cape town partnership 2007 annual report
DESCRIPTION
Cape Town Partnership 2007 Annual ReportTRANSCRIPT
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CONTENTS Chairperson’s Review
Partnerships in Action p 5 Chief Executive’s Report
Building Confidence p 9 Annual Financial Statements p 31 Notice of the Annual
General Meeting p 49 Form of Proxy p 50
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Clockwise from top: Members of the Business Areas Network discuss the future expansion of the V&A Waterfront; Partnering against crime: The SAPS, CCID security and City Police; Archbishop Desmond Tutu shares a joke with Eurocape’s Chairman Frank Gormley and Prof. Jakes Gerwel, Chairperson of the Mandela Rhodes Foundation during the opening of Mandela Rhodes Place; At a business meeting of the Partnership’s Business Forum in March this year, members listened to an exchange of views between Premier Ebrahim Rassool and Mayor Helen Zille on the 2010 World Cup
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PARTNERSHIPS IN ACTION
Chairperson’s Review
This review is of the eighth year of the Cape Town Partnership in operation.
The Cape Town Central City is now regarded as one of the safest, cleanest and most successful economic nodes in the country. Investment in the Central City is continuing unabated, with more than R28bn worth of projects in the pipeline over the next three to five years. The Central City has increased its contribution to the Cape Town regional economy, particularly with regard to the construction industry, visitor economy, and creative and cultural industries. Signs of a ground-floor retail revolution are evident, and people are returning to town to live, work, do business, and to enjoy the pavement café culture.
In recognition of the economic, social and cultural contribu-tion of the Central City to the city as a whole, the City of Cape Town has decided to double its financial contribution to the Partnership over the next three years. On behalf of the Partnership, I wish to thank the Mayor and the City of Cape Town for their ongoing commitment and support.
I also wish to thank the Provincial Department of Economic Development and Tourism for its financial contribution to the Partnership’s Goemarati programme during the past year. This unique project, which provides a platform for Cape Town musicians and poets to perform in public spaces in the Central City and at various township venues, has made a significant contribution to the growth of creative and cultural industries in our city.
CTP chairperson Shaun Johnson sharing his experiences as a journalist on the day of Nelson Mandela’s release with members of the media during a walking tour
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The Cape Town Partnership continues to work with a diverse range of public, private and community organisations. None of the successes recorded in the Central City over the past year would have been possible without the work of our partners. I am pleased to be able to give many specific examples of the partnerships in action that have contributed to the successful regeneration of the Central City:
Accelerate Cape Town (regional growth strategy) Bicycle Empowerment Network (promoting cycling in
the Central City) Business Area Network (knowledge sharing) Cape Retail Research Company (staff training,
retail strategy) Cape Town International Convention Centre (marketing,
walking tours, social development) Cape Town International Jazz Festival (Community
concert on Greenmarket Square) Cape Town Tourism (promotion of the visitor economy) Celtic Harriers (International Friendship Run) City of Cape Town (City Hall, 2010, Grand Parade,
Company’s Garden, Adderley Street Night Market and the Central City Development Strategy) City of Cape Town’s Good Hope Sub council
(Greenmarket Square upgrade) City Hall Steering Committee Community Chest (Twilight Run) Creative Cape Town Reference Group Design Indaba Good Hope FM (Blanket Drive) Intersite, Metrorail and South African Rail Commuter
Corporation (Cape Town Station revitalisation) Madame Zingara Tent of Dreams Nongovernmental organizations such as the Arch soup
kitchen, The Ark, The Haven, The Homestead, Men on the Side of the Road and Straatwerk (social development) Parliament (expansion of facilities, residences for
Parliamentarians, public education) Private developers, property owners, retailers, financial
institutions and professionals (investment and development) Provincial Government (Goemarati programme and the
Walking Bus social development project) Regional Development Strategy inter-governmental team South African Police Services (security partnership) Sustainability Institute, University of Stellenbosch
(Energy Efficiency Initiative) University of Cape Town (Hiddingh Campus upgrade) Youth Parliament (education) Zip Zap Circus
Highlights of the year Cape Town Business Areas Network launch
Cape Town Station Deck management and upgrade
Cape Town Station revitalisation process
CBD Blanket Drive with Good Hope FM which collected and distributed 89,000 blankets to poor communities during winter
CBD Energy Efficiency Initiative launch
Central City Development Strategy
Creative Cape Town showcase at Design Indaba
Goemarati on Church Square and township and Cape Flats venues
International Downtown Association (IDA) individu-al achievement award to Derek Bock, COO, CCID
Sunday Times Memory projects
2010 World Cup plan of action for the Central City
Walking Bus social development partnership
Enjoying St George’s Mall… Shaun Johnson and Prof. Jakes Gerwel
Partnerships in action… Derek Bock, previously CCID COO, now with Eurocape, Bulelwa Makalima-Ngewana, CTP deputy CE, Shaun Johnson, Andrew Boraine, CTP CE and Martin Kearns, Eurocape CEO
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For all that we have achieved in the Central City over the past eight years, there is still much to be done. There are a num-ber of urban management issues that are still outstanding. We need to collectively work much harder to improve access to the Central City for poorer Capetonians. While great strides have been made with social development programmes and more inclusive memorialisation, and while 2010 promises to expand and improve the public transport network, we have made very little progress on the provision of affordable housing and the development of small businesses and the informal economy in the Central City. In particular, District Six remains a scar on our landscape. These are urgent issues that must be tackled through the forthcoming Central City Development Strategy.
I extend my heartfelt thanks to my fellow Board members for their continued commitment, energy and time. Thank you to our partners and stakeholders for making the past year so successful. And once again, well done to the Chief Executive and staff of the Cape Town Partnership and Central City Improvement District for continuing to make our Central City one of the most innovative and exciting urban centres in the country.
Shaun Johnson
ChairpersonCape Town Partnership
A good year… CTP AGM 2006
Focus on Athlone businesses with the Cape Chamber of Commerce
Power and influence… Premier Ebrahim Rassool, Mayor Helen Zille, President Thabo Mbeki and Pallo Jordan, Minister of Arts and Culture
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Clockwise from top left: Best gourmet burgers in town (apparently!) Café Royale on Long; Landmark Ogilvy in Woodstock; Convention Tower reaching new heights on the Foreshore; Sustaining jobs in the construction sector
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I am pleased to report another good year in the fortunes of the Cape Town Central City. It has been the busiest year to date in the eight years of the Partnership’s existence. While we continue to work closely with our traditional partners in the public, private and community sectors, I am struck by the number of new organizations involved in the Central City, and the wide range of innovative ideas, projects, events and activities on display. At last, the city centre is becoming what we have been striving for – a place where the people of Cape Town meet, in a unique and pleasant urban environment, to conduct business, welcome visitors and in the true tradition of the Mother City, watch the world go by over a cup of coffee.
The Central City node plays a key role in helping the city to maintain and expand its global comparative competitive advantage, particularly with regard to:
Financial, business and professional services Creative and cultural industries The visitor economy Power and influence as the legislative capital of
South Africa
The Central City local economy remains strong and relatively diverse. In addition to the above, it is the location of educational services, medical services, government services, call centres, information and communications technologies, retail, motor showrooms and the informal sector.
Accelerated investment and development
Chief Executive’s Report
BUILDING CONFIDENCE
On the move… CTP Chief Executive Andrew Boraine taking attendees of the 2006 AGM on a walking tour
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Key trends in the past year
Improvement in the commercial property market, with A-grade vacancies down to under 4%
Emergence of the Foreshore precinct as a major financial, media, convention and business services centre
Continued growth of creative and cultural industries
A shift from residential conversions to office-space development (although a large number of mixed use developments continue)
Many new private sector developments in Lower Gardens, Green Point and Woodstock / Salt River precincts
New retail, in particular, restaurants, coffee shops, homeware, health shops, fashion and design
Left: Closing in… the Foreshore and Cape Town Waterfront expandingBelow: A new Icon in town
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Launch of Mandela Rhodes Place in November 2006
Launch of the Icon Building in March 2007 Sale of V&A Waterfront to an international
consortium based in the UK and Dubai Commencement of the R2,2bn
Strand-on-Adderley mixed use development planning process
Celebs come out to play… celebrating the revitalisation of city living in Mandela Rhodes Place
Window dressing… high end home décor shops in Loop and Waterkant Streets
Signature brands getting out onto the Mall (St Georges, to be precise)
Part of the retail revolution… new shops celebrated in colour
Investment and development highlights
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Visitor economyA strong performer over the past year has been the Central City visitor economy. Over 70% of the beds in the greater Cape Town region are located in and around the Central City. This number is expanding with the completion of hotels such as Urban Chic, Protea North Wharf, Protea Extreme, Cape Diamond, Hollow on the Square and Daddy Longlegs 2, and, the planning and construction of the Taj Palace, St George’s Express Holiday Inn, Oscar Pearce and 15 on Orange, amongst others.
The growth in the number of hotel beds is driven by growth in the number of local, national and international events, festivals, conventions, meetings and exhibitions taking place in the Central City. Over and above a strong performance from the CTICC, which hosted 509 events for the year including the 19th World Diabetes Congress in December 2006, a mega event of 12,300 delegates, many events on the streets of the Central City, including the Pick ‘n Pay Argus Cycle Tour, the UCI’B’ World Cycle Championships and the Homeless World Cup brought thousands of visitors to our city.
Setting new style standards… Daddy Long Legs in Long Street (photo courtesy Cherryflava)
A creative Cape Town statement… the Protea Extreme hotel. Not merely letting!
A new boutique hotel opens doors on Adderley
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Cape Town Central City Energy Efficiency Initiative The launch of the Cape Town CBD ‘Energy Efficiency Initiative’ (EEI) in February 2007 marked the creation of South Africa’s first city-level public private partnership to address energy efficient commercial buildings - in the context of the recent power blackouts and the pressing need for secure, sustain-able and affordable future power supply. The Partnership played a central role in negotiations relating to the CBD during the power crisis of 2006, and has embarked on the EEI with the Sustainability Institute (linked to the University of Stellenbosch), the City of Cape Town, Provincial Government, and with seed funding from CORDAID, a large Dutch Foundation. The initiative builds on the existing property sector networks of the Partnership, and promotes energy efficiency in both existing and new buildings. A programme of ‘learning-by-doing’ has been established, aimed at overcoming the barriers to implementing energy efficiency measures. There is ongoing engagement with building owners, developers and government stakeholders, and a network of energy service companies (ESCOs) and implementing agents has been developed. The first eight energy efficiency building audits have been conducted, and these will now be taken to Eskom’s subsidy scheme for implementation. A database of audited buildings from multiple sources is being compiled, to allow for comparative efficiency rating/benchmarking. Various business models (including financial incentives and institutional arrangements) are being investigated, and a proposal has been made to Eskom to help train emerging ESCOs and to fast-track implementation.
The Media24 building on the Foreshore was one of the first eight buildings audited through the initiative
Above & below: Powering ahead… the CBD Energy Efficiency Initiative hits the streets
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Clockwise from top left:Goemarati in action; The Partnership showcased some of the Central City’s more than 800 creative and cultural industries at this year’s Design Indaba at the CTICC; Made in Cape Town… creative street enterprise; Street nights… growing the night time economy
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The Partnership’s Creative Cape Town programme, designed to provide support for the creative and cultural industries sector, is based on four, mutually-reinforcing strategies:
Connecting space: providing a physical platform for creative industries Goemarati: supporting local creative industries Information and knowledge sharing between creative
sectors Promoting cultural tourism
Looking back on the past year, there are a few significant highlights worth sharing:
Hosting a successful stall at the Design Indaba in February to showcase Cape Town’s creative industries
through the medium of dance performance, choreo-graphed by Jay Pather, public space upgrade illustrated by
Paul Andrew and a special Madiba Jive cartoon by Zapiro.
Co-hosting another successful Community Jazz Concert with ESP Afrika on Greenmarket Square as part of the
popular Cape Town International Jazz Festival.
On behalf of the City of Cape Town, designing vision and business concepts for the City Hall as a premier music performance, rehearsal and training venue. This is in the context of the emergence of the Grand Parade/East City precinct as a creative hub in its own right, connecting
projects such as the Grand Parade upgrade, the City Hall, Drill Hall (new library) the Castle, the Good Hope Centre, the Sachs-Futeran Building (D6 Homecoming Centre) and the Granary.
Work with University of Cape Town on the design of the Hiddingh Campus as a creative hub.
Ongoing networking and information sharing through the Creative Cape Town multi-sectoral Advisory Group.
A four-pronged approach to supporting creative industries
CREATIVE CAPE TOWN
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Town to township… building relations with Manenberg
Enjoying Goemarati performances on the newly revamped Church Square
Goema comes to Langa
The mobile vendor
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The Partnership’s Goemarati programme was launched in February 2007 with funding from the Provincial Department of Economic Development and Tourism. Organised by Coffee Beans Routes, Goemarati is designed to achieve the following:
Attract people into public space, in particular, the newly-upgraded Church Square
Provide both physical and E-commerce platforms for local musicians and poets
Contribute to the Cape Town Memory Project by providing living memorialisation to indigenous, slave and African music roots of the people of Cape Town
Make connections between the Central City, the townships and the Cape Flats
Poet Sandile DikeniMusician Loit Sôls
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Clockwise from top left:Enjoying the Cape Town Jazz Festival on Greenmarket Square; African flavours in Church Street; The City of Cape Town spending R8 million on the upgrading of St. Andrew’s Square (cnr. Buitengracht and Somerset Roads); Twilight runners down Long Street
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“The image of a great city stems largely from the quality of its public realm – its streets, boulevards, parks, squares, plazas and waterfront . . . . a well designed and managed public realm, evokes community pride and creates a strong positive image. This combined with a strong and diversified economic market place attracts the development investment needed to sustain and enhance the economic and social heart of the city”
– Cy Paumier, The Urban Institute
The Partnership places great emphasis on the upgrade, maintenance and use of public space for the following reasons:
Provides greater access for citizens and visitors to the Central City
Shifts priority from car–dominated to people–orientated city
Supports other strategies such as Creative Cape Town, growing the experience economy and preparing for the World Cup 2010 central activity zone
Supports growth of high street retail
Adds value to buildings
Enhancing public space for public life
PUBLIC SPACES
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Clockwise from top left:Cyclists getting into gear for another Cape Argus Pick ‘n Pay Cycle Tour – Cape Town’s premier sports event; Bring it on… The Cape Town Jazz Festival (not to be missed!); Twilight runners do it for the Community Chest; Exercising democratic rights on the streets; Celebrating Heritage Day in 2006
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1 Cissie Zainunnissa Gool, 2 Manenberg by Abdullah Ibrahim , 3 Race Classification Board, 4 The Purple Shall Govern
Greenmarket Square... the City’s second oldest public space
Historic spacesThe City of Cape Town has shown strong commitment to design and upgrading of public space through the following projects:
Conversion of Church Square from a parking lot into active public space Church Square slave memorialisation public art
competition Completion of design of Grand Parade upgrade
(construction will commence in January 2008) Pier Place design and upgrade St Andrew’s Square design and upgrade (to be
launched December 2007) Steady improvements to the Company’s Garden
Many property owners and developers have resurfaced and greened the pavements outside their buildings, and converted blank building facades into active retail. These public and private efforts have greatly enhanced the quality and use of public space in the Central City.
The Good Hope Sub-Council has shown great commitment to the revitalisation of Greenmarket Square, the City’s second oldest public space after the Grand Parade. Plans are in place for temporary road closures during the forthcoming festive season to support outdoor restaurants and coffee shops. A long term revitalisation plan for Greenmarket Square, which turns 300 years old in March 2010, is being prepared.
Sunday Times Memory ProjectThe Sunday Times newspaper celebrated its 100th birthday by placing four evocative memorials, designed by local artists in the Central City.
The four memorials are of Cissie Gool, the first black woman in the country to serve in local government; Manenberg, a melody that became a beloved anthem of hope and resis-tance for many South Africans; Race Classification, a memory of a room where people were classified in “races” and accord-ingly granted or denied citizenship; and Purple Shall Govern, one of the last illegal protest marches in the apartheid era in which a water canon laced with purple dye was used to stain demonstrators and make them easier to identify and detain.
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Clockwise from top:Safeguarding the Central City… CCID’s visible policing; Partnership’s CE Andrew Boraine and Clinton Osbourne, CCID social development coordinator, making sure the children of Cape Town stay warm during the CCID’s blanket drive;Dual action… keeping the streets clean through social development partnerships; Safety on horseback
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During the past year, the Central City Improvement District (CCID) and the Sea Point City Improvement District (SPCID), both under Partnership management, have continued to provide quality urban management solutions. Notable achievements include:
The management and upgrade of the Cape Town Station Deck, through a joint effort led by the City of Cape Town. Crime on the Deck has dropped considerably, and taxi ranks and informal trading areas are now better
managed.
Innovative labour-intensive partnerships that achieve both urban management and social development arms. For example, a partnership with Straatwerk promotes rehabilitation of homeless and unemployed people and provides the CCID with vital street sweeping services.
The Walking Bus project with the Provincial Department of Transport and Public Works achieved multiple
objectives of training, providing income to 30 unemployed people, increasing the levels of safety on the
streets and promoting public transport.
The CCID held a number of successful events, including Grandparent’s Day on Greenmarket Square,
and a Youth development programme on Thibault Square.
The work of the CCID was recognized when former CCID Chief Operations Officer Derek Bock was given an individual achievement award by the International Downtown Association in September 2007.
A more detailed overview of the urban management projects in the Central City can be found in the CCID’s Annual Report.
Quality urban management supports development
STREETS AHEAD
Going Green... Cape Town Central City Improvement District sports new contemporary livery
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Walking toursThe Partnership has become known for conducting innovative walking tours through the Central City. The tours are designed to give people a first-hand, street level experience of the transformation of the city centre and to promote a pedestrian-friendly city.
Since 2005, we have walked over 2,000 people from 90 different organisations on 82 walking tours. Highlights for this year include walking tours for editors attending the World Association of Newspapers (WAN) and World Editors Forum meetings, 120 leaders from the South African Youth Parliament, the City’s 2010 Fanpark planning team, members of the South African Institute of Valuers, a delegation of top property journalists, and members of the Mitchells Plain Steering Committee.
From top:Members of the World Editors Forum getting a sneak preview of the proposed 2010 Fan Park on the Grand Parade; Members of the Parliamentary Local Government Portfolio Committee on Greenmarket Square; Athlone CBD walking tour with the Business Areas Network
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Sharing the benefits of partnership
MAKING CONNECTIONS
One of the Partnership’s roles is to communicate what is happening in the Central City to a diverse range of audiences. This is done primarily through the Partnership’s monthly electronic newsletter, ”Siyahluma – We are Developing”, and our website (www.capetownpartnership.co.za).
Cape Town Business Areas NetworkThe aim of the Network, which was launched by the Partnership in September 2006, is to create an enabling environment for economic growth and job creation in the Cape Town metropolitan region through sharing information and knowledge about urban management and development strategies and practices amongst large and small, established and emerging, commercial, industrial and mixed use business areas.
Meetings of the Network, which are attended by City Improvement Districts, the Cape Chamber, private and public companies managing business areas and City officials, take place in business areas throughout the city.
During the past year, the network has conducted the following events:
Safeguarding the economy – lessons learned regarding safety and security in Cape Town’s business areas (Host: Claremont CID)
Energy efficiency in commercial buildings (Host: Century City Ratepayers Association)
Managing, promoting and developing business areas – an overview of trends 1996 – 2006 (Host: Athlone CID)
Plans for expansion of the V&A Waterfront (Host: V&A Waterfront Company)
Planning for 2010 in the Central City (Host: Cape Town Partnership)
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Objectives of the proposed Central City 2010 Plan
Organise a unique and authentic Cape Town experience for visitors
Enhance involvement of Capetonians
Contribute to a well-organised and efficient event
Leave a lasting legacy
Contribute to the branding and marketing of Cape Town
Clockwise from top left:Aspiring Cape Town soccer stars using the City Centre for their afternoon practice; Green Point Stadium 2010 (photo courtesy of the City of Cape Town); Monitoring progress at the Green Point stadium… Mayor Helen Zille and Premier Ebrahim Rassool with FIFA president Sepp Blatter; Planning the future redevelopment of the Cape Town Station, Andrew Boraine takes the stakeholders on a walking tour
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Ensuring a warm welcome for 2010 and beyond
THE WAY AHEAD
The Central City’s public, private and community partners have achieved a great deal over the past twelve months, and there is a great deal of momentum going forward. However, there is still much work to be done.
Outstanding urban management issues, for example, include the need for better enforcement of traffic, parking and environmental health violations, improved public space management, repair of outstanding defects to pavements and streets, and the provision of more public toilets, directional signage, public space lighting and street furniture.
One way in which the Partnership and CCID are seeking to address these issues is through participating in planning for the FIFA 2010 World Cup. To date, much of the 2010 focus has been on the new stadium and Green Point Urban Park. However, the Central City will play a critical role, not just in getting spectators to the stadium on match days, but in providing spaces where locals and visitors alike can participate and celebrate throughout the four weeks of the World Cup.
To this end, the Partnership has submitted proposals to the City with regards a Central City Fan Park on the Grand Parade, a Fan Mile and an inner-city activity zone.
An important potential legacy of 2010 is the improvement of the public transport system in the city as a whole, and in the Central City in particular. The Partnership is participating on a city team that is compiling an Inner City Public Transport Plan, which will include pedestrian routes, cycling routes, parking strategies and a local bus service.
Another key public transport project is the planned revitalisation of the Cape Town Station by Intersite, Metrorail and SARCC. The Partnership participates on the Cape Town Station Steering Committee which is planning the upgrades necessary for 2010, a possible airport rail link, and the post-2010 revitalisation of the complete Cape Town Station precinct. If this project is implemented to its full potential, it would be the most significant urban renewal project in the Central City since the reclamation of the Foreshore in the 1940’s and 50’s.
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Private Sector V&A Waterfront expansion (multiple projects)
Jarvis House, Green Point (R300m)
De Waterkant Centre, Green Point (R100m)
Somerset Square, Green Point (R100m)
Cape Royal Hotel, Green Point
Strand on Adderley (R2,2bn)
Golden Acre upgrade (R475m)
11 Adderley upgrade
Oscar Pearse Hotel (new - R220m)
Taj Hotel (new - R500m)
106 Adderley commercial/retail (R300m)
Cape Sun upgrade (R56m)
Townhouse Hotel/Plein Park upgrade
Citroen Building (R90m)
Oval Institute (R12m)
Malgas/Brian Porter site
Amway House site
Liebenberg and Stander Building
Harbour Bridge, Roggebaai (R180m)
Canal Quay, Roggebaai (R220m)
Cnr Riebeeck/Bree – two sites
The Pulse (R600m)
T1, Strand/Buitengracht
New Hotel, Buitengracht/Wale
Wembley Square extension, Lower Gardens
Orangerie, Lower Gardens (R180m)
15 on Orange Hotel, Lower Gardens (R500m)
Creative House, Church Square
#4 Church Square (R20m)
Piazza on the Square (R70m)
Four Seasons, Buitenkant (R100m)
Temple House, Buitenkant
Ogilvy Building, Woodstock
The District, Woodstock
Boulevard, Woodstock
D6 Homecoming/Sacks Futeran (R30m)
Desmond Tutu Peace Centre (R140m)
Erf 9 and 10, Jan Smuts, Foreshore
Public Sector Green Point Stadium (R3,2bn)
Green Point Sport and Urban Park (R160m)
Granger Bay Boulevard
Somerset Hospital site
Parliamentary extension (R750m)
(Proposed) Parliamentary residential complex (R1,2bn)
City Hall (R81m)
Good Hope Centre (R50-75m)
Granary Building (R35m)
CT Station, phase one (R265m), phase two
CT Harbour expansion (R4,5bn)
Foreshore: Blocks A (City) B (Media 24) and C (PGWC)
CTICC Expansion and hotel site (R730m)
Site B, Old Power Station Site
Grand Parade (R23,5m)
Greenmarket Square (R4m)
St Andrew’s Square (R8m)
Pier Place (R2m)
Harrington Square (proposed)
Electricity network upgrade (R300m)
Inner City Transport Projects (R50m)
District Six
Salt River Market (R1m)
Social Housing projects: Woodstock, Bo Kaap
Fibre Optic Network rollout (phase one R50)
Iziko Social History Centre (R50m)
Drill Hall/CT Library
Company’s Gardens upgrade (R1m)
A great deal of public and private sector investment in the Central City is taking place in a relatively uncoordinated manner. Moreover, the existing infrastructure and services are probably insufficient to support the current rate of growth.
The Partnership and the City of Cape Town have established a Central City Development Strategy (CCDS) process to address these concerns. The aim of the CCDS, which will focus on the areas from Green Point to Salt River, is to produce a strategy that supports private sector investment with a guiding framework that is consistent with Council planning and policies. It is envisaged that the strategy will be completed by February 2008.
The CCDS has the following objectives:
Path – A shared understanding and vision of the future role and function of the Cape Town Central City as a key node within the multi-nodal Cape Town metropolitan economy
Partnership – Alignment and agreement between the public and private sectors with regard to shared investment risk, benefit and development contributions
Programming – A multi-layered plan to support future growth of the Central City, e.g. public transport, infrastructure, spatial planning, land use management, housing, etc
Projects – An agreed set of projects for implementation
Central City Development Strategy
Key development projects in the Cape Town Central City worth approximately R28,5bn over the next 3-5 years
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Stakeholder supportPrivate sector support continues to take the form of financial contributions, and support in kind for programmes and projects.
Cape Town Partnership - Business Forum Members
AHI Western Cape Archwood Projects Arcus Gibb (Pty) Ltd BP (SA) (Pty) Ltd Business Against Crime (Western Cape) Cape Chamber of Commerce Cape Peninsula University of Technology Cape Town Heritage Trust Cape Town International Convention Centre (Convenco) CBS Property Trust (Pty) Ltd Central City Improvement District Coessa Holdings Community Chest Earthquake Edgars Consolidated Stores Energy Africa Ltd Engen Petrol Ernest & Young Eurocape Holdings (Pty) Ltd Fairbridge Ardene and Lawton Faircape Properties First National Bank G4S Gensec Property Services Golding Commercial Properties Greenmarket Square Inn (Park Inn) Green Point CID / Oranje Kloof CID Herman and Roman Properties Hertz Car Rental I & J Independent Newspapers Intersite Investec (Pty) Ltd Iziko Museums
KPMG Mallinicks Mandela Rhodes Foundation Master Currency Metropolitan Life Murray & Roberts Nedbank Limited Nu-Clicks Group of companies Old Mutual Properties Pam Golding Properties Pepco Pick n Pay Queensgate Holdings - Market Hotel Investments Radisson Hotel, Waterfront Rawson Properties RMB Properties (Pty) Ltd SAPOA Sea Point City Improvement District Shoprite / Checkers Southern Sun Group Spar Group Spearhead Property Group Spire Properties Standard Bank Asset Management Sun International Table Mountain National Park Theodore Yach Property Services Truworths University of Cape Town V & A Waterfront Woolworths Zenprop Management Services
Partnering to keep warm… supporting the CCID’s big blanket drive
Andrew Boraine, Mayor Helen Zille and Theodore Yach, Chairperson of the CCID
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The City of Cape Town continues to give its wholehearted support to the work of the Partnership, and has doubled its financial contribution for the next three years. My thanks to Councillors and officials who work timelessly to address the development challenges of our City.
I would also like to acknowledge the increased participation in the work of the Partnership by the Provincial Government and other public sector bodies such as Parliament, Intersite and SARCC.
I am grateful to the members of my Board of Directors who have provided strategic direction, practical solutions and good corporate governance. Similarly, I wish to thank the CCID and SPCID Board of Directors for their involvement, energy and attention to detail. Property owners continue to make a huge contribution to the City of Cape Town through the payment of top-up CID levies.
During the past year, we said goodbye to Tony Fisher (CTP Business Manager), Jana de Beer (CCID Communications Officer), Gavin Joachims (CCID Social Development Coordinator), David Nicol (CTP Energy Efficiency Initiative) and Derek Bock (CCID COO). A warm welcome to new staff members Nazeer Rawoot (CTP Business Manager), Clinton Osbourne (CCID Social Development Coordinator), Dean Ramjoomia (CCID Social Development Field Worker), Bronwyn Manter (PA to CTP deputy CE), Lynn Herbst (CCID Communications Officer), Mmiselo Ntsime (CCID Precinct Manager), Zolani Zenzile (Adderley Street Night Market), Sarah De Villiers Leach (CTP Energy Efficiency Initiative) and Petro Mostert (CTP Communications Manager). It’s great to have you all on board. In particular, I wish to express my personal appreciation to Derek Bock for his support, advice and commitment over the past five years. Good luck in your new role, Derek. I would also like to congratulate Tasso Evangelinos on his appointment as the new COO of the CCID.
The staff at the Partnership and CIDs are fantastic, and continue to deliver a great service to the people of Cape Town. Well done!
ANDREW BORAINE
CHIEF EXECUTIVE
Partnership’s staff (and families) in action… From top: Andrew Boraine and staff enjoying the end of the year stakeholder’s function at Mandela Rhodes Place;Yunus Hendricks, son of CCID’s Security Manager Mo Hendricks, was part of the welcoming committee for cyclists on the last leg of this year’s Tour d’Afrique; Staff supporting car free day
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ANNUAL FINANCIAL
STATEMENTSfor the year ended 30 June 2007
(Association incorporated under section 21)(Reg No 1999/009660/08)
Cape Town Partnership
CONTENTS Directors’ responsibility statement p 32 Independent auditor’s report p 33 Directors’ report p 34-35 Income statement p 36 Balance sheet p 37 Statement of changes in reserves p 38 Cash flow statement p 39 Notes to the financial statements p 40-46 Detailed income statement p 47-48 Other information not covered
by the audit opinion p 49-50
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Directors’ responsibility statement
Declaration by Company Secretary
In my capacity as Company Secretary, I hereby confirm, in terms of the Companies Act, 1973, that for the year ended 30 June 2007, the Company has lodged with the Registrar of Companies all such returns as are required of a company in terms of this Act and that all such returns are true, correct and up to date.
Nazeer Rawoot(Company Secretary)
The directors are responsible for the preparation and fair presentation of the annual financial statements of Cape Town Central City Partnership, comprising the balance sheet at 30 June 2007, and the income statement, the statement of changes in equity and cash flow statement for the year then ended, and the notes to the financial statements, which include a summary of significant accounting policies and other explanatory notes, and the directors’ report, in accordance with South African Statements of Generally Accepted Accounting Practice and in the manner required by the Companies Act of South Africa.
The directors’ responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of these 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.
The directors’ responsibility also includes maintaining adequate accounting records and an effective system of risk management as well as the preparation of the supplementary schedules included in these financial statements.
The directors have made an assessment of the company’s ability to continue as a going concern and have no reason to believe the business will not be a going concern in the year ahead.
The auditor is responsible for reporting on whether the annual financial statements are fairly presented in accordance with the applicable financial reporting framework.
Approval of the annual financial statements
The annual financial statements of Cape Town Central City Partnership, as identified in the first paragraph, were approved by the board of directors on 30 October 2007 and are signed on its behalf by -
SA Johnson AM Boraine(Chairman) (Chief Executive)
33
Independent Auditor’s Report
To the Members of Cape Town Central City Partnership
We have audited the annual financial statements of Cape Town Central City Partnership (Association incorporated under Section 21), which comprise the balance sheet at 30 June 2007, and the income statement, the statement of changes in equity and cash flow statement for the year then ended, and the notes to the financial statements, which include a summary of significant accounting policies and other explanatory notes, and the directors’ report as set out on pages 34 to 48.
Directors’ Responsibility for the Financial Statements
The company’s directors are responsible for the preparation and fair presentation of these financial statements in accordance with South African Statements of Generally Accepted Accounting Practice 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 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 Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial position of Cape Town Central City Partnership (Association incorporated under section 21) at 30 June 2007, and its financial performance and cash flows for the year then ended in accordance with South African Statements of Generally Accepted Accounting Practice, and in the manner required by the Companies Act of South Africa.
Other Matters
The supplementary schedules set out on pages 49 to 50 do not form part of the annual financial statements and are presented as additional information. We have not audited these schedules and accordingly we do not express an opinion on them.
KPMG Inc.
Per CA Steven-JenningsChartered Accountant (SA)Registered AuditorDirector30 October 2007
34
Directors’ reportfor the year ended 30 June 2007
The directors have pleasure in presenting their report for the year ended 30 June 2007.
Business activities
To develop, manage and promote the Central City of Cape Town as a place for all, and a leading centre for retail, commercial, residential, cultural, tourism, education, entertainment, and leisure activities.
General review of operations
The business and operations of the company continued as in the prior year and we have nothing further to report thereon.
The annual financial statements adequately reflect the state of affairs and the results of the business operations of the company and no further explanations are considered necessary.
Post balance sheet event
There are no post balance sheet events that need to be reported.
Share capital
The company does not have share capital, but is limited by guarantee.
35
Directors’ reportfor the year ended 30 June 2007
Directors
The directors who held office during the accounting period and/or to the date of this report are -
AM BoraineDC Skeate Resigned 26 September 2006TM MashologuCA Boyes Resigned 29 September 2006SA Johnson (Chairperson)Y Emeran Appointed 31 October 2006EA PieterseA Ebrahim Appointed 31 October 2006CF Beerwinkel Resigned 28 June 2006Z MintyMJ HallA Schuitmaker Appointed 31 October 2006JM RipponAL RabieLK RobinsonKM RomanD Elzinga Appointed 21 July 2006PJ GordonTR Sikhutshwa Resigned 28 June 2006A Serritslev Appointed 21 July 2006HAS KhanZ Vokwana Resigned 24 August 2006
Secretary
The secretary at the date of this report is Nazeer Rawoot.
Business address Postal address
10th Floor, The Terraces PO Box 199734 Bree Street Cape TownCape Town 80008001
36
Income statementfor the year ended 30 June 2007
Note 2007 2006 R R
Revenue 8 194 459 8 454 203
Operating expenses (8 922 151) (9 711 640)Other income 805 478 77 522
Surplus / (deficit) from operations 2 77 786 (1 179 915)
Finance income 29 966 110 071
Net surplus / (deficit) for the year 107 752 (1 069 844)
37
Balance sheetat 30 June 2007
Note 2007 2006 R R
Assets
Non-current assets
Property, plant and equipment 4 193 334 229 214
Current assets 2 511 654 2 641 006Trade and other receivables 2 026 220 1 699 367Cash and cash equivalents 485 434 941 639
Total assets 2 704 988 2 870 220
Reserves and liabilities
Reserves
Accumulated surplus 905 023 797 271
Current liabilities 1 799 965 2 072 949Trade and other payables 1 799 965 2 020 025Income received in advance - 52 924
Total reserves and liabilities 2 704 988 2 870 220
38
Statement of changes in reservesfor the year ended 30 June 2007
Accumulated
Surplus
R
Balance at 1 July 2005 1 867 115Net deficit for the year (1 069 844)
Balance at 30 June 2006 797 271
Balance at 1 July 2006 797 271Net surplus for the year 107 752
Balance at 30 June 2007 905 023
39
Cash flow statementfor the year ended 30 June 2007
Note 2007 2006 R R
Cash absorbed by operations 7.1 (418 555) (1 597 117)Interest received 29 966 110 071
Net cash outflow from operating activities (388 589) (1 487 046)
Cash flows from investing activities
Acquisition of property, plant and equipment- Additions (67 616) (34 315)
Net decrease in cash and cash equivalents (456 205) (1 521 361)Cash and cash equivalents at beginning of year 941 639 2 463 000
Cash and cash equivalents at end of year 485 434 941 639
40
Notes to the financial statementsfor the year ended 30 June 2007
1 Reporting Entity
Cape Town Central City Partnership (Association incorporated under Section 21) (the “Company”) is a company domiciled in South Africa. The address of the Company’s registered office is 10th Floor, The Terraces, 34 Breet Street, Cape Town. The Company is primarily involved in the business of development, management and promotion of the Central City of Cape Town.
1.1 Basis of preparation
1.1.1 Statement of compliance
The financial statements are prepared in accordance with South African Statements of Generally Accepted Accounting Practice and the requirements of the South African Companies Act.
1.1.2 Basis of measurement
The financial statements have been prepared on the historical cost basis.
1.1.3 Use of estimates and judgements
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.
1.2 Significant accounting policies
The accounting policies set out below have been applied consistently to all periods presented in these financial statements.
41
Notes to the financial statementsfor the year ended 30 June 2007
1.3 Property, plant and equipment
Recognition and measurement
Items of property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.
Cost includes expenditures that are directly attributable to the acquisition of the asset.
When parts of an item of property, plant and equipment have different useful lives, they are accounted for as seperate items (major components) of property, plant and equipment.
Subsequent costs
The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company and its cost can be measured reliably. The costs of the day to day servicing of the property, plant and equipment are recognised in profit or loss as incurred.
Depreciation
Depreciation is recognised in profit or loss on the straight line basis over the estimated useful lives of each part of an item of property, plant and equipment.
The estimated useful lives for the current and comparitive periods are as follows:
Office equipment 6.67 yearsFurniture 6.67 yearsFittings 3 yearsComputer equipment 3 yearsComputer software 2 years
Depreciation methods, useful lives and residual values are reassessed at the reporting date.
42
Notes to the financial statementsfor the year ended 30 June 2007
1.4 Financial instruments
Non derivative financial instruments
Non derivative financial instruments comprise trade and other receivables, cash and cash equivalents and trade and other payables.
Non derivative financial instruments are recognised initially at fair value plus, for intstruments not at fair value through profit and loss, any directly attributable transaction costs, except as described below. Subsequent to initial recognition non derivative financial instruments are measured as described below.
A financial instrument is recognised if the Company becomes party to the contractual provisions of the instrument. Financial assets are derecognised if the Company’s contractual rights to the cash flows from the financial assets expire or if the Company transfers the financial asset to another party without retaining control or substantially all risks and rewards of the asset. Regular way purchases and sales of financial assets are accounted for at trade date, i.e., the date that the Company commits itself to purchase or sell the asset. Financial liabilities are derecognised if the Company’s obligations specified in the contract expire or are discharged or cancelled.
Cash and cash equivalents comprise cash balances and call deposits.
Accounting for finance income is discussed in note 1.6
Non derivative financial instruments are measured at amortised cost using the effective interest rate method, less any impairment losses.Financial instruments are initially measured at cost, which includes transaction costs. Subsequent to initial recognition these instruments are measured as set out below.
1.5 Revenue
Revenue comprises contributions, net invoiced membership fees, administration fees and other operating income, excluding VAT.
1.6 Finance income
Finance income comprises interest income on funds invested, gains on the disposal of available for sale financial assets, changes in the fair value of financial assets at fair value through profit or loss and foreign currency gains. Interest income is recognised as it accrues, using the effective interest method.
1.7 Employee benefits
Short term employee benefits
The cost of all short term employee benefits is recognised during the period in which the employee renders the related service.
The accruals for employee entitlements to wages, salaries, and annual leave represent the amount which the company has a present obligation to pay as a result of employees’ services provided to the balance sheet date. The accruals have been calculated at undiscounted amounts based on current wage and salary rates.
43
Notes to the financial statementsfor the year ended 30 June 2007
1.8 Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, deposits held on call with banks, and investments in money market instruments, net of bank overdrafts, all of which are available for use by the company unless otherwise stated.
1.9 Sundry income
Sundry income comprises funds received from projects other than that included in revenue and reversals of prior year accruals.
2007 2006 R R
2. Surplus / (deficit) from operations
is arrived at after taking into account:
Audit fee - current year 84 150 61 049Director’s emoluments- executive services 1 158 161 1 070 360Operating lease charges- premises 428 050 976 363Project fees 892 915 723 903
44
Notes to the financial statementsfor the year ended 30 June 2007
3. Property, plant and equipment
Depreciation Cost Accumulated Carrying
rate depreciation amount
% R R R
2007
Computer software 33.33 74 463 61 535 12 928Furniture 16.67 102 816 52 082 50 734Fittings 33.33 45 408 41 910 3 498Office equipment 16.67 97 350 36 254 61 096Computer hardware 33.33 227 806 162 728 65 078
547 843 354 509 193 334
2006
Computer software 33.33 65 884 45 833 20 051Furniture 16.67 94 116 35 484 58 632Fittings 33.33 45 408 30 732 14 676Office equipment 16.67 94 192 19 181 75 011Computer hardware 33.33 180 628 119 784 60 844
480 228 251 014 229 214
Carrying Additions Depreciation Carrying
amount at amount at
beginning end of year of year
R R R R
2007
Computer software 20 051 8 580 (15 703) 12 928Furniture 58 632 8 700 (16 598) 50 734Fittings 14 676 - (11 178) 3 498Office equipment 75 011 3 158 (17 073) 61 096Computer hardware 60 844 47 178 (42 944) 65 078
229 214 67 616 (103 496) 193 334
2006
Computer software 31 098 12 260 (23 307) 20 051Furniture 71 147 2 968 (15 483) 58 632Fittings 29 815 - (15 139) 14 676Office equipment 86 475 4 500 (15 964) 75 011Computer hardware 97 333 14 587 (51 076) 60 844
315 868 34 315 (120 969) 229 214
45
Notes to the financial statementsfor the year ended 30 June 2007
4. Taxation
Provision has not been made for current or deferred taxation as the company is exempt from income tax in terms of Section 10(1)(d)(iii) of the Income Tax Act.
5. Financial instruments
5.1 Credit risk
The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet.
5.2 Fair values
The fair values of all financial instruments are substantially identical to carrying amounts reflected in the balance sheet.
6. Related parties
6.1 Identity of related parties
The following City Improvement Districts are managed by the Cape Town Central City Partnership, and work towards achieving the same objectives:
- Cape Town Central City Improvement District (Association incorporated under section 21)
- Sea Point City Improvement District (Association incorporated under section 21)
The Greenpoint City Improvement District (Association incorporated under section 21) and the Oranjekloof City Improvement District (Association incorporated under section 21) are no longer under the management of the Cape Town Central City Partnership (Association incorporated under section 21) as they became independent entities during the current year.
The directors as listed in the directors’ report.
6.2 Material related party transactions
Director’s emoluments - refer note 2Administration fee received from Cape Town Central City Improvement District - refer note 2Administration fee received from Greenpoint City Improvement District - R nil (2006: R231 399)Administration fee received from Sea Point City Improvement District - R394 320 (2006: R330 000)Administration fee received from Oranjekloof City Improvement District - R nil (2006: R186 536)
46
Notes to the financial statementsfor the year ended 30 June 2007
7. Note to the cash flow statement
7.1 Cash absorbed by operations
2007 2006 R R
Operating surplus/(deficit) 77 786 (1 179 915)Adjustment for -Depreciation of property, plant and equipment 103 496 120 969
Operating income/(loss) before working capital changes 181 282 (1 058 946)
Increase in trade and other receivables (326 853) (844 476)(Decrease)/increase in trade and other payables (220 060) 557 460Decrease in loan from related party - (32 286)Decrease in income received in advance (52 924) (218 869)
(418 555) (1 597 117)
47
Detailed income statementfor the year ended 30 June 2007
2007 2006 R R
Revenue 8 194 458 8 454 203City Improvement District administration fees 4 280 034 4 440 483Contributions 2 650 000 1 754 387Private sector membership fees - 637 713Parking income 1 263 424 1 557 509Film income 1 000 64 111
Other income 835 445 187 593Interest 29 967 110 071Sundry income 805 478 77 522
9 029 903 8 641 796
Expenditure (refer to page 18) 8 922 151 9 711 640
Net surplus / (deficit) 107 752 (1 069 844)
48
Detailed income statement (continued)for the year ended 30 June 2007
2007 2006 R R
Expenditure 8 922 151 9 711 640
Accounting fees - 49 543Administration fees - 3 006Auditors remuneration 84 150 61 049Bad debts - 465 672Bank charges 10 138 9 175Computer expenses 38 570 34 673Penalties and interest - 70 921Depreciation 103 496 120 969Electricity and water 61 532 47 793Entertainment 12 514 19 447Project Costs 892 915 723 903Internet Costs 49 343 29 355General expenses 41 754 17 797Gifts 954 -Hire of equipment - 27 864Insurance 13 014 12 791Lease costs 2 200 3 313Legal expenses 7 324 15 300Marketing 582 853 372 321Metropolitan council - levies - 58 446Office equipment 25 218 28 281Parking 9 259Postage 3 595 4 008Printing and stationery 140 665 102 400Public relations 162 902 360 086Rent 428 050 976 363Repairs and maintenance - 705Salaries and wages 5 913 768 5 876 580Subscriptions 2 098 1 905Telephone and fax 119 122 135 627Training 33 376 53 640Travel - local 192 591 28 448
49
NOTICE OF ANNUAL GENERAL MEETING
CAPE TOWN CENTRAL CITY PARTNERSHIP (“THE COMPANY”)(AN ASSOCIATION INCORPORATED UNDER SECTION 21)REGISTRATION NUMBER 1999/009660/08
Notice is hereby given in accordance with section 179 of the Companies Act 61of 1973 at the Annual General Meeting of the members of the Company will be held on 30 October 2007 at 09h00 at Mandela Rhodes Place, Cape Town, for the following purposes:
AGENDA
1. Welcome2. Report by the Chairman3. Election of directors The directors who have retired by rotation, namely Paddy Gordon, Martin Hall, Hassan Khan, Thabo Mashologu, Zayd Minty and Edgar Pieterse are available for re-election with the exception of Zayd Minty who will not be available for re-election. Any other nominations must reach the Chairperson and Company Secretary at least 48 hours before the time of the meeting. 4. To receive and consider the Annual Financial Statements for the year ended 30th June 2007, including the Directors’ Report and the Auditors’ Report thereon.5. To consider the appointment and remuneration of the auditors.6. To transact any such other business that may be transacted at an Annual General Meeting.
Any Member entitled to attend and vote at the meeting is entitled to appoint one or more proxies to attend and vote in his stead. A proxy need not also be a Member of the company.
Proxy forms should be forwarded to the office and the company’s secretary, 10th Floor, The Terraces, 34 Bree Street, Cape Town, 8001, and marked for the attention of Mr. Rawoot, and such proxy forms must reach the office of the company’s secretary not less than 48 hours before the time for the holding of the meeting.
COMPANY SECRETARYNazeer Rawoot
50
FORM OF PROXY
CAPE TOWN CENTRAL CITY PARTNERSHIP (“THE COMPANY”)(AN ASSOCIATION INCORPORATED UNDER SECTION 21)REGISTRATION NUMBER 1999/009660/08
For use by members of the Company at the Annual General Meeting to be held on 30 October 2007 at 09h00.
I, (full name of member)
being a member of the Company do hereby appoint
or failing him / her
or failing him/ her, the Chairperson of the meeting
as my proxy to act for me and on my behalf at the Annual General Meeting of the Company to be held on 30 October 2007 at 09h00, and at any adjournment thereof.
MATTER VOTING INSTRUCTION
To elect directors SPECIFIC INSTRUCTIONS
To adopt the annual financial statements IN FAVOUR / AGAINST / ABSTAIN
To confirm the appointment and remuneration of the auditors IN FAVOUR / AGAINST / ABSTAIN
Signed at on this day of 2007
Member
NOTE: if this form, duly signed, is lodged without specific instructions as to how the proxy is to vote, the proxy shall be deemed to have been authorized to vote as he / she deems fit.
A member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend, speak and vote thereat in his / her stead. Such a proxy need not be a member of the Company. Each proxy shall be lodged with the Chairperson or the Company Secretary at least 48 hours before the time for the holding of the meeting at which the vote is to be exercised.
