I do hunt, and I do fish, and I don't apologize to anybody for hunting and fishing. -Norman Schwarzkopf



FINANCE PORTFOLIO REPORT

by Desmond Msomi

The Association continued to display positive results as it has increased its surplus to R75 128 (2012: R 27 757). This surplus is mainly attributed to the increase in membership fee of 6.5% (2012: 10.2%), sale of regalia of 5% (2012: 47%), and the decrease in finance cost by 63%.

Our assets increased by R322 698 to R3.2 million, mainly due to increased cash reserves and property, plant and equipment. There was also a corresponding increase in creditors of R163 026, which will reduce our cash reserves to a certain extent in the new financial year.

Our cash balance looks very healthy at R1.3 million (2012: R 1.1 million), mainly due to early payment by the members, which is very appreciated. Members who still have balances outstanding are encouraged to make arrangements with management at the office.

On behalf of the Executive Committee, I would like thank all of our members for showing unwavering support to the Association. I would also like to thank our new Chief Executive Officer, Mr. Chris Jennings and the staff for ensuring that our members were served professionally once again during the past financial year.

KZN Hunting and Conservation Association

(Registration number 008-257)
Annual Financial Statements for the year ended 31 August 2013

Income Statement
Figures in Rand 2013 2012
Revenue
Sales of regalia and hunting income 1 261 767 1 241 174
Cost of sales (80 283)  (291 591)
Gross profit 1 181 484 949 583
Other income 589 516 625 251
Operating expenses (1 721 261) (1 554 070)
Operating profit 49 739 20 764
Investment revenue 36 176 35 008
Financial Costs (10 787) (29 385)
Profit for the year 75 128 26 387
Accumulated funds at the beginning of the year 1 016 978 539 290
Transferred from reserves and funds 401 981
Accumulated funds at the end of the year 1 092 106 967 658

KZN Hunting and Conservation Association

(Registration number 008-257)
Annual Financial Statements for the year ended 31 August 2013
Statement of Financial Position as at 31 August 2013

Balance Sheet
Figures in Rand 2013 2012
Assets
Non Current Assets
Property, plant and equipment 1 381 939 1 285 863
Intangible assets 160 857 187 667
1 542 796 1 473 530
Current Assets
Inventories 126 154 113 810
Trade and other receivables 241 486 194 998
Cash and cash equivalents 1 341 504 1 146 904
1 709 144 1 455 712
Total Assets 3 251 940 2 929 242
Equity and Liabilities
Equity
Reserves 1 208 958 1 146 825
Retained Income 1 092 107 967 658
2 301 065 2 114 483
Liabilities
Non Current Liabilities
Deferred income 193 594 220 504
Current Liabilities
Other financial liabilities 222 273 130 729
Trade and other payables 420 032 198 373
Subscriptions in advance 114 976 265 153
757 281 594 255
Total Liabilities 950 875 814 759
Total Equity and Liabilities 3 251 940 2 929 242