Brand-South Africa - Annual report 2015 - 2016

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and south africa Annual Report 2015/2016 index The reports and statements set out below comprise the financial statements presented to the parliament: Index Page Board of Trustees’s Responsibilities and Approval 81 Report of the Audit and Risk Committee 81 Report of the Auditor-General 83 Report of the Board of Trustees 85 Statement of Financial Position 87 Statement of Financial Performance 88 Statement of Changes in Net Assets 88 Cash Flow Statement 89 Statement of Comparison of Budget and Actual Amounts 90 Accounting Policies 92 Notes to the Financial Statements 106 Detailed Income statement 138 80
Board of Trustees’s Responsibilities and Approval The Trustees are required by the Public Finance Management Act, 1999 (Act No. 1 of 1999), to maintain adequate accounting records and are responsible for the content and integrity of the Financial Statements and related financial information included in this report. It is the responsibility of the Trustees to ensure that the Financial Statements fairly present the state of affairs of Brand SA as at the end of the financial year and the results of its operations and cash flows for the period then ended. The external auditors are engaged to express an independent opinion on the Financial Statements and will be given unrestricted access to all financial records and related data. The Financial Statements have been prepared in accordance with Standards of Generally Recognised Accounting Practice (GRAP) including any interpretations, guidelines and directives issued by the Accounting Standards Board. The Financial Statements are based on appropriate accounting policies consistently applied and supported by reasonable and prudent judgements and estimates. The Trustees acknowledge that they are ultimately responsible for the system of internal controls established by the entity and place considerable importance on maintaining a strong control environment. To enable the Trustees to meet these responsibilities, management sets standards for internal control aimed at reducing the risk of error or deficit in a cost effective manner. The standards include the proper delegation of responsibilities and authority within a clearly defined framework, effective accounting procedures and adequate segregation of duties to ensure an acceptable level of risk. These controls are monitored throughout the entity and all employees are required to maintain the highest ethical standards in ensuring that the entity’s business is conducted in a manner that, in all reasonable circumstances, is above reproach. The focus of risk management in the entity is on identifying, assessing, managing and monitoring all known forms of risk across the entity. While operating risks cannot be fully eliminated, the entity endeavours to minimise them by ensuring that appropriate infrastructure, controls, systems and ethical behaviour are applied and managed within predetermined procedures and constraints. The Trustees are of the opinion that, based on the information and explanations given by management, the system of internal control provides reasonable assurance that the financial records may be relied on for the preparation of the financial statements. However, any system of internal control can provide only reasonable, and not absolute assurance against material misstatement or deficit. The Trustees have reviewed the entity’s cash flow forecast for the year to 31 March 2017, through the approval of the Strategic and Annual Plan, and in the light of this review and the current financial position, they have put measures in place to ensure that the Trust can continue to operate in the foreseeable future. Brand SA now fully reports to the Department of Communications (DoC) subsequent to a transfer from The Presidency in the earlier part of prior year. The entity is wholly dependent on the DoC for continued funding of its operations. The Financial Statements are prepared on the basis that Brand SA is a going concern and that the DoC has neither the intention nor the need to liquidate or curtail materially the scale of Brand SA’s operations. 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 page 83 to 84. The Financial Statements set out on pages 87 to 91, which have been prepared on the going concern basis, were approved by the Accounting Authority on 31 July 2016 and were signed by: Khanyisile Kweyama Chairperson: Board of Trustees Brand South Africa 81
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and south Africa Annual Report 2015
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and south africa Annual Report 2015
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What is the Nation Brand? Our reput
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depends on the needs of stakeholder
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with stakeholders the latest develo
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South Africa’s performance (Sourc
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Brand South Africa also strives to
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Performance 2010 2011 2012 2013 201
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Page 73 and 74: Introduction Brand South Africa is
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Programme 1: Administration Strateg
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Programme 2: Brand marketing & repu
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Strategy: Provide insights, informa
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No. Key Result Area Outcomes/Measur
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Strategy: Rapidly and effectively c
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Strategy: Develop and maintain a co
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Sources and definitions Anholt-GfK
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NOTES 165
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K-13197 [www.kashan.co.za]
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