• Board of directors
• Business overview
• Corporate governance and sustainability report
• Independent auditors' report
• Directors' responsibility statement
• Directors' report
• Accounting policies
• Operating segmental report
• Statement of compliance by the Company Secretary
• Statements of financial position
• Statements of comprehensive income
• Statements of cash flows
• Statements of changes in equity
• Notes to the financial statements
• Analysis of ordinary shareholders
• Analysis of preference shareholders
• Principal subsidiaries
• Principal investments, associated companies and joint ventures
• Notice to shareholders
• Form of proxy
• Glossary of terms
• Administration
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To the shareholders of Mvelaphanda Group Limited

Report on the financial statements

We have audited the financial statements of Mvelaphanda Group Limited, which comprise the consolidated and separate statements of financial position as at 30 June 2011, and the consolidated and separate statements of comprehensive income, statements of changes in equity and statements of cash flows for the year then ended and a summary of significant accounting policies and other explanatory notes, as set out from here.

Directors’ responsibility for the financial statements

The Company’s directors are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards, and the requirements of the Companies Act of South Africa. And for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatements, whether due to fraud or error.

Auditors’ 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 auditors’ 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 auditors consider internal controls relevant to the entity’s preparation and fair 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 controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by directors, 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.

Opinion

In our opinion, the financial statements present fairly, in all material respects, the consolidated and separate financial position of Mvelaphanda Group Limited as of 30 June 2011, and its consolidated and separate financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards and the requirements of the Companies Act of South Africa.

PKF (Jhb) Inc.
Per: Paul Badrick
Registered Auditors
Chartered Accountants (SA)
Registration number 1994/001166/21

Johannesburg
11 August 2011

 

MVELAPHANDA GROUP LIMITED   Annual Report 2011

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