievements lead to more significant impact especially regarding client turnovers and employment creation. We will need to break

any shackles of complacency and comfort to move our organization to the next level and to “CREATE EXTRAORDINARY”

It goes with saying that we do not operate in isolation and none of our achievements would be possible without the support of our partners which, as testament to the benefit of diverse collaboration, includes both government and private sector entities that believes in and supports small business development and entrepreneurship as much as we do. I would like to acknowledge the role and support of Seda, eThekwini Municipality, Transnet, Consol Glass, other donors, elected officials, and economic development partners, whose contributions enable us to continue making a difference.

8

WHAT DO WE DO?

BUSINESS INCUBATION MODEL

FURNTECH IS A SPECIALITY ENTREPRENEURSHIP INCUBATOR WITH A FOCUS ON THE FURNITURE AND WOOD PRODUCTS SECTOR. WE WORK WITH POTENTIAL ENTREPRENEURS TO CONCEPTUALIZE, INNOVATE AND DEVELOP THEIR IDEAS INTO SUSTAINABLE BUSINESSES. OUR MODEL, WHILE NEVER STATIC, HAS BEEN DESIGNED TO SUPPORT SUSTAINABLE LOCAL ECONOMIC GROWTH, WEALTH CREATION AND SKILLS DEVELOPMENT.

graduationpre incubation entry criteria

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exit criteriaon - site virtual

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F U R N T E C H A N N U A L R E P O R T 2 0 1 8


THE FURNITURE TECHNOLOGY CENTRE TRUST IS REGISTERED IN TERMS OF THE TRUST PROPERTY ACT. THE BOARD OF TRUSTEES AND THE MANAGEMENT TEAM HAVE ACKNOWLEDGED THAT COMPLIANCE WITH BOTH THE COMPANIES ACT AND THE RECOMMENDATIONS OF KING IV IS SIMPLY GOOD BUSINESS PRACTICE.

CORPORATEGOVERNANCE09

Board of TrusteesThe Board of Trustees provides strategic direction and support to the Management Team while ensuring that we maintain the highest ethical standards which in all reasonable circumstances is beyond reproach.

Conflict of InterestBoard members are required to disclose any conflicts of interest that may impact on their ability to carry out their fiduciary duties as related to Furntech and to abstain from the discussion and voting process relating to such conflicts of interest.

Access to InformationBoard members have unfetted access to information that will assist them in the execution of their duties. All information is treated as confidential at all times. Members of the Board may not use, or appear to use, any such information for personal advantage or for the advantage of third parties.

Board CharterThe Board operates in terms of a charter, which defines its duties, responsibilities and powers. The board charter is reviewed annually.

ChairpersonThe Chairperson of The Board of Trustees is Advocate S. Sigodi. She is an independent non-executive Trustee.

Board CompositionThe Board comprises of 9 non-executive and 1 execu-tive Trustees. Board members are nominated and elected onto the Board of Trustees based on their knowledge, skills and experiences. The roles of the Chairperson of the Board and CEO, who are appointed by the Board, are sepa-rated, thereby ensuring a clear division of responsibilities.

Election / Re-electionAll Trustees, except the CEO, are eligible for re-election at the AGM.


Company SecretaryThe Board has appointed, Advocate G Martins, as the Company Secretary.

Board EvaluationAll members of the Board of Trustees participate in an annual self-evaluation that is managed by the Company Secretary.

Board MeetingsThe Board meets at least 4 times per year, and more often if required. The Board meetings held during the year were as follows:

Date of Meeting Venue of Meeting

28 June 2017 Cape Town

31 August 2017 Cape Town

30 November 2017 Cape Town

29 March 2018 Cape Town

Management ReportingManagement reports, including management accounts are presented to the Board of Trustees on a quarterly basis and are either noted and/or discussed at each Board Meeting. Where appropriate, corrective action, as approved by the Board is agreed upon.

Board CommitteesThe Board of Trustees has appointed an Audit and Risk Committee, under the Chairpersonship of Mr G Cronje.

Internal AuditThe Board has approved the Internal Audit Charter which governs the internal audit and risk mitigation activities. The Internal Audit is conducted on a quarterly basis by an independent firm of registered auditors, who report directly to the Audit and Risk Committee.

External AuditorsThe external auditors are not contracted to provide any non-audit services. The external auditor has un-restricted access to the Board and the Audit and Risk Committee, which ensures that its independence is in no way impaired.

Remuneration Philosophy and Governance PrinciplesThe Board approves and oversees the remuneration philosophy of Furntech which are fair, equitable and competitive, and align to risk and reward.

The non-executive Trustees are not remunerated for their contributions. Only legitimate expenses incurred in executing their duties as members of the Board

are reimbursed. The Company Secretary is not a member of the Board and is therefore remunerated at an agreed scale.

Code of ConductFurntech has developed and implemented a Code of Conduct to ensure that all business transactions are managed without compromising integrity and fairness and to promote complete trust and confidence.

Transformation CommitteeFollowing an internal review, it was decided to combine the Workplace Skills Committee and the Employment Equity Committee into one unit. This new committee, The Transformation Committee (encompassing skills development and employment equity), has been imple-mented with its own constitution which has been ratified by the Board of Trustees. The committee has satisfied all of the requirements of the Department of Labour and the Seta as per the relevant regulations and legislation.

General Legal ComplianceFurntech complies with all of the legislative and regu-latory requirements that govern its business opera-tions that are not specifically addressed elsewhere in this report.

CORPORATEGOVERNANCE


Annual Financial StatementsAccounting policies, and the basis of accounting on which the annual financial statements are prepared, are set out on in the report of the external auditors.

SustainabilityThe Board, in terms of Sustainability, considers the fol-lowing categories:

Financial; Socio-Economical; and Environmental.

FinancialFinancial sustainability is based on the premise that Furntech is a “business” and must conduct itself as such. This approach is underpinned by the philosophy that expenses cannot exceed income.

Socio-economicalFurntech’s socio-economical contributions focus on:

Implementation of an Internship Programme; and Assisting “no-fee” schools by providing them with

new and/or refurbished school desks.

EnvironmentalNotwithstanding the fact that Furntech does not ope-rate in a sector that has a high environmental impact, our approach is that we, as responsible corporate citizens, evaluate and reduce our impact on the physi-cal environment. To achieve this all waste generated via our operations is disposed in an environmentally friendly manner.

OCCUPATIONAL TITLE BM BF CM CF IM IF WM WF

Senior Officials 2 3 2 1 2 1 0 0

Technicians / Professionals 7 6 2 0 2 0 1 0

Clerks (office administrators) 0 6 1 1 0 0 0 0

Elementary Workers 0 7 0 0 0 0 0 0

TOTALS 9 22 5 2 4 1 1 0

The table below illustrates the number of staff per occupational level as at 31 March 2018:


THE M CLUB (THE MILLIONAIRE CLUB) IS AN INITIATIVE THAT RECOGNISES CLIENTS THAT HAVE ACHIEVED OUTSTANDING PERFORMANCE IN THEIR BUSINESSES AS REFLECTED BY THEIR TURNOVER FOR THE PERIOD UNDER REVIEW.

2018 INDUCTEES INTO THE M CLUB

TIER CRITERIA

BRONZE TURNOVER OF BETWEEN R1 000 000 – R1 999 999

GOLD TURNOVER OF BETWEEN R2 000 000 – R2 999 999

PLATINUM TURNOVER OF R3 000 000 AND MORE

The following client will be inducted into the M Club for the 2017/18 Financial Year:

Neeroj Daya Fine Furniture (Cape Town) • Gold • Turnover of R2 861 946 in FY2017/18

FURNTECHCLIENT RECOGNITION INITIATIVE12


FURNTECH CENTRE OF THE YEAR 2018

The winning centre is the centre that has the overall best performance across the following KPI’s

SMMEs Created Clients Supported SMMEs supported Direct (permanent) jobs Created Client Turnovers Achieved % Black Owned SMMEs % Women Owned SMMEs % Youth Owned SMMEs % Client Turnover Growth Number of Industry Learners Trained Number of Unemployed Learners Trained Income Generated from Skills Development Activities

As usual, the scores were very competitive and was in fact decided by decimal points. Ultimately there can only be one winner and this year the winner is the WHITE RIVER Centre.

INTERNALAWARDS

THE CENTRE OF THE YEAR IS AN INTERNAL AWARD THAT RECOGNISES THE AGGREGATE PERFORMANCE OF EACH CENTRE ACROSS A RANGE OF KPI’s.

CONGRATULATIONS WHITE RIVER TEAM

13


14 CORPORATE SOCIAL INVESTMENTDELIVERING OVER 1000 REFURBISHED SCHOOL DESKS TO 14 SCHOOLS ON MANDELA DAY

FURNTECH IS CONTINUING WITH ITS CORPORATE SOCIAL INVESTMENT (CSI) THROUGH THE MANDELA

DAY PROJECT. THIS PROJECT IS NOW IN ITS 6TH YEAR AND FOR THE PAST SIX YEARS INCLUDING THIS YEAR WE HAVE REFURBISHED A TOTAL OF

6 480 DESKS AND IN THE PROCESS SUPPORTED AND ASSISTED MORE THAN 18 SCHOOLS.

As mentioned previously, the rationale for participating in the prestigious Mandela Day Campaign is to:

Celebrate former president Nelson Mandela’s legacy by improving the school environment for the youth;

Inspire our staff to contribute towards the improvement of the youth;

Invoke the spirit of volunteerism; Share the responsibility of a better education for

the youth, and Serve as inspiration for the Furntech board, stake-

holders and staff to continue with the development activities which are synonymous with our brand.

REFURBISHED SCHOOL DESKS DELIVERED IN TOTAL

6 480

MPUMALANGA


CENTRE NAME OF SCHOOL LOCATION

CAPE TOWNKairos Primary School Delft, Cape Town

Nooitgedaght Primary School Delft, Cape Town

NYANGA Hlengisa Primary School Nyanga, Cape Town

DURBANSummerfield Primary School Sea Cow Lake, Durban

Paul Sykes Primary School Chatsworth, Durban

KWAMASHU Thandokwazi Primary School Kwa-Mashu, Durban

JOHANNESBURGEmisebeni Primary School Soweto, Johannesburg

Orlando West High School Soweto, Johannesburg

MTHATHALandsend Junior Secondary Mthatha

Tutorn Ndamase Senior Secondary Mthatha

UMZIMKHULUMlozana Junior Secondary School Umzimkhulu

Ntsikeni Senior Secondary School Umzimkhulu

WHITE RIVERMshadza Secondary School White River, Nelspruit

Mtimba Primary School White River, Nelspruit

The project was completed and events at the various schools took place between 20 July 2017 and 19 August 2017. The recipient schools for this year were as follows:

1188 DESKS HANDED OVER THIS YEAR

WE BELIEVE EDUCATION IS INDEED ONE OF OUR NATION’S GREATEST

PRIORITIES. WE ALSO BELIEVE THAT EDUCATION IS THE HEART OF SOCIO-ECONOMIC DEVELOPMENT

AND VEINS TO THE HEART ARE THE INFRASTRUCTURE, ENABLING

ENVIRONMENT WHICH WILL IMPROVE THE ECONOMY OF A

COUNTRY. WE BELIEVE THE LEVEL OF LITERACY AND NUMERACY ARE

KEY DRIVERS OF EMPLOYMENT AND ENTREPRENEURIAL OPPORTUNITIES

AND THUS ECONOMIC GROWTH WE HOPE THAT OUR SMALL

CONTRIBUTION TO THE SCHOOLS WILL GO A LONG WAY TO IMPROVING

THE TEACHING ENVIRONMENT.

MPUMALANGA


CELEBRATINGACHIEVEMENTS AND OPPORTUNITIES16

CURRENTNUMBER OF EMPLOYEES12

AR CUPBOARDS IS A FAMILY RUN BUSINESS THAT WAS ESTABLISHED BY BROTHERS ASHWIN AND RAJESH RAMBALI. BOTH ASHWIN AND RAJESH WORKED IN

THE FURNITURE INDUSTRY FOR A NUMBER OF YEARS WHILE INFORMALLY RUNNING A BUSINESS FROM

ASHWIN’S BACK YARD. HOWEVER, IN 2007, THEY BOTH LEFT EMPLOYMENT AND DECIDED TO REGISTER AND

FORMALLY RUN THE BUSINESS.

PRESENTAR Cupboards has expanded their product offerings to include vanities, bar counters and solid wood cupboard doors. The business established networks with local contractors and developers.

FUTURE PLANSRajesh and Ashwin are currently in the process of open-ing a showroom in Phoenix Industrial Park. In addition, they would like to purchase their own premises within the next year. Ashwin thanked Furntech for putting them on the map. He said, “that without Furntech they would have not been able to achieve what they thus far have”.

ACHIEVEMENTS 2017 – winner of the

Best Kitchen stand at the House and Garden Show

AR CUPBOARDSRajesh / Ashwin RambaliTel: 031 825 [email protected]

AR CUPBOARDS

KWAZULU NATAL


LIVING SPACE HOME IMPROVEMENTSMelanie WalkerTel: 084 826 9128Facbook: @livingsapcesa


LIVING SPACE HOME IMPROVEMENTS

NONE OF THIS WOULD HAVE BEEN POSSIBLE WITHOUT THE ASSISTANCE OF FURNTECH.

THEY COACHED AND MENTORED US THROUGH TOUGH TIMES AND ACCESS TO

THE MACHINES ASSISTED US ON OUR ROAD TOWARDS SUSTAINABILITY

WESTERN CAPE

LIVING SPACE HOME IMPROVEMENTS ENTERED THE FURNTECH INCUBATION PROGRAMME IN 2013, INITIALLY WITH THE FOCUS ON DESIGNING AND MANUFACTURING BESPOKE HIGH VALUE FURNITURE FOR UP-MARKET CLIENTS. THE BUSINESS IS REGISTERED IN THE NAME OF MELANIE WALKER, WHO MANAGES THE FINANCIAL, ADMINISTRATION AND HUMAN RESOURCES OF THE ENTERPRISE. HER HUSBAND, RODWELL WALKER, A QUALIFIED CABINET MAKER WITH MORE THAN 10 YEARS’ EXPERIENCE IN DESIGNING AND MAKING SOLID WOOD FURNITURE OF THE HIGHEST QUALITY, IS THE PRODUCTION DIRECTOR. IN 2014 LIVING SPACE REBRANDED ITSELF AND ENTERED THE CUT-AND-EDGE BOARD AND CABINET SUPPLY MARKET. ALMOST OVERNIGHT THEIR TURNOVER INCREASED BY MORE THAN R100 000.


CAPE TROTTERS TRADING WAS REGISTERED IN 2008. ITS PRIMARY FOCUS WAS HYDROPONICS FARMING. AFTER SEEING WOODWORKING EQUIPMENT THAT WAS BOUGHT

FOR SIYAMPHAMBILI WOODWORKERS WHICH WENT DEFUNCT IN 2011, CAPE TROTTERS TRADING LEASED THE MACHINERY FROM THE REMAINING MEMBERS AND STARTED WOODWORKING. CAPE TROTTERS TRADING HAS BEEN IN OPERATION FOR 9 YEARS.

CURRENTNUMBER OF EMPLOYEES05CAPE TROTTERS TRADING

ACHIEVEMENTS Sold Pivot Doors Sold Aluminium products Sub-Contracted by Department of Education

on Desk refurbishment programme Invited to apply Rural Economic Development

fund after Portfolio Committee Visit.

OUR CLIENT BASE LARGELY COMPRISES

INDIVIDUAL BUYERS WHO SEE OUR PRODUCTS ON OUR WEBSITE, VIA OUR FACEBOOK PAGE, OTHER INTERNET MARKETING

SITES, OR WHO ARE REFERRED BY OTHER

SATISFIED CUSTOMERS.

EASTERN CAPE


IN 2014, TRANSNET TOGETHER WITH FURNTECH RECRUITED OVER 350 POTENTIAL CANDIDATES FOR THE FURNITURE MANUFACTURING PROJECT IN MAKHADO. JABRETA MEMBERS WERE AMONGST THOSE WHO WERE RECRUITED AND UNDERWENT TRAINING ON WMCM & UPHOLSTERY L2 AS WELL AS BUSINESS SKILLS TRAINING. IN 2015 JABRETA FURNITURE PRIMARY CO-OPERATIVE WAS ESTABLISHED AND THEY WENT ON TO JOIN THE FURNTECH INCUBATION PROGRAMME FUNDED BY TRANSNET IN MAKHADO. THE CO-OPERATIVE IS COMPRISED OF YOUTH AND WOMEN AS WELL AS PEOPLE WITH PHYSICAL DISABILITY.

Jabreta Furniture Primary Co-operative Tel: 015 495 0971 | 079 830 [email protected]

COMPANYMEMBERS06

ACHIEVEMENTS 2016 - Manufactured 18 filling cabinets for Djunane Primary School in Elim 2016 - Manufactured office furniture for Djunane Primary School 2016 - Manufactured office furniture for a bus company in Makhado 2017 - Manufactured filling cabinets for Djunane Primary School 2017 - Refurbished school desks for a school in Tshakuma

JABRETA FURNITURE PRIMARY CO-OPERATIVE

L IMPOPO

DISABLED71%

YOUTH43%


AHMED HAD TO LEAVE HIS JOB AS A PACKER AT A RETAIL STORE IN MIDDELBURG, MPUMALANGA TO

ATTEND THE FUNDED TRAINING PROGRAMME OVER A 4 MONTH PERIOD, AND AT THAT TIME HIS WIFE HAS JUST GIVEN BIRTH TO HIS FIRST-BORN CHILD AND THEY HAD TO RELOCATE TO WHITE RIVER AND SURVIVE ON THEIR

SAVINGS AND STIPENDS RECEIVED AS PART OF THE TRAINING PROJECT. FOR AHMED, THE REST IS HISTORY.

ACHIEVEMENTS Finalist in the Dti Technology Awards 2012 in the

fastest growing Incubatee category Ahmed Mungalee was selected to participate at

the Stockholm Furniture and Light Fair in 2012 Approved to purchase woodworking machines

through the Technology Transfer Fund Currently renting a 440 m2 workshop in Valencia Preferred installer of Timbercity – Nelspruit & Sub-

contracted to be an installer of cabinets at the newly established University of Mpumalanga


MUNGALEES FURNITURE MAKERS

CASUALSTAFF

MUNGALEES FURNITURE MAKERS2 Disa str, Valencia park, NelspruitAhmed MungaleeCell: 081 400 3675 / 072 946 2221Email: [email protected]

MPUMALANGA


CLIVE WORKED FOR 15 YEARS FOR A FURNITURE MANUFACTURING COMPANY BEFORE HE DECIDED TO START HIS OWN SMALL BUSINESS. WHAT INITIALLY STARTED OUT TO BE A PART-TIME OR WEEKEND HOBBY TURNED INTO A SUCCESSFUL SMALL BUSINESS. CLIVE’S PRODUCT RANGE INCLUDE KITCHEN CUPBOARDS, BUILT-IN CUPBOARDS, OFFICE FURNITURE, BARS AND VANITIES.

PRESENTClive Interiors has expanded its product offerings to include mirror sliding doors, solid wood furniture as well as cut and edge services. The business now sources most of its work via interior decorators and designers. Some of their clients include House of Deco, Walker Girls, Quarto Group and Devtech Civils. In addition, the business secured the order to furnish Hashim Amla’s flat in Durban.

FUTURE PLANSClive would like to further expand his product offering to include upholstery and shop fitting. “Without Furntech I would not been where I am today. The incubation programme really helped my business and staff to grow. My overall experience at Furntech has been really good and I would recommend the programme to anyone looking to start or grow their business”, said Clive.

CLIVE INTERIORSClive Subramoney Tel: 031 579 [email protected]


ACHIEVEMENTS Dti awards 2009 – Winner Fastest Growing Incubatee 2010 – Runner-up Most Successful

Graduated Incubatee 2009 – approved for the TT Fund 2017 – purchased their own premises

CLIVE INTERIORS

KWAZULU NATAL


NKOSIPENDULE ARMSTRONG NGQUZANA WAS SELECTED AS ONE OF THE PEOPLE

TO UNDERGO TRAINING UNDER THE AUSPICES OF FURNTECH INCUBATION PROGRAMME WHICH RAN FOR THREE

YEARS. THE INTENTION WAS TO PREPARE AND EMPOWER HIM TO OPEN HIS OWN

FURNITURE MANUFACTURING BUSINESS.

ACHIEVEMENTS 2012 - Selected to attend a workshop and collaborate in the Furntech - Swedish Design Initiative 2014 - Manufactured office furniture for Craft centre at Ulundini Local municipality 2015 - Manufactured office furniture of Adv Calaza in Mthatha 2016 - Manufactured office furniture of Adv Calaza in Mthatha 2017 - Manufactured office furniture and 51tables for Shisa Nyama in Mthatha Glowen Square


KLAUSHE MANUFACTURING & PROJECTS

HIS EXPERIENCE CONTAINS THE FULL SCOPE OF FURNITURE MANUFACTURING AND

RETAILING AS WELL AS OPERATIONS AND HUMAN RESOURCE MANAGEMENT

EASTERN CAPE


V AND H BONO IS A PRIVATE COMPANY BASED IN JOHANNESBURG WITH OWNERS VINCENT MAKHUBELE AND HENDRICK RANKHODODO. BOTH HAVE EXTENSIVE EXPERIENCE IN FURNITURE THE MANUFACTURING INDUSTRY. THE COMPANY THEY WERE WORKING FOR CLOSED DOWN IN 2011 AND HENDRICK STARTED BUYING AND SELLING FURNITURE INFORMALLY. IT WAS THROUGH THIS THAT HE ENCOUNTERED FURNTECH AND IN MAY 2013 TOGETHER WITH VINCENT, THEY DECIDED TO START A BUSINESS AND JOINED THE FURNTECH INCUBATION PROGRAMME.


ACHIEVEMENTS Product range includes sleigh beds, pedestals, headboards,

plasma stands, book shelves and customized upholstered products Graduated from the programme into their own premises Through financing from FNB, they were able to secure a 6400

square metre factory in Roodepoort Nominated for the Best Graduate Award at the SA Incubation

Conference in March 2016 Open showroom in White River

V AND H BONO

“WORKING WITH FURNTECH ENABLED US TO MEET OUR CUSTOMER NEEDS. WHEN WE

DELIVER OUR PRODUCT TO THE CUSTOMER WE WANT TO SEE A SMILE, I CAN GUARANTEE YOU OUR CUSTOMERS GET VALUE FOR THEIR MONEY. THERE ARE NO LIMITS IN WHAT WE

CAN DO” SAID VINCENT

GAUTENG


GLOSALES NETWORK IS A PRIVATE COMPANY OWNED BY NIEZAMOEDIEN (NIEZAM) KHAN. AT THE BEGINNING OF 2012 AND AGED 23, NIEZAM WAS INTERESTED IN STARTING HIS OWN LOUNGE SUITE MANUFACTURING BUSINESS. HOWEVER HE DID NOT HAVE THE NECESSARY

TECHNICAL SKILLS TO DO SO. THE BUSINESS JOINED THE INCUBATION PROGRAMME IN 2012 AND NEVER LOOK BACK. GLOSALES NETWORK’S PRODUCT RANGE INCLUDES LOUNGE SETS, OTTOMANS,

SPACE SAVERS, WING BACK CHAIRS, HEADBOARDS AND ANY OTHER CUSTOMIZED UPHOLSTERED PRODUCTS. GLOSALES NETWORK USE SOCIAL MEDIA AS PART OF ITS MARKETING STRATEGY.

GLOSALES NETWORK CURRENTNUMBER OF EMPLOYEES09

NK DESIGNS292 Jan Smuts Highway, DurbanTel: 031 2074 129Cell: 082 8027 862 www.nkdesigns.co.za

KWAZULU NATAL


ACHIEVEMENTSHis success in the incubation programme saw Niezam open up two retail facilities in Durban and continue to experience tremendous growth. Niezam’s tenacity and passion for design and quality also saw him successfully participate in the South African Swedish Furniture Design Initiative, an initiative of Furntech and The Tibro Training Centre.

“I WOULD LIKE TO THANK FURNTECH FOR PROVIDING

ME AND MY BUSINESS WITH THIS INCREDIBLE

OPPORTUNITY. MY EXPERIENCE THUS FAR

HAS BEEN VERY POSITIVE AND I AM CONSTANTLY

LEARNING,” SAID NIEZAM

CASUALSTAFF


GULP IS A COLLABORATIVE ENTITY COMPRISING OF TWO UNIQUELY TALENTED

AND DIVERSE INDIVIDUALS, A FURNITURE CRAFTSMAN (PHILLIP HOLLANDER OF

HOUTLANDER – JOHANNESBURG) AND WONDER-FULLY TALENTED AND ASPIRING DESIGNER (LINDA THUSI OF LTJ PROJECTS – DURBAN).

ACHIEVEMENTS Since joining the Furntech Incubation Programme,

LTJ Projects has achieved a turnover of R270 000 and facilitated the creation of 2 permanent jobs.

Since joining the Furntech Incubation Programme, Houtlander has achieved a turnover to date of R1, 6 million and has facilitated the creation of 2 permanent jobs and 8 casual jobs.

During late 2015, Philip and Linda combined their amazing skills, personalities and flair to jointly pitch for a project administered by the SEDA Technology Programme for the design, supply and installation of furniture and fittings for the rollout of Rapid Incu-bation Centres at TVET Colleges around the country. The combination of the design and manufacturing expertise saw the pair being awarded the project for 9 TVET Centres at a contract value of R4, 9 million in January 2016 and thus the birth of Gulp.

GULP PTY LTD


CURRENTNUMBER OF EMPLOYEES 02

CASUALSTAFF

GAUTENG


Concerns relating to the MOAThe Board of Trustees of Furntech found that there were no concerns relating to the Furntech-STP Memorandum of Agreement (MOA).

Concerns raised by the auditorsConcerns raised by the auditors were addressed during the year under review.

Statement of ComplianceCompliance with 2017/18 conditions of assistance:Furntech has complied with all of the terms and conditions in the MOA in respect of financial assistance provided during the financial year.

Necessity for continued assistance:Furntech has demonstrated its ability to consis-tently deliver against the objectives specified in the MOA. Furntech’s record of accomplishment to date is impeccable; however due to the nature of incubation

programmes, Furntech is not in a position to achieve financial sustainability. Continued financial assistance is therefore necessary.

Attainment of objectivesFurntech has achieved the objectives set for the financial year under consideration.

Financial aid is still meritoriousThe value adding success of Furntech’s incubation model lies in its flexible combination of skills training and business development processes, infrastructure and people. The investment in excellent human resources, quality equipment, and formal safety, health and envi-ronment audits to ensure legal compliance with legis-lation are complemented by Furntech’s sound financial management system.

Furntech’s Board of Trustees which consist of repre-sentatives from government, labour, private furniture

manufacturers, academia and other stakeholders pro-vide strategic input and direction to the organisation. The success of Furntech can only be continued with the ongoing support of government and donors as the support provided to the small business sector is not sustainable.

Compliance with S 38 (j) of the PFMAFurntech complies with Section 38(j) of the Public Finance Management Act and has implemented effective, efficient, and transparent financial management and internal control systems. Moore Stephens MO conducts the internal audits and MGI Bass Gordon GHF conducts the external audits.

The processes followed for the internal and external audit have been approved by the Board of Trustees and is reviewed on an annual basis.

Financial and Risk ManagementOur continuous improvement programme coupled with our investment in on-going investment in human re-sources; systems and technology; and oversight pro-vided by the Board ensure our legal compliance. These, supported by our health, safety and environmental management programme and sound financial manage-ment system ensures that we meet and, in some cases, exceed all minimum legislative requirements.

WE, IN CONJUNCTION WITH OUR AUDITORS, CONSTANTLY EVALUATE AND UPGRADE OUR FINANCIAL AND MANAGEMENT SYSTEMS TO ENSURE IMPROVED CONTROL OF INCOME AND EXPENDITURE, AND COMPLIANCE WITH THE PUBLIC FINANCE MANAGEMENT ACT (PFMA) AND INTERNATIONALLY ACCEPTED RISK MANAGEMENT PRACTICES.

MATTERS RELATINGTO THE MOA AND THE PFMA21


TRUST INFORMATION 29

TRUSTEES’ RESPONSIBILITY AND APPROVAL 30

REPORT OF THE INDEPENDENT AUDITORS 31

STATEMENT OF FINANCIAL POSITION 32

STATEMENT OF COMPREHENSIVE INCOME 33

STATEMENT OF CASH FLOWS 34

ANNUAL FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 MARCH 2018

T H E F U R N I T U R E T E C H N O L O G Y C E N T R E T R U S T

28


Trust informationTax reference number: 0833182140Trust registration number: IT 1663/2000Country of incorporation and domicile: South Africa

Trustees

S Sigodi (Chairperson)

C Ham (Vice Chairperson)

NSN Bam

R Clark

G Cronje

TV Mhlongo

SP Mkhwanazi

JH Mortimer

AT Qunta

PM Reddy

Chief Executive Officer

PM Reddy

Registered office: 8 Lowestoft StreetPaarden Eiland, 7405

Business address: 8 Lowestoft StreetPaarden Eiland, 7405

Postal address: PO Box 115Paarden Eiland, 7420

Bankers: Nedbank LimitedStandard Bank of South Africa Limited

Auditors: MGI Bass GordonRegistered AuditorsChartered Accountants (S.A.)

TRUST INFORMATIONFOR THE YEAR ENDED 31 MARCH 2018



TRUSTEES’ RESPONSIBILITIES AND APPROVALFOR THE YEAR ENDED 31 MARCH 2018


The trustees are required to maintain adequate accounting records and are responsible for the

content and integrity of the annual financial statements and related financial information included in

this report. It is their responsibility to ensure that the annual 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 year then ended, in conformity with Generally Recognised Accounting Practice. The

external auditors are engaged to express an independent opinion on the annual financial statements.

The annual financial statements are prepared in accordance with Generally Recognised Accounting

Practice and are based upon appropriate accounting policies consistently applied and supported

by reasonable and prudent judgements 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 trustees set 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 annual 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 31 March 2019 and, in the

light of this review and the current financial position, they are satisfied that the trust has or has

had access to adequate resources to continue in operational existence for the foreseeable future.

The annual financial statements as set out on pages 32 to 34 which have been prepared on the

going concern basis, were approved by the board of trustees and signed on its behalf by:

TRUSTEE _________________________ TRUSTEE _________________________

CAPE TOWN, DATE ____________________________


INDEPENDENT AUDITORS’ REPORTFOR THE YEAR ENDED 31 MARCH 2018


To the trustees of the Furniture Technology Centre Trust The accompanying summary financial statements, which comprise the summary statement of the

financial position as at 31 March 2018, the summary statement of comprehensive income and

summary statement of cash flows for the year then ended, and the trustees’ responsibility and ap-

proval report, are derived from the audited annual financial statements of The Furniture Technology

Centre Trust for the year ended 31 March 2018. We expressed an unmodified opinion on those

annual financial statements in our report dated ______________________. Those annual

financial statements, and the summary financial statements, do not reflect the effects of the

events that occurred subsequent to the date of our report on those annual financial statements.

The summary financial statements do not contain all the disclosures required by Generally

Recognised Accounting Practice, Section 38(j) of the Public Finance Management act, No. 1 of

1999, and in the manner required by the trust deed. Reading the summary financial statements,

therefore, is not a substitute for reading the audited annual financial statements of The Furniture

Technology Centre Trust.

Trustees’ Responsibility for the Annual Financial Statements The trust’s trustees are responsible for the preparation of a summary of the audited annual financial

statements in accordance with Generally Recognised Accounting Practice, Section 38(j) of the

Public Finance Management act, No. 1 of 1999, and in the manner required by the trust deed.

Auditors’ Responsibility Our responsibility is to express an opinion on the summary financial statements based on our

procedures, which were conducted in accordance with International Standard on Auditing (ISA)

810, “Engagements to Report on Summary Financial statements.”

Opinion In our opinion, the summary financial statements derived from the audited annual financial

statements of The Furniture Technology Centre Trust for the year ended 31 March 2018 are

consistent, in all material respects, with those annual financial statements, in accordance with

Generally Recognised Accounting Practice, Section 38(j) of the Public Finance Management act,

No. 1 of 1999, and in the manner required by the trust deed.

MGI BASS GORDON PARTNER: ABRAHAM PETERSEN

REGISTERED AUDITORS REGISTERED AUDITOR

CHARTERED ACCOUNTANTS (S.A.) CHARTERED ACCOUNTANT (S.A.)

CAPE TOWN, DATE:


STATEMENT OF FINANCIAL POSITIONFOR THE YEAR ENDED 31 MARCH 2018


2018 2017RAND RAND

ASSETSNon-Current AssetsProperties, plant and equipmentIntangible assets

Current AssetsInventoriesTrade and other receivablesPrepaymentsCash and cash equivalents

Total Assets

FUNDS AND LIABILITIES

FUNDSTrust capital

LIABILITIESNon-Current LiabilitiesInterest bearing loan - finance lease liabilitiesDeferred income - government grants

Current LiabilitiesLoan from related partyInterest bearing loan - finance leases liabilitiesTrade and other payables

Total LiabilitiesTotal Funds and Liabilities

37 808 770 36 585

37 845 355

11 770 1 092 678

49 735 11 711 393 12 865 576 50 710 931

810 426

98 51141 336 743 41 435 254

828 293 86 986

7 549 972 8 465 251

49 900 505 50 710 931

44 969 786 58 061

45 027 847

16 643 983 769

-87 927

1 088 339 46 116 186

810 426

-34 493 587 34 493 587

4 654 372 -

6 157 801 10 812 173 45 305 760 46 116 186


STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2018


2018 2017RAND RAND

Other incomeOperating costs

Operating deficitInvestment revenueFinance costs Government grants recognisedSurplus for the year

18 518 362(22 570 511)

(4 052 149) 61 617

(242 729) 4 233 261

-

5 859 836 (24 825 370)

(18 965 534) 173 219

(289 650)19 081 965

-


STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 MARCH 2018


CASH FLOWS FROM OPERATING ACTIVITIES

Cash used in operationsInterest receivedFinance costsNet cash used in operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of properties, plant and equipment Proceeds on disposals of property, plant and equipment Purchase of other intangible assets Net movement in loan from related party Net cash from investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

Government grants receivedNet movement in finance lease liabilities Net cash from financing activities

Total cash and cash equivalents movement for the yearCash and cash equivalents at the beginning of the year

TOTAL CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR

2018 2017RAND RAND

(15 206 409) 61 617

(242 729)(15 387 521)

(870 849) 16 063 399

(12 000) 568 528

15 749 078

11 076 412 185 497

11 261 909

11 623 466 87 927

11 711 393

(19 603 128) 173 219

(289 650)(19 719 559)

(3 342 531) -

(48 019) 3 990 819

600 269

7 790 604 (216 127)

7 574 477

(11 544 813) 11 632 740

87 927


MEMBERS OF THE BOARD OF TRUSTEESFOR THE YEAR ENDED 31 MARCH 2018


Chairperson Adv Sibongile

Sigodi

Vice Chairperson Cori Ham

MemberJohn Mortimer

MemberRobin Clark

MemberT V Mhlongo

MemberSimangaliso Mkhwanazi

MemberAlex T Qunta

MemberGregory Cronje

Chairperson of Audit and Risk Committee

MemberNandipa Bam

MemberMichael Reddy

FurntechChief Executive

Officer


furntech’steam credo

EACH YEAR THE MEMBERS OF TEAM FURNTECH DISCUSS AND RE-COMMIT THEMSELVES TO THE TEAM CREDO. WE, TEAM FURNTECH, ARE COMMITTED TO:

1. STRIVING FOR CONTINUOUS IMPROVEMENT2. 100% COMMITMENT AT ALL TIMES3. MOTIVATING EACH OTHER4. EFFICIENT SERVICE AND PROFESSIONAL RELATIONSHIPS5. FLEXIBILITY AND VERSATILITY6. TRUST AND RESPECT FOR EACH OTHER7. SELF DEVELOPMENT8. OPEN AND SHARED COMMUNICATION9. EXCEEDING EXPECTATIONS10. WINNING

FURNTECH’STEAM CREDO36

FURNTECHCONTACT CENTRES

CAPE TOWN8 Lowestoft StreetPaarden EilandCape TownTel: 021-510 0088

JOHANNESBURG11 Granville AvenueLea Glen, RoodepoortTel: 011-672 2185

KWAMASHUNo. 30 109236 StreetKwamashu EastTel: 021-072 0351

SHAYANDIMA5i Tshiguvhu StreetShayandima Industrial AreaThohoyandouTel: 015-495-0971

MTHATHA9 Timber StreetVulindlela HeightsTel: 047-531 1840

NYANGA1023 New Eisleben Rd Nyanga, Cape TownTel: 021-201-7542

UMZIMKHULUHospital RoadUmzimkhulu Industrial AreaTel: 039-259 0993

WHITE RIVER5 Indus RoadWhite RiverTel: 013-750 3066

Your partner in business technology incubation and skil ls development

Cape Town

Nyanga

Mthatha

Umzimkhulu

Kwamashu

JohannesburgWhite River

Shayandima

Contact PersonMichael ReddyChief Executive Officer

Contact DetailsTel: (011) 672 [email protected]

Physical Address (National Office)8 Lowestoft Street, Paarden Eiland, 7405

Postal AddressPO Box 115Paarden Eiland, 7420

2018ANNUAL REPORT

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