The Foundation maintains robust financial controls, along with a vigorous business development programme to reinforce its careful funding-partner relations. In 2016, the FBF maintained its unbroken record of unqualified annual audits – with PricewaterhouseCoopers the external auditor.
The Foundation remained financially sound, receiving received approximately R23.5 million in revenue and other income, R3.5 million of which was the proceeds of a sale of shares.
Total expenditure was R21.3 million, resulting in an operating profit of R2.3 million. This was a strong operating profit performance compared to the R500 000 loss in 2015.
The balance sheet remains strong, with equity being R14.2 million, and cash being at R9.2 million compared to R3.3 million in 2015.
The Foundation’s full audited financial statements are reproduced in the 2016/2017 Report to Society, which can be downloaded on the website’s Home page at www.fieldband.org.za.