JUNGLE THEATRE COMPANY (Registration number 033 ......Jungle Theatre Company (Registration number...

JUNGLE THEATRE COMPANY(Registration number 033-014-NPO)

ANNUAL FINANCIAL STATEMENTSFOR THE YEAR ENDED 28 FEBRUARY 2018

Jungle Theatre Company

(Registration number 033-014-NPO)

Annual Financial Statements for the year ended 28 February 2018

General Information

Country of incorporation and domicile South Africa

Nature of business and principal activities

Members Celia Musikanth

Miranda Tait

Ntombi Mkhasibe

Seyiso Qhola

Siyawandisa Badi

Tracey Saunders

Vincent Meyburgh

Natasha Futeran

Registered office 69 Main Road

Muizenberg

7945

Business address 69 Main Road

Muizenberg

7945

Postal address PO Box 224

Muizenberg

7950

Bankers ABSA Bank Limited

Auditors Solace and Associates Incorporated

Chartered Accountants (S.A.)

Registered Auditors

Organisation registration number 033-014-NPO

Community focused theatre organisation that

works with different social and environmental

organisations to educate diverse audiences,

young people and families about social

environmental and cultural issues and develop

drama and theatre skills.

1




Content

INDEX Page

Members' Responsibilities and Approval 3

Independent Auditors' Report 4 - 5

Members' Report 6

Statement of Financial Position 7

Statement of Comprehensive Income 8

Statement of Changes in Accumulated Funds 9

Statement of Cash Flows 10

Accounting Policies 11

Notes to the Annual Financial Statements 12 - 14

Detailed Income Statement 15 - 16

The reports and statements set out below comprise the annual financial statements

presented to the members:

The following supplementary information does not form part of the annual financial

statements and is unaudited:

2

4

Solace & Associates Incorporated

Registered Auditors (Practice number: 930780)

Chartered Accountants (S.A)

14 Franz Square, Allenby Estate, Retreat 7945 +27 (0)21 702 2238 +27 (0)21 702 2238

Independent Auditor’s Report

To the members of Jungle Theatre Company

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Jungle Theatre Company as set out on pages 7 to 14, which comprise the statement of financial position as at 28 February 2018, and the statement of comprehensive income for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the financial statements present fairly, in all material respects, the financial position of Jungle Theatre Company as at 28 February 2018, and its financial performance for the year then ended in accordance with International Financial Reporting Standards for Small and Medium-sized Entities.

Basis for Opinion

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

Other Information

The members are responsible for the other information. The other information comprises the Members’ Report. The other information does not include the financial statements and our auditor’s report thereon.

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

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

Responsibilities of the Members for the Financial Statements

The members are responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards for Small and Medium-sized Entities, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the members are responsible for assessing the organisations ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the organisation or to cease operations, or have no realistic alternative but to do so.

Bringing you peace of mind…

SOLACE AUDIT | ACCOUNTING | CONSULTING




Members' Report

The members submit their report for the year ended 28 February 2018.

1. Review of activities

Main business and operations

2. Events after the reporting period

3. Members

Name

Celia Musikanth

Miranda Tait

Ntombi Mkhasibe

Seyiso Qhola

Siyawandisa Badi

Tracey Saunders

Vincent Meyburgh

Natasha Futeran

4. Auditors

Solace and Associates Incorporated will continue as auditors.

The members of the organisation during the year and to the date of this report are as follows:

The organisation is engaged in community focused theatre that works with different social and

environmental groups to educate diverse audiences of young people and families about social

environmental and cultural issues and develop drama and theatre skills and operates principally in South

Africa.

The operating results and state of affairs of the organisation are fully set out in the attached financial

statements and do not in our opinion require any further comment.

The organisation incurred a net surplus of R67,382 for the year ended 28 February 2018. The members

note that the operating environment within which the Jungle Theatre Company operates remains difficult.

The current funding environment in South Africa is challenging for the non profit sector in general but

particularly challenging for the arts sector. Jungle Theatre Company is not exempt from these

challenges but remains confident that the role the oganisation plays is a valuable one and we can

continue to deliver the quality productions to our audiences in the forthcoming year.

The members are not aware of any matter or circumstance arising since the end of the financial year that

has material impact on the annual financial statements.

6




Statement of Financial Position

Figures in Rand Note(s) 2018 2017

Assets

Non-current assets

Property, plant and equipment 2 79 891 93 301

Current assets

Trade and other receivables 3 4 832 -

Cash and cash equivalents 4 459 806 400 462

Total Assets 544 529 493 762

Funds and liabilities

Funds

Accumulated funds 232 419 165 037

Liabilities

Current Liabilities 5 312 111 328 726

Trade and other payables 15 547 15 182

Leave pay provision 12 598 12 789

Deferred income 283 966 300 755

Total Funds and Liabilities 544 529 493 762

7




Statement of Comprehensive Income


R R

Income 1 038 074 1 346 977

Expenses 970 692 1 230 589

Operating Surplus/(Deficit) for the year 67 382 116 389

Total Surplus/(Deficit) for the year 67 382 116 389

8




Statement of Changes in Accumulated Funds

Figures in RandAccumulated

fundsTotal Funds

Balance at 01 March 2016 48 648 48 648

Surplus for the year 116 389 116 389

Balance at 01 March 2017 165 037 165 037

Surplus for the year 67 382 67 382

Balance at 28 February 2018 232 419 232 419

9




Statement of Cash Flows


R R

Cash flows from operating activities

Cash generated from / (used in) operations 7 70 872 376 348

Cash flows from investing activites

Fixed assets acquired (11 528) (103 277)

Total cash movement for the year 59 344 273 071

Cash and cash equivalents at beginning of the year 400 462 127 391

Cash and cash equivalents at end of the year 4 459 806 400 462

10




Accounting Policies

1. Presentation of Annual Financial Statements

1,1 Property, plant and equipment

3 years

5 years

1,2 Revenue

The annual financial statements have been prepared in accordance with the International Financial

Reporting Standard for Small and Medium-sized Entities. The annual financial statements have been

prepared on the historical cost basis and incorporate the principle accounting policies set out below. They

are presented in South African Rands.

Property, plant and equipment are tangible items that:

● are held for use in the production or supply of goods or service, for rental

● are expected to be used during more than one period.

Property, plant and equipment is carried at cost less accumulated depreciation and accumulated

impairment losses.

Cost includes all costs incurred to bring the asset to the location and condition necessary for it to be

capable of operating in the manner intended by management.

These accounting policies are consistent with the previous period.

to others or for administrative purposes; and

Costs include costs incurred initially to acquire or construct an item of property, plant and equipment and

costs incurred subsequently to add to, replace part of, or service it. If a replacement cost is recognised in

the carrying amount of an item of property, plant and equipment, the carrying amount of the replaced part is

derecognised.

Depreciation is provided using the straight-line method to write down the cost, less estimated residual value

over the useful life of the property, plant and equipment, which is as follows:

Revenue comprises of funding received from grants and donations. Revenue is recognised when it is

received unless it is specifically designated for a future financial period.

Computer equipment

The residual value, depreciation method and useful life of each asset are reviewed at each annual

reporting period if there are indicators present that there has been a significant change from the previous

estimate.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are

recognised in profit or loss in the period.

Item

Motor Vehicles

11




Notes to the Annual Financial Statements

2.

Cost /

Valuation

Acc depr &

impairments

Carrying

value

Cost /

Valuation

Acc depr &

impairments

Carrying

valueComputer

equipment41 079 (30 039) 11 039 29 551 (25 757) 3 794

Motor Vehicle 103 277 (34 426) 68 851 103 277 (13 770) 89 507

144 356 (64 465) 79 891 132 828 (39 527) 93 301

Reconciliation of property, plant and equipment - 2018

Opening

balance Acquisitions Depreciation Total

3 794 11 528 (4 282) 11 040

89 507 - (20 655) 68 852

93 301 11 528 (24 938) 79 891

Reconciliation of property, plant and equipment - 2017

Opening

balance Acquisitions Depreciation Total

6 527 - (2 733) 3 794

Motor Vehicle - 103 277 (13 770) 89 507

6 527 103 277 (16 503) 93 301

Figures in rand 2018 2017

3. Trade and other receivables

Grants Receivable 3 000 -

Accrued Expenses 1 832 -

4 832 -

4. Cash and cash equivalents

Cash and cash equivalents consist of:

Cash on hand 484 664

Bank balances 459 323 399 798

459 806 400 462

5. Current liabilities

SARS payroll accrual 6 047 6 132

Accruals 9 500 9 050

Leave pay provision 12 598 12 789

Deferred income 283 966 300 755

312 111 328 726

2018 2017

Property, plant and equipment

Computer equipment

Computer equipment

Motor Vehicle

12





2018 2017

6. Taxation

7. Cash generated from / (used in) operations

Surplus/(Deficit) for the year 67 382 116 389

Adjustments for depreciation 24 938 16 503

Changes in working capital

Decrease / (increase) in trade and other receivables (4 832) 3 720

(Decrease) / increase in trade and other payables (16 617) 239 736

70 872 376 348

8. Grants & Donations

AfrikaBurn 10 000 -

Arts and Culture Trust 5 859 16 336

C Meyburgh 42 000 -

City of Cape Town / Subcouncil 19 50 000 50 000

City of Cape Town - Amenties & Recreation 3 998 -

Country Lane 50 000 80 000

Department of Arts and Culture 24 522 215 478

Department of Cultural Affairs and Sport (DCAS) 64 089 51 104

Brought Forward 47 524 28 628

Income received during the year 41 207 70 000

Grants received in advance (24 642) (47 524)

EJ Lombardi Charitable Trust 30 000 20 000

HCI Foundation - 20 000

IFAW 106 300 -

Joan St Leger Lindbergh Charitable Trust 81 166 -

L & S Chiappini Charitable Trust 20 000 -

Learning Trust 255 -

National Arts Council - 5 000

National Arts Festival 49 760 31 720

National Lotteries Commission 198 951 751 049

Princess Vlei Forum 20 000 -

RS Nussbaum Foundation 78 693 14 101

Stiftung Evidenz 17 549 -

The DG Murray Trust 58 000 -

Donation in kind 25 917 -

General Donations 23 466 14 286

960 526 1 269 074

No provision has been made for 2018 tax as the organisation has no taxable income. The organisation is

exempt from income tax under Section 10(1)(cN) and donations tax under Section 56(1)(h) and bequests

or accruals under Section 4(h) of the Estate Duty Act, as read with Section 18A and 30 of the Income Tax

Act.

13





9 Going Concern

2018 2017

10 Related Parties

Relationships

Common Membership of entity Meyburgh Family Trust (V Meyburgh)

Director V Meyburgh

Related party transactions

Rent paid (received from) related parties

Meyburgh Family Trust 18 000 45 880

The organisation incurred a net surplus of R67,382 for the year ended 28 February 2018. The members

note that the operating environment within which the Jungle Theatre Company operates remains difficult.

The current funding environment in South Africa is challenging for the non profit sector in general but

particularly challenging for the arts sector. Jungle Theatre Company is not exempt from these challenges

but remains confident that the role the organisation plays is a valuable one and we can continue to deliver

the quality productions to our audiences in the forthcoming year.

14




Detailed Statement of Financial Performance


R R

Income 1 038 074 1 346 977

Grants & donations 8 960 526 1 269 074

Workshop Income 25 028 15 300

Production Income 50 379 50 162

How Stories Began 34 755 27 582

River of Life - 2 280

The Whale Show - 6 500

When Lion Had Wings 12 824 9 800

Public Art 2 800 -

Beach Reach / Shark Dreams - 4 000

Other Income 2 142 12 441

Interest earned 37 441

Insurance Cashback 2 105 -

SARS ETI Wage Subsidy - 12 000

Expenses (Refer to page 16) 970 692 1 230 589

Surplus/(Deficit) for the year 67 382 116 389

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

15




Detailed Statement of Financial Performance

Figures in Rand Notes(s) 2018 2017

R R

Expenditure 970 692 1 230 589

Operating Costs 284 098 293 672

Salaries and contributions 152 534 122 376

Premises costs 22 529 45 880

Equipment repairs and upgrading 135 2 655

Security 2 750 4 740

Communication costs 15 469 19 576

Office supplies and equipment 10 786 15 568

Computer Equipment 4 733 4 938

Transport costs 1 080 1 417

Staff development 630 16 336

Staff welfare 288 356

Professional fees 27 714 31 743

Bank charges 5 860 5 723

Depreciation 24 938 16 503

Insurance 12 463 3 273

Fundraising costs - 399

Membership / affiliation fees 2 189 2 189

Programme Costs 686 594 936 917

General programme costs 56 028 28 576

General programme costs 12 530 800

Contracted drama workshops 43 498 27 776

Production costs 630 566 908 340

A Dog's Life 81 647 -

Beach Reach / Shark Dreams - 4 000

Butterfly Dreams / Metamorphosis - 54 314

Creating Theatre With Children 24 144 -

DAC - Public Art 11 930 158 779

DCAS - Performing Arts Club 41 594 22 476

How Stories Began - 5 783

L&S Performing Arts Club 17 552 -

Learning Trust - Arts Admin 255 -

Muizenberg Festival - 43 750

NLC 162 752 551 888

Nussbaum - Performing Arts Club 75 589 14 101

River Of Life - 49 083

Stiftung Evidenz - Waldorf Intercultural 17 549 -

The Magic Shell 27 641 -

The Whale Show - 4 166

Transitional Youth Programme 52 538 -

When Lion Had Wings 68 599

Youth Workshop Programme 48 776 -

Operating Surplus/(Deficit) for the year 67 382 116 389

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

16

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