Brikor : BrikorAFS2021

"Every financial decision should be

driven by what you value"

David Bach

ANNUAL

FINANCIAL

STATEMENTS

Annual Financial Statements Annual Financi

BRIKOR LIMITED Integrated Annual Report 2021

CONSOLIDATED AND SEPARATE ANNUAL FINANCIAL STATEMENTS

Page

1. Statement by the CEO and Financial Director
2. Statement of responsibility and approval by the directors
3. Certification by Company Secretary
4. Report of the Audit and Risk Committee

151	Directors' report
158	Independent auditor's report

1. Consolidated and separate statements of financial position
2. Consolidated and separate statements of profit or loss and other comprehensive income
3. Consolidated and separate statements of changes in equity
4. Consolidated and separate statements of cash flows
5. Notes to the consolidated and separate financial statements

Brikor Limited has been established and incorporated in compliance with the provisions of the Companies Act of South Africa and operates in conformity with its Memorandum of Incorporation.

The consolidated and separate financial statements have been audited in compliance with Section 30 of the Companies Act of South Africa.

AUDITORS

Nexia SAB&T

Registered Auditors

PREPARER

The consolidated and separate financial statements for the year ended 28 February 2021 was prepared by Ms Joaret Botha CA(SA), Financial Director.

PUBLISHED

31 May 2021

138

ial Statements Annual Financial Statements

STATEMENT BY THE CEO AND

FINANCIAL DIRECTOR

In compliance with paragraph 3.84(k) of the JSE Listings Requirements

The directors, whose names are stated below, hereby confirm that -

1. the annual financial statements set out on pages 140 to 230, fairly present in all material respects the financial position, financial performance and cash flows of Brikor in terms of IFRS;
2. no facts have been omitted or untrue statements made that would make the annual financial statements false or misleading;
3. internal financial controls have been put in place to ensure that material information relating to Brikor and its consolidated subsidiaries have been provided to effectively prepare the financial statements of the issuer; and
4. the internal financial controls are adequate and effective and can be relied upon in compiling the annual financial statements, having fulfilled our role and function within the combined assurance model pursuant to principle 15 of the King Code. Where we are not satisfied, we have disclosed to the Audit and Risk Committee and the auditors the deficiencies in design and operational effectiveness of the internal financial controls and any fraud that involves directors, and have taken the necessary remedial action.

Signed by the CEO and the Financial Director

Garnett Parkin	Joaret Botha
CEO	Financial Director

BRIKOR LIMITED Integrated Annual Report 2021

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Annual Financial Statements Annual Financi

BRIKOR LIMITED Integrated Annual Report 2021

STATEMENT OF RESPONSIBILITY AND APPROVAL BY DIRECTORS

The directors are required in terms of the Companies Act of South Africa to maintain adequate accounting records and are responsible for the content and integrity of the consolidated and separate financial statements and related financial information included in this report. It is their responsibility to ensure that the consolidated and separate financial statements fairly present the state of affairs of the Group and the Company as at the end of the financial period and the results of its operations and cash flows for the period then ended, in conformity with International Financial Reporting Standards and the requirements of the Companies Act of South Africa. The external auditors are engaged to express an independent opinion on the consolidated and separate financial statements.

The directors acknowledge that they are ultimately responsible for the system of internal financial controls established by the Group and Company and place considerable importance on maintaining a strong control environment. To enable the directors to meet these responsibilities, the Board of Directors sets standards for internal control aimed at reducing the risk of error or loss in a cost-effective manner. The standards include the proper delegation of responsibilities within a clearly defined framework, effective accounting procedures and adequate segregation of duties to ensure an acceptable level of risk. These controls are monitored throughout the Group and the Company and all employees are required to maintain the highest ethical standards in ensuring the Group and the Company's business is conducted in a manner that, in all reasonable circumstances, is above reproach. The focus of risk management in the Group and the Company is on identifying, assessing, managing and monitoring all known forms of risk across the Group and the Company. While operating risk cannot be fully eliminated, the Group and the Company endeavour to minimise it by ensuring that appropriate infrastructure, controls, systems and ethical behaviour are applied and managed within predetermined procedures and constraints.

The Group and the Company's Audit and Risk Committee plays an integral role in risk management as well as overseeing the Group and the Company's integrated reporting.

The King IV Code™ of Corporate Governance has been integrated into the Group and the Company's strategies and operations.

The system of internal control provides reasonable assurance that the financial records may be relied on for the preparation of the consolidated and separate financial statements. However, any system of internal financial controls can provide only reasonable, and not absolute, assurance against material misstatement or loss.

Should an event arise where the directors are not satisfied with the internal	financial controls, the directors will disclose to
the Audit and Risk Committee and the auditors the deficiencies in design and	operational effectiveness of the internal financial

controls and any fraud that involves directors, and will take the necessary remedial action. During the reporting period, the directors were satisfied with the internal financial controls and no remedial action was required.

The directors have reviewed the Group and the Company's cash flow forecasts for the year to 28 February 2022 and, in the light of this review and the current financial position, they are satisfied that the Group and the Company have or have access to adequate resources to continue in operational existence for the foreseeable future.

The external auditors were given unrestricted access to all financial records and related data, including minutes of meetings of shareholders, the Board of Directors and Committees of the Board. The directors believe that all representations made to the independent auditors during their audit are valid and appropriate.

The external auditors are responsible for independently auditing and reporting on the Group and the Company's financial statements. The consolidated and separate financial statements have been examined by the Group and the Company's external auditors and their report is presented on pages 158 to 162.

The consolidated and separate financial statements set out on pages 163 to 230, which have been prepared on the going concern basis, were approved by the Board of Directors on 27 May 2021 and were signed on its behalf by:

Garnett Parkin

Joaret Botha

	CEO	Financial Director
140

ial Statements Annual Financial Statements

CERTIFICATION BY COMPANY

SECRETARY

In my capacity as Company Secretary as at 28 February 2021, I hereby certify that for the year ended 28 February 2021, the Company has filed all such returns and notices as required by the Companies Act, no 71 of 2008, and that all such returns and notices appear to be true, correct and up to date.

Fusion Corporate Secretarial Services (Pty) Ltd

Represented by: Melinda Gous

27 May 2021

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