FREEDOM PARKS TRUST
ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2005
OBJECTIVES
A brief overview of administrative challenges
Summarised Financial Results
The way forward
Questions
ADMINISTRATIVE CHALLENGES
Marketing & Communications Manager and COO disciplinary enquiry - Dismissed & Suspended
Audit committee concerns - July 2004
Internal audit confirmation of concerns.
CFO disciplinary enquiry - September 2004
Interim audit report from AG - February 2005
Financial Manager & CFO resigned - March 2005
Appointment of Deloitte consultant - March 2005
ADMINISTRATIVE CHALLENGES
Deputy CEO appointed - June 2005
Marketing & Communications Manager appointed - September 2005
CFO appointed - October 2005
Internal Auditors contract terminated and New Internal auditors appointment imminent.
Board of Trustees sub-committees reconstituted.
Revised Operating Budget for the year.
Revised funding allocations from the Department of Arts & Culture.
SUMMARISED FINANCIAL RESULTS
|
2005 |
2004 |
|
|
Total Income |
R142,789,812 |
R120,348,830 |
|
Total Expenditure |
R 48,889,397 |
R 51,035,801 |
|
Net Income |
R 93,900,415 |
R 69,313,029 |
SUMMARISED FINANCIAL RESULTS
|
2005 |
2004 |
||
|
Income |
|||
|
Grants Received |
R141 718,883 |
R119,342,000 |
|
|
Tender Fees Received |
R 29,070 |
R 16,800 |
|
|
Interest Received |
R 1,041.859 |
R 805,000 |
|
|
Competition Fees |
R 0 |
R 185,230 |
|
|
Total Income Received |
R142,789,812 |
R120.348,830 |
|
SUMMARISED FINANCIAL RESULTS
|
2005 |
2004 |
|
|
Total Grants Received |
R141,718,883 |
R119,342,000 |
|
Operating Grant Dept Arts & Culture |
R 20,000,000 |
R8,493,000 |
|
Capital Grant Dept Ants & Culture |
R119,989,258 |
R110,849,000 |
|
Capital Grant City of Tshwane |
R,729,625 |
R 0 |
SUMMARISED FINANCIAL RESULTS
|
EXPENDITURE |
2005 |
2004 |
|
Total Expenditure |
R 48,889,307 |
R 51,035,801 |
|
Total Expenditure Before depreciation |
R 41,901,282 |
R 40,267,290 |
|
Net Saving |
R 7,366,008 or 15% |
|
SUMMARISED FINANCIAL RESULTS
In centain expenses, the comparison of actual expenditure with comparative expenditure as reflected on pages 34 and 35 of the annual financial statements cannot be easily done, as there had been a change in the account allocation rationale for the year under review. Broadly speaking, the R41 ,901 ,282 can be analysed as follows:
SUMMARISED FINANCIAL RESULTS
2005
Normal Operating costs : R31 ,876,282
These costs represent the normal dayto-day costs of running Freedom Park Trust.
Nation Building Costs : R 5,634,000
These costs include cleansing and healing ceremonies and December 16 celebrations.
Research & Development Costs: R 3,685,000
These costs relate to the conceptualization. design and content of the monument
Site Costs :R 706,000
Site security & maintenance
SUMMARISED FINANCIAL RESULTS
|
Capital Expenditure |
2005 |
2004 |
|
Total Expenditure |
R 17,983,159 |
R 51,466,066 |
|
Construction & Setup Costs |
R 9,451,750 |
R 50,644,232 |
|
Computer System |
R 7,988,463 |
0 |
|
Motor Vehicles |
R 66,000 |
R 405,178 |
|
Furniture & Other |
R 476,946 |
R 416.656 |
SUMMARISED FINANCIAL RESULTS
|
BALANCE SHEET |
2005 |
2004 |
|
Total Reserves |
R 180,110,412 |
R 86,209,997 |
|
Long Term Liabilities |
R 692,447 |
0 |
|
Current Liabilities |
R 17,545,480 |
R 3,303,581 |
|
Total Capital & Liabilities |
R 198,348,339 |
R 89,513,578 |
|
Property Plant & Equipment |
R 63,729,913 |
R 52,664,109 |
|
Current Assets |
R 134,618,426 |
R 36,849,469 |
|
Total Assets |
R 198,348,339 |
R 89,513,578 |
THE WAY FORWARD
|
OPERATING BUDGET |
2004/2005 Millions) |
2005/2006 Millions) |
2006/2007 Millions) |
2007/2008 Millions) |
2008/2009 Millions) |
|
Normal Operating |
R32 |
R34 |
R38 |
R41 |
R44 |
|
Nation Building |
R6 |
R4 |
R5 |
R3 |
R2 |
|
Public Awareness |
R0 |
R0 |
R2 |
R4 |
R4 |
|
Total Operating |
R38 |
R38 |
R45 |
R48 |
R50 |
|
CAPITAL BUDGET |
|||||
|
R & Development |
R4 |
R5 |
R9 |
R7 |
R6 |
|
Site Maintenance |
R1 |
R2 |
R2 |
R3 |
R3 |
|
Construction |
R9 |
R100 |
R170 |
R211 |
R231 |
|
Total Capital |
R14 |
R107 |
R181 |
R221 |
R240 |
THE WAY FORWARD
CONSTRUCTION FUNDING
Total Reserves : R180,110,412
Deduct Asset Impairment : R 63,729,013
Cash available for Construction : R116,380,499
Capital budget allocation still due R214.384,000
Additional Capital Budget Recommended By National Treasury : R244,000,000
Total recommended available funds : RP574,764,499
Estimated R&D, Site and Construction : R749,200,000
Shortfall : R174,435,501
THANK YOU