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10. Appendix
Appendix 1
Profit and loss statement (with monthly details (US$))
2018 Jan '18 Feb '18 Mar '18 Apr '18 May '18 Jun '18 Jul '18 Aug '18 Sep '18 Oct '18 Nov '18 Dec '18 Revenue $32,919 $22,474 $22,474 $22,474 $22,474 $22,474 $22,474 $22,474 $8,206 $8,206 $8,206 $8,206
Gross Margin $32,919 $22,474 $22,474 $22,474 $22,474 $22,474 $22,474 $22,474 $8,206 $8,206 $8,206 $8,206 Gross
Margin % 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Operating Expenses
Salary $11,273 $11,275 $11,275 $11,275 $11,283 $11,286 $11,286 $11,294 $11,294 $11,294 $11,294 $11,294 Employee
Related Expenses
$1,127 $1,128 $1,127 $1,128 $1,128 $1,129 $1,128 $1,130 $1,129 $1,130 $1,129 $1,129
Rent
payment $527 $527 $527 $527 $527 $527 $527 $527 $527 $527 $527 $527
Electricity $75 $75 $75 $75 $75 $75 $75 $75 $75 $75 $75 $75
Water $75 $75 $75 $75 $75 $75 $75 $75 $75 $75 $75 $75
Stationery $299 $299 $299 $299 $299 $299 $299 $299 $299 $299 $299 $299
Books $224 $224 $224 $224 $224 $224 $224 $224 $224 $224 $224 $224
Food $374 $374 $374 $374 $374 $374 $374 $374 $374 $374 $374 $374
Telephone $112 $112 $112 $112 $112 $112 $112 $112 $112 $112 $112 $112
Insurance $187 $187 $187 $187 $187 $187 $187 $187 $187 $187 $187 $187
Internet $75 $75 $75 $75 $75 $75 $75 $75 $75 $75 $75 $75
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and advertising
$658 $450 $449 $450 $449 $450 $449 $450 $164 $164 $164 $164
Total Operating Expenses
$15,007 $14,800 $14,800 $14,800 $14,808 $14,812 $14,813 $14,820 $14,536 $14,535 $14,536 $14,536
Operating
Income $17,912 $7,674 $7,674 $7,674 $7,666 $7,662 $7,661 $7,654 ($6,330) ($6,329) ($6,330) ($6,330) Interest
Incurred $302 $298 $294 $289 $285 $281 $277 $272 $268 $263 $259
Depreciation and
Amortization
$1,197 $1,197 $1,197 $1,197 $1,197 $1,197 $1,197 $1,197 $1,197 $1,197 $1,197 $1,197
Income
Taxes $4,597 $1,698 $1,699 $1,700 $1,700 $1,699 $1,701 $1,699 ($2,145) ($2,143) ($2,142) ($2,141) Total
Expenses $20,801 $17,997 $17,994 $17,990 $17,996 $17,993 $17,991 $17,993 $13,860 $13,857 $13,854 $13,851 Net Profit $12,118 $4,477 $4,480 $4,484 $4,478 $4,481 $4,483 $4,481 ($5,654) ($5,651) ($5,648) ($5,645) Net Profit /
Sales 37% 20% 20% 20% 20% 20% 20% 20% (69%) (69%) (69%) (69%)
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Balance Sheet (with monthly details (US$))
2018 Jan '18 Feb '18 Mar '18 Apr '18 May '18 Jun '18 Jul '18 Aug '18 Sep '18 Oct '18 Nov '18 Dec '18 Total Assets $100,715 $101,599 $105,382 $109,164 $112,937 $116,705 $120,475 $124,234 $114,013 $105,490 $96,968 $88,445 Income
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Debt $41,391 $40,645 $39,894 $39,139 $38,380 $37,616 $36,847 $36,074 $35,295 $34,513 $33,725 $32,933
Total
Liabilities $54,597 $51,004 $50,307 $49,606 $48,899 $48,187 $47,474 $46,753 $42,185 $39,314 $36,439 $33,561 Paid-in
Capital $34,000 $34,000 $34,000 $34,000 $34,000 $34,000 $34,000 $34,000 $34,000 $34,000 $34,000 $34,000 Retained
Earnings
Earnings $12,118 $16,595 $21,075 $25,559 $30,037 $34,518 $39,001 $43,482 $37,828 $32,177 $26,529 $20,884 Total
Owner's Equity
$46,118 $50,595 $55,075 $59,559 $64,037 $68,518 $73,001 $77,482 $71,828 $66,177 $60,529 $54,884
Total Liabilities &
Equity
$100,715 $101,599 $105,382 $109,164 $112,937 $116,705 $120,475 $124,234 $114,013 $105,490 $96,968 $88,445
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Appendix 3
Cash flow (with monthly details(US$))
2018 Jan '18 Feb '18 Mar '18 Apr '18 May '18 Jun '18 Jul '18 Aug '18 Sep '18 Oct '18 Nov '18 Dec '18 Net Cash
Flow from Operations
Net Profit $12,118 $4,477 $4,480 $4,484 $4,478 $4,481 $4,483 $4,481 ($5,654) ($5,651) ($5,648) ($5,645) Depreciati
on and Amortizati on
$1,197 $1,197 $1,197 $1,197 $1,197 $1,197 $1,197 $1,197 $1,197 $1,197 $1,197 $1,197
Change in Accounts Receivable
($6,584) $2,089 $0 $0 $0 $0 $0 $0 $2,854 $0 $0 $0
Change in Income Tax Payable
$4,597 ($2,899) $1 $1 $0 ($1) $2 ($2) ($3,844) ($2,143) ($2,142) ($2,141)
Net Cash Flow from Operations
$11,329 $4,864 $5,678 $5,681 $5,676 $5,677 $5,682 $5,676 ($5,447) ($6,597) ($6,593) ($6,589)
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Appendix 4
Monthly Revenue Streams forecast for 2018
Revenue January February March April May June July August September October November December
Tuition 14268 14268 14268 14268 14268 14268 14268 14268 0.00 0.00 0.00 0.00
Food 2984 2984 2984 2984 2984 2984 2984 2984 2984 2984 2984 2984
Transportation 5222 5222 5222 5222 5222 5222 5222 5222 5222 5222 5222 5222
Registration 10445 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
32919 22474 22474 22474 22474 22474 22474 22474 8206 8206 8206 8206
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Appendix 5
Personnel Budget (Swazi Lilangeni)
Position Number
Individual
Salaries (E) Monthly 2018 2019 2020 2021 2022
Manager 3 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Teacher 8 10,000.00 80,000.00 960,000.00 960,000.00 960,000.00 960,000.00 960,000.00
Administration officer 2 8,000.00 16,000.00 192,000.00 192,000.00 192,000.00 192,000.00 192,000.00
Housekeeper 2 5,000.00 10,000.00 120,000.00 120,000.00 120,000.00 120,000.00 120,000.00
Cook 2 5,000.00 10,000.00 120,000.00 120,000.00 120,000.00 120,000.00 120,000.00
Driver 1 5,000.00 5,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00
Total 121,000.00 1,452,000.00 1,452,000.00 1,452,000.00 1,452,000.00 1,452,000.00
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Appendix 6
Capital cost (Swazi Lilangeni)
Room Description Quantity Price/unit Useful life Total(Emalangeni)
Classroom Desk and chairs 24 2,500.00 5 60,000.00
Blackboard 3 500.00 5 1,500.00
Bookshelf 3 3,000.00 5 9,000.00
Various toys 1 10,000.00 3 10,000.00
Decoration 1 10,000.00 5 10,000.00
90,500.00
Staff room Computer 8 15,000.00 4 120,000.00
Conferennce table 1 4,000.00 5 4,000.00
Bookshelf 2 2,000.00 5 4,000.00
Chairs 8 4,000.00 5 32,000.00
160,000.00
Common room Projector 1 15,000.00 5 15,000.00
Playground set 1 40,000.00 5 40,000.00
Sports set 1 20,000.00 5 20,000.00
Decoration 1 10,000.00 5 10,000.00
85,000.00
Reception area Computer 1 15,000.00 5 15,000.00
Bookshelf 1 1,000.00 5 1,000.00
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Reception desk 1 5,000.00 5 5,000.00
Chairs 4 2,000.00 5 8,000.00
29,000.00
Kitchen area cooking utensils 1 5,000.00 5 5,000.00
Oven 1 15,000.00 5 15,000.00
Pans and cooker 1 5,000.00 5 5,000.00
Cutlery 1 500.00 2 500.00
Dishwasher 1 10,000.00 5 10,000.00
Washing machine 1 8,000.00 5 8,000.00
Dryer 1 10,000.00 5 10,000.00
53,500.00
Directors Office Computer 1 15,000.00 5 15,000.00
Desk 1 1,000.00 5 1,000.00
chair 3 1,500.00 5 4,500.00
Bookshelf 1 1,000.00 5 1,000.00
21,500.00
Theater Area Stage 1 25,000.00 10 25,000.00
Backstage 1 10,000.00 10 10,000.00
Curtain 1 5,000.00 5 5,000.00
chairs 80 500.00 5 40,000.00
Projector 1 15,000.00 5 15,000.00
95,000.00
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Appendix 7
Capital cost Summation (US$)
Fixed Asset Cost(US$)
Furniture& fixtures 25,952.00
Machinery 13,986.00
Equipment 8,457.00
Tools 8,314.00
Total 56,799.00
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Appendix 8
Capital Financing (Swazi Lilangeni)
Bank Loan
Loan Amortization
Amount 600,000.00 Interest rate 7.25%
Months 60
Payments 11,951.62
Period
Beginning
Balance Payment Interest Principal Ending Balance
25/1/2018 600,000.00 11,951.62 3,625.00 8,326.62 588,048.38 25/2/2018 588,048.38 10,648.42 3,552.79 7,095.63 577,399.96 25/3/2018 577,399.96 10,648.42 3,488.46 7,159.96 566,751.54 25/4/2018 566,751.54 10,648.42 3,424.12 7,224.30 556,103.12 25/5/2018 556,103.12 10,648.42 3,359.79 7,288.63 545,454.70 25/6/2018 545,454.70 10,648.42 3,295.46 7,352.96 534,806.28 25/7/2018 534,806.28 10,648.42 3,231.12 7,417.30 524,157.86 25/8/2018 524,157.86 10,648.42 3,166.79 7,481.63 513,509.44 25/9/2018 513,509.44 10,648.42 3,102.45 7,545.97 502,861.02 25/10/2018 502,861.02 10,648.42 3,038.12 7,610.30 492,212.60 25/11/2018 492,212.60 10,648.42 2,973.78 7,674.64 481,564.18 25/12/2018 481,564.18 10,648.42 2,909.45 7,738.97 470,915.76 25/1/2019 470,915.76 10,648.42 2,845.12 7,803.30 460,267.34
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25/2/2019 460,267.34 10,648.42 2,780.78 7,867.64 449,618.92 25/3/2019 449,618.92 10,648.42 2,716.45 7,931.97 438,970.50 25/4/2019 438,970.50 10,648.42 2,652.11 7,996.31 428,322.08 25/5/2019 428,322.08 10,648.42 2,587.78 8,060.64 417,673.66
25/6/2019 417,673.66 10,648.42 870.15 9,778.27 407,025.24
25/7/2019 407,025.24 10,648.42 847.97 9,800.45 396,376.82
25/8/2019 396,376.82 10,648.42 825.79 9,822.63 385,728.40
25/9/2019 385,728.40 10,648.42 803.60 9,844.82 375,079.98
25/10/2019 375,079.98 10,648.42 781.42 9,867.00 364,431.56 25/11/2019 364,431.56 10,648.42 759.23 9,889.19 353,783.14 25/12/2019 353,783.14 10,648.42 737.05 9,911.37 343,134.72
25/1/2020 343,134.72 10,648.42 714.86 9,933.56 332,486.30
25/2/2020 332,486.30 10,648.42 692.68 9,955.74 321,837.88
25/3/2020 321,837.88 10,648.42 670.50 9,977.92 311,189.46
25/4/2020 311,189.46 10,648.42 648.31 10,000.11 300,541.04 25/5/2020 300,541.04 10,648.42 626.13 10,022.29 289,892.62 25/6/2020 289,892.62 10,648.42 603.94 10,044.48 279,244.20 25/7/2020 279,244.20 10,648.42 581.76 10,066.66 268,595.78 25/8/2020 268,595.78 10,648.42 559.57 10,088.85 257,947.36 25/9/2020 257,947.36 10,648.42 537.39 10,111.03 247,298.94 25/10/2020 247,298.94 10,648.42 515.21 10,133.21 236,650.52 25/11/2020 236,650.52 10,648.42 493.02 10,155.40 226,002.10 25/12/2020 226,002.10 10,648.42 470.84 10,177.58 215,353.68 25/1/2021 215,353.68 10,648.42 448.65 10,199.77 204,705.26 25/2/2021 204,705.26 10,648.42 426.47 10,221.95 194,056.84 25/3/2021 194,056.84 10,648.42 404.29 10,244.13 183,408.42 25/4/2021 183,408.42 10,648.42 382.10 10,266.32 172,760.00 25/5/2021 172,760.00 10,648.42 359.92 10,288.50 162,111.58 25/6/2021 162,111.58 10,648.42 337.73 10,310.69 151,463.16
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25/7/2021 151,463.16 10,648.42 315.55 10,332.87 140,814.74 25/8/2021 140,814.74 10,648.42 293.36 10,355.06 130,166.32 25/9/2021 130,166.32 10,648.42 271.18 10,377.24 119,517.90 25/10/2021 119,517.90 10,648.42 249.00 10,399.42 108,869.48 25/11/2021 108,869.48 10,648.42 226.81 10,421.61 98,221.06 25/12/2021 98,221.06 10,648.42 204.63 10,443.79 87,572.64
25/1/2022 87,572.64 10,648.42 182.44 10,465.98 76,924.22
25/2/2022 76,924.22 10,648.42 160.26 10,488.16 66,275.80
25/3/2022 66,275.80 10,648.42 138.07 10,510.35 55,627.38
25/4/2022 55,627.38 10,648.42 115.89 10,532.53 44,978.96
25/5/2022 44,978.96 10,648.42 93.71 10,554.71 34,330.54
25/6/2022 34,330.54 10,648.42 71.52 10,576.90 23,682.12
25/7/2022 23,682.12 10,648.42 49.34 10,599.08 13,033.70
25/8/2022 13,033.70 10,648.42 27.15 10,621.27 2,385.28
25/9/2022 2,385.28 3,688.48 4.97 3,683.51 0.00
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Appendix 9
Partner’s contribution (Swazi lilangeni)
Partners Ratios Amount Initial Investment
Bhila Nombuso 0.333333333 34,000.00 11,333.33
Bhila Nokwanda 0.333333333 34,000.00 11,333.33
Bhila Cindy 0.33333333 34,000.00 11,333.33
34,000.00
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Appendix 10
School location Map
Tomorrow People will be located along Makhosini DR. Street
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Appendix 11 Classroom layout
Tools & Facilities
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Miss Cindy Bhila Miss Nombuso Bhila and
Miss Nokwanda Bhila
Effective as of 1 January 2018
PARTNERSHIP AGREEMENT
THIS PARTNERSHIP AGREEMENT effective as of the 1st day of January 2018.
BETWEEN:
Miss Cindy Bhila, incorporated under the laws of a Partnership (Hereinafter “Miss Cindy Bhila”)
OF THE FIRST PART,
Miss Nombuso Bhila, incorporated under the laws of a Partnership (Hereinafter “Miss Nombuso Bhila”)
OF THE SECOND PART.
Miss Nokwanda, incorporated under the laws a Partnership (Hereinafter “Miss Nokwanda Bhila”)
OF THE THIRD PART.
WHEREAS Miss Cindy Bhila, Miss Nombuso Bhila and Miss Nokwanda entered into the Partnership (asdefined herein)
effective as of January 1, 2018 on the terms and conditions hereinafter set forth;
AND WHEREAS from and following 1st of January 2018, the Partnership acquired certain assets required by it to carry on its business;
NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration of the premises and the mutual covenants, agreements and conditions herein contained, it is hereby
covenanted, agreed and declared by and among the Partners (as defined herein) as follows:
ARTICLE 1 – INTRODUCTION 1.1 Definitions.
In this Agreement (as defined herein), unless there is something in the subject matter or context inconsistent therewith, the following terms shall have the respective meanings ascribed below:
(a) “Accountants” means such firm of accountants as the Partners may from time to time determine to be the accountants of the Partnership (as defined herein);
(b) “Agreement”, “this Agreement”, “hereto”, “herein”,
“hereby”, “hereunder” and similar expressions refer to this Agreement and not to any particular Article, Section or other portion hereof, and include any and every instrument supplemental or ancillary to or in implement hereof;
(c) “Business” means any business or businesses carried on by the Partnership as may be deemed by the Partners to be in the best interest of the Partnership and any other general business activities related or incidental thereto;
(d) “Effective Date” means January 1, 2018;
(e) “Fiscal Year” means June 1 to May31;
(f) “Partner” means any one of Miss Cindy Bhila, Miss Nombuso Bhila or Miss Nokwanda Bhila or any other partner admitted pursuant to the provisions of this Agreement, “Partners”
means all of them, and the “Partnership” means the partnership established by this Agreement; and
(g) “Person” means any individual, firm, corporation, partnership, joint venture, trustee or trust, government or agency thereof, unincorporated association, orother entityand pronouns have a similarly extendedmeaning.
1.2 Number and Gender.
Words importing the singular include the plural and vice versa and words importing gender include all genders.
1.3 Governing Legislation.
ARTICLE 2 – FORMATION OF PARTNERSHIP 2.1 Establishment.
Subject to the terms and conditions hereof, the parties hereto agree to carry on the Business in partnership.
2.2 Term.
Subject to the provisions of this Agreement, the Partnership shall commence as of the Effective Date and shall continue for a term ending on the earlier of:
(a) the date on which the Partnership is voluntarily dissolved by unanimous agreement of the Partners; or
(b) the date on which the Partnership is dissolved by operation of law.
2.3 Name.
The name of the Partnership shall be “[Tomorrow People]” and/or such other name or names as the Partners may from time to time agree upon in writing and no party shall carry on business under such name except as a Partner of the Partnership.
2.4 Place of Business.
The place of business of the Partnership shall be at such place or places as the Partners shall from time to time hereafter determine.
2.5 New Partners.
No person shall be admitted as a Partner except with the unanimous consent in writing of the Partners.
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ARTICLE 3 – FINANCIAL MATTERS3.1 Capital Contributions and Financing Requirements.
The initial capital of the Partnership shall be:
(a) For Miss Cindy Bhila shall contribute 1/3 capital to the Partnership on Tomorrow People
(b) For Miss Nokwanda Bhila shall 1/3 capital to the Partnership on Tomorrow People
(c) For Miss Nokwanda Bhila shall 1/3 capital to the Partnershipon Tomorrow People
The initial capital so contributed by each of the Partners is credited to the capital account (“Capital Account”) of each Partner. The following provisions of this Section3.1 shall apply in respect of the capital contributions of the Partners:
(d) the capital funds of the Partnership shall belong to the Partners in the proportion contributed by each Partner;
(e) any further contribution of capital required by the Partnership may be contributed to the Partnership by any one or both of the Partners without limitation as to the amount of such further capital contribution and any such additional capital contribution shall be treated in the same manner as the initial capitalcontributions above set out; and
(f) No Partner shall be entitled to interest on the amount of its capitalcontribution to thePartnership.
3.2 Profits and Losses.
In each Fiscal Year all items of income and gain, and expense and loss of the Partnershipshall be determined by theAccountants of the Partnership at the end of each Fiscal Year.
3.3 Net Profits and Losses.
Until otherwise unanimously agreed by the Partners, and subject to the provisions of this Agreement, the net profits, if any, of the Partnership as determined at the end of each such Fiscal Year shall be allocated among the Partners in proportion to the respective Capital Account of each of the Partners as calculated at the end of each such Fiscal Year. All expenses incurred in the course of the Business and all losses, if any, arising therefrom shall be borne out of the earnings of the Business, or in the case of a deficiency, and the losses shall be allocated amongst the Partners pro rata to their respective individual Capital Accounts at the end of each such Fiscal Year.
3.2 Profits and Losses.
In each Fiscal Year all items of income and gain, and expense and loss of the Partnership shall be determined by the Accountants of the Partnership at the end of each Fiscal Year.
3.3 Net Profits and Losses.
Until otherwise unanimously agreed by the Partners, and subject to the provisions of this Agreement, the net profits, if any, of the Partnership as determined at the end of each such Fiscal Year shall be allocatedamong the Partners in proportion to the respective Capital Account of each of the Partners as calculated at the end of each such Fiscal Year. All expenses incurred in the course of the Business and all losses, if any, arising therefrom shall be borne out of the earnings of the Business, or in the case of a deficiency, and the lossesshall be allocated amongst the Partners pro rata to their respective individual Capital Accounts at the end of each such Fiscal Year.
3.4 Drawings.
Each of the Partners may draw out of the Partnership, from time to time, on account of its share of the net profits for the current year, a sum not exceeding their respective Capital Accounts. Any sums drawn out by any Partner in excessof its share of the net profits for any such year shall be repaid in full to the Partnership unless otherwise unanimously agreed by the Partners.
3.5 Financial Statements.
Proper accounts shall be kept of all transactions of the Business and at the end of eachFiscal Year or assoonthereafter as possible, a statement shall be preparedshowing the income and expenses of the Business for thepast year and what belongsand is due to each of the Partners as its share of the profits.
3.6 Borrowing or Encumbrance of Partnership Interest.
Neither Partner shall, without the previous consent in writing of the other, sign or encumber its share or interest in the
Partnership, borrow money on behalf of the Business or, hire any employee or
subcontractor.
3.7 Payment of Obligations.
Each of the Partners shall punctually pay and discharge its separate debts, liabilities,
obligations, duties and agreements whether at present or future and keep indemnified the
ARTICLE 4 – MANAGEMENT 4.1 Management.
Final authority, management and control of the business and affairs of the Partnership shall be vested in the Partners.
4.2 Action of the Partners.
The powers of the Partners may be exercised by resolution passed at a meeting of the Partners or by resolution consented to by the signatures of the Partners.
4.3 Delegation of Authority.
The Partners may at any time and from time to time by resolution passed at a meeting of the Partners delegate any power or authority relating to the management of the business and affairs of the Partnership to any Partner and the exercise of any such authority or authority by such Partner shall be valid and binding upon all Partners until such power or authority has been rescinded by resolution.
4.4 Place of Meeting.
Meetings of the Partners shall be held at the principal office of the Partnership, or, at such other place as the Partners may, by unanimous agreement, determine.
4.5 Calling of Meetings.
Meetings of the Partners shall be held from time to time at such time and on such day without notice as any Partner may determine.
4.6 Power of Attorney.
Each Partner grants to the other Partner for such time as he remains a Partner to this
ARTICLE 5 – DETERMINATION OF PARTNERSHIP 5.1 General.
Except as expressly permitted in this Article 5, or as otherwise unanimously agreed to in writing by the Partners, no Partner may sell, assign, convey, transfer, mortgage, charge or otherwise encumber all or any part of its share or interest in the Partnership.
5.2 Dissolution.
The Partnership shall be dissolved at any time by unanimous resolution of the Partners passed at a meeting of the Partners called for that purpose. The Partnership may also be terminated by unanimous agreement in writing signed by all of the Partners.
5.3 Determination.
In the event of the dissolution of the Partnership, the Partnership shall terminate and a proper accounting shall be made of the capital and income accounts of each Partner and the profit or losses of the Partnership to the date of dissolution by the Accountants. The assets of the Partnership shall be liquidated and the proceeds of such liquidation shall then be distributed as follows, unless the Partners otherwise unanimously agree:
(a) firstly, to repay all costs, debts, expenses, liabilities and obligations of the Partnership;
(b) secondly, to pay to each Partner its share of the capital;
and
(c) Thirdly, to divide the surplus, if any, between the Partners in the proportions in which they are entitled to share in profits.
In the event that such liquidation proceeds shall not be sufficient to satisfy the liabilities of the
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Appendix 13 School Logo
Tomorrow People Academy
Education with a twist
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References
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