Download Annual Report 2006 - Foskor

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We take from the earth,and we put back into theearth. We ensure growthand sustenance for SouthAfrica and the rest of theworld. Our phosphate rockmakes plants grow, helpsagriculture, feeds ourcountry, feeds the world.14
DIRECTORS’ DECLARATIONDIRECTORS’ RESPONSIBILITY FORTHE FINANCIAL STATEMENTSTo the members of Foskor (Pty) LimitedThe directors are responsible for monitoring the preparation and theintegrity of the financial statements and related information includedin this Report.In order for the Board to discharge its responsibilities, managementhas developed and continues to maintain a system of internal control.The Board has ultimate responsibility for the system of internal controland reviews its operation primarily through the audit committee andindirectly through other risk-monitoring committees.Foskor endorses the Code of Corporate Practices and Conduct ascontained in the King Report on Corporate Governance and adheresto the Code in all material respects.The directors believe that the Group will be a going concern in the yearahead. For this reason they continue to adopt the going concern basisin preparing the Group financial statements. The financial statementsfor the 12 month period ended 31 March 2006 set out on pages 17to 53 were approved by the Board of Directors on 19 June 2006 andare signed on its behalf byAdequate accounting records and an effective system of internalcontrols are maintained to provide reasonable assurance that assetsare safeguarded and that transactions are executed in accordancewith policies and procedures.MA PitsePresident and Chief Executive OfficerLL Van NiekerkChairmanAs part of the system of internal control the internal audit functionconducts operational, financial and specific audits and co-ordinatesaudit coverage with the external auditors. The external auditors areresponsible for reporting on the financial statements.The financial statements are prepared in accordance with InternationalFinancial Reporting Standards and incorporate responsible disclosurein line with the accounting philosophy of the Group. The financialstatements are based on appropriate accounting policies consistentlyapplied and supported by reasonable and prudent judgements andestimates.CERTIFICATE BY COMPANY SECRETARYI hereby certify that the company has lodged with the registrar allsuch returns as required in terms of the Companies Act of 1973 asamended.AUS KhanyileSecretary15
Page 2 and 3: MISSION• We accept our responsibi
Page 4 and 5: DIRECTORS AND MANAGEMENTList of Dir
Page 6 and 7: CHAIRMAN’S REVIEWOur focus is ong
Page 8 and 9: CHIEF EXECUTIVE OFFICER’S REVIEWW
Page 10 and 11: CHIEF EXECUTIVE OFFICER’S REVIEWW
Page 12 and 13: CHIEF FINANCIAL OFFICER’S REVIEWT
Page 14 and 15: CORPORATE REVIEWBOARD AND BOARD SUB
Page 18 and 19: AUDITORS’ REPORTIndependent audit
Page 20 and 21: REPORT OF THE DIRECTORStechnical, o
Page 22 and 23: BALANCE SHEETas at 31 March 2006COM
Page 24 and 25: STATEMENT OF CHANGES IN EQUITYfor t
Page 26 and 27: PRINCIPAL ACCOUNTING POLICIESThe pr
Page 28 and 29: PRINCIPAL ACCOUNTING POLICIESAssets
Page 30 and 31: PRINCIPAL ACCOUNTING POLICIESHedge
Page 32 and 33: PRINCIPAL ACCOUNTING POLICIESExplan
Page 34 and 35: PRINCIPAL ACCOUNTING POLICIES23.2.4
Page 36 and 37: INCOME NOTES TO STATEMENTTHE FINANC
Page 52 and 53: NOTES INCOME TO STATEMENTTHE FINANC
Page 54 and 55: NOTES INCOME TO STATEMENTTHE FINANC
Page 56 and 57: FIVE YEAR REVIEWFoskor GroupAnnuali
Page 58 and 59: FIVE YEAR REVIEWFoskor Group3,0Rock
Page 60: ADMINISTRATIONSECRETARY AND REGISTE

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