L E A D E R S H P A C A D E M Y P E R F O R M A N C E 10 · Dr Claudelle Von Eck Phuti Semenya Acting Chief Executive Officer In connection with our auChairman Directors’ Responsibilities

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ADEMY PERFORMANCE10

109 IIA SA 2016-2017 Annual Integrated Report | Leadership Academy Performance IIA SA 2016-2017 Annual Integrated Report | Leadership Academy Performance 110

Country of incorporation and domicile South Africa

Nature of business and principal activities The Leadership Academy provides training, certification andpromotion for Internal Auditors and is affiliated to the Institute of Internal Auditors South Africa.

Registered office Unit 2Bedfordview Office Park 3 Riley RdBedfordview 2008

Business address Unit 2Bedfordview Office Park 3 Riley RdBedfordview 2008

Postal address PO Box 2290Bedfordview Gauteng 0028

Bankers NedbankStandard Bank Investec ABSA

Auditor’s Nexia SAB&TRegistered Auditors

Company registration number 2013/079823/07

Level of assurance These financial statements have been audited in compliance with the applicable requirements of the Companies Act 71 of 2008.

Preparer The financial statements were internally compiled by: Warren ElbourneBcom Accounting, DMS Dip in Fin Man

GENERAL INFORMATION INDEX

Directors’ Responsibilities and Approval 111

Independent Auditor’s Report 112 - 113

Directors’ Report 114

Statement of Financial Position 115

Statement of Comprehensive Income 116

Statement of Changes in Equity 117

Statement of Cash Flows 118

Accounting Policies 119 - 120

Notes to the Financial Statements 121 - 125

The following supplementary information does not form part of the financial statements and is unaudited: Detailed Income Statement

126


The directors are required by the Companies Act 71 of 2008, to maintain adequate accounting records and are responsible for the content and integrity of the financial statements and related financial information included in this report. It is their responsibility to ensure that the financial statements fairly present the state of affairs of the company as at the end of the financial 6 months and the results of its operations and cash flows for the period then ended, in conformity with the International Financial Reporting Standard for Small and Medium-sized Entities. The external auditors are engaged to express an independent opinion on the financial statements.

The financial statements are prepared in accordance with the International Financial Reporting Standard for Small and Medium-sized Entities and are based upon appropriate accounting policies consistently applied and supported by reasonable and prudent judgements and estimates.

The directors acknowledge that they are ultimately responsible for the system of internal financial control established by the company and place considerable importance on maintaining a strong control environment. To enable the directors to meet these responsibilities, the board sets standards for internal control aimed at reducing the risk of material misstatement 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 company and all employees are required to maintain the highest ethical standards in ensuring the company’s business is conducted in a manner that in all reasonable circumstances is

above reproach. The focus of risk management in the company is on identifying, assessing, managing and monitoring all known forms of risk across the company. W hile operating risk cannot be fully eliminated, the company endeavours to minimise it by ensuring that appropriate infrastructure, controls, systems and ethical behaviour are applied and managed within predetermined procedures and constraints.

The directors 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 financial statements. However, any system of internal financial control can provide only reasonable, and not absolute, assurance against material misstatement or loss.

The directors have reviewed the company’s cash flow forecast and, in the light of this review and the current financial position, they are satisfied that the company has or has access to adequate resources to continue in operational existence for the foreseeable future.

The external auditors are responsible for independently reviewing and reporting on the company’s annual financial statements. The annual financial statements have been examined by the company’s external auditors and their report is presented on page 112 -113.

The annual financial statements set out on pages 115 to 126, which have been prepared on the going concern basis, were approved by the board of directors on 15 September 2017 and were signed on its behalf by:

Dr Claudelle Von Eck Phuti SemenyaActing Chief Executive Officer Chairman

Directors’ Responsibilities and ApprovalLeadership Academy for Guardians of Governance

Close out Report – 31 May 2017 Annexure B – Management report

INDEPENDENT AUDITORS' REPORT

To the members of Leadership Academy for Guardians of Governance

Report on the Annual Financial Statements

Opinion

We have audited the annual financial statements of Leadership Academy for Guardians of Governance set out on pages 115to 126, which comprise the statement of financial position as at 31 May 2017, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and the notes, including a summary of significant accounting policies and other explanatory information.

In our opinion, the accompanying annual financial statements present fairly, in all material respects, the financial position of Leadership Academy for Guardians of Governance as at 31 May 2017, and its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards for Small and Medium Sized Entities, and the requirements of the Companies Act of South Africa.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the entity in accordance with the Independent Regulatory Board for Auditors Code of Professional Conduct for Registered Auditors (IRBA Code) and other independence requirements applicable to performing audits of financial statements in South Africa. We have fulfilled our other ethical responsibilities in accordance with the IRBA Code and in accordance with other ethical requirements applicable to performing audits in South Africa. The IRBA Code is consistent with the International Ethics Standards Board for Accountants Code of Ethics for Professional Accountants (Parts A and B). We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Information

The board are responsible for the other information. The other information comprises the Directors’ Report as set out on page 115 as required by the Companies Act of South Africa and the supplementary information set out on page 127. The other information does not include the financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we do not express an audit opinion or any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed on the other information obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Board for the Financial Statements

The Board is responsible for the preparation and fair presentation of the Financial Statements in accordance with International Financial Reporting Standards for Small and Medium Sized Entities and the requirements of the Companies Act of South Africa, and for such internal control as the board determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

LEADERSHIP ACADEMY BOARD

INDEPENDENT AUDITOR’S REPORT

LEADERSHIP ACADEMY FOR GUARDIANS OF GOVERNANCE

CLOSE OUT REPORT – 31 MAY 2017

ANNEXURE B – MANAGEMENT REPORT

INDEPENDENT AUDITORS’ REPORT



Opinion

We have audited the annual financial statements of Leadership Academy for Guardians of Governance set out on pages 115 to 126, which comprise the statement of financial position as at 31 May 2017, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and the notes, including a summary of significant accounting policies and other explanatory information.


Basis for Opinion


Other Information





1. Nature of businessLeadership Academy for Guardians of Governance was incorporated as a private company in South Africa with interests in the Non-profit industry. The company operates in South Africa.

2. Review of financial results and activitiesThe financial statements have been prepared in accordance with International Financial Reporting Standard for Small and Medium-sized Entities and the requirements of the Companies Act 71 of 2008. The accounting policies have been applied consistently compared to the prior 6 months.

Full details of the financial position, results of operations and cash flows of the company are set out in these financial statements.

3. Events after the reporting period

The directors are not aware of any material event which occurred after the reporting date and up to the date of this report.

4. Going concernThe directors believe that the Academy has adequate financial resources to continue in operation for the foreseeable future and accordingly the financial statements have been prepared on a going concern basis. The Academy is a new entity and it is fully backed by the Institute to operate and also to ensure that the Academy will be sustainable on its own in the next financial years. The directors have satisfied themselves that the Institute is in a sound financial position and that it has access to sufficient borrowing facilities to meet its foreseeable cash requirements. The directors are not aware of any new material changes that may adversely impact the Institute. The directors are also not aware of any material non-compliance with statutory or regulatory requirements or of any pending changes to legislation which may affect the Institute.

5. AuditorsNexia SAB&T will continue in office in accordance with section 90 of the Companies Act 71 of 2008.

The directors have pleasure in submitting their report on the financial statements of The Institute of Internal Auditors South Africa for the 12 months ended 31 May 2017.

Chair Academy

Phuti Semenya

Leadership Academy for Guardians of GovernanceClose out Report – 31 May 2017

Annexure B – Management report

INDEPENDENT AUDITORS' REPORT



Opinion

We have audited the annual financial statements of Leadership Academy for Guardians of Governance set out on pages 115to 126, which comprise the statement of financial position as at 31 May 2017, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and the notes, including a summary of significant accounting policies and other explanatory information.


Basis for Opinion


Other Information






INDEPENDENT AUDITOR’S REPORT

DIRECTORS’ REPORT



In preparing the financial statements, management is responsible for assessing the Academy’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Academy or to cease operations, or has no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit 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 Academy’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Academy’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Academy to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Report on Other Legal and Regulatory Requirements

In terms of the IRBA Rule published in Government Gazette Number 39475 dated 04 December 2015, we report that Nexia SAB&T has been the auditor of Leadership Academy for Guardians of Governance client for one year.

Nexia SAB&TPer: S. KleovoulouRegistered Auditor15 September 2017

IIA SA 2016-2017 Annual Integrated Report | Leadership Academy Performance IIA SA 2016-2017 Annual Integrated Report | Leadership Academy Performance115 116

Statement of Financial Position as at 31 May 2017

Note(s) 31 May 2017 R 2016 R

Assets

Non-Current Assets

Property, plant and equipment 2 925 371 82 576

Intangible assets 3 3 011 4 582

928 382 87 158

Current Assets

Trade and other receivables 5 1 327 128 801 928

Cash and cash equivalents 6 224 580 4 195

1 551 708 806 123

Total Assets 2 480 090 893 281

Equity and Liabilities

Equity

Accumulated loss (4 423 550) (215 965)

Liabilities

Current Liabilities

Trade and other payables 8 832 396 719 170

Loans to group companies 4 4 913 833 357 905

Deferred Income 1 049 820 -

Provisions 7 107 591 32 171

6 903 640 1 109 246

Total Equity and Liabilities 2 480 090 893 281

Statement of Comprehensive Income for the year ended 31 May 2017

Note(s) 31 May 2017 R 2016 R

Revenue 9 7 779 037 4 636 689

Cost of sales 10 (5 594 017) (2 971 486)

Gross profit 2 185 020 1 665 203

Operating expenses (6 398 358) (1 884 546)

Operating (deficit) 11 (4 213 338) (219 343)

Investment revenue 12 5 752 3 378

(Deficit) for the 12 / 6 months (4 207 586) (215 965)

Other comprehensive income:

Other comprehensive income 0 0

Total comprehensive deficit for the 12 and 6 months (4 207 586) (215 965)

FINANCIALSFINANCIALS


Statement of Changes in Equity as at 31 May 2017

Retained income R Total equity R

Balance at 01 November 2015 - -

Loss for the 6 months

Other comprehensive income (215 965) (215 965)

Total comprehensive loss for the 6 months (215 965) (215 965)

Special reserve expenditure ** - -

Total changes - -

Balance at 31 May 2016 (215 965) (215 965)

Loss for the 12 months (4 207 586) (4 207 586)

Other comprehensive income - -

Total comprehensive deficit for the 12 months (4 207 586) (4 207 586)

Special reserve expenditure ** - -

Total changes (4 207 586) (4 207 586)

Balance at 31 May 2017 (4 423 550) (4 423 550)

** Special projects identified by the Board.

Statement of Cash Flows for the year ended 31 May 2017

Note(s) 31 May 2017 R 2016 R

Cash flows from operating activities

Cash receipts from customers 7 326 759 562 418

Cash paid to suppliers and employees (10 793 940) (830 743)

Cash used in operations 14 (3 467 180) (268 325)

Interest income 5 752 3 378

Net cash from operating activities (3 461 428) (264 947)

Cash flows from investing activities

Purchase of property, plant and equipment 2 (874 115) (84 050)

Purchase of other intangible assets 3 - (4 713)

Proceeds from group loans 4 555 928 357 905

Net cash from investing activities 3 681 813 269 142

Total cash movement for the 12 months 220 385 4 195

Cash at the beginning of the 12 months 4 195 -

Total cash at end of the 12 months 6 224 580 4 195



1. Presentation of financial statements The financial statements have been prepared in accordance

with the International Financial Reporting Standard for Small and Medium-sized Entities, and the Companies Act 71 of 2008. The 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.

These accounting policies are consistent with the previous period, except for the changes set out in note 17 First-time adoption of the International Financial Reporting Standard for Small and Medium-sized Entities.

1.1 Significant judgements and sources of estimation uncertainty Critical judgements in applying accounting policies

Management did not make critical judgements in the application of accounting policies, apart from those involving estimations, which would significantly affect the financial statements.

Key sources of estimation uncertainty Provisions Provisions are inherently based on assumptions and

estimates using the best information available. Additional disclosure of these estimates of provisions are included in note 7 - Provisions.

1.2 Property, plant and equipment Property, plant and equipment is carried at cost less

accumulated depreciation and accumulated impairment losses.

Cost 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.

Depreciation is provided using the straight-line method to write down the cost, less estimated residual value over the useful life of the property, plant and equipment as follows:

Item Depreciation method Average useful life

Office equipment Straight line 5 years

IT equipment Straight line 3 years

1.3 Intangible assets

An intangible asset is recognised when:- it is probable that the expected future economic benefits

that are attributable to the asset will flow to the entity; and- the cost of the asset can be measured reliably.

Intangible assets are initially recognised at cost.

Intangible assets are initially recognised at cost and subsequently at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is provided to write down the intangible assets, on a straight-line basis, as follows:

The residual value, amortisation period and amortisation method for intangible assets are reassessed when there is an indication that there is a change from the previous estimate.

1.4 Financial instruments Initial measurement Financial instruments are initially measured at the transaction

price (including transaction costs except in the initial measurement of financial assets and liabilities that are measured at fair value through profit or loss).

Financial instruments at amortised cost Financial instruments may be designated to be measured

at amortised cost less any impairment using the effective interest method. These include trade and other receivables, loans and trade and other payables. At the end of each reporting period date, the carrying amounts of assets held in this category are reviewed to determine whether there is any objective evidence of impairment. If so, an impairment loss is recognised.

Item Useful life

Computer software 3 years

Financial instruments at fair value All other financial instruments, including equity instruments

that are publicly traded or whose fair value can otherwise be measured reliably, are measured at fair value through profit and loss.

Trade and other receivables 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 profit or loss.

Trade and other payables Trade payables are obligations on the basis of normal credit

terms and do not bear interest.

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 measured at fair value and subsequently recorded at amortised cost.

1.5 Impairment of assets The company assesses at each reporting period date whether

there is any indication that an asset may be impaired. If any such indication exists, the company estimates the recoverable amount of the asset.

If there is any such indication, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset (or group of assets) in prior 6 months. A reversal of impairment is recognised immediately in profit or loss.

1.6 Employee benefits

Short-term employee benefits The cost of short-term employee benefits, (those payable

within 12 months after the service is rendered, such as leave pay and sick leave, bonuses, and non-monetary benefits such as medical care), are recognised in the period in which the service is rendered and are not discounted.

1.7 Provisions and contingencies Provisions are recognised when the company has an

obligation at the reporting date as a result of a past event; it is probable that the company will be required to transfer economic benefits in settlement; and the amount of the obligation can be estimated reliably.

Contingent assets and contingent liabilities are not recognised.

1.8 Revenue Revenue is recognised to the extent that the company has

transferred the significant risks and rewards of ownership of goods to the buyer, or has rendered services under an agreement provided the amount of revenue can be measured reliably and it is probable that economic benefits associated with the transaction will flow to the company. Revenue is measured at the fair value of the consideration received or receivable, excluding sales taxes and discounts.

Interest is recognised, in profit or loss, using the effective interest rate method.


Accounting Policies


2. Property, plant and equipment

2017 2016

CostAccumulated depreciation

Carrying value


Carrying value

Leasehold Improvements 401 396 (6 690) 394 706 - - -

Furniture & fixtures 537 553 (19 164) 518 389 64 834 (940) 63 894

IT equipment 19 216 (6 939) 12 277 19 216 (534) 18 682

Total 958 165 (32 793) 925 372 84 050 (1 474) 82 576

Reconciliation of property plant and equipment - 2017

Opening balance

Additions Disposals Revaluation Depreciation Total

Leasehold Improvements - 401 396 - - (6 690) 394 706

Furniture & fixtures 63 894 472 719 - - (18 224) 518 389

IT equipment 18 682 - - - (6 405) 12 277

82 576 874 115 - - (31 319) 925 372

Reconciliation of property plant and equipment - 2016

Opening balance

Additions Disposals Revaluation Depreciation Total

Furniture & fixtures - 64 834 - - (940) 63 894

IT equipment - 19 216 - - (534) 18 682

- 84 050 - - (1 474) 82 576

3. Intangible assets

2017 2016


Carrying value


Carrying value

Software 4 713 (1 702) 3 011 4 713 (131) 4 582

Reconciliation of intangible assets - 2017

Opening balance

Additions AmortisationTotal

Software

Software 4 582 - (1 571) 3 011

Reconciliation of intangible assets - 2016

Opening balance

Additions Amortisation Total

Software - 4 713 (131) 4 582

4. Loans to (from) group companies

Fellow subsidiaries

Institute of Internal Auditors South Africa (4 913 833) (357 905)



5. Trade and other receivables

Trade receivables 1 078 218 625 940

Prepayments 91 701 65 333

VAT 157 209 110 655

1 327 128 801 928

6. Cash and cash equivalents

Cash and cash equivalents consist of:

Cash on hand - -

Bank balances 224 580 4 195

224 580 4 195

7. Provisions

Reconciliation of provisions - 2017

Opening balanceUtilised during the

yearReversed during

the yearTotal

Provision for audit fees 32 171 55 103 (32 171) 55 103

Leave pay provision - 52 488 - 52 488

32 171 107 591 (32 171) 107 591

Reconciliation of provisions - 2016

Opening balanceUtilised during the

yearReversed during

the yearTotal

Provision for audit fees - 32 171 32 171

- 32 171 32 171

8. Trade and other payables

Trade payables 440 966 482 108

Accruals 391 430 237 062

832 396 719 170

9. Revenue

Revenue 7 779 037 4 636 689

10. Cost of sales

Costs 5 594 017 2 971 486

11. Operating (deficit)

Operating surplus for the year is stated after accounting for the following:

Property, plant and equipment - -

Amortisation of intangible assets 1 571 131

Depreciation on property plant and equipment 31 319 1 474

Employee costs 1 355 083 764 068

12. Investment revenue

Interest revenue

Bank 5 752 3 378

13. Auditor’s remuneration

Fees 55 103 32 171



14. Cash used in operations

Loss before taxation

Adjustments for: (4 207 586) (215 965)

Depreciation and amortisation 32 890 1 605

Profit on sale of assets - -

Interest received (5 752) (3 378)

Movements in provisions 22 931 32 171

Special reserves expenditure - -

Changes in working capital:

Trade and other receivables (478 646) (801 928)

Trade and other payables 1 168 983 719 170

(3 467 180) (268 325)

15. Related parties

Relationships

Members of key management Claudelle Von Eck

Related party balances and transactions with other related parties

Related party balances

Loan accounts - Owing (to) by related parties

Institute of Internal Auditors South Africa (4 913 833) (357 905)

Related party transactions

Administration fees paid to (received from) related parties

Institute of Internal Auditors South Africa 3 801 178 558 423

16. Comparative figures

The reporting period is shorter than a year therefore comparative amounts are not comparable to the current balances.

17. First time adoption of International Financial Reporting Standards for Small and Medium-sized Entities

The company has adopted the International Financial Reporting Standards for Small and Medium-sized Entities for the first time for the 2016 financial year end. The adoption of International Financial Reporting Standing for Small and Medium-sized Entities does not have a material effect on the financial statements

Note(s) 31 May 2017 R 2016 R

Revenue

Revenue 7 779 037 4 636 689

Cost of sales (5 594 017) (2 971 486)

Gross profit 2 185 020 1 665 203

Other income

Interest received 12 5 752 3 378

2 190 772 1 668 581

Operating expenses

Administration fees (3 801 178) (558 423)

Auditors remuneration (55 103) (32 171)

Bank charges (7 752) (10 603)

Consulting fees (9 540) (6 716)

Depreciation amortisation and impairments (32 890) (1 605)

Disciplinary hearing - (263)

Electricity and facilities (367 923) (58 887)

Employee costs (1 355 083) (764 068)

Entertainment (832) (3 734)

Insurance (11 024) (12 885

Legal fees – Statutory (5 892) -

Marketing expenses (13 896) (17 121)

Office expenses (20 654) (13 699)

Office refreshments (19 756) (14 750)

Postage (120) (760)

Printing and stationery (10 406) (8 533)

Prizes (1 006) (1 624)

Public relations (33 756) (47 725)

Recruitment (78 000) (5 596)

Repairs and maintenance (49 791) (14 357)

Telephone and fax (226 474) (159 690)

Training (112 483) (81 891)

Travel - Local (102 144) (35 947)

Travel - International (82 655)

Use of equipment (0) (33 498)

(6 398 358) (1 884 546)

(Deficit) for the 12 / 6 months (4 207 586) (215 965)

The supplementary information presented does not form part of the financial statements and is unaudited


Documents

L E A D E R S H P A C A D E M Y P E R F O R M A N C E 10 · Dr Claudelle Von Eck Phuti Semenya Acting Chief Executive Officer In connection with our auChairman Directors’ Responsibilities