Randpark Ridge Village Association NPC (Registration Number 1998/019868/08) Annual Financial Statements for the year ended 28 February 2023

Audited Financial Statements
in compliance with the Companies Act of South Africa 71 of 2008
Prepared by: Francois Gourel – Rivalland
Professional designation:Associate General Accountant (SA)
Randpark Ridge Village Association NPC
(Registration Number 1998/019868/08)
Annual Financial Statements for the year ended 28 February 2023
Index
Page
General Information 2
Directors’ Responsibilities and Approval 3
Directors’ Report 4
Independent Auditor’s Report 5 – 6
Statement of Financial Position 7
Statement of Comprehensive Income 8
Statement of Changes in Equity 9
Statement of Cash Flows 10
Accounting Policies 11 – 12
Notes to the Financial Statements 13 – 15
The supplementary information presented does not form part of the Financial Statements and is unaudited:
Detailed Income Statement 16
1
Randpark Ridge Village Association NPC
(Registration Number 1998/019868/08)
Annual Financial Statements for the year ended 28 February 2023
General Information
Country of Incorporation and Domicile South Africa
Registration Number 1998/019868/08
Nature of Business and Principal Activities The non-profit company is responsible for the
management of security and other amenities for the
benefit of the residents of Randpark Ridge .
Directors Heather Mannion
Quinton Robbertze
Inderan Govender
Monica Coetzee
Registered Office Shop 20
93 Randpark Drive
Randpark Ridge
Gauteng
2194
Level of Assurance These financial statements have been audited.
Auditors RobertsChaplinKrona Inc.
7 Judges Avenue
Windsor
Randburg
2195
Preparer Francois Gourel-Rivalland
Associate General Accountant (SA)
2
Heather Mannion Qu inton Robbe rtze
I nde r􀩿endeT ··
3
Randpark Ridge Village Association NPC
(Registration Number 1998/019868/08)
Annual Financial Statements for the year ended 28 February 2023
Directors’ Responsibilities and Approval
The directors are required to maintain adequate accounting records and are responsible for the content and integrity of the
annual financial statements and related financial information included in this report. It is their responsibility to ensure that the
annual financial statements satisfy the financial reporting standards with regards to form and content and present fairly the
statement of financial position, results of operations and business of the non-profit company, and explain the transactions and
financial position of the business of the non-profit company at the end of the financial year. The annual financial statements
are based upon appropriate accounting policies consistently applied throughout the non-profit company and supported by
reasonable and prudent judgements and estimates.
The directors acknowledge that they are ultimately responsible for the system of internal financial control established by the
non-profit company and place considerable importance on maintaining a strong control environment. To enable the directors
to meet these responsibilities, the directors set standards for internal control aimed at reducing the risk of error or loss in a
cost effective manner. The standards include the proper delegation of responsibilities within a clearly defined framework,
effective accounting procedures and adequate segregation of duties to ensure an acceptable level of risk. These controls are
monitored throughout the non-profit company and all employees are required to maintain the highest ethical standards in
ensuring the non-profit company’s business is conducted in a manner that in all reasonable circumstances is above reproach.
The focus of risk management in the non-profit company is on identifying, assessing, managing and monitoring all known forms
of risk across the non-profit company. While operating risk cannot be fully eliminated, the non-profit company endeavours to
minimise it by ensuring that appropriate infrastructure, controls, systems and ethical behaviour are applied and managed
within predetermined procedures and constraints.
The directors are of the opinion, based on the information and explanations given by management, that the system of internal
control provides reasonable assurance that the financial records may be relied on for the preparation of the annual financial
statements. However, any system of internal financial control can provide only reasonable, and not absolute, assurance against
material misstatement or loss. The going-concern basis has been adopted in preparing the financial statements. Based on
forecasts and available cash resources the directors have no reason to believe that the non-profit company will not be a going
concern in the foreseeable future. The annual financial statements support the viability of the non-profit company.
The annual financial statements have been audited by the independent auditing firm, RobertsChaplinKrona Inc., who have
been given unrestricted access to all financial records and related data, including minutes of all meetings of the member, the
directors and committees of the directors. The directors believe that all representations made to the independent auditor
during the audit were valid and appropriate. The external auditor’s unqualified audit report is presented on pages 5 to 6.
The annual financial statements set out on pages 7 to 15, and the supplementary information set out on page 16 which have
been prepared on the going concern basis, were approved by the directors and were signed on 4 September 2024 on their
behalf by:
Randpark Ridge Village Association NPC
(Registration Number 1998/019868/08)
Annual Financial Statements for the year ended 28 February 2023
Directors’ Report
The directors present their report for the year ended 28 February 2023.
1. Review of activities
Main business and operations
The non-profit company is responsible for the management of security and other amenities for the benefit of the residents of
Randpark Ridge . There were no major changes herein during the year.
The operating results and statement of financial position of the non-profit company are fully set out in the attached financial
statements and do not in our opinion require any further comment.
2. Going concern
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 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.
3. Events after reporting date
All events subsequent to the date of the annual financial statements and for which the applicable financial reporting
framework requires adjustment or disclosure have been adjusted or disclosed.
The directors are not aware of any matter or circumstance arising since the end of the financial year to the date of this report
that could have a material effect on the financial position of the non-profit company.
4. Directors’ interest in contracts
To our knowledge none of the directors had any interest in contracts entered into during the year under review.
5. Borrowing limitations
In terms of the Memorandum of Incorporation of the non-profit company, the directors may exercise all the powers of the
non-profit company to borrow money, as they consider appropriate.
6. Directors
The directors of the non-profit company during the year and up to the date of this report are as follows:
Heather Mannion
Quinton Robbertze
Inderan Govender
Monica Coetzee
7. Independent Auditors
RobertsChaplinKrona Inc. were the independent auditors for the year under review.
4
Independent Auditor’s Report
To the Member of Randpark Ridge Village Association NPC
Opinion
We have audited the financial statements of Randpark Ridge Village Association NPC set out on pages 7 to 15, which comprise
the statement of financial position as at 28 February 2023, and the statement of comprehensive income, the statement of
changes in equity and the statement of cash flows 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 Randpark Ridge Village
Association NPC as at 28 February 2023, and its financial performance and cash flows for the year then ended in accordance
with the International Financial Reporting Standard 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 non-profit company 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 corresponding sections of the International Ethics Standards Board for Accountants’ International Code of
Ethics for Professional Accountants (including International Independence Standards). We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Other Information
The directors are responsible for the other information. The other information comprises the information included in the
document titled “Randpark Ridge Village Association NPC Financial Statements for the year ended 28 February 2023”, which
includes the Directors’ Report, and the statement of Directors’ Responsibilities and Approval, which we obtained prior to the
date of this report, and the supplementary information set out on page 16. 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.
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Responsibilities of the Directors for the Financial Statements
The directors are responsible for the preparation and fair presentation of the financial statements in accordance with the
International Financial Reporting Standard for Small and Medium-sized Entities, and for such internal control as the directors
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 directors are responsible for assessing the non-profit company’s ability to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting
unless the directors either intend to liquidate the non-profit company or to cease operations, or have no realistic alternative
but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.
As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the
override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the non-profit company’s
internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the directors.
• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt
on the non-profit company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditor’s report. However, future events or conditions may cause the non-profit company to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.
We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal control that we identify during our audit.
RobertsChaplinKrona Inc.
Per: Jan Cronje – Director
Registered Auditor
4 September 2024
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Randpark Ridge Village Association NPC
(Registration Number 1998/019868/08)
Financial Statements for the year ended 28 February 2023
Statement of Financial Position
Figures in R Notes 2023 2022
Assets
Non-current assets
Property, plant and equipment 3 214,729 206,425
Current assets
Trade and other receivables 4 8,300 50,247
Cash and cash equivalents 5 544,343 595,818
Total current assets 552,643 646,065
Total assets 767,372 852,490
Equity and liabilities
Equity
Accumulated surplus 705,443 814,183
Liabilities
Current liabilities
Trade and other payables 6 61,929 38,307
Total equity and liabilities 767,372 852,490
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Randpark Ridge Village Association NPC
(Registration Number 1998/019868/08)
Financial Statements for the year ended 28 February 2023
Statement of Comprehensive Income
Figures in R Notes 2023 2022
Revenue 7 1,301,422 1,397,901
Other income 8 64,435 1,343
Administrative expenses (58,250) (55,047)
Other expenses (1,432,064) (1,308,136)
(Deficit) / surplus from operating activities 9 (124,457) 36,061
Finance income 10 18,717 16,759
Finance costs 11 (3,000) –
(Deficit) / surplus for the year (108,740) 52,820
8
Randpark Ridge Village Association NPC
(Registration Number 1998/019868/08)
Financial Statements for the year ended 28 February 2023
Statement of Changes in Equity
Figures in R
Accumulated
surplus Total
Balance at 1 March 2021 761,363 761,363
Changes in equity
Surplus for the year 52,820 52,820
Total comprehensive income for the year 52,820 52,820
Balance at 28 February 2022 814,183 814,183
Balance at 1 March 2022 814,183 814,183
Changes in equity
Deficit for the year (108,740) (108,740)
Total comprehensive income for the year (108,740) (108,740)
Balance at 28 February 2023 705,443 705,443
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Randpark Ridge Village Association NPC
(Registration Number 1998/019868/08)
Financial Statements for the year ended 28 February 2023
Statement of Cash Flows
Figures in R Note 2023 2022
Cash flows from operations
(Deficit) / surplus for the year (108,740) 52,820
Adjustments to reconcile (deficit) / surplus
Adjustments for finance income (18,717) (16,759)
Adjustments for finance costs 3,000 –
Adjustments for decrease / (increase) in other operating receivables 41,947 (44,747)
Adjustments for increase in trade accounts payable 8,985 –
Adjustments for increase in other operating payables 14,637 12,678
Adjustments for depreciation and amortisation expense 109,681 112,121
Total adjustments to reconcile (deficit) / surplus 159,533 63,293
Net cash flows from operations 50,793 116,113
Interest paid (3,000) –
Interest received 18,717 16,759
Net cash flows from operating activities 66,510 132,872
Cash flows used in investing activities
Purchase of property, plant and equipment (117,984) (130,622)
Cash flows used in investing activities (117,984) (130,622)
Net (decrease) / increase in cash and cash equivalents (51,474) 2,250
Cash and cash equivalents at beginning of the year 595,818 593,568
Cash and cash equivalents at end of the year 5 544,344 595,818
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Randpark Ridge Village Association NPC
(Registration Number 1998/019868/08)
Financial Statements for the year ended 28 February 2023
Accounting Policies
1. General information
Randpark Ridge Village Association NPC (‘the non-profit company’) is responsible for the management of security and other
amenities for the benefit of the residents of Randpark Ridge . The non-profit company is incorporated as a Non-Profit
Company and domiciled in South Africa. The address of its registered office is Shop 20, 93 Randpark Drive , Randpark Ridge ,
Gauteng, 2194.
2. Basis of preparation and summary of significant accounting policies
The financial statements of Randpark Ridge Village Association NPC have been prepared in accordance with the International
Financial Reporting Standard for Small and Medium-sized Entities. The financial statements have been prepared under the
historical cost convention. They are presented in South African Rand.
The preparation of financial statements in conformity with the International Financial Reporting Standard for Small and
Medium-sized Entities requires the use of certain critical accounting estimates. It also requires management to exercise its
judgement in the process of applying the non-profit company’s accounting policies.
The principal accounting policies applied in the preparation of these annual financial statements are set out below. These
policies have been consistently applied to all the years presented, unless otherwise stated.
2.1 Property, plant and equipment
Property, plant and equipment is stated at historical cost less accumulated depreciation and any accumulated impairment
losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition
necessary for it to be capable of operating in the manner intended by the directors.
The non-profit company adds to the carrying amount of an item of property, plant and equipment the cost of replacing parts of
such an item when that cost is incurred if the replacement part is expected to provide incremental future benefits to the nonprofit
company. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to
surplus or deficit during the period in which they are incurred.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over
their estimated useful lives, using the straight-line method. The estimated useful lives range as follows:
Asset class Useful life / depreciation rate
Office equipment 3 Years
CCTV Sysytems 5 Years
Advertising boards 10 Years
Motor Vehicles 4 Years
Computer equipment 3 Years
The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, if
there is an indication of a significant change since the last reporting date.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater
than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within
‘other gains / (losses)’ in the statement of comprehensive income.
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Randpark Ridge Village Association NPC
(Registration Number 1998/019868/08)
Financial Statements for the year ended 28 February 2023
Accounting Policies
Basis of preparation and summary of significant accounting policies continued…
2.2 Financial instruments
Trade and other receivables
Most sales are made on the basis of normal credit terms and the receivables do not bear interest. Where credit is extended
beyond normal credit terms, receivables are measured at amortised cost using the effective interest method. At the end of
each reporting period, the carrying amounts of trade and other receivables are reviewed to determine whether there is any
objective evidence that the amounts are not recoverable. If so, an impairment loss is recognised immediately in surplus or
deficit.
Trade and other receivables are classified as debt instruments and loan commitments at amortised cost.
Cash and cash equivalents
Cash and cash equivalents includes cash on hand, demand deposits and other short-term highly liquid investments with original
maturities of three months or less. Bank overdrafts are shown in current liabilities on the statement of financial position.
Trade and other payables
Trade payables are obligations on the basis of normal credit terms and do not bear interest.
2.3 Revenue
Revenue is measured at the fair value of the consideration received or receivable. Revenue is shown net of value-added tax,
returns, rebates and discounts.
Revenue consists of donations received, income received from fundraising and sales and marketing products. Its recorded in
the financial statements, nett of Value Added Tax where applicable, on receipt.
Interest income is recognised using the effective interest method.
2.4 Employee benefits
Short-term employee benefits
Compensation paid to employees for the rendering of services are recognised at the undiscounted amount paid or expected to
be paid in the accounting period in which the services were rendered.
2.5 Borrowing costs
All borrowing costs are recognised in surplus or deficit in the period in which they are incurred.
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Randpark Ridge Village Association NPC
(Registration Number 1998/019868/08)
Financial Statements for the year ended 28 February 2023
Notes to the Financial Statements
Figures in R 2023 2022
3. Property, plant and equipment
Balances at year end and movements for the year
Office
equipment CCTV Sysytems Motor Vehicles
Computer
equipment Total
Reconciliation for the year ended
28 February 2023
Balance at 1 March 2022
At cost 11,875 380,316 – 57,113 449,304
Accumulated depreciation (5,544) (237,335) – – (242,879)
Carrying amount 6,331 142,981 – 57,113 206,425
Movements for the year ended
28 February 2023
Additions from acquisitions – – 117,984 – 117,984
Depreciation (3,958) (46,650) (14,579) (44,493) (109,680)
Property, plant and equipment
at the end of the year 2,373 96,331 103,405 12,620 214,729
Closing balance at 28 February
2023
At cost 11,875 380,316 117,985 57,113 567,289
Accumulated depreciation (9,502) (283,985) (14,580) (44,493) (352,560)
Carrying amount 2,373 96,331 103,405 12,620 214,729
Reconciliation for the year ended
28 February 2022
Balance at 1 March 2021
At cost 11,875 249,695 – 57,113 318,683
Accumulated depreciation (1,586) (129,173) – – (130,759)
Carrying amount 10,289 120,522 – 57,113 187,924
Movements for the year ended
28 February 2022
Additions from acquisitions – 130,622 – – 130,622
Depreciation (3,958) (108,163) – – (112,121)
Property, plant and equipment
at the end of the year 6,331 142,981 – 57,113 206,425
Closing balance at 28 February
2022
At cost 11,875 380,316 – 57,113 449,304
Accumulated depreciation (5,544) (237,335) – – (242,879)
Carrying amount 6,331 142,981 – 57,113 206,425
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Randpark Ridge Village Association NPC
(Registration Number 1998/019868/08)
Financial Statements for the year ended 28 February 2023
Notes to the Financial Statements
Figures in R 2023 2022
4. Trade and other receivables
Trade and other receivables comprise:
Sundry debtors 2,800 –
Prepaid expenses – 44,747
Deposits 5,500 5,500
8,300 50,247
5. Cash and cash equivalents
Cash and cash equivalents included in current assets:
Cash
Balances with banks 544,343 595,818
6. Trade and other payables
Trade and other payables comprise:
Trade creditors 8,985 –
Accrued audit fees 49,882 38,307
Sundry creditors 3,062 –
Total trade and other payables 61,929 38,307
7. Revenue
Revenue comprises:
Donations 1,301,422 1,397,901
8. Other income
Other income comprises:
Sundry income 64,435 1,343
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Randpark Ridge Village Association NPC
(Registration Number 1998/019868/08)
Financial Statements for the year ended 28 February 2023
Notes to the Financial Statements
Figures in R 2023 2022
9. (Deficit) / surplus from operating activities
(Deficit) / surplus from operating activities includes the following separately disclosable items
Other operating expenses
Property plant and equipment
– depreciation 109,681 112,121
Leases
– operating lease minimum lease rentals 102,484 94,671
Audit fees
Auditors remuneration – Fees 11,575 12,678
10. Finance income
Finance income comprises:
Interest received 18,717 16,759
11. Finance costs
Finance costs included in surplus or deficit:
Interest paid – creditors 3,000 –
12. Income tax expense
Additional disclosures
No provision has been made for 2023 income tax as this is a Non Profit Company and in terms of section 10(1) of the Income
Tax Act this company is expempt from tax.
15
The supplementary information presented does not form part of the annual financial statements and is unaudited
Randpark Ridge Village Association NPC
(Registration Number 1998/019868/08)
Annual Financial Statements for the year ended 28 February 2023
Detailed Income Statement
Figures in R Notes 2023 2022
Revenue 7
Donations 1,301,422 1,397,901
Other income 8
Sundry income 64,435 1,343
Administrative expenses
Accounting fees (7,208) (13,238)
Auditors remuneration – Fees (11,575) (12,678)
Bank charges (6,194) (4,968)
Computer expenses 5,921 (200)
Subscriptions (19,226) (8,258)
Telephone (19,968) (15,704)
(58,250) (55,046)
Other expenses
Advertising and promotions – (18,113)
Cleaning (3,757) (5,206)
Consulting fees (108,444) (42,373)
Depreciation – property, plant and equipment (109,681) (112,121)
Donations -Member (34,508) (170,474)
Employee costs – salaries (531,786) (436,755)
Entertainment (13,654) (61,971)
Enviro – Amenities (11,884) (4,280)
Insurance (7,871) (7,071)
Marketing (44,363) (19,142)
Motor vehicle expense (73,879) (270)
Municipal charges – (1,339)
Netcash system fees (17,317) (15,070)
Office small equipment expenses (8,750) –
Printing and stationery (17,254) (2,900)
Rent paid (102,484) (94,671)
Repairs and maintenance (155,045) (58,691)
Security (115,379) (222,074)
Staff welfare (76,008) (35,615)
(1,432,064) (1,308,136)
(Deficit) / surplus from operating activities 9 (124,457) 36,062
Finance income 10
Interest received 18,717 16,759
Finance costs 11
Interest paid – creditors (3,000) –
(Deficit) / surplus for the year (108,740) 52,821
16