Page 57 - CON Boardpack July 20200708 Final_Neat

8.3 Budget for the year ending December 2020
No discussion took place.

9. ANNUAL FINANCIAL STATEMENTS FOR THE YEAR

ENDED 31 DECEMBER 2019

9.1 Time schedule

The time schedule was submitted.

9.2 Accounting Framework

The document was submitted.

9.3 Approval for Recommendation to Board

The draft audited financial statements for 2019 was discussed and accepted
with the following changes:

- P1 General Info – ‘Directors’ has to be replaced with ‘Executive Board’.
The Executive Board members remained as previously.
- P11 Point 1.2 ‘New farmers’ should read ‘Business development’
- P3 2 paragraph:
nd
‘The financial statements are prepared in accordance with the basis of
accounting described in Note 1 and are based upon appropriate
accounting policies consistently applied and supported by reasonable and
prudent judgements and estimates.’
- P5 Point 6 ‘Going Concern’ - ‘It was noted that it was not expected that
Covid19 should have a major effect on SAPPO. Consumers will remain
eating therefore pigs will be slaughtered. There might be a slight decrease
on levy income when abattoirs delay paying the levy fee to the RMLA.’

Jacques Marais referred the members to P18 point 17 & 18 relating to ‘Going
concern and Covid19:

- Point 17. “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

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