Page 10 - CAO Annual Report 2023-24

CENTRAL APPLICATIONS OFFICE
Under the leadership of Mr van der Ross the organisation has managed to reach and operate in far calmer waters. Investments were made on a continuous basis to ensure that the critical infrastructure to operate this business remains sound and relevant and that the appropriate technology was put in place to keep up with the growing number of applications for places at member Universities while ensuring financial stability and sustainability.
The chairperson praised the strength of the organization, which he believed lies with its dedicated staff and management. Many of the staff members have long service with the organisation and have provided the necessary balance when infusing with new staff members with different skill sets as the organisation has grown and developed. He praised the guidance of the Board who over the years seamlessly integrated new Board Members who all shared a common vision for the wellbeing of the post schooling system.
Finally, he thanked all the stakeholders who helped shape the CAO on reaching this significant milestone of 25 years.
The chairperson then proceeded with the tabling of the minutes of the last AGM held on the 29th September 2022.
The chairperson called for Matters Arising. There were none and he requested the resolution of the acceptance of the minutes.
RESOLUTION 1: The Annual General Meeting resolves that the minutes tabled at this meeting are a true record of the proceedings of the Annual General Meeting of 29 September 2022.
Moved by Mr Darrel Wilkinson and seconded by Dr Ntombenhle Nombela-Mseleku.
He then announced the next sequence of business, which was the 2022-23 Annual Financial Statements for the period ending on the 28th February 2023.
The Annual Financial Statements were presented by the Internal Auditor, Mrs Charmaine Jugnarayan. After greeting the attendees she proceeded to state the reporting period being 1 March 2022 to 28 February 2023.
She stated that the CAO has had another successful year with income of around 74 million rands and an operational expenditure of 11 million rands. The surplus for the year was 15 million rands and 1.9 million rands interest giving a total surplus of 17 million rands. The surplus brought forward from the previous financial period was 74 million rands and we ended up at the end of the year with a surplus of 91 million rands. The 91 million rands is therefore the net asset value of CAO.
The auditors have audited the financials for CAO and have given it an unqualified audit opinion.
At the conclusion of the Internal Auditor’s Report the chairperson confirmed that The Board of directors had already approved the annual financial statements and the consolidated financial statements prepared by the auditing company VN Kandilal and company.
He called for any questions regarding the financials. As there were none he called for the adoption of the financials.
RESOLUTION 2: The meeting resolves to accept the reports of the auditor and of the Board of Directors regarding the statutory accounts and the consolidated accounts as of the financial year ended 28 February 2023.
Moved by Mr Zakhele Gumede and seconded by Dr Sibusiso Chalufu.
The next order of business was the acceptance of Prof Ross Robinson as a director on the CAO Board.
8
ANNUAL REPORT 2023/2024