RESPONSIBILITIES OF DIRECTORS FOR
ANNUAL FINANCIAL STATEMENTS |
| for the year ended 30 June 2007 |
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The directors are responsible for the preparation of financial
statements that fairly present the state of affairs of the company
and the Group at the end of the financial year and of the
profit or loss and cashflows for that year in conformity with
International Financial Reporting Standards and in the manner
required by the Companies Act in South Africa. The directors of
the company are responsible for the maintenance of adequate
accounting records and the preparation and integrity of the
annual financial statements and related information.
To enable directors to meet these responsibilities: |
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| • |
the Board and management set standards and management
implements systems of internal controls, accounting and
information systems; and |
| • |
the audit committee recommends group accounting policies
and monitors these policies. |
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The directors are responsible for the systems of internal control.
These are designed to provide reasonable, if not absolute,
assurance as to the reliability of the financial statements and to
adequately safeguard, verify and maintain accountability of
assets, and to prevent and detect material misstatement and
loss. The systems are implemented and monitored by suitably
trained personnel with an appropriate segregation of authority
and duties. Nothing has come to the attention of the directors to
indicate that any material breakdown in the functioning of these
control procedures and systems has occurred during the year
under review.
The annual financial statements have been prepared in
accordance with the Companies Act, 1973, as amended, and
International Financial Reporting Standards and are based on
appropriate accounting policies, supported by reasonable and
prudent judgements. These accounting policies have been
consistently applied with the prior year, except for the change in
accounting policy pertaining to investment properties.
The directors are of the opinion that the company and Group
have adequate resources to continue in operation for the
foreseeable future and accordingly the financial statements have
been prepared on a going concern basis.
It is the responsibility of the auditors to express an opinion on the
financial statements. Their unmodified report to the members of
the company and Group. |
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| APPROVAL OF ANNUAL FINANCIAL STATEMENTS |
| The annual financial statements of the company and the Group
for the year ended 30 June 2007,
were approved by the board of directors at its meeting held on
29 August 2007 and are signed on its behalf by: |
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| RC Andersen |
| Chairman |
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| BC Bruce |
| Group chief executive |
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| RW Rees |
| Group financial director |
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