3. PPECB Annual Report 2009-2010

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annualfinancialstatements31 March 2010contentsStatement of Responsibility by the Board of PPECB65Independent Auditor’s Report66Directors’ Report68Statement of Changes in Net Assets70Statement of Financial Position71Statement of Financial Performance72Cash Flow Statement72Notes to the Financial Statements73Detailed Statement of Financial Performance - unaudited8964PPECB | annual report | 2009 - 2010
statement of responsibilityby the board of PPECBThe Directors are required by the Public Finance Management Act, to maintain adequate accounting records and are responsiblefor the content and integrity of the financial statements and related financial information included in this report. It is theirresponsibility to ensure that the financial statements fairly present the state of affairs of the entity as at the end of the financialperiod and the results of its operations and cash flows for the period then ended, in conformity with the Standards of GeneralRecognised Accounting Practice (GRAP) of South Africa and in the manner required by the Public Finance Management Act,1999 (PFMA). The external auditors are engaged to express an independent opinion on the financial statements.The financial statements are prepared in accordance with GRAP and in the manner required by the PFMA and are based uponappropriate accounting policies consistently applied and supported by reasonable and prudent judgement and estimates.The Directors acknowledge that they are ultimately responsible for the system of internal financial control established by theentity and place high importance on maintaining a strong control environment. To enable the Directors to meet theseresponsibilities, the Directors set standards for internal control aimed at reducing the risk of error or loss in a cost effectivemanner. The standards include the proper delegation of responsibilities within a clearly defined framework, effective accountingprocedures and adequate segregation of duties to ensure an acceptable level of risk. These controls are monitored throughoutthe entity and all employees are required to maintain the highest ethical standards in ensuring the entity’s business is conductedin a manner that in all reasonable circumstances is above reproach.The Directors are of the opinion, based on the information and explanations given by management, that the system of internalcontrol provides reasonable assurance that the financial records may be relied on for the preparation of the financial statements.However, any system of internal financial control can provide only reasonable, and not absolute, assurance against materialmisstatement or loss.The going concern basis has been adopted in preparing the financial statements. The Directors have no reason to believe thatthe entity will not be a going concern in the foreseeable future, based on forecasts and available cash resources. These financialstatements support the viability of the entity.The external auditors are responsible for independently reviewing and reporting on the entity's financial statements.The financial statements have been examined by the entity's external auditors and their report is presented on pages 66 to 67.The financial statements set out on pages 68 to 88 were approved by the Board of PPECB on 20 May 2010 and are signedon their behalf by:E AlexanderChairperson of the BoardS E MokoeneVice ChairpersonPPECB | annual report | 2009 - 2010 65
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our visionA Partner in Global Compe
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highlightsfinancial highlightsFinan
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The PPECB Cold Chain monitoring fun
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usinessoverviewcontentsHistoric Tim
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Historic Timeline1926 - 20101926192
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strategic intentPPECB is committed
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Page 18 and 19: eport by thechairpersonElaine Alexa
Page 20 and 21: executive committee2009 / 2010Luvuy
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Page 24 and 25: StrategicObjectiveKeyPerformanceInd
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Page 36 and 37: sustainabilityreportcontentsEthics
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Page 42 and 43: Agri-Export Technologist ProgrammeP
Page 44 and 45: technologyTechnology enables the PP
Page 46 and 47: operationalreportcontentsStatutory
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Page 54 and 55: value added servicesPPECB’s Value
Page 56 and 57: corporategovernancecontentsRisk Man
Page 58 and 59: Top 5 RisksPPECB Discloses its Top
Page 60 and 61: structureThis corporate governance
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Page 64 and 65: controlsInternal ControlInternal co
Page 68 and 69: independent auditor’s reportINDEP
Page 70 and 71: directors’ reportIntroductionThe
Page 72 and 73: statement of changes in net assetsN
Page 74 and 75: statement of financial performanceN
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Page 78 and 79: of the Board's activities. Revenue
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3. PPECB Annual Report 2009-2010

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