Grain SA Annual Report 2022

migration agreement

is in the process of being concluded to transfer assets, rights and obligations

from Grain SA to PGP NPC. The legal process to compile such an agreement was completed, but the

final figures for the loan account to be noted in the agreement are being awaited. These figures will be

made available once the trial balance for the Grain SA financial year has been concluded by the end

of October 2022.

SLA:

Administrative and financial services are being rendered by Grain SA in terms of a SLA. This

agreement must be amended once the migration agreement has been concluded.

The board of directors consists of:

Jeremia Mathebula

Ramodisa Monaisa

Derek Mathews

Richard Krige

Jaco Breytenbach

Willem Groothof

Sarel Haasbroek

COMMERCIAL PRODUCERS TRUST

Nature of the entity:

The Commercial Producers Trust manages trust funds that originated from the

internal Maize and Winter Cereals Trusts, which were consolidated into one trust during 2021.

Objective:

The objective of the trust is to fund research and information projects to the benefit of

maize and winter cereals producers.

Tax status:

Tax exemption was approved for the trust by a SARS letter dated 4 October 2022.

The

founding document

is the trust deed. In terms of the trust deed, reports must be made avail-

able to the Maize and Winter Cereals working groups on an annual basis. The Maize and Winter

Cereals working groups also nominate trustees. The chairperson of Grain SA and the CEO serve

as ex officio trustees.

SLA:

Financial and administrative services are being rendered by Grain SA in terms of a SLA.

The Ashton Group was appointed as

external auditor

. The book year runs from 1 March to 28 February.

The

Grain SA audit committee

has an oversight function over the financial statements of the trust,

but the fiduciary duties remain with the trustees to consider and approve the financial statements on

an annual basis.

The current trustees serving on the board of trustees are:

Derek Mathews

Marius Groenewald

Neil Claassen

Richard Krige

Jose de Kock

Pieter Taljaard

COMPANY SECRETARIAT