Chamber hones in on financial setbacks
The Zululand Chamber of Business Foundation (ZCBF) highlights their most concerning inflated expenses at the fraternity's annual general meeting
MOUNTING legal fees and high utility rates were highlighted as some of the Zululand Chamber of Business Foundation’s (ZCBF) most inflated expenses at the business fraternity’s annual general meeting (AGM) held in Richards Bay on Tuesday.
According to the ZCBF’s financial statements for the year ended in February, legal costs almost doubled owing to the chamber’s ongoing dispute with the City of uMhlathuze municipality who is threatening to terminate their lease agreement.
The agreement will only expire on 30 September 2023, but the municipality reportedly wants to cancel it to, according to the Director’s report, ‘charge the foundation a hugely inflated monthly rental, which they (municipality) consider to be market-related.
‘The ability of the foundation to continue is dependent on a number of factors.
‘The most significant is that the upcoming legal dispute with the municipality be resolved in favour of the foundation. The matter is to be argued in due course in the court of law,’ the Director’s report said.
Another ‘huge jump’ in payments was high electricity, water and lights bills, with expenditure escalating from R670 000 last year to just under R1.2-million this year.
Despite this, total annual expenses decreased by over R800 000.
Goodbye Amangwe
After a decade operating with the support of the ZCBF, Amangwe Village received recognition as an independent non-profit organisation (NPO) and will now move forward as a standalone entity with their own board, rendering HIV-Aids services in rural communities.
‘Amangwe Village has long been a flagship project of the ZCBF and we will continue to support them,’ said ZCBF Chairman Mike Patterson.’
Amangwe Village Manager Erna Steynberg thanked the chamber for backing the organisation since 2002.
