The Mass Media Project NPC 2016 (1) · 2017-04-20 · The Mass Media Project NPC (Registration number: 2002/003520/08) Financial Statements for the year ended 29 February 2016 General

The Mass Media Project NPCAnnual financial statements

for the year ended 29 February 2016

(Registration number: 2002/003520/08)

The Mass Media Project NPC(Registration number: 2002/003520/08)Financial Statements for the year ended 29 February 2016

General Information

1

Country of incorporation and domicile South Africa

Nature of business and principal activities The company's primary purpose is to contribute to societalchange by communicating with the general public theimportance of living good values. It does this by producingeducational material for the mass media (TV, film, radio, printand digital) and running programmes in communities such asschools, faith-based organisations, businesses, prisons andyouth structures.

Directors CG JaphetER BowersDG MullerKR MalatjiEJ MyburghJF CunninghamLV PauquetSA LerefoloTMH HolleyZCR Mamba

Registered office 1st Floor, Dunkeld West Centre281 Jan Smuts AvenueDunkeld2196

Business address 1st Floor, Dunkeld West Centre281 Jan Smuts AvenueDunkeld2196

Postal address PO Box 413342Craighall2024

Bankers First National Bank – a division of FirstRand Bank LimitedNedbank Limited

Auditors PricewaterhouseCoopersChartered Accountants (S.A.)Registered Auditors

Company registration number 2002/003520/08

NPO registration number 020-367

Level of assurance Audit – as elected by directors

Preparer Michael Mulligan CA(SA)

Published 31 January 2017


Index

2

The reports and statements set out below comprise the financial statements presented to the members:

Index Page

Directors’ Responsibility and Approval 3

Independent Auditors’ Report 4 - 5

Directors’ Report 6 - 7

Statement of Financial Position 8

Statement of Comprehensive Income 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Accounting Policies 12 – 14

Notes to the Financial Statements 15 – 20

PricewaterhouseCoopers Inc., 2 Eglin Road, Sunninghill 2157, Private Bag X36, Sunninghill 2157, South AfricaT: +27 (0) 11 797 4000, F: +27 (0) 11 209 5800, www.pwc.co.za

Chief Executive Officer: T D ShangoManagement Committee: S N Madikane, J S Masondo, P J Mothibe, C Richardson, F Tonelli, C VolschenkThe Company's principal place of business is at 2 Eglin Road, Sunninghill where a list of directors' names is available for inspection.Reg. no. 1998/012055/21, VAT reg.no. 4950174682

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE MASS MEDIAPROJECT NPC

We have audited the financial statements of The Mass Media Project NPC set out on pages 7 to 20,which comprise the statement of financial position as at 29 February 2016, and the statement ofcomprehensive income, statement of changes in equity and statement of cash flows for the yearthen ended, and the notes, comprising a summary of significant accounting policies and otherexplanatory information.

Directors’ Responsibility for the Financial Statements

The company’s directors are responsible for the preparation and fair presentation of thesefinancial statements in accordance with the International Financial Reporting Standard for Smalland Medium-sized Entities and the requirements of the Companies Act of South Africa, and forsuch internal control as the directors determine is necessary to enable the preparation of financialstatements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. Weconducted our audit in accordance with International Standards on Auditing. Those standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor’sjudgement, including the assessment of the risks of material misstatement of the financialstatements, whether due to fraud or error. In making those risk assessments, the auditorconsiders internal control relevant to the entity’s preparation and fair presentation of the financialstatements in order to design audit procedures that are appropriate in the circumstances, but notfor the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Anaudit also includes evaluating the appropriateness of accounting policies used and thereasonableness of accounting estimates made by management, as well as evaluating the overallpresentation of the financial statements.

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

Opinion

In our opinion, the financial statements present fairly, in all material respects, the financialposition of The Mass Media Project NPC set as at 29 February 2016, and its financial performanceand its cash flows for the year then ended in accordance with the International FinancialReporting Standard for Small and Medium-sized Entities and the requirements of the CompaniesAct of South Africa.

5

Other reports required by the Companies Act

As part of our audit of the financial statements for the year ended 29 February 2016, we have readthe Directors’ Report for the purpose of identifying whether there are material inconsistenciesbetween this report and the audited financial statements. This report is the responsibility of therespective preparers. Based on reading this report we have not identified material inconsistenciesbetween this report and the audited financial statements. However, we have not audited thisreport and accordingly do not express an opinion on this report.

PricewaterhouseCoopers Inc.Director: Raj DhanlallRegistered AuditorSunninghillDate: 31 January 2017


Directors’ Report

6

The directors submit their report for the year ended 29 February 2016:

1. Review of activities

Main business and operations

The company's primary purpose is to contribute to societal change by communicating with the general public the importance ofliving good values. It does this by producing educational material for the mass media (TV, film, radio, print and digital) andrunning programmes in communities such as schools, faith-based organisations, businesses, prisons and youth structures.The company operates in South Africa.

The operating results and state of affairs of the company are set out fully in the attached financial statements and do not in ouropinion require any further comment.

2. Going concern

The financial statements have been prepared on the basis of accounting policies applicable to a going concern. This basispresumes 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 company to continue as a going concern is dependent on a number of factors. The most significant of these isthat the directors continue to procure funding for the ongoing operations for the company.

3. Events after the reporting period

The directors are not aware of any matter or circumstance arising since the end of the financial year that affect the year underreview.

4. Directors

The directors of the company during the year and to the date of this report are as follows:

CG JaphetER BowersKR Malatji (Appointed 14 May 2015)DG MullerEJ MyburghJF CunninghamLV PauquetSA LerefoloT Holley (Appointed 28 July 2015)ZCR Mamba

5. Secretary

The duties of the company secretary are performed by M Maskell of:

Business address 1st Floor, Dunkeld West Centre281 Jan Smuts AvenueDunkeld2196

Postal address PO Box 413342Craighall2024


Directors’ Report

7

6. Interest in special purpose entities

Name of subsidiary Shareholding RandSiyaghopa Trading 163 (Pty) Ltd 100%- Total equity 1 549 649Siyaghopa 2 (Pty) Ltd 100%- Total equity (2 009 901)Siyaghopa 3 (Pty) Ltd 100%- Total equity (2 065 634)

Siyaghopa Trading 163 (Pty) Ltd, Siyaghopa 2 (Pty) Ltd and Siyaghopa 3 (Pty) Ltd are subsidiaries which were created asspecial purpose vehicles for the production of the 'Hopeville' series, the film 'Nothing for Mahala' and the film ‘Beyond the River’respectively. Siyaghopa 163 (Pty) Ltd was dormant in the current financial year.

Details of the company's investment in subsidiaries are set out in note 3.

Name of associate

The company also has an effective interest of 60.34% interest in ForGood Social Network (Pty) Ltd. Details of the company'sinvestment in associate are set out in note 4.

7. Auditors

PricewaterhouseCoopers Inc. has been appointed as elected by the directors.


Statement of Financial Position

8

Note(s) 2016R

2015R

Assets

Non-Current Assets

Property, plant and equipment 2 59 643 2

Investments in subsidiaries 3 300 300

Investments in associates 4 3 000 365 365

Loans to group companies 5 2 675 931 4 980 969

Other financial assets 16 16

5 736 255 4 981 652

Current Assets

Loans to group companies 5 1 343 964 862 771

Trade and other receivables 6 1 063 438 640 993

Cash and cash equivalents 7 4 932 031 2 439

7 339 433 1 506 203

Total Assets 13 075 688 6 487 855

Equity and liabilities

Equity

Retained income 2 960 172 (107 364)

Liabilities

Current Liabilities

Loans from group companies 5 1 549 649 1 561 349

Trade and other payables 9 1 159 181 971 062

Deferred income 8 6 311 807 2 224 337

Bank overdraft 7 1 094 879 1 838 471

10 115 516 6 595 219

Total Equity and Liabilities 13 075 688 6 487 855


Statement of Comprehensive Income

9

Note(s) 2016R

2015R

Revenue 10 21 350 252 10 887 139

Other income 11 1 046 770 253 808

Operating expenses 12 (19 801 909) (10 599 101)

Operating surplus 2 595 113 541 846

Investment revenue 13 526 344 13 227

Finance costs (53 921) (88 018)

Surplus for the year 3 067 536 467 055

Other comprehensive income - -

Total comprehensive income for the year 3 067 536 467 055


Statement of Changes in Equity

10

Note Retainedincome

R

Totalequity

R

Balance at 28 February 2015 4 764 675 4 764 675

Prior period error 21 (5 339 094) (5 339 094)

Restated balance at 01 March 2014 (574 419) (574 419)

Changes in equity

Total comprehensive income for the year 467 055 467 055

Total changes 467 055 467 055

Balance at 28 February 2015 (107 364) (107 364)

Changes in equity

Total comprehensive income for the year 3 067 536 3 067 536

Total changes 3 067 536 3 067 536

Balance at 29 February 2016 2 960 172 2 960 172


Statement of Cash Flows

11

Note(s) 2016R

2015R

Cash flows from operating activities

Cash generated from operations 14 6 450 108 785 411

Interest income 526 344 13 227

Finance costs (53 921) (88 018)

Net cash from operating activities 6 922 531 710 620

Cash from investing activities

Increase of investment in associate (3 000 000) -

Loans advanced from group companies 1 812 145 (2 012 763)

Acquisition of property, plant and equipment (61 492) -

Net cash from investing activities (1 249 347) (2 012 763)

Cash flows from financing activities

Repayment of other financial liabilities - -

Net cash from financing activities - -

Total cash movement for the year 5 673 184 (1 302 143)

Cash at the beginning of the year (1 836 032) (533 889)

Total cash at end of the year 7 3 837 152 (1 836 032)


Accounting Policies

12

1. Presentation of Financial Statements

The financial statements have been prepared in accordance with the International Financial Reporting Standard for Small andMedium-sized Entities, and the Companies Act of South Africa. The financial statements have been prepared on the historicalcost basis, and incorporate the principal accounting policies set out below. They are presented in South African Rands.

1.1 Property, plant and equipment

Property, plant and equipment are tangible items that:are held for use in the production or supply of goods or services, for rental to others or for administrative purposes; andare expected to be used during more than one period.

Costs include costs incurred initially to acquire or construct an item of property, plant and equipment and costs incurredsubsequently to add to, replace part of, or service it. If a replacement cost is recognised in the carrying amount of an item ofproperty, plant and equipment, the carrying amount of the replaced part is derecognised.

Property, plant and equipment is carried at cost less accumulated depreciation and any impairment losses.

Depreciation is provided using the straight-line method to write down the cost, less estimated residual value over the useful life ofthe property, plant and equipment, which is as follows:

Item Average useful lifeIT equipment 3 yearsComputer software 2 yearsMedia equipment 3 years

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit orloss in the period in which they are incurred.

The residual value, depreciation method and useful life of each asset are reviewed and adjusted prospectively, if appropriate, ifthere are indicators present that there has been a significant change since the last reporting date.

1.2 Investments in subsidiaries

Investments in subsidiaries are carried at cost less any accumulated impairment.

1.3 Investments in associates

An investment in an associate, which is not classified as held for sale, is carried at cost less any accumulated impairment.

1.4 Financial instruments

Financial instruments at amortised cost

Financial instruments may be designated to be measured at amortised cost less any impairment using the effective interestmethod. These include trade and other receivables, loans and trade and other payables. At the end of each reporting period date,the carrying amounts of assets held in this category are reviewed to determine whether there is any objective evidence ofimpairment. If so, an impairment loss is recognised.

Financial instruments at fair value

All other financial instruments are measured at fair value through profit and loss.

Financial instruments at cost

Commitments to receive a loan are measured at cost less impairment.Equity instruments that are not publicly traded and whose fair value cannot otherwise be measured reliably are measured at costless impairment. This includes equity instruments held in unlisted investments.

All financial assets whose fair value cannot otherwise be measured reliably, and which do not meet the criteria to be designated asan instrument measured at amortised cost, are measured at cost less impairment.


Accounting Policies

13

Trade receivables

Trade receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using theeffective interest method, less provision for impairment. A provision for impairment of trade receivables is established when there isobjective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents include cash on hand, demand deposits and other short-term highly liquid investments with originalmaturities of three months or less. Bank overdrafts are shown as a current liability on the statement of financial position.

Trade Payables

Trade payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effectiveinterest method. Trade payables are obligations on the basis of normal credit terms and do not bear interest.

Loans to/(from) group companiesThese include loans to and from subsidiaries and associates and are recognised initially at fair value plus direct transaction costs.Loans to group companies are classified as loans and receivables.Loans from group companies are classified as financial liabilities measured at amortised cost.

1.5 Leases

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. A lease isclassified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership.

Operating leases – lessee

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. The difference between theamounts recognised as an expense and the contractual payments are recognised as an operating lease asset. This liability is notdiscounted.

1.6 Impairment of assets

The company assesses at each reporting period date whether there is any indication that an asset may be impaired. If anysuch indication exists, the company estimates the recoverable amount of the asset.

If there is any indication that an asset may be impaired, the recoverable amount is estimated for the individual asset. If it is notpossible to estimate the recoverable amount of the individual asset, the recoverable amount of the cash-generating unit to whichthe asset belongs is determined.

If an impairment loss subsequently reverses, the carrying amount of the asset (or group of related assets) is increased to therevised estimate of its recoverable amount (selling price less costs to complete and sell, in the case of inventories), but not inexcess of the amount that would have been determined had no impairment loss been recognised for the asset (or group ofassets) in prior years. A reversal of impairment is recognised immediately in profit or loss.

1.7 Revenue

Donations and grants in respect of specific projects are recognised as income over the duration of the project as and when theexpenditure is incurred. Donations that are not project or donor specific are recognised as income when they are received.

Revenue from the sale of goods is recognised when all the following conditions have been satisfied:- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor

effective control over the goods sold;- the amount of revenue can be measured reliably;- it is probable that the economic benefits associated with the transaction will flow to the company; and- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue is measured at the fair value of the consideration received or receivable and represents the amountsreceivable for goods and services provided in the normal course of business, net of trade discounts and volumerebates, and value added tax.

Interest is recognised, in profit or loss, using the effective interest rate method.


Accounting Policies

14

1.8 Borrowing costs

Borrowing costs are recognised as an expense in the period in which they are incurred.

1.9 Deferred revenue

Income received in advance is deferred and recognised over the period of the relevant project.

1.10 Derivative financial instruments

Derivatives are initially recognised at fair value on the date a derivative contract is entered in and are subsequently re-measured atfair value, at each reporting date. The fair value of derivative financial instruments that are not traded in an active market isdetermined by using valuation techniques.

The company uses its judgement to select a variety of methods and make assumptions that are mainly based on market conditionsexisting at each reporting date. The main assumption used in the calculation of the fair value is the likelihood of the exercise of theoptions granted.


Notes to the Financial Statements

15

2. Property, plant and equipment

2016 2015

Cost /Valuation

Accumulateddepreciation

Carryingvalue

Cost /Valuation

Accumulateddepreciation

Carryingvalue

Computer software 78 587 (68 689) 9 898 68 260 (68 259) 1

IT equipment 310 603 (272 201) 38 402 271 105 (271 104) 1

Media equipment 11 667 (324) 11 343 - - -

Total 400 857 (341 214) 59 643 339 365 339 363 2

Reconciliation of property, plant and equipment - 2016

Openingbalance

Additions Depreciation Total

Computer software 1 10 327 (430) 9 898

IT equipment 1 39 498 (1 097) 38 402

Media equipment - 11 667 (324) 11 343

2 61 492 (1 851) 59 643

Reconciliation of property, plant and equipment - 2015

Openingbalance

Depreciation Total

Computer software 3 (2) 1

IT equipment 8 773 (8772) 1

8 776 (8 774) 2

3. Investment in subsidiaries

Name of subsidiary % holding2016

% holding2015

Carryingamount

2016

Carryingamount

2015Siyaghopa Trading 163 (Pty) Ltd 100.00 % 100.00 % 100 100

Siyaghopa 2 (Pty) Ltd 100.00 % 100.00 % 100 100

Siyaghopa 3 (Pty) Ltd 100.00 % 100.00 % 100 100

300 300

All the entities are incorporated in South Africa and share the year end of the company.

The carrying amounts of subsidiaries are shown net of impairment losses.

4. Investment in associates

Name of associate % holding2016

% holding2015

Carryingamount

2016

Carryingamount

2015

ForGood Social Network (Pty) Ltd 60.34 % 36.50 % 3 000 365 365

The entity is incorporated in South Africa and shares the year end of the company. ForGood Social Network (Pty) Ltd is notconsidered to be a subsidiary as The Mass Media Project NPC does not have control over the entity.

The carrying amount of associates are shown net of impairment losses.

2016R

2015R



16

5. Loans to (from) group companies

Associates

ForGood Social Network (Pty) Ltd 2 675 931 4 980 969

This loan is unsecured, interest-bearing and has a repayment term of five yearscommencing from 1 March 2017.

Subsidiaries

Siyaghopa Trading 163 (Pty) Ltd (1 549 649) (1 561 349)

Siyaghopa 2 (Pty) Ltd 235 568 177 336

Siyaghopa 3 (Pty) Ltd 1 108 396 685 435

These loans are unsecured, bear no interest and have no fixed repayment terms.

2 470 246 4 282 591

Non-current assets 2 675 931 4 980 969

Current assets 1 343 964 862 771

Current liabilities (1 549 649) (1 561 349)

2 470 246 4 282 591

The Mass Media Project NPC continues to support ForGood, Siyaghopa 2 and Siyaghopa 3 by not demanding repayment of theintercompany loans. The Mass Media Project NPC entered into subordination agreements on 18 August 2016 with the groupcompanies. These agreements are effective for 12 months from date of signature.

6. Trade and other receivables

Loans to BEE partners 277 500 277 500

Prepayments 2 850 2 850

Staff loans 30 269 6 484

Trade receivables 707 642 168 414

VAT - 154 568

Loan to Mezonet (Pty) Ltd 45 177 31 177

1 063 438 640 993

7. Cash and cash equivalents

Cash and cash equivalents consist of:

Bank balances 4 929 832 19 581

Bank overdraft (1 094 879) (1 858 051)

Cash on hand 2 199 2 439

3 837 152 (1 836 032)

Current assets 4 932 031 2 439

Current liabilities (1 094 879) (1 838 471)

3 837 152 (1 836 032)

The banks rating is F3.

Lombard Insurance Company Limited has issued a guarantee for overdraft facilities of R 2 000 000 to the company. At year-end the overdraft amounted to R1 094 879.

2016R

2015R



17

8. Deferred income

Danone EcoFund 4 455 098 -

John Templeton Foundation 1 021 469 1 964 431

National Lottery Commission 524 757 -

Nedbank Limited 310 483 259 906

6 311 807 2 224 337

9. Trade and other payables

Accrued expenses 11 108 11 108

Other payables 4 865 2 000

PAYE, UIF and SDL 123 951 101 723

Trade payables 678 189 655 289

Leave pay accrual 330 735 200 942

VAT 10 333 -

1 159 181 971 062

10. Revenue

Donor revenue 19 870 269 9 149 991

Sales 1 479 983 1 737 148

21 350 252 10 887 139

11. Other income

Management fee - ForGood 770 730 137 529

Sundry income 276 040 116,279

1 046 770 253 808

12. Expenses by Nature

Administration and management fee 54 000 324 410

Advertising and promotion 84 239 205 179

Auditors remuneration 135963 73 760

Bank Charges 30 872 21 662

Consulting fees 803 889 674 156

Depreciation 1 851 8 774

Forgood Expenses 1 455 110 -

Film contributions 5 120 883 -

Insurance 36 873 29 637

IT Support 183 965 140 755

Legal expenses 9 120 150

Other 406 842 279 749

Project costs 2 475 945 3 114 511

Rental expenses 451 489 350 004

Salaries 6 687 798 4 093 596

Stationary and other consumables 38 811 139 397

Training 5 750 8 520

2016R

2015R



18

Travel 419 114 388,341

Young and Able expenses 1 399 394 746 500

Total operating expenses 19 801 909 10 599 101

13. Investment revenue

Interest received

Bank 526 344 13 227

14. Taxation

No provision has been made for the 2016 tax as the company is exempt from tax in terms of Section 10(1)(cN) of the IncomeTax Act.

15. Auditors’ remuneration

Fees 135 963 69 500

Tax and secretarial services - 4 260

135 963 73 760

16. Cash generated from operations

Surplus before taxation 3 067 536 467 055

Adjustments for:

Depreciation and amortisation 1 850 8 774

Interest received (526 344) (13 227)

Finance costs 53 921 88 018

Other non-cash items - (3)

Changes in working capital

Trade and other receivables (541 665) (110 759)

Trade and other payables 188 120 (362 118)

Deferred income 4 087 470 707 671

6 330 888 785 411

17. Commitments

Operating leases – as lessee

Minimum lease payments due

- within one year 542 523 377 120

- within two to five years inclusive 585 924 -

1 128 447 377 120

Operating lease payments represent rentals payable by the company for certain of its office properties. No contingent rent ispayable.

2016R

2015R



19

18. Related parties

Relationships

Directors Refer to the Directors’ ReportAssociate ForGood Social Network (Pty) LtdSubsidiaries Siyaghopa Trading 163 (Pty) Ltd

Siyaghopa 2 (Pty) LtdSiyaghopa 3 (Pty) Ltd

Related party balances

Loan accounts – owing (to) by related parties

Siyaghopa Trading 163 (Pty) Ltd (1 549 649) (1 561 349)

Siyaghopa 2 (Pty) Ltd 235 568 177 336

Siyaghopa 3 (Pty) Ltd 1 108 396 685 435

ForGood Social Network (Pty) Ltd 2 675 931 4 980 969

2 470 246 4 282 591

Transactions with related parties

Operating expenses 1 068 635 2 012 763

19. Directors’ remuneration

Executive management

2016

Emoluments Total

For services as directors 2 022 870 2 022 870

2015

Emoluments Total

For services as directors 1 721 682 1 721 682

20. Derivative financial liabilities

Share options - -

The share options were granted to the company’s BEE partners during the 2013 financial year. The share options relate to sharesin ForGood Social Network (Pty) Ltd which were granted as part of a BEE transaction for which the shares are held as security byThe Mass Media Project NPC.

The shares are not traded in an active market and are therefore not subject to share price volatility. Management has exercisedtheir judgement to obtain the fair value of the options at grant date.

Management has assessed the likelihood of the exercise of the share options and do not believe that the BEE partners are likely toexercise the options. Management therefore consider the fair value of the option to be nil.

2016R

2015R



20

21. Prior period error

In 2013, the Mass Media Project NPC accounted for a loan to its BEE partners amounting to R5 338 094. These loans were for thepurchase of shares by the BEE partners in ForGood Social Network (Pty) Ltd.

In terms of IFRS for SME’s this transaction should have been accounted for as an option in the accounting records of The MassMedia Project NPC rather than as a loan in 2013.

Management is of the opinion that it is not likely that this option will be exercised and has therefore valued the option to purchaseshares in ForGood Social Network (Pty) Ltd by the BEE partners at nul value.

The correction of the error noted above results in adjustments as follows:

Statement of financial position

28 February2015

Increase /(Decrease)

28 February2015

(Restated)

Trade receivables 5 980 087 (5 339 094) 640 993

Retained earnings (5 231 730) 5 339 094 (107 364)

22. Financial assets / liabilities per category

2016Financialassets at

amortised cost

Financialliabilities at

amortised cost

Loans to / from group companies4 019 895 1 549 649

Trade and other receivables 1 063 438 -

Cash and cash equivalents 4 932 031 -

Trade and other payables - 694162

Deferred income - 6 311 807

Bank overdraft - 1 094 879

10 015 364 10 115 516

2015

Loans to / from group companies 5 843 740 1 561 349

Trade and other receivables 640 993 -

Cash and cash equivalents 2 439 -

Trade and other payables - 971 062

Deferred income - 2 224 337

Bank overdraft - 1 838 471

6 487 172 6 595 219

23. Going concern

The financial statements have been prepared on the basis of accounting policies applicable to a going concern. This basispresumes 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 company to continue as a going concern is dependent on a number of factors. The most significant of these isthat the directors continue to procure funding for the ongoing operations for the company.

24. Events after the reporting period

The directors are not aware of any matter or circumstance arising since the end of the financial year that affect the year underreview.

Documents

The Mass Media Project NPC 2016 (1) · 2017-04-20 · The Mass Media Project NPC (Registration number: 2002/003520/08) Financial Statements for the year ended 29 February 2016 General