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2020 Annual Financial Report

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2020 Annual Financial Report 2020 ANNUAL FINANCIAL REPORT FINANCIAL REPORT ANNUAL 2020 AFRICAN EQUITY EMPOWERMENT INVESTMENTS LIMITED INVESTMENT PORTFOLIO REPORT 2020 FINANCIAL STATEMENTS The report and statements set out below comprise the consolidated financial statements presented to the shareholders: 2 Audit and risk committee report 4 Directors’ responsibilities and approval 6 Group Secretary’s certification 7 Report of the Independent Auditors 15 Directors’ Report 22 Statement of Financial Position 24 Statement of Comprehensive Income 25 Statement of Changes in Equity 27 Statement of Cash Flows 28 Accounting Policies 49 Notes to the Financial Statements CONTENTS 2020 ANNUAL FINANCIAL1 REPORT AUDIT AND RISK COMMITTEE REPORT 1. MEMBERS OF THE AUDIT AND RISK COMMITTEE The members of the audit and risk committee of the Group include: Date of Name Qualification appointment/resignation I Amod National Diploma in civil engineering 23 January 2019 (appointed) WJ Raubenheimer BCom (Hons), CA(SA) and Diploma in 09 July 2020 (appointed) Forensic Accounting Adv. BA Law and LLB (National University of Lesotho), MSc 16 April 2020 (resigned) Dr .NA Ramatlhodi in International Relations (University of Zimbabwe), admitted to the Bar of Lesotho and South Africa as an Advocate, Honorary Doctor of Law Degree (University of Limpopo) G Colbie BTech Cost and Management Accounting 30 August 2019 J Van Wyk CA(SA), BAcc (Hons), Bcom, SAICA Independent 09 July 2020 (resigned) Reviewer Certificate The committee is satisfied that the members thereof have the required knowledge and experience as set out in Section 94(5) of the Companies Act, 2008 (Act.71 of 2008), as amended (the Companies Act) and regulation 42 of the Companies Regulations, 2011. The committee operates in terms of a board-approved charter. It conducts its affairs in compliance with, and discharged its responsibilities in terms of, its charter for the year. 2. MEETINGS HELD BY THE AUDIT AND RISK COMMITTEE The audit and risk committee performs the duties laid upon it by Section 94(7) of the Companies Act by holding meetings with the key role players on a regular basis and by the unrestricted access granted to the external auditors. The committee held three formal meetings during the 2020 financial year. 3. EXTERNAL AUDITOR The audit and risk committee has nominated Crowe JHB, which is member of Crowe Global and THAWT Inc. as the independent auditor and Gary Kartsounis as the designated partner, who is a registered independent auditor, for appointment on the 2020 audit. The committee has reviewed the performance of the external auditor and confirmed that the external auditor, the partner and the firm, have complied with the Listings Requirements of the JSE (“JSE Listings Requirements”). The committee satisfied itself through enquiry that the external auditors are independent as defined by the Companies Act and as per the standards stipulated by the auditing profession. Requisite assurance was sought and provided by the Companies Act that internal governance processes within the Group support and demonstrate the claim to independence. The audit and risk committee in consultation with executive management, agreed to the terms of engagement. The audit fee for the external audit was considered and approved taking into consideration such factors as the qualifications of the auditors, the timing of the audit, the extent of the work required as well as the scope. 2020 ANNUAL2 FINANCIAL REPORT The audit and risk committee considered and pre-approved all non-audit services provided by the external auditors and the related fees to ensure the independence of the external auditors is maintained. During the year under review, the external auditors, BDO South Africa Inc., advised that they would not avail themselves for re-election at the AGM and that their resignation would be effective 30 April 2020. The Company went through a process of consultations with audit firms and Crowe JHB and THAWT Inc. were appointed as the Company’s joint auditors effective 4 May 2020. The appointment of the auditors will be voted on by shareholders at the next AGM of the Company. 4. ANNUAL FINANCIAL STATEMENTS Following the review of the annual financial statements and the integrated report, the audit and risk committee recommend to the Board approval thereof. 5. EXPERTISE AND EXPERIENCE OF THE CHIEF FINANCIAL OFFICER As required by the JSE Listings Requirements paragraph 3.84(h), the audit and risk committee assessed the competence and performance of the chief financial officer and is satisfied that he has the appropriate expertise and experience. The committee is satisfied with the expertise and adequacy of the resources within the finance department and the experience of the finance staff. 6. DUTIES OF THE AUDIT AND RISK COMMITTEE The committee’s role is to assist the Board of directors of AEEI (“Board”) in carrying out its duties relating to accounting policies, internal controls, financial reporting practices and identification of significant risk exposure. The main purpose of the audit and risk committee is to ensure the integrity of the financial statements and to oversee the effectiveness of the internal financial controls and the external and internal audit functions. 7. INTERNAL AUDIT AND OBJECTIVE AND SCOPE OF THE AUDIT For further information on the activities of the internal audit function and the objectives and scope of the audit conducted during the year under review, kindly refer to the corporate governance report for a full report of the audit and risk committee. On behalf of the audit and risk committee Mr Willem Raubenheimer Chairman of the audit and risk committee Cape Town 24 December 2020 2020 ANNUAL3 FINANCIAL REPORT DIRECTORS’ RESPONSIBILITIES AND APPROVAL The directors are required in terms of the Companies Act to maintain adequate accounting records and are responsible for the content and integrity of the consolidated annual financial statements and related financial information included in this report. It is their responsibility to ensure that the consolidated financial statements fairly present the state of affairs of the Group as at the end of the financial year and the results of its operations and cash flows for the period 31 August 2020, in conformity with International Financial Reporting Standards ”IFRS”, the SAICA Financial Reporting Guides issued by the Accounting Practices Committee, the Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the requirements of the Companies Act, as amended, and the JSE Listings Requirements. The external auditors are engaged to express an independent opinion on the financial statements. The consolidated annual financial statements are prepared in accordance with ”IFRS” and is based upon appropriate accounting policies consistently applied and supported by reasonable and prudent judgements and estimates. Refer to accounting policy 1 for completeness of basis of preparation. The directors acknowledge that they are ultimately responsible for the system of internal financial control established by the Group and place considerable importance on maintaining a strong control environment. To enable the directors to meet these responsibilities, the Board sets standards for internal control aimed at reducing the risk of error or loss in a cost-effective manner. The standards include the proper delegation of responsibilities within a clearly defined framework, effective accounting procedures and adequate segregation of duties to ensure an acceptable level of risk. These controls are monitored throughout the Group. All employees are required to maintain the highest ethical standards in ensuring the Group’s business is conducted in a manner that in all reasonable circumstances is above reproach. The focus of risk management in the Group is on identifying, assessing, managing and monitoring all known forms of risk across the Group. While operating risk cannot be fully eliminated, the Group endeavours to minimise it by ensuring that appropriate infrastructure, controls, systems and ethical behaviour are applied and managed within predetermined procedures and constraints. The directors are of the opinion, based on the information and explanations given by management, that the system of internal control provides reasonable assurance that the financial records may be relied upon for the preparation of the consolidated financial statements. However, any system of internal financial control can provide only reasonable and not absolute, assurance against material misstatement or loss. The directors reviewed the Group’s cash flow forecast for the year to 31 August 2021. In light of this review and the current financial position, they are satisfied that the Group has or had access to adequate resources to continue in operational existence for the foreseeable future. The external auditors are responsible for independently auditing and reporting on the Group’s consolidated financial statements. The consolidated financial statements have been examined by the Group’s external auditors, and their report is presented on pages 7 to 14. The directors, whose names are stated below, hereby confirm that: • the annual financial statements set out on pages 22 to 27, fairly present in all material respects the financial position, financial performance and cash flows of the issuer in terms of IFRS; • no facts have been omitted or untrue statements made that would make the annual financial statements false or misleading; • internal financial controls have been put in place
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