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3. Going concern
The annual financial statements have been prepared on the basis of accounting policies applicable
to a going concern. This basis presumes that funds will be available to finance future operations
and that the realisation of assets and settlement of liabilities, contingent obligations and commit-
ments will occur in the ordinary course of business.
Cash flow forecasts are prepared and monitored on a continuous basis. The Executive is satisfied
that the organisation has a sound financial position and that it has access to sufficient resources
to continue trading in the foreseeable future and accordingly the financial statements have been
prepared on a going concern basis.
The Executive is not aware of any new material changes that may adversely affect the organisation.
The Executive is also not aware of any material non-compliance with statutory or regulatory require-
ments or any pending changes to legislation that may affect the organisation.
4. Events after reporting date
A new private company is in the process of being registered which will be wholly owned by Grain
South Africa. Grain South Africa’s commercial activities will operate in this new private company.
Resources will be moved to the new entity. The restructuring of the group will not have an adverse
impact on the remaining resources of Grain South Africa nor limit our going concern basis in any way.
The Executive is not aware of any material event which occurred after the reporting date and up to
the date of this report that would have a material impact on these financial statements.
5. Interest in subsidiary
NAME OF SUBSIDIARY
% INTEREST HELD
Nampo Commercial (Pty) Ltd
100%
Nampo Commercial (Pty) Ltd is a dormant company.
FINANC
IAL
STATEMEN
TS