Home Forum Shop Alumni
THE AIRFORCE - SAAF FUND
 
 
SAAF Fund Managers Report for Financial Year 2013/14

The past year (1 July 2013 to 30 June 2014) was again an eventful time with various Fund activities taking place. One of the big cost drivers is the ongoing maintenance to our units due to the ravages of the sea air as well as normal wear and tear of items eg electrical appliances, linen etc. Three units were upgraded during this period namely Palm Sands (Blaauwbergstrand), C204 Surfside (Umdloti) as well as 54A Mykonos (Umdloti). An amount of R546 000-00 was spent on maintenance and upgrades to Fund owned holiday units. The upgrade program iro all our units that commenced in 2009 have now been completed.

Once again, for the umpteenth year, the auditor’s gave the Fund a qualified audit report.

The occupancy percentage iro our units have shown a steady increase since the upgrades have been done to our units. The average occupancy rose from 62% in 2011 up to 65% for the 2013/14 financial year. This rise in occupancy was achieved notwithstanding the fact that three of our holiday units were closed for approximately six weeks each due to them being upgraded. To some this may seem a small increase but the Fund management sees this as a positive considering the tough economic times that are upon us. Our time share units have also been well occupied with specific reference to Kruger Park Lodge. The Fund has 56 weeks at Kruger Park Lodge and these weeks are fully booked for the year.

Study grants were paid out to 170 children of Fund members whom qualified therefore to an amount of R425 000-00. Our best wishes go to these children wrt their studies, may they see the fruits of their labour. Sport grants were awarded to 17 members who represented their specific sport codes on provincial and international level. We have also paid out gratuities to 84 Fund members whom have retired, resigned or whose contracts had not been renewed. These members whom have left the service of the SAAF remain life members of the Fund without having to pay any further membership fees and may continue to utilise Fund holiday accommodation at the same tariff as that paid by serving members.

Our membership for the year averages at 7900 members (this figure excludes our ex members).

Fund investments have shown an average of 17,4% growth for the year which in these tough financial times is something to be happy about. This healthy growth in the interest earned is primarily due to the sound investment strategy of the Fund which is a conservative investment portfolio. Due to sound management and clear guidelines from the SAAF Fund Board of Trustees we have during the past years not had to utilise invested funds to do Fund business.

Security of our units remains a challenge to ensure that our members experience their utilisation of our units as being safe. We have fortunately not had any security issues during the year. Burglar proofing has been installed in most of our units and further installations will be done on an ongoing basis and is a priority on our budget. Members visiting our units are to please ensure that they keep security in mind when on holiday and to not leave valuables lying around. The key word is “vigilance” at all times. At Mtunzi Park all our car ports have been converted into lockup garages.

None of the foregoing could be done without the support of a small but potent group of dedicated people. The Fund staff consists of just four people. Appreciation goes to these staff members namely Ina, Charlene and Alida for their dedication and support during the past year. Without their unstinting support the task of the Manager would be impossible. Our caretakers at the units are thanked for their diligence and commitment in ensuring that our units are pristine and all maintenance tasks done. Thanks go to the members (serving as well as our pensioners) utilising our facilities. Throughout the year the Fund did not receive one negative report from you our members or our caretakers regarding our member’s utilisation of these facilities. This is indicative of the pride that you have when holidaying in our facilities. We constantly strive to improve our holiday facilities on an ongoing basis and we appreciate your inputs in this regard.

To the SAAF Fund Board of Trustees and Chairman thereof thanks for their support in giving the Fund Manager free reign to conduct Fund business.

Wynand Bauer
Manager SA Air Force Fund