annual report 2013 · putting the bmf back on a growth path. finally thank you to our stakeholders...

BLACK MANAGEMENT FORUMDEVELOPING MANAGERIAL LEADERSHIP

ANNUAL REPORT

2013

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1WHO WE ARE

2TRIBUTE TO LOT NDLOVU

4PRESIDENT’S OVERVIEW

5GOVERNANCE STRUCTURE

11EXECUTIVE MANAGEMENT

12STATE OF THE ORGANISATION

13BMF MEMBERSHIP STATISTICS

14PROVINCIAL REPORTS

21ANNUAL FINANCIAL STATEMENTS

54 CORPORATE MEMBERS

55 CORPORATE SPONSORS

CONTENTS

A N N U A L R E P O R T 2 0 1 3

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1Black Management Forum Annual Report 2013

MISSION

BMF’s WORK AND MISSION

he Black Management Forum (BMF) stands for the development and empowerment of managerial leadership, primarily among black people within organisations, and the

creation of managerial structures and processes which reflect the demographics and values of a wider society.

The BMF is not apolitical, but is non-partisan. The organisation is however not neutral on matters of transformation. They are pro-transformation.

Our VISIONTo be the foremost organisation in the development of managerial leadership, and advancing socio-economic transformation of organisations in southern Africa and beyond.

Our VALUES• Ubuntu• Respect• Creativity• Integrity• Effectiveness

BMF’s ContributionThe BMF espouses a value system that embraces high standards, and sets tone and measure in business ethics, not only among black organisations, but the broader South African society.

Through its value system, its disciplines and perseverance towards a just cause, the leadership of the organisation has made a meaningful contribution to the stability of the country and the progress made on socio-economic development.

The BMF builds confidence and capacity among black managers by providing a support structure that facilitates their integration into a business environment which is often hostile and unsupportive.

Some of the notable BMF achievements include the following:• Its leadership in the area of Affirmative Action through its “Affirmative Action Blueprint” of 1993 has assisted many companies in the formulation of Human Resource Policies, which advances the process of employment equity.• The BMF staff members were, at different times, appointed to the Department of Labour as directors for Employment Equity.• The BMF played a key role in Nedlac (notwithstanding the fact that it was not a member of this body) in the negotiation and formulation of AA positions which are incorporated in the Employment Equity Act.• The Forum, through its resolution in 1997, originated the Black Economic Empowerment Commission (BEECom) which was then headed by Cyril Ramaphosa under the auspices of the organised formation, the Black Business Council (BBC).

During volatile and difficult times, the BMF, as a highly motivated organisation, has maintained a balanced support structure to assist its members through challenging times. The BMF has facilitated many developmental programmes locally and internationally for black managers, thus contributing to the development of managerial competence.

A pool of leading black high-calibre managers have kept the organisation on the cutting edge of managerial leadership and transformation in South Africa. Many of today’s leaders in government, business and civil society continue to have close links with the BMF. A large number of these leaders are still actively involved with the organisation.

A network of highly skilled and dedicated

BMF members continually provides input to government, business, trade unions and civil society. Furthermore, the organisation pro-actively plays a leading role at all levels on policy formulation, strategic planning and other key issues facing the country.

The BMF is committed – in line with one of its key principles – to working for business unity and non-racialism. To this end, we participated in the formation of Business Unity South Africa (BUSA).

The BMF is committed to achieving its objectives by:• Ensuring appropriate processes in recruitment, selection and promotion within organisations.• Upholding and enhancing the highest professional standards and principles in business and management leadership.• Assuming the role of an effective voice for the needs, aspirations and views of its members.• Facilitating the provision of career guidance services and facilities to members, especially students.• Promoting and maintaining working relationships with the organisations and interest groups that pursue similar objectives to the BMF.• Being an effective platform for the exchange of information, views and experiences through a dynamic forum.• Facilitating the process of transformation of organisations.• Promoting an awareness of the importance of managerial and leadership skills to the advancement of meaningful economic participation and empowerment.• Monitoring and reporting on the performance of organisations in the key areas of transformation.

The Black Management Forum (BMF) is a non-racial, thought leadership organisation. Founded in 1976, with the main purpose of influencing socio-economic transformation in South Africa in pursuit of socio-economic justice, fairness and equity, the BMF continues to be vocal on these matters. It keeps South Africa in check and encourages participation of the broader spectrum of

South African stakeholders.

T

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A TRIBUTE TO

LOT NDLOVU

He was a deep and lateral thinker and original thought leader.

It is with great sadness that in August 2013, the Black Management Forum (BMF) was met with the untimely death of Mr. Lot Ndlovu who was the stalwart and served as BMF President between 1995 and 1999. He was recently asked by the BMF Board to chair both the BMF Investments and the newly established BMF Elders Council, which is comprised of the elders and past leaders of our organisation. Mr. Ndlovu, a doyen of the black empowerment movement in South Africa succumbed to cancer which he suffered from since 2011.

During his presidency Mr. Ndlovu served the Black Management Forum with pride in its endeavours to influence the country’s socio-economic transformation in the interest of justice, fairness and equity; and it was during his tenure that the Black Economic Empowerment Commission was initiated under the auspices of the BMF. He was a deep and lateral thinker and original thought leader. A visionary, broadminded, balanced with an independent mind. He never played the person but the ball. Even if you disagreed with him you never failed to admire and respect him. He was so refreshing. He was far ahead of his time. Gatsheni was no academic but was endowed with natural intellect, a talented business leader, a bearer of deep transformation insights and off course an ORGANIC INTELLECTUAL.

Without the brave leadership prowess of people of Lot’s standing, the progress made to transform the South African economy to be more inclusive, safer and caring would be

difficult to tell. The road may still be long and winding to reaching desired business goals that fired up people like Lot, but there can be no denying that he has been the most valued fuel to the distances travelled thus far. He ranks amongst the best change agents from whose passing the business world would surely take stock to reflect on the success it has made to bridge the gap between declaration and implementation towards real change.

We have been blessed to have met and worked with such a great human being uMaduka Owadukela lapho abanye besaba beqhaqhazela but he did not hesitate to find sustainable solutions venturing in dark alleys fearlessly to ensure The National Democratic Revolution becomes a reality. He walked the path carved for him with great honour and humility. We owe Gatsheni a deep debt of social and intellectual gratitude. What a loss to South Africa, not to mention his family.

Lot Ndlovu served his generation magnanimously with dignity and pride. He was the gallant fighter for transformation and advancement of black people. He advocated that ownership was the single most important element of the BEE. In

A visionary, broadminded, balanced with an independent mind. He never played the person but the ball.

fact, he believed that it was a ticket to the game. Lot was more a pioneer of transformation rather than a beneficiary of it.

The BMF and the country have lost a truly distinguished visionary, bold and fearless leader, stalwart, valiant soldier and gallant fighter of both socio-economic transformation and the development of managerial capacity, primarily amongst Black People. We are honoured to have shared this issue-driven life with his family, the business community and the millions of unheard believers of change that still walk the path that he led with distinction. His exemplary leadership makes him an inspirational act to follow. He will be dearly missed. And the best way to honour him, is to embrace the changes he committed himself to champion to remain on course. May his soul rest in peace.

To the BMF lets us recommit not only to the ideals he expounded but live them and apply them. Let us all rededicate to his vision and noble pursuits.

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PRESIDENT’S OVERVIEW

organisations that reflects the demographics and the values of the wider society, with continued focus on the following key sectors (Financial/Mining/Agriculture/Manufacturing).

These objectives will be achieved through the following strategic initiatives:• Rebuild and reposition the BMF brand in

South Africa• Develop the Transformation Master Plan • Develop a clear and focused value

proposition for members• Develop a clear research and thought

leadership plan• Establish a BMF Academy focusing on

developing leadership and management skills among members

• Focus on placing members in executive management and leadership roles through the BMF networking and partnerships

• Collaborate with stakeholders

These strategic initiatives will thus yield the following outcomes:

• A refreshed BMF that is recognised by the quality of its members, thought leadership and development programmes

• A growing membership that is positively and energetically engaged in the BMF

• Respected as a thought leader on issues related to leadership, management and organisational transformation

• A BMF that contributes to the transformation of management in South African organisations to reflect the diversity of South African society

• Recognised as the leading source of networking, mentoring and coaching opportunities for black management and leadership

• A BMF leadership that provides clear, focused direction and strong governance

The Board and Top 50 also decided to add “Respect” to the BMF values.This is the most basic value that each person needs to practice in interacting with others, without which nothing else works. As a membership organisation that promotes robust and vigorous interactions and discussions, we will not always agree with each other, but we do have to respect each other. Understanding what respect means to each of us is a starting point to help us see the importance of treating others respectfully.

I would like to thank my co-directors for their hard work, commitment, insight and the will to ensure we take the BMF to greater heights, adhere to corporate governance principles, manage risks and grow the business.

I also thank the entire management team and staff nationally for their contributions in putting the BMF back on a growth path.

Finally thank you to our stakeholders for choosing to partner with the BMF.

BONANG MOHALE

I am pleased to present my first report as President of the BMF. I would like to provide a clear and concise strategic direction for the 2013 – 2015 term, which

the Board and Top 50 formulated earlier on this year.

I would like to report on the performance and what is lined up for the coming year. This financial year’s results of the BMF unfortunately still indicates an operating deficit. We are, however, pleased that there is a 51% improvement on this figure. This indicates some improvement in the efficiency of our operations.

We are proud to report an impressive growth of 80% in our individual membership and 320% growth in corporate membership.

The Board and Top 50 Strategy sessions held early this year was used to carve a roadmap and produce a workable plan for this Presidential term. After our deliberations during these sessions we reached a conclusion that the best way to take the BMF forward is to go back to the fundamentals of who we are and what we stand for. With that in mind, we decided on the following strategic objectives:

• Develop Managerial LeadershipBecome the leading developer of black management and leadership talent so that we contribute to the transformation of senior management within South Africa.• Advancing Socio-Economic TransformationCreate a research and thought leadership capacity within the BMF that stimulates intellectual conversation and drives engagement around issues of transformation, management and leadership within South Africa.•Thought Leadership Through Advocacy Forster the advancement of socio-economic transformation within

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The Black Management Forum (BMF) board of directors applies the King Commission principles on corporate governance in order to conduct the affairs of the organisation with integrity, openness and accountability.

The Board is fully aware of the requirements of the King III Report on corporate governance for South Africa. In executing its fiduciary responsibilities, among others, the board meets

as often as is required – but not less than quarterly – to set overall policies, provide input and

take decisions on matters of strategic importance to the organisation and its members.

Prior to meetings, board members are briefed extensively, ensuring that relevant matters are

bought to their attention. The day-to-day management of the organisation’s operations rests

with the executive management team.

Financial statements

At the end of each financial year the directors prepare annual financial statements, which fully

represent the organisation’s state of affairs in conformity with the generally accepted

accounting practice.

External auditors carry out an independent examination of the branch, provincial and

national financial statements and report their opinion, in accordance with the South African

auditing standards.

GOVERNANCE STRUCTURE

RESPONSIBILITYOF THE BOARD OF DIRECTORS

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BONANG MOHALE PresidentBonang Mohale is currently the chairman and Country GM: Commercial of Shell South Africa (Pty) Ltd, where he is chairman of

the boards of Shell South Africa Holdings (Pty) Ltd, Shell South Africa Energy (Pty) Ltd, Shell South Africa Marketing (Pty) Ltd and Shell South Africa Refinery (Pty) Ltd. He also has responsibilities for their aviation, marine and lubricants global businesses and operationally accountable for their retail, fuels & bitumen, supply and distribution classes of businesses, as well as legal, HR, safety (HSSE) and transformation classes of functions.

Until 31 December 2008, he was the chief executive officer of Drake & Scull FM SA (Pty) Ltd, a facilities management company owned by the Tsebo Outsourcing Group.

Up until May 2003, Mohale served as chief executive: shared services and associated companies of Sanlam; a member of the executive committee (EXCO); alternate director of the Sanlam Limited main board; chairman of the board of TASC; a director of Innofin; Gensec Property Services and Fundamo. Prior to this appointment, he was the chief executive: corporate marketing, Sanlam in 2002.

Until August 2001, he held the position of executive vice-president at South African Airways (SAA) responsible for strategic alliances, network management and global sales. The revenue generated by this business unit was in excess of R8 billion, of which more than R5 billion was generated outside of South Africa. The staff complement was more than 800, with nine direct reports.

In 1996, Mohale was the managing director of Otis (Pty) Ltd, the world’s biggest and oldest elevator company, where he spent five years. In 1997, the company won the Black Management Forum’s (BMF) “Progressive Company of the Year” award, with responsibilities for South Africa, Zimbabwe, Zambia, Malawi, Botswana and Namibia. He served on the management

GLORY KOKO KHUMALODeputy PresidentUntil 31 December 2011, Glory Koko Khumalo was a Partner at PricewaterhouseCoopers

(PwC), having joined in 1996.Khumalo started her career as a trainee

accountant at Standard Bank, working in financial administration. She then joined South African Breweries for five years as a cost analyst. She has six years experience in various aspects of financial management, which she obtained at Standard Bank and South African Breweries.

While working at PwC, she obtained sixteen years of experience as a team member, senior manager and partner for internal auditing, external auditing and consulting assignments. During her three years of articles, Khumalo was involved in various public sector departments, local authorities and some private sector clients. For the rest of the period she focused on internal auditing, risk management and consulting services.Khumalo serves on the following boards:• Ernst & Young Executive Committee• Black Management Forum• Limpopo First Lady Trust• Statistics Council of SA – deputy chair• Limpopo Premier Advisory Council – chairs the working group for enterprise development.

NICHOLAS DARIUS MAWENI Managing Director Nicholas Darius Maweni was the executive at IBM looking after sub-Saharan Africa. He was responsible for

marketing, communications, demand programmes, workforce and field enablement, corporate social responsibility, corporate affairs and market insights.

Maweni has worked in marketing, communications for over 14 years. He served as the group marketing director of Crossroads Distribution, a leading logistics, transport and supply chain company in Africa. He is also

BOARD OF DIRECTORS

committee of South Europe, Middle East and the West Africa Area (SEA). Prior to this, he successfully led the Otis Inland Region to improved business performance in general management as regional manager and a member of the executive (EXCO) Team.

He holds directorship positions for Hollard Insurance Company Limited (Member of Audit Committee) and Swiss Re Africa Limited.

After spending four years at Wits Medical School, Mohale acquired Business and Management experience by spending 10 years in the pharmaceutical industry progressing through various positions, including product management and new business development management. This culminated in Mohale being appointed export manager at Logos Pharmaceuticals (MSD), where he was the only delegate from Africa at the “Cholesterol Reducers International Conference” in Barcelona, Spain, 1992.In 1994, he joined Sandoz Products (Pty) Ltd (now Novartis) as head of public affairs and communications department. He was also a member of the executive committee (EXCO), reporting to the chief executive officer. Apart from being the official company spokesperson, Mohale also represented the company in various forums, inter alia – the commission of inquiry into National Health Insurance.

RecognitionIn 2007, Mohale received the 2007 South African Facilities Management Association’s (SAFMA) “Personality of the Year” award, and in 1997 the Black Management Forum’s (BMF) “Manager of the Year”. In October 1998, he attended the National Minority Supplier Development Council (NMSDC) Conference in Miami, Florida. In May 2003 and April 2004, he was invited to the Young Presidents Organisation’s (YPO) Global Leadership Conference (GLC) in Las Vegas and London, respectively. In November 2001, he received the Presidential Award for his ”Servanthood in South African Industry & the Economic Empowerment of Previously Disadvantaged Individuals”.




chairman of Mawenguni Holdings which owns the Virgin Mobile retail outlets in the Eastern Cape. Maweni also serves on the Vega School of Brand Leadership’s National Advisory Council. He has served as the executive head of corporate affairs at Virgin Mobile from the time of its launch in South Africa. Prior to his appointment at Virgin, Maweni held a marketing director position at ATIO Corporation. He has worked for various companies in the ICT sector – such as Vodacom, Marconi, and TIBCO. Maweni is an active Black Management Forum (BMF) committee member and was the director and vice-president of Junior Chamber International. He holds a master’s degree in business administration, majoring in strategic marketing, from the United Kingdom. He has received various awards which include one from the Institute of Marketing Management as well as the award for Citizen of the Year (1999) from the City of Port Elizabeth. In 2010, Maweni won the BMF Manager of the Year award.

JOHN NKADIMENGProvincial Chairperson – MpumalangaJohn Nkadimeng is a businessman who started working in the human

resource industry in 1978, before starting his businesses in 2003. He has ownership and directorship in Ngwato Consultant and Associate cc, Bethesda Omheinings t/a Fence-It Manufactures cc, Bohlaba Mine (Pty) Ltd and Inyosi Mine (Pty) Ltd. He has a BTech degree in human resources management from Technikon SA, a diploma in human resources management from IPM, a business management diploma from Wits Business School, a certificate in employee assistance programme from the University of Pretoria and another in mediation from UNISA. He has achieved numerous awards in business performance and community development programmes. Nkadimeng is a member of the Institute of People Management, South African Board of Personal Practitioner, Black Management Forum, African National Congress and the Kgwana Community Centre.

NORBERT NYAMSIProvincial Chairperson – Free StateNorbert started his career in education with focus on scientific subjects he

moved within the ranks to leading one of the private schools in the central Free State region. He is a physicist by training.He joined Goldfields rock engineering department. He is a fellow of SANIRE – South African National Institute of Rock Engineering. Norbert is the founder and current MD of QUINBABS Group Holdings. Norbert is served as the founding chairman of Co Contributor to the African Development (Co – con Africa) – an NGO. He also served as the Free State Deputy Chairperson of SABCOHA (South African Business Coalition on HIV & AIDS.

From July 2010 until date, he is the Provincial Chairperson of BMF Free State and by extension Director of BMF.

JIM MATSHOProvincial Chairperson – KwaZulu-NatalJim Matsho is currently the executive director of Duduzani Consulting. He started his career at Shell

SA (Pty) Ltd, working in the retail department as a territory manager and occupied several positions within the oil retail department. Matsho joined the forestry industry and served as a manager in various departments of Mondi (Pty) Ltd, most notably as project manager, woodlot manager, CEO of SiyaQhubeka Forests, and head of Forestry Partners Programme (Pty) Ltd.

Matsho is the recipient of the BMF KZN 2008 Manager of the Year award. His solid conviction on the ideals of the BMF is the result of his background as the founder member of the Black Management Forum Student Chapter at the University of the North and the Ngaka Maseko High School Alumni Association in 2002. This is the first high school alumni association that was launched by the North West Provincial Education Department in 2004. Matsho also boasts achievement as an

economics student’s national finalist representing the University of the North at the Nedbank/Old Mutual budget speech competition for undergraduate and postgraduate categories. He has received various awards from the South African Institute of Race Relations (SAIRR), R.H. Hagard Trust Scholarship for an honours degree, White Water Award for breakthrough operational performance – Shell SA Retail (North East Region), Outstanding Delivery Performance (2007), Sustainability Award (2009) and the Divisional Diamond Award for Sustainability (2009).

Matsho has lecturered at DUT in the business studies unit, and Damelin, offering managerial economics, research methodology and project management. He is passionate about transformation, land reform, SMME development and student development. Matsho is also a non-executive director at the Tshwane Economic Development Agency (TEDA), Khulanathi Forestry (Pty) Ltd, Uthungulu Community Foundation (UCF), Trusteeship at Khulanathi Growers Trust, and the BMF Trust.

Academic Achievements• BCom (Economics) (UNIN);• BCom (Hons) (Business Management)

(UNIN);• BCom (Hons) (Economics) (Vista); • MCom (Marketing) (UP); • MBL (UNISA-SBL);• MCom (Economics) (UZ); • MCom (Leaderhip) (UKZN); and• Diploma Corporate Law (UJ).

Matsho attended several short courses, among others: the Economic Promotion Leadership Programme from GDP Global Development in London, UK.




PEACE NTULIProvincial Chairperson – Northern CapePeace Lindile Ntuli is the lead-enterprise development Manager for De Beers Consolidated Mines, heading up the De

Beers Zimele division. As part of creating employment and halving

poverty in the areas in which De Beers operates, his role involves reviewing, advising and making recommendations related to new funding applications, business financials and general financial forecasts and practices. In 2001 Ntuli completed his articles from the Institute of Commercial and Financial Accountants (CFA). He holds a certificate in Control Self-Assessment (CCSA) from the Institute of Internal Auditors (IIA) − of which he is also a member − and a national diploma in Accounting from the University of Johannesburg. Ntuli is currently studying for a Bachelor in Management Leadership (BML) at the University of the Free State (UOFS). He is an Audit Committee member of Sol Plaatje Municipality and also a board member of the Frances Baard SMME Trust.

SAM MALOKAProvincial Chairperson – LimpopoSam Maloka is currently an international marketing manager at Trade and Investment Limpopo (TIL) since 2008.

In the beginning his responsibilities involved looking after the markets of Africa and the Middle East (2008-2010) and then progressed to Australasia (2010-11), promoting Foreign Direct Investments (FDI) into the Limpopo province and value added exports from the province. With the latest reconfiguration of services in the company (TIL), Maloka has contributed in the promotion of mineral and beneficiation industry of the province, as well as manufacturing and business services to the rest of the world.

Prior to joining TIL, he worked as a strategic planning coordinator for the Limpopo Economic Development Enterprise

(LimDev). In 2002/3, he worked as a financial advisor for Sanlam Polokwane and during 1999-2001, worked as a consultant contractor for KPMG Polokwane and in 1996/7, for Ernst & Young Management Consulting unit. When he was a student at the University of Limpopo in 1996, he did vocational jobs with Nedbank Polokwane.

Maloka holds a bachelor’s degree of Commerce (Economics) from the University of the North (Limpopo) and a master’s degree in Development (MDev) from Turfloop Graduate School of Leadership, University of Limpopo.

As of June 2012, Maloka became the provincial chairperson of the BMF in the Limpopo province. He is the past chairperson of the BMF Polokwane chapter (2010-2012) and provincial secretary of the BMF Limpopo province (1999-2001; 2006-2010). Maloka is the co-founder of the BMF Student Chapter at the University of the North (1995) and was its chairperson in 1995/06 and 1998.

NATALIE KHAMBIProvincial Chairperson – Western CapeNatalie Khambi graduated in office management and technology from the Cape Peninsula

University, as well as in strategic management development programme from the Institute of Transformation in South Africa. She started her career in the financial services industry at the RCS Group working in call centre operations, finance underwriting and training and development. Khambi was a staff representative and served on the employment equity and skills development committees. She went on to establish herself as a specialist in call centre operations management working for Space Imaging – an international online gaming company and later Revolve Personal Lifestyle Finance.

Khambi has worked as a project coordinator for the State Information Technology Agency (SITA) and also in the office of the provincial executive officer for the South African Local Government

Association (SALGA) Western Cape. She is an entrepreneur and ventured into starting her own company called Resource Solutions Group which specialises in outsourced operations and human resource management. She also owns Traveleisure, a corporate travel management company since 2007 and contributes as a travel feature editor for AfricaBe.com – a Pan-African online publication.

Khambi is passionate about community work and is involved with school and employment projects in Cape Town’s Cape Flats area. She joined the Black Management Forum and headed the Tourism Desk in the Western Cape before being elected as deputy chairperson of the BMF Western Cape. In August 2010, she joined the Black Management Forum’s national board as an alternate director. Following that, in February 2011, she was appointed alternate director for the Black Management Forum’s Investment company board. In 2012, she was appointed to full time directorship to the board.

NELA MOJANAGA Provincial Chairperson – North WestNela Mojanaga qualified as a social worker in 1983, at the University of Fort Hare and has gained 12 years of

experience in the field, of which seven years was dedicated to being a case worker, group worker and a community developer. She honed her skills by pursuing post-graduate diplomas in community development, health management and facility management from the Afro Asian Institute in Israel, Sheffield Hallam University, National Institute of Public Health in Japan, University of Natal, University of Cape Town, University of the Free State and the North West University.

Mojanaga has also done philanthropic work throughout the province of the Free State, in Botshabelo, in organisations such as Trust for Christian Outreach and Education (TCOE), National Progressive Primary Health Care Network (NPPHCN) and Orange Free State Rural Committee (OFSRUC). She




established the District Health System in Ventersdorp and Dr Kenneth Kaunda in 1996. Her primary focus was on providing strategic leadership in integrating fragmented health and social welfare services.

AchievementsIn 1999, Majanaga was awarded for dedicated service delivery to communities by the TCOE. She also received recognition for Outstanding Performance in Health Care Service Delivery at the Premiers Awards in 1998 and 2003. In 2009, the Centre for Public Service Innovation (CPSI) Silver Awards presented Majanaga with the Public Private Partnership and Innovation in Improving Service Delivery award. She has been actively involved in the BMF activities since 2003.

MODISE MOILOANYANEProvincial Chairperson – GautengModise Moiloanyane, born in Gopane Village, Lehurutshe, Zeerust, is

the senior manager at KPMG Management Consulting. He obtained a diploma in financial accounting at the then Technikon Pretoria and later completed a Bcom in financial accounting at the University of Pretoria. Moiloanyane started his professional career at PricewaterhouseCoopers (PwC) as a trainee accountant. He later joined Accenture SA where he spent five years as a systems integration & technology business analyst, and progressed to being a management consultant within management consulting and integrated markets division.

During his tenure at Accenture SA, Moiloanyane was involved in large scale complex projects that involved systems integration and turnaround strategies for mostly Blue Chip leading South African companies. He joined Absa Bank in January 2010 as a project manager in services cluster: change and integration division, where he was mainly involved in managing the delivery of strategic projects for various business units. His resume also includes a

period where he served as the project manager for Absa: Retail and Business Banking (RBB) Operations. Moiloanyane was extensively involved in the African Peer Review Mechanism (APRM) and NEPAD/African Union Structures, where he was appointed the APRM consultant to facilitate countrywide sectoral inputs. He co-authored “The Roadmap for Civil Society participation in Africa’s development processes” adopted by the APRM Secretariat and Civil Society at the first APRM National Consultative Forum in September 2005.

Moiloanyane’s involvement with the BMF goes back from 1999. He was part of the team that formed the Student Chapter of Technikon Pretoria. While in Technikon Pretoria, he served as a member of the SRC and Broad Transformation Forum (later renamed Institutional Forum). This forum was an advisory body to the Technikon Council on transformation matters. He also resuscitated the BMF Student Chapter at the University of Pretoria (UP) in 2001, where he served in its Institutional Forum. Moiloanyane was elected inaugural national president of the BMF Student Chapters in 2003. Prior to being elected the provincial chairperson of the BMF Gauteng province, he served on the BMF Management Committees of Tshwane and Sandton.

DUMISANI MPAFAProvincial Chairperson - Eastern Cape

Dumisani Mpafa is the founder and CEO of Beever Agency, a specialist in black economic empowerment (BEE) verifications fully accredited by SANAS. He

is an MBA graduate with a passion for small business development. Mpafa is also a founder member of SMME Business Solutions, a business development service provider specialising in small businesses providing strategic planning, turnaround solutions, management systems and processes, training, facilitating business start-up, business planning, mentorship and so on.

He is a former board member of Services

SETA and is a current board member and national deputy chairperson of ABVA (Association of BEE Verification Agencies) – the only recognised industry body in the BEE verification industry. Mpafa is an accredited business mentor working with Khula Enterprise Finance, SEDA and Eastern Cape Development Corporation, providing mentorship and coaching to small businesses. He is the current provincial chairperson for BMF in the Eastern Cape. Other professional membership include Institute of Business Advisors (IBA) and Chartered institute of Business Management (CIBM).

TASNEEM FREDERICKSCompany SecretaryFredericks is a qualified attorney and notary admitted on February 2003. She was enrolled on July 2004 as a

practicing conveyancer and was employed by Harry Lampert and Sloan Wilson & Associates since November 2004 until 30 June 2005. She then worked at the Nedbank Legal Department for a year preceeding current employment and completed both articles and one year post articles at Mc Williams and Elliot Inc.

Fredericks commenced as partner at Lampert and Fredericks on July 2005. She is also an executive member of the Black Conveyancer’s Association and deputy chairperson of the Black Management Forum in the Eastern Cape.




THUSO SEGOPOLONational Chairperson of BMF Young Professinals (BMF YP)Segopolo is a national chairperson of the BMF Young Professionals and a business analyst by

profession at Afrozaar Consulting in Cape Town. He has represented South Africa in a number of international leadership gatherings, namely, the World Business Dialogue in Germany and the Global Engagement Summit in Chicago, US.

Earlier in 2013, Segopolo was selected as one of the Global Shaper for the World Economic Forum. On the academia front, he has obtained two BTech degrees in Information Technology and Business Administration, respectively. Segopolo is currently a scholar at the Thabo Mbeki African Leadership Institute where he is studying Good Governance and Anti-Corruption in Africa.

SIMPHIWE MNTAMBONational Chairperson of the BMF Student ChapterSimphiwe Mntambo is the national chairperson of the BMF Student Chapter since elected in August 2012, a move

from the national deputy chair position which she held for two years. She is a humanities graduate from the University of KwaZulu-Natal, holding a Bachelor of Social Science degree (Political Science, Education and Development) and a Bachelor of Education honour’s degree in the field of Education and Development.

Mntambo is currently completing her master’s thesis in education, focusing on vocational education in South Africa. Mntambo also recently got involved in a management consulting graduate programme at Accenture SA. She has risen in the ranks of the BMF Student Chapter during the past six years, having led as chairperson at the UKZN Pietermaritzburg

branch, BMF Student Chapter Media and Communication Officer, and later, the provincial chairperson in KZN. One of the youngest members of the BMF Board of Directors, Mntambo’s leadership ability has been recognised in other youth business leadership structures in South Africa.

Achievements• 2009 – Mntambo was chosen as one of 60 Investec Young Women in Finance Conference delegates countrywide to receive business mentoring from top business executives in the country. • 2011 – she was selected as one of 80 participants in the Standard Bank Graduate Development Winter School. • 2012 – In July, Mntambo was chosen as one of two South African youth to participate in the Leadership Exchange Programme offering practical

leadership mentoring and training in locations around South Africa and

Swaziland. Mntambo also has experience in the teaching field through a junior lecturing post, tutoring FET lecturers registered with UKZN Continuing Education faculty. She is an aspiring social entrepreneur with hopes of starting a youth and early childhood development foundation in the future. She is also mentoring other young women in the BMF Student Chapter and hopes to facilitate a growth in the female leadership of the organisation. In her new role as national chair, Mntambo aspires to bring more public visibility to the BMF Student Chapter brand through social engagements with other likeminded organisations, within institutions the Chapter serves and through formal links with the corporate sector for the benefit of the Chapter members.

Our VALUES• Ubuntu• Respect• Creativity• Integrity• Effectiveness



EXECUTIVE MANAGEMENT

EXECUTIVE COMMITTEE (EXCO)This committee is responsible for ensuring that the board’s resolutions and strategies are implemented throughout the organisation. The Exco is chaired by Bonang Mohale, with Koko Khumalo, Nicholas Maweni, Modise Moiloanyane and Tasneem Fredericks as members.

AUDIT AND RISK COMMITTEEThis committee is tasked with facilitating and ensuring that the board is fulfilling its responsibility to its stakeholders, and managing the organisations’ risk. The committee consists of non-executive BMF directors and independent external directors who have financial and risk management expertise. It is chaired by Sam Maloka, with Vincent Mamburu CA(SA) and Siphokazi Nxiweni CA(SA) as committee members. Busi Mavuso, BMFs CFO, attending meetings as an ex-officio member.

FINANCE COMMITTEEThis committee is tasked to help the board fulfil its responsibility to stakeholders, manage the organisation’s annual audit functions, and assisting in its financial management. The finance committee consists of non-executive BMF directors and other BMF members who have financial expertise. The committee is chaired by Thabile Wonci, with Modise Moiloanyane and Tshepo Raseleka as members.

NATIONAL EVENTS COMMITTEEThis committee’s role is to raise funds for and to provide a full calendar of national events, such as the Annual BMF Conference and Corporate Update Dinner. The committee is chaired by Simphiwe Mntambo, with Bonang Mohale, Koko Khumalo, Thandeka Mafu, Busi Mavuso and Peace Ntuli as members.

HR AND REMUNERATION COMMITTEEThe HR and Remuneration Committee is tasked with recommending, to the board, remuneration for executives and staff. It plays an integral part in succession planning, particularly regarding the managing director and executive management staff. This

Nicholas D MaweniMANAGING DIRECTOR

Busi MavusoCHIEF FINANCIAL OFFICER

Adv. Lucky PhechudiCOMPANY SECRETARIAT

Thandeka MafuHEAD OF EVENTS

Thulisile SimelaneMEMBERSHIP MANAGER

Ledile BopapeEXECUTIVE ASSISTANT

Njabulo ThabetheNATIONAL STUDENT CHAPTER AND YOUNG PROFESSIONALS COORDINATOR

Board committees are pivotal in driving policy formulation and the strategic direction of the Black Management Forum (BMF). The board appoints committee members annually from within its membership. The BMF has eight committees.

committee is chaired by Bonang Mohale, with John Nkadimeng, Norbert Nyamsi, Nela Mojanaga and Jim Matsho as committee members.

NOMINATION COMMITTEEThe committee leads the process in identifying candidates and makes recommendations to the board on the appointment of directors and executives for the national office. This committee is chaired by Koko Khumalo, withTasneem Fredericks, Jim Matsho, Busi Mavusa and Mzo Tshaka as committee members.

POLICY AND RESEARCH COMMITTEEThis committee ensures that adequate researched is produced to inform BMFs leadership and advocacy. The committee then strategically and proactively facilitates the development of positions, for the BMF and its members, to accomplish its vision. This committee is chaired by Dumisani Mpafa, Koko Khumalo, Lucky Phechudi, Langalethu Manqele,Chose Choeu, Thuso Segopolo, and Mohau Mokoena as committee members.

EDITORIAL COMMITTEEThis committe is responsible for checking and approving the content of the BMF African Leader publication, including giving support and advice to the editor and the publishing house. This committee is chaired by Ledile Bopape,Bonang Mohale, Koko Khumalo, Busi Mavuso,Dominic Milazi, Modise Moloi (MBSA), and Thandeka Mafu as committee members.

BOARD COMMITTEES

Executive Management NEW.indd 11 2013/10/17 11:33 AM

1. BMF HOUSEThe Black Management Forum has achieved a huge milestone in the purchase of its own property located at 12 Summer Street in Rivonia, which is where its national office is now situated.

2. MANAGEMENT/LEADERSHIP DEVELOPMENTHarvard Manage Mentor (HMM)Harvard Manage Mentor is an online learning and performance support resource that serves up critical management skills on 44 topics that address a full spectrum of issues faced by new and experienced managers.

The BMF has acquired this learning resource in order to enable BMF members to build skills and gain access to HMM as its content incorporates proven practices from Harvard Business Publishing’s world-class experts.

Get Abstract

Get Abstract summarises business books, making its subscribers the best-read, most expert players on the business scene today. Its mission is to provide executives worldwide with the best in business knowledge.

BMF members will now to have access to this remarkable service.

Duke Corporate Education The BMF was awarded with education fellowships for two people on the Duke Leadership Programme, which was held in October 2013 at Duke University, Fuqua School of Business in North Carolina. The two applicants awarded the fellowships are Thabile Wonci and Angelina Ramaipadi.

3. SME CATEGORYThe BMF broadened its membership repertoire through the launch of the participation of Small, Medium and Micro-sized Enterprises (SMMEs) category. This was launched during the month of April 2013 by Honourable Minister Rob Davies, who was the keynote speaker.

4. QUARTERLY CEO BREAKFASTBased on the BMF’s 2009-11 strategic resolve to look at the four sectors which were deemed as the least transformed in South Africa: financial, mining, agriculture and manufacturing, the past successfully executed CEO breakfasts focusing on the financial, manufacturing and mining sectors.

In May 2012, we held the financial services

sector breakfast at the Hilton Hotel in Sandton and invited Investec CEO, Stephen Koseff, as the guest speaker. Other invited guests were; The Banking Association South Africa (BASA), the South African Insurance Association (AISA) and the Association for Savings and Investment of South Africa (ASISA).

In Septenber 2012, we held the mining services sector breakfast at the Hyatt Regency Hotel in Rosebank and invited NUM General Secretary, Frans Baleni, as the guest speaker. Other invited guests were decision makers within corporate South Africa's mining sector, and the unions.

In April 2013, the manufacturing breakfast took place at the Sandton Convention Centre and Coenraad Bezuidenhout from the Manufacturing Circle was the invited guest speaker.

5. CORPORATE UPDATE DINNERThe BMF Corporate Update Dinner was held on 6 July 2012 at the Sandton Convention Centre. President Jacob Zuma delivered a keynote address to 1 000 guests. The selected theme for the dinner was, “Planned Infrastructure Development: the key to sustainable economic growth through effective partnership between government and private sector”.

Among the anchor sponsors, additional companies that supported the BMF corporate update dinner were: African Rainbow Minerals, Sasol and the Black Management Forum Investment Company.

6. AGM, CONFERENCE and ACHIEVEMENT AWARDS DINNERThe BMF annual conference was held from 3-5 October 2012 under the theme, “Systemic Corruption: a real threat to constitutional democracy, job creation and economic stability. How does South Africa fare?”. Delegate attendance exceeded 300 per day.The achievement awards dinner was well attended by 900 guests. There were four awards presented that evening, including the presidential award presented to Advocate George Bizos. A surprise award was also presented to former BMF President, Jimmy Manyi, for having been in the presidency longer than any other previous presidents. The keynote address was delivered by Chief Justice Mogoeng Mogoeng.

Among the anchor sponsors were Massmart, Sasol and BMFi.

7. ANCHOR PARTNERSHIPSMBSA The MBSA has once again renewed their

partnership with the BMF for this financial year. This partnership has now been running for over six years and we are pleased with their association.

Transnet National Ports Authority (TNPA)The TNPA continues to be our BMF flagship, events partner, CEO breakfasts and the Student Chapters. We are grateful for their support and are honoured to be traveling this journey with them.

EskomEskom continues to be the research sponsor of the BMF. Through their funding, the BMF will be in a position to make informed assertions backed with research.

8. SPONSORSHIPS IN KINDThe BMF would like to thank the following companies for their support and heeding our call for assistance when we needed it the most.

PricewaterhouseCoopers (PwC) – for consulting services at substantially discounted rates, and also for hosting the branch forums at their premises.Edcon – for hosting our annual Student Chapter summit.Hewlett Packard – for sponsoring us with state-of-the-art desktops to use at our offices.Dell – for sponsoring us with hi-tech desktops and laptops to use at our offices.Duke Corporate Education – for their continuous investment in our members through their programmes, helping us advance and achieve our mandate of developing managerial leadership.SASOL – for hosting our branch forums.Deloitte – for hosting our branch forums.Ernst and Young – for facilitating the 2013-2015 board and top 50 strategy sessions.Standard Bank – for sponsoring accommodation and facilities for the 2013-2015 board strategy sessions.FirstRand – for sponsoring accommodation and facilities for the top 50 during the 2013-2015 strategy sessions.Massmart – for the wine sponsorship during the corporate update dinner.KPMG – for the governance training offered to the top 50 during the 2013-2015 strategy sessions. Computershare SA – for the pro-bono company secretarial services during our board meetings.SizweNtsalubaGobodo – for writing off 75% of the audit fees as CSI.


STATE OF THE ORGANISATION

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MEMBERSHIP BY RACE MEMBERSHIP BY PROVINCE

MEMBERSHIP

MEMBERSHIP BY GENDERBMF MEMBERSHIP


MEMBERSHIP

COMPARING 2012 AND 2013

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PROVINCIAL REPORTS

GAUTENG (GP)

The period under review has been a successful one and has firmly realigned the Black Management Forum (BMF) in the Gauteng province, as a focused organisation able to achieve its objectives. The province has continued to experience growth both in terms of membership and activities at various branch levels. Our provincial membership has grown by more than 20% from the time we were elected into office. The emphasis is mainly to ensure that branch activities have twin objectives by: (1) adding value to member’s aspirations and expectations and (2) developing activities and programmes aligned with the national strategy framework.

The BMF in Gauteng is evolving and is characterised by its vibrant membership. For the period under review, the provincial excutive committee (PEC) held a number of successful workshops. 1. B-BBEE codes workshop to contribute to

the revision of the codes by the Department of Trade and Industry (dti) and further consolidate our input as part of the broader black business council (BBC) contribution.

2. Membership induction facilitated by the late Lot Ndlovu. The purpose of the induction was to re-orientate the Gauteng membership about the work of the BMF. Induction was critical to ensuring members understand the key focus areas of the Black Management Forum.

3. Employment Equity and NDP discussions. Having noted the lack of progress in corporate transformation and the importance of the NDP as a

guiding national plan, the outcomes of this important workshop will form part of the BMF’s input to the national draft resolutions. It is not acceptable that nearly 20 years after democracy corporate SA still doesn’t reflect SA’s demographics.

As indicated, the growth of our membership base is testament to the fact that the provincial leadership collective is on the right track to reinvigorate the BMF in GP and make it a professional organisation of choice!

On behalf of the entire membership of the BMF Gauteng, we would like to join hands with the rest of the provinces and ensure that the organisation is a leading forum that develops black managerial capacity and advances socio-economic transformation in South Africa and beyond.

Modise Moiloanyane, Provincial Chairperson

KWAZULU-NATAL (KZN) For the period under review, there has been a challenge within branches to sustain leaders. However, North Coast and Durban branches have been active throughout the year. An attempt has been made to engage potential members with the hope to relaunch the South Coast branch once all the constitutional requirements are fulfilled.

Leadership Development and Achievements

KwaZulu-Natal has been producing leaders in all spheres of life. As a province, we salute Mr Leonard Mashao, the recipient of the 2012 KZN Manager of the Year award. The provincial leadership encourages student chapter members through mentorship and workshop programmes to continue with their post-graduate studies. This drive is aligned with the core strategy of the BMF, which observes that education is the key to ensure that the country’s developmental goals are achieved.

As a province, we appreciate that BMF leadership comes with many sacrifices. We therefore salute those who carried the torch to the end with dedication, commitment and selfless sacrifices. MembershipKZN’s membership has grown compared to the previous financial year. But the relocation of members to the industrial hub of Richards Bay poses real challenges. The plan is to attract new members from the public sector.

As previously reported about the victimisation of the transformation agents in corporate SA, some members are afraid to take leadership positions within the province. We hope that the BMF national office will action this important matter as it paralyses the organisation.

In Conclusion The province will always strive to be relevant, challenge the status quo and drive transformation. As a rural province, we need more transformation agents to implement the laws of the country without any fear, favour and prejudice. We embrace the partnerships created with the following companies: Nedbank, Old Mutual, Productivity SA, Allan Gray and Mercedes Benz SA (uMhlanga dealership).

Jim Matsho, Provincial Chairperson

MPUMALANGA (MP)It is yet another exciting year in our province, categorised by the adoption of developmental activities, the launching of the BMF Young Professionals (YP), and the programmes by the student chapter. Guided by the national strategy, our province has crafted its strategy to focus largely on provincial development issues. The province decided to replace some of our colleagues

PROVINCIAL REPORTS

As indicated, the growth of our membership base is testament to the fact that the provincial leadership collective is on the right track to reinvigorate the BMF in GP.

As a province, we appreciate that BMF leadership comes with many sacrifices. We therefore salute those who carried the torch to the end with dedication, commitment and selfless sacrifices. - KZN

Provincial Reports_1.indd 14 2013/10/16 7:35 PM


PROVINCIAL REPORTS

in the Provincial Committee as a result of their commitment to their respective occupations.

These are the following events which were hosted:• We handed over a house to a family in

Mozambique as a gesture of goodwill and Ubuntu after a xenophobic attack.

• The BMF YP was launched in the province, and a detailed programme and strategy was presented. This was followed by a host of activities.

• The student chapter held its conference in the province and hosted counterparts from Swaziland and Mozambique. Consequently, a task team was established to look into areas of development in the mining, agricultural, social economic and education sectors.

We are happy to confirm that our finances were consolidated; all branches – with the exception of Steve Tshwete – have closed their accounts. Our accounts are now with the head office for finalisation.

MembershipWe have experienced steady growth in membership. We are now in pursuit to recruit a quality manager who aspires to be a BMF member.

We are guided by the BMF’s strategic document in dealing with the challenges that confront us in the province. We wish to thank our sponsors: SASOL, Fence it Manufactures, IDC, Absa and Ingwenyama Lodge. Their support helped us manage our planned events. We also wish to

acknowledge and thank our colleagues who started the term with us, but could not see it through due to circumstances beyond their control.

John Nkadimeng, Provincial Chairperson

NORTH WEST (NW) The North West province has had a slow but fruitful year. This was due to migration of skills and job losses. This picture epitomises not only the North West but all rural provinces that depend on a mining environment for employment.

The things we did well in this financial year are:• BMF Golf Day – 14 December 2012• Allan Gray Investment Seminar – 26

February 2013• Transformation in Higher Education

Debate – 14 March 2013 • Mandela Day initiative – 18 July 2013• Dr Ruth Segomotsi Mompati Recognition

Award – 09 August 2013• We now have two branches: Dr Kenneth

Kaunda and Bojanala. We intend to add another branch by the end of the next financial year.

• Two of our members attended a course on entrepreneurship skills, at the North-West University (NWU) – Potchefstroom Campus. They successfully completed the course and were presented with their accreditation certificates.

Despite the fact that we have added an additional branch, our intention and vision is to have a branch in every district.

We are struggling to raise sponsors due to the fact that organisations are raising the point of beneficiation to the general community.

The year under review was not easy, however, we would not trade it for anything given the experience gained.

Nela Mojanaga , Provincial Chairperson

FREE STATE (FS)The BMF in the Free State has had a very challenging year, however, we look ahead with more optimism and determination to pursue the objectives of our noble organisation.

The province is made up of three active branches: Welkom, Bloemfontein and

QwaQwa. It remains a huge challenge to attract and retain new members in all our branches, but we are determined to overcome these and many other challenges.

The internal challenges of the BMF FS remain persistent. Nevertheless, we are working at addressing them with the aim to build and unite the province. One of our internal challenges is strengthening the young professionals and the student chapter in our province through capacity building and the revival of these two key components of the BMF.

We are pleased to report that the BMF FS has achieved good and sound audited financial statements for the year under review. All our branches have been hard at work in maintaning good financial management.

The BMF in the province has recommitted itself to promoting youth empowerment, as well as women emancipation to the benefit of the Free State, in particular, and South Africa as a whole. Women remain valuable partners in building a vibrant and winning society; we value their unconditional emancipation.

Across the province, there have been key events that have afforded our members the opportunity to interact with different partners of the BMF in the province. We are grateful for the continuous support shown by our external stakeholders: the NEF, Standard Bank, Mediclinic, Allan Gray, CUT, among others.

We hosted well-attended events and many other activities, below we mention a few:• We hosted seminars with Allan Gray on

wealth creation;

We are happy to confirm that our finances were consolidated; all branches – with the exception of Steve Tshwete – have closed their accounts. -MP

Despite the fact that we have added an additional branch, our intention and vision is to have a branch in every district. - NW



PROVINCIAL REPORTS

• We held a successful breakfast session with Eskom on tapping into its Supply Management to attract more service providers;

• We established a great partnership with Standard Bank Private Banking for the benefit of our members across the province;

• We hosted the NEF in our quest to explore the funding mechanism for entrepreneurship;

• We held a successful business breakfast to unpack the NHI with Mediclinic;

• We held the second leg of the well- established partnership with the provincial Treasury on infrastructure developmentand the role of black entrepreneurs in the Free State;

• Mandela Day celebration was once again a great success in the province, with our branches doing their best in supporting this noble call; and

• Some schools in the province have been adopted in our outreach programme currently implemented by our branches.

These events have afforded the BMF Free State, once again, the opportunity to highlight the BMF mission and vision to contribute in building a greater South Africa and a winning Free State province.

It is important that we mention the launch of our rural branch, the BMF QwaQwa. Great attention should be paid in developing our rural areas and mitigate the multiple challenges they are faced with. It is also important to acknowledge the BMF

FS in achieving good and sound audited financial statement for the year under review. We are grateful for such achievements, which would not have been possible without the teamwork displayed by the provincial committee. We also appreciate the sacrifices made by our provincial administrator in keeping the BMF FS moving forward.

Overall, the BMF Free State has shown resilience and determination in working for its members. The fruit of our commitment is found in our common sense of unity.

We remain convinced that more work lies ahead for the province, however, in achieving any sustainable achievement in the future, we aim to working closely with all stakeholders. The consistent support of our external members is worth mentioning, and we will work hard at re-assuring them.

We want to use this opportunity to express our sincere gratitude to every single individual that strives to build a vibrant BMF in the Free State, especially to our valuable members for continuing to believe in the organisation. Together we can make the BMF FS better.

Norbert Nyamsi, Provincial Chairperson

WESTERN CAPE (WC) This year presented severe challenges. The new provincial committee assumed office without any financial resources. Through all of that, the province delivered on its objectives, as set out below: Events hosted• 2013 Budget Breakfast with Mazars -

members were updated on the key aspects of the budget speech, which had just been delivered in Parliament. The event also served as a good networking opportunity for our members.

• Transformation Round Table with Premier Helen Zille’s office. A panel discussion with the premiers spokesperson, a

• representative from business and a BMF representative.

• Robust debate on the current state of transformation in the province. Improved working relationship and communication with the premier’s office on issues of recruitment and transformation in general have been some of the

significant outcomes of the discussion.• Motivation forum with the young

professionals - Mr Mali from Standard Bank gave a motivational talk to our young professionals and was joined by two other young people who are doing extremely well in the province. The event resulted in more young professionals showing interest and taking part in BMF activities.

• Launch of the investment series with Allan Gray - the series is aimed at educating our members, particularly young professionals, on the importance of investing in their future.

• Women of all spheres event - this was our f lagship women’s event during Women’s Month. The purpose of the event was to inspire our female members to be actively involved in their chosen spheres of influence.

• The event was graced by, among others, the BMF Deputy President, the SABC

• Interim Board Chairperson and Deputy Minister Ayanda Dlodlo.

• Golf programme with Sanlam - the programme aimed to introduce our members to the game of golf, which presents enormous networking opportunities. We had about 70

• participants between the Western Cape • and the BMF Gauteng province.

MembershipThe province experienced high growth in membership, and we are happy that people

The BMF in the FS has recommitted itself to promoting youth empowerment, as well as women emancipation

Having started the term with a huge negative, the province is now comfortable with funds totaling around R200 000 in the provincial account (cash and money due). -WC



PROVINCIAL REPORTS

want to be members of the BMF.

Financial PositionHaving started the term with a huge negative, the province is now comfortable with funds totaling around R200 000 in the provincial account (cash and money due). We have managed to turn the dark corner through the fundraising efforts of the current provincial committee. We wish to thank and acknowledge our sponsors and partners for their continuous support: Capitec Bank, Nedbank, Sanlam, Allan Gray, Mediclinic and Pioneer Foods.

The rest of our term will focus on strengthening our relationship with institutions of higher learning, and set our Provincial Bursary Fund with the objective of providing training opportunities for our members, and bursaries to deserving students.

We are in the process of finalising our preparations for the launch of our Transformation Forum. This is an important platform that will bring together transformation officers, HR managers, EE managers, and procurement officers, to share ideas and best practices in an effort to fast track transformation in the province.

Natalie Khambi, Provincial Chairperson

LIMPOPO (LP) Limpopo entered the new financial year with the convention of a Bi-Annual General Meeting that elected new leadership. They are: Sam Maloka (chairperson), Dr. John Mudau (deputy chairperson), Regina Erasmus (treasurer), Regina Sebola (secretary), Yvonne Mathabatha and Makgabo Senoamadi (additional members), David Rakgoale (young professionals) and Ignitius Masekoameng (provincial student chapter chairperson).

BMF Limpopo realised a tremendous increase in affiliated members – membership grew by over 100% to 243 members from 98 members reported in June 2012. With the national launch of the BMF SME membership category, the Limpopo province is hopeful that the BMF will register a significant number of SMEs as members.

The province registered remarkable progress and successful implementation of

its business plan for the year. Managing to host events and programmes as spelled out by the strategic plan of the organisation, the province enjoys long-standing corporate and administrative support from PwC, who have supported Limpopo since 1995.

The BMF is thankful to sponsors and partners who joined forces in the hosting and running of some of the events, which benefitted the BMF members. These partners who kept the BMF Limpopo torch shining brighter include – but not limited to – Allan Gray for the Investment and Financial Planning Seminars, PwC for leadership workshops, Old Mutual, BMW Modern Autohouse, Capricorn FM, LimDev, NedBank, Masana Lodge, Engen, Vodacom Limpopo for the corporate golf day, Lepelle Northern Water and the University of Venda, in partnership for hosting the CEO’s series. The BMF Limpopo ran its normal annual national programmes, such as the Dr BBR Nyathi Memorial Lecture and the Tracey Malatjie Women of Excellence Awards.

Sam Maloka, Provincial Chairperson

EASTERN CAPE (EC)We are pleased to report that the period under review is also the first year of the term of office for the provincial leadership in the Eastern Cape. The province had an elective Annual General Meeting (AGM) in July 2012. It is encouraging to observe the commitment and cohesion of the provincial committee working together for the advancement of the BMF values and ideals. Immediately, upon taking over, the leadership had to organise an annual gala dinner, a flagship event of the BMf in the province. The dinner was hosted in Port Elizabeth and was preceded by a golf challenge the following day.

As part of the long-held tradition in the province, the BMF presented awards to outstanding personalities in various fields and occupations. • The awards went to the following

recipients: The Lifetime Achiever Awards – Phillip Gutche, (chairperson of Coca-Cola) and Sicelo Duze (CEO of Algoa Bus).

• The Manager of the Year Award – Mthunywa Ngonzo (head of department

for the Eastern Cape Department of Education).

• Women in Business Leadership Award – went to Jacqueline Brown (the port manager for the Port of East London).

• Young Professional of the Year award – was presented to Mabhuti Mpafa (business development officer with Chris Hani District Municipality).

• Student Chapter of the Year Award – Nelson Mandela Metro University: Missionvale Campus.

We are particularly proud about the successful presidential visit to the province, where the presidency interacted with various stakeholders and members of the organisation.

In the period under review, we have also prioritised relationship building with our strategic partners with a view to create an opportunity for our branches to tap into these resources. We are happy to report that we have resuscitated a long-lost relationship with key private sector partners that are critical in the delivery of our mandate.

We are also pleased to report that an initiative that was conceptualised and

The province registered remarkable progress and successful implementation of its business plan for the year. Managing to host events and programmes as spelled out by the strategic plan of the organisation. -LP



PROVINCIAL REPORTS

started by Amathole branch back in 2008 and finally launched in November 2009, is now being adopted and launched at national level. This initiative is called Women Empowerment Desk (WED).

WED is an important platform for all in the BMF to address issues of women empowerment. This is the structure that we hope to sustain at all cost, since gender equality and women empowerment are human rights issues. During this period, WED hosted two breakfast sessions in East London – one was the Human Rights Day Celebration (attended by the executive mayor) and the other one was in celebration of Women’s Month under the theme “Women Leadership and Business Development”. The event was hosted in partnership with the ECDC and Alexander Forbes. Both events were a success.

We are extremely proud of our student chapter in the Eastern Cape. Among the many events and activities they hosted this year, they organised an “Anti-Rape March” which was a huge success. Rape and sexual assault remain one the worst crimes perpetuated against women and this also happens in various campuses and is often not reported. We are pleased that the student chapter in the province decided to champion this cause.

The revitalisation of Umtata and Graaff Reinet branches and the fluctuating membership – with regret – remain one of our “Achilles’ heels” in the province. However, there are mechanisms in place to ensure that these branches are revived.

In spite of the aforementioned, we are pleased to report that Queenstown, East London and Port Elizabeth are the three branches that continued to be active in the period under review.

Dumisani Mpafa, Provincial Chairperson

NORTHERN CAPE (NC)

For the year under review, we kicked off with a recruitment drive that saw us recruit 40 new members. We then held a financial workshop, sponsored by Standard Bank, that upskilled members of our student chapter, in particular, and in general students at the Universal College Outcomes. Then in collaboration with the

Department of Social Services, we organised the Community Upliftment Project at an orphanage in Galeshewe township.

Meetings held• 6 November 2012 – Kuruman branch held

a general meeting • 13 November 2012 – Kimberley branch

held a committee meeting• 2 February 2013 – provincial executive

committee meeting • 4 February 2013 – The Kimberley Branch

Committee has been having monthly meetings on every second Tuesday of the month

• 23 July 2013 – Kimberley branch AGM• 24 July 2013 – Kathu branch AGM• 16 August 2013 – provincial committee

teleconference meeting • 18 August 2013 – provincial AGM was an

elective AGM

Forums and Events• On 7 November 2012, we hosted a

student chapter workshop with Old Mutual (Managing Your Financials).

• On 8 November 2012, the branch member attended the Zero Harm workshop with Eskom.

• On 11 December 2012, the Kimberley branch held a Christmas party, in partnership with De Beers, at an old age home (Bophelong Care Centre) as part of the ongoing Mandela Day initiative.

• The initiative of growing the provincial office by appointing an intern from the Service Seta, is still ongoing.

• In December 2012, the Kuruman branch held a general meeting.

• The deputy provincial chair and YP chair was nominated to serve on the ANC economic transformation subcommittee.

• On 1 March 2013, the provincial leadership attended the Northern Cape State of the Province Address at the Mittah Seperepere Convention Centre.

• On 8 March 2013, the BMF hosted the acting Premier Grizelda Cjiekella who delivered a keynote address to dissect the State of the Province Address, and later allowed stakeholders to engage with her.

• On 30 April 2013, the province hosted a breakfast meeting that aimed to create a platform for information exchange and

debate between key stakeholders in the province in both business and government. Cosatu General Secretary, Zwelinzima Vavi, and the CEO of Chamber of Mine, Bheki Sibiya, delivered a keynote address under the theme: “Is South Africa’s Climbing Wage Bill Sustainable vs Labour Productivity of 3%”.

• On 26 July 2013, the BMF Northern Cape hosted the BMF Deputy President, Koko

• Khumalo, and the Hon MEC of Agriculture and Land Reform, Norman Shushu, under the theme: “What is the Role of Business in Advancing the Goals of the National Development Plan?”.

• Dinner with the Premier of the Northern Cape, Sylvia Lucas, and the Royal Bafukeng Queenmother to celebrate Women’s Month.

• On 29 August 2013, Wildeklawer Schools launched in Kimberley.

Peace Ntuli, Provincial Chairperson

An initiative that was conceptualised and started by Amathole branch back in 2008 and finally launched in November 2009, is now being adopted and launched at national level. This initiative is called Women Empowerment Desk (WED). - EC

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PROVINCIAL REPORTS

Talks have started between SARB and the BMF Young Professionals regarding hosting an annual young professionals economic summit. The summit will be attended by YP structure’s representatives and will focus on the role of young professionals in growing South Africa’s economy at a rate that will alleviate unemployment and poverty.

YOUNG PROFESSIONALS’ REPORTNational AssessmentWe have active presence in eight of the nine provinces in South Africa, and we are working towards growing and reactivation of the BMF YP in the Free State before the end of the year 2013.

StructureSince March 2013, we piloted a structure called BMF YP National Executive Committee comprising of the National Chairperson, Deputy National Chairperson, National YP Coordinator, Head of Enterprise, Head of Community Development and Head of Skills, Development and Empowerment. The pilot structure is proving to be one of the best decisions we have made as young professionals, despite having had to replace the initial Head of Skills, Development and Empowerment.

Enterprise Development (headed by Moses Mashishi) We have started a process of building a database for youth-owned businesses that we will share with companies looking for black suppliers.

We consulted a number of companies that have successfully been running incubators in South Africa for years. We later invited RaizCorp and Manchu Group to present their entrepreneurship development programmes to BMF YP during our strategic session held at the BMF House on 27 August 2013.

The BMF YP unanimously agreed to enter into a partnership with RaizCorp to ensure a successful delivery of programmes on enterprise development. We are currently discussing the content of the partnership and we envisage that we will start work in the last quarter of 2013.

Skill, Empowerment and Development (headed by Amanda Dlamini) We have a mentorship website that is currently being developed by SiveICT (on a pro-bono basis). Our aim is to roll out the mentorship programme nationally before the end of 2013.

We have started piloting the Skills and Attitude (young professionals) Development

Programme in Gauteng – the first group started on 7 September 2013 and the second group will start on 5 October 2013. The pilot programme will run until May 2014. At the end of the programme, we will assess and develop plans to roll out the same or similar programmes to four provinces in 2014 and 2015. And from 2015 to 2016, we will roll out the programme in the five remaining provinces. This is done in partnership with Bheki Zulu (CEO at Mappp Seta), Vodacom Midrand Toastmasters, Standard Bank, Regenesys Business School and The Pacific Institute.

Community Development (headed by Carol Bixa)We have agreed on an “adopt a school” approach where each province will adopt a school to work with from February 2014 to October 2014. The programme will cover motivational talks, career guidance, take a learner to school, developing a school turnaround strategy and school renovations.

Strategic FrameworkThe former BMF Managing Director, Nicolas D Maweni, facilitated the session held at the BMF House on 27 July 2013.

We would like to thank the BMF Deputy President, Koko Khumalo, for honouring our invite to come and share with us the BMF presidency’s expectations from the BMF YP. BMF Young Professionals Partnerships1. Allan Gray – is sponsoring full costs of hosting nine workshops on wealth creation around the country. The focus is growing wealth through savings and investment. Successful workshops have been held in the Eastern Cape, Mpumalanga and the Western Cape. The other provinces will be covered soon. 2. Capitec Bank – we are in final stages of our talks with the Head of Corporate Affairs, Sibusiso Khumalo, regarding a three-year sponsorship (March 2014 to March 2016) worth a total of R1.5 million, of which R500 000 will be allocated per annum. 3. South African Reserve Bank – talks have started between SARB and the BMF YP regarding hosting an annual young professionals economic summit. The summit will be attended by YP structure’s representatives and will focus on the role of young professionals in growing South

Africa’s economy at a rate that will alleviate unemployment and poverty.

CRITERIA FOR BEING ACCEPTED AS A BMF YOUNG PROFESSIONALS MEMBER

Acceptance 1. Age 35 and below. 2. A minimum NQF level 6 qualifications

from any recognised Institution of Higher Learning.

3. Manager/aspirant manager. 4. Willing to adhere, respect and maintain

the vision and values of the BMF.5. Employed/self-employed.6. Not be a student chapter member.

Decline or Excluded7. Any persons not legible with any of the criteria 1 – 6 above.

(by Thuso Segopolo, National Chairperson)



PROVINCIAL REPORTS

KWAZULU-NATALStudent Chapter leaders continue to occupy leadership positions at national structures. The student chapter has been consistent in delivering their programme of action, and we salute their leadership. The Eshowe Saturday school project, where 44 learners attend mini camps during the school holiday, is still faced with challenges of securing a sustainable sponsor. Mfundo Mkhize, a grade nine pupil at Sunnydale School who attended the Eshowe programme, was the top mathematics leaner for the Eshowe District in 2012. There are five branches based in the University of Zululand; nalmely, the University of KwaZulu-Natal, Pietermaritzburg (PMB), Howard College, Westville, and Durban University of Technology (DUT).

EASTERN CAPEWe are extremely proud of our student chapter in the Eastern Cape. They are represented at three institutions and have a presence on five campuses. Among many events and activities they hosted this year, they organised an “Anti-Rape March” which was a huge success. Rape and sexual assault remain one the worst crimes perpetuated against women, and this also happens in various campuses and is often not reported. We are pleased that the student chapter in the province decided to champion this cause.

MPUMALANGA The province managed to establish four branches (Lowveld College of Agriculture in Nelspruit, Marapyane College of Agriculture, FET Kanyamazane and FET Nelspruit campus). We

managed to host a powerful conference in partnership with two bordering countries (Mozambique and Swaziland). The theme of the conference was “Mandate to the Next Generation” – how can we utilise land that is left unsown – profitable and sustainable under three sub-headings: Agriculture, Mining and Tourism.

We hosted a women extravaganza event that was looking at business investments for women. The province produced a document during the conference, that states that the BMFsc members must take an initiative and register co-operatives that will focus in agriculture and tourism, and start business clinics that will equip communities and students.

GAUTENGAmong our members and black students, we have placed at the centre of our programme the academic excellence and development of managerial capacity. We are proud to say that we held a successful Investment Seminar with Allan Gray, where we realised the need to resolve development capacity for our members. We are running the Education Policy campaign, which will lead to the State Education Convention planned for 2014.

WESTERN CAPEOver the years this has been one of the best performing provinces in the country. We have five branches. Apart from challenges faced in the year under reveiw, all programmes have been executed and the province is in good standing. The province is on the verge of launching a new branch at Stellenbosch Tygerberg campus. It has managed to

encompass all pillars of the BMF Student Chapter in all events and across all its branches. Our community projects, such as Let’s Share, have been some of our long-term sustainable projects together with our Peer to Peer HIV/Aids programmes. Currently, the province is embarking on establishing a leadership development programme that will incorporate all three spheres of the BMF: the Young Professionas, the provincial committee and the student chapter.

FREE STATEWe have three branches in the province: the CUT Welkom branch, the University of the Free State (Bloemfontein branch) and the University of the Free State (QwaQwa campus branch). Our membership has doubled compared to the last 2013 Annual General Conference. We will be holding our annual general meeting on 18 October 2013.

LIMPOPOThe Limpopo province has had an interesting year. We hosted a conference under the theme “Inspiring Young Leadership: lessons of humanism and meeting challenges in leadership”. We organised a disability awareness march, aimed at appreciating the disabled community. We also held a gambling and motivation seminar where dangers of gambling were discussed. Highlighted in the seminar were the struggles of young people who are in debt and cannot contribute and or invest due to the severity of their debts – this disables them from contributing towards growing the economy. The seminar was addressed by Dr David Molapo.

NORTH WESTThe North West province has made a lot of progress. It had one branch in the previous year – it has launched three more branches: in Talesto, Nursing college and Mafikeng Hotel School.

The Mafikeng branch has grown from 23 to 220 members, and 426 in the entire province. The province launched relationships with like-minded organisations: Golden Key, SASCO, Black Lawyers Association (BLA) and ABASA. The North West province wishes to launch more branches, but faces struggles with graphical demarcation.

The BMF Student Chapter (BMFsc) aims to position itself as a youth assembly that is relevant to both university and industry. This will be achieved by ensuring that branches implement programmes that are aligned to the founding pillars of the Student Chapter. The current national executive committee implemented the 2012 summit resolution – mandating the BMFsc to enter the public space by articulating on youth matters and forming partnerships with like-minded youth organisations.

We have 25 branches in all nine provinces, with most of our members being females across various disciplines of study levels.

The BMFsc, together with young professionals (YP), began a joint community outreach stationery drive called Samkel’ imfundo. With this national campaign, we have collected stationery material to be distributed to leaners in the most destitute rural schools in South Africa. Pledges were collected from the BMF, BMF Young Professionals, the BMF Student Chapter, and members across the country. We thank all members who pledged.

BMF STUDENT CHAPTER (BMFsc)


ANNUAL FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 MAY 2013

22GENERAL INFORMATION

23STATEMENT OF RESPONSIBILITY BY DIRECTORS

24REPORT OF THE INDEPENDENT AUDITORS

25 - 27DIRECTORS’ REPORT

28STATEMENT OF FINANCIAL POSITION

29STATEMENT OF COMPREHENSIVE INCOME

30STATEMENT OF CHANGES IN FUNDS AND RESERVES

31STATEMENT OF CASH FLOWS

32 - 37ACCOUNTING POLICIES

38 - 50NOTES TO THE ANNUAL FINANCIAL STATEMENTS

51SUPPLEMENTARY INFORMATION

PREPARED BY:Busi Mavuso (BMF – Chief Financial Officer)

AUDITED BY:SizweNtsalubaGobodo Inc

CONTENTS



Annual Financial Statements 2013.indd 21 2013/10/16 5:41 PM


Country of incorporation and domicile South Africa

Nature of business Non-profit organisation – Development of Managerial Leadership

Directors Mr. BF Mohale (President)

Ms. K Khumalo (Deputy President)

Mr. N Maweni (Managing Director)

Mr. P Ntuli

Mr. N Nyamsi

Ms. N Khambi

Mr. M Moiloanyane

Mr. N Mojanaga

Mr. S Maloka

Mr. D Mpafa

Mr. J Matsho

Mr. J Nkadimeng

Ms. S Mntambo

Mr. T Segopolo

Business address Black Management Forum House

12 Summer Street

RIVONIA

Postal address PO Box 781220

SANDTON

2146

Main bankers ABSA

Nedbank

Auditors SizweNtsalubaGobodo Incorporated

Secretary Ms T Frederisks

Company registration number 1981/001893/08

GENERAL INFORMATION




STATEMENT OF RESPONSIBILITY BY DIRECTORSIn accordance with the Companies Act No. 71 of 2008 as amended, the Directors are required to prepare annual financial statements that comply with International Financial Reporting Standards.

The Directors are responsible for ensuring that complete, accurate and reliable accounting records form the basis for preparing the annual financial statements. The financial statements include judgments and estimates that are reasonable and prudent, made by management, reviewed and accepted by the Directors. The Directors also ensure that accounting policies selected and applied are appropriate to the company’s circumstances. In order to achieve this objective the Directors rely on the systems of internal control set up and maintained by management.

The internal controls include a risk-based system of internal accounting and administrative controls designed to provide reasonable, but not absolute, assurance that the assets are safeguarded and transactions executed and recorded in accordance with generally accepted business practices, as well as with the company’s policies and procedures. The Directors have, however, the ultimate responsibility for this system of internal controls.

The Directors have every reason to believe that the company has adequate resources in place to continue in operation in the foreseeable future and have for this reason adopted the going concern basis in preparing the financial statements.

The external auditors, SizweNtsalubaGobodo Inc., who were given unrestricted access to all financial records and related data, including minutes of the directors meetings, have audited the financial statements. The Directors believe that all representations made to the independent auditors during their audit are valid and appropriate. Their audit report on the annual financial statements is presented on page 5 to 6.

The Directors are of the opinion that the financial statements fairly present the financial position of the company at 31 May 2013, and the results of its operations and cash flows for the year then ended. Material facts or circumstances between the balance sheet date and the date that the report has been signed have been disclosed in the financial statements.

As detailed in note 21 to the financial statements, the financial statements could not be consolidated as required by IAS 27 Consolidated and Separate Financials Statements, in accordance with IAS 1 Presentation of Financial Statements, and the Companies Act No 71 of 2008 as a decision to consolidate was taken late by the directors.

The financial statements which appear on pages 7 to 40 have been approved by the Board of Directors on the 25 October 2013 and signed on its behalf by:

Bonang Mohale (President) Koko Khumalo (Deputy President)

Sandton25 October 2013



Report of the Independent Auditors to the members of the Black Management Forum

We have audited the accompanying annual financial statements of the Black Management Forum, which comprises the statement of financial position as at 31 May 2013, the statement of comprehensive income, the statement of changes in funds and reserves and statement of cash flows for the year then ended, a summary of significant accounting policies and other explanatory notes, as set on page 10 to 37.

DIRECTOR’S RESPONSIBILITYThe Directors are responsible for the preparation and fair presentation of these annual financial statements in accordance with International Financial Reporting Standards and in the manner required by the Companies Act of South Africa. This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and fair presentation of annual financial statements that are free from material misstatement, whether due to fraud or error, selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

AUDITOR’S RESPONSIBILITYOur responsibility is to express an opinion on these annual financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonable assurancewhether the annual financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures inthe annual financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the entity’s annual 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 annual 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 the Directors, as well as evaluating the overall presentation of the annual financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OPINIONIn our opinion, the financial statements present fairly, in all material respects, the financial position of the company as at 31 May 2013, and its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards and the requirements of the Companies Act of South Africa.

EMPHASIS OF MATTER PARAGRAPHSWe further draw attention to the following matters:

PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTSAs disclosed in the statement of responsibility by directors and note 21 to the financial statements, consolidated financial statements have not been prepared. The statement of responsibility by directors and note 21 further state the reasons for the non-consolidation and the financial impact the consolidation would have on the financial statements.

SUPPLEMENTARY INFORMATIONWe draw attention to the fact that supplementary information set out on page 38 – 40 does not form part of the financial statements and is presented as additional information. We have not audited the schedules and accordingly we do not express an opinion on these schedules.

OTHER MATTERS REQUIRED BY THE COMPANIES ACTAs part of our audit of the financial statements for the year ended 31 May 2013, we have read the director’s report for the purpose of identifying whether there are material inconsistencies between this report and the audited financial statements. This report is the responsibility of the respective preparer. Based on reading this report we have not identified material inconsistencies between this report and the audited financial statements. However, we have not audited this report and accordingly do notexpress an opinion on this report.

SizweNtsalubaGobodo Inc.Director: Altaf FajandarRegistered AuditorWoodmead - 25 October 2013



ANNUAL FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 MAY 2013Directors’ Report

The Directors present their report for the year ended 31 May 2013.1. REVIEW OF ACTIVITIESThe Black Management Forum is a non-racial, thought leadership organisation founded in 1976, with the main purpose of influencing socio-economic transformation of our country, in pursuit of socio-economic justice, fairness and equity. The BMF continues to be vocal on these aforementioned matters and has been keeping Corporate South Africa in check and encouraging participation of the broader South African stakeholders.

The organisation stands for the development and empowerment of managerial leadership primarily amongst black people within organisations and the creation of managerial structures and processes, which reflect the demographics, and values of the wider society.

Whereas the BMF is not apolitical, but is non-partisan. The BMF is however not neutral on matters of transformation. We are pro-transformation.

Amongst the BMF high level activities during the year of reporting, the BMF engaged with many stakeholders and industry players in advocating on socio-economic development matters. Through its strategic focus areas, BMF continues to lobby for and execute its transformational mandate.

In pursuit of managerial leadership development, the BMF facilitates skills building of its members through partnership that caters for executive, senior and other managerial courses.

The net surplus of the company was R11,654,932 (2012: R2,344,659), see the BMF narrative report.

2. GOING CONCERNThe annual 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. SUBSEQUENT EVENTSThe Directors are not aware of any matters or circumstances arising since the statement of financial position date and the date on which the annual financial statements were approved that may have an impact on these presented financial statements.

4. AUTHORISED AND ISSUED SHARE CAPITALBMF is a non-profit organisation and has no share capital.



5. DIRECTORSThe Directors of the company during the year were as follows:

NAME CHANGES

Mr. BF Mohale (President) Appointed 3 October 2012

Ms. K Khumalo (Deputy President) Appointed 3 October 2012

Mr. N Maweni (Managing Director) Appointed 1 July 2012

Mr. P Ntuli Appointed 3 October 2012

Mr. N Nyamsi Appointed 3 October 2012

Ms. N Khambi Appointed 3 October 2012

Mr. M Moiloanyane Appointed 3 October 2012

Mr. N Mojanaga Appointed 3 October 2012

Mr. S Maloka Appointed 3 October 2012

Mr. D Mpafa Appointed 3 October 2012

Mr. J Matsho Appointed 3 October 2012

Mr. J Nkadimeng Appointed 3 October 2012

Ms. S Mntambo Appointed 3 October 2012

Mr. T Segopolo Appointed 3 October 2012

Mr. J Manyi (President) Retired 3 October 2012

Ms. N Zikalala Retired 3 October 2012

Ms. LD Haskins Retired 3 October 2012

Ms. TZ Mnyaka Retired 3 October 2012

Mr. T Raseleka Retired 3 October 2012

6. SECRETARYMs. T Fredericks

BUSINESS ADDRESS Black Management Forum House

12 Summer Street

Rivonia

POSTAL ADDRESS PO Box 781220

Sandton

2146

Directors’ Report Continued




Directors’ Report Continued

7. INTEREST IN SUBSIDIARIES AND ASSOCIATES

NAME OF SUBSIDIARY/ASSOCIATE PERCENTAGE OF OWNERSHIP

Black Management Forum Investment (Proprietary) Limited 63,43%

BMF Leadership Search (Proprietary) Limited 100%

BMF Empowerlogic (Proprietary) Limited 50%

8. SUBSIDIARIES AND ASSOCIATES

Black Management Forum Investment LimitedThe Black Management Forum has a 63,43% in the Black Management Forum Investment (Proprietary) Limited. In accordance with the shareholders agreement for the company, the minority shareholder has a right to veto certain major operating and financial decisions of the Black Management Forum Investment (Proprietary) Limited. The BMF therefore has significant influence, and not control, even though it owns the majority of the issued shares.

BMF Leadership Search (Proprietary) LimitedThe company is a wholly owned subsidiary of the BMF with its principal business being recruitment, search and selection.

The financial year end of the company is 31 May in line with that of the BMF. The company ceased operations during the 2009 financial year and is now dormant.

BMF Empowerlogic (Proprietary) LimitedThe company is 50% owned by the BMF with its principal business being the verification of the BEE status of companies. The company ceased operations during the 2009 financial year and is now dormant.

9. SPONSORSHIPDuring the current financial year anchor sponsorships were received from Mercedes Benz South Africa, Transnet and Eskom of which valid agreements are in place.

10. AUDITORS SizweNtsalubaGobodo Inc. is available to continue in office as the auditors of the BMF in accordance with the Companies Act No. 71 of 2008.



Statement of Financial PositionNOTES 2013 2012

R R

ASSETS

NON-CURRENT ASSETS

Property, plant and equipment 2 13,741,170 90,536

Investments in subsidiaries 3 1,050 1,050

Investment in associate 4 5,100 5,100

Other financial assets 5 5,000,000 5,000,000

Loans to related parties 6 207,432 207,432

18,954,752 5,304,118

CURRENT ASSETS

Inventory 7 32,773 72,089

Trade and other receivables 8 1,376,836 6,034,931

Cash and cash equivalents 9 6,048,727 2,760,870

7,458,336 8,867,890

TOTAL ASSETS 26,413,088 14,172,008

FUNDS AND LIABILITIES

FUNDS AND RESERVES

Members’ funds and contributions 339,043 339,043

Accumulated surplus 24,322,897 12,667,965

24,661,940 13,007,008

NON-CURRENT LIABILITIES

Finance lease liability 10 111,917 40,766

111,917 40,766

CURRENT LIABILITIES

Trade and other payables 11 1,623,648 1,102,418

Current portion of finance lease liability 10 15,583 21,816

1,639,231 1,124,234

TOTAL LIABILITIES 1,751,148 1,165,000

TOTAL FUNDS AND LIABILITIES 26,413,088 14,172,008




Statement of Comprehensive IncomeNOTES 2013 2012

R R

Revenue 12 10,745,191 6,944,912

Other income 13 587,662 632,103

Conference and functions (3,631,590) (4,085,703)

Staff costs (3,736,353) (3,170,584)

Other operating expenses 14 (5,927,616) (4,311,440)

OPERATING DEFICIT (1,962,706) (3,990,712)

Investment income 15 13,648,211 6,352,711

Finance costs 16 (30,573) (17,340)

SURPLUS FOR THE YEAR 11,654,932 2,344,659

Other comprehensive income

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

11,654,932 2,344,659



Statement of Changes in Funds and ReservesMEMBERS’ FUNDS AND CONTRIBUTIONS

ACCUMULATED SURPLUS TOTAL

R R R

BALANCE AT 1 JUNE 2011 339,043 10,323,306 10,662,349

SURPLUS FOR THE YEAR - 2,344,659 2,344,659

BALANCE AT 31 MAY 2012 339,043 12,667,965 13,007,008

SURPLUS FOR THE YEAR - 11,654,932 11,654,932

BALANCE AT 31 MAY 2013 339,043 24,322,897 24,661,940




Statement of Cash FlowsNOTES 2013 2012

R R

CASH FLOW FROM OPERATING ACTIVITIES

Cash generated from/(utilised in) operations 18 3,361,325 (9,435,919)

Interest received 148,204 8,311

Dividends received 13,500,007 6,344,400

Interest paid (30,573) (17,340)

NET CASH FROM OPERATING ACTIVITIES 16,978,963 (3,100,548)

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment (13,788,344) (18,039)

NET CASH FROM INVESTING ACTIVITIES (13,788,344) (18,039)

CASH FLOWS FROM FINANCING ACTIVITIES

Finance lease obligations raised/(repaid) 97,238 (27,485)

NET CASH FROM FINANCING ACTIVITIES 97,238 (27,485)

NET CASH AND CASH EQUIVALENTS MOVEMENT FOR THE YEAR

3,287,857 (3,146,073)

Cash and cash equivalents at the beginning of the year 2,760,870 5,906,943

TOTAL CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR

6,048,727 2,760,870



Accounting Policies1. PRESENTATION OF ANNUAL FINANCIAL STATEMENTSThe annual financial statements have been prepared in accordance with International Financial Reporting Standards, and the Companies Act of South Africa, 2008. The annual financial statements have been prepared on the historical cost basis, and incorporate the principal accounting policies set out below.

These accounting policies are consistent with the previous period.

1.2 ADOPTION OF NEW AND REVISED STANDARDS AND INTERPRETATIONS In the current year, the company has adopted all new and revised Standards and Interpretations issued by the Accounting Practices Board that are relevant to its operations and are effective. Standards, interpretations and amendments to published standards that are not yet effective are disclosed in note 22.

1.3 CRITICAL JUDGEMENTS AND ESTIMATES MADE IN APPLYING THE ACCOUNTING POLICIESThe preparation of financial statements in conformity with International Financial Reporting Standards requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.

The estimates and associated assumptions are based on historical experience and various other factors, including making assumptions concerning future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are accounted for prospectively.

In process of applying the company’s accounting policies as set out below, management has made the following judgements that have a significant risk of causing material adjustments to the amounts recognised in the financial statements:

A) USEFUL LIVES OF PROPERTY, PLANT AND EQUIPMENTThe useful lives of property, plant and equipment is reviewed at each balance sheet date. The useful lives are estimated by management based on historic analysis and other available information.

1.4 INVESTMENT IN SUBSIDIARIESSubsidiaries are all entities (including special purpose entities) over which the company has the power to govern the financial and operating policies to obtain benefits from the activities of the entity. The existence and effect of potential voting rights that are currently exercisable are considered when assessing whether the company controls another entity.

Investments in subsidiaries are accounted for at cost less impairment losses in the separate financial statements of the company.

The cost of an investment in a subsidiary is the aggregate of:

• the fair value, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the company; plus• any costs directly attributable to the purchase of the subsidiary.

An adjustment to the cost of a business combination contingent on future events is included in the cost of the combination if the adjustment is probable and can be measured reliably.

1.5 INVESTMENT IN ASSOCIATESAssociates are all entities over which the company has significant influence but no control, generally linked to a shareholding of between 20% and 50% of the voting rights.

The company’s investment in associate includes goodwill (net of any accumulated impairment loss) identified on acquisition.

An investment in an associate is carried at cost less any accumulated impairment.




Accounting Policies Continued

1.6 PROPERTY, PLANT AND EQUIPMENTProperty, plant and equipment are tangible items that:• are held for use in the production or supply of goods or services, for rental or others, or for administrative purposes; and• are expected to be used during more than one period.

The cost of an item of property, plant and equipment is recognised as an asset when:• it is probable that future economic benefits associated with the item will flow to the company; and• the cost of the item can be measured reliably.

Costs include costs incurred initially to acquire or construct an item of property, plant and equipment and costs incurred subsequently to add to, replace part of, or service it. If a replacement cost is recognised in the carrying amount of an item of property, plant and equipment, the carrying amount of the replaced part is derecognised.

Property, plant and equipment is carried at cost less accumulated depreciation and any impairment losses.

Property, plant and equipment are depreciated on the straight line basis over their expected useful lives to their estimated residual value.

ITEM AVERAGE USEFUL LIFE

Buildings 40 years

Furniture and fixtures 5 to 6 years

Office equipment 3 to 5 years

Computer equipment 3 years

1.6 PROPERTY, PLANT AND EQUIPMENT (CONTINUED)The residual value and the useful life of each asset are reviewed at the end of each reporting period.

Each part of an item of property, plant and equipment with a cost that is significant in relation to the total cost of the item is depreciated separately.

The depreciation charge for each period is recognised in profit or loss unless it is included in the carrying amount of another asset.

The gain or loss arising from the derecognition of an item of property, plant and equipment is included in profit or loss when the item is derecognised. The gain or loss arising from the derecognition of an item of property, plant and equipment is determined as the difference between the net disposal proceeds, if any, and the carrying amount of the item.

IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENTProperty, plant and equipment that are subject to depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an assets’ fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units - CGUs)

1.7 FINANCIAL INSTRUMENTS – INITIAL RECOGNITION AND SUBSEQUENT MEASUREMENT

1.7.1 FINANCIAL ASSETS

INITIAL RECOGNITION AND MEASUREMENTThe BMF classifies financial instruments, or their component parts, on initial recognition as a financial asset, a financial liability or an equity instrument in accordance with the substance of the contractual arrangement.

Financial assets and financial liabilities are recognised on the BMF’s balance sheet when the BMF becomes party to the contractual provisions of the instrument. They are initially valued at fair value plus transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models making maximum use of market inputs and relying as little as possible on entity-specific inputs.




SUBSEQUENT MEASUREMENTThe company determines the classification of its financial assets after initial recognition and, where allowed and appropriate, re-evaluates this designation at each financial year end.

All regular way purchases and sales of financial assets are recognised on the trade date i.e. the date that the company commits to purchase the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regular on convention in the marketplace.

Subsequent measurement of financial assets depends on their classification as follows:

Loans and receivablesLoans and receivables are non-derivatives financial assets with fixed or determinable payments that are not quoted in an active market. After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate method (EIR), less impairment. Amortised cost is calculated by taking into account any discount for premium on acquisition and fee or costs that are an integral part of the EIR. The EIR amortisation is included in finance income. The losses arising from impairment are recognised in the statement of comprehensive income in finance costs.

Available for sale financial assetsAvailable-for-sale financial investments include equity and debt securities. Equity investments classified as available-for-sale are those, which are neither classified as held for trading nor designated at fair value through profit and loss. Debt securities in this category are those which are intended to be held for an indefinite period of time and which may be sold in response to needs for liquidity or in response to changes in the market conditions.

After initial measurement, available-for-sale financial investments are subsequently measured at fair value with unrealised gains or losses recognised as other comprehensive income in the available-for-sale reserve until the investment is derecognised, at which time the cumulative gain or loss is recognised in other operating income, or determined to be impaired, at which time the cumulative loss is recognised in other operating income, or determined to be impaired, at which time the cumulative loss is recognised in the statement of comprehensive income in finance costs and removed from available-for-sale reserve.

Interest earned or paid on the investments is reported as finance income or expense using the effective interest rate. Dividends earned on investments are recognised in the statement of comprehensive income as “Dividends received” when the right of payment has been established.

IMPAIRMENT OF FINANCIAL ASSETSThe company assesses at each balance sheet date whether there is any objective evidence that a financial asset or group of financial assets is impaired as a result of one or more events that occurred after the initial recognition of the asset (loss events), and that loss event has an impact on the estimated future cash flows that can be reliably estimated.

Available-for-sale financial assetsIf an available-for-sale asset is impaired, an amount comprising the difference between its cost (net of any principal payment and amortisation) and its current fair value, less any impairment loss previously recognised in the statement of comprehensive income is transferred from equity to the statement of comprehensive income. Reversals in respect of equity instruments classified as available for sale are not recognised in the statement of comprehensive income. Reversals of impairment losses on debt instruments are reversed through the statement of comprehensive income, if the increase in fair value of the instrument can be objectively related to an event occurring after the impairment loss was recognised in the statement of comprehensive income.

1.7.1 FINANCIAL LIABILITIESINITIAL RECOGNITION AND MEASUREMENTFinancial liabilities within the scope of IAS 39 are classified as financial liabilities at fair value through profit and loss or loans and borrowings. The company determines the classification of its financial liabilities at initial recognition.

All financial liabilities are recognised initially at fair value and in the case of loans and borrowings, plus directly attributable transaction costs.

SUBSEQUENT MEASUREMENTThe measurement of financial liabilities depends on their classification as follows:

Interest bearing loans and borrowingsAll loans and borrowings are initially recognised at fair value less directly attributable transaction coats, and have not been designated ‘as fair value through profit or loss.’




Accounting Policies ContinuedAfter initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method.

Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the amortization process

1.7.2 DERECOGNITION OF FINANCIAL ASSETS AND LIABILITIES

Financial assetsA financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognised where:

• The right to receive cash flows from the asset have expired;• The company retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party

under a ‘pass-through’ arrangement;• The company has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the asset,

or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset

Where the company has transferred its rights to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the company’s continuing involvement in the asset. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the company could be required to repay.

Where continuing involvement takes the form of a written and/or purchased option (including a cash-settled option or similar provision) on the transferred asset, the extent of the company’s continuing involvement is the amount of the transferred asset that the company may repurchase, except that in the case of a written put option (including a cash-settled option or similar provision) on an asset measured at fair value, the extent of the company’s continuing involvement is limited to the lower of the fair value of the transferred asset and the option exercise price.

Financial liabilitiesA financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in the profit or loss.

1.7.3 OFFSETTING OF FINANCIAL INSTRUMENTSFinancial assets and financial liabilities are offset and the net amount reported in the statement of financial position if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realised the assets and settle the liabilities simultaneously.

1.7.5 LOANS TO GROUP COMPANIESThese include loans to subsidiaries and are recognised initially at fair value plus direct transaction costs.

On loans receivable, an impairment loss is recognised in surplus or deficit when there is objective evidence that it is impaired. The impairment is measured as the difference between the investment’s carrying amount and the fair value.

Impairment value are reversed in subsequent periods when an increase in the investment’s recoverable amount can be related objectively to an event occurring after the impairment was recognised, subject to the restriction that the carrying amount of the investment at the date the impairment is reversed shall not exceed the fair value which would have been had the impairment not been recognised.

Loans to (from) group companies are classified as loans and receivables.

1.7.6 TRADE AND OTHER RECEIVABLESTrade receivables are measured at initial recognition at cost. Allowances for estimated irrecoverable amounts are recognised in surplus or deficit when there is objective evidence that the asset is impaired.

Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments (more than 30 days overdue) are considered indicators that the trade receivable is impaired. The allowance recognised is measured as the difference between the asset’s carrying amount and the estimated amount to be recovered.

The carrying amount of the assets reduced through the use of an allowance account, and the amount of the loss is recognised in the income statement within



Accounting Policies Continuedoperating expenses. When a trade receivable is uncollectible, it is written off against the allowance account for trade receivable. Subsequent recoveries of amounts previously written off are credited against operating expenses in the income statement.

1.7.7 TRADE AND OTHER PAYABLESTrade payables are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method.

1.7.8 CASH AND CASH EQUIVALENTSCash and cash equivalents comprise cash on hand and demand deposits, and other short-term highly liquid investment that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. These are initially and subsequently recorded at cost.

1.8 INVENTORYInventory is stated at the lower of cost, determined on the weighted average cost basis, and net realisable value. Net realisable value is the market value of the promotional merchandise less the estimated selling expenses.

1.9 LEASESA lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership.

(A) OPERATING LEASE - LESSEEPayments made under operating leases are recognised in the income statement on a straight-line basis over the term of the lease. The difference between the amounts recognised as an expense and the contractual payments are recognised as an operating lease asset or liability. This asset or liability is not discounted. Any contingent rentals are expensed in the period in which they are incurred.

(B) FINANCE LEASESFinance leases are recognised as assets and liabilities in the balance sheet at amounts equal to the fair value of the leased asset, or if lower the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet as finance lease obligation.

The discount rate used in calculating the present value of the minimum lease payments is the interest rate implicit in the lease.

The lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of the remaining balance of the liability.

1.10 IMPAIRMENTThe carrying amounts of the company’s assets are reviewed at each balance sheet date to determine whether there is an indication of impairment. If any such indication exists, the recoverable amount is estimated.

An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognised in the income statement.

When a decline in the fair value of an available-for-sale financial asset has been recognised directly in equity and there is objective evidence that the asset is impaired, the cumulative loss that had been recognised directly in equity is recognised in profit or loss even though the financial asset has not been derecognised. The amount of the cumulative loss that is recognised in profit or loss is the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss.

(A) CALCULATION OF RECOVERABLE AMOUNTThe recoverable amount of the company’s receivables carried at amortised cost is calculated as the present value of estimated future cash flows, discounted at the original effective interest rate (i.e. the effective interest rate computed at initial recognition of these financial assets). Receivables with a shorter duration are not discounted.

The recoverable amount of other assets is the greater of their net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash flows, the recoverable amount is determined for the cash-generating unit to which the asset belongs.





(B) REVERSAL OF IMPAIRMENTAn impairment loss in respect of a receivable carried at amortised cost is reversed if the subsequent increase in recoverable amount can be related objectively to an event occurring after the impairment was recognised. An impairment loss in respect of an investment in an equity instrument classified as available-for-sale is not reversed through profit or loss. If the fair value of a debt instrument classified as available-for-sale increases and the increase can be objectively related to an event occurring after the impairment loss was recognised in profit or loss, the impairment loss shall be reversed, with the amount of the reversal recognised in profit or loss.

An impairment loss is reversed only to the extent that the assets carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

In respect of other assets, an impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount.

1.11 REVENUERevenue includes membership fees, consulting services, workshops, sponsorships, conferences, and functions, interest income, and dividends.

Revenue is recognised to the extent that it is probable that economic benefits will flow to the organization and that revenue can be reliably measured.

Revenue is measured at the fair value of the consideration received or receivable and represents the amounts receivable for membership fees, consulting services, workshops, sponsorships and functions.

Interest is recognised, in profit or loss, using the effective interest rate method.

Membership fees and sponsorships are recognised as revenue when no significant uncertainty as to its collectability exists, over a period of membership and sponsorship.

Income from workshops and functions is recognised when the event takes place.

Dividends are recognised, in profit or loss, when the company’s right to receive payment has been established.

1.12 EMPLOYEE BENEFITS

(A) SHORT-TERM EMPLOYEE BENEFITSThe cost of short-term employee benefits are recognised in the period in which the service is rendered and are not discounted except in the case of non-accumulated absences, which is recognised when the absence occurs.



Notes to the Financial Statements2. PROPERTY, PLANT AND EQUIPMENT

2013 2012

Cost Accumulated depreciation

Carrying value

Cost Accumulated depreciation

Carrying value

R R R R R R

Land and buildings 13,361,584 (195,413) 13,166,171 - - -

Furniture and fixtures 486,293 (241,729) 244,564 177,904 (177,903) 1

Office equipment 223,101 (100,723) 122,378 139,806 (91,744) 48,062

Computer equipment 908,552 (700,495) 208,057 710,676 (668,203) 42,473

TOTAL 14,979,530 (1,238,360) 13,741,170 1,028,386 (937,850) 90,536

Property, plant and equipment – 2013

Opening balance

Disposals Additions Depreciation Total

Land and buildings - - 13,361,584 (195,413) 13,166,171

Furniture and fixtures 1 - 308,389 (63,826) 244,564

Office equipment 48,062 - 83,295 (8,979) 122,378

Computer equipment 42,473 - 197,876* (32,292) 208,057

TOTAL 90,536 - 13,951,144 (300,510) 13,741,170

Property, plant and equipment – 2012

Opening balance

Disposals Additions Depreciation Total

Furniture and fixtures 1 - - - 1

Office equipment 72,586 - 3,039 (27,563) 48,062

Computer equipment 14,317 - 47,000* (18,844) 42,473

TOTAL 86,904 - 50,039 (46,407) 90,536

Office equipment with a carrying amount of R121,187 (2011: R45,014) is encumbered by obligations amounting to R127,500 (2011: R62,582)* Assets amounting to R162,800 (2012: R32,000) were received as a donation.




Notes to the Financial Statements Continued

3. INVESTMENTS IN SUBSIDIARIES

Name of company Nature of business% Holding 2013

% Holding2012

Carrying amount 2013

Carrying amount2012

R R

UNLISTED

BMF Empowerlogic (Proprietary) Limited Consulting services 50.00 % 50.00 % 50 50

BMF Leadership Search Recruitment services 100.00% 100.00 % 1,000 1,000

(Proprietary) Limited

Total 1,050 1,050

4. INVESTMENTS IN ASSOCIATES

Name of companyNature of business

% Holding 2011

% Holding2010



Black Management Forum Investment Limited

Investment holding 63.43% 63.43 %5,100 5,100

In accordance with the shareholders agreement for the Black Management Forum Investment (Proprietary) Limited, a significant minority shareholder of that company has a right to veto certain major operating and financial decisions of the company. Black Management Forum therefore has significant influence and not control over the Black Management Forum Investment Limited (Proprietary) even though it owns the majority of the issued shares.

5. OTHER FINANCIAL ASSETS

Available for sale at cost

204 918 shares in Sasol Inzalo Group Limited 5,000,000 5,000,000

The investment in the funded Sasol Inzalo share scheme is on unquoted shares whose fair value cannot be measured reliably. In terms of the conditions of the scheme, the shareholders are prohibited from trading in these shares until 2018.




2013 2012

R R

6. LOANS TO RELATED PARTIES

SUBSIDIARIES

BMF Leadership Search (Proprietary) Limited 207,432 207,432

The loan is interest free, unsecured and has no fixed terms of repayment.

7. INVENTORY

Promotional merchandise 32,773 72,089

8. ACCOUNTS RECEIVABLE

Trade receivables 88,857 5,355,478

Prepayments 809,156 315,054

VAT 327,602 353,259

Other 249,671 11,140

Less: Impairment of other receivables (98,450) -

1,376,836 6,034,931

9. CASH AND CASH EQUIVALENTS

Cash on hand 6,231 103

Bank balances 6,042,496 2,760,767

6,048,727 2,760,870

10. FINANCE LEASE LIABILITY

Gross minimum lease payments due:

Within 1 year 56,104 44,808

In the second to fifth years, inclusive 253,763 29,872

309,867 74,680

Future finance charges (182,367) (12,098)

Present value of minimum lease payments 127,500 62,582

Present value of minimum lease payments due:

Within 1 year 15,583 21,816

In the second to fifth years, inclusive 111,917 40,766

127,500 62,582





2013 2012

R R

11. TRADE AND OTHER PAYABLES

Trade payables 640,419 585,391

Sundry creditors 463,625 212,643

Leave pay 79,384 79,384

Income received in advance 440,220 225,000

1,623,648 1,102,418

12. REVENUE

Membership fees – individuals 633,315 474,883

Membership fees – corporate 448,500 232,500

Corporate update dinner 1,897,149 679,700

Conferences and functions 2,021,298 3,557,829

Sponsorship – Mercedes-Benz SA and Transnet

NPA 5,744,929 2,000,000

10,745,191 6,944,912

13. OTHER INCOME

Merchandising - 780

African Leader magazine 69,960 365,010

Student Chapter 14,737 24,913

Rent received 282,060 -

Gains on donations 162,800 32,000

Young professionals 8,282 -

Sundry income 49,823 209,400

587,662 632,103




2013 2012

R R

14. OTHER OPERATING EXPENSES

Other operating expenses for the year are stated after accounting for the following:

Auditors remuneration – relating to the audit of the prior year (237,648) (217,110)

Depreciation (300,510) (46,4070)

Operating lease charges (545,853) (820,543)

Contractual amounts – premises (480,469) (779,455)

Contractual amounts – equipment (65,385) (41,088)

Stock written off 9,463 -

Impairment of accounts receivable 98,450 -

15. INVESTMENT INCOME

Dividend received:

BMF Investment Limited 13,500,007 6,344,400

Interest received

Bank 148,204 8,311

13,648,211 6,352,711

16. FINANCE COSTS

Bank interest charges (46) (18)

Interest on finance lease liability (30,527) (17,322)

(30,573) (17,340)

17. TAXATION

No provision has been made for 2013 tax as Black Management Forum is exempt from taxation in terms of Section 10(1)(cN) of the income Tax Act of 1962 as amended





2013 2012

R R

18. CASH GENERATED FROM/(UTILISED IN) OPERATIONS

Surplus for the year 11,654,932 2,344,659

Adjusted for:

Other income (32,320) -

Depreciation 300,510 46,407

Dividends received (13,500,007) (6,344,400)

Inventory written off 9,463 -

Donation of inventory 29,853 -

Impairment of accounts receivables 98,450 -

Gain on donation (162,800) (32,000)

Interest received (148,204) (8,311)

Interest paid 30,573 17,340

OPERATING DEFICIT BEFORE WORKING CAPITAL CHANGES (1,719,550) (3,976,305)

WORKING CAPITAL CHANGES:

Decrease/(increase) in trade and other receivables 4,559,645 (5,596,073)

Increase in trade and other payables 521,230 121,869

Decrease in inventory - 14,590

CASH GENERATED FROM/(UTILISED IN) OPERATIONS 3,361,325 (9,435,919)




2013 2012

R R

19. RELATED PARTIES

RELATIONSHIPS

The company has a related party relationship with the following entities/persons:

SUBSIDIARIES

Refer to Note 3

ASSOCIATES

Refer to Note 4

KEY MANAGEMENT

Directors – refer to the Directors’ Report

RELATED PARTIES BALANCES

Loan accounts – Owing (to) by related parties

BMF Leadership Search (Proprietary) Limited 207,432 207,432

20. RISK MANAGEMENT

The BMF‘s activities expose it to liquidity risk and credit risk.

LIQUIDITY RISKThe BMF’s risk to liquidity is a result of the funds available to cover future commitments. The BMF manages liquidity risk through an ongoing review of future commitments and credit facilities.

Cash flow forecasts are prepared and adequately utilised borrowing facilities are monitored.

The table below analyses the company’s financial liabilities and net-settled derivative financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Balance due within 12 months equal their carrying balances as the impact of discounting is not significant.





20. RISK MANAGEMENT (CONTINUED)

COMPANYAT 31 MAY 2011

LESS THAN1 YEAR

BETWEEN 1AND 2 YEARS

BETWEEN 2 YEARS AND 5 YEARS OVER 5 YEARS

Trade and other payables 1,623,648 - - -

Finance lease liability 15,583 18,619 93,298 -

AT 31 MAY 2012

Trade and other payables 1,102,418 - - -

Finance lease liability 21,816 24,619 16,147 -

INTEREST RATE RISK

As the BMF has no significant interest-bearing assets, the BMF‟s income and operating cash flows are substantially independent of changes in market interest rates.

FINANCIAL INSTRUMENT

Loans to related parties – interest free

Finance lease liability – fixed payments for 60 months

CREDIT RISK

Credit risk consists mainly of cash deposits, cash equivalents, derivative financial instruments and trade debtors. The BMF only deposits cash with major banks with high quality credit standing and limits exposure to any one counter-party.

Concentration of cash deposits

2013 2012

BANK CREDIT RATINGS R R

ABSA F1+ (zaf) 1,139,002 668,324

Nedbank F1+ (zaf) 4,595,321 1,712,202

FNB F1+ (zaf) 166,252 156,199

Standard bank F1+ (zaf) 140,463 147,965

Ubank 11,458 76,077

Petty cash 6,231 103

Total 6,048,727 2,760,870




20. RISK MANAGEMENT (CONTINUED)

CREDIT RISK (CONTINUED)

Credit risk with respect to trade receivables is limited as majority of debtors are reputable large corporates. Trade receivables have been adequately assessed for impairment.

2013 2012

R R

The maximum exposure to credit risk of trade receivables by type of customer is:

Large corporate 88,857 5,355,478

The ageing of the company’s trade and other receivables is as follows:

2013 2012

R R

GROSS IMPAIRMENT NET GROSS IMPAIRMENT NET

Not past due 35,873 - 35,873 5,250,598 - 5,250,598

Past due 31 to 60 days 32,984 - 32,984 - - -

Past due 61 to 120 days 20,000 - 20,000 - - -

Past due greater than 121 days - - - 104,880 - 104,880

TOTAL 88,857 - 88,857 5,355,478 - 5,355,478

21. PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTSThe Directors have elected not to prepare consolidated financial statements in accordance with IAS27, Consolidated and Separate Financial Statements, read with IAS28, Investment in Associates. This would have required the company to apply the equity method for its share of profit or losses of BMF Investment Limited and to consolidate the results, financial position and cash flows of BMF Leadership Search (Proprietary) Limited and BMF Empowerlogic (Proprietary) Limited. As detailed in note 3 and 4, the company has a significant influence over BMF Investment Limited and control over BMF Leadership Search (Proprietary) Limited and BMF Empowerlogic (Proprietary) Limited.

These investments were acquired in order to diversify sources of funding and to reduce to some extent reliance on funds raised in the form of sponsorships by the company. The investments are therefore held for the purposes of earning dividends to funds operations and not necessarily capital appreciation. The activities of the associate and the subsidiaries are undertaken for profit motives whereas Black Management Forum is a non-profit organisation. The Directors believe therefore that for these reasons, the application of the equity method on the share of profits of BMF Investment Limited and presenting this on consolidated financial statements as well as consolidating the other subsidiaries would both be misleading as well as detrimental to the company’s fundraising activities.




The Directors believe that the separate financial statements of the company fairly present the financial position, financial performance and cash flows of the company for the year under review.

The effect of this election is as follows:

Subsidiaries would have been consolidated from the date on which control is transferred to the group.

Investments in associates would have been accounted for using the equity method. The group‟s share of its associates post-acquisition profits or losses would have been recognised in profit or loss for the period, and its share of post-acquisition movement in reserves is recognised in reserves. The cumulative post-acquisition movements would be included in the carrying amount of the investment.

Intercompany transactions, balances and unrealised gain on transactions between the group companies would be eliminated.

STATEMENT OF FINANCIAL POSITION

GROUP COMPANY

2013 2012 2013 2012

R R R R

NON-CURRENT ASSETS

Property, plant and equipment 13,471,170 90,536 13,741,170 90,536

Investment in associate 234,130,059 194,236,360 5,100 5,100

Investment in subsidiaries 50 50 1,050 1,050

Other financial assets 5,000,000 5,000,000 5,000,000 5,000,000

Loans to related parties - - 207,432 207,432

252,871,279 199,326,946 18,954,752 5,304,118

CURRENT ASSETS

Inventory 32,773 72,089 32,773 72,089

Accounts receivable 1,383,184 6,041,279 1,376,836 6,034,931

Cash and cash equivalents 6,312,622 3,031,407 6,048,727 2,760,870

7,728,579 9,144,775 7,458,336 8,867,890

TOTAL ASSETS 260,599,858 208,471,721 26,413,088 14,172,008

FUNDS AND LIABILITIES

Members‟ funds and contributions 339,043 339,043 339,043 339,043

Accumulated surplus 102,786,740 99,234,728 24,322,897 12,667,965

Fair value reserve 155,692,927 107,702,949 - -

258,818,710 207,276,721 24,661,940 13,007,008




GROUP COMPANY

2013 2012 2013 2012

R R R R

LIABILITIES

Non-current liabilities

Finance lease liability 111,917 40,766 111,917 40,766

CURRENT LIABILITIES

Accounts payable 1,623,648 1,102,418 1,623,648 1,102,418

Current portion of lease liability 15,583 21,816 15,583 21,816

Tax payable 30,000 30,000 - -

TOTAL CURRENT LIABILITIES 1,669,231 1,154,234 1,639,231 1,124,234

TOTAL LIABILITIES 1,781,148 1,195,000 1,715,148 1,165,000

TOTAL FUNDS AND LIABILITIES 260,599,858 208,471,721 26,413,088 14,172,008

STATEMENT OF COMPREHENSIVE INCOME

GROUP COMPANY

2013 2012 2013 2012

R R R R

Revenue 10,745,191 6,944,912 10,745,191 6,944,912

Other income 587,662 689,103 587,662 632,103

Conference and functions (3,631,590) (4,085,703) (3,631,590) (4,085,703)

Staff costs (3,736,353) (3,170,584) (3,736,353) (3,170,584)

Other operating expenses (5,934,285) (4,316,746) (5,927,616) (4,311,440)

OPERATING DEFICIT (1,969,375) (3,939,018) (1,962,706) (3,990,712)

Investment income 148,230 8,335 13,648,211 6,352,711

Finance costs (30,573) (17,340) (30,573) (17,340)

Share of profit from associate 5,403,728 31,925,500 - -

SURPLUS FOR THE PERIOD 3,552,010 27,977,477 11,654,932 2,344,659

NOTES TO THE ANNUAL FINANCIAL STATEMENTS

Investment in associate

Balance beginning of year 194,236,360 187,204,546 5,100 5,100

Share of profits 5,403,728 31,925,500 - -

Dividends received (13,500,007) (6,344,400) - -

Fair value adjustments 47,989,978 (18,549,286) - -

Carrying value 234,130,059 194,236,360 5,100 5,100

Notes to the Financial Statements ContinuedSTATEMENT OF FINANCIAL POSITION (CONTINUED)




OTHER DETAILS OF ASSOCIATES

TOTAL ASSETS

TOTAL LIABILITIES

REVENUE PROFIT

R R R R

2013

Black Management Forum Investment Limited 387,874,084 41,551,730 13,302,231 8,519,293

2012

Black Management Forum Investment Limited 320,162,824 36,668,029 55,961,976 49,883,594


22. STANDARDS, INTERPRETATIONS AND AMENDMENTS THAT HAVE BEEN ISSUED BUT NOT YET EFFECTIVE:

STANDARD DETAILS OF AMENDMENTANNUAL PERIODS BEGINNING ON OR

AFTER

IFRS 7, Financial Instruments: Disclosures (amended)

Amendments require entities to disclose gross amounts subject to rights of set-off, amounts set off in accordance with the accounting standards followed, and the related net credit exposure. This information will help investors understand the extent to which an entity has set off in its statement of financial position and the effects of rights of set-off on the entity‟s rights and obligations

1 January 2013

IFRS 9, Financial Instruments (new)

New standard that forms the first part of a three-part project to replace IAS 39 Financial Instruments: Recognition and Measurement

1 January 2015

IFRS 10, Consolidated Financial Statements (new)

New standard that replaces the consolidation requirements in SIC-12 Consolidation – Special Purpose Entities and IAS 27 Consolidated and Separate Financial Statements. Standard builds on existing principles by identifying the concept of control as the determining factor in whether an entity should be included within the consolidated financial statements of the parent company and provides additional guidance to assist in the determination of control where this is difficult to assess

1 January 2013

IFRS 13, Fair Value Measurement (new)

New guidance on fair value measurement and disclosure requirements1 January 2013

IAS 27, Consolidated and Separate Financial Statements (amended)

Consequential amendments resulting from the issue of IFRS 10, 11 and 121 January 2013

IAS 32, Financial Instruments: Presentation (amended)

Amendments require entities to disclose gross amounts subject to rights of set-off, amounts set off in accordance with the accounting standards followed, and the related net credit exposure. This information will help investors understand the extent to which an entity has set off in its statement of financial position and the effects of rights of set-off on the entity’s rights and obligations

1 January 2013




22. STANDARDS, INTERPRETATIONS AND AMENDMENTS THAT HAVE BEEN ISSUED BUT NOT YET EFFECTIVE:

STANDARD DETAILS OF AMENDMENTANNUAL PERIODS BEGINNING ON OR

AFTER

IAS 1 Presentation of financial statements (amended)

The amendments clarifies the disclosure requirements for comparative information when an entity provides a third balance sheet either:• As required by IAS8, Accounting policies, changes in accounting estimates and

errors; or• Voluntarily.

1 January 2013

IAS 16 Property, Plant and Equipment (amended)

The amendment clarifies that spare parts and servicing equipment are classified as property, plant and equipment rather than Inventory when the meet the definition of property, plant and equipment.

1 January 2013

IAS 34 Interim financial reporting (amended)

The amendment clarifies the disclosure requirements for segment assets and liabilities in interim financial statements. A measure of total assets and liabilities is required for an operating segment in interim financial statements if such information regularly provided to management and there has been a material change in those measures since the last annual financial statements.

1 January 2013

IFRS 1, First-time Adoption of International Financial Reporting Standards (amended)

Standard amended to provide guidance for entities emerging from severe hyperinflation and resuming presentation of IFRS compliant financial statements, or presenting IFRS complaint financial statements for the first time. This amendment clarifies that an entity may apply IFRS 1 more than once under certain circumstances.

1 January 2013

IFRS 11, Joint Arrangements (new)

New standard that deals with the accounting for joint arrangements and focuses on the rights and obligations of the arrangement, rather than its legal form. Standard requires a single method for accounting for interests in jointly controlled entities

1 January 2013

IFRS 12, Disclosure of Interests in Other Entities (new)

New and comprehensive standard on disclosure requirements for all forms of interests in other entities, including joint arrangements, associates, special purpose vehicles and other off balance sheet vehicles

1 January 2013

IAS 19 Employee Benefits (amended)

Amendments to the accounting for current and future obligations resulting from the provision of defined benefit plans

1 January 2013

VARIOUS IMPROVEMENTS TO IFRSA number of standards have been amended as part of the International Accounting Standards Boards (IASB) annual improvement project. Management is in the process of considering the relevant amendments to the standards and determining the financial implications and impact on the trust.




Detailed Income StatementNOTES 2013 2012

R R

DIRECT INCOME

African Leader Magazine 13 69,960 365,010

Corporate membership fees 12 448,500 232,500

Merchandising 13 - 780

Membership fees - individuals 12 633,315 474,883

1,151,775 1,073,173

SPONSORSHIPS – EVENTS

Sponsorship - Mercedes Benz 12 2,000,000 2,000,000

Sponsorship - Transnet NPA 12 2,224,156 -

Sponsorship - other 12 1,520,773 -

Student Chapter 13 14,737 24,913

5,759,666 2,024,913

TABLE SALES INCOME

Conference & functions 12 2,021,298 3,557,829

Corporate update dinner 12 1,897,149 679,700

3,918,447 4,237,529

OTHER INCOME

Gains on donation 13 162,800 32,000

Rent received 13 282,060 -

Young professionals 13 8,282 -

Sundry income 13 49,823 -

Provision reversal 13 - 209,400

502,965 241,400

TOTAL DIRECT INCOME 11,332,853 7,577,015

INDIRECT INCOME

Dividend received 15 13,500,007 6,344,400

Interest received 15 148,204 8,311

TOTAL INDIRECT INCOME 13,648,211 6,352,711

TOTAL INCOME 24,981,064 13,929,726



Detailed Income Statement Continued

2013 2012

R R

DIRECT EXPENSES

Membership cards (1,041) (8,041)

Database expenses and IT (399,084) (141,763)

Donation of inventory (29,853) (14,590)

Employee costs (3,736,353) (3,170,584)

Stock written off (9,463) -

Postage/Courier (21,511) (26,522)

Printing and stationery (43,171) (58,320)

Office rent (480,469) (779,455)

Leasing charges/machine rental (65,385) (41,088)

Legal fees (22,936) (15,265)

Repairs and maintenance (103,570) (16,232)

Staff welfare (49,787) (2,525)

Storage (4,025) (2,750)

Structure support (36,076) (40,249)

Student chapter (99,557) (126,912)

Subscriptions (100,700) (18,230)

Sundry expenses (29,865) (107,683)

Telephone and fax (286,371) (236,631)

Staff training (32,864) (23,356)

Travel and accommodation (813,058) (937,669)

Young professionals (28,472) (30,757)

(6,393,611) (5,798,622)

INDIRECT EXPENSES

Marketing material/advertising (166,543) (61,036)

Auditors remuneration (237,648) (217,110)

Bank charges (114,417) (109,131)

CEO’s breakfast (67,936) (33,771)

Consultancy fees (117,580) (12,528)

Depreciation, amortisation and impairment (300,510) (46,408)

Donations (1,350) (33,976)

Impairments of accounts receivable (98,450) -

Entertainment (6,768) (11,200)

Office teas (9,598) (4,645)

Insurance (107,173) (48,571)

Annual report/promotional items (36,452) (34,716)




Detailed Income Statement Continued

2013 2012

R R

Penalties (31,553) (4,461)

Security (18,592) -

Electricity and water (128,674) -

Cleaning – office expenses (1,000) -

Fuel and mileage (606) -

Computer expenses/consumables (63,798) -

Research (217,200) -

(1,725,848) (617,553)

TABLE SALES EXPENSES

Conference and AGM (3,631,590) (4,085,703)

Corporate update dinner (1,324,899) (981,055)

(4,956,489) (5,066,758)

SPONSORSHIP EVENT COSTS

Meetings and functions (50,864) (36,849)

(50,864) (36,849)

SPONSORSHIP MLD/TRAINING EXPENSES

Management and Leadership Development (168,747) (47,945)

(168,747) (47,945)

TOTAL EXPENSES (13,295,559) (11,567,727)

OPERATING SURPLUS FOR THE YEAR 11,685,505 2,361,999

Finance costs (30,573) (17,340)

SURPLUS FOR THE YEAR 11,654,932 2,344,659



CORPORATE MEMBERS

• ACOC Investment

• Adcorp

• AfriSam

• Business Connexion

• Discovery Health Pty (Ltd)

• Group Five

• Hollard Life

• IDC

• IMB SA

• M-Net

• Municipal Demarcation Board

• Nampak Products Limited

• National Regulator for Compulsory Specifications

(NRCS)

• Nissan South Africa

• PwC

• Quashie

• Road Traffic Management Corporation (RTMC)

• SAB

• Sanlam Life Insurance Limited

• Sasol Limited

• Standard Bank South Africa

• Total Facilities Management Company (TFMC)

• Tsebo Outsourcing Group

BMF CORPORATE MEMBERS 2012-2013

Corporate Members.indd 54 2013/10/16 5:52 PM


CORPORATE SPONSORS

Anchor Sponsors

Gold Sponsors

Media Partner

Platinum Sponsor

SponsorSilver Sponsor

CORPORATE SPONSORS

Corporate Sponsors.indd 55 2013/10/16 5:53 PM


NOTES

Notes Pages.indd 56 2013/10/16 6:00 PM


Black Management Forum House12 Summer Street

RIVONIA

PO Box 781220SANDTON

2146

Auditors: SizweNtsalubaGobodo Incorporated

Tel: 011 784 4407Fax: 011 234 8670

Web: www.bmfonline.co.za

IBC.indd 1 2013/10/16 5:17 PM


BC.indd 1 2013/10/16 8:37 PM

annual report 2013 · putting the bmf back on a growth path. finally thank you to our stakeholders...

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