annual financial statements in terms of … · annual financial statements in terms of section 15...

ANNUAL FINANCIAL STATEMENTS IN TERMS OF SECTION 15 OF THE PENSION FUNDS ACT NO 24, 1956

NAME OF RETIREMENT FUND: SELF ASSURANCE PENSION FUND

FSB REGISTRATION NUMBER:

12/8/18182

SARS APPROVAL NUMBER:

18/20/40/16232

For the period: 1 JULY 2011 to 30 JUNE 2012

SARS APPROVAL NUMBER:

18/20/4/16232

CONTENTS

Schedule Page

A * Regulatory information 2

B * Statement of responsibility by the Board of Fund 4

C * Statement of responsibility by the principal officer 5

D * Report of the independent auditors 6

E Report of the Board of Fund 7

F Statement of net assets and funds 11

G Statement of changes in net assets and funds 12

HA Notes to the financial statements 13

HB * Report of the valuator 19

I Report by the independent auditors to the Registrar of Pension Funds 20

IA Schedule pertaining to annual financial statements 24

IB Assets held in compliance with Regulation 28. 25

Report of the independent auditors on compliance with regulation 28 to the Registrar of Pension Funds

30

* (Not subject to audit)

SELF ASSURANCE PENSION FUND

of 30

SCHEDULE A REGULATORY INFORMATION FOR THE PERIOD ENDED 30 JUNE 2012 REGISTERED OFFICE OF THE FUND

Postal address: P O Box 829, Wilgeheuwel, 1736

Physical address: A3 Willow Crest Office Estate, 655 Van Hoof Street, Roodepoort, 1724

FINANCIAL REPORTING PERIODS

Current: 01/07/2011 to 30/06/2012

Previous: 01/07/2010 to 30/06/2011

BOARD OF FUND

Full name Capacity Date appointed Re-appointed

date Date resigned

CHAIRPERSONS:

Jacobs NG Chairman 05/03/2004 05/03/2010

TRUSTEES:

Coomber AR Independent 22/09/2008 22/09/2011

Lendrum K Independent 01/07/2013

Vorster P Independent 17/07/2013

Burnett OL Employer 11/02/2005 30/06/2013

Muzlai M Employer 11/02/2005 30/06/2013

MEETINGS HELD Governance note: schedule of meetings held by the Board of the fund

Meeting date Place of meeting Quorum(yes/no) 1 18/08/2011 Brefco Pty Ltd Yes 2 27/10/2011 Brefco Pty Ltd Yes 3 09/02/2012 Brefco Pty Ltd Yes 4 08/05/2012 Brefco Pty Ltd Yes

FUND OFFICERS PRINCIPAL OFFICER

Postal address:

Physical address: Tel no: E-mail address:

Botha, JH P O Box 829, Wilgeheuwel, 1736

A3 Willow Crest Office Estate, 655 Van Hoof Street, Roodepoort, 1724

(011) 958-0511 [email protected]

MONITORING PERSON

Postal address: Physical address: Tel no: E-mail address:

JH, Botha P O Box 829, Wilgeheuwel, 1736


(011) 958-0511 [email protected]


of 30

REGULATORY INFORMATION - CONTINUED FOR THE PERIOD ENDED 30 JUNE 2012 PROFESSIONAL SERVICE PROVIDERS BENEFIT ADMINISTRATOR

Postal address: Physical address: Tel no: S13B Reg

no:

Brefco (Pty) Ltd PO Box 829, Wilgeheuwel, 1736


(011) 958-0511 24/218

AUDITOR

Date

appointed: Postal address: Physical address: Tel no:

BDO South Africa Incorporated 01/07/2010 Private Bag X60500, Houghton, 2041

22 Wellington Road, Parktown, 2193

(010) 060 5000

ACTUARY/VALUATOR

Postal address: Physical address: Tel no:

Welham, RH

P O Box 53, Wendywood, 2144

Unit B, Morningside Office Park, 222 Rivonia Road, Morningside, 2196

(011) 656-5381

INVESTMENT ADVISOR

Postal address: Physical address: Tel no: FAIS no:

ACSIS Limited P O Box 650140, Benmore Gardens, 2010

Cullinan Place, Block A, 2 Cullinan Close, Morningside

(011) 883-1303 24/329

INVESTMENT MANAGER(S)

Postal address: Physical address: Tel no: FSB no:

ACSIS Limited P O Box 650140, Benmore Gardens, 2010

Cullinan Place, Block A, 2 Cullinan Close, Morningside

(011) 883-1303 24/329

PARTICIPATING EMPLOYERS

A list of participating employees is available for inspection at the fund’s registered office.


of 30

SCHEDULE B STATEMENT OF RESPONSIBILITY BY THE BOARD OF TRUSTEES FOR THE PERIOD ENDED 30 JUNE 2012. RESPONSIBILITIES The Board of Fund hereby certify to the best of their knowledge and belief that, during the period under review, in the execution of their duties they have complied with the duties imposed by Pension Funds Act legislation and the rules of the fund, including the following: • ensured that proper registers, books and records of the operations of the fund were kept, inclusive of proper minutes

of all resolutions passed by the Board of Fund; • ensured that proper internal control systems were employed by or on behalf of the fund; • ensured that adequate and appropriate information was communicated to the members of the fund, informing them

of their rights, benefits and duties in terms of the rules of the fund; • took all reasonable steps to ensure that contributions, where applicable, were paid timeously to the fund or reported

where necessary in accordance with section 13A and regulation 33 of the Pension Funds Act; • obtained expert advice on matters where they lacked sufficient expertise; • ensured that the rules and the operation and administration of the fund complied with the Pension Funds Act and all

applicable legislation • ensured that fidelity cover was maintained and that this cover was deemed adequate and in compliance with the

rules of the fund; and • ensured that investments of the fund were implemented and maintained in accordance with the fund’s investment

strategy. APPROVAL OF THE ANNUAL FINANCIAL STATEMENTS The annual financial statements of SELF ASSURANCE PENSION FUND are the responsibility of the Board of Fund. The Board of Fund fulfils this responsibility by ensuring the implementation and maintenance of accounting systems and practices adequately supported by internal financial controls. These controls, which are implemented and executed by the fund and/or its benefit administrators, provide reasonable assurance that: • the fund’s assets are safeguarded; • transactions are properly authorised and executed; and • the financial records are reliable. The annual financial statements set out on pages 11 to 18 have been prepared for regulatory purposes in accordance with: • The basis of accounting applicable to retirement funds in South Africa as indicated in the principal accounting

policies contained in the notes to the financial statements on page 13 to 13; • the financial rules of the fund; and • the provisions of the Pension Funds Act in South Africa. These financial statements have been reported on by the independent auditors, BDO South Africa Incorporated, who were given unrestricted access to all financial records and related data, including minutes of all relevant meetings. The Board of Fund believes that all representations made to the independent auditors in the management representation letter during their audit were valid and appropriate. The report of the independent auditors is presented on page 6. These financial statements: • were approved by the Board of Fund on 21/11/2013; • are to the best of the Board members knowledge and belief certified to be complete and correct; • fairly represent the net assets of the fund at 30 June 2012 as well as the results of its activities for the period then

ended; and • are signed on behalf of the Board of Fund by:


of 30

SCHEDULE C STATEMENT OF RESPONSIBILITY BY THE PRINCIPAL OFFICER I to the best of my knowledge confirm that for the period under review the SELF ASSURANCE PENSION FUND has timeously submitted all regulatory and other returns, statements, documents and any other information as required in terms of the Pension Funds Act and all relevant legislation except for the following (where applicable). I am aware of the following non-submissions:

1. Annual financial statements. 2. Valuation reports.

The late submission of these documents arises from the major fund rebuild which has been undertaken and which was previously communicated to the FSB.


of 30

SCHEDULE D QUALIFIED REPORT OF THE INDEPENDENT AUDITORS TO THE BOARD OF TRUSTEES OF SELF ASSURANCE PENSION FUND AND THE REGISTRAR OF PENSION FUNDS We have audited the annual financial statements of Self Assurance Pension Fund which comprise the report of the board of trustees, and the statement of the net assets and funds as at 30 June 2012, and the statement of changes in net assets and funds for the year then ended, and the notes to the financial statements, which include the principal accounting policies and other explanatory notes, as set out on pages 8 to 17. Board of Trustees’ Responsibility for the Financial Statements The board of trustees is responsible for the preparation and presentation of these financial statements for regulatory purposes, in accordance with the basis of preparation applicable to Pension funds in South Africa, as set out in the notes to the financial statements. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and presentation of financial statements that are free from material misstatement, whether due to fraud or error, selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Basis for Qualified Opinion We draw attention to paragraph 9 of the Report of the Board of Trustees, wherein the Board of Trustees explain the various matters that have resulted in us expressing a qualified audit opinion.

Qualified Opinion

In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements of Self Assurance Pension Fund for the year ended 30 June 2012 have been prepared, in all material respects, in accordance with the basis of preparation applicable to retirement funds in South Africa as set out in the notes to the financial statements. Other Matters - Restriction on use and distribution The financial statements are prepared for regulatory purposes in accordance with the basis of preparation indicated above. Consequently, the financial statements and related auditor’s report may not be suitable for another purpose. _________________ BDO South Africa Incorporated Per: MI Lockhat Partner Registered auditor 22 Wellington Road, Parktown 2193 21/11/2013


of 30

SCHEDULE E REPORT OF THE BOARD OF TRUSTEES FOR THE PERIOD ENDED 30 JUNE 2012 1. DESCRIPTION OF THE FUND

1.1. TYPE OF FUND

In terms of section 1 of the Income Tax Act 1962 the fund is classified as a pension fund. The fund is a defined contribution scheme and is a paid up fund.

1.2. BENEFITS 1.2.1. The benefit structure of this fund is based solely on the accumulation of contributions plus investment

income earned from the appropriate investments. 1.2.2. The fund provides lump sum benefits to members of the Fund when they retire or resign from their

employer as well as death benefits for their dependants should they die in service. 1.2.3. The benefits provided for are:

(a) Retirement benefit: Share of Fund (b) Withdrawal benefit: Share of Fund (c) Death benefit: Share of Fund plus a re-insured lump sum where applicable

1.3. CONTRIBUTIONS

1.3.1. Members contribute at various rates as specified in the Special Rules of the participating employer. 1.3.2. The employers contribute at various rates as specified in the Special Rules of the participating

employer.

1.4. RULE AMENDMENTS

Rule amendme

nt no. Description

Date of trustees’

resolution Effective date

Date registered by

the FSB

Date approved by

the SARS

1

The General Rules of the Self Assurance Umbrella Pension Fund which became effective on 1st January 2009 be amended with effect from 1st March 2011, in terms of Amendement No 2 attached, to close the Fund to new entrants and discontinue contributions to the Fund with effect from the latter date. Benefits for existing Members will become “paid-up” and remain subject to the Rules of the Fund.

03/02/2011 01/03/2011 10/02/2012 10/02/2012


of 30

REPORT OF THE BOARD OF TRUSTEES - CONTINUED FOR THE PERIOD ENDED 30 JUNE 2012 2. INVESTMENTS

2.1. INVESTMENT STRATEGY

The investment strategy of the fund is set by the board of trustees after taking due consideration of the advice of the fund’s investment and other professional advisors. This investment strategy complies with the provisions of regulation 28 of the Pension Funds Act in South Africa. The investments are managed according to the following principles: 2.1.1. General

The general investment objectives of the fund in operation at the reporting date are to achieve a long term investment return in excess of the consumer price index and to limit the risk of capital depreciation through a diversified investment portfolio. The investment principles are achieved through various types of investments, direct and indirect, to minimise the investment risk.

2.1.2. Individual members choice The fund no longer offers any individual members an option to choose from the fund’s investment products.

2.1.3. Unclaimed benefits Complete records are maintained from the date the member exits the fund. Any unclaimed benefit will earn the same return the fund declares unless specifically requested to invest in another investment portfolio

2.2. MANAGEMENT OF INVESTMENTS

It is the fund’s policy to mandate investment administrator to manage the fund’s investments in accordance with the fund’s investment strategy. Investment managers are granted complete discretion as to the management and composition of the investment portfolios subject to their mandate and limitation imposed by the Pension Funds Act in South Africa. Investment managers are selected on their performance, sector or specialist knowledge, professional competence and ability to deliver on the fund’s investment strategy. The board of trustees meet regularly to: (a) discuss and if necessary review the investment strategy, (b) discuss and if necessary review the investment management strategy, (c) monitor the asset allocation and performance of the investment administrator against the investment strategy of the fund.

The fair value of the fund’s investments, administered by the investment administrators at the end of the period was:

Current period

R

Previous period R

ACSIS Limited 10,396,179 10,123,746

Total value of investments managed 10,396,179 10,123,746


of 30

REPORT OF THE BOARD OF TRUSTEES - CONTINUED FOR THE PERIOD ENDED 30 JUNE 2012 3. MEMBERSHIP

Active members Deferred pensioners

Numbers at beginning of period 60 158

New members

Adjustments 0 (72)

Additions 0 39

Members exit from fund

Withdrawals 0 (7)

Transfers (from)/to non-contributing members (60) 60

Numbers at end of period 0 178

* Note to adjustments The adjustment was necessary due to the membership reported incorrectly in the previous year. 4. ACTUARIAL VALUATION

The Statutory Valuation Report as at 30 June 2004 was approved on 7 October 2013.

5. SURPLUS APPORTIONMENT The Nil Return was approved on 7 October 2013.

6. HOUSING LOAN FACILITIES The fund has not granted any loans or provided any guarantees for loans granted to members.

7. INVESTMENTS IN PARTICIPATING EMPLOYERS The fund did not hold any investments in the participating employers.

8. SUBSEQUENT EVENTS It is the decision of trustees to close the fund to new entrants and contributions effective 01 March 2011. The fund will be deregistered once all financials to 30 June 2012 have been brought up to date and all other statutory requirements have been met.

9. SIGNIFICANT MATTERS 9.1 Self-Assurance Benefit Administrators (Pty) Ltd was the appointed benefit administrator for the fund. The

Trustees would like to place on record that certain instances of poor administration and record-keeping were, subsequent to year-end, brought to their attention. As a result, the Trustees have concerns about the standard of record-keeping and controls that were in fact implemented and executed and maintained by the then administrator, Self-Assurance Benefit Administrators. The difficulties experienced by the previous administrator relating to the fund included a high turnover of staff involved with the fund, poor record keeping and poor financial reporting. All of these factors contributed to a period of uncertainty with regards to the administration of the fund.

9.2 In early 2010 Self-Assurance Benefit Administrators advised the fund that they were unable to continue with the

on-going administration. The fund then appointed Brefco (Pty) Ltd: a) to reconstruct and if necessary validate the fund’s records and data, and b) to deal with the day to day administration of the fund.

9.3 Due to administrative issues encountered with the fund’s previous administrators, Self Assurance Benefit Administrators, it was not possible to verify the accuracy and completeness of fund member credits as at 1 July 2007. The trustees decided that the values at 30 June 2007 were the most accurate values even though there were discrepancies found taking into account the cost of reconstructing values prior to 30 June 2007.


of 30

REPORT OF THE BOARD OF TRUSTEES - CONTINUED FOR THE PERIOD ENDED 30 JUNE 2012

9.4 The fund has accounted for administration fees on the basis of actual contributions received and banked into

the fund’s bank account. The actual contributions have been allocated in the fund’s accounting records as contributions received. The trustees are of the opinion that this matter is dealt with appropriately and has no significant impact on the status of the fund.

9.5 Due to the lack of documentation and the various changes in administration, the trustees took a prudent

decision to verify and if necessary, reconstruct member’s fund records. This resulted in member’s benefits being paid on a partial basis, with a final agterskot payment to be made after the completion of all the prospective year end audits.

9.6 There were no significant matters to report on in the current reporting period.


of 30

SCHEDULE F STATEMENT OF NET ASSETS AND FUNDS AT 30 JUNE 2012

Notes Current period

R

Previous period R

ASSETS

Non-current assets 10,396,179 10,123,746

Investments (including investment properties) 1 10,396,179 10,123,746

Current assets 132,578 209,420

Accounts receivable 2 46,675 44,864

Contributions receivable 7 10,011 10,011

Cash at bank 75,892 154,545

TOTAL ASSETS 10,528,757 10,333,166

FUNDS AND LIABILITIES

Members’ funds and surplus account 9,381,197 9,228,822

Members’ individual accounts 9,381,197 9,228,822

Total funds and reserves 9,381,197 9,228,822

Non-current liabilities 14,900 20,487

Provisions 9.2 14,900 20,487

Current liabilities 1,132,660 1,083,857

Benefits payable 5 288,978 290,636

Accounts payable 6 843,682 793,221

TOTAL FUNDS AND LIABILITIES 10,528,757 10,333,166


of 30

SCHEDULE G STATEMENT OF CHANGES IN NET ASSETS AND FUNDS FOR THE PERIOD ENDED 30 JUNE 2012

Notes Members’ accounts

R

Total Current period

R

Total Previous period

R

Contributions 0 0 645,834

Contributions received and accrued 7 0 0 645,834

Investment income 981,777 981,777 1,686,569

Net investment income 8 981,777 981,777 1,686,569

Less: Expenses (210,648) (210,648) (387,793)

Re-insurance premiums 0 0 (78,930)

Administration expenses 9 (210,648) (210,648) (308,863)

Net income before transfers and benefits

771,129 771,129

1,944,610

Transfers and benefits (618,754) (618,754) (6,040,269)

Transfers from other funds 3 0 0 1,032,784

Transfers to other funds 4 0 0 (4,790,121)

Benefits 5 (618,754) (618,754) (2,282,932)

Net income after transfers and benefits

152,375 152,375

(4,095,659)

Funds and reserves 9,228,822 9,228,822 13,324,481

Balance at beginning of period 9,228,822 9,228,822 13,324,481

Balance at end of period 9,381,197 9,381,197 9,228,822

SELF ASSURANCE PENSION FUND - 18182

of 30

SCHEDULE HA NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2012 PRINCIPAL ACCOUNTING POLICIES The following are the principal accounting policies used by the fund, which are consistent with those of the previous period. PURPOSE AND BASIS OF PREPARATION OF FINANCIAL STATEMENTS The annual financial statements are prepared in accordance with Regulatory Reporting Requirements for Retirement Funds in South Africa, the rules of the fund and the provisions of the Pension Funds Act in South Africa The financial statements are prepared on the historical cost and going concern bases, modified by the valuation of financial instruments and investment properties to fair value, and the revaluation of property, plant and equipment to market value. FINANCIAL INSTRUMENTS • Measurement

• Financial instruments include cash and bank balances, investments, housing loans, receivables and accounts payable. • Financial instruments are initially measured at cost as of trade date, which includes transaction costs. Subsequent to

initial recognition, these instruments are measured as set out below. • Investments

Investments are measured at fair value. The fair value of marketable securities is calculated by reference to the applicable Stock Exchange quoted selling prices at the close of business on the statement of funds and net assets date

• Collective Investment Schemes

Investments are measured at fair value. The fair value of marketable securities is calculated by reference to the applicable insurer, investment manager or the Stock Exchange quoted selling prices at the close of business on the statement of funds and net assets date.

• Housing loans

The fund did not grant any guarantees for loans or any direct housing loans to its members in terms of Section19(5) of the Pension Fund Act.

• Insurance policies Insurance policies linked to listed investments are valued at fair value and are therefore equivalent to market value of the underlying assets as certified by the Insurer concerned.

• Accounts receivable Accounts receivable are stated at realisation value.

• Cash and cash equivalents Cash and cash equivalents are measured at fair value.

• Accounts payable Accounts payable are stated at the actual amounts due.

PROVISIONS Provisions are brought into account for known obligation as a result of past events, for which it will be required to settle the obligation. A reliable estimate has been made of the amount of the obligation. CONTRIBUTIONS Contributions are brought to account on the accrual basis.


of 30

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2012 PRINCIPAL ACCOUNTING POLICIES - CONTINUE DIVIDEND INCOME, INSURANCE POLICY INCOME, INTEREST AND RENTALS • Interest is recognised when it is determined that such income will accrue to the fund. • Insurance policy income and dividends are recognised when declared by the insurer. • Gains and losses on investments are recognised during the period in which the change arises. TRANSFERS TO AND FROM THE FUND Transfers to or from the fund are recognised on approval being granted by the Financial Services Board as required in terms of Section 14 and 13B of the Pension Funds Act. Individual transfers are recognised when the individual member’s transfer is received or paid.


of 30

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 30 JUNE 2012 1. INVESTMENTS 1.1 INVESTMENT SUMMARY

Local

Foreign

Total Fair Value Current period

Total Fair Value Previous period

R R R R

Collective investment schemes 8,123,393 2,272,786 10,396,179 10,123,746

TOTAL INVESTMENTS 8,123,393 2,272,786 10,396,179 10,123,746

2. ACCOUNTS RECEIVABLE

Current period

R

Previous Period R

Sundry debtors - SA Provident Fund 6,827 6,827

Sundry debtors - Diversified Pension 1,811 0

Risk Premium overpaid 38,037 38,037

TOTAL 46,675 44,864

3. TRANSFERS FROM OTHER FUNDS

Current Period Previous Period

R R

Transfers approved

0 1,032,784

Statement of changes in net assets and funds 0 1,032,784

4. TRANSFERS TO OTHER FUNDS

Current Period Previous Period

R R

Transfers approved 0 (4,790,121)

Statement of changes in net assets and funds 0 (4,790,121)


of 30

NOTES TO THE FINANCIAL STATEMENTS – CONTINUED FOR THE PERIOD ENDED 30 JUNE 2012 5. BENEFITS 5.1 BENEFITS – CURRENT MEMBERS

At beginning of period

Benefits for current period Payments At end of period

R R R R

Lump sums before retirement 290,636 618,754 (620,412) 288,978

Withdrawal benefits 290,636 618,754 (620,412) 288,978

Total benefits awarded 290,636 618,754 (620,412) 288,978

Current Period

R

Previous PeriodR

Benefit awarded 618,754 2,282,932

Statement of changes in net assets and funds 618,754 2,282,932

6. ACCOUNTS PAYABLE

Current period R

Previous period R

Admin fees due to administrators 326,517 438,402

Auditors fees due 217,902 212,040

Admin fees due 64,393 64,393

Sundry Creditors - Self Assurance Provident Fund 211,272 78,386

Legislative Admin Fees – Brefco 12,350 0

Sundry Creditors - Unknown Deposits 11,248 0

TOTAL ACCOUNTS PAYABLE 843,682 793,221

7. CONTRIBUTIONS

At beginning of period

Towards retirement

Towards re-insurance

and expenses Contributions

received At end

of period R R R R R

Received and accrued

– Employer contributions

10,011 0 0 0 10,011

TOTAL CONTRIBUTIONS 10,011 0 0 0 10,011

Current period

R

Previous period R

Towards retirement 0 503,144

Toward re-insurance and expenses 0 142,690

Statement of changes in net assets and funds 0 645,834


of 30

NOTES TO THE FINANCIAL STATEMENTS – CONTINUED FOR THE PERIOD ENDED 30 JUNE 2012 8. NET INVESTMENT INCOME

Current period R

Previous period R

Income from investments 9,344 39,692

Interest 9,344 39,692

Adjustment to fair value 1,025,459 1,706,044

Sub – total 1,034,803 1,745,736

Less: Expenses incurred in managing investments (53,026) (59,167)

TOTAL INVESTMENT INCOME 981,777 1,686,569

9. ADMINISTRATION EXPENSES

Notes Current period

R

Previous period

R

Administration fees 119,642 144,066

Audit fees 52,032 74,340

Consultancy fees 0 28,045

Fidelity Insurance 4,200 2,255

Levies 4,431 17,886

Bank Charges 537 2,690

Printing & Stationery 10,132 20,038

Trustee fees and remuneration 9.1 19,674 19,543

TOTAL ADMINISTRATION EXPENSES 210,648 308,863

9.1 TRUSTEE EXPENSES

Current period R

Previous period R

Trustee payment 18,984 19,456

Meeting costs 690 87

Total trustee expenses 19,674 19,543

9.2 PROVISIONS

Current period R

Previous period R

Financial Services Board 10,700 16,857

Provision for insurance cost (FG & PI) 4,200 3,630

TOTAL 14,900 20,487


of 30

NOTES TO THE FINANCIAL STATEMENTS – CONTINUED FOR THE PERIOD ENDED 30 JUNE 2012 10. RISK MANAGEMENT POLICIES • SOLVENCY RISK

Continuous monitoring by the Board takes place to ensure that appropriate assets are held where the funds obligation to members is dependent upon the performance of specific portfolio assets and that a suitable match of assets exists for all other liabilities.

• CREDIT RISK The Board monitors receivable balances on an on-going basis with the result that the fund’s exposure to bad debts is not significant. An appropriate level of provision is maintained.

• LEGAL RISK Legal risk is the risk that the fund will be exposed to contractual obligations which have not been provided for. Legal representatives of the fund monitor the drafting of contracts to ensure that rights and obligations of all parties are clearly set out.

• CASH FLOW RISK The board of trustees agreed an amount with the administrators that should be kept in the bank account to meet the fund’s cash flows requirements. If the agreed amount is insufficient, the administrator must disinvest to meet the required cash flow.

• CURRENCY RISK

The fund’s exposure to currency risk is mainly in respect of foreign investments made on behalf of members of the fund for the purpose of seeking desirable international diversification of investments.

• LIQUIDITY RISK The fund’s liabilities are backed by appropriate assets and it has significant liquid resources.

• MARKET RISK

Market risk is the risk that the value of a financial instrument will fluctuate as a result of changes in market prices of market interest rates.

• INVESTMENTS Investments in insurance policies are valued at fair value as certified by the insurer. Investments are managed with the aim of maximising the fund’s returns while limiting risk to acceptable levels within the framework of statutory requirements. Continuous monitoring takes place to ensure that appropriate assets are held where the liabilities are dependent upon the performance of specific portfolios of assets and that a suitable match of assets exists for all non–market related liabilities.

11. PROMISED RETIREMENT BENEFITS

As a defined contribution fund, the fund in association with the principal and participating employers provides the members a course to save towards retirement. The fund liability to the promised retirement benefit is limited to the member’s equitable share of his/her share of fund. The member’s share of fund is the member’s retirement contributions plus the net return earned from the appropriate investment.

12. RELATED PARTY TRANSACTIONS

The following transactions between the participating employers and the fund occurred: The participating employers made contributions to the fund - for members’ retirement to the value of R 0 - towards the fund’s expenses to the value of R 0

- o O o - End of Schedule HA


of 30

SCHEDULE HB REPORT OF THE VALUATOR The Statutory Valuation Report as at 30 June 2004 was approved on 7 October 2013.


of 30

SCHEDULE I REPORT OF THE INDEPENDENT AUDITORS OF SELF ASSURANCE PENSION FUND TO THE REGISTRAR OF PENSION FUNDS ON FACTUAL FINDINGS

Scope

We have performed the procedures agreed with you and enumerated below with respect to the accounting records of Self Assurance Pension Fund for the period ended 30 June 2012, as required by you in terms of section 15 of the Pension Funds Act of South Africa, (the Act). Our engagement was undertaken in accordance with the International Standard on Related Services (4400) Engagements to perform agreed-upon procedures regarding financial information. The responsibility for determining the adequacy or otherwise of the procedures agreed to be performed is that of the Registrar of Pension Funds.

Procedures and Findings

Our procedures and the corresponding findings thereon are set out in the table below.

Procedures Findings

1 We selected a sample of the lesser of 50 or 10% of members from the complete listing of participating employers in the umbrella fund and for the following three months: July 2011, December 2011 and June 2012, and performed the following procedures:

Not applicable as no contributions were received throughout the period ended 30 June 2012.

1.1 We agreed, in total, the data received by the administrator to the cash received by the fund.

Not applicable.

1.2 We inspected the bank statements as appropriate, for the date on which the cash was received to determine whether the contributions were deposited with a registered bank in accordance with section 13A of the Act and whether late payment interest has been raised in terms of regulation 33, where applicable.

Not applicable.

1.3 We inspected the accounting records of the fund to determine whether amounts disclosed as arrear contributions at period-end have been paid to the fund in accordance with the requirements of section 13A of the Act.

Amounts disclosed as arrear contributions at period-end have not been paid to the fund in accordance with the requirements of section 13A of the Act. . Contributions relating to prior periods amounting to R 10 011 have not yet been received.

2 We inspected the list of investments held by the fund for any investments prohibited in terms of section 19(4) of the Act.

We found that the fund does not hold investments prohibited in terms of section 19(4) of the Act.

2.1 Where investments held in the participating employer exceeded 5%, we inspected the appropriate Financial Services Board approval.

Not applicable.

2.2 We obtained written confirmations of investment balances and agreed details of the confirmations received to the investment balances reflected in the general ledger.

We found that the investment balances agreed to the details in the confirmations received from the investment managers.

3 We obtained the list of housing loans granted to members by the fund in terms of section 19(5) of the Act by the fund as at 30 June 2012 and performed the following procedures:

The fund does not grant housing loans.

3.1 We determined by inspection whether both the general rules of the fund and the special rules of the participating employer allow for the granting of housing loans.

Not applicable.

3.2 We agreed the loans on the above list to the account in the general ledger.

Not applicable.

3.3 From the above list, we selected a sample of the lesser of 50 or 10% of housing loans and determined whether the selected housing loans were granted in terms of the requirements of section 19(5) of the Act, in terms of the security provided and the interest rates applied to the loans.

Not applicable.

3.4 If the fund issued more than 100 loans or the total principal debt of all outstanding loans exceeded R500 000, we determined whether the fund was registered as a credit provider under the National Credit Act, 2005 (the NCA) and whether an assurance report had been issued to the National Credit Regulator in terms of section 16(1)(b) of the NCA and regulations 67 and 68 to the NCA.

Not applicable.


of 30

Procedures

Findings

4 We obtained the list of housing loan guarantees granted to members by the fund in terms of section 19(5) of the Act as at 30 June 2012. We selected a sample of the lesser of 50 or 10% of housing guarantees from the list. For the sample selected, we compared the total for guarantees issued on behalf of the members to the total of member individual fund credits, to determine whether the total guarantees issued exceeded the total member individual fund credits allowed in terms of the Act and/or the rules of the fund.

The fund did not issue housing loan guarantees for the period under review.

5 We obtained a list of other loans as at 30 June 2012 and determined whether these loans were granted in terms of the requirements of section 19(5) B of the Act.

The fund does not grant other loans.

6 We obtained written confirmation from the fund’s insurer that fidelity insurance cover was in place throughout the period ended 30 June 2012.

Fidelity insurance cover was in place throughout the period ended 30 June 2012.

7 We obtained the list of section 14 transfers to and from the fund throughout the period ended 30 June 2012 and performed the following procedures:

There were no section 14 transfers to and from the fund throughout the period ended 30 June 2012.

7.1 We agreed the section 14 transfers to and from the fund to the approved section 14 documentation received from the Financial Services Board in respect of each transfer.

Not applicable.

7.2 We agreed the above list of section 14 transfers to the corresponding account in the general ledger.

Not applicable.

7.3 We determined by inspection whether the transfers were received/paid within 60 days of approval and whether the growth and interest return had been allocated from date of receipt/payment.

Not applicable.

7.4 In respect of unitised funds, we selected a sample of the lesser of 50 or 10% of the members transferred and recalculated the purchase of units for the amount received using the unit price per the administration system on the date of receipt. (Where units were purchased after date of receipt investment return was included from the date of receipt to the date of purchase)

Not applicable..

8 We obtained a list of accumulated member credits as reflected on the administrator’s member register as at 30 June 2012 and performed the following procedures:

8.1 We agreed the closing balance on the list to corresponding account in the annual financial statements as at 30 June 2012.

The closing balance on the list did not agreed to the corresponding accounts in the annual financial statements as at 30 June 2012.

Balance as per annual financial statements

R 9 381 197

Balance as per administrator’s listing

R 9 381 202

Difference (R 5)

8.2 We selected a sample of the lesser of 50 or 10% of the members from the list and performed the following procedures:

No contributions were received throughout the period ended 30 June 2012.

8.2.1 We agreed the member and employer contributions received for the selected members per the administrator’s system to information supplied by the participating employers for a sample of 3 months.

Not applicable.

8.2.2 In respect of unitised investment products, we recalculated the conversion of the selected contributions at the unit price per the administration system on the dates that the contributions were invested and determined whether these units were correctly calculated and added to the existing units for the full period.

Not applicable.

8.2.3 In respect of unitised investment products, we recalculated the conversion of units at the end of the period at the period end unit price and agreed the amount to the member’s record on the member register.

We recalculated the conversion of units at the end of the period at the period end unit price and agreed the amount to the member’s record on the member register.

8.2.4 In respect of unitised investment products, we agreed the period end unit price as authorised in terms of the rules of the fund to the unit prices on the administration system used to calculate the member credits.

We agreed the period end unit price as authorised in terms of the unit price statement to the unit prices on the administration system used to calculate the member credits


of 30

Procedures

Findings

8.2.5 In respect of non-unitised investment products, we agreed the return allocated to the member’s fund credit on the administrator’s records to the return approved in accordance with a resolution of the Board of Trustees or the general rules/special rules of the fund.

Not applicable.

8.3 We selected a sample of the lesser of 50 or 10% of members who switched between investment portfolios during the period and determined whether the portfolios were correctly switched and that the correct amount was switched in accordance with notification of the member’s election. We inspected whether any fees deducted were approved by the Board of Trustees.

Not applicable.

8.4 If a surplus apportionment scheme was approved by the FSB in the current period, we selected a sample of the lesser of 50 or 10% from the surplus schedules and we agreed the allocation of the fund surplus of the scheme to the individual allocation in the member records per the administration system.

Not applicable.

8.5 For unitised investment products where member portfolios are backed by specific portfolios, we agreed the values of investments specified by the members investment choice to the members liabilities per product for that choice and inspected the accuracy of reconciling items.

Not applicable.

9 We inspected the most recent statutory valuation report dated 1 July 2004 on the valuator’s findings relating to the funding levels of the fund and performed the following procedures:

9.1 We determined whether, in accordance with the valuation report dated 1 July 2004, the fund was under funded.

As yet the fund’s valuation has been approved.

9.2 Where a fund was under funded, we agreed that a scheme, as required in terms of section 18 of the Act, has been proposed and is being implemented, to remedy the shortfall.

Not applicable.

10 We obtained the analysis of the movements in the fund’s reserve accounts from the financial statements and performed the following procedures:

The fund does not have reserve accounts.

10.1 We agreed the opening balance to the prior period financial statements.

Not applicable.

10.2 We inspected the rules of the fund to determine whether the movements in the fund’s reserve accounts were in terms of the rules of the fund and the Act.

Not applicable.

11 We obtained a list of lump sum benefits reflected as expenses in the fund’s Statement of Changes in Net Assets and Funds and performed the following procedures:

11.1 We agreed the list to the respective general ledger benefit expense accounts.

We found that the list agreed to the respective general ledger benefit expense accounts.

11.2 We selected a sample of the lesser of 50 benefits or 10% of the total benefit expenses from the list and performed the following procedures:

11.2.1 We agreed the claim to the applicable, authorised supporting documentation.

We found that the claim agreed to the applicable, authorised supporting documentation.

11.2.2 For death benefits, where a portion of the benefit was reinsured by the fund, we determined whether the recovery from the insurer was received or accrued for by the fund.

No re-insurance proceeds were received by the fund for the period under review.

11.2.3 We agreed the opening fund credit for the member to the opening fund credit report and determined whether contributions were added every month until the date of exit. [either by R amount or in case of unitised funds, by units] We agreed the balance paid out to member to the fund credit report or administration system as at the date of exit.

We found that the opening fund credit for the member agreed to the opening fund credit report and the contributions were added every month until the date of exit. We found that the balance paid out to member does not agree to the fund credit report or administration system as at date of exit as amounts are being retained by the fund pending finalisation.

11.2.4 We inspected whether the payments agreed to relevant authorisation.

We found that the payments made by the fund agreed to relevant authorisation.


of 30

Procedures

Findings

12 We obtained a copy of the listing of pensioners and performed the following procedures:

The fund does not have pensioners.

12.1 We agreed the total pensions paid to the corresponding account in the general ledger.

Not applicable.

12.2 We selected a sample of the lesser of 50 or 10 % of pensions paid from the above list and performed the following procedures:

12.2.1 We agreed the pensioner increases to authorisation by the Board of Trustees or other relevant supporting documentation.

Not applicable.

12.2.2 We inspected evidence supporting the fact that the pensioners selected were still alive.

Not applicable.

13 Where the fund has reinsured its pensioners with an insurer, we obtained a written confirmation of the pensions paid from the insurer including asset and liability balances and agreed this to the fund’s general ledger pension expense, asset and liability accounts.

Not applicable.

14 We selected a sample of the lesser of 50 or 10% of existing participating employers and determine whether recurring commissions were paid in terms of the rules of the fund, were limited to the LOA scale.

Not applicable.

As the above procedures do not constitute either an audit or a review made in accordance with International Standards on Auditing or International Standards on Review Engagements, we do not express any assurance on the procedures performed. Had we performed additional procedures or had we performed an audit or review of the relevant information, other matters might have come to our attention that would have been reported to you.

Our report is solely for regulatory purposes and may not be distributed to, or relied on, by parties other than the Registrar of Pension Funds.

_________________ BDO South Africa Incorporated Per: MI Lockhat Partner Registered auditor 22 Wellington Road, Parktown 2193 19/11/2013


of 30

SCHEDULE IA SCHEDULES PERTAINING TO THE ANNUAL FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2012 INVESTMENTS

Cash and deposits A 75,892 0 75,892 75,892 0 0.0

Collective investment schemes

K 0 10,396,179 10,396,179 8,123,393 2,272,786 21.7

TOTAL INVESTMENTS

75,892 10,396,179 10,472,071 8,199,285 2,272,786 21.7

A DIRECT CASH AND DEPOSITS

Fair value R

Standard Bank 75,892

Total cash and deposits 75,892

K COLLECTIVE INVESTMENT SCHEMES

Fair value Current period

Previous period R

ACSIS Ltd (1% - 3%) 1,671,727 1,527,735

ACSIS Ltd (3% - 5%) 7,551,313 7,500,342

ACSIS Ltd (5% - 7%) 130,879 117,476

ACSIS Ltd (7% - 9%) 169,260 150,641

ACSIS Ltd (Money Market) 873,000 827,552

Total Collective Investment Schemes 10,396,179 10,123,746

J RISK MANAGEMENT Credit / counter party risk

Counter party Direct investment in counter party

Total per Counter Party

Exposure as a % of the fair value

R R %

Banks 75,892 75,892 0.72

Standard Bank 75,892 75,892

Other funds 10,396,179 10,396,179 99.28

Acsis Strategy 1%-3% 1,671,727 1,671,727

Acsis Strategy 3%-5% 7,551,313 7,551,313

Acsis Strategy 5%-7% 130,879 130,879

Acsis Strategy 7%-9% 169,260 169,260

Acsis Cash Strategy 873,000 873,000

TOTAL 10,472,071 10,472,071 100.00

Investments are reflected at fair value at the end of the financial period.

Direct

Investments Collective

investment Total Local Foreign Foreign

exposure R R R R R %


of 30

SCHEDULE IB

ASSETS HELD IN COMPLIANCE WITH REGULATION 28 FOR THE PERIOD ENDED 30 JUNE 2012

A

Total assets of the fund as per Statement of Net Assets and Funds

10,528,757

B

Less: Items of Statement of Net Assets and Funds:

-10,011

B.2 Current Assets (excluding cash at bank)

-10,011

C Sub-total (A-B)

10,518,746

1

CASH

100%

1,677,983 16.02%

1.1

Local notes, deposits, money market instruments issued by a South African Bank, margin accounts, settlement accounts with an exchange and Islamic liquidity management financial instruments

100%

1,613,089 15.40%

(a)

Notes and coins, any balance or deposit in an account held with a South African bank

25% 887,776 8.48%

(b)

A money market instrument issued by a South African bank including an Islamic liquidity man fin instrument

25% 704,076 6.72%

(c)

Any positive net balance in a margin account with an exchange

25% 21,237 0.20%

1.2

Foreign balances or deposits, money market instruments issued by a foreign bank including Islamic liquidity management financial instruments

SARB

64,894 0.62%

(a)

Any balance or deposit held with a foreign bank

5%

64,249 0.61%

(b)

Any balance or deposit held with an African bank

5%

645 0.01%

ASSETS HELD IN COMPLIANCE WITH REGULATION 28

2

DEBT INSTRUMENTS INCLUDING ISLAMIC DEBT INSTRUMENTS

2,042,260 19.50%

2.1

Inside the Republic

100%

2,009,391 19.19%

(a)

Debt instruments issued by, and loans to, the government of the Republic, and any debt or loan guaranteed by the Republic

100%

454,847 4.34%


of 30

(c)

Debt instruments issued or guaranteed by a South African Bank against its balance sheet:-

75%

571,256 5.46%

(c)(i)

Listed on an exchange with an issue market capitalisation of R20 billion or more,

75% 25% 548,567 5.24%

(c)(ii)

Listed on an exchange with an issuer market capitalisation of between R2 billion and R20 billion, or an amount or conditions as prescribed

25% 5% 17,560 0.17%

(c)(iv)

not listed on an exchange 25% 5% 5,129 0.05%

(d)

Debt instruments issued or guaranteed by an entity that has equity listed on an exchange, or debt instruments issued or guaranteed by a public entity under the Public Finance Management Act, 1999 (Act No. 1 of 1999) as prescribed:-

50%

561,512 5.36%

(d)(i)

Listed on an exchange 50% 10% 552,930 5.28%

(d)(ii)

Not listed on an exchange 25% 5% 8,582 0.08%

(e)

Other debt instruments:- 25%

421,776 4.02%

(e)(i)


(e)(ii)

Not listed on an exchange 15% 5% 38,168 0.36%

2.2

The Rest of the World (excluding Africa)

100%

32,869 0.31%

(b)

Debt instruments issued or guaranteed by the government of a foreign country

10%

2,307 0.02%

(c)

Debt instruments issued or guaranteed by a South African Bank against its balance sheet:-

75%

20 0.00%

(c)(iii)

listed on an exchange with an issuer market capitalisation of less than R2 billion, or an amount or conditions as prescribed

75% 15% 20 0.00%


of 30

(d)

Debt instruments issued or guaranteed by an entity that has equity listed on an exchange, or debt instruments issued or guaranteed by a public entity under the Public Finance Management Act, 1999 (Act No. 1 of 1999) as prescribed:-

50%

18,261 0.17%

(d)(i)


(d)(ii)


(e)

Other debt instruments 50%

12,281 0.12%

(e)(i)


(e)(ii)


3

EQUITIES

4,985,899 47.61%

3.1

Inside the Republic

75%

3,203,408 30.59%

(a)

Preference and ordinary shares in companies, excluding shares in property companies:-

75%

3,203,408 30.59%

(a)(i)

Issuer market capitalisation of R20 billion or more, or an amount or conditions as prescribed

75%

2,673,880 25.53%

(a)(ii)

Issuer market capitalisation of between R2 billion and R20 billion

75%

462,953 4.42%

(a)(iii)

Issuer market capitalisation of less than R2 billion,

75%

66,575 0.64%

3.2

The Rest of the World (excluding Africa)

75%

1,782,491 17.02%

(a)

Preference and ordinary shares in companies, excluding shares in property companies:-

75%

1,691,979 16.16%

(a)(i)


75%

456,199 4.36%

(a)(ii)

Issuer market capitalisation of between R2 billion and R20 billion

75%

2,607 0.02%

(a)(iii)

Issuer market capitalisation of less than R2 billion,

75%

1,233,173 11.78%

(b)

Preference and ordinary shares in companies, excluding shares in property companies, not listed on an exchange

10% 2.5% 90,512 0.86%


of 30

4

IMMOVABLE PROPERTY

810,603 7.75%

4.1

Inside the Republic

25%

559,128 5.34%

(a)

Preference shares, ordinary shares and linked units comprising shares linked to debentures in property companies, or units in a Collective Investment Scheme in Property, listed on an exchange

25%

559,128 5.34%

(a)(i)


25% 15% 328,476 3.14%

(a)(ii)

Issuer market capitalisation of between R3 billion and R10 billion, or an amount or conditions as prescribed

25% 10% 172,023 1.64%

(a)(iii)

Issuer market capitalisation of less than R3 billion or an amount or conditions as prescribed

25% 5% 58,629 0.56%

4.2

The Rest of the Wold (Excluding Africa)

25%

251,475 2.41%

(a)

Preference shares, ordinary shares and linked units comprising shares linked to debentures in property companies, or units in a Collective Investment Scheme in Property, listed on an exchange

25%

251,475 2.41%

(a)(i)


25% 15% 2,782 0.03%

(a)(ii)

Issuer market capitalisation of between R3 billion and R10 billion, or an amount or conditions as prescribed

25% 10% 4,869 0.05%

(a)(iii)

Issuer market capitalisation of less than R3 billion or an amount or conditions as prescribed

25% 5% 243,824 2.33%


of 30

8

HEDGE FUNDS, PRIVATE EQUITY FUNDS AND ANY OTHER ASSET NOT REFERRED TO IN THIS SCHEDULE

955,326 9.12%

8.1

Inside the Republic

15%

955,326 9.12%

(a)

Hedge fund 10%

937,156 8.95%

(a)(ii)

Hedge fund 2.5%

937,156 8.95%

(c)

Other assets not referred to in this schedule and excluding a hedge fund or private equity fund

2.50%

18,170 0.17%

TOTAL (equal to the fair value of assets) 10,472,071 100%

- o O o – End of Schedule IB


of 30

SCHEDULE IB – CONTINUED INDEPENDENT AUDITORS REPORT OF SELF ASSURANCE PENSION FUND ON ASSETS HELD IN COMPLIANCE WITH REGULATION 28 To the Board of Trustees We have audited Schedule IB ‘Assets held in compliance with Regulation 28’ (the “Schedule”) of Self Assurance Pension Fund (the fund) as at 30 June 2012 for compliance with the requirements of Regulation 28 of the Pension Funds Act of South Africa (the Regulation), as set out on pages 24 to 27. Our engagement arises from our appointment as auditor of the Fund and is for the purpose of assisting the Trustees to report to the Registrar of Pension Funds (the ‘Registrar’). The information contained in Schedule IB has been extracted from the Fund’s underlying accounting records that were the subject of our audit engagement on the annual financial statements and forms the subject matter of this engagement. Our audit of the annual financial statements of the Self Assurance Pension Fund for the period ended 30 June 2012 was conducted in accordance with International Standards on Auditing and in our report we expressed an unmodified opinion on the financial statements, prepared, in all material respects, with the Regulatory Reporting Requirements for Retirement Funds in South Africa. The Board of Trustees’ Responsibility for Schedule The Board of Trustees is responsible for the preparation of the Schedule in accordance with the Regulatory Reporting Requirements for Retirement Funds in South Africa and in compliance with the Regulation, and for such internal control as the Board of Trustees determines is necessary to enable the preparation of the Schedule that is free from material misstatements, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion based on our audit of the Schedule. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the Schedule is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Schedule. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the Schedule, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and presentation of the Schedule in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. We believe that the audit evidence that we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion In our opinion, Schedule IB ‘Assets of the fund held in compliance with Regulation 28’ as at 30 June 2012 by Self Assurance Pension Fund has been prepared, in all material respects, in accordance with the requirements of Regulatory Reporting Requirements for Retirement Funds in South Africa and in compliance with the Regulation. Other matter - Restriction on use

Without modifying our opinion, we draw attention to the purpose of our report as indicated in the introductory paragraph, and the basis of accounting. Consequently, the Schedule and our auditor’s report may not be suitable for another purpose.

_________________ BDO South Africa Incorporated Per: MI Lockhat Partner Registered auditor 22 Wellington Road, Parktown 2193 19/11/2013

annual financial statements in terms of … · annual financial statements in terms of section 15...

Documents