Page 50 - CON Boardpack FEBRUARY 2020 FINAL (v5) P1 - 75_Neat

amount is included in the RMLA administration fee.

The committee members were satisfied with the manner in which the CEO
explained the expenses according to the policy framework and the way the
protocol was followed.
An amount of R180 770 was paid to attorneys for collecting arrears. This
7.2 Cash flow forecast

DRAFT
Johann Kotzé reported that the total reserve (call account and current) was
R10.8 million. The reserve could cover three months working capital expense.
An amount of R180 770 was paid to attorneys for collecting arrears. This
amount is included in the RMLA administration fee.
The SAPPO budget for the three-year cycle of the new statutory levy was
The committee members were satisfied with the manner in which the CEO
approved by the Executive Board before it was presented to the NAMC.
explained the expenses according to the policy framework and the way the

protocol was followed.
If for any reason, there was a deviation from the set budget the CEO has to
present it to the audit committee and motivate why it should not be seen as a
7.2 Cash flow forecast
compliance risk.

Johann Kotzé reported that the total reserve (call account and current) was
R10.8 million. The reserve could cover three months working capital expense.

The SAPPO budget for the three-year cycle of the new statutory levy was
approved by the Executive Board before it was presented to the NAMC.
An amount of R180 770 was paid to attorneys for collecting arrears. This
If for any reason, there was a deviation from the set budget the CEO has to
amount is included in the RMLA administration fee.

present it to the audit committee and motivate why it should not be seen as a
compliance risk. members were satisfied with the manner in which the CEO
The committee
explained the expenses according to the policy framework and the way the
protocol was followed.

7.2 Cash flow forecast

Johann Kotzé reported that the total reserve (call account and current) was

R10.8 million. The reserve could cover three months working capital expense.

The SAPPO budget for the three-year cycle of the new statutory levy was

approved by the Executive Board before it was presented to the NAMC.

If for any reason, there was a deviation from the set budget the CEO has to
present it to the audit committee and motivate why it should not be seen as a
compliance risk.

5
8. ANNUAL FINANCIAL STATEMENTS FOR THE YEAR

ENDED 31 DECEMBER 2019

8.1 Time schedule
It was noted that a draft of the audited financial statements will be discussed
at the Audit committee meeting on 20 May before presenting it to the
Executive Board on 15 July 2020.

8.2 Accounting Framework

The attending committee members acc
5 epted that the accounting framework

as set out in the financial statements’ note to Accounting Policies as previously
set out in Financial Statements of December 2018, p 13 -15, is still applicable.

8.3 Format of financial statements to be distributed to
50
members

It was confirmed that according to the SAPPO Constitution the financial
statements should be made available at the AGM and it will not be mailed or
distributed. The financial statements will be available on request.

9. GENERAL

9.1 No discussion took place.

5
10. DATE OF THE NEXT MEETING

20 May 2020

11. CLOSING

The meeting was closed and adjourned.

…………………………….. …………………….
CHAIRMAN DATE

6