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NAMC Financial Statement 2010/11: Annual Grant and Expenditure Overview

In the 2010/11 financial year, the National Agricultural Marketing Council (NAMC) received a grant of R31.194 million from the Department of Agriculture, Forestry, and Fisheries, along with R1.451 million in sponsorship income, and R1.022 million in interest from investments. Total income amounted to R33.667 million while total expenditure was R34.665 million, leading to a deficit of R998 million, including non-cash flow costs. The NAMC awarded its internal audit tender to ORCA, resulting in an unqualified audit opinion for the year.

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NAMC Financial Statement 2010/11: Annual Grant and Expenditure Overview

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  1. 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).

  2. Expenditure Outcome

  3. Expenditure trends per programme

  4. 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.

  5. Outcome of the audit 2010/11: • Unqualified audit opinion with no emphasis of matter.

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