1 / 24

Umsobomvu Youth Fund

Umsobomvu Youth Fund. Presentation to Portfolio Committee on Labour 25 October 2005. Outline. The UYF team Key issues from the audited financials Three years – cumulative impact report Leveraging opportunities – impact on commitments Impact data

alan-webb
Download Presentation

Umsobomvu Youth Fund

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Umsobomvu Youth Fund Presentation to Portfolio Committee on Labour 25 October 2005

  2. Outline • The UYF team • Key issues from the audited financials • Three years – cumulative impact report • Leveraging opportunities – impact on commitments • Impact data • Commitments (contracted and non-contracted) • Last year’s achievements • Some highlights • Target vs Actual • Financial Information • Challenges • Consolidation of audited financials • Access to UYF services – especially rural areas • Plans for 2005/2006

  3. The UYF Team • Adv. R Moloko – Chairperson of the Board • Ms D Motau – Non-Exec. Director & Chair of Audit Committee • Mr J du Preez – Non – Exec. Director • Mr T Wixley – Independent Non Executive Member of Audit Committee • Mr M Kekana – Chief Executive Officer • Ms J Law – Chief Finance Officer

  4. Approved & Projected Commitments

  5. Current Funding Situation • UYF received R855 million from govt. in 2001. • R780 million has been spent/committed contractually and will be paid out until 2006/7/8 • Taking out Auditors definition of commitment, UYF is actually fully committed. Auditors only recognize those commitments that have been reduced to writing • To protect itself against non delivery UYF signs normally for 1 year only. • However, commitment – 3 years at least

  6. Cumulative Report

  7. Cumulative Report

  8. Cumulative Report

  9. Factors That Have Evolved • Lack of capacity in rural areas, govt. departments/ NGOs affect time it takes to implement a programme. Often a new organisation has to be established (e.g. National Youth Service Programme in Limpopo/ Free State) • Leveraging UYF resources with third parties has decreased the amount of funds needed from UYF to implement programmes. Raised R216 million in 2004/5 from third parties.

  10. For Year Under Review (highlights) • Skills Development & Transfer • Funding of 26 FET Colleges • More than 2000 youth receiving training in vocational skills • Succeeded in getting SETAs and FET Colleges working together in an unprecedented way • Assisting in integration of education and training • Rural outreach achieved due to location of FET Colleges • Strengthening of the Public Sector Education System

  11. For Year Under Review (highlights) • Skills Development & Transfer • Implementation of the National Youth Service Programme – launched August 2004 • More than 10 000 youth involved in service • The National Youth Service Unit established in less than 6 months • Effectively mainstreamed NYSP

  12. For Year Under Review (highlights) • Business Development Support • Expanded the Voucher programme into 9 from 5 provinces • Launched the Entrepreneurship Education project – 30 schools, 180 teachers in 3 provinces (7200 learners) • Implementing the National Venture Creation Learnership – 3 FET Colleges running a pilot programme

  13. For Year Under Review (highlights) • Enterprise Finance • First National Bank increased their exposure from R20million to R240million focusing on the same youth target. One of the largest Public Private Partnerships of its kind globally • Our loan book surpassed the R100million and more than 1000 enterprises

  14. For Year Under Review (highlights) • Contact Information & Counselling • Implemented the Graduate Database as per President Mbeki’s directive in May 2004. The database is called “Jobs and Opportunities Seekers Database” (JOBS). Currently has 68 000 CVs registered of unemployed graduates and placing into jobs since March ‘05 • Launched the SA Youth Card in Dec 04. Currently has 10 000 card holders & 90 companies providing discounts. Associated Youth Magazine in Sunday Times (to include Sowetan, etc) • 17 new centres were established (in total 69 access points)

  15. For Year Under Review

  16. For Year Under Review

  17. For Year Under Review

  18. For Year Under Review (income statement)

  19. Challenges • Consolidation of Audited Financial Statements • GAAP requires application of AC132 which stipulates the consolidation of underlying investments due to control (why control by UYF?). • Materiality level of UYF set at R700 000 due to small amount of assets under control and amount lent as at year end • Reporting requirements - burden on SMEs. • To Address: • Adopting International Financial Reporting Standards (fair value reporting i.s.o consolidation)- IAS 28 • Eastern, Central & Southern Federation of Accountants (SAICA is part of) proposes New Guide on Financial Reporting for SMEs. Will reduce reporting complexities • SME regulatory burden more serious for young people

  20. Challenges • Access to UYF services • Issue is about scale • Scale limited because UYF was set up with short term in mind. Therefore need to sustain few programmes instead of a “spray gun approach” • Growth limited due to unavailability of viable service providers in rural areas. Therefore, growth dictated by presence of Service Providers • To address: • Propose to set up UYF outlets • Outlets will also facilitate integration of services

  21. Plans 2005-2006 (highlights) • Support government’s 6% growth target focusing especially on the second economy • Skills development & transfer • Supporting more FET Colleges • Support project consolidate (DBSA/ Dept of Provincial & Local govt.) • Launch the Graduate Development Programme (Social Capital for the unemployed graduate) • Implement Service Programmes along volunteer lines –e.g. teaching Maths and English, caring for orphans or child headed households

  22. Plans 2005 - 2006 (highlights) • Business Development Support • Expand the Entrepreneurship Education project to more schools and provinces • Increase Entrepreneurship Education for out-of-school youth • Launch the Mentorship voucher product & reinstatement of the company registration voucher • Launch the Business Opportunities Support Service (linking youth to business opportunities)

  23. Plans 2005 - 2006 (highlights) • Enterprise Finance • Expand the Cooperative Programme both for production coops and savings coops • Franchise Cadet Programme (with Sanlam & Business Partners) • Training of loan officers (up to 500 to serve communities to improve access to finance) • Implementation of pilot UYF outlets at least by March 2006 • Enable scaling up of UYF programmes; and • Integration of UYF services.

  24. Thank You unleashing the potential of youth

More Related