ANNUAL GENERAL MEETING

21 October 2016

&

_______________________________________________________________________________________________________

Trustees: I Jansen van Rensburg l N Haarhoff l F Grobler | A Tilke | P van Vuuren | D Blom | B Palmer

_______________________________________________________________________________________________________________

Date: 29/9/2017

NOTICE

Notice is hereby given that the Annual General Meeting of FUNSEEKERS INTERNATIONAL will be held at

Piccinini’s, Sondela Nature Reserve, Bela-Bela on Saturday, 21 October 2017 at 10:00.

AGENDA

1. Attendance Register / Acceptance of Proxies / Apologies.

2. Establish a quorum.

3. Receive and adopt the Trustees Report.

4. Presentation of Management Team and Trustees.

5. Approve the minutes of the Annual General Meeting held 15 October 2016.

6. Receive and adopt the Audited Annual Financial Statements for the year ended 31 December

2016.

7. Appointment of Auditors.

8. Consider and approve, with or without amendment, the Budget and Subscription Fees for 2017.

9. Appointment of Trustees to hold office for the ensuing year.

10. General: Discussion of special matters, of which detailed written notice is received on or before 19 October 2017.

A light finger lunch will be served at Piccinini’s after the meeting and a cash bar will be available.

Kind Regards

Francois Grobler

FINANCIAL MANAGER

NOTE:

� The supporting AGM documentation is available on our NEW website: www.funseekers.co.za

under the “About Us” header at the bottom of the page, it is not necessary to login.

If you have a problem with access, please contact us by fax: 086 603 7850 or e-mail

helpline@funseekers.co.za and we will forward the documentation to you.

� Printed copies of the documentation will also be available at the Annual General Meeting.

� Nomination of Trustees and Appointment of Member Proxies must be received by Funseekers

at least 48 hours before the Annual General Meeting, i.e. before 09:00 on 19 October 2017.

� Forms for the Nomination of Trustees and Member Proxies are available on the website, or can

alternatively be sent to you on request.

� To enable us to make the necessary arrangements, please RSVP your attendance by no later

than 13 October 2017 by fax: 086 603 7850, or email: helpline@funseekers.co.za.

To login into our new website you will need to confirm your email address and Membership Number

with one of our staff members. Click on LOGIN and select either Forgotten Password or Forgotten

Username, complete the required info, click Submit and a Password will be immediately e-mailed to

the e-mail address that you have provided us.

Funseekers International P O Box 22 l Bela-Bela l 0480

Tel: 014 736 8900

Fax: 014 736 3501

Website: www.funseekers.co.za

VAT NO: 4700233432

2017 Trustee’s Report

Our flagship resort, Sondela Nature Reserve, received a number of awards during 2016:

Lilizela Tourism Awards:

5-Star Sondela Country house - Winner Limpopo

- Top 6 RSA

4-Star Shared Vacation Chalets - Winner Limpopo

- Top 4 RSA

RCI: Sondela Nature Reserve - Gold Crown

Trip Advisor:

Sondela Nature Reserve - Travelers’ Choice Award

RADA:

Employee of the Year - George Taulela – 40 years’ service Groot Buitelewe Gids :

Sondela Caravan Park - Resort of the Year Award – 2nd place

The RCI grading for our Fun Chef Resorts has been as follows: Ocean View Private Guest

Lodge – Silver Crown, Moselesele Tented Camp on Sondela – Silver Crown.

Sales in our smaller (interlinked) Fractional units, (Sekelbos 300 A&B and 301 A&B) that

offer both occupancy flexibility and affordability are also attracting great interest, and have

recently been graded 5-Star by the Tourism Grading Council of South Africa.

The marketing company is continuing with its on-site sales programme by offering a “try and buy” experience at Sondela’s new chalets. They are confident that the Exclusive Use term

product, where the client can enjoy a specific type of unit for a 10 year period, will make it

more affordable in order to attract new members in the difficult financial climate being

experienced both nationally and internationally. This product will also be structured so that

a client can have the option to upgrade to various Fractional ownership options at a later

stage.

Our upgrade programme, for our Gold members whose membership is expiring in the near

future, is also doing well.

During the year we launched our online payment portal, which has proven to be very effective in collecting levies.

We recently launched our online reservations portal, whereby members are able to view their

account status, update details and make online reservations. Please keep in mind that last

minute availability, discounts and specials are available on our updated website,

www.funseekers.co.za.

The Club remains viable with a healthy number of active and paying members that use their

points annually.

We would like to thank the Board of Trustees, our staff and management team for their positive input and dedication in the performance of their tasks. We look forward to seeing

you at the Annual General Meeting and wish you and your family all of the very best for 2018.

IAN JANSEN VAN RENSBURG

Trustee

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1.1. Attendance Register

Members Committee

A Monareng Ian Jansen van Rensburg Trustee

A Horn Francois Grobler Trustee

D Prinsloo Amy Tilke Trustee

M & L Nagel André Zeeman Trustee

J & R van der Hoven Barry Palmer Trustee

K Ndaleni Danie Blom Trustee

MC Kumeke Danie Morgan Trustee

MM & JC Bouwer Phillip van Vuuren Trustee

M & L Nagel

R Dykema Personnel

JL Pike Christelle Toet Operational Manager

KJ Mosalakgotla Erika Meyer Snr Reservationist

T & S de Jager Bianca Henderson Reservationist

S Skosana Tania Lotter Snr Debtors Clerk

E Tshabalala Kirsten Kotze Collections Clerk

1.2. Apologies

Neville Haarhoff

GA Reid

JCC du Plessis

CM Roberts

PS King

PA Faller

DJ Fourie

1.3. Proxy

Andrew Monareng for Suzan Monareng

2. Welcoming

Mr Jansen van Rensburg opened the meeting by welcoming all present. He thanked everyone for taking the time and making

the effort to attend. The attendance register was signed and a quorum was established, after which the meeting was declared

properly constituted.

3. Trustee’s Report

Mr Jansen van Rensburg presented the Trustee’s Report which was made available on the Funseekers’ website

(www.funseekers.co.za) for all members to access.

With the current requirements on financial reporting, we must start reporting on our green footprint, what is being done for

the environment, as well as a social and ethical committee. We were very fortunate that with the re-construction of our

chalets, electricity was geared to savings, solar geysers were installed and recycling projects initiated, all of which resulted in

Sondela receiving the RCI Green Award. We would like to congratulate the resort management team and thank them on a

job well done. Numerous awards have been received during the year in recognition of the efforts of our staff and students.

MINUTES OF THE ANNUAL GENERAL MEETING

OF FUNSEEKERS INTERNATIONAL

HELD ON 15 OCTOBER 2016

AT SONDELA NATURE RESERVE

2 | P a g e

We purchased The Vic Hotel in Montagu as part of a joint venture with Dream Vacations to establish the Dream Hotel

School. The Vic Hotel has been added to the club’s exchange portfolio and members who have already made use of the

special offer, speak very highly of their experience.

The Fractional units have done very well. The three Makhato units are sold out and we are currently marketing Acacia 229

and the Sekelbos inter-leading 6-sleeper units. The market is currently very tough but we trust that sales will pick up soon.

Over the past years, we have adapted our products as people are more willing to invest than buy into systems (points). With

The Ritz, Fractional and Exclusive Use we have tailored our product to follow the market trend.

Funseekers are still exchanging with RCI, which seems to have stabilized with regard to its members and affiliations. The

club has made a deal for additional stock with IExchange, which seems to be more successful with availability. The TVGC

resorts: The Dunes, Jackalberry, etc. have been introduced and are being requested more and more by our members. In

addition to all the new exchange possibilities, International exchanges can now be made through DAE.

The Trustee’s Report was accepted.

4. Presentation of Management Team and Trustees

Mr Jansen van Rensburg thanked the Trustees, our staff and management for their hard work, input and contribution

throughout the year.

5. Minutes of 2015 AGM

The minutes of the 2015 Annual General Meeting were approved.

Proposed by: Mr Nel

Seconded by: Ms Tilke

6. Financial Statements

The Financial Manager, Mr Grobler, presented the financial statements and highlighted the following points therein:

Independent Auditors’ Report – P. 4

The auditors expressed their unqualified opinion that the Financial statements present fairly, in all material respects, the

financial position of Funseekers International as at 31 December 2015, and its financial performance and cash-flow for the

year ended, in accordance with the International Financial Reporting Standard for Small and Medium-sized Entities, and the

requirements of the Companies Act 71 of 2008.

Trustee’s Report – P.5

Going Concern

The trustees believe that the club has adequate financial resources to continue to operate for the foreseeable future and

accordingly, the annual financial statements have been prepared on a going concern basis. The trustees have satisfied

themselves that the club is in a sound financial position and that it has access to sufficient borrowing facilities to meet its

foreseeable cash requirements. The trustees are also not aware of any material non-compliance with statutory or regulatory

requirements, or of any pending changes to legislation which may affect the club.

Nature of Business

Funseekers currently has a total of 4,664 members, of which 860 are delinquent.

Statement of Financial Position as at 31 December 2015 (Balance Sheet) – P.7

There is a small increase in our Holiday Properties investment, Note 2. This is due to the fact that we did not need to cancel

many members as a result of our clean-up in 2014 and renegotiation with arrear members to catch up on their outstanding

fees and continue with their membership.

Members whose accounts are in arrears for more than two years cannot transact, as the club does not hold stock for

defaulting members (as stipulated in our constitution). The result thereof is that paid up members do not have to carry any

delinquent members in the club.

Financially the club is strong and healthy – the club’s assets, our holiday properties, are represented in lease agreements,

timeshare ownership, whole ownership, etc.

No additional questions were raised with regard to the Financial Statements.

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Proposed: Mr de Jager

Seconded: Mr Blom

7. Appointment of Auditors

Tjaart Oosthuizen & Kie has been our auditors for the past four years. We are satisfied with their work, have a very good

business relationship with them and receive good business advice from them in the preparation of our financial statements

and other business decisions. Mr Grobler proposes that Funseekers keep Tjaart Oosthuizen & Kie as our auditors.

The appointment of Tjaart Oosthuizen & Kie was accepted.

Proposed: Ms Tilke

Seconded: Mr Nel

8. Proposed Budget - Annual Subscriptions for 2017

Annual subscriptions include Subscription Fees, Membership Fees, Reservation Fees, Exclusive Use Levies, Fractional

Levies, etc., depending on the contract signed. The Board of Trustees proposed and agreed to an increase of 5.5% on ALL

Subscription Fees. In addition to the 5.5% increase, the club offers a 10% discount on all Subscription Fees paid before

31 January 2017, as well as a 5% credit for members paying by debit order that are paid in full by the end of December 2017,

which the credit will be carried over to 2018.

A 5.5% increase on Subscription Fees for 2017 was accepted.

Proposed: Mr de Jager

Seconded: Mr Blom

9. Appointment of Trustees for 2017

The following members were nominated for re-election as Trustees:

Mr Ian Jansen van Rensburg

Mr Neville Haarhoff

Mr Francois Grobler

Mr Phillip van Vuuren

Mr Danie Morgan

Ms Amy Tilke

Mr Danie Blom

Mr Barry Palmer

The appointment of the Trustees for 2017 was accepted unanimously.

Proposed: Mrs Dykema

Seconded: Mr Bouwer

10. General: Discussion of special matters

10.1 Exchanges

We have recently launched Fun-Exchanges, whereby we are exclusively offering Sondela Shareholders discounted

exchanges through our various exchange partners. This will further increase our stock availability and hopefully increase

our negotiation possibilities with current and new exchange partners.

Through our association with TVGC, we have been able to exchange with Sun Swop which has access to Southern Sun and

future Sun International stock.

With the changes that are taking place in the market, we have been able to succeed in obtaining additional affiliations to

provide the best possible exchange options, as discussed by Mr Jansen van Rensburg earlier. These include IExchange,

DAE, Dream Vacations, the ATKV, etc.

10.2 Question / Comments - Members

a) Mrs Audrey van Vuuren: I would like to compliment and thank the reservationists for going the extra mile with each

and every booking I make.

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We thank all our members who enjoy their points to the fullest and appreciate their positive feedback and compliments.

Mr Jansen van Rensburg concluded the meeting and once again thanked the members for their trust and support. He wished

them and their families a wonderful year.

The meeting then adjourned.

_____________________ _____________________

Ian Jansen van Rensburg Francois Grobler

Trustee Trustee

_____________________

Date

Distribution List:

All Members, Committee & Trustees (Ian Jansen van Rensburg, Neville Haarhoff, Francois Grobler, Amy Tilke,

Philip van Vuuren, Danie Morgan, André Zeeman, Danie Blom & Barry Palmer) & Funseekers Personnel (Christelle Toet,

Tracy de Haas, Bianca Henderson & Tania Lotter)

2014 2015 2016 2017 2018

Actual Actual Audited Budget Budget

Increase 6.00% 6.00% 7.00% 5.50% 5.50%

Total Income 19 659 996 19 938 274 19 188 600 22 507 321 20 738 793

Subscriptions 17 402 288 18 058 816 16 639 924 20 385 694 18 520 651

Exclusive Use Subscriptions 1 959 192 1 772 915 1 865 504 2 001 355 2 076 353

Exclusive Use - Fairways Special levy - - 267 206 - -

Other income 269 962 71 960 316 864 81 232 66 010

Interest 28 554 34 583 99 102 39 039 75 779

Total Expenditure 19 363 857 19 703 473 19 017 504 22 407 795 20 636 677

Administration and Management Fees 3 477 390 3 697 033 3 595 850 4 127 790 3 750 560

Advertising - 4 765 2 166 - 5 000

Audit Fees 32 547 34 630 29 150 38 036 34 419

Bad Debts 1 907 039 1 346 563 526 172 1 748 078 1 844 222

Bank Charges 48 759 54 849 43 556 59 132 45 915

Board Meeting Costs 18 000 17 989 19 764 24 806 23 738

Caravans 326 888 312 653 256 770 352 938 215 434

Computer Expenses 210 213 151 890 285 155 288 446 280 459

Consulting fees - - -

Cleaning & Maintenance 8 789 9 729 12 012 10 271 2 572

Discount 505 254 581 235 487 248 610 297 582 991

Debt Collect Charges 529 832 420 359 366 951 363 854 337 476

Depreciation 21 135 8 579 3 052 1 845 2 000

Entertainment 46 658 66 823 65 459 55 046 57 462

Employee costs 3 445 658 3 549 472 3 743 009 4 039 722 3 589 813

Exchange fees & Rental 978 037 832 206 917 842 1 497 924 1 093 376

Insurance 13 158 7 993 7 993 9 023 9 519

Interest - - - - -

Legal Fees 3 078 6 157 - 7 500 -

Levies(to resorts) 5 485 547 6 177 969 5 987 614 6 824 840 6 609 394

Levies (exclusive use) 1 421 069 1 585 813 1 589 713 1 790 145 1 753 490

Levies (exclusive use - special levy) - 359 958 - -

Printing and Stationary 55 873 51 305 66 151 51 170 17 121

Rentals & electricity 196 902 191 590 173 561 239 022 204 707

Protective Clothing / Uniforms / Staff training 4 221 22 343 - 25 988 -

Subscriptions/Membership fees 425 744 384 869 292 777 5 220 5 220

Telephone and Fax 76 362 43 998 36 226 88 399 35 887

Travel and Accommodation 125 704 142 661 138 191 148 303 135 904

Workmans compensation - - 11 164

Profit 296 139 234 801 171 097 99 526 102 116

Taxation - - 13 749 - 7 218

Profit after Taxation 296 139 234 801 157 348 99 526 94 898

Accumulated (loss) / Profit (519 249) (284 449) (127 101) (27 576) 67 322

Audited figures upto 2016 / Proposed Budget 2018

FUNSEEKERS INTERNATIONAL

Funseekers International

Information Report – Francois Grobler

FINANCE

Notes to the Proposed Budget for 2018

Increase: The trustees propose a 5.5% increase in the subscription fees for 2018.

Discount: In our continued effort to incentive members to pay their levies earlier each year, 10%

discount will again be allowed on payments received before 31 January 2018.

Levies: The average increase budgeted for in our levies payable to other resorts is between 8 & 10%.

Other operating costs: The average increase budgeted for our other operating costs is between 5.5% &8.5%.

ANALYSIS OF STOCK AUGUST 2017

WEEKS OWNED BY FUNSEEKERS

RESORT UNIT Peak Week Week End Midweek

Sondela Nature Reserve Karee (2br/4sl) 48 272 245

Acacia (3br/6sl) 51 188 148

Maroela (2br/6sl) 12 180 182

Moselesele (stud/4sl) 44 168 168

Makhato 87 (3br/8sl) 1 7 7

Makhato 88 (3br/8sl) 1 7 7

Makhato 89 (3br/8sl) 1 7 7

Mossel Bay Golf Resort Oporto Apartments (2br/6sl) 33 123 123

Ocean View Guest Lodge 1br/4sl, 2br/6sl 66 246 246

Bakgatla 1br/6sl 2 14 18

Manyane 1br/4sl, 2br/6sl 2 20 16

Fairways 1br/4sl, 2br/6sl 8 48 57

Bakabung Bush Lodge 2br/6sl 0 1 2

Blue Marlin Hotel 2br/5sl 0 3 3

Breakers Resort 2br/6sl 1

Crystal Springs Mountain Lodge 1br/4sl, 2br/6sl 0 2 2

Champagne Sports Resort 2br/6sl 0 1 1

Dikhololo 1br/4sl, 2br/6sl 1 5 4

Drakensberg Sun Hotel 1br/4sl 0 1 1

Kruger Park Lodge 3br/8sl 0 1 1

Mabalingwe Nature Reserve Stud/4sl, 1br/4 sl, 2br/6sl 1 5 5

Mabula 1br/4sl, 2br/6sl, 3br/8sl 1 4 4

Magalies Park Country Club 1br/4sl, 2br/6sl, 3br/6sl 1 18 18

Margate Sands 3br/8sl 0 1 1

Midlands Saddle & Trout 1br/4sl, 2br/6sl 0 2 2

Mount Amanzi 1br/4sl, 2br/6sl 1 1 1

Mount Sheba 1br/4sl 0 1 1

Ngwenya Lodge 2br/6sl 0 1 1

Perna Perna Mossel Bay 2br/6sl 2 0 0

Qwantani 3br/6sl 0 1 1

Riverbend Chalets 2br/6sl 0 1 1

Sanbonani 3br/8sl 0 1 1

Sobhengu 2br/6sl 1 0 0

Sudwala 1br/4sl 1 0 0

The Royal Warf Marina 3br/6sl 0 3 3

Rentals / Swops Flexi Weeks (Various) 20 88 45

299 1421 1322

WEEKS MANAGED BY FUNSEEKERS

FOR RESORT Peak Week Week End Midweek

Fractional Owners Sondela - Makhato 87 (3br/8sl) 11 33 33

Sondela - Makhato 88 (3br/8sl) 11 33 33

Sondela - Makhato 89 (3br/8sl) 11 33 33

Sondela - Sekelbos 300A&B (6sl) 24 80 80

Sondela - Sekelbos 301A&B (6sl) 24 80 80

Exclusive Use Members Bakgatla (1br/6sl) 10 44 52

Manyane (1br/4sl, 2br/6sl) 12 25 23

Fairways (1br/4sl, 2br/6sl) 50 109 117

153 437 451

FUNSEEKERS INTERNATIONAL

Form of proxy to be used by members at the Annual General Meeting of Funseekers

International to be held at Sondela Nature Reserve, Piccinini’s, Bela-Bela on Saturday

21 October 2017 at 10:00

FORM OF PROXY

I / We ______________________________________________________________________

of _________________________________________________________________________

Membership No: _____________________________

Being a member of FUNSEEKERS INTERNATIONAL and entitled to vote do hereby appoint:

___________________________________________________ ________________________

of _________________________________________________________________________

or failing him / her, the Chairman of the Meeting as my / our duly authorized representative

to vote on my / our behalf at the Annual Meeting of Funseekers International to be held on

the above mentioned date:

IN FAVOUR OF AGAINST ABSTAIN

Resolution

(Indicate instruction to proxy by way of cross in the space provided above)

Unless otherwise instructed my proxy may vote as he/she thinks fit.

Signed by me / us on this ___________ day of _______________________ 2017

SIGNATURE/S _____________________________________________________

NOTES:

This proxy Form must be signed, dated and returned to:

Funseekers International

PO Box 22

Bela-Bela

0480 OR Fax no. 086 603 7850

christelle@funseekers.co.za

• This form must be in the hands of the Funseekers at least 48 hour before the Annual General

Meeting, i.e. 09:00 on 19 October 2017.

• A member entitled to attend the above Annual General Meeting and exercise his vote, has

the right to authorize someone to attend the meeting and vote on his behalf.

• A person so nominated need not be a member of FUNSEEKERS INTERNATIONAL.

FUNSEEKERS INTERNATIONAL

TRUSTEE NOMINATION FORM

This form must give details of the member making the nomination and the person nominated

(nominee). All sections must be completed. Please return by email to

christelle@funseekers.co.za or fax no. 086 603 7850 before/on 19 October 2017.

Note: Forms must carry signatures, present originals at the Annual General Meeting.

Section A

I wish to nominate the following person for election as a Trustee for Funseekers

International at the Annual General Meeting on Saturday 21 October 2017.

Name of proposer

Title / Position

Member Nr:

Telephone: Email:

Signature: Date:

Section B

I confirm that I wish to stand for election as a Trustee at the Annual General Meeting on

Saturday 21 October 2017.

Full Name

Title / Position

Member Nr:

ID Nr:

Telephone: Email:

Signature: Date:

(*If different from Proposer)

To comply with Funseekers International’s requirements, could you please answer the

following questions:

• Are you 18 or over? Yes/No

• Are you resident in the UK? Yes/No

• Have you even been convicted of a criminal offence involving fraud or dishonesty?

Yes/No

• Have you been subject to a disqualification order under the Company Directors ACT

1986 or the Insolvency Act 1986? Yes/No

Section C:

Please include, on a separate sheet, a brief description of your background and area of work

(200 words max). A copy of this should be sent by email to christelle@funseekers.co.za and

will be circulated to members prior to the AGM.

RSVP

FUNSEEKERS INTERNATIONAL

AGM

21 Oct 2017 – 10h00

Member Details:

Name & Surname:

Account nr.

Cell phone nr.

E-mail Address:

Mark with :

Kindly accept Are unable to attend Number of Adults Number of children /12

The only available accommodation on Sondela is Makhato units

which are available for rental, and camping sites on points or

rental. Call our reservations department at (014)736 8900.

Please fax your confirmation to 086 603 7850 or mail to helpline@funseekers.co.za before/on

13 October 2017.

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