1. Accounting policies

1.1 All movable fixed assets are expensed in the year they are acquired.

1.2 Investments are shown at cost or at realisable value when a permanent diminution in value has occurred.

1999
R

1998
R

2. Programme Funds

231 936

293 232

Community Development

47 128

5 359

Youth

43 809

—

Reconciliation and Reconstruction

65 201

100 366

Material Development / Resources

21 478

—

Rural Support

40 325

72 959

Peace Education

13 995

114 548

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3. Community assistance fund investments

These investments consist of the following:
Two Futura investment insurance policies at cost plus capitalised interest.

The policies are ceded to First National Bank as security for the bank overdraft raised in order to grant community loans.

268 680

250 702

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4. Staff medical / education funds

This fund exists to underwrite benefits payable to staff for medical and educational purposes. Benefits are normally expensed in the year in which they are paid.

20 000

20 000

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5. Building and equipment funds

Properties
The Peace Centre occupies three properties:
3 Rye Road and 26 & 28 Selby Road, Mowbray, Cape Town. These properties have been registered in the name of Central and Southern Africa Yearly Meeting (the national body) and The Agape Charitable Trust, and therefore do not appear on the financial statements.

6. Loan to Agape Charitable Trust

This represents a long-term loan to the trust which owns the property and which the Centre occupies on a rent-free basis. The loan is interest free.

74 999

74 999

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7. Motor vehicles

The motor vehicles are registered in the name of the Religious Society of Friends. They are being purchased on an instalment basis by staff members and transfer will take place when the motor vehicles are paid in full. The instalment will be used to settle the overdraft and the related interest.

112 773

78 437

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8. Tax status

As a charitable institution the Centre qualifies for tax exempt status in terms of Section 10(1)(f) of the Income Tax Act.

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