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Corporate Governance -Sep2016
KINGIIIExecutive Guide To
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Annual Financial Statements Auditor-General Accounting Officer Annual Performance Plan Accelerated and Shared Growth Initiative for SA Black Economic Empowerment Ciskei Corporations Act of 1990 Chief Executive Officer Chief Financial Officer Certificate of Fitness Corporate Social Investment Chief Strategy Officer Division of Revenue Act Department of Transport Eastern Cape Provincial Administration Employee Wellness Policy Executive Council Fleet Management System Generally Recognised Accounting Practices Guide to Service Delivery Excellence Historically Disadvantaged Individuals Head of Department Human Resource Development Human Resource Management Internal Audit Interim Bid Advisory Committee Integrated Financial Management Systems Information Technology In-Year-Monitoring Member of the Executive Council Mayibuye Transport Corporation Medium Term Expenditure Framework Medium Term Strategic Framework National Treasury Regulations Organisational Development Occupational Health and Safety Act Public Finance Management Act Provincial Growth and Development Plan Performance Management Development System South African Bus Employers Association South African Bus Operators System South African Road Passenger Bargaining Council Supply Chain Management Standing Committee on Public Accounts Service Level Agreement Senior Management Small Medium Micro Enterprise
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VISION AND MISSION MESSAGE FROM THE CHAIRPERSON OVERVIEW BY THE CEO PROGRAMME PERFORMANCE AUDIT COMMITTEE REPORT FINANCE REPORT REPORT OF THE AUDITOR GENERAL ANNUAL FINANCIAL STATEMENTS HR MANAGEMENT REPORT
pResentAtion of the mAyibuye tRAnspoRt coRpoRAtion
From left to right Front Row: Percival Lusapo Camagu Maseti (Chairperson); Jonga Sydney Nyengane (Deputy-Chairperson); Portia Loyilane (Board Member); Luthando Richmond Mbinda (CEO of MTC (Ex-Officio Board Member) Back Row: Ruth Luzuka (Board member); Angela Margaret Church (Board member); Andr Joubert De Vries (Department of Transport Representative); Pumelele Pazima Balfour (Board Member); Zandile Pakati (Organised Labour Representative)
In terms of the requirements of section 55(1) of the Public Finance Management Act, Act 1 of 1999, the Accounting Authority herewith presents the Annual Report of the Mayibuye Transport Corporation (MTC), for the period 1 April 2011 to 31 March 2012, to the Executive Authority, Department of Transport of the Eastern Cape. We declare that the Annual Report fairly presents the state of affairs of MTC, its business, financial results, performance against predetermined objectives and financial position as at the end of the financial period under review.
parT 1 VISION MISSION VALUES
dedication to our clients in dedicAtion to ouR everything we imagine clients in eveRything we imAgine
vision of mtc
mtcs vision is to be a leading quality public transport service provider.
the mission of mtc, together with strategic partners, will enable poor communities to access resources and continuously improve their quality of life. mtc endeavours to maintain the highest possible standards in the provision of an effective and efficient transport service to communities in the province on selected routes by: providing an enabling environment conducive to the provision of an affordable, convenient and safe mode of public transport Keeping abreast of trends and developments in the sector to meet changing customer and stakeholder needs; and creating of strategies that lend support to socio-economic growth in the eastern cape in all mtcs areas of operation.
weRe tRAined in mAny diffeRent modeRn technologies
mtc is guided by and committed to the following values: Integrity: Consultation: Innovative: work ethically, honestly and transparently. create an enabling environment for community and stakeholder participation. strive towards radical and revolutionary changes in thinking, services, processes or organisation.
Accountability: Act honorably and take ownership of our actions and the outcomes thereof. these values are the cornerstone of mtcs organisational culture and its way of doing the business of public transport.
mtcs legislative and Regulatory framework
government has approved a protocol on corporate governance in the public sector, which is to be read in conjunction with the King Report. the protocol is applicable to all public entities listed in schedule 2, 3b and d of the pfmA. it is intended to provide guidance on how to achieve the socio-politico-economic objectives of government; good governance in the public sector; freedom to manage and effective accountability of both financial and non-financial matters. mtc regards good corporate governance as integral to good performance. it is critical for mtc to fulfil its mandate in a manner that is consistent with best practices and with regard to accountability, transparency, fairness and responsibility. for this reason, mtc subscribes to the principles of good governance on an on-going basis as laid down by the King Report and the protocol on good governance in the public sector. mtc undertakes to maintain effective governance and the highest standard of ethics business operations. mtc executes its mandate in accordance with its constitutive documents and any applicable legislation as reflected in the corporate plan. its board exercises its fiduciary duties in pursuance of strategic objectives as set out in the corporate plan. further, the board ensures that targets are met, monitored and reported on a regular basis.
affordable, safe, frequent, high qual-
policy themes that inform transport
national land transport policy subsidised marginalised public transport users, especially those with poor access to socio-economic activities. national land transport strategic framework integration of land transport functions with land use and economic planning and development. to ensure that transport demand is managed and investments are used effectively. the framework provides for rural transport and as such mtc is committed to ensuring adequate access of transport to the rural areas within its regions of operations. final draft national scholar transport policy, 2009 the policy provides a single framework and an enabling environment for government and other stakeholders to address scholar transport challenges. it also outlines the implementation framework for scholar transport which will assist government and relevant stakeholders to effectively render an improved scholar transport service throughout the country.
ity, reliable, efficient and seamless transport operations and infrastructure. it will do so in a constantly upgrading, innovative, flexible and economically and environmentally sustainable manner. in doing so, transport will support and enable government strategies, particularly those for growth, development, redistribution, employment creation and social integration, both in south Africa and in the southern Africa region. the moving south Africa project (msA) provides a transport strategy for the country over the next 20 years. it informs of the strategic action that extends the short to medium-term policy formulation documented in the transport white paper into a long-term strategic formulation embodying the sets of trade-offs and choices necessary to realise the vision as set out in the white paper which is provide safe, reliable, effective, efficient and fully integrated transport operations and infrastructure which will best meet the needs of freight and passenger customers at improving levels of service and cost in a fashion which supports government strategies for economic and social development whilst being environmentally and economically sustainable. provincial growth and development
moving south Africa: A transport strategy for 2020 (1999) by 2020, transport in south Africa will meet the needs of freight and passenger customers for accessible,
plan (pgdp), 2005 the aims of the pgdp are to: develop a framework for the future direction of policy and strategy development;
outline strategic interventions, goals and targets to direct development and planning initiatives; and
in economic development. classic economic theory suggests that productive infrastructure, including road and transport assets, is one of several key preconditions for national economic growth. the theory holds that, by investing in assets like bridges, roads ports, or even telephone lines, a nation can structure development by reducing transport and communications costs, thereby facilitating further trade and creation of wealth. indeed, transport is generally seen as an engine of growth and a guarantor of national integration, both internally and with the external global economy white paper on national transport (1996) the policy document provides a basis for transport to play a more strategic role in social development and economic growth. it outlines six broad goals which seek to achieve the vision for transport in south Africa: provide safe, reliable, effective, efficient, and fully integrated transport operations and infrastructure which will best meet the needs of freight and passenger customers at proving levels of service and cost in a fashion which supports government strategies for economic and social development whilst being environmentally and economically sustainable. constitutional mandate the bill of Rights in the constitution of the Republic of south Africa (Act no 108 of 1995) is the cornerstone of democracy and enshrines the rights of all people in our country and affirms the democratic values of human dignity, equality and freedom. the mayibuye transport corporation, through its provision of public trans-
portation, in addition to advancing the values of human dignity, equality and freedom, ensures the realisation of economic and social advancement of the citizens of the eastern cape whilst contributing to the overall economic growth of the province.
ensure a common vision and coordinated action by government and partners in implementation.
the pgdp provides strategic direction based on key provincial priorities that address the social needs of the people and the realisation of the economic growth potential of the province. Rural transport strategy for south Africa 2007 the rural transport strategy is seen as a stimulant to social development and economic growth of rural areas, which would in turn grow the economic resource of district municipalities. the strategy calls for the Rural transport service; this includes services provided by users themselves (e.g. head loading, private vehicular transport) and by operators of all modes of motorised and non-motorised transport, and the promotion of non-motorised and intermediate modes of transport. the medium term strategic framework, A framework to guide governments programme in the electorate mandate period (20092014) the mtsf is a statement of intent identifying the development challenges facing south Africa and outlining the medium-term strategy for improvements in the conditions of life of south Africans and for our enhanced contribution to the cause of building a better world. Road infrastructure strategic framework for south Africa (RisfsA), 2005 by the national department of transport. good roads play a significant role
the corporation derives its existence and operations from the following legislative mandates: constitution of the Republic of south Africa Act, 1996 (no. 108 of 1996) ciskei corporations Act (1990). white paper on national transport policy (1996) national Road traffic Act (Act no. 93 of 1996) urban transport Act (no 78 of 1977) national land transport transition Act (no. 22 of 2000) eastern cape Roads Act (no. 3 of 2003) passenger transportation (interim provisions) Act (no 11 of 1999) Road transportation Act (no. 74 of 1977) public finance management Act (no 1 of 1999 and 29 of 1999) public service Act (no.103 of 1994) skills development Act (no. 97 of 1998) skills development levy Act (no. 9 of 1999) preferential procurement policy framework Act (no. 5 of 2000) employment equity Act (no. 55 of 1998) occupational health and safety Act Regulations emanating from the above legislation
parT 2 MESSAGE FROMTHE CHAIRPERSON
dedicAtion to ouR clients in eveRything we imAgine
Transport is not only an essential but also one of the single most visible elements of contemporary society. to this end mayibuye transport corporation has continued to be visible and to showcase its resilience under the very challenging conditions. the corporation has continued to reap the benefits of its services and it is worthy to note that the corporation performance admirably under tough economic conditions. As we endeavour to ensure that we continue in our endeavour to serve the rural communities of our province, proper financial management, compliance and good governance shall remain critical success factors to the corporation. i wish to echo the sentiments expressed by the board in congratulating the management team of mayibuye transport corporation on transportating more than two million passengers during the period under review. considering the history of the corporation, it is now no longer unrealistic to talk about a soon-to-be completed metamorphosis from the corporation of the past to the corporation of today and the future. our strategic partners, namely, the provincial department of transport and the portfolio committee on transport, have been absolutely critical to our operational success. the transport experience of our passengers and commuters has improved over the years primarily because our partners have come along with us on the journey of continuously intensifying our efforts to improve customer service. it has been very rewarding and enriching experience for me to serve as chairperson of the mayibuye transport corporation board and this particularly so through the continued interaction with our management team, so competently led by luthando mbinda, our chief
weRe tRAined foR youR success
executive officer. to my colleagues on the board, a heartfelt appreciation for your commitment in executing the oversight role you play and the considered guidance provided to the management team. i wish to take this opportunity to recognise and thank you for the diligent manner in which you discharged your responsibilities. finally, i would like to thank the honourable mec marawu for her support. we look forward to carry on working with her for the continued benefit of the people of our province that we serve.
If you wish success in life, make perseverance your bosom friend, experience your wise counselor, caution your elder brother, and hope your guardian genius J Addison
Percy L. C. Maseti Chairperson of the Board of Directors Mayibuye Transport Corporation
Percy L C Maseti
parT 3 OVERVIEW BY THE CHIEF EXECUTIVE OFFICER
nOT wIShIng FOr IT - WORkING FOR IT!
the past year presented many challenges in keeping our deserving clients moving and our buses running. like you, we had to find ways to do more with less. And we did. despite lack of sufficient grant funding, mayibuye provided close to 2.1 million people with a ride on our buses. you will find more instances of challenges overcome in this annual report. but more importantly, you will see how mtc used these opportunities to improve mobility and the quality of life for eastern cape residents As the chief executive officer of the mayibuye transport corporation i am pleased and honoured to share the 2012 mtc Annual Report with you. As you are aware, 2011 was a challenging year for transportation funding. we faced obstacles that we never had before, and hopefully, never will again. in spite of these obstacles, mtc made good strides improving our transportation fleet. the lease agreement with mAn saw the mtc fleet increase with a much needed additional 6 buses. these buses lend themselves to luxury and therefore greatly improving the quality of service experienced by hardworking eastern cape residents. with the continued under funding and marginal sales revenue increase, it was an extremely challenging year for our bus system. throughout the extensive planning and implementation of cost reductions, mtc staff worked diligently to minimize the impact on our customers and to keep them engaged every step of the way. you can read more about mtcs accomplishments, the improvements to our management systems and view financial data in this report.
Luthando R Mbinda
This years annual report centres on the following quote: Striving for success without hard work is like trying to harvest where you havent planted. -David Bly
hard work coupled with focused strategies is the essence of what we do here at mayibuye transport. our employees are driven to achieve specific goals which are measured so that mtc can attain its vision of being a leading quality public transport service provider. throughout this past year we have safely navigated the improving, but still difficult, economic times and successfully completed numerous fleet projects and efficiently delivered our many services and programs. whether it is through our tirelessly maintaining our ageing fleet to improve the number of vehicles available; the advanced and defensive training being offered to our drivers in support of passenger safety; or our on-going strategic analysis and augmentation of the best practice management systems; we are driven to perform at the highest level so that
the residents of the eastern cape can see the return on their investment. our mission is to deliver transportation solutions and we remain dedicated and focused in our efforts to achieve this goal. detailed below are the highlights as well as challenges identified by the core functions:
second place; this has qualified him to be the representative of south Africa in the international competition that will be held in August 2012. he will be representing the country, south Africa in this competition. challenges experienced by the opera-
operations highlights within the operations division for the period under review include:
tions division relate mainly to high bus driver turnover. mtc has lost very experienced drivers due to illhealth, retirements and ill-discipline. this saw us employing inexperienced drivers whose driving behaviour escalates the number of breakdowns and this has negative impact on the corporation such as increased maintenance costs, buses of the roads, poor service delivery etc. engineering
installation of the Q-merit ticketing system that improved revenue collection tremendously, we have increased our route revenue by R3m when comparing it to prior years performance. mr Qongqo, as one of our bus drivers, participated in the best of the best driver of the year competition held in Johannesburg in february 2012 and won the
the engineering department had numerous challenges to deal
which due to the fleet recapitalisation plan which is yet to be approved. this was coupled with fleet recapitalisation and facilities and infrastructural backlog which remain key challenges facing the corporation. these in turn affects service reliability in mtc operations. these challenges has forced the corporation to implement solutions at the expense of others such as: conversion of Artisans restroom in Zwelitsha into a wellness centre (h.R. objective) conversion of ablution facility into an office.
conversion of tyre store in Zwelitsha into a drivers restroom. efforts to have two automotive electricians qualify as artisans have not yielded results and the program will be pursued in the coming year through adequate preparation for a trade test. the aging compressor in Zwelitsha broke down resulting in downtime in excess of 1,820 hours Alice operations continue to be undertaken under uncertainty due to persisting community complaints in the neighbour-
hood. this arises out of the absence of storm water drain that is supposed to collect water away from the wash bay. the board is engaging municipality with the aim of securing an alternative site out highlights include: Revamping of Queenstown drivers restroom Acquisition and installation of a modern technology brake tester for Zwelitsha which assists a lot during the preparation of buses for roadworthy tests.
OVerVIew OF The SerVIce DELIVERY ENVIRONTMENT
Route and private hire Revenue collection
2010 2011 2012 Budget 21,171,560 18,650,942 20,447,636 Actual 18,513,578 18,633,508 23,835,306 Variance (2,657,982) (17,434) 3,387,670
profit / (loss) from operations personnel Audit fees (including internal audit fees for current year) operating expenses depreciation 2012 Actual (440,451) 41,314,771 2,693,371 34,859,052 11,614,771 2011 Actual 164,385 35,165,181 1,763,700 25,861,242 7,207,526 2010 Actual (5,009,206) 31,021,556 1,793,083 24,871,027 11,492,104
the corporation has received a capital grant from the department of transport which has been spent as follows:
new buses & Refurbishment Ancillary vehicles operating equipment workshop equipment office furniture & equipment, it infrastructure depot upgrading spare parts & units Total Budget 5,250,000 1,820,000 190,000 600,000 1,110,000 1,030,000 10,000,000 Expenditure 4 602 392 1,291,159 426,501 383,715 830,467 278,575 6,548,033 14,360,842 Variance 647,608 528,841 (236,501) 216,285 279,533 751,425 (6,548,033) (4,360,842)
new buses & Refurbishment Ancillary vehicles operating equipment workshop equipment office furniture & equipment, it infrastructure depot upgrading spare parts & units Total Budget 5,800,000 300,000 2,770,000 400,000 150,000 440,000 9,860,000 Expenditure 8,115,333 351,678 3,295,872 13,660 533,284 175,512 4,428,499 16,913,834 Variance (2,315,333) (51,678) (525,872) 386,340 (383,284) 264,488 (4,428,499) (7,053,838)
depreciation rates for assets
Ancillary vehicles buses body buses chassis, engine, etc office equipment office furniture operating equipment workshop equipment buildings spare parts & units 25% 12.5% 8.33% 20% 10% 20% 25% 2% 50%
Zwelitsha depot
the Zwelitsha depot covers the areas of King williams town and Keiskammahoek. A total of 758 514 passengers were conveyed with 904 668 kilometers travelled.
Reeston depot
the Reeston depot covers the areas of east london. A total of 489 681passengers were conveyed with 502 173 kilometers travelled.
we tRAnspoRt the heARt of youR communities
Alice depot
the Alice depot covers the areas of Alice and middledrift. A total of 258 778 passengers were conveyed with 217 764 kilometers travelled.
the Queenstown depot covers the areas of ntabethemba, whittlesea and swartwater. A total of 591 207 passengers were conveyed with 603 392 kilometres travelled.
total own-revenue generation for the financial period under review amounted to R23, 835,306.
total revenue generated by each depot
Zwelitsha Reeston Queenstown Alice totAl 2012 9,743,285 4,956,850 7,032,149 2,103,022 23,835,306 2011 7,196,358 4,161,776 5,713,287 1,562,087 18,633,508 2010 Actual (5,009,206) 31,021,556 1,793,083 24,871,027 11,492,104
the own-revenue has been achieved by an average number of 50 operating buses (2011: 51) with a total number of 2,227,997 kilometers travelled. private hire kilometers amounted to 215, 387 (2011: 137,765) while route kilometers stood at 2, 012, 610 (2011: 2,203,745) for the financial year. the combined revenue has been generated by each depot as follows:
categorized revenue generated by each depot
2012 depot
Route Revenue 7,697,496 3,632,929 6,451,039 1,855,562 19,637,025 Private Hire Revenue 2,045,789 1,323,921 581,111 247,460 4,198,281 Route Revenue 6,478,479 3,271,328 5,173,223 1,378,806 16,301,836
Private Hire Revenue 717,880 890,448 540,064 183,280 2,331,672
bus allocation per depot for the financial year
Zwelitsha Reeston Queenstown Alice TOTAL OPERATING BUSES 2012 19 12 13 6 50 2011 18 12 15 6 51
2,098, 180 passengers
A gRAnd totAl of 2,098, 180 pAssengeRs weRe cARRied with 2, 012, 610 Route KilometeRs tRAvelled duRing the yeAR undeR Review.
operating grant-in-Aid
the corporation receives a grant-in-aid from the provincial department of transport. the grant is to subsidize bus fares and partly fund the corporations operating activities. Allocation for the financial year under review was as follows:-
Revenue grant-in-Aid capital grant-in-Aid Route passengers Route Kilometres buses at year end Revenue cents per Kilometre (cpk) 2012 23,835,306 51,429,000 10,000,000 2,098, 180 2,012,610 63 1184 2011 18,629,433 41,809,000 9,860,000 1,790,793 2,203,745 63 845 2010 18,513,578 43,000,000 8,500,000 1,808,717 2,231,356 65 830 2009 19,426,462 31,895,000 5,000,000 2,053,531 2,432,486 62 799 2008 15,055,438 33,565,000 7,000,000 1,751,785 2,306,722 58 653
please know that we could not have achieved these results without your support. we look forward to continuing to do our part to keep the eastern cape moving towards economic opportunity for all. sincerely,
________________________________ Luthando R Mbinda Chief Executive Officer
parT 4 PROGRAMME PE RFORM N E A C
Strategic Goals Mayibuye Transport Corporation has streamlined its performance management objectives and increased its strategic focus by reducing the number of strategic goals to three main outcomes namely:
ensure an efficient, effective and service oriented organisation
strategic objective 1.1: strategic objective 1.2: strategic objective 1.3: strategic objective 1.4: strategic obecjtive 1.5: strategic objective 1.6: strategic objecitve 1.7: strategic objective 1.8: strategic objective 1.9: provide strategic direction through effective leadership and good governance. develop and implement stakeholder relationship management strategy. implementation of organisation wide performance management system. design and implement an effective business performance improvement strategy. establish and implement an organisation wide business excellence model. maintain reliable and sustainable financial management practices. provide a reliable and integrated ict platform. establish a world class and compliant procurement management system. implement an individual performance management and development system.
strategic objective 1.10: develop and implement an integrated human Resource plan. strategic obkective 1.11: implement an effective and efficient inspectorate and safe operating environment.
Render safe, affordable and reliable transportation service.
strategic objective 2.1: strategic objective 2.2: strategic objective 2.3: strategic objective 2.4: strategic obecjtive 1.5: enhance vehicle availability. implement fleet maintenance and refurbishment program. enhance passenger safety. ensure adequate and conducive infrastructure for productive operations. financial sustainability
institutionalise bus operations best practices
strategic objective 3.1: strategic objective 3.2: strategic objective 3.3: improve driver performance. increase ridership. maximise Revenue.
pRogRAmme 1: AdministRAtion stRAtegic goAl: to ensuRe An efficient, effective And seRvice oRiented oRgAnisAtion.
performance against 2011/2012 predetermined objectives
strategic objective proper resource management and compliance with legislative framework. proper management systems and properly coordinated planning proper resource management which will include human, financial as well as compliance with relevant legislation to align mtcs corporate image and identity with marketing plan
measurable objective compliance plan and charter in place board programme and Risk plan developed
service delivery indicators % compliance plan and charter developed board programme and Risk plan developed
Challenges/Reasons for non-performance
Plans to address challenges/Nonperformance
Resource charter developed
% Resource charter developed
not achieved due to resource and capacity constraint. the compliance manager Resigned.
A compliance manager will be appointed in the 2012/2013 financial year.
not applicable The Corporation has increased its own-revenue base significantly through additional 6 buses; Fare increase; Stronger collection controls by implementing Q-Merit system. The Corporation did not achieve a 100% efficiency gain in operational expenditure as the Budget was overspent by R815 503; Poor budget monitoring controls were in place; The budget was not decentralised
4% Own Revenue Increased
% Own Revenue Increased
100% Efficiencies gained on operational expenditure
% Efficiencies gained on expenditure of operational budget
The Budget for the new financial year is linked to the related AOP and project based. Heads of departments are now responsible for budget allocations (decentralised).
To align MTCs corporate image and identity with the Marketing Plan
Proper resource management of customer needs
Customer Satisfaction Index Calculated
Target not achieved. This could not be achieved due to capacity and resource constraints
This target has been incorporated into the AOP for the 2012/2013 financial year and a new project manager assigned.
strategic objective Proper implementation of Corporate Social Investment Plan.
measurable objective Corporate Social Investment Plan Implemented
service delivery indicators Corporate Social Investment Plan Implemented
Plans to address challenges/Nonperformance This target has been incorporated into the AOP for the 2012/2013 financial year and a new project manager assigned. This target has been incorporated into the AOP for the 2012/2013 financial year and a new project manager assigned. Deviation Approved by the Board
Target not achieved. This could not be achieved due to capacity constraints
Proper resource management of the customer needs Proper resource management of the customer needs The achievement of a favourable Employee Satisfaction Index
CSI of 80%
Target not achieved. This could not be achieved due to capacity and resource constraints Target not achieved. This could not be achieved due to capacity and resource constraints
Customer Care Centre Established Employee Satisfaction Index above 75% Performance Management System Developed and Implemented Skills Audit Conducted HRD Strategy Developed Succession Plan Developed
% Customer Care Centre Established % Employee Satisfaction Index above 75 % % Performance Management System Implemented Number of Skills Audits Conducted Approved HRD Strategy % Succession Plan Developed
Proper resource management and compliance with legislative framework.
Incentives could not be paid due to financial constrains
Provision in the 2012/13 financial year
HRD Strategy approved in the 4th Quarter A policy had to be devel-
oped before a Plan could be drafted
Plan to be developed in 2012/2013
pRogRAmme 2: engineeRing stRAtegic goAl:
strategic objective implement fleet management maintenance and refurbishment programme measurable objective
RendeR A sAfe, AffoRdAble And ReliAble seRvice.
service delivery indicators target Actual Challenges/Reasons for non-performance Plans to address challenges/Nonperformance scrapping of five buses to build spare capacity on major units, Re-submission of the recapitalisation plan
% of 54 buses supplied 100.00 93.00
provide operations with 54 buses
fleet age, scarcity of major components, changes in cof intervals and financial constraints
measurable objective fleet maintenance and refurbishment programme 100% implemented fleet maintenance and refurbishment programme 100% implemented 6 buses and 6 pool vehicles acquired
Challenges/Reasons for non-performance the government legislative requirement to obtain fitness certificates has been increased from annually to bi-annually therefore constraining hR and financial Resources
% fleet maintenance programme implemented
the new legislative requirement will be incorporated into the 2012/2013 refurbishment programme
% Refurbishment programme implemented
number of buses acquired Number of pool vehicles acquired
pRogRAmme 3: opeRAtions stRAtegic goAl: institutionAlise opeRAtions best pRActice.
strategic objective to ensure an increase in operating capacity, quality, reliability and safety measurable objective 100% operating capacity, safety and reliability improved 10% increase in number of people accessing services service delivery indicators % improvement in operating capacity, safety and reliability % increase in number of people accessing services Challenges/Reasons for non-performance Plans to address challenges/Nonperformance Re-submitted Recapitalisation plan to dot and provincial treasury
we operated with less buses due major breakdowns
increase in number of people accessing bus services
10% increase in own Revenue
% of 10% revenue increase achieved
the corporation has increased its own-revenue base significantly through additional 6 buses; fare increase; stronger collection controls by implementing Q-merit system.
parT 5 REPORT OF OF THE AUDIT COMMITTEE
we are pleased to present our report for the 2011/2012 financial year.
the Audit committee also reports that it has adopted formal terms of reference as its Audit committee charter regulated its affairs in compliance with this charter and has discharged all its responsibilities as contained therein. the Audit committee members attended meetings during the financial year under review, in terms of their adopted Audit charter, as indicated below:
Name Jack mdeni Ruth luzuka thoneka Jama Position Audit committee chair Audit committee member Audit committee member Meetings Attended 5 5 2 Date of Appointment Acting chair :17 July 2009 ; chair: 25 may 2010 24 August 2009 25 may 2010
be regarded as effective.
the Audit committee report that it has complied with its responsibilities arising from section 38(1) (a) of the pfmA and treasury Regulation 3.1.13. the Audit committee also discharged its responsibilities as contained therein. the Audit charter, as adopted.
Internal Audit the Audit committee notes that during the year under review, full amount of internal audit work was performed in the department. internal audit plans for 2011/2012 were carried out by the outsourced internal audit section. Internal Audit Findings during the financial year the Audit committee met with management periodically to track their progress in resolving outstanding internal control issues previously raised by the Auditor-general and internal Audit. internal Audit has reported that management has not taken adequate corrective action to address weaknesses previously reported with reference to significant matters pertaining to supply chain management, management accounting and asset management as identified in the 2010/11 audit.
the Audit committee has: Reviewed and discussed with the Auditor-general and the Accounting officer the audited annual financial statements to be included in the annual report; Reviewed the Auditor-generals management letters and the responses thereto; Reviewed significant adjustments resulting from the audit. Reviewed the Auditor-generals report. the Audit committee concurs and accepts the Auditorgenerals conclusion on the annual financial statements and is of the opinion that the audited annual financial statements be accepted and read together with the report of the Auditor-general.
in year management Reporting
the Audit committee has reviewed the in year management Reports and discussed these with entity officials. sufficient progress is being made in the development and quality of these reports.
the corporation has not yet fully implemented a system of risk management. the Audit committee notes with that during the year under review the corporation had appointed a chief Risk officer to highlight and bring changes to the risk environment to the attention of management. the committee recommends that more focus be given to strengthening the risk management function. As much as the internal control systems of the corporation are based on an assessment of key risks within the entity. the monitoring and management of those risks cannot therefore
the Audit committee wishes to express its appreciation to management and staff of the mayibuye transport, the Auditor-general and internal audit for the information they have provided for us to compile this report.
J MDENI CHAIRPERSON: AUDIT COMMITTEE MAYIBUYE TRANSPORT CORPORATION 31 AUGUST 2012
parT 6 FINANCE REPORT
STaTemenT OF reSpOnSIbILITy by The accOunTIng auThOrITy FOR THE 12 MONTHS ENDED 31 MARCH 2012
the accounting authority is required by the public finance management Act (Act 1 of 1999), to maintain adequate accounting records and is responsible for the content and integrity of the annual financial statements and related financial information included in this report. it is the responsibility of the accounting authority to ensure that the annual financial statements fairly present the state of affairs of the entity as at the end of the financial year and the results of its operations and cash flows for the period then ended. the external auditors are engaged to express an independent opinion on the annual financial statements and were given unrestricted access to all financial records and related data. the annual financial statements have been prepared in accordance with standards of generally Acceptable Accounting practice (gAAp) including any interpretations, guidelines and directives issued by the Accounting standards board. the annual financial statements are based upon appropriate accounting policies consistently applied and supported by reasonable and prudent judgements and estimates. the accounting authority acknowledges that they are ultimately responsible for the system of internal financial control established by the entity and place considerable importance on maintaining a strong control environment. to enable the accounting authority to meet these responsibilities, the board of directors sets standards for internal control aimed at reducing the risk of error or deficit 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 entity and all employees are required to maintain the highest ethical standards in ensuring the entitys business is conducted in a manner that in all reasonable circumstances is above reproach. the focus of risk management in the entity is on identifying, assessing, managing and monitoring all known forms of risk across the entity. while operating risk cannot ________________________ Percy L Maseti Chairperson Tuesday, 31 July 2012
be fully eliminated, the entity endeavours to minimise it by ensuring that appropriate infrastructure, controls, systems and ethical behaviour are applied and managed within predetermined procedures and constraints. the accounting authority are of the opinion, based on the information and explanations given by management, that the system of internal control provides reasonable assurance that the financial records may be relied on for the preparation of the annual financial statements. however, any system of internal financial control can provide only reasonable, and not absolute, assurance against material misstatement or deficit. the accounting authority have reviewed the entitys cash flow forecast for the 12 months to 31 march 2013 and, in the light of this review and the current financial position, they are satisfied that the entity has or has access to adequate resources to continue in operational existence for the foreseeable future. Although the accounting authority is primarily responsible for the financial affairs of the entity, they are supported by the entitys external auditors. the external auditors are responsible for independently reviewing and reporting on the entitys annual financial statements. the annual financial statements have been examined by the entitys external auditors and their report is presented on page ## to # # the Annual financial statements, which have been prepared on the going concern basis, were approved by the Accounting Authority and were signed on its behalf by:
___________________________ Luthando R Mbinda Chief Executive Officer Tuesday, 31 July 2012
Report of the Accounting Authority for the 12 months ended 31 march 2012 Review of Activities
mayibuye transport corporation (mtc) was established in accordance with the ciskei corporations Act of 1990, to render an effective and efficient public transport service primarily for workers to industries and other places of employment in the adjacent south African urban areas. the corporation operates under the jurisdiction of the eastern cape department of transport as a parastatal bus passenger transport service provider. the corporation is funded through a grant-in-aid from the provincial department of transport. in synchronisation with its developmental mandate, mtc maintains the highest possible standards in the provision of an effective and efficient transport service to communities in the province on selected routes by: Providing an enabling environment conducive to the provision of an affordable, convenient and safe mode of public transport. Keeping abreast of trends and developments in the sector to meet changing customer and stakeholder needs; and Creating of strategies that lend support to socio-economic growth in the eastern cape in all mtcs areas of operation. the successful achievement of these key outcomes will result in economic and social opportunities for citizens of the eastern cape. luthando Richmond mbinda, (ceo of mtc , ex-officio board member, Appointed 1 september 2006) Angela margaret church (board member, Appointed 23 June 2008) ndileka eumera portia loyilane (board member, Appointed, 23 June 2008) Ruth luzuka (board member, Appointed 24 August 2009) fezeka sister loliwe (board member, Appointed 23 August 2010 ) Zandile pakati (organised labour Representative, 20 April 2011)
the secretary of the entity is mrs charon cronj.
the accounting authority is committed to business integrity, transparency and professionalism in all its activities. As part of this commitment, the accounting authority supports the highest standards of corporate governance and the on-going development of best practice. the entity confirms and acknowledges its responsibility to total compliance with the code of corporate practices and conduct (the code) laid out in the King Report on corporate governance for south Africa. the accounting authority discusses the responsibilities of management in this respect, at board meetings and monitor the entitys compliance with the code on a three monthly basis.
the annual financial statements have been prepared on the basis of accounting policies applicable to a going concern. this basis presumes that funds will be available from the department of transport (dot) to predominantly finance future operations and that the realisation of assets and settlement of liabilities, contingent obligations and commitments will occur in the ordinary course of business. Accounting Authority the current board is appointed in terms of the ciskei corporations Act of 1990. the members of the board of directors of the entity during the 12 months are as follows: percival lusapo camagu maseti pointed 28 february 2007) Jonga sydney nyengane (board deputy chairperson, Appointed 28 february 2007) pumelele pazima balfour board member (member, Appinted 28 february 2007) Andr Joubert de vries (member, department of transport Representative, Appointed 28 february 2007) (board chairperson, Ap-
the office of the Auditor general will continue in office for the next financial period.
the board is the designated Accounting Authority of mtc and governs the entity in accordance with the provisions of the ciskei corporations Act of 1990, the public finance management Act, 1 of 1999 (pfmA) and good corporate governance principles. the board also strives to comply with the principles and standards of integrity and accountability as contained in the recommendations of the King iii report on corporate governance. the board is composed of nine non-executive members with the chief executive officer serving in an ex officio capacity with no voting powers. the board meets at least quarterly and monitors the performance of the executive management by ensuring that all material matters are
subject to board approval and that the mandate of mtc is carried out in an efficient and effective manner. the executive management attend board meetings by invitation. the roles of the chairperson and chief executive officer do not vest in the same person and the chairperson is a nonexecutive member of the board. the chairperson provides leadership and guidance to the board and encourage proper deliberation of all matters requiring the boards attention, and obtain optimum input from the their members. All committees of the board are chaired by non-executive members of the board with the exception of the Audit committee which is chaired by an independent person.
in compliance with section 27 of the national treasury Regulations, the board has established an Audit committee comprising of an independent chairperson namely mr J mdeni, with ms R luzuka as member. the Audit committee operates under a charter which has been approved by the board. the primary responsibility of the Audit committee is to report and make recommendations to the board on the effectiveness of corporate governance internal controls and risk management within mtc, oversee the internal Audit function and to comment on and evaluate the annual financial statements of the corporation. the chairperson of the Audit committee attends board meetings by invitation.
the members of the executive management are appointed by the board of directors. executive management are involved in the operational activities of the organisation and are responsible for ensuring that decisions, strategies and objectives of the reporting entity, the department of transport (dot), and the board are implemented. executive management retains full financial and operational control over the organisation under the leadership of the chief executive officer.
this committee, established by the board, comprises two non-executive directors namely mr pp balfour, as chairperson and ms nep loyilane as member, as well as relevant members of the executive management. this committee was established to strengthen the operations management and engineering support capacity of mtc by focusing on initiatives to promote customer service and fleet management excellence in the pursuit of providing access to economic opportunity for citizens of the eastern cape. the key focus areas of the committee for the year under review were the development of the recapitalisation plan, fleet management strategies, identifying and implementing operations best practice and maximising the utilization and returns from mtc fleet.
this committee was established by the board with two non-executive directors namely mr J s nyengane as chairperson and ms A m church as member serving on this committee together with relevant members of executive management. the committee operates under terms of reference approved by the board. this committee attends to matters concerning the human Resource policies and practices of mtc, performance management and remuneration. the committee deliberates on these issues and makes appropriate recommendations to the board for approval.
this committee was established by the board with three non-executive directors namely mr Js nyengane as chairperson, mr pp balfour and ms R luzuka as members serving together with the chief executive officer and chief financial officer of the entity. this committee is responsible for critical management items which require review and input prior to being submitted to the board of directors for approval. meetings held and attended for the period under review A meeting and attendance register for board members and members of the Audit committee is kept and maintained by the board secretary with a summary of the meetings held and attendance by the said members and the particular meeting attended set out as follows:
this committee was established by the board with three non-executive directors namely ms R luzuka as chairperson and ms f e s loyilane and mr A de vries as members. the committee operates under terms of reference approved by the board. in addition to providing an important deliberative forum for the board and executive management, it advises the board on all material and significant finance and ict matters presented by the executive management, either as directed by the board or on the executive managements initiative.
cOrpOraTe gOVernance STaTemenT FOR THE 12 MONTHS ENDED 31 MARCH 2012
during the period under review three audit committee meetings were held. mr J mdeni and ms R luzuka attended all three meetings. designed to provide reasonable assurance that transactions are concluded in accordance with managements authority, that the assets are adequately protected against material loss of unauthorised acquisition, use or disposition, and the transactions are properly authorised and recorded. the system includes a documented organisational structure and division of responsibility, established policies and procedures which are communicated throughout the organisation, and the careful selection, training and development of staff. pwc has been appointed as the internal Auditors. the auditors adopt a risk based audit approach in order to ensure that the process adds value to the organisation. internal auditors monitor the operation of the internal control system and report findings and recommendations to the Audit committee and executive management. corrective actions are taken to address control deficiencies and other opportunities for improving the systems, as they are identified. the board, operating through its Audit committee, provides oversight of the financial reporting process and internal control system. there are inherent limitations in the effectiveness of any system of internal control, including the possibility of human error and the circumvention or overriding of controls. Accordingly, even an effective internal control system can provide only reasonable assurance with respect to financial statement preparation and the safeguarding of assets.
in accordance with the requirements of the public finance management Act, 1999 (Act no. 1 of 1999), as amended, a risk assessment was facilitated by the internal Auditors. effective risk management is integral to the organisations objective of consistently adding value to the business. management is continuously developing and enhancing its risk and control procedures to improve the mechanisms for identifying and monitoring risks. the board has initiated the development of a Risk management framework and fraud prevention plan. the fraud prevention and risk management policies adopted by mtc are aimed at obtaining sufficient cover to protect its asset base, earning capacity and legal obligations against possible losses. Risks of a possible catastrophic nature (e.g. bus accidents) are identified and insured. these risks are reviewed on an annual basis to ensure that cover is adequate. claims of a general nature are adequately covered.
in order to meet its responsibility of providing reliable financial information, mtc maintains financial and operational systems of internal control. these controls are
J MDENI CHAIRPERSON: AUDIT COMMITTEE
RepoRt of the AuditoR-geneRAl to the eAsteRn cApe pRovinciAl legislAtuRe on mAyibuye tRAnspoRt coRpoRAtion RepoRt on the finAnciAl stAtements
i have audited the financial statements of the mayibuye transport corporation set out on pages 43 to 65, which comprise the statement of financial position as at 31 march 2012 statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and the notes, comprising a summary of significant accounting policies and other explanatory information.
Accounting authoritys responsibility for the financial statements
the accounting authority is responsible for the preparation and fair presentation of these financial statements in accordance with south African statements of generally Accepted Accounting practice (sA statements of gAAp) and the requirements of the public finance management Act of south Africa, 1999 (Act no. 1 of 1999) (pfmA), and for such internal control as the accounting authority determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor-generals responsibility
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. the procedures selected depend on the auditors judgement, including the 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 entitys 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 entitys internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
Revenue of R23.8 million is disclosed in the statement of comprehensive income and note13 to the financial statements. included in this revenue is passenger fares of R19.6 million which is disclosed in note 13 to the financial statements. this passenger revenue is comprised of revenue from prepaid tickets sold to casual passengers of R1.6 million and revenue received from casual passengers on bus routes of R18 million (2011: R16.3 million). sufficient appropriate audit evidence could not be obtained to verify the completeness and accuracy of passenger fares from prepaid tickets sold to casual passengers of R1.6 million and the completeness of passenger fares for cash received from casual passengers on bus routes of R18 million (2011: R16.3 million). no alternative audit procedures could be performed. consequently, i am unable to verify the completeness of the cash and cash equivalents of R105 000 (2011:R1.8 million) as disclosed in the statement of financial position and note 6 to the financial statements.
in addition, i was denied access to the service organization who shares responsibilities with the entity over the revenue management system and i was unable to obtain sufficient appropriate audit evidence to confirm if the general information technology controls present in the system were adequately designed and implemented to support the integrity of the revenue data. the revenue management system did not permit the application of alternative procedures to verify the completeness and accuracy of the revenue mentioned above.
An impairment loss of R1 million is disclosed in the statement of comprehensive income and note 3 to the financial statements. Revenue earned by a bus less the costs to maintain the bus was used as an indicator of impairment. As a result of the above findings, i am unable to verify the accuracy, completeness and occurrence of this impairment loss.
consequently, i am unable to obtain sufficient appropriate audit evidence relating to the valuation of buses of R38.8 million included in property, plant and equipment of R62.2 million as disclosed in the statement of financial position and note 3 to the financial statements.
10.	cost of services rendered of R29 million is disclosed in the statement of comprehensive income in the financial statements. significant variances were noted between the expected values of inventory issued according to the inventory management system and the amounts recorded in the accounting records. this was due to inadequate controls over the allocation and the recording of inventory issued and the entity performing only one inventory count during the financial year which was not adequate in detecting and preventing these errors. the system records and related controls did not permit the application of alternative audit procedures. i am unable to obtain sufficient appropriate audit evidence to satisfy myself as to the occurrence, accuracy and completeness of cost of services rendered.
11.	spares and units of R9.5 million are included in property, plant and equipment of R62.2 million which is disclosed
in the statement of financial position and note 3 to the financial statements. it is the practice of the entity to carry spares and units as inventory until the date when the financial statements are submitted for the purposes of my audit and from which time it is reclassified as property, plant and equipment. certain categories of inventories may have been misclassified as spares and units due to unexplained variances identified in the recording of inventory issued. sufficient appropriate alternative audit procedures could not be performed. As a result, i am unable to conclude on the classification and valuation of inventory of R867 000 as disclosed in the statement of financial position and note 4 to the financial statements and spares and units included in property, plant and equipment of R62.2 million which is disclosed in the statement of financial position and note 3 to the financial statements.
12.	consequently, i am unable to obtain sufficient appropriate audit evidence relating to the accuracy, completeness
and occurrence of the depreciation charge of R7 million relating to spares and units in operating expenses of R34.9 million as disclosed in the statement of comprehensive income, the valuation and classification of spares and units of R38.8 million included in property, plant and equipment of R62.2 million as disclosed in the statement of financial position and note 3 to the financial statements, accuracy, completeness and occurrence of other income grant of R63 million as disclosed in the statement of comprehensive income, the accuracy of deferred income of R43.7 million as disclosed in the statement of financial position and note 9 to the financial statements and the accuracy, completeness and occurrence related deferred income released to income of R11.6 million as disclosed in note 9 to the financial statements.
13.	in my opinion, except for the possible effects of the matters described in the basis for qualified opinion paragraphs,
the financial statements present fairly, in all material respects, the financial position of the mayibuye transport corporation as at 31 march 2012 and its financial performance and cash flows for the year then ended, in accordance with sA statements of gAAp and the requirements of the pfmA.
14.	i draw attention to the matters below. my opinion is not modified in respect of these matters.
15.	irregular expenditure of R4.2 million is disclosed in note 14.8 to the financial statements. R3 million was incurred
as a result of the entity not obtaining valid tax clearance certificates of suppliers and R1.2 million was incurred as a result of the entity not complying with the bid evaluation requirements of the preferential procurement policy framework Act 5 of 2000 and the preferential procurement Regulations, 2011.
16.	As disclosed in note 22.1 to the financial statements, the corresponding figures for accumulated depreciation
audit. for the year ending 31 march 2011 has been restated by R7.5 million as a result of errors identified in the prior year
17.	in terms of the ciskeian corporations Act (Act 61 of 1981) and the corporations transitional provisions Act (Act 12
of 1995) (eastern cape), the corporation should issue a R1 share for each R1 of capital grant received. As disclosed in note 7 to the financial statements, the corporation does not have adequate authorised share capital to issue. the accounting authority applied for an increase in the authorised share capital in June 2009 to the executive authority. A follow-up application was made on 21 february 2011 to further increase the authorised share capital to 120 000 000 shares to accommodate current and future capital grants. the increase in authorised share capital was approved on 29 march 2011 by the mec of the department of transport. however, until this approval is gazetted, by the mec for provincial planning and finance it may not be utilized to fulfill the requirements of the above mentioned Acts.
18.	As disclosed in note 3 and 17 to the financial statements, the Zwelitsha depot, which is situated on communal land,
has been recognised as leasehold land and buildings with a carrying value of R1.1 million. the corporations right to occupy the properties has not been not reduced to writing; however it derives economic benefits from the use thereof and carries the risks that are incidental to ownership. A process for the acquisition of the title deed has been initiated with the land claims commission, the outcome of which is uncertain at the date of this report. the possible cost element of the acquisition of the land as well as any adjustments to the carrying value of leasehold land and buildings is dependent on this future event and cannot be reasonably measured.
material losses/ impairments
19.	As disclosed in note 3
to the financial statements, material losses to the amount of R1 million were incurred on buses as a result of the impairment of fixed assets. the impairment is attributed to the poor conditions of the infrastructure in routes where the buses are utilised. this was line with the accounting standards to ensure that the carrying amount of the assets does not exceed the net recoverable amount
20.	i draw attention to the matter below. my opinion is not modified in respect of this matter.
21.	in accordance with the pAA and the general notice issued in terms thereof, i report the following findings relevant
to performance against predetermined objectives, compliance with laws and regulations and internal control, but not for the purpose of expressing an opinion.
22.	i performed procedures to obtain evidence about the usefulness and reliability of the information in the performance against annual targets report as set out on pages 24 to 27 of the annual report.
23.	the reported performance against predetermined objectives was evaluated against the overall criteria of usefulness
and reliability. the usefulness of information in the annual performance report relates to whether it is presented in accordance with the national treasury annual reporting principles and whether the reported performance is consistent with the planned objectives. the usefulness of information further relates to whether indicators and targets are measurable (i.e. well defined, verifiable, specific, measurable and time bound) and relevant as required by the national treasury framework for managing programme performance information. the reliability of the information in respect of the selected programmes is assessed to determine whether it adequately reflects the facts (i.e. whether it is valid, accurate and complete).
24.	the material findings are as follows concerning the usefulness and reliability of the information.
25.	the national treasury guide for the preparation of the annual report requires that explanations for major variances
between the planned and reported (actual) targets should be provided in all instances and should also be supported by adequate and reliable corroborating evidence. Adequate and reliable corroborating evidence could not be provided for 50% of major variances as disclosed in the performance against annual targets report. the institutions records did not permit the application of alternative audit procedures. consequently, i did not obtain sufficient appropriate audit evidence to satisfy myself as to the validity, accuracy and completeness of the reasons for major variances.
26.	the national treasury framework for managing programme performance information (fmppi) requires that performance targets be specific in clearly identifying the nature and required level of performance. A total of 50% of the targets relevant to operations programmes were not specific in clearly identifying the nature and the required level of performance. management was aware of the requirements of the fmppi but did not receive the necessary training to enable application of the principles. Reliability of information
27.	the national treasury framework for managing programme performance information (fmppi) requires that processes and systems which produce the indicator should be verifiable. A total of 67% of the actual reported performance relevant to the selected programmes differed materially when compared to the source information and evidence provided. this was due to a lack of monitoring, and review for the recording of actual achievements.
28.	the national treasury framework for managing programme performance information (fmppi) requires that the
indicator be accurate enough for its intended use and respond to changes in the level of performance. A total of 67% of the actual reported indicator relevant to operations and engineering programmes were not accurate when compared to source information. this was due to a lack of monitoring and review for the recording of actual achievements. Additional matters
29.	i draw attention to the following matter below.
tives audit findings reported above. Achievement of planned targets
these matters do not have an impact on the predetermined objec-
30.	of the total number of planned targets, only 8 were achieved during the year under review. this represents 52% of
total planned targets that were not achieved during the year under review. this was as a result of the institution not considering relevant systems and evidential requirements during the annual strategic planning process.
31.	the accounting authority did not establish procedures for quarterly reporting to the executive authority in order to
facilitate effective performance monitoring, evaluation and corrective action as required by tR 29.3.1. the accounting authority did not submit to the accounting officer of a department designated by the executive authority responsible for that public entity, and to the national treasury, at least one month, or another period agreed with the national treasury, before the start of the financial year, a corporate plan in the prescribed format as
required by section 52(b) of the pfmA read with tR 29.2.
32.	i performed procedures to obtain evidence that the entity has complied with applicable laws and regulations
regarding financial matters, financial management and other related matters. my findings on material non-compliance with specific matters in key applicable laws and regulations as set out in the general notice issued in terms of the pAA are as follows: Annual financial statements, performance and annual report
33.	the financial statements submitted for auditing were not prepared in all material respects in accordance with the
requirements of section 55(1)(c)(i) of the pfmA. material misstatements of property plant and equipment, inventory, trade and other payables, deferred income, depreciation and disclosure of the correction of opening balance were, identified by the auditors in the submitted financial statements were subsequently corrected, the uncorrected material misstatements resulted in the financial statements receiving a qualified audit opinion. Asset management
34.	proper control systems to safeguard and maintain assets were not implemented, as required by sections 50(1)(a)
and 51(1)(c) of the public finance management Act. Expenditure management
35.	the accounting authority did not take effective steps to prevent irregular expenditure as required by section 51(1)
(b)(ii) of the public finance management Act. Revenue management
36.	the accounting authority did not take effective and appropriate steps to collect all money due, as required by section 51(1)(b)(i) of the public finance management Act and treasury Regulations 31.1.2(a) and 31.1.2(e). Internal control
37.	i considered internal control relevant to my audit of the financial statements, performance against annual targets
report and compliance with laws and regulations. the matters reported below under the fundamentals of internal control are limited to the significant deficiencies that resulted in the basis for qualified opinion, the findings on the performance against annual targets report and the findings on compliance with laws and regulations included in this report. Leadership
38.	the accounting authority did not ensure that qualifying matters for prior years were addressed. 39.	the fixed asset register was not properly managed in prior years. this led to the qualification of assets in the
2010/11 and 2010/09 financial years. the asset register was inspected during the audit and it was noted that the matters reported previously had not been addressed.
40.	incidences of missing revenue data were reported in the prior years. this matter has not yet been resolved as
revenue data is still not complete for certain depots of the entity. Financial and performance management
41.	management did not ensure the timeous completion of standard monthly reconciliations or where these reconciliations were completed staff did not have the prerequisite skills to complete these reconciliations resulting in a number of adjustments processed during the audit.
42.	the fixed asset register was not maintained adequately during the financial year. A consultant had to be appointed
during the audit process to assist with critical aspects of the fixed asset register. without this intervention, the opinion on fixed assets would have been modified and this would have resulted in a regression in the audit opinion.
43.	inventory was not adequately maintained during the financial year. the internal control environment over the
management of inventory has significant weaknesses.
44.	generally, staff did not have the prerequisite understanding or skills to interpret the national treasury framework for
managing programme performance information. this is clearly evidenced by the findings reported under predetermined objectives. Governance
45.	the entity assessed its risks on a regular basis and the impact of risks on the general control environment. however, the
process of implementation was not effective over financial and performance reporting and monitoring of compliance. these deficiencies rendered the control environment ineffective.
46.	the entity developed a plan to address internal and external audit findings however, adherence to the plan was not
monitored on a timely basis by the appropriate level of management. in a number of instances the entity has assured the audit committee that their recommendations had been implemented. Reported audit findings have however revealed that management did not implement these recommendations adequately.
47.	internal audit provided sufficient evidence to management that there were significant deficiencies in key controls required to achieve clean administration with corrective actions to be taken, but management did not adequately implement their recommendations over the drivers of internal controls. in addition, i provided 36 audit recommendations which were accepted by management in the prior year and were implemented or alternative actions were taken which resolved the prior year audit findings. in addition, six recommendations were still in the process of being implemented and 28 have not been addressed or very limited progress has been made.
48.	the entity has a claim against a former employee. the employee was a cashier at the Queenstown depot and was involved in rolling of cash. the employee absconded the court case and the trial has been postponed until the accused is arrested.
east london 31 July 2012
Report of financial position for the 12 months ended 31 march 2012
Notes 2012 R ASSETS Non-current assets property, plant and equipment Total non-current assets Current assets inventories trade and other receivables cash and cash equivalents Total current assets 4 5 6 866 723 99 200 105 900 1 071 823 1 471 515 415 007 1 770 890 3 657 412 3 62 156 461 62 156 460 52 374 839 52 374 839 2011 R
63 228 283
56 032 251
EQUITY AND LIABILITIES Capital and reserves share capital Accumulated deficit 7 56 761 075 (60 662 587) (3 901 512) Non-current liabilities finance lease liability deferred income 8 9 7 711 716 43 656 139 51 367 856 Current liabilities current portion of finance liability trade and other payables payroll accruals provision 8 10 11 12 6 345 754 5 882 816 3 533 367 15 761 938 2 909 286 3 381 809 3 057 709 281 000 9 629 804 4 592 557 45 270 951 49 863 508 56 761 075 (60 222 136) (3 461 061)
Report of financial performance for the 12 months ended 31 march 2012
Notes 2012 R Revenue 13 23 835 306 2011 R 18 633 508
(28 961 368)
(23 007 455)
(5 126 063)
(4 373 949)
other income - grant
63 043 770
49 770 644
(23 730 440)
(19 648 387)
(34 859 052)
(25 861 242)
(563 933)
(440 451)
statement of changes in equity for the year ended 31 march 2012
Notes Share Capital R Balance at 1 April 2010 56 761 075 Accumulated Loss R (60 647 480) Total R (3 886 405)
Additional grant received
deferred income release to income
56 761 075
(60 222 136)
(3 461 061)
7 522 850
(7 522 850)
(60 662 587)
(3 901 512)
cashflow statement for the 12 months ended 31 march 2012
Notes opeRAting Activities 2012 2011
cash receipts from customers cash paid to suppliers and employees
75 264 306 (69 953 251)
60 039 445 (57 721 790)
5 311 055 123 481
2 317 655 65 404
5 434 537
2 383 057
purchases of property, plant and equipment purchases of finance lease assets
(13 167 110) -
(12 143 009) -
(13 167 110)
(12 143 009)
(decrease) / increase in grant allocation finance lease liability raised finance lease liability repaid
10 000 000 (3 932 417)
9 860 000 (809 729)
6 067 583
9 050 271
(1 664 990)
(709 680)
2 480 569
accOunTIng pOLIcIeS FOR THE 12 MONTHS ENDED 31 MARCH 2012
these financial statements are presented in south African Rand [R] since that is the functional currency in which the transactions are denominated. 2
the Annual financial statements are prepared under the historical cost convention, other than certain financial instruments, and incorporate the following principal accounting policies, which have been consistently applied in all material respect. the financial statements have been prepared in accordance with south African statements of generally Accepted Accounting practice. the principal accounting policies adopted remained unchanged from the previous year except as listed below:
Changes in accounting policy and disclosures in the current year, the corporation has adopted all new gAAp standards and interpretations that are relevant to its operations, and that became effective for periods beginning on or after 1 April 2011. the adopted standards and interpretations have not resulted in significant changes to the corporation's accounting policies or financial performance.
Irregular and fruitless and wasteful expenditure irregular expenditure means expenditure incurred in contravention of, or not in accordance with a requirement of any applicable legislation, including: ment. The Public Finance Management Act, or Any provincial legislation providing for procurement procedures in that provincial govern-
fruitless and wasteful expenditure means expenditure that was made in vain and would have been avoided had reasonable care been exercised. All irregular and fruitless and wasteful expenditure is recognised in profit and loss in the period in which it is incurred and where recovered, it is subsequently accounted for as revenue in the income statement. 2.3 Cash and cash equivalents cash and cash equivalents are measured at fair value. cash in the balance sheet comprises cash at bank and on hand and short-term deposits held by the corporation. for the purposes of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above. 2.4 Revenue recognition Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Revenue is recognised to the extent that
it is probable that the economic benefits will flow to the entity and the revenue can be reliably measured. when the outcome of a transaction involving the rendering of services can be estimated reliably, revenue associated with the transaction will be recognised by reference to the stage of completion of the transaction at the balance sheet date. Revenue from the sale of bus tickets and bus hiring is recognised when the significant risks and rewards of ownership are transferred to the buyer. interest income is accrued on a time basis, by reference to the principal outstanding and at the interest rate applicable, except for interest earned on capital funding which is disclosed separately. 2.5 Leasing leases are classified as finance leases whenever the term of the lease transfer substantially all the risks and rewards to the lessee. All other leases are classified as operating leases. Assets held under finance leases are initially recognised as assets of the corporation at their fair value at the inception of the lease or if lower at the present value of the minimum lease payments. the corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. the lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of of interest on the remaining balance of the liability. 2.6 Deferred income government grants represent monthly transfer payments from the eastern cape department of transport in order to subsidise the corporation's public transport service. government grants are recognised when there is reasonable assurance that the entity will comply with the conditions related to them and that the grants will be received. grants related to income are recognised in the statement of comprehensive income as other income over the periods necessary to match them with the related costs that they are intended to compensate. the timing of such recognition in the statement of comprehensive income will depend on the fulfilment of any conditions or obligations attached to the grant. grants related to assets are presented as deferred income in the statement of financial position. the statement of comprehensive income will be affected either by reduced deprecation charge or by deferred income being recognised as income systematically over the useful life of the related asset. 2.7 Defined contribution plans the cost of defined contribution plans is the contribution payable by the employer for that accounting period. contribution to a defined contribution plan, in respect of service in a particular period, are recognised as an expense in that period. 2.8 Taxation no provision has been made for taxation as the entity is a tax exempt institution in terms of section 10.1 (a) of the income tax Act no. 58 of 1962. 2.9 Property, plant and equipment buildings, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. such cost includes the cost of replacing part of the plant and equipment when that cost is incurred, if the recognition criteria are met. All other repair and maintenance costs are recognised in profit or loss as incurred. land is not depreciated as it is deemed to have an indefinite life. items of property, plant and equipment are depreciated using the straight line basis at rates that will reduce the book values to estimated residual values over the anticipated useful lives of the assets concerned. the prin-
cipal annual rates used for this purpose are: Ancillary vehicles buses - body buses - chassis, engine, etc office equipment office furniture operating equipment workshop equipment buildings spare parts & units 25% 12.5% 8.33% 20% 10% 20% 25% 2% 50%
spare parts and units are capitalised at cost. it is not practical to determine the carrying amount or cost of the parts and units that were replaced or added. the carrying amount or cost of replacement is estimated at what the cost of the replaced part or unit was initially. An item of plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. inferior equipment is written off in full in the year it is acquired. surpluses or deficits on the disposal of assets are credited or charged to income. the surplus or deficit is the difference between the net disposal proceeds and the carrying amount of the asset. subsequent expenditure relating to property, plant and equipment is capitalised if the subsequent expenditure meets the definition of an asset. when parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment and shall be depreciated according to their different useful life. the gains and losses arising from the de-recognition of property, plant and equipment (difference between carrying amount less any revaluation surpluses and net disposal proceeds) are included in surplus or deficit when the item is derecognized. the residual value and the useful life of each asset are reviewed and adjusted at balance sheet date. the depreciation charge for each year is recognized in surplus and deficit unless it is included in the carrying amount of another asset. 2.10 Impairment of non-financial assets "the corporation assesses at each reporting date whether there is an indication that an asset may be impaired. if any such indication exists, or when annual impairment testing for an asset is required, the corporation estimates the assets recoverable amount." An assets recoverable amount is the higher of an assets or cash-generating units fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or group of assets. where the carrying
amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. in assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. in determining fair value less costs to sell, an appropriate valuation model is used. for an asset that does not generate cash inflows that are largely independent of those from other assets the recoverable amount is determined for the cash-generating unit to which the asset belongs. An impairment loss is recognised in the income statement whenever the carrying amount of the cash-generating unit exceeds recoverable amount. A previously recognised impairment loss is reversed if the recoverable amount increases as a result of a change in the estimates used to determine the recoverable amount, but not to an amount higher than the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised in prior years. 2.11 Inventories inventories are stated at the lower of cost and net realisable value. cost is calculated using the weighted average method. net realisable value is the estimated selling price in the ordinary course of business, and the estimated costs necessary to make the sale. inventory cost includes the costs of purchase of inventories comprising the purchase price, levies, pressing and storage. trade discounts, rebates and other similar items are deducted in determining the costs of purchase. 2.12 2.12.1 Financial Instruments investments and financial Assets financial assets within the scope of iAs 39 are classified as financial assets at fair value through profit or loss, loans and receivables, held-to-maturity investments, or available-for-sale financial assets, as appropriate. when financial assets are recognised initially, they are measured at fair value, plus, in the case of investments not at fair value through profit or loss, directly attributable transaction costs. the corporation determines the classification of its financial assets on initial recognition and, where allowed and appropriate, re-evaluates this designation at each financial year end. 2.12.2 financial assets at fair value through profit or loss financial assets at fair value through profit or loss includes financial assets held for trading and financial assets designated upon initial recognition as at fair value through profit or loss. financial assets are classified as held for trading if they are acquired for the purpose of selling in the near term. derivatives, including separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments or a financial guarantee contract. gains or losses on investments held for trading are recognised in profit or loss. 2.12.3 held-to-maturity investments non-derivative financial assets with fixed or determinable payments and fixed maturities are classified as held-to-maturity when the corporation has the positive intention and ability to hold to maturity. After initial measurement held-to-maturity investments are measured at amortised cost using the effective interest method. gains and losses are recognised in profit or loss when the investments are derecognised or impaired, as well as through the amortisation process. 2.12.4 loans and receivables loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. After initial measurement loans and receivables are carried at amortised cost
using the effective interest method less any allowance for impairment. gains and losses are recognised in profit or loss when the loans and receivables are derecognised or impaired, as well as through the amortisation process. 2.12.5 Available-for-sale financial investments Available-for-sale financial assets are those non-derivative financial assets that are designated as availablefor-sale or are not classified in any of the three preceding categories. After initial measurement, availablefor-sale financial assets are measured at fair value with unrealised gains or losses recognised directly in equity until the investment is derecognised or determined to be impaired at which time the cumulative gain or loss previously recorded in equity is recognised in profit or loss. 2.12.6 Amortised cost held-to-maturity investments and loans and receivables are measured at amortised cost. this is computed using the effective interest method less any allowance for impairment. the calculation takes into account any premium or discount on acquisition and includes transaction costs and fees that are an integral part of the effective interest rate. 2.13 Impairment of financial assets the corporation assesses at each balance sheet date whether a financial asset or group of financial assets is impaired. 2.13.1 Assets carried at amortised cost if there is objective evidence that an impairment loss on assets carried at amortised cost has been incurred, the amount of the loss is measured as the difference between the assets carrying amount and the present value of estimated future cash flows discounted at the financial assets original effective interest rate. the carrying amount of the asset is reduced through use of an allowance account. the amount of the loss shall be recognised in profit or loss. 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, to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date. Any subsequent reversal of an impairment loss is recognised in profit or loss. in relation to trade receivables, a provision for impairment is made when there is objective evidence that the corporation will not be able to collect all of the amounts due under the original terms of the invoice. the carrying amount of the receivable is reduced through use of an allowance account. impaired debts are derecognised when they are assessed as uncollectible. 2.13.2 Available-for-sale financial investments if an available-for-sale asset is impaired, an amount comprising the difference between its cost and its current fair value, less any impairment loss previously recognised in profit or loss, is transferred from equity to profit or loss. Reversals in respect of equity instruments classified as available-for-sale are not recognised in profit or loss. Reversals of impairment losses on debt instruments are reversed through profit or loss, if the increase in fair value of the instrument can be objectively related to an event occurring after the impairment loss was recognised in profit or loss. 2.14 2.14.1 Financial liabilities and equity instruments financial liabilities at fair value through profit or loss financial liabilities at fair value through profit or loss includes financial liabilities held for trading and finan-
cial liabilities designated upon initial recognition as at fair value through profit or loss. financial liabilities are classified as held for trading if they are acquired for the purpose of selling in the near term. gains or losses on liabilities held for trading are recognised in profit or loss. 2.14.2 Derecognition of financial assets and liabilities Financial assets A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognised when:
the rights to receive cash flows from the asset have expired; the corporation retains the right to receive cash flows from the asset, but has assumed an obli gation to pay them in full without material delay to a third party under a pass through arrangement; or the corporation has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the asset, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
Financial liabilities A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. when an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss. 2.15 Future changes to accounting policies At the date of authorisation of these financial statements, a number of international financial Reporting standards and interpretations had been promulgated, but were effective for periods after 31 march 2012. the corporation will implement these as they become effective. based on a review of these standards, management have determined that none of them would have a significant impact on the corporation as at 31 march 2012, had they been effective. 2.16 Provisions provisions are recognised where the corporation has a present legal or constructive obligation as a result of a past event, a reliable estimate of the obligation can be made and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. 2.17 key management assumptions, estimates and judgements the preparation of financial statements requires the use of certain critical accounting estimates. it also requires management to exercise its judgement in the process of applying the corporations accounting policies. the areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed. the key assumptions, estimates and judgements concerning the future and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities within the next financial year are discussed below. the residual values and estimated useful lives of property, plant and equipment were assessed and found to be reasonable. Residual values of motor vehicles are determined with reference to market related prices of vehicles in a similar condition.
notes on the Annual financial statement for the 12 months ended 31 march 2012
erf 77, 78, 79, 80, 81 of farm 35, wilsonia, district of east london, market value R2 600 000. plot 4265, Queendustria industrial township, Queenstown, market value R1 400 000. Zone 8 Zwelitsha - the entity has been given the right to use the property indefinitely. A process for the acquisition of the title deed has been initiated with the land claims commission. At present, a valuation has been performed and the land has been surveyed, details of which are noted under note 17. improvements on the property are capitalised. erf 1097, Alice, market value R620 000. the historical opening depreciation charge assumes that the land is worth 50% of the historical carrying value.
included in the property, plant and equipment net book value are assets recorded at R1. these are old assets but still in use. the corporation estimates that value of the assets at R126 720. during the 2011 financial year, the corporation entered into a lease agreement with mAn financial services for the supply of five buses. the lease is repayable within 36 months at monthly instalments of R242 440.53. the interest implicit is 9%. At the end of the lease term the corporation has an option to acquire the buses outright, extend the agreement or to return the buses to mAn financial services. the depreciation charge is included in the fixed asset note. during the 2012 financial year, the corporation entered into a lease agreement with mAn financial services for the supply of six buses. the lease is repayable within 36 months at monthly instalments of R267 435.75. the interest implicit is 9%. At the end of the lease term the corporation has an option to acquire the buses outright, extend the agreement or to return the buses to mAn financial services. the depreciation charge is included in the fixed asset note. A loss of R919 537 was incurred on the buses as a result of impairment attributed to the poor conditions of the roads that the buses drive on. this was in line with the accounting standards to ensure that the carrying amount of the assets do not exceed the net recoverable amount.
4 INVENTORIES fuel, oils and greases consumables tyres & tubes Ancillary vehicle spares operational equipment spares stationery, tickets and waybills 2012 R 252 186 155 803 286 879 12 066 118 259 41 530 866 723 inventories included in cost of services rendered 5 TRADE AND OTHER RECEIVABLES trade receivables less: provision for impairment of receivables other receivables 242 155 (241 860) 296 98 904 99 200 trade receivables are non-interest bearing and are generally on 30-60 days terms. As at 31March 2012, trade receivables at nominal value of R241 860 (2011: R225 209) for the corporation were impaired and fully provided for. movements in the provision for impairment of receivables were as follows: individually impaired R At 1April 2010 charge for the year utilised At 31 march 2011 charge for the year utilised At 31March 2012 As at 31 march, the ageing analysis of trade and other receivables are as follows: 2012 R < 30 days 30 60 days 60 90 day 90 120 day >120 days total 99 200 99 200 2011 R 78 715 336 292 415 007 184 256 40 953 225 209 16 651 241 860 225 209 (225 209) 415 007 415 007 18 899 872 2011 R 860 831 170 686 156 751 14 781 268 466 1 471 515 13 959 999
At the balance sheet date, the entity had outstanding commitments under bus finance leases, which fall due as follows: within one year in the second to fifth years inclusive After five years At the balance sheet date, the entity had outstanding commitments under office equipment finance leases, which fall due as follows: within one year in the second to fifth years inclusive After five years total finance lease liability 510 042 227 239 282 803 7 938 955 384 843 108 905 275 938 4 592 557 13 547 429 6 118 515 7 428 914 7 116 999 2 909 286 4 207 714 -
during the 2011 financial year, the corporation entered into a lease agreement with mAn financial services for the supply of five buses. the lease is repayable within 36 months at monthly instalments of R242 440.53. the interest implicit is 9%. At the end of the lease term the corporation has an option to acquire the buses outright, extend the agreement or to return the buses to mAn financial services. An interest portion of R521 821 is included in the lease liability payable within one year.
during the 2012 financial year, the corporation entered into a lease agreement with mAn financial services for the supply of six buses. the lease is repayable within 36 months at monthly instalments of R267 435.75. the interest implicit is 9%. At the end of the lease term the corporation has an option to acquire the buses outright, extend the agreement or to return the buses to mAn financial services. An interest portion of R355 228 is included in the lease liability payable within one year. finance lease payments represent rentals payable by the corporation for certain of its office equipment.
2011 R 35 849 745 9 860 000 (438 794) 45 270 951
At 1 April 2011 Additional grant received deferred income released to income
45 270 951 10 000 000 (11 614 770) 43 656 181
2011 R 1 382 436 1 999 372 452 792 324 020 311 869 243 602 191 246 4 000 471 844 3 381 809
trade payables other payables - Accrued provident fund - Accrued pAye - Accrued medical Aid - Accrued workmen's compensation - Accrued employee insurance - private hire deposits - Additional payables
3 508 136 2 374 679 492 447 319 851 361 384 570 636 132 275 76 710 421 377 5 882 816
terms and conditions of the above financial liabilities: trade and other payables are non-interest bearing and are normally settled on 30-day terms. Additional payables not described include accrued water and electricity, garnishees, unemployment insurance fund, levies, union fees and housing bonds.
2011 R 2 751 763 2 396 515 (2 090 569) 3 057 709 587 970 2 469 739 3 057 709
At 1 April 2011 Additional accrual in the year utilisation of accrual At 31 march 2012 Accrual for bonuses - 13th cheque Accrual for leave
3 057 709 2 557 494 (2 081 836) 3 533 367 726 313 2 807 054 3 533 367
2011 R 281 000
13 REVENUE Revenue comprises of passenger fares and special hire revenue.
2012 R An analysis of the entity's revenue is as follows: passenger fares special hire Total revenue 19 637 025 4 198 281 23 835 306
2011 R 16 297 760 2 335 747 18 633 508
A major portion of the corporation's revenue comprises cash sales to passengers. it should be recognised that controls are designed to provide reasonable, but not absolute assurance that errors and irregularities will not occur, and that procedures are performed in accordance with management's intentions. there are inherent limitations that should be recognised in considering the potential effectiveness of any system of internal controls. the corporation utilises the sole service provider in south Africa to record bus fare information. there are no unreconciled differences between banking of cash and revenue collected per the revenue application system.
the controls implemented by management include the installation of electronic ticketing machines, establishing an effective inspectorate unit and implementing a zero-tolerance policy with regards to non-issue of bus fare tickets. in addition, the corporation has upgraded to a new revenue recording system, which is effective 1 April 2011. the system will strive to address revenue accuracy and completeness recordings.
NET PROFIT / LOSS FROM OPERATIONS net profit / loss from operations has been arrived at after charging (crediting): INCOME interest income EXPENSES Audit fees Audit committee (see note 14.2 and 14.3) defined contribution plan directors emoluments (see note 14.4 and 14.5) depreciation insurance interest interest - discounting loss on disposal of assets - impairment resulting from scrapping finance lease charges consulting fees staff costs the number of permanent employees for the financial year ended was: 2 693 371 40 002 4 062 128 442 399 11 614 771 1 441 560 1 013 295 318 679 234 153 101 194 340 665 41 314 771 196 1 763 700 19 379 4 566 290 280 229 7 207 526 1 226 244 591 168 204 045 730 609 214 429 595 151 35 165 181 191 123 481 65 404 2012 R 2011 R
Audit committee Meetings fees for attending meetings J. mdeni - chairperson t. Jama R. luzuka R 13 639 5 377 16 262 35 278 Travel R 4 274 70 380 4 724
2012 Total R 17 913 5 447 16 642 40 002
Audit committee Meetings fees for attending meetings m. mantyi R. luzuka J. mdeni R 7 500 2 475 4 950 14 925 Travel R 4 197 82 175 4 454
2011 Total R 11 697 2 557 5 125 19 379
Directors Emoluments Meetings R p.l.c. maseti - chairperson s.J. nyengane - vice-chairperson p.p. balfour m. tuswa A.J. de vries t.A.thomas f.s. loliwe A.m. church n.e.p. loyilane n. shweni-booysen Z. pakati J. mdeni R. luzuka 86 634 84 745 12 516 7 425 16 762 46 785 36 965 42 653 24 270 8 131 51 718 418 604 Travel R 2 079 4 228 467 689 2 278 1 772 3 366 2 226 1 101 2 763 2 826 23 795
2012 Total R 88 713 88 973 12 983 8 114 19 040 48 557 40 331 44 879 25 371 10 894 54 544 442 399
Directors Emoluments Meetings R p.l.c. maseti - chairperson s.J. nyengane - vice-chairperson p.p. balfour m. tuswa A.J. de vries t.A.thomas f.s. loliwe A.m. church n.e.p. loyilane n. shweni-booysen R. luzuka 20 733 43 483 22 275 34 650 9 900 22 275 19 800 42 075 42 075 257 266 Travel R 1 469 3 550 1 000 4 858 1 475 1 961 1 298 3 673 3 678 22 963
2012 CEO l.R. mbinda R basic car housing allowance medical aid provident bonus uif Total 915 584 120 000 46 562 148 325 146 102 1 497 1 378 070 OSM n. van wyk R 1 000 800 1 497 1 002 297 CFO l. coetzer R 655 303 36 000 20 815 51 178 1 497 764 793 HOD: HR l.c. mtise R 571 982 64 548 17 563 100 415 47 568 1 497 803 573 HOD: Operations n. funani R 539 880 45 288 9 496 94 618 45 420 1 497 736 199 HOD: Engineering Z. leni R 533 428 49 812 20 945 93 479 44 307 1 497 743 468
2011 Total R 22 202 47 033 23 275 39 508 11 375 24 236 21 098 45 748 45 753 280 229
Senior Management CEO l.R. mbinda R basic car housing allowance medical aid provident bonus uif Total 838 116 120 000 29 971 135 775 104 854 1 497 1 230 213 OSM n. van wyk R 165 900 250 166 150 CFO l. coetzer R 623 712 36 000 20 387 51 976 1 497 733 572 HOD: HR l.c. mtise R 518 352 64 548 17 563 90 910 43 196 1 497 736 066 HOD: Operations n. funani R 470 755 45 288 9 299 82 617 39 230 1 497 648 686
2012 R transactions not in full compliance with legislation the irregular expenditure relates to the corporation not obtaining tax clearance certificates from suppliers. 4 178 971
2011 HOD: Engineering Z. leni R 483 168 49 812 20 513 84 796 40 264 1 497 680 050
2011 R -
CASH GENERATED BY OPERATIONS FROM/(USED IN) OPERATING ACTIVITIES
2011 R 164 385 730 609 261 001 7 207 526 (7 961 644) 566 114 (65 404) 902 587 (337 659) 76 822 1 675 906
net profit / (loss) for the year Adjustments for: profit / loss on sale of property, plant and equipment impairment loss prior period error depreciation of property, plant and equipment deferred income interest on finance leases interest income operating cash flow before movements in working capital (increase)/ decrease in inventories (increase)/ decrease in receivables increase / (decrease) in payables
(440 450) 234 153 994 742 11 614 771 (11 614 770) 904 668 (123 481) 1 569 633 604 792 315 767 2 820 864
5 311 055
2 317 656
FINANCIAL RISk MANAGEMENT OBJECTIVES AND POLICIES the corporation's principal financial liabilities comprise of trade and other payables. the main purpose of these financial liabilities is to recognise amounts payable by the corporation. the corporation has various financial assets such as trade and other receivables and cash and short-term deposits, which arise directly from its operations. the corporation has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. the main risks arising from the corporation's financial instruments are cash flow interest rate risk, liquidity risk and credit risk. the board of directors reviews and agrees policies for managing each of these risks which are summarised below. Interest rate risk the corporation is exposed to interest rate risk as it has bus lease agreements in place. Credit risk management the corporation trades only with recognised, creditworthy third parties. Receivable balances are monitored on an ongoing basis with the result that the corporation's exposure to bad debts is not significant. the maximum exposure is the carrying amount as disclosed in note 5. there are no significant concentrations of credit risk within the corporation. with respect to credit risk arising from the other financial assets of the corporation, which comprise of cash and short-term deposits, the corporation's exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments. Liquidity risk the corporation monitors its risk to a shortage of funds by considering the maturity of both its financial assets and projected cash flows from operations. the corporation's objective is to maintain a balance between continuity of funding and flexibility through use of of the grant-in-aid funding. Foreign currency risk the corporation is not exposed to foreign currency risk. Capital management the primary objective of the corporation's capital management is to ensure that it continue to provide a safe and reliable public transport service and to maximise internal revenue collection.
CONTINGENT LIABILITIES during the reporting period, there were matters arising that gives rise to contingent liabilities: the corporation is in the process of obtaining a title deed for the Zwelitsha depot. A historic land valuation was performed which was used for negotiation purposes to draft and sign a settlement agreement. in addition, the land was surveyed to assess the exact boundaries. At year-end, the corporation is awaiting correspondance from the land claims commission to purchase the land. the possible cost element of the ouright acquisition (title deed) of the land is uncertain.
there is one pending ccmA referral as at 31 march 2012 and there are currently no indication as to the probability of the success of the claim. there has also not been a date confirmed when the claim will be dealt with. should the corporation lose the case, the cost will be R100 000.
commitments for the acquisition of property, plant and equipment:
SUBSEQUENT EVENTS the directors are not aware of any matter of circumstances arising since the end of the financial year, which significantly affects the operations of the corporation. the department of transport has approved the increase in authorised share capital. when the increase is gazzetted, it will affect the corporation's financial position.
RELATED PARTY TRANSACTIONS Identification of related parties eastern cape department of transport. the department is the sole shareholder of the corporation and the corporation acts as the service delivery arm of the the department. the department provides the grant-in-aid and the corporation report on its activities. board of directors - Refer to note 14.4 for details of transactions with directors. the board is appointed by the executive Authority and fulfil a governance and oversight role. Key management personnel - Refer to note 14.6 for detail of transactions with key personnel. management is responsible for the day-to-day operations of the corporation. director nep loyilane - she is also a director of fabkomp which transacted with the corporation for an amount of R24 509. the nature of the transactions were similar to normal market transactions for bus repairs.
Related party transactions significant transactions occurred between the department of transport by way of receiving grant funding.
2012 R grant received deferred income 51 429 000 11 614 770 63 043 770
2011 R 41 809 000 7 961 644 49 770 644
GOING CONCERN during the reporting period, in order to continue as a going concern, the corporation utilised capital grant funding of R2 238 812 for operational purposes. we draw attention to the fact that at 31 march 2012, the corporation had an accumulated deficit of R60 662 587 (2011: R60 222 136).
the financial statements have been prepared on the basis of accounting policies applicable to a going concern. this basis presumes that funds will be available to finance future operations and that the realisation of assets and settlement of liabilities, contingent obligations and commitments will occur in the ordinary course of business. the financial statements have been prepared on the basis of accounting policies applicable to a going concern. this basis presumes that funds will be available to finance future operations and that the realisation of assets and settlement of liabilities, contingent obligations and commitments will occur in the ordinary course of business. the ability of the corporation to continue as a going concern is dependent on a number of factors. the most significant of these is that the directors continue to procure funding for the ongoing operations of the corporation by recapitalisation of the bus fleet in order to increase revenues, as well as negotiations and pro-active budgeting and communication thereof to the department of transport, in an effort to obtain additional funding in the form of unconditional grants.
the department of transport has approved a grant-in-aid of R63 773 000 for the 2012/13 financial year and R80 000 000 in the 2013/14 financial year. the corporation present valued its own-revenue stream to be R66 403 256 over the next three financial years.
PRIOR PERIOD ERRORS Restatement of prior year known errors the financial statements have been restated to correct these unadjusted known errors from the 2011 financial year. the effect of the restatement on the opening accumulated deficit is summarised below: 2012 R trade and other payables operating equipment accumulated depreciation Ancillary vehicles accumulated depreciation buses accumulated depreciation lease liability inventory trade and other receivables ( 177 391) 203 467 7 496 774 7 522 850 trade and other payables included a prior period error for understating the fair value of payables. operating equipment, ancillary vehicles and buses accumulated depreciation included prior period errors for restating (was overstated) the opening accumulated depreciation. lease liability included a prior period error for overstatement of finance cost. inventory included a prior period error for overstatement of inventory. trade and other receivables included a prior period error for a under statement of a clerk shortage. the corresponding deferred income liability was adjusted with the accumulated depreciation adjustment of R7 522 850.
2011 R 16 578 262 187 (14 654) (3 151) 260 959
STANDARDS / INTERPRETATIONS ISSUED NOT YET EFFECTIVE AS AT 13 MARCH 2012
below is a list of the current standards and interpretations that have been issued, but may not be effective. Annual beginning Standard Details of amendment after periods on or
ifRs 1, first-time Adoption Amendments relating to oil and gas assets and determining of international financial whether an arrangement contains a lease. 01-Jan-10 Amendments relieves first-time adopters of ifRs's from providing the additional disclosures introduced through 01-Jul-10 01-Jan-11 01-Jan-11 Amendments to ifRs 7 in march 2009. Amendment clarifies that changes in accounting policies in the year of adoption fall outside of the scope of iAs8. Amendment permits the use of revaluation carried out after the date of transitionas a basis for deemed cost. Amendment permits the use of carrying amount under previous gAAp as deemed cost for operations subject to rate regulation. standard amended to provide guidance for entities emerging from severe hyperinflation and resuming presentation of ifRs compliant financial statements, or presenting ifRs compliant financial statements for the first time. 01-Jul-11 standard amended to remove the fixed date of 1 January 2004 relating to the retrospective application of the derecognition requirements of iAs39, and relief for the first-time adopters from calculating day 1 gains on transactions that occurred before the date of adoption. Amendments add an exception to the retrospective application of ifRss to require that first-time adopters apply the requirements in ifRs 9 financial instruments and iAs 20 Accounting for government grants and disclosure of government Assistance prospectively to government loans existing at the date of transition to ifRss. 01-Jan-13 01-Jul-11 01-Jan-11 Reporting standards
based Amendments relating to group cash-settled share-based payment transactions - clarity of the definition of the term "group" and where in a group share-based payments must be accounted for. 01-Jan-10 to transition requirements for contingent 01-Jan-11 01-Jan-11 Additional guidance provided on un-replaced and voluntarily replace share-based payment awards. 01-Jan-11
consideration from a business combination that occurred before the effective date of the revised ifRs. clarification on the measurement of non-controlling interests.
Details of amendment of non-current assets (or disposal groups)
beginning on or ifRs 5 non-current Assets disclosures held for sale discontinued operations ifRs 7 financial Amendment clarifies the intended interaction between and classified as held for sale or discontinued operations. 01-Jan-10
instruments: disclosure
qualitative and quantitative disclosures of the nature and extent of risks arising from financial instruments and removed some disclosure items which were seen to be superfluous or misleading. Amendments require additional disclosure on transfer transactions of financial assets, including the possible effects of any residual risks that the transferring entity retains. the amendments also require of additional transfer disclosures transactions if a are 01-Jul-11 disproportionate amount 01-Jan-11
undertaken around the end of a reporting period. Amendments require entities to disclose gross amounts subject to rights of set-off, amounts set-off in accordance with the accounting standards followed, and the related net credit exposure. this information will help investors understand the extent to which an entity has set-off in its balance sheet and the effects of rights of set-off on the entity's rights and obligations.
ifRs 8, operating segments disclosure of information about segment assets. 01-Jan-10 ifRs 9, financial new standard that forms the first part of a three-part project to replace iAs 39 financial instruments: Recognition and measurement. ifRs 10, consolidated new standard that replaces the consolidation requirements in sic-12 consolidation special purpose entities and iAs 27 consolidated and seperate financial statements. standard builds on existing prnciples by identifying the concept of control as the determining factor in whether an entity should be included within the consolidated financial statements of the parent company and provides additional guidance to assist in the determination of control where this is difficult to assess. 01-Jan-13 ifRs 11, Joint Arrangements new standars that deals with the accounting of joint 01-Jan-15
arrangements and focusses on the rights and obligations of the arrangement, rather than its legal form. standard requires a single method for accounting for interests controlled entities. in jointly 01-Jan-13
of new and comprehensive standard on disclosure requiremnts for all forms of interests in other entities, including joit arrangements, associates, special purpose vehicles and other off balance sheet vehicles. 01-Jan-13
value new guidance on fair value measurement and disclosure requirements. 01-Jan-13
Standard iAs 1, presentation
Details of amendment of current/non-current classification of convertible instruments.
beginning on or financial statements clarification of statement of changes in equity. new requirements to group together items with oci that may be reclassified to the profit or loss section of the income statement in order to facilitate the assessment of their impact on the overall performance of the entity. iAs 7, statement of cash classification of expenditures on unrecognised assets. flows 01-Jul-12 01-Jan-10 01-Jan-11
01-Jan-10 iAs 12 income taxes Rebuttable presumption introduced that an investment 01-Jan-12
property will be recovered in its entirety through sale. iAs 17 leases classification of leases of land and buildings.
01-Jan-10 iAs 19 employee benefits Amaendments for the accounting plans. iAs 21 the in effects of consequential amendments from changes to iAs27 to current and future 01-Jan-13
obligations resulting from the provision of defined benefit
foreign consolidated abd seperate financial statements (clarification on the transition rules in respect of the disposal or partial disposal of an interest in a foreign operation). 01-Jul-10
party simplification of the disclosure requirements for governmentrelated entities. clarification of the definition of a related party. 01-Jan-11 01-Jan-11
consolidated and transition requirements for amendments arising as a result of financial iAs27 consolidated and seperated financial statements. 01-Jul-10 consequential amendments resulting from the issue of ifRs 10, 11 and 12. 01-Jan-13 amendments and from changes financial to iAs27
seperate statements
in consequential consolidated
(clarification on the transition rules in respect of the disposal or partial disposal of an interest in a foreign operation). 01-Jul-10 consequential amendments resulting from the issue of ifRs 10, 11 and 12. iAs 31 interests in Joint consequential consolidated amendments and from changes financial to iAs27 01-Jan-13
(clarification on the transition rules in respect of the disposal or partial disposal of an interest in a foreign operation). 01-Jul-10
Standard iAs 32
Details of amendment financial Accounting for rights issues (including rights, options or warrants) that are denominated in a currency other than the functional currency of the issuer. Amendments require entities to disclose gross amounts subject to rights of set-off, aounts set-off in accordance with the accounting standards followed, and the related net credit exposure. this information will help investors understand the extent to which an entity has set-off in its balance sheet and the effects of rights of set-off on the entity's rights and obligations.
beginning on or instruments: presentation
financial clarification of disclosure requirements around significant events and transactions including financial instruments. 01-Jan-11
iAs 36 impairment of Assets unit of accounting for goodwill impairment test. 01-Jan-10 iAs 38 intangible Assets Additional consequential amendments arising from revised measuring the fair value of an intangible asset acquired in a business combination. iAs 39 financial treating loan prepayment penalties as closely related 01-Jan-10 scope exemption for business combination contracts. cash flow hedge accounting. ifRic 13 customer loyalty programmes - clarification on the intended meaning of the term "fair value" in respect of award credits. 01-Jan-10 01-Jan-10 01-Jan-11 01-Jul-09 01-Jul-09
Recognition embedded derivatives.
ifRic 19 extinguishing financial liabilities with equity instruments ifRic 20 stripping costs in the production phase of a surface mine
01-Apr-10 01-Jan-13
parT 7 HUMAN RESOURCE MANAGEMENT REPORT
pushing foR totAl peRfoRmAnce
guided by the ethos of service & commitment to the maintenance of best bus company standards, the division strives to render an effective and equitable service to all mtc employees. to lend support to the human Resources and business development strategy by recruiting outstanding candidates that will add value to the organization thereby leading to the realization of the corporation's vision. to achieve the aforementioned vision, we embrace the following core values:
superior performance - driven by the quest for continuous improvement and excellence in rendering hR services (industrial Relations, training & development personnel & organizational development), as well as compliance with all relevant pieces of legislation. being proactive - work towards exceeding our customers expectations by proactively assessing and addressing their current and future needs. ethical business practices - we will continually uphold strong business ethics and values, and ensure the transfer of these to our internal employees.
we will further see to the development of sound human resources policies and procedures, serve as a custodian of these policies by ensuring compliance and adherence to them.
Personnel costs by programme, 2011/2012
Compensation of Employees Total Expenditure Expenditure Training Expenditure Personnel cost as a percentage of total expenditure Number of Employees Average personnel cost per employee
Programme Administration Engineering Operations TOTAL AS PER AFS
(R'000) 35 017 511 18 614 213 33 919 136 87 550 860
(R'000) 10 371 579 14 461 065 16 482 126 41 314 770
(R'000) 111 546 111 546 111 546 334 638
(R'000) 29.94% 78.29% 48.92% 47.57%
(R'000) 68 59 81 208
(R'000) 154 164 246 993 204 860 200 238
Personnel costs by salary bands, 2011/2012
Compensation of Employees Expenditure % of Total Personnel Cost Number of Employees Average personnel cost per employee
Salary bands Bargaining Unit (T2-T10) Assistant Managers (T11) Deputy Managers (T12-T14) Managers (T15-T17) Senior management (T18-T22) TOTAL AS PER AFS
(R'000) 28 615 690 3 459 258 3 081 558 729 864 5 428 400 41 314 770
(R'000) 69.26% 8.37% 7.46% 1.77% 13.14%
(R'000) 180 12 8 3 5 208
(R'000) 158 976 288 272 385 195 243 288 1 085 680 198 629
Salaries, Overtime and Medical Assistance by programme, 2011/2012 Salaries Programme Administration Engineering Operations TOTAL AS PER AFS
Amount ('000) As a % of total expenditure
7 516 469 8 433 329 10 331 895 26 281 693
21.46% 45.31% 30.46% 30.02%
38 152 1 006 707 811 488 1 856 347
0.11% 5.41% 2.39% 2.12%
377 979 862 599 1 005 673 2 246 251
1.08% 4.63% 2.96% 2.57%
salaries, overtime and medical Assistance by programme, 2011/2012
employment and vacancies by programme, 31 march 2012
employment and vacancies by salary bands, 31 march 2012
employment and vacancies by critical occupation, 31 march 2012
Job evaluation by occupation, 2011/2012
the table below provides an indication of staff movements for the full time employees for the period 1 April 2011 to 31 march 2012. staff movements for the period 1 April 2011 to 31 march 2012
the table below gives an indication of staff terminations per levels for the period 1 April 2011 to 31 march 2012. staff terminations per levels for the period 1 April 2011 to 31 march 2012
the table below provides an indication of staff terminations per type for the period 1 April 2011 to 31 march 2012. staff terminations per type for the period 1 April 2011 to 31 march 2012
staff death analysis for the period 1 April 2011 to 31 march 2012
the table below provides an analysis of the reasons for terminations as per the exit interview forms for the period 1 April 2011 to 31 march 2012. Resignations per Reason for the period 1 April 2011 to 31 march 2012
the table below provides an indication of the disciplinary cases per occupational level for the period 1 April 2011 to 31 march 2012. disciplinary cases per occupational level for the period 1 April 2011 to 31 march 2012
the table below provides an indication of grievances lodges during the period 1 April 2011 to 31 march 2012. grievances lodged for the period 1 April 2011 to 31 march 2012
the table below provides an indication of the types of misconduct and outcome of disciplinary charges for the period 1 April 2011 to 31 march 2012. type of misconduct and outcome of disciplinary charges for the period 1 April 2011 to 31 march 2012
Nature of Misconduct Unfair Dismissal Unfair labour practice TOTAL % of TOTAL 0 0.00% 4 12.12% 1 3.03% 10 30.30% 15 45.45% 3 9.09% 0 0.00% Counselling 0 Verbal Warning 4 Written Warninig 1 Final Written Warning 10 Case Dismissal Not Guilty Withdrawn 15 3 Total 33 0 33 100.00% % of Total 100.00% 0.00% 100.00% 3.03%
the table below provides an indication of the race and gender ratio per occupational level as at 31 march 2012 employment equity statistics as per occupational level per Race and gender as at 31 march 2012
leave utilisation
the table below provides an indication of the use of sick leave for the period 1 April 2011 to 31 march 2012 sick leave for the period 1 April 2011 to 31 march 2012
the table below provides an indication of the use of temporary and permanent disability leave for the period 1 April 2011 to 31 march 2012 disability leave for the period 1 April 2011 to 31 march 2012
the table below provides an indication of the use of Annual leave for the period 1 April 2011 to 31 march 2012 Annual leave for the period 1 April 2011 to 31 march 2012
the table below summarises payments made to employees as a result of leave that was not taken for the period 1 April 2011 to 31 march 2012 leave pay-outs for the period 1 April 2011 to 31 march 2012
the table below indicates the number of external appointments that were finalised during the period 1 April 2011 and 31 march 2012 per race, gender and occupational levels external Appointments as per occupational levels per Race and gender for the period 1 April 2011 and 31 march 2012
the table below indicates the number of internal appointments that were finalised during the period 1 April 2011 and 31 march 2012 per race, gender and occupational levels internal Appointments as per occupational levels per Race and gender for the period 1 April 2011 and 31 march 2012
the table below indicates the number of training interventions that were finalised during the period 1 April 2011 and 31 march 2012 per race, gender and occupational levels training interventions per occupational levels, Race and gender for the period 1 April 2011 and 31 march 2012
the table below provides an indication of the number of injuries on duty (iods) for the period 1 April 2011 to 31 march 2012 iods for the period 1 April 2011 to 31 march 2012
hiv, Aids and health promotion programmes
steps taken to reduce the risk of occupational exposure
details of health promotion and hiv and Aids programmes
consultants the table below provides an indication of the number of consultants utilised for the period 1 April 2011 to 31 march 2012 Report on consultant appointments for the period 1 April 2011 to 31 march 2012
mayibuye Transport
Corporate Headquarters Corner of Drummond and Mdantsane Access Road, Reeston | East London P.O. Box19596 | Tecoma | 5214 Tel: 043 745 2582
PR238/2012 | ISBN: 978-0-621-41219-2
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