3. 3
MESSAGE FROM THE CHAIRPERSON 4
REPORT BY THE CENTRE MANAGER 5
BACKGROUND 7
DEVELOPMENT IN MOTION 8
A GLANCE AT THE SAREBI MODEL 9
IMPACT TO DATE 11
SEDA WESTERN CAPE CLOSE OUT REPORT 13
SUSTAINABILITY DIALOGUE 15
ORGANISATIONAL ACHIEVEMENTS 16
AUDITED FINANCIAL STATEMENTS 18
2013
ANNUAL
R E P O R T
c o n t e n t s
4. 4
Message from the
chairperson
This is an exciting moment in the history of the Atlantis area
along the West Coast of Cape Town in the Western Cape,
as it marks the aim to develop and grow the renewable
energy sector, support the participation of SME’s in the
mainstream economy and create employment in the
area.
The Seda Atlantis Renewable Energy Business Incubator
(SAREBI) was introduced by the SEDA Technology
programme (Stp), proposing the establishment of a
renewable energy / energy- saving Business Technology
Incubator, given the business opportunity that exists within
the renewable energy sector.
SAREBI’s vision is to be a highly efficient and innovative
incubator that supports the development and growth of
sustainable renewable energy incubatees. The mission
of this incubator will be to provide potential incubatees
with the appropriate business support, infrastructure and
technology platforms that will accelerate their learning
and development, and assist them towards developing,
growing and sustaining successful independent
businesses.
The intention to target the renewable energy sector
is driven by the significant business opportunity that
resides within this sector, and it’s potential to increase
the disposable income of businesses and the broader
community by reducing energy and input costs.
The Atlantis area has been recognised as the green
hub where SAREBI is therefore taking up the opportunity
to be well positioned in the area concentrating on the
renewable energy sector growth and development. The
incubator aims to become a renewable energy Centre
of Excellence, starting with having a well – functioning
Board of Directors passionate and committed to the
development of SAREBI and ensuring the design and
implementation of sector specific projects, programs and
products that aims to increase the number of SME players
actively involved in the sector.
At the end of this fiscal year, we have achieved and met
our institutional formation objectives, and now has a fully
constituted Board that will take over the leadership of the
Organisation from the Advisory Board and appointed project
management company. We look forward to the coming year
in which SAREBI will make its mark and position itself in the fast
growing sector.
- Mr Gerschwin Williams, Elected SAREBI Board
Mr Gerschwin Williams - SAREBI Board Chairperson
“SAREBI is an amazing organisation engaged at the coal
face of the Renewable Energy industry by growing SME’s
and acting as a conduit for investment into the industry. The
organisation has the support of all stakeholders and we look
forward to a year of delivery.”
- Ms Viola Manuel, SAREBI Founding and Advisory
Committee Member
Chairperson 2012/13
5. 5
Report by
the centre
manager
SAREBI (SEDA ATLANTIS RENEWABLE ENERGY BUSINESS
INCUBATOR) was designed as a model and vehicle for
unlocking opportunities for emerging and existing SME’s in
the Renewable Energy sector. We aim to over time grow a
strong SME base in the Renewable Energy value chain by
phasing in various business development support products,
programs, services and interventions in a hybrid model of
incubation in partnership with key players in the enterprise
development sector in the coming year and beyond.
The launch of SAREBI, in Atlantis is indicative of the Western
Cape Governments and the City of Cape Towns’ plan
to initiate and support the economic transformation
and rejuvenation of Atlantis. The long term vision is to see
Atlantis become the precinct and cluster for Renewable
Energy products and services enterprises. SAREBI is laying
the foundation, the 1st brick in building a long term SME
development master-plan that aims to contribute to the
growth and development of Atlantis as the regional supplier
of Renewable Energy product & services. With a well
designed strategy and integrated efforts of all, Atlantis could
become the future “Green Product” supplier value chain of
South Africa, located in the Western Cape and driven by
community, government and private sector stakeholders as
a long-term objective contributing to long term sustainable
impact.
For this to be achieved, we need to ensure that the SAREBI
model becomes a brand model when South Africans speak
of Alternative and Renewable Energy in totality. The potential
scope is wide, and the need for an integrated approach
can be seen in the following five objectives.
(1) changing the mindset and unlocking creativity in
the green economies for new venture creation,
(2) Developing our entrepreneurial capacity through
structured training and development programs
(theoretical, technical and enterprise simulation and
on-the job experiential training) for emerging and
existing entrepreneurs;
(3) Providing a nurturing and enabling environment via
the SAREBI Incubator and the SEDA Atlantis Enterprise
Development Centre (EDC) and other key agencies
operating in the SME development arena;
(4) Unlocking demand opportunities and creating a
renewable energy products and business value chain
with SAREBI as the vehicle and catalyst to link the
markets/opportunities and the SME’s;
(5) To create job opportunities and to ensure growth
in the 2nd economies and to link SME’s to mainstream
economic opportunities over time.
Ms Nafeesa Dinie - SAREBI Centre Manager
6. 6
These are to mention a few of the key areas of intervention
and impact that SAREBI aims to contribute to.
Together with its partners, SAREBI aims to offer an integrated
turnkey solution to the global environmental challenges
we face. The SAREBI model is designed on a 3-level impact
strategy which aims to over time develop an integrated
model supporting:
1) New Venture Creation.
2) The growth and expansion of existing SME’s for them to
graduate through the various tiers of business from small,
medium to large.
3) Joint Venture opportunities between big business and small
business as a push & pull collaboration where big business
creates downstream opportunities for small businesses.
All of the above categories of Incubator businesses are
enablers and contributors to creating job opportunities and
contributes positively to local economic development.
Over the past year 2012, with the appointed Project
Managers, Engeli together with SEDA Western Cape office
and the founding members of SAREBI, much work has been
done in the formalization and establishment of SAREBI. This
signals that from here on with the launch of the SAREBI
incubator model and concept in March 2013, we aim
to shift into full activation. When the Honourable Minister
turned on the switch with cutting of the red ribbon, the “light
bulb moment”, referring to SAREBI as a creative concept,
became a reality and this now marks the establishment of
SAREBI as a formal entity.
During the 1st year of planning, development, design,
formalization and setup, the following has been achieved in
its 1st year of existence. This refers to the 3 key impact areas
as follows:
Firstly, let me confess that with all projects, challenges have
been experienced, and we continue to learn as we grow. I
must commend the team for their tenacity and perseverance
in ensuring that we meet deadlines. The commissioning of
the building, although an interim building for now, is the
evidence of a team that worked around the clock to get
the building to a state of readiness. Please bear in mind
that this is only phase 1, and it is indeed DEVELOPMENT IN
MOTION. As the project grows, the SAREBI incubator will
become showcasing display of alternative energy product
and service supply platforms, which lends itself to become a
practical learning academy for Renewable Energy through
exhibition, demonstration and simulation, surrounded by
SMME’s in operation, where participants will also have to
undergo technical and entrepreneurial placement as part
of their development journey prior to being reading for their
own new business start-ups.
Already, we have a relationship with the West Coast FET
College as our Skills Development and Training partner in
developing and designing curriculum for our programsz,
as well as have entered discussions with some of the local
Universities in terms of R&D (research & development)
for commercialization of new innovative products in the
renewable energy space. This gives you a picture of how we
aim to address the issues we face in terms of lack of skills and
expertise in the Renewable Energy sector.
For us this is only a start, and we hope that within the next
coming year, you will see a program that has active and
sustainable business operating from within SAREBI and the
broader Atlantis areas.
We hope to introduce into the market SMME groundbreakers
in the Renewable Energy Sector leading the way for other
aspiring SMME’s.
WE THANK ALL OUR PARTNERS, SEDA (the Small Enterprise
Development Agency), the City of Cape Town, W/Cape
Provincial Government and our Private Sector Partners for
making this a reality and opening up the door for SMME’s to
enter into the green space.
“SedaWesternCapesuccessfullymanagedtheestablishment
of SAREBI as per the SLA with the Seda Technology Program.
SAREBI was successfully launched on the 5th of March 2013,
the Centre Manager was appointed and commenced
duties on the 4th of March 2013. All operational, financial
and management responsibility was successfully transferred
from Seda Western Cape to the SAREBI Board and Centre
Manager during this period.
During this formation stage Seda Western Cape continues to
support SAREBI via the Board of Directors with Seda Western
Cape Management representatives continuing to serve
on the SAREBI Board. Furthermore, Seda Western Cape will
be co-locating with SAREBI by relocating the Seda Atlantis
Satellite office to the SAREBI premises to provide Business
Development Support services to the Incubatees of SAREBI,
as well as the greater community of Atlantis and surrounds.”
- Mr Ryno Kleynhans, SAREBI Founding and Advisory
Committee Member
7. 7
Background
The establishment of a renewable energy, energy efficiencies
and energy- saving Business Technology Incubator (SAREBI) in
the Atlantis region, Western Cape, was implemented largely
due to the socio-economic plight that exists within this largely
impoverished area and the potential business opportunities
that have been unfolding in the renewable energy, efficiencies
and energy saving (demand side management) industry.
The “Green Sector” is seen as the “new wave” of industrial
development and growth in SA and it is expected that it will
positively impact on job and wealth creation. Atlantis, in the
Western Cape has been identified specifically as a Special
Economic zone (SEZ) and the location of SAREBI initially is
to act as a catalyst and special purpose vehicle to unlock
opportunities for SME participation in the mainstream economic
sector ensuring that symbiotic relationships are forged between
big and small business to increase the local value chain.
The intention of the Western Cape Government is to develop
Atlantis into the Green Hub for the Province and thus it is
envisaged that SAREBI will be a feeder for both upstream and
downstream opportunities in the Green Hub and thus SAREBI is
working closely with the Green Cape initiative.
Incubators are essentially organisations that support the
entrepreneurial process, assisting to increase the survival rates
for innovative start-up companies. They provide resources and
services to entrepreneurs, including physical office or working
space, management coaching, technical expertise, assistance
in compiling an effective business plan, shared-administrative
services, technical support, business networking, advice on
intellectual property, access to technology and innovation
support platforms as well as facilitate access to sources of
financing and markets. This therefore reduces the start-up
capital and overhead costs, and allows the entrepreneur to
focus on his core business whilst receiving operational support
and hand-held coaching. The incubator concept supports the
clients’ development journey to ensure business sustainability
and growth.
SAREBI’s development function of assisting entrepreneurs
to conceptualise, implement and grow their businesses
segmented into the early stage development, pre-incubation,
incubation and post-incubation phases is necessary to ensure
the provision of a holistic development solution to emerging
“green” entrepreneurs in the Renewable Energy, Efficiencies
and Energy Savings sector. The SAREBI model of business
incubation is designed on three (3) strategic pillars of support:
• Pre-incubation – establishing a series of filters to select
the ideal incubatees and products / services that will be
incubated within SAREBI. This includes assessment, training
The “Green Sector” is seen as
the “new wave” of industrial
development and growth in SA and
it is expected that it will positively
impact on job and wealth creation.
““
Mr. Siphiwo Soga - Seda Stp Acting Executive
Minister of the Department
of Trade and Industry, Honourable Dr. Rob Davies and
Mr Linda Mngomezulu, Chairperson of the SEDA
Board
8. 8
In 2012 SAREBI was initiated as a new incubator project
by SEDA Stp (Seda Technology Program) and the project
was in the interim managed by the SEDA Western Cape
Provincial Office, and the appointed project management
company, Engeli Enterprise Development. During this fiscal
year, the design, planning, development, formalization
of SAREBI as a Non-Profit Company (NPC) under the
custodianship of the Founding and Advisory Committee,
as well as the Corporate Governance strategic matters
including the appointment of SAREBI board members
and delivering the primary objectives was undertaken
and completed by the Project Team. 2013 heralded the
formal launch of the SEDA Atlantis Renewable Energy
Business Incubator (SAREBI). SAREBI was launched by the
Honourable Minister Dr. Rob Davies of the Department of
Trade & Industry (DTI) and other dignitaries from Local and
Provincial Government, SEDA and the private sector.
It is represented by a Board of Directors from the private,
in New Venture Creations (NVC) and facilitating
access to Technical development and provision of
Entrepreneurial training. The Techno-preneur program
is aimed to provide theory, vocational/technical
sector specific training, business management
training and development, as well as the application
of the learning in the experiential learning component
of the program.
• Incubation – the provision of resources, infrastructure,
technology platforms and Business Development
Services (BDS) to nurture and support the growth and
development of the incubatees.
• Post-incubation – to wean and graduate the
incubatees off the “paternal” incubation process and
prepare them for independent trading and business
readiness.
Development in motion –
An institution in the making
public sector and various key stakeholders.
The intention of SAREBI is to grow and nurture companies
operating within the Renewable Energy sector through the
provision of business support, facilitation of access to markets
and access to finance as well as technology transfer and
Joint Ventures.
This indicates the need for SAREBI to start developing,
growing and placing SME’s the value chain and within
the various technology niche areas. SAREBI has a variety of
projects, products and programs that it aims to offer with
support of its’ strategic partners, and operates as a hybrid
model of incubation supporting both physical and virtual
incubation.
The intention of SAREBI is to grow
and nurture companies operating
within the “Green Economy”
through the provision of business
support, facilitation of access to
markets and access to finance
as well as technology transfer
and joint ventures.
“ “
SAREBI Launch - Ribbon Cutting Ceremony
9. 9
A glance at the
SAREBI Model
Green SAREBI Eye
HYBRID INCUBATION MODEL
Development Stream and Pre-Incubation
New Venture Creation Program - Green
Idea Generation and NVC
Incubation and Post-Incubation;
Existing SMME’s Tier Develop
Program (Level 1,2, 3)
New co’s / Joint Venture
Partnerships (Established Enterprises)
ENGINEERING AND ALIGNMENT OF KEY SAREBI PRODUCTS AND SERVICES - FITTING THE PUZZLE
RENEWABLE
ENERGY SKILLS
DEVELOPMENT
TRAINING
&New Venture
Creation
Program
Alignment to
ATLANTIS
RENEWABLE
ENERGY
Cluster Development
Initiatives
EXISTING
ENTERPRISES
Business
Development
Support Services
MACROECONOMIC DEVELOPMENT
INITIATIVES KEY ECONOMIC
DRIVERS
Renewable Energy
Investment Promotion /
Joint Ventures /
PPP
SECTOR
INTEGRATION
An Integrated
Approach Sector
Development
SME Master-plan
RENEWABLE
ENERGY
SECTOR
AWARENESS AND
BUSINESS
IDEA GENERATION
PROGRAM
Public Engagement
& Participation
10. 10
INCUBATEES - SAREBI MODEL TIER DEVELOPMENT CATEGORIES PACKAGED SUITE OF PRODUCTS/
SERVICES/INTERVENTIONS
DEVELOPMENT
STREAMSkills assessments
Workshops
Training
Mentoring and coaching (BBM)
Peer networking
Access to equipped laboratory
Panel evaluation
PRE-INCUBATION
Access to equipped laboratory
Mentoring and coaching (BBM)
Workshops
Networking
Access to financial advice
Assist with applications (client driven)
Research reports via partner/s
Access to Technology Platforms
TECHNICAL MARKET BUSINESS
INVESTIGATION PHASE
1. Investigation Technology Concept Analysis Market Needs Assessment Venture Assessment
DEVELOPMENT PHASE
2. Feasibility Technology Feasibility Market Study Economic Feasibility
3. Planning Engineering Prototype Strategic Marketing Strategic Business Plan
4. Introduction Pre-production Prototype Market Validation Business Startup
COMMERCIAL PHASE
5. Full Scale Production Production Sales and Distribution Business Growth
6. Maturity Product Support Market Diversification Business Maturity
INCUBATION
(PHYSICAL/VIRTUAL)
Physical office infrastructure
Access to equipped laboratory/
workshop
Business infrastructure
Mentoring and coaching (BBM)
Workshops
Networking
Facilitate access to finance
Facilitate government incentives
Professional services (book
keeping, accounting, legal, etc.)
& POST-INCUBATION
PRE
INCUBATION -
NEW VENTURE
CREATION
LEVEL
1 & 2INCUBATEE
- EMERGING /
STARTUP
LEVEL 3
INCUBATEE
- EXISTING ENTERPRISES,
NEW PRODUCTS/SERVICES
(DIVERSIFICATION),
BUSINESS EXPANSION
JOINT
VENTURES
POST
INCUBATION
PROGRAM
COST
BENEFIT
and impact
SM
E
G
RO
W
TH
PA
TH
C
LIEN
T
D
EV
ELO
PM
EN
T
JO
U
RN
EY
11. 11
In this financial year, the priority was the delivery of
organisational establishment outputs, and not on the direct
impact in the enterprise development space as yet. This can
only be achieved once the institution is fully functional, the
infrastructure is setup, the staff is appointed and products
and programs are designed and clients attracted. In order
to ultimately contribute to positive impact in terms of SME’s
and jobs created, we had to finalise the organisational
setup phase in order to have an effective and efficient
organisation to support our mandate. However with this
said, parallel to setting up the institution, we initiated entry
programs to benefit the SME’s and to kickstart our support
offerings to our clients.
We are also in discussion and have initial heads of
agreements with high end market suppliers for possible joint
venture opportunities with some SME’s which is in the initial
pre-feasility and scoping phases. This has transpired as a
result of SAREBI conducting an opportunities mapping study
within the sector and through the efforts to date in engaging
with the private sector.
The sector is a highly complex sector, and currently it is our
role to create SME’s that are ready to play in this space. It is
important that we also grow the capacity of existing SME’s
to ensure that they grow and become major global players
throughout the renewable energy value chain.
Currently we have 2 existing SME’s participating the program
as SAREBI incubatees at first level.
The 2nd category of program participants are the new
venture creation trainees. They have undergone extensive
business training over the last 8 months, and have concluded
the last phase of technical training in March 2013, with a final
assessment for them to achieve a NQF level 4 accreditation
with a total of 57 credits. The trainee entrepreneurship
program started off with a call for interested locals to apply
for program participation. From a total of over 40 applicants,
20 went through a selection process and was awarded an
opportunity on the program. At the end of March 2013,
only 6 remained, and continued to the next phase of the
development program where their theoretical and practical
training will be assessed by practical application. They will
Impact to date
now move into the 4 zones which will give them practical
experience through learning and simulation, in real time and
within real business operations. The 6 will also be assessed
by a panel of experts on their final submission of their green
business ideas, and this will be further developed with
the support of the SEDA EDC team who will serve as their
business mentors. With the implementation of this program,
we experienced challenges that gave direction to the
revised program for the new fiscal year. Attracting deal flow
and selection of the right participants is core for the success
of the program.
The existing businesses and the partnership agreements with
potential advanced high tech businesses, will also provide
them with technical mentorship as part of the next phase
program. Should their business plans be found feasible,
and they demonstrate that they are ready for new start-up,
they will become full incubatees in the program operating
active enterprises. This development program requires them
to be in training for another 6-12 months, at this phase of
the development stream. The aim is to have additional fully
operational active new venture start-ups within the next 24
months, depending on the capabilities of the trainees and
how fast they demonstrate readiness. We aim to work in
future on a continued partnership with the West Coast FET
College and to annually recruit participants for the SAREBI
entrepreneurial development program. In this was we will
build a pipeline of potential SME’s in the Atlantis area. We
also introduced a SAREBI Internship program recruiting
interns for experiential learning.
SAREBI has set a target of setting up 10 SME participants
in the SAREBI program over the next two (2 )years, with an
annual target of 5 for the coming financial year. Therefore
SAREBI together with the SEDA EDC is an SME Propeller and
Accelerator for the Atlantis SME community.
OPPORTUNITY MAPPING
The business opportunity mapping process undertaken has
identified and earmarked products and services that could
be explored and discussions have been entered with various
stakeholders. These include for example:
• Solar water geysers
• Light refurbishing
• LED Lighting
• Renewable Energy Battery
• Eco Insulation
• Fuel Cells
• Biogas Digesters
These are examples of the product scoping for SME’s to
locally manufacture or assemble.
Another area for potential development linked to the
12. 12
environmental and renewable or alternative energy sector
is the value addition of the agricultural and environmental
sector in terms of natural resource management and input
raw materials for potential bio composite products required
in the supply value chain of the alternative sector. This
creates an avenue for SAREBI to unlock opportunities in
future for community co operatives and community public
partnerships which could contribute to job opportunities for
marginalised communities with focus on women and youth.
The creates a market for the fibre production industry. The
WC Province, together with Green Cape is developing
projects to look at how value addition can be developed
locally.
Another opportunity lies in the biomass, converting waste
into energy. This is a solution to many problems in terms of
reducing the amount of waste that goes to landfill sites,
and reducing carbon footprint. Wind Energy and the
components required in producing wind turbines are also
another example.
These are a few examples to demonstrate that outside
SAREBI, with combined efforts and partnerships, other areas
can be explored to create jobs for the local communities.
Again, this demonstrates that the potential for SME’s and
job creation in the green space is huge, and that this could
be the groundbreaking opportunity to create an Alternative
Energy Product, Supply and Services Value Chain in Atlantis
and surrounding areas. It is evident that opportunities exists
for various other government programs to be incorporated
into the model, this looking at the Expanded Public Works
Program, The Co Operative Development Program, The Jobs
Fund to mention a few.
The integrated approach to developing a Renewable
Energy value-chain will link upstream, downstream (vertical
& horizontal) integration of all the sub-sectors in the renewal
energy product and services supply.
15. 15
Sustainability dialogue
To work with stakeholders and partners in setting common regional MDG’s and driving a key awareness program on
Renewable Energy Sustainable Development issues, with focus on Renewable Energy and/or Energy Efficiency & Energy
Reduction.
SAREBI strives to contribute towards the Millennium Development Goals Agenda.
SETTING STRATEGIC PERFORMANCE INDICATORS ALIGNED TO THE MGD’S [EXAMPLE]
Ensure environmental sustainability Develop Global Partnerships
for Development
Promote gender equality and
empower women
PRIVATE
SECTOR -
ED/BBBEE/
CARBON
CREDITS
& CSI
RETURN ON
INVESTMENT
STRATEGY
(ROI)
ENDOWMENT
- CAPITOL
INVESTMENT
ASSET &
FINANCIAL
INVESTMENT
FACILITATION
R&D -
FUNDING
SOLUTIONS
INTEGRATED
FUNDING MODEL
BASELINE
DEVELOPMENT
STAKEHOLDER
RELATIONS &
MANAGEMENT
GLOBAL
INVESTMENT
CLIMATE (IMPACT
INVESTMENT -
RENEWABLE
ENERGY)
OPEX
CAPEXTECHNICAL
DEVELOPMENT
FUNDING
RESEARCH
DEVELOPMENT
FUNDING
ED/BEE
FUNDING
- PRIVATEER
PROGRAM
16. 16
Organisational
achievements
Engeli close out report -
extracted text
Engeli Enterprise Development was contracted to establish a renewable energy incubator in the Atlantis area on behalf of the
Seda Technology Programme (STP). The project commenced in May 2012, with the recruitment of relevant stakeholders and
incubatees. The incubator, Seda Atlantis Renewable Energy Incubator (SAREBI), was officially launched by the Minister of Trade
and Industry, Mr Rob Davies, on the 4th of March 2013. The Board has been legally constituted, the Not-For-Profit Company has
been registered and the Centre Manager has been appointed and thus SAREBI is ready or full operationalization.
The terms of reference of the work that Engeli was contracted for is indicated in the proposal submitted on the 29th October
2012 (PROPOSAL FOR PROJECT MANAGEMENT AND BUSINESS OPPORTUNITY FACILITATION AND PACKAGING FOR SAREBI)
A Detailed report outlining the progress of the activities listed above was delivered to the Centre Manager on the 12th March
2013. Subsequent reports and presentations on the Assessment of the Incubatees and Market Opportunity Mapping were
delivered on the 28th of March and the 18th of May respectively.
In subsequent meetings with the Centre Manager, it was requested that Engeli, as a final report, update the Market Opportunity
Mapping document to incorporate Macro, Meso and Micro level alignment of SAREBI into the renewable energy/energy
saving landscape. This report was completed and delivered on the 3rd of June 2013.
Engeli has now completed its required obligations as per the contract and verbal agreements with the Centre Manager and
will hand over any further documentation and or presentations it has in its possession to the Centre Manager. SAREBI is well
positioned to play an integral role in the “Green Economy” within the Western Cape and could be a catalyst for new entrants
into this market. Engeli wishes SAREBI well in its endeavours.
Wayne Oosthuizen
Managing Director
Engeli Enterprise Development
17. 17
Skills Program: SAQA QUAL.ID. 66249 - New Venture
Creation Program Paticipants NQF L04 - Overall results as at 24 August 2012
Venue: West Coast FET College - Atlantis
MODULE
1 APPIES EBENAEZER 7801265182083 C C C C NYC NYC
2 CAIRN- LEZARNE 8307260190088 C C C C C C
3 CAROLUS ELFREDO 7706165212082 C C C C C C
4 HENRY JAMES B 8812195209085 C C C C C C
5 HENRY JAMES T 5701195047087 C C C C C C
6 KOENZE FRANK 7710165081081 C C C C NYC NYC
7 MAROTE MICHAEL 6209275315084 C C C C C C
8 NOVEMBER ERNESTINE 8303080308083 C C C C C C
9 STANDER TREVOR 6106295185085 C C C C C C
10 VAN DE BRENT 8812305051088 C C C C NYC NYC
11 VAN HEER- BRIGITTE 8309180967082 C C C C NYC NYC
12 WELEM LWAZI 8601305737089 C C C C C NYC
CROSS
HEUVEL
DEN
SURNAME NAME ID NUMBER 114600 263356 263514 263474 114592
INNOVATION &
CREATIVITY
SCOPING
VENTURE
OPPORTUNITY
FINANCE PLANNING A
NEW VENTURE
INTEGRATED
ASSES.
MODULES TOTAL C NYC ABSENT WITHDRAWN % = C
1 INNOVATION & CREATIVITY 12 12 0 0 0 100%
2 SCOPING VENTURE OPPORTUNITY 12 12 0 0 0 100%
3 FINANCE 12 12 0 0 0 100%
4 PLANNING A NEW VENTURE 12 8 33,00% 33,00% 66%
18. 18
Audited Financial
Statements
SEDA ATLANTIS RENEWABLE ENERGY BUSINESS INCUBATOR NPC
FINANCIAL STATEMENTS FOR THE 9 MONTHS ENDED MARCH 31, 2013
General Information
Country of incorporation and domicile South Africa
Nature of business and principal activities Business incubator and support services
Directors
Osma Thandiwe Jooste - Mokgethi
Deon Wayne Damons
Francois du Plessis
Viresh Premraj Ramburan
Viola Catherine Manual
Registered office 9 Novel Building
Cnr Neil Hair & John Dryer Rd
Atlantis Industrial Area
Atlantis
7349
Postal address PO Box 1542
Dassenberg
7350
Auditors Boshoff Visser
Chartered Accountants (S.A.)
Registered Auditors
Company registration number 2012/174389/08
Published September 3, 2013
19. 19
SEDA ATLANTIS RENEWABLE ENERGY BUSINESS INCUBATOR NPC
FINANCIAL STATEMENTS FOR THE 9 MONTHS ENDED MARCH 31, 2013
Directors’ Responsibilities and Approval
The directors are required by the Companies Act 71 of 2008, to maintain adequate accounting records and are responsible for
the content and integrity of the financial statements and related financial information included in this report. It is their
responsibility to ensure that the financial statements fairly present the state of affairs of the company as at the end of the
financial 9 months and the results of its operations and cash flows for the period then ended, in conformity with the International
Financial Reporting Standard for Small and Medium-sized Entities. The external auditors are engaged to express an
independent opinion on the financial statements.
The financial statements are prepared in accordance with the International Financial Reporting Standard for Small and Mediumsized
Entities and are based upon appropriate accounting policies consistently applied 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
company and place considerable importance on maintaining a strong control environment. To enable the directors to meet
these responsibilities, the board of directors sets 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 company and all employees are required to maintain the highest ethical standards in ensuring the
company’s business is conducted in a manner that in all reasonable circumstances is above reproach. The focus of risk
management in the company is on identifying, assessing, managing and monitoring all known forms of risk across the
company. While operating risk cannot be fully eliminated, the 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 financial
statements. However, any system of internal financial control can provide only reasonable, and not absolute, assurance against
material misstatement or loss.
The directors have reviewed the company’s cash flow forecast for the 9 months to March 31, 2014 and, in the light of this
review and the current financial position, they are satisfied that the company has or has access to adequate resources to
continue in operational existence for the foreseeable future.
The external auditors are responsible for independently reviewing and reporting on the company’s financial statements. The
financial statements have been examined by the company’s external auditors and their report is presented on page 4.
The financial statements set out on pages 5 to 12, which have been prepared on the going concern basis, were approved by
the board of directors on September 3, 2013 and were signed on its behalf by:
Viresh Premraj Ramburan Francois du Plessis
Deon Wayne Damons Osma Thandiwe Jooste - Mokgethi
Viola Catherine Manual
Bellville
Tuesday, September 3, 2013
20. 20
Independent Auditors’ Report
To the shareholder of Seda Atlantis Renewable Energy Business Incubator NPC
We have audited the financial statements of Seda Atlantis Renewable Energy Business Incubator NPC, as set out on
pages 7 to 12, which comprise the statement of financial position as at March 31, 2013, and the statement of comprehensive
income, statement of changes in equity and statement of cash flows for the 9 months then ended, and the notes, comprising a
summary of significant accounting policies and other explanatory information.
Directors’ Responsibility for the Financial Statements
The company’s directors are responsible for the preparation and fair presentation of these financial statements in accordance
with the International Financial Reporting Standard for Small and Medium-sized Entities, and requirements of the Companies
Act 71 of 2008, and for such internal control as the directors determine is necessary to enable the preparation of financial
statements that are free from material misstatements, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in
accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditors’ judgement, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity’s preparation and fair presentation of the financial statements 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 entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used
and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the
financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial position of Seda Atlantis Renewable
Energy Business Incubator NPC as at March 31, 2013, and its financial performance and its cash flows for the 9 months 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 2008.
WJ JONCK September 3, 2013
Director
Registered Auditors
21. 21
Directors’ Report
The directors submit their report for the 9 months ended March 31, 2013.
1. Review of activities
Main business and operations
The company is engaged in business incubator and support services and operates principally in South Africa.
The operating results and state of affairs of the company are fully set out in the attached financial statements and do not in our
opinion 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 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 the reporting period
The directors are not aware of any matter or circumstance arising since the end of the financial 9 months that has a material
impact on the financial statements.
4. Non-current assets
There was no major changes in the nature of the non-current assets of the company during the year.
5. Dividends
No dividends were declared or paid to shareholders during the 9 months.
6. Directors
The directors of the company during the 9 months and to the date of this report are as follows:
Name
Osma Thandiwe Jooste - Mokgethi Appointed Thursday, June 24, 2013
Deon Wayne Damons Appointed Thursday, June 24, 2013
Francois du Plessis Appointed Thursday, June 24, 2013
Viresh Premraj Ramburan Appointed Thursday, June 27, 2013
Ryno Kleynhans Appointed Tuesday, September 25, 2012,
resigned Tuesday, July 30, 2013
Vincent Ebony Dominique Appointed Tuesday, September 25, 2012,
resigned Thursday, June 27, 2013
Marion Merle McGregor Appointed Tuesday, September 25, 2012,
resigned Thursday, June 27, 2013
Viola Catherine Manual Appointed Tuesday, September 25, 2012
7. Secretary
The company had no secretary during the 9 months.
22. 22
Statement of Financial Position as at March 31, 2013
Figures in Rand Note(s) 2013
Assets
Current Assets
Trade and other receivables 2 1,709,000
Cash and cash equivalents 3 1,299,265
3,008,265
Non-Current Assets -
Current Assets 3,008,265
Non-current assets held for sale (and) (assets of disposal groups) -
Total Assets 3,008,265
Equity and Liabilities
Equity
Retained income 2,995,517
Liabilities
Current Liabilities
Trade and other payables 4 12,748
Non-Current Liabilities -
Current Liabilities 12,748
Liabilities of disposal groups -
Equities 2,995,517
Liabilities 12,748
Total Equity and Liabilities 3,008,265
23. 23
Statement of Comprehensive Income
Figures in Rand Note(s) 2013
Other income
Government grants 4,018,000
Operating expenses
Accounting fees (5,139)
Advertising (35,835)
Bad debts (43,200)
Bank charges (4,741)
Cleaning (400)
Consulting fees (289,000)
Employee costs (47,400)
Assets < R7000 (34,921)
Leasehold improvements (243,700)
Catering expenses (25,846)
Project cost (45,543)
NVC T&D cost - New venture electrical course (144,975)
NVC Program - General workers training (4,500)
Rent Paid (54,720)
Staff uniforms (844)
Legal expenses (3,944)
Motor vehicle expenses (1,240)
Printing and stationery (3,168)
Repairs and maintenance (8,030)
Staff welfare (2,764)
Telephone and fax (200)
Travel - local (22,372)
(1,022,482)
-
4,018,000
(1,022,482)
Operating profit 2,995,518
Finance costs (1)
Profit (loss) before taxation 2,995,517
Taxation -
Profit for the 9 months 2,995,517
Statement of Changes in Equity
Figures in Rand Retained income Total equity
Opening balance as previously reported - -
Profit for the 9 months 2,995,517 2,995,517
Balance at March 31, 2013 2,995,517 2,995,517
24. 24
Statement of Cash Flows
Figures in Rand Note(s) 2013
Cash flows from operating activities
Cash generated from operations 1,299,266
Finance costs (1)
Net cash from operating activities 1,299,265
Total cash movement for the 9 months 1,299,265
Total cash at end of the 9 months 3 1,299,265
25. 25
Accounting Policies
1. Presentation of Financial Statements
The financial statements have been prepared in accordance with the International Financial Reporting Standard for Small
and Medium-sized Entities, and the Companies Act 71 of 2008. The financial statements have been prepared on the
historical cost basis, and incorporate the principal accounting policies set out below. They are presented in South African
Rands.
1.1 Financial instruments
Initial measurement
Financial instruments are initially measured at the transaction price. This includes transaction costs, except for financial
instruments which are measured at fair value through profit or loss.
Financial instruments at amortised cost
Debt instruments, as defined in the standard, are subsequently measured at amortised cost using the effective interest
method. Debt instruments which are classified as current assets or current liabilities are measured at the undiscounted
amount of the cash expected to be received or paid, unless the arrangement effectively constitutes a financing transaction.
At the end of each reporting date, the carrying amounts of assets held in this category are reviewed to determine whether
there is any objective evidence of impairment. If so, an impairment loss is recognised.
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
cost less 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 as an instruments measured at amortised cost, are measured at cost less impairment.
Financial instruments at fair value
All other financial instruments are measured at fair value through profit and loss.
1.2 Revenue
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 amounts receivable
for goods and services provided in the normal course of business, net of trade discounts and volume rebates, and value
added tax.
Interest is recognised, in profit or loss, using the effective interest rate method.
1.3 Borrowing costs
Borrowing costs are recognised as an expense in the period in which they are incurred.
26. 26
Notes to the Financial Statements
Figures in Rand 2013
2. Trade and other receivables
Trade receivables 1,709,000
3. Cash and cash equivalents
Cash and cash equivalents consist of:
Cash on hand 43
Bank balances 1,299,222
1,299,265
4. Trade and other payables
Trade payables 12,748
5. Comparative figures
No comparative figures have been presented as this is the first year that the company traded and these are the first
financial statements of the company.
27.
28. 9 Novel Building,
Cnr Neil Hare & John Dryer Road,
Atlantis Industrial, 7350
PO BOX 1542, DASSENBERG
(021) 577 2719
info@sarebi.co.za
www.sarebi.co.za
