Directors' responsibility statement

for the year ended March 2020

The directors are responsible for the preparation, integrity and fair presentation of the consolidated annual financial statements of the Company and its subsidiaries. It is their responsibility to ensure that the financial statements fairly present the financial position of the Group as at the end of the financial year, the results of the operations and the cashflow information is in conformity with International Financial Reporting Standards (“IFRS”) and Interpretations of IFRS standards, as issued by the International Accounting Standards Board, the SAICA financial reporting guides as issued by the Accounting Practices Committee, Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the JSE Listings Requirements and the Companies Act of South Africa, 71 of 2008, as amended.

The directors have the responsibility for ensuring that accurate and complete accounting records are kept to enable the Group and the Company to satisfy their obligation with respect to the preparation of financial statements. The directors are also responsible for the oversight of the Group’s system of internal controls. This responsibility includes designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

The Group’s external auditors, PricewaterhouseCoopers Inc. and SizweNtsalubaGobodo Grant Thornton Inc., jointly audited the Group and Company financial statements and have expressed an independent opinion on the consolidated and separate financial statements.

The external auditors were given unrestricted access to all financial records and related data, including minutes of all meetings of shareholders, the Board of directors and Committees of the Board. The directors believe that all representations made to the independent auditors during their audit are valid and appropriate.

For the directors to discharge their responsibilities, management continues to develop and maintain a system of internal control aimed at reducing the risk of error or loss in a cost-effective manner. This is designed to provide reasonable but not absolute assurance that assets are safeguarded and that transactions are executed and recorded in accordance with generally accepted business practices and the Company’s policies and procedures.

The directors, primarily through the Audit Committee, which consists of independent non-executive directors, meet periodically with the external and internal auditors, and executive management to evaluate matters concerning accounting policies, internal controls, auditing and financial reporting.

The directors are of the opinion, based on information and explanations given by management and internal audit and discussions with the external auditors on the results of the audit, that the internal accounting controls are adequate, so that the financial records may be relied on for preparing the financial statements and maintaining accountability for assets and liabilities.

The directors are satisfied that the Company and its subsidiaries have adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Company and its subsidiaries continue to adopt the going concern basis in preparing the annual financial statements.

Against the background, the directors of the Company accept responsibility for the annual financial statements, which were approved by the Board of directors on 19 June 2020, and are signed on its behalf by:

Sello Moloko Sipho Maseko
Chairperson Group Chief Executive Officer
   
Centurion  
19 June 2020