CIDA EMPOWERMENT (PROPRIETARY) LIMITED
(Registration Number: 2004/025068/07)
ANNUAL FINANCIAL STATEMENTS

CIDA Empowerment (Proprietary) Limited Annual Financial Statements
28 February 2009


Report of the independent auditors to the members of CIDA Empowerment (Proprietary) Limited

We have audited the annual financial statements and group annual financial statements of CIDA Empowerment (Proprietary) Limited which comprises the directorsí report, the income statement, the balance sheet as at 28 February 2009, the statement of changes in equity and cash flow statement for the year then ended, a summary of significant accounting policies and other explanatory notes, as set out below.

Directors’ Responsibility for the Financial Statements

The company’s directors are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards, and in the manner required by the Companies Act of South Africa.  This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatements, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. 

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant estimates made by the directors, as well as evaluating the overall financial statement presentation and disclosures.

We believe that the audit evidence that we have obtained is sufficient and appropriate to provide a reasonable basis for our opinion.

Opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position of the group and company at 28 February 2009, and of its financial performance and its cash flows for the period then ended in accordance with International Financial Reporting Standards and in the manner required by the Companies Act of South Africa.  

Supplementary information

The schedule of administration costs and bursaries set out on page 32 - 34 does not form part of the financial statements and is presented as additional information. We have not audited this schedule and accordingly we do not express an opinion on it.    

Deloitte & Touche

Per: T. Abdool-Samad
Partner - Assurance
2 December 2009

 

CIDA EMPOWERMENT (PROPRIETARY) LIMITED REPORT OF THE DIRECTORS 28 February 2009

The directors have pleasure in presenting their report on the activities of the group and company for the year ended 28 February 2009.

Nature of business

The group pursues highly cash generative BEE related investments, in order to build a high-yielding investment portfolio which will generate annuity income to provide bursaries for financially disadvantaged black South African students, attending CIDA City Campus.

General review

The business and operations of CIDA Empowerment (Proprietary) Limited are geared towards the generation of educationally directed annuity income, through a high-yielding portfolio of Black Economic Empowerment (“BEE”) related investments in a mixture of high-growth, highly cash generative entities.  CIDA Empowerment (Proprietary) Limited positions itself as a BEE partner of choice for companies operating within South Africa, seeking broad- based empowerment credentials.

A review of significant items is set out below.

Dividend Income

The company received a dividend of R108 175 (2008: R367 428) from CIDA Joint Ventures - the final distribution related to a 2% profit share arrangement, in place since 2006.

Management/ Licensing/ Royalty fees

The company received a royalty payment of R486 981 from the SOMA Initiative (Pty) Ltd, calculated at 3% of profits before tax and paid annually, as per the shareholders agreement. The company similarly received a royalty fee of  R291 389  from Scatterlings of Africa (Pty) Ltd, calculated at .5% of revenue and paid annually.

No other investment fees  were generated during the year, indicative of a more challenging economic environment. 

Interest Income

As is to be expected given the medium-to-long-term paydown terms of BEE investments,  interest income was the largest contributor to total income generated during the year. This yield was generated from donation funding donated during   the 2007 financial year as part of the Diamond Fund campaign. Given the extensive restructuring that has taken place at CIDA City Campus over the past 24 months, no additional donor Diamond funding has been raised.

Investment Fair Value Adjustments

Investment Fair Value Gains were  conservatively booked at  R8 190 982 for the current year vs. R23 564 796 for the prior year. Given the very challenging economic environment, the board is pleased with this performance.

Corporate Social Investment  donation

The company made a R150 000 Corporate Social Investment donation to CIDA City Campus during the year. 

Administration costs

Administration costs decreased by 15% from R2 917 319 (2008) to R2 467 149 (2008) during the year. This is largely due to a reduction in consulting and legal fees, incurred in deal structuring and acquisition.

Statement of directors’ responsibility

The directors are responsible for the maintenance of adequate accounting records and the preparation and integrity of the annual financial statements and related information.  The auditors are responsible for reporting on the fair presentation of the annual financial statements.  The financial statements have been prepared in accordance with International Financial reporting Standards and in the manner required by the Companies Act in South Africa.

The directors are also responsible for the company’s systems of internal control. These are designed to provide reasonable, but not absolute, assurance as to the reliability of the financial statements, and to adequately safeguard, verify and maintain accountability of the company’s assets, and to prevent and detect misstatement and loss.  Nothing has come to the attention of the directors to indicate that any material breakdown in the functioning of these controls, procedures and systems has occurred during the period under review. The annual financial statements have been prepared on a going concern basis, since the directors have every reason to believe that the company has adequate resources in place to continue in operation for the foreseeable future.

Share capital

The company’s authorised share capital consists of 1 000 ordinary shares of R1 each.

Holding company

The company’s holding company is CIDA Empowerment Trust.

Dividends

No dividends were paid during the year under review.

Subsequent events

Tax penalties and interest

During the year (January 2009), the tax assessment for the financial year ended 31 August 2006 indicated that the company was liable for the tax penalties of R239 452 and interest payable of R798 289 to the Receiver of Revenue.  These amounts were settled in March 2009. CIDA was subsequently reimbursed with the interest amount.

Capital gains tax

During March 2009, CIDA Empowerment made a R2 711 500 CGT Payment in respect of the R18,7 million capital gain from the ApexHi Transaction.

Investment in Cambridge University Press

Effective 1 December 2009, CIDA Empowerment acquired  a 25,1% shareholding in Cambridge University Press South Africa and Africa (CUPSA) for a cash purchase price of R3 196 073.  In accordance with the shareholder’s agreement a minimum amount of R300 000 after tax will flow to CIDA Empowerment (Pty) Limited on an annual basis, a percentage of which (equal to 1% of CUPSA profit after taxation) will flow to CIDA City Campus as a Corporate Social Investment (CSI) donation.

BEE Accreditation

The company was awarded level one BEE status by NERA.

Auditors

Deloitte & Touche are the appointed auditors of the company in accordance with section 270(2) of the Companies Act.

Directors

The directors of the company during the period under review and up to the date of this report were as follows:

T Chiappini -Young 
I Dlamini 
J  Kogl
L Mashologu  (Resigned: 31 July 2008)
C Naidoo  (Appointed: 24 March 2009)
Z K Nzimande
T Ross   (Appointed: 24 March 2009
D Skwambane  (Appointed: 9 July 2008)
R Xaba   (Appointed: 24 March 2009)

Registered office

3 on Glenhove
Corner of Glenhove and Tottenham roads
Melrose Estate
2196

Postal address

Postnet Suite 218
Private Bag X31
Saxonwold
2132

CIDA EMPOWERMENT (PROPRIETARY) LIMITED INCOME STATEMENTS for the ended 28 February 2009

    Group Company
  Notes 2009 2008 2009 2008
    R R R R
Revenue 5 2 444 563 20 349 351 595 156 20 349 351
Administration costs   (2 580 603) (2 986 786) (2 467 149) (2 917 319)
Net fair value gains 6 19 226 538 38 604 962 8 190 982 23 564 796
Profit from operations 7 19 090 498 55 967 527 6 318 989 40 996 828
Equity accounted profit from joint venture   13   -   39 124   -   -
Net finance (costs) income 8 (7 691 192) (4 897 512) 2 897 513 2 672 529
Profit before taxation   11 399 306 51 109 139 9 216 502 43 669 357
Taxation 9 (2 970 205) (7 789 561) (1 425 227) (6 087 460)
Profit for the year   8 429 101 43 319 578 7 791 275 37 581 897

CIDA EMPOWERMENT (PROPRIETARY) LIMITED BALANCE SHEETS 28 February 2009

    Group Company
  Notes 2009 2008 2009 2008
    R R R R
Assets          
           
Non-current assets          
Property, plant and equipment 10 48 976   26 391   48 976   26 391
Loans receivable 11 6 542 437 6 466 419 1 710 120 2 308 164
Investments 12 146 093 275 122 843 930 83 544 690 73 686 188
Investment in Joint Venture 13 1 39 174 1 50
Investment in subsidiary 14 - - 2 531 372 1 351 430
    152 684 689 129 375 914 87 835 159 77 372 223
           
Current assets
         
Receivables 15 381 862 110 839 381 862 110 839
Affiliated accounts receivable 16 - 127 713 - 197 180
Cash and cash equivalents   23 953 819 24 873 748 23 953 819 24 873 748
Total current assets   24 335 681 25 112 300 24 335 681 25 181 767
Total assets
  177 020 370 154 488 214 112 170 840 102 553 990
           
Equity and liabilities          
           
Capital and reserves          
Share capital 17 100 100 100 100
Accumulated profits   93 698 163 85 269 062 94 207 393 86 416 118
Total capital and reserves   93 698 263 85 269 162 94 207 493 86 416 218
           
Non-current liability
         
Preference share capital 18 1 1 - -
Long-term loan 19 61 254 839 50 666 133 - -
Total non-current liabilities   61 254 840 50 666 134 - -
           
Deferred capital gains taxation
20 15 451 671 12 750 636 11 491 447 10 335 390
           
Current liabilities
         
Trade and other payables 21 851 796 345 337 708 100 345 437
Affiliated accounts payable   4 431 - 4 431 -
Provision for leave pay 22 56 004 22 750 56 004 22 750
Taxation   5 703 365 5 434 195 5 703 365 5 434 195
Total current liabilities   6 615 596 5 802 282 6 471 900 5 802 382
Total equity and liabilities
  177 020 370 154 488 214 112 170 840 102 553 990

CIDA EMPOWERMENT (PROPRIETARY) LIMITED STATEMENTS OF CHANGES IN EQUITY for the year ended 28 February 2009

  Share capital Accumulated profits Total
  R R R
Group      
       
Balance at 1 September 2007 100 41 949 484 41 949 584
Profit for the period - 43 319 578 43 319 578
Balance at 29 February 2008 100 85 269 062 85 269 162
Profit for the year - 8 429 101 8 429 101
Balance at 28 February 2009 100 93 698 163 93 698 263
       
Company      
       
Balance at 1 September 2007 100 48 834 221 48 834 321
Profit for the period - 37 581 897 37 581 897
Balance at 29 February 2008 100 86 416 118 86 416 218
Profit for the year - 7 791 275 7 791 275
Balance at 28 February 2009 100 94 207 393 94 207 493

CIDA EMPOWERMENT (PROPRIETARY) LIMITED CASH FLOW STATEMENTS for the year ended 28 February 2009

    Group Company
  Notes 2009 2008 2009 2008
    R R R R
Operating activities:          
Cash generated from (utilised in) operations 23 315 327 17 235 073 (1 534 078) 17 196 049
Net finance (costs) income   (7 691 192) (4 897 512) 2 897 513 2 672 529
Net cash (utilised in) from operating activities   (7 375 865) 12 337 561 1 363 435 19 868 578
           
Investing activities:          
Additions to property, plant and equipment     (37 592) (24 985) (37 592) (24 985)
Proceeds on disposal of property, plant and equipment   3 597 - 3 597 -
Investments during the year   (4 022 756) (40 190 172) (2 847 411) (1 213 310)
Net cash utilised in investing activities   (4 056 752) (40 215 157) (2 881 408) (1 238 295)
           
Financing activities:          
Long-term loan raised (paid)   10 588 706 49 349 071 - (1 317 063)
(Increase)  decrease in loans receivable   (76 018) (6 466 419) 598 044 (2 308 164)
Short-term loan paid   - (365 000) - (365 000)
Net cash from financing activities   10 512 688 42 517 652 598 044 (3 990 227)
           
Net (decrease) increase in cash and cash equivalents   (919 929) 14 640 056 (919 929) 14 640 056
Cash and cash equivalents at beginning of the period   24 873 748 10 233 692 24 873 748 10 233 692
Cash and cash equivalents at end of the period   23 953 819 24 873 748 23 953 819 24 873 748

CIDA EMPOWERMENT (PROPRIETARY) LIMITED NOTES TO THE ANNUAL FINANCIAL STATEMENTS 28 February 2009

1. Presentation of financial statements

These financial statements are presented in Rands since this is the currency in which the majority of the Group’s transactions are denominated.

2. Adoption of new and revised standards

Accounting Standards applicable for 28 February 2009 year ends

This document summarises the accounting standards issued and effective for February 2009 year ends as well as those accounting standards issued but not yet effective. This list has been obtained from the SAICA and IAS Plus websites.

Table 1 lists all standards and interpretations that should have been adopted by groups/companies with a February 2009 year end, while table 2 lists all standards and interpretations that have been issued but are not yet effective. Table 3 lists the amendments to various standards.

Table 1

Standard Annual periods
beginning on or after
IFRIC 14 - IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction 1 January 2008

Table 2

Standard Annual periods
beginning on or after
IFRS 2 (AC 139) - Share Based Payments 1 January 2009
IFRS 3 (AC 140) - Business Combinations 1 July 2009
IFRS 8 (AC 145) - Operating Segments 1 January 2009
IAS 1 (AC 101) -  Presentation of Financial Statements 1 January 2009
IAS 23 (AC 114) - Borrowing Costs 1 January 2009
IAS 27 (AC 132) - Consolidated and Separate Financial Statements 1 July 2009
IAS 28 (AC 110) - Investments in Associates 1 July 2009
IAS 31 (AC 119) - Interests in Joint Ventures 1 July 2009
IAS 39 (AC 133) - Financial Instruments: Recognition and Measurement - Amendments for eligible hedged items 1 July 2009
IFRIC 16 - Hedges of a Net Investment in a Foreign Operation 1 October 2008
IFRIC 17 - Distributions of Non-cash Assets to Owners 1 July 2009
IFRIC 18 - Transfers of Assets from Customers Transfers received on
or after 1 July 2009

Table 3

On 22 May 2008, the International Accounting Standards Board (IASB) issued its latest Standard, titled Improvements to International Financial Reporting Standards 2008.  The Standard included 35 amendments to various Standards.

Standard Annual periods
beginning on or after
IFRS 1 (AC 138) - First-time Adoption of International Financial Reporting Standards 1 January 2009
IFRS 5 (AC 142) - Non-current Assets Held for Sale and Discontinued Operations 1 July 2009
IAS 1 (AC 101) - Presentation of Financial Statements 1 January 2009
IAS 16 (AC 123) - Property, Plant and Equipment 1 January 2009
IAS 19 (AC 116) - Employee Benefits 1 January 2009
IAS 20 (AC 134) - Accounting for Government Grants and Disclosure of Government Assistance 1 January 2009
IAS 27 (AC 132) - Consolidated and Separate Financial Statements 1 January 2009
IAS 28 (AC 110) - Investments in Associates 1 January 2009
IAS 31 (AC 119) - Interests in Joint Ventures 1 January 2009
IAS 32 (AC 125) - Financial Instruments: Presentation 1 January 2009
IAS 36 (AC 128) - Impairment of Assets 1 January 2009
IAS 38 (AC 129) - Intangible Assets 1 January 2009
IAS 39 (AC 133) - Financial Instruments: Recognition and Measurement 1 January 2009
IAS 40 (AC 135) - Investment Property 1 January 2009
IFRS 7 (AC 144) - Financial Instruments: Disclosures - Amendments enhancing disclosures about fair value and liquidity risk 1 January 2009

The following amendments were issued by the IASB during March 2009.

Standard Annual periods
beginning on or after
IFRS 7 (AC 144) - Financial Instruments: Disclosures - Amendments enhancing disclosures about fair value and liquidity risk 1 January 2009

The following amendments were issued by the IASB during April and June 2009.

Standard Annual periods
beginning on or after
IFRS 2 (AC 139) - Share-based Payment - Amendments resulting from April 2009 Annual Improvements to IFRSs 1 July 2009
IFRS 2 (AC 139) - Share-based Payment - Amendments relating to group cash-settled share-based payment transactions 1 July 2010
IFRS 5 (AC 142) - Non-current Assets Held for Sale and Discontinued Operations - Amendments resulting from April 2009 Annual Improvements to IFRSs 1 January 2010
IFRS 8 (AC 145) - Operating Segments - Amendments resulting from April 2009 Annual Improvements to IFRSs 1 January 2010
IAS 1 (AC 101) - Presentation of Financial Statements - Amendments resulting from April 2009 Annual Improvements to IFRSs 1 January 2010
IAS 7 (AC 118) - Statement of Cash Flows - Amendments resulting from April 2009 Annual Improvements to IFRSs 1 January 2010
IAS 17 (AC 105) - Leases - Amendments resulting from April 2009 Annual Improvements to IFRSs 1 January 2010
IAS 36 (AC 128) - Impairment of Assets - Amendments resulting from April 2009 Annual Improvements to IFRSs 1 January 2010
IAS 38 (AC 129) - Intangible Assets - Amendments resulting from April 2009 Annual Improvements to IFRSs 1 July 2009
IAS 39 (AC 133) - Financial Instruments: Recognition and Measurement - Amendments resulting from April 2009 Annual Improvements to IFRSs 1 January 2010

3. Summary of significant accounting policies

The annual financial statements have been prepared under the historical cost convention with the exception of certain assets that are carried at fair value, and in accordance with South African Statements of Generally Accepted Accounting Practice. The principal accounting policies adopted in the preparation of these annual financial statements are set out below and are consistent in all material respects with those applied in the previous period.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and entities (including special purpose entities) controlled by the Company (its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by other members of the Group.

All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

Business combinations

Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost of the business combination is measured as the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree, plus any costs directly attributable to the business combination. The acquiree’s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 Business Combinations are recognised at their fair values at the acquisition date, except for non-current assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, which are recognised and measured at fair value less costs to sell.

Goodwill arising on acquisition is recognised as an asset and initially measured at cost, being the excess of the cost of the business combination over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised. If, after reassessment, the Group’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognised immediately in profit or loss.

Goodwill

Goodwill arising on the acquisition of a subsidiary or a jointly controlled entity represents the excess of the cost of acquisition over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the subsidiary or jointly controlled entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses.

For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period.

On disposal of a subsidiary or a jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.

Revenue recognition

Grants and donations

Grants and donation income are recognised when the Group becomes legally entitled to the income.

Interest received

Interest income is recognised on a time proportion basis, taking account of the principal outstanding and the effective rate over the period to maturity.

Borrowing costs

All borrowing costs are dealt with in income in the period in which they are incurred.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.  Taxable profit differs from profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.  The Group’s liability for current tax is calculated using tax rates that have been enacted or substantially enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method.  Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.  Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit not the accounting profit.

Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.

Property, plant and equipment

Property, plant and equipment is stated at historical cost less accumulated depreciation rates.  Appropriate annual depreciation are applied to reduce book values over their useful lives to estimated residual values using the straight line method.

Furniture & fittings
    10%
Computer equipment
    33.33%
Ofiice equipment
    10%

The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in income.

Provisions

Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Financial instruments

Financial assets

Investments are recognised and derecognised on trade date where the purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at fair value, plus transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value

Financial assets (continued)

Financial assets are classified into the following specified categories: financial assets ‘at fair value through profit or loss’ (FVTPL), ‘held-to-maturity’ investments, ‘available-for-sale’ (AFS) financial assets and ‘loans and receivables’.

The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition.

Effective interest method

The effective interest method is a method of calculating the amortised cost of a financial asset and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees on points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial asset, or, where appropriate, a shorter period.

Income is recognised on an effective interest basis for debt instruments other than those financial assets designated as at FVTPL.

Financial assets at FVTPL

Financial assets are classified as at FVTPL where the financial asset is either held for trading or it is designated as at FVTPL.

A financial asset is classified as held for trading if:

  •  it has been acquired principally for the purpose of selling in the near future; or
  • it is a part of an identified portfolio of financial instruments that the Group manages together  and has a recent actual pattern of short-term profit-taking; or
  • it is a derivative that is not designated and effective as a hedging instrument.

A financial asset other than a financial asset held for trading may be designated as at FVTPL upon initial recognition if:

  • such designation eliminates or significantly reduces a measurement or recognition  inconsistency that would otherwise arise; or
  • he financial asset forms part of a group of financial assets or financial liabilities or both, which  is managed and its performance is evaluated on a fair value basis, in accordance with the  Group's documented risk management or investment strategy, and information about the  grouping is provided internally on that basis; or
  • it forms part of a contract containing one or more embedded derivatives, and IAS 39 Financial  Instruments:

Recognition and Measurement permits the entire combined contract (asset or liability) to be designated as at FVTPL.

Financial assets at FVTPL are stated at fair value, with any resultant gain or loss recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any dividend or interest earned on the financial asset. Fair value is determined in the manner described in note 24.

Loans and receivables

Trade receivables, loans, and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivables.  Loans and receivables are measured at amortised cost using the effective interest method, less any impairment. Interest income is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.

Impairment of financial assets

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been impacted. For certain categories of financial asset, such as trade receivables, assets that are assessed not to be impaired individually are subsequently assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include observable changes in national or local economic conditions that correlate with default on receivables. The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss.

Impairment of financial assets

If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.

Derecognition of financial assets

The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire; or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

Financial liabilities and equity instruments issued by the Group

Classification as debt or equity

Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangement.

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.

Compound instruments

The component parts of compound instruments issued by the Group are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument’s maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity, net of income tax effects, and is not subsequently remeasured.

Financial liabilities

Financial liabilities are classified as either financial liabilities ‘at FVTPL’  or ‘other financial liabilities’.

Other financial liabilities

Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period.

Derecognition of financial liabilities

The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or they expire.

Leased assets

Rentals under operating leases are charged to income on the straight line basis over the term of the relevant lease.

4. Critical judgements in applying accounting policies

The following are the critical judgements, apart from those involving estimations (see below), that management has made in the process of applying the entity’s accounting policies and that have the most significant effect on the amounts recognised in financial statements.

Judgements

In the process of applying the group and Group's accounting policies, management has made the following judgements, apart from those involving estimations, which have the most significant effect on the amounts recognised in the financial statements:

Income Taxes

The Group recognises the net future tax benefit related to deferred income tax assets to the extent that it is probable that the deductible temporary differences will reverse in the foreseeable future. Assessing the recoverability of deferred income tax assets requires the Group to make significant estimates related to expectations of future taxable income. Estimates of future taxable income are based on forecast cash flows from operations and the application of existing tax laws in each jurisdiction. To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the Group to realise the net deferred tax assets recorded at the balance sheet date could be impacted. Additionally, future changes in tax laws in the jurisdictions in which the Group operates could limit the ability of the Group to obtain tax deductions in future periods.

Contingent liabilities

Management applies its judgment to the fact patterns and advice it receives from its attorney, advocates and other advisors in assessing if an obligation is probable, more likely than not, or remote. This judgement application is used to determine if the obligation is recognised as a liability or disclosed as a contingent liability.

  Group Company
  2009 2008 2009 2008
  R R R R
5. Revenue        
Revenue comprises:        
- Consulting fees 486 981 632 623 486 981 632 623
- Donations - 249 300 - 249 300
- Grants - 81 714 - 81 714
- Distribution income - 18 700 000 - 18 700 000
- Licensing fee - 150 000 - 150 000
- Dividend income 1 283 520 535 714 108 175
  1. 714
- Interest received from shareholders loan 674 062 - - -
  2 444 563 20 349 351 595 156 20 349 351
         
6. Net fair value gains         
Fair value gains (losses) comprise  of:        
- BCE Foodservices Equipment (Pty) Ltd 12 215 498 12 294 395 - -
- CIDA BCE Investments (Pty) Ltd - - 1 179 942 (2 745 771)
- Interwill Holding (Pty) Ltd (49) - (49) -
- Ownership Solutions (Pty) Ltd - 336 881 - 336 881
- Sasol Inzalo Group Limited (2 499 999) - (2 499 999) -
- SOMA Initiative (Pty) Ltd (1 046 527) 2 552 125 (1 046 527) 2 552 125
- Trans Union Credit Bureau (Pty) Ltd 10 979 975 23 857 900 10 979 975 23 857 900
   - Via Capital Financial Services (Pty) Ltd (422 360) (436 339) (422 360) (436 339)
  19 226 538 38 604 962 8 190 982 23 564 796
         
7. Profit from operations        
This is arrived at after taking the following into account:        
         
Expenses:        
Auditors remuneration        
- Audit fees 407 812 173 668 333 482 104 201
         
Depreciation:        
- Office equipment 1 235 314 1 235 313
- Furniture and fittings 1 546 754 1 546 754
- Computer equipment 10 136 11 847 10 136 11 847
  12 917 12 915 12 917 12 914
         
(Profit) loss on disposal of property, plant and equipment (1 507) 661 - -
Impairment of joint venture 39 123 - 49 -
Directors emoluments - managerial services 670 000 1 462 133 670 000 1 462 133
Consulting fees 52 240 258 175 52 240 258 175
Operating lease - property rental 121 788 130 755 121 788 130 755
         
The group does not have any obligations under
future non-cancellable leases.
       
         
8. Net finance (costs) income        
         
Interest received 2 897 513 2 806 856 2 897 513 2 806 856
Interest paid (10 588 705) (7 704 368) - (134 327)
  (7 691 192) (4 897 512) 2 897 513 2 672 529
         
9. Taxation        
         
South African normal taxation:        
Current taxation:        
- Normal 269 170 328 186 269 170 328 186

- Capital gains taxation

- 2 711 500 - 2 711 500
- Deferred taxation 2 701 035 5 025 763 1 156 057 3 299 071
- Rate change - (275 888) - (251 297)
  2 970 205 7 789 561 1 425 227 6 087 460
         
Taxation rate reconciliation        
         
Operating (loss) profit (7 827 232) 12 504 177 1 025 520 20 104 561
Fair value gain 19 226 538 38 604 962 8 190 982 23 564 796
  11 399 306 51 109 139 9 216 502 43 669 357
         
Taxation at statutory rate        
Operating profit at 28% (2008: 29%) - 3 626 211 287 146 5 830 323
Fair value gains (losses) 2 691 715 5 597 719 1 146 737 3 416 895
Profit before taxation 2 691 715 9 223 930 1 433 883 9 247 218
         
Dividends received (359 386) (155 357) (30 289) (155 357)
Grants received - (23 687) - (23 687)
Non-deductable expenses 648 537 2 118 503 32 294 217 731
Capital gain realized in current year - (2 711 500) - (2 711 500)
Prior year adjustment (10 661) - (10 661) -
Change in taxation rate - (662 328) - (486 945)
Reconciled taxation balance 2 970 205 7 789 561 1 425 227 6 087 460

10.  Property, plant and equipment  

Group and company Office
equipment
Furniture and
fittings
Computer
equipment
Total
  R R R R
2009        
Cost        
At 29 February 2008 12 346 5 044 23 695 41 085
Additions - 12 323 25 269 37 592
Disposals - - (23 695) (23 695)
At 28 February 2009 12 346 17 367 25 269 54 982
         
Accumulated depreciation        
At 29 February 2008 (314) (672) (13 708) (14 694)
Depreciation (1 235) (1 546) (10 136) (12 917)
Disposals - - 21 605 21 605
At 28 February 2009 (1 549) (2 218) (2 239) (6 006)
         
Carrying value        
At beginning of the year 12 032 4 372 9 987 26 391
At end of the year 10 797 15 149 23 030 48 976
         
2008        
Cost        
At 1 September 2007 - 825 16 100 16 925
Disposals - (825) - (825)
Additions 12 346 5 044 7 595 24 985
At 29 February 2008 12 346 5 044 23 695 41 085
         
Accumulated depreciation        
At 1 September 2007 - 82 1 861 1 943
Disposals - (164) - (164)
Depreciation 314 754 11 847 12 915
At 29 February 2008 314 672 13 708 14 694
         
Carrying value        
At beginning of the period - 743 14 239 14 982
At end of the period 12 032 4 372 9 987 26 391
         
  Group Company
  2009 2008 2009 2008
  R R R R
11.  Loans receivable        
- Ownership solutions 1 710 120 2 308 164 1 710 120 2 308 164
- Hone Catering Supplies Shareholders 4 832 317 4 158 255 - -
  6 542 437 6 466 419 1 710 120 2 308 164
12.   Investments        
Stated at fair value through profit and  loss        
- BCE Food Service (Pty) Ltd 1 175 345 - - -
- BCE Foodservices Equipment (Pty) Ltd 37 952 231 27 913 933 - -
- BCE Food Services Equipment
  (Pty) Ltd  Preference share capital
23 421 009 21 243 809 - -
- KN Tsepisa (Pty) Ltd 170 - 170 -
- Ownership Solutions (Pty) Ltd 336 908 336 908 336 908 336 908
- Sasol Inzalo Group Limited 1 - 1 -
- Scatterings of Africa (Pty) Ltd 13 333 13 333 13 333 13 333
- SOMA Initiative (Pty) Ltd 3 834 558 4 881 085 3 834 558 4 881 085
- Transunion Credit Bureau (Pty) Ltd 78 671 176 67 691 201 78 671 176 67 691 201
- Via Capital Financial Services (Pty) Ltd 341 301 763 661 341 301 763 661
- Vodacom Yebo Yethu Limited 347 240 - 347 240 -
  146 093 275 122 843 930 83 544 687 73 686 188
         
13. Investment in joint venture        
MRX 78 Investment Holdings (Pty) Ltd        
Cost 50 50 50 50
Equity share of profit 39 124 39 124 - -
Impairment (39 173) - (49) -
Carrying value 1 39 174 1 50
         
The investment comprises a 50% holding 
of the issued share capital of R100 (2008: R100).
       
  R      
A summary of the financial position and results
of operations are as follows:
       
         
Current assets 139      
Current liabilities -      
Accumulated loss (9 345 551)      
Non-distributable reserve 905 000      
         
14. Investment in subsidiary        
         
CIDA BCE Investment (Pty) Ltd
Stated at fair value through profit and loss
    2 531 372 1 351 430
         
The investment companies 100% of the
issued share capital of CIDA BCE
Investment (Pty) Ltd of R100 (2008: R100)
       
         
15. Receivables        
         
Sundry receivables 381 862 110 389 381 862 110 839
         
The directors consider that the carrying amount of sundry receivables approximates their fair value.
         
  Group Company
  2009 2008 2009 2008
  R R R R
16. Affiliated accounts receivable        
CIDA BEE Investments (Pty) Ltd - - - 69 467
CIDA Empowerment Trust - 127 713 - 127 713
  - 127 713 - 197 180
         
17. Share capital        
         
Authorised        
1 000 ordinary shares of R1 each 1 000 1 000 1 000 1 000
         
Issued        
100 ordinary shares of R1 each 100 100 100 100
         
The unissued shares are under the
control of the directors until the next
annual general meeting.
       
         
18. Preference share capital        
         
Authorised and issued        
1 'B' preference share with a par value of R1 1 1 - -
         
19. Long-term loan        
         
Investec Bank Limited 61 254 839 50 666 133 - -
         
The loan bears interest at prime plus 4%
and the redemption date of the loan is on
1 December 2011.
       
         
20. Deferred capital gains taxation        
         
Balance at the beginning of the year 12 750 636 7 287 616 10 335 390 7 287 616
Charge to the income statement 2 701 035 5 025 763 1 156 057 3 047 774
Opening balance - CIDA BCE Investment (Pty) Ltd - 713 145 - -
Change in rate - (275 888) - -
Balance at the end of the period 15 451 671 12 750 636 11 491 447 10 335 390
         
21. Trade and other payables        
         
Trade payables 443 042 165 337 299 346 165 437
Other payables and accruals 408 754 180 000 408 754 180 000
  851 796 345 337 708 100 345 437
         
The directors consider the carrying
amounts of the trade and other
payables approximate their fair value.
       
         
22. Provision for leave pay        
         
Group and company        
         
Balance at the beginning of the year 22 750 - 22 750 -
Charge to the income statement 33 254 22 750 33 254 22 750
Balance at the end of the year 56 004 22 750 56 004 22 750
         
  Group Company
  2009 2008 2009 2008
  R R R R
23. Cash generated from  operations        
         
Profit before taxation 11 399 306 51 109 139 9 216 502 43 669 357
Adjustments for:        
- Depreciation 12 917 12 915 12 917 12 914
- (Profit) loss on disposal of   property,
   plant and equipment
 
(1 507)
 
661
 
(1 507)
 
661
- Fair value gains (19 226 538) (38 604 962) (8 190 982)
  1. 564 796)
- Impairment of joint venture 39 123 - - -
- Net finance (costs) income 7 691 192 4 897 512 (2 897 513) (2 672 529)
 Operating (loss) income before
working capital changes
 
(85 507)
 
17 415 265
 
(1 860 583)
 
17 445 607
         
 Adjustments for working capital changes:        
- (Increase) decrease in receivables (271 023) 42 246 (271 023) 42 247
- Decrease (increase) in affiliated accounts receivable 127 713 (127 713) 97 180 (197 180)
- Increase in affiliated accounts payable 4 431 - 4 431 -
- Increase in trade and other payables 506 459 122 525 362 663 122 625
- Increase (decrease) in provisions 33 254 (217 250) 33 254 (217 250)
  400 834 (180 192) 326 505 (249 558)
Cash generated from (utilised in) operations 315 327 17 235 073 (1 534 078) 17 196 049

24. Financial instruments

Collateral pledged by Group

In the event of default of repayment of the loan from Investec Bank Ltd when due, the following pledged assets become property of Investec Bank Ltd:

Financial assets pledged Carrying
value 2009
Carrying
value 2008
  R R
250 Ordinary shares in BCE Foodservices Equipment (Pty) Ltd 37 952 231 27 913 933
250 Cumulative redeemable preference shares in
BCE Foodservices Equipment (Pty) Ltd
23 421 009 21 243 809
Total 61 373 240 49 157 742

Collateral pledged by the Company

There were no financial assets pledged as collateral by the company in the current year.

Credit risk management

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the company.  The company only transacts with entities that are rated the equivalent of investment grade and above. 

The carrying amounts of the loans included in the balance sheet represent the group’s maximum exposure to credit.

  Group Company
Trade receivables 381 862 110 839
Loans receivable 23 421 009 6 466 419
Total 23  802 871 6 577 258

These loans are not considered to be either past due or impaired.  Refer to note 11 for details on these loans.

Credit quality

The Group has two types of financial assets that could be exposed to credit risk: Loans receivable from investment companies and other receivables. 

Loans to investment companies – prior to acquisition of any investment, the company’s risk profile, company strategy and performance is evaluated.  The loans to BCE Foodservices Equipment and Ownership Solutions are therefore considered to have a low credit risk and hence good credit quality.

The other receivables in the current year are considered to be immaterial.

Market risk management

Interest rate risk refers to the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

Price risk refers to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices other than those arising from interest rate risk or foreign currency risk.

Foreign currency risk refers to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.

The company’s activities expose it primarily to the financial risks of fluctuations in equity prices due to the fact that investments are valued using P/E ratio’s, as well as fluctuations in interest rates due to the loan from Investec Bank Ltd bearing interest at prime plus 4% and a loan issued to BCE Foodservices Equipment (Pty) Ltd which bears interest at the prime rate.  The company is not vulnerable to foreign currency risk, as none of its transactions have been done in a foreign currency.

Market risk exposures are measured using sensitivity analyses.  A sensitivity analysis shows how profit or loss before taxation and equity would have been affected by changes in the relevant risk variable that were reasonably possible at the reporting date.

Interest rate

The sensitivity analyses below have been determined based on the relevant financial instruments’ exposure to interest rates at the balance sheet date.  In the current year the exposure to the interest rates can be linked to the long term loan from Investec Bank Ltd which bears interest at prime rate plus 4% as well as the loan issued to BCE Foodservices Equipment (Pty) Ltd which bears interest at the prime interest rate.  The analysis is prepared assuming the amount of the liability outstanding at the balance sheet date was outstanding for the whole year.  The following basis points increases or decreases is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates.  The change for 2008 (comparative year) is the actual 400 basis points decrease in interest rates that occurred over the 2009 financial year.

Interest rate sensitivity analyses

Loan to BCE Foodservices Equipment (Pty) Ltd 2009 2008
     
RSA prime rates    
Basis point (decrease) increase (400) 250
     
  R R
Profit after taxation 8 429 101 43 319 578
Potential movement (193 293) 62 374
Profit after taxation 8 235 808 43 381 952
     
Loan from Investec Bank Ltd 2009 2008
     
RSA prime rates    
Basis point (decrease) increase (400) 150
     
  R R
Profit after taxation  8 429 101 43 319 578
Potential movement 2 450 194 (759 992)
Profit after taxation  10 879 295 42 559 586

Price risk

The sensitivity analysis below have been determined based on the average volatility of the JSE Securities Exchange All Share Index (ALSI), over the preceding 5 years.

The volatility of this market index has been used for the volatility of the investment held by this company.  It was decided to use the movement in the ALSI as a representative movement of all investments, given that the ALSI broadly represents the market and the South African economy as a whole.

The effect on the profit after taxation is based on an upward movement in the ALSI of 20% (2008 13.55%).  A positive number below indicates an increase in profit after taxation and a negative number represents a decrease in profit after taxation.

Price risk sensitivity analysis – Group


Investment in BCE Foodservice Equipment (Pty) Ltd 2009 2008
     
Movement in P/E ratio 20% 13,55 %
     
  R R
Profit after taxation 8 429 101 43 319 578
Potential movement 7 590 446 3 072 638
Profit after taxation 16 019 547 46 392 216

Price risk sensitivity analysis –  Group and company


Investment in Transunion Credit Bureau 2009 2008
     
Movement in P/E ratio 20% 13,55%
     
  R R
Profit after taxation 8 429 101 43 319 578
Potential movement 15 734 235 5 368 348
Profit after taxation 24 163 336 48 687 926
     
Investment in SOMA 2009 2008
     
Movement in P/E ratio 20% 13,55%
     
  R R
Profit after taxation 8 429 101 43 319 578
Potential movement 766 912 834 037
Profit after taxation 9 196 013 44 153 615
     
Investment in Ownership solutions 2009 2008
     
Movement in P/E ratio 20% 13,55%
     
  R R
Profit after taxation 8 429 101 43 319 578
Potential movement 67 382 20 282
Profit after taxation 8 496 483 44 173 897
     

CIDA EMPOWERMENT (PROPRIETARY) LIMITED SCHEDULE OF ADMINISTRATION COSTS
for the year ended 28 February 2009

  Group Company
  2009 2008 2009 2008
  R R R R
         
Accounting fees 60 000 130 252 60 000 130 252
Audit fees 407 812 173 668 333 482 104 201
Advertising and promotion - 199 900 - 199 900
Asset disposal (1 507) 661 (1 507) 661
Bank charges 1 876 1 972 1 876 1 972
Communication and internet 17 653 9 219 17 653 9 219
Computer expenses 21 189 9 614 21 189 9 614
Consulting fees 52 240 258 175 52 240 258 175
Cleaning - 130 - 130
Conference fees - 5 300 - 5 300
Courier and postage 2 474 5 036 2 474 5 036
Depreciation 12 917 12 915 12 917 12 915
Donations 150 000 - 150 000 -
Gifts 691 974 691 974
Insurance 5 869 - 5 869 -
Impairment of joint venture 39 123 - - -
Leave pay 33 254 22 750 33 254 22 750
Legal fees 63 096 99 472 63 096 99 472
Office admin 12 960 20 520 12 960 20 520
Office consumables 2 388 55 200 2 388 55 200
Office expense - 999 - 999
Printing and stationery 896 34 525 896 34 525
Rent paid 121 788 130 755 121 788 130 755
Salaries and wages 1 408 731 1 458 466 1 408 731 1 458 466
Secretarial 10 450 2 530 10 450 2 530
Skills development levy 14 063 15 725 14 063 15 725
Staff training 5 734 3 500 5 734 3 700
Staff refreshment 3 076 8 555 3 076 8 555
Subscription 325 4 56 325 4 255
Telephone and fax 10 131 47 439 10 131 47 439
Travel and accommodation 116 725 122 950 116 725 122 950
Travel allowance - 140 000 - 140 000
UIF company contribution 2 929 5 978 2 929 5 978
Web expenses 3 720 5 150 3 720 5 150
  2 580 603 2 986 786 2 467 149 2 917 319

CIDA EMPOWERMENT TRUST LIST OF BURSARY RECIPIENTS for the year ended 28 February 2009

Surname Name ID number Student number Amount
Thobetane Brenda 8804050602082 850027 R 30 000
Seleka Tebogo 8810060563081 850017 R 30 000
Molefe Lebogang 8811190322083 850179 R 30 000
Zwane Nomalungelo 8107120236083 850139 R 30 000
Ncume Nomfundiso 771120696084 850227 R 30 000
Nene Sphindile Catherine 8412070657084 750100 R 30 000
Siluma Phindile 8903270529081 750273 R 30 000
Lehupela Busisiwe Kessie 9010260292081 950024 R 30 000
Magana Lesego 8605190986081 950027 R 30 000
Majola Nontobeko 8803040974080 950171 R 30 000
Maseli Lebohang Agnes 9011290273083 950177 R 30 000
Mashigo Mpho 9012070606088 950015 R 30 000
Banda Mathapelo Catoya 8712100454083 850158 R 30 000
Choeu Sejabaledi Vinniter 8806130897087 850026 R 30 000
Gcwensa Noluthando 8906240733089 850074 R 30 000
Mbhele Noxolo 8705310740085 850157 R 30 000
Kandonga Eufemia 8711220273084 850221 R 30 000
Mantyi Lukanyiso 8811130713086 750062 R 30 000
Mapeshoane Lerato 8310170884089 750063 R 30 000
Mavuso Sheila 8701290523088 750092 R 30 000
Nkosi Nkosinathi 8305305542081 850191 R 30 000
Moorosi Mohau, Frans 8906255164089 850084 R 30 000
Shoyisa Muziwokuphila 8710175231089 850137 R 30 000
Mashaba Vincent 8802095390085 850100 R 30 000
Tau Sam 8812275294080 750237 R 30 000
Ximba Thulane 8401075452088 750241 R 30 000
Hlungwane Bongani 8802075589086 750183 R 30 000
Madonsela Sihle Eddie 9201055339084 950176 R 30 000
Makau Teboho 9003125426085 950180 R 30 000
Buthelezi Sibekezelo 8603050536088 850046 R 30 000
Hermans Tsobotsi Magret 8907311101081 950088 R 40 000
Khumalo Busisiwe 8702190968084 950004 R 40 000
Khumalo Nobuhle 8312231270084 950080 R 40 000
Majozi Siziwe 8409151064081 950144 R 40 000
Menze Nosibusiso 9001200580081 950142 R 40 000
Mondlane Nhlamulo 8807145744082 950050 R 40 000
Msimango Bonginkosi 8911235497088 950087 R 40 000
Serarile Ezekiel 8802015710081 950105 R 40 000
Buso Thandiwe Eubatha 8611050317086 850156 R 40 000
Choeunyane Omphemetse 8503255857083 850018 R 40 000
Dlamini Phumzile 8810230232088 850028 R 40 000
Dlamini Jabulani 7801245331081 850038 R 40 000
Dlodlo Nkululeko 8908045338080 850053 R 40 000
Fortuin Sandra Boitumelo 8903150178082 850030 R 40 000
Kekana Leebana Naom 8901110758084 850064 R 40 000
Moeng Merlyn 8811150875088 950157 R 40 000
Morwe Brian 8810035698087 950159 R 40 000
Mosala Mpho 8901050308080 950160 R 40 000
Nkabinde Nonhlanhla 8901190400086 950096 R 40 000
Managa Mpho Evans 8812246258081 850077 R 40 000
Mariti Maletsatsi Innocentia 8711280168083 850040 R 40 000
Ndlazi Collette Chamine 8802110330082 850058 R 40 000
Ngcetshu Sandile 8212315574080 850063 R 40 000
Sambo Ntebaleng 8709160689087 850153 R 40 000

 

“The education offered at CIDA City Campus is designed to make students relevant, truly empowered, integrated citizens and leaders that are skilled and equipped to build the South African economy and society.”

- President Thabo Mbeki, addressing Parliament, 2001

 

“I believe the students at CIDA are using creativity and lateral thinking skills to a remarkable degree.”

- Edward De Bono

 


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