Financial Statement 2010/11 • Annual Grant and Sponsorship • The NAMC received funding of R 31 194 million during the 2010/11 financial year from the Department of Agriculture, Forestry & Fisheries. • Other and Sponsorship income amounted to R 1 451 million. The net interest generated from investments amounted to R 1 022 million. • Total Income and Expenditure • The total income for the year was R 33 667 million. • Total expenditure amounted to R 34 665 million. • This resulted in deficit funding of R 998 million. (This figure included non-cash flow expenditure such as depreciation , finance charges, leave pay provision).
Procurement For the period under review the NAMC advertised a tender for internal audit service, the Bid Evaluation and Adjudication committees were appointed to evaluate and adjudicate the bids and the tender was awarded to Outsourced Risk and Compliance Assessment (ORCA) for the period 2010/11 – 2012/13. The following information regarding ORCA was reported to National Treasury as per supply chain management prescripts.
Outcome of the audit 2010/11: • Unqualified audit opinion with no emphasis of matter.