OLICO FOUNDATION NPC · 2017. 11. 2. · OLICO FOUNDATION NPC . Directors’ Responsibilities and...

OLICO FOUNDATION NPC

Registration number 2008/008218/08

ANNUAL FINANCIAL STATEMENTS

for the year ended 28 February 2017

( ASSOCIATION INCORPORATED UNDER SECTION 21 )

Page

CONTENTS

Directors' Responsibilities and Approval 2

Directors' Report 3

Auditor's Report 4

Statement of Financial Position 5

Statement of Comprehensive Income 6

Statement of Change in Equity 7

Statement of Cash Flows 8

Accounting policies 9

Notes to the Annual Financial Statements 10

The following supplementary information does not form part of the annual financial

statements and is unaudited:

Detailed Income Statement 11

LEVEL OF ASSURANCE

The annual financial statements have been audited in compliance with the applicable

requirements of the Companies Act, 71 of 2008.

JOHANNESBURG

29 August 2017


ANNUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2017

Page 2


Directors’ Responsibilities and Approval

The directors are responsible for the preparation and fair presentation of the annual financial statements of Olico Foundation NPC, comprising the statement of financial position at 28 February 2017 and the statements of comprehensive income, changes in equity and cash flows for the year then ended, and the note to the financial statements which include a summary of significant accounting policies and other explanatory notes, in accordance with International Reporting Standards for Small and Medium-sized Entities, and the requirements of the Companies Act of South Africa. In addition the directors are responsible for preparing the directors’ report. The directors are also responsible for such internal control as they determine what is necessary to enable the preparation of annual financial statements that are free from material misstatement, whether due to fraud or error, and for maintaining adequate accounting records and an effective system of risk management as well as the preparation of the supplementary schedules included in these financial statements. The directors have made an assessment of the ability of the company to continue as a going concern and have no reason to believe that the business will not be a going concern in the year ahead. The Auditor is responsible for reporting on whether the annual financial statements are fairly presented in accordance with the applicable financial reporting framework. Approval of annual financial statements The annual financial statements of Olico Foundation NPC as identified in the first paragraph, were approved by the board of directors on 29 August 2017 and were signed: Director Director


DIRECTORS' REPORT

The directors submit their report for the year ended 28 February 2017.

1. Review of activities

Main business and operations

The company is engaged in facilitating and the promotion of educational computer and

mathematics science schooling in South Africa.

The operating results and state of affairs of the company are fully set out in the attached annual

statements and do not in our opinion require any further comment.

2. Going concern

The annual 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 settlements of liabilities, contingent obligations and

commitments will occur in the ordinary course of business.

3. Events after the reporting period

The directors are not aware of any matter or circumstance arising since the end of the financial

year.

4. Directors contribution

There were no changes in the directors contributions during the accounting period under review.

5. Directors

The directors of the company during the year and to the date of this report are as follows:

Name

AM BARRETT

CF BECK

K WEBB

6. AUDITORS

Radcliffe & Co will continue in office in accordance with section 90 of the Companies Act South

Africa.

STATEMENT OF FINANCIAL POSITION

AT 28 FEBRUARY 2017

Notes 2017 2016

R R

ASSETS

NON CURRENT ASSETS 3 130 500 56 821

CURRENT ASSETS

Cash and cash equivalents 4 734 641 979 991

TOTAL ASSETS 865 141 1 036 812

EQUITY AND LIABILITIES

RETAINED INCOME 774 203 922 923

SPECIAL FUND - RESEARCH 8 3 421 3 421

CURRENT LIABILITIES 87 517 110 468

Accounts payable 27 795 20 872

ASlowWalk fund 41 956 55 596

Documentary fund 7 17 766 34 000

TOTAL EQUITY AND LIABILITIES 865 141 1 036 812


STATEMENT OF COMPREHENSIVE INCOME FOR

THE YEAR ENDED 28 FEBRUARY 2017

Notes 2017 2016

R R

REVENUE 2 2 835 198 2 303 314

Operating expenses 3 015 547 2 449 278

Operating loss 180 349 145 964

Other comprehensive income - interest received 31 629 39 618

TOTAL COMPREHENSIVE LOSS for the year 148 720 106 346


STATEMENT OF CHANGE IN EQUITY FOR THE

YEAR ENDED 28 FEBRUARY 2017

RETAINED TOTAL

INCOME EQUITY

R R

Balance at 1 March 2015 1 029 269 1 029 269

Loss for the year 106 346 106 346

Balance at 1 March 2016 922 923 922 923

Loss for the year 148 720 148 720

Balance at 1 March 2017 774 203 774 203


STATEMENT OF CASH FLOWS FOR THE YEAR

ENDED 28 FEBRUARY 2017

Notes 2017 2016

R R

CASH FLOW FROM OPERATING ACTIVITIES 5 ( 130 344 ) ( 106 452 )

Decrease in liabilities ( 22 951 ) ( 92 759 )

( 153 295 ) ( 199 211 )

Interest received 31 629 39 618

Non current assets purchased ( 123 684 ) ( 50 085 )

( 245 350 ) ( 209 678 )

Cash and cash equivalent at beginning of year 979 991 1 189 669

Cash and cash equivalent at end of year 4 734 641 979 991


ACCOUNTING POLICIES

1. General information

Olico Foundation NPC is a non-profit organisation incorporated in South Africa.

The principal activity is the facilitation and promotion of education in computer and mathematics

sciences.

2. Basis of preparation and accounting policies

The annual financial statements have been prepared in accordance with the International

Financial Reporting Standard for Small and Medium-sized Entities and the Companies Act of

South Africa. 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 Rands.

The annual 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.

2.1. Financial instruments

Loans and receivables

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits, and other short-term

highly liquid investments that are readily convertible to a known amount of cash and are subject

to an insignificant risk of changes in value. These are initially recorded at fair value and

subsequently at amortised cost.

Trade and other other receivables.

Trade and other other receivables are classified as loans and receivables.

Trade and other payables

Trade payables are initially measured at fair value, and are subsequently measured at amortised

cost, using the effective interest method.

2.2. Revenue

Revenue is comprised of donations.

Initial recognition

Donations are recognised when the cash is received.

Measurement (initial and subsequent )

Donated assets are recognised at their fair value.


NOTES TO THE ANNUAL FINANCIAL STATEMENTS


2017 2016

R R

1. DONATIONS RECEIVED

Olico Foundation 2 835 198 2 303 314

2. INVESTMENT INCOME

Interest received market link accounts 31 629 39 618

3. NON CURRENT ASSETS Cost Acc Depr

Furniture and equipment 138 665 111 559 27 106 13 939

Computer equipment 330 034 226 640 103 394 42 882

468 699 338 199 130 500 56 821

4. CASH AND CASH EQUIVALENTS

Current account 108 019 109 894

Market link account 626 622 870 097

734 641 979 991

5. CASH GENERATED FROM OPERATIONS

LOSS for the year (148 720) ( 106 346 )

Add: Interest received (31 629) ( 39 618 )

(180 349) ( 145 964 )

Less: Depreciation 50 005 39 512(130 344) ( 106 452 )

6. PROGRAMME DEVELOPMENTComputer Schools - Ebony: other 18 071 64 065

Siyakhula support 22 620 -- Diepsloot: other 67 283 75 621- Olievenhoutbosch: other 6 787 41 948

Siyakhula support 41 600 -

- Zandspruit: other 7 955 47 386


- Thohoyando/Limpopo: other 6 996 17 169


Olico Youth 373 456 410 658

Sundry other 27 175 54 826

623 623 711 673

7. DOCUMENTARY FUND Income 90 040 50 000

Expenses 72 274 16 000

17 766 34 000

8. SPECIAL FUND - RESEARCH 3 421 3 421

Funds received for the specific purpose of future research and development costs.


DETAILED INCOME STATEMENT


2017 2016Notes R R

INCOME RECEIVED

Donations received 1 2 835 198 2 303 314

Interest received 2 31 629 39 618

2 866 827 2 342 932

EXPENDITURE 3 015 547 2 449 278

Accounting fees 26 700 18 180

Advertising 10 636 34 874

Audit fee 4 500 4 000

Bank charges 11 195 7 599

Computer expenses 10 979 20 909

Consultancy fees 855 30 000

Depreciation 50 005 39 512

- Furniture and equipment 10 288 13 128

- Computer equipment 39 717 26 384

Education and training 11 980 6 497

Legal costs 3 312 -

Materials development 217 950 -

Printing and stationery 5 991 6 430

Programme development 6 623 623 711 673

Salaries and wages 1 961 962 1 540 550

Telephone and fax 60 449 20 681

Travelling and catering costs 15 410 8 373

NET LOSS for the year 148 720 106 346

RETAINED INCOME at beginning of the year 922 923 1 029 269

RETAINED INCOME at end of the year 774 203 922 923


OLICO FOUNDATION NPC · 2017. 11. 2. · OLICO FOUNDATION NPC . Directors’ Responsibilities and...

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