Brand-South Africa - Annual report 2015 - 2016

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and south africa Annual Report 2015/2016 The Audit and Risk Committee Charter was updated to reflect King III principles. As part of the regulatory framework of the Memorandum of Agreement, a number of complementary and supporting documents were revised to enhance governance, namely the Delegation of Authority, Strategic and Business Plans, Auditor-General’s Plan, Internal Audit Strategic Plan, Quarterly Management Reports, Board Charter, Board Committee Charters, Internal Audit Charter, PFMA and Corporate Governance Checklist, and Conflict of Interest Policy. In addition, a Materiality and Significance Framework was approved in the financial year under review. Through this process, stakeholders may derive assurance that Brand South Africa is being adequately managed. Chairperson and Chief Executive Officer The Chairperson is a non-executive and independent trustee (as defined in King III). The Board and its committees held meetings and performed their fiduciary responsibilities in line with the PFMA. The Board of Trustees, under the ultimate responsibility of the Chairperson, created sufficient space to maintain a continuous overview of organisational effectiveness, organisational efficiency, Board performance and Board conformance. The roles of Chairperson and CEO are separate, with responsibilities divided between them, so that no individual has unlimited powers of discretion. The CEO attends meetings of the Board, Marketing Committee, Human Capital/ Remuneration and Social & Ethics Committee, and the Audit and Risk Committee of Brand South Africa and reports on the activities of Brand South Africa. The CEO is responsible for ensuring that strategies and decisions of the Board are implemented through the daily business activities. Audit and Risk Committee For the period under review, the Chairperson of the Audit and Risk Committee was Mr Geoff Rothschild. The committee met six times during the financial year to review matters necessary to fulfil its role. 5. INTERNAL CONTROL SYSTEMS AND PROCEDURES To meet its responsibility with respect to providing reliable financial information, Brand South Africa maintains financial and operational systems of internal control. These controls are designed to provide reasonable assurance that transactions are concluded in accordance with management’s authority and the assets are adequately safeguarded against material loss of unauthorised acquisition, use, or disposal. These transactions are properly authorised and recorded. The Audit and Risk Committee and the Board held all their scheduled meetings for the year. All documents that were tabled for approval were approved and implemented by the management team. There were no material deficiencies identified in the internal controls in this financial year. 6. RISK MANAGEMENT A risk management workshop was held on 11 November 2015, in which new strategic risks were identified and their inherent risk and residual risk ratings assessed. These risks were the responsibility of management, while the Board was accountable for ensuring that management had an effective risk management system in place to mitigate the risk exposure. The Risk Management Plan was used to implement the Internal Audit Plan and the Strategic Plan. 7. COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS The commitments, contingencies and legal proceedings of Brand South Africa are discussed in notes 25 and 26 to the Financial Statements. 8. FRUITLESS AND WASTEFUL AND IRREGULAR EXPENDITURE During the period under review, Brand South Africa did not incur wasteful expenditure of R150 278, mainly attributable to the late receipt of tranche for the first quarter. There was no irregular expenditure incurred in the financial year under review, as defined in the PFMA. Expenditure details are reflected in notes 35 and 36 of the Financial Statements. 9. FINANCIAL MANAGEMENT Brand South Africa received funds allocated in line with the Medium Term Expenditure Framework (MTEF). The baseline funding from the Department of Communication was R173 160 000 (2014/15: R167 686 000) resulting in an increase of 3%. No additional amounts above the baseline were received from the Department of Communication in the current year. Total other income for the year was R231 926 (2014/15: R2 016 929), excluding interest earned from the call account. This amount is made up of partnership income with related parties. The quarterly management reports were submitted to the Department of Communication before funds were transferred to Brand South Africa as per the approved MoA. The accumulated surplus of R14 217 225 (2014/15: (R9 131 721)) at the financial year-end of 2015/16 was subsequently approved for retention. This retention of accumulated surplus was used to finance the disclosed deficit of R14 217 225 (2014/15: (R9 131 721)). 10. CHANGES TO THE BUSINESS PLAN During the period under review, all changes to the approved 2015/16 Business Plan were approved by the Executive Authority. Khanyisile Kweyama Chairperson: Board of Trustees Brand South Africa 86
Statement of Financial Position as at 31 March 2016 Notes 2016 R 2015 R Notes 2016 R 2015 R Assets Current Assets Pre-payments 9 1 096 230 2 397 401 Receivables from exchange transactions 10 532 234 1 984 515 Cash and cash equivalents 11 21 113 735 5 655 436 22 742 199 10 037 352 Non-current Liabilities Finance lease – liability 12 43 691 223 694 Total Liabilities 13 135 753 23 211 841 Net Assets 14 217 225 (9 131 722) Accumulated surplus/(deficit) 14 217 225 (9 131 722) Non-current Assets Property, plant and equipment 3 3 528 584 3 171 167 Intangible assets 4 19 090 19 469 Heritage assets 5 170 556 133 556 Deposits 6 871 558 697 584 Operating lease – asset 7 20 991 20 991 4 610 779 4 042 767 Total Assets 27 352 978 14 080 119 Liabilities Current Liabilities Finance lease – liability 12 180 003 232 219 Operating lease – liability 7 76 505 245 684 Payables from exchange transactions 14 6 155 086 18 518 625 Provisions 13 6 680 468 3 991 619 13 092 062 22 988 147 87
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and south Africa Annual Report 2015
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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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2016 World Bank - Ease of Doing Bus
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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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Sources and definitions Anholt-GfK
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K-13197 [www.kashan.co.za]
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Brand-South Africa - Annual report 2015 - 2016

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