SOUTHERN AFRICAN INSTITUTE FOR INDUSTRIAL ENGINEERING (NON PROFIT COMPANY) (Registration number 1976/000004/08) Financial Statements for the year ended 31 March 2014 Presented: Waldo Viljoen Pr.Eng

Independent Auditors' Report 2013 – Qualified Opinion 2014 – No Qualification Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of Southern African Institute for Industrial Engineering (Non Profit Company) as at 31 March 2014, and its financial performance and its cash flows for the year then ended in accordance with the International Financial Reporting Standard for Small and Medium-sized Entities, and the requirements of the Companies Act 71 of The Implementation of a Online Member Management System now enables SAIIE to provide an accurate statement of membership income. The platform provides a full financial back-end to the that will be handed to the auditors at year end

Statement of Financial Performance *Adjustment to 2013 financial statement were updated due to Policy Enforcement. Figures in Rand

Detailed Statement of Financial Performance - Explained 2013/2014 SAIIE has successfully utilised our self-maintained Pastel bookkeeping system. We now have improved visibility of our financial position and this enables accurate decision making capabilities. (Project Tracking) 2013 – Implement Online Member Management Tool, with additional functionalities – Continued in Sponsoring price money for Best Final year students (Tertiary Institutions) Conference – 2013 SAIIE realised the conference as a Profit Centre. The conference assisted SAIIE in achieving favourable Financial Statements. SAJIE – 2013 SAJIE continued to be a self-sustaining Profit Centre. SAIIE made a decision to write-off bad debt with regards to member registration fees % Membership Growth

Statement of Financial Position as at 31 March 2014

Statement of Cash Flows

Projected Cash flow 2014/2015 To shift the paradigm from only membership fees to an income to a revenue generating platform (Online training, Advertisements, Companies database etc) The council has made a decision to implement phased approach to for membership fees increase, but for the interim to use some of the SAIIE access funds to support these revenue generating initiatives. The main goal would be member satisfaction and value.

Questions

Appointment of Auditors 2014 / 2015 The council supports the re-appointment of Van Sitterts Auditors as SAIIE’s Auditors for 2014 / 2015: SAIIE received good service in the past 2 years Online platform already audited – expect a reduced audit fee in 2014 / 2015 Van Sitterts understands our business and provide advise accordingly