Page 13 - Executive Board Meeting 14 July 2021

Civil and criminal cases were opened against the directors of Thaba ‘Nchu, Trauw Capital and Mac Pork for outstanding statutory levies.
Chamdor Abattoir’s liquidation process was still ongoing. The liquidator regarded the levy funds owed to SAPPO as a preferential creditor claim.
8.1.1 Audited Financial Statements
- P5 “basis of qualified opinion’ par 1 – ‘the completeness and cut-off of the statutory levies could not be reasonably verified to the extent that some entities eligible for registration with the levy administrator or have registered but are not submitting the levy returns or paying the levies over to the levy administrator. The levy collection is done on the basis of self-assessment and therefore levy income cannot be completely accounted for if the levy returns are not submitted by all entities. Consequently, we were unable to satisfy ourselves as to the completeness of levy income and the resultant impact on trade receivables.’
- Point 16 – “going concern
The executive board believe that the organisation has adequate financial resources to continue in operation for the foreseeable future and accordingly the annual financial statements have been prepared on a going concern basis. The executive board have satisfied themselves that the organisation is in a sound financial position and that it has access to sufficient borrowing facilities to meet its foreseeable cash requirements. The executive board are not aware of any new material changes that may adversely impact the organisation. The executive board 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 organisation.”
Point 17 – “events after the reporting period
The executive board are not aware of any material event which occurred after the reporting date of this report.”
The meeting noted that the Audit and Risk Committee had a discussion on the automation of the process of reporting slaughter figures. Johann Kotzé already had a discussion with MSMS and SAMIC.
Decision:
The Executive Board members approved the audited financial statements and proposed that they be presented to the National Council for adoption. EB 03/2021-12/05/21
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