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SASLAW PRO BONO PROJECT NPC (Registration Number 2013/192122/08)

Annual Financial Statementsfor the year ended 28 February 2017

Compiled Financial Statementsin compliance with Companies Act 71 of 2008

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SASLAW PRO BONO PROJECT NPC (Registration Number 2013/192122/08)Annual Financial Statements for the year ended 28 February 2017

Index

The reports and statements set out below comprise the annual financial statements presented to the shareholder:

General Information 2

Report of the Compiler 3

The Chartered Accountant (South Africa) Declaration 4

Directors' Responsibilities and Approval 5

Directors' Report 6 - 7

Statement of Financial Position 8

Statement of Comprehensive Income 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Accounting Policies 12 - 13

Notes to the Annual Financial Statements 14 - 15

Supplementary information:Detailed Income Statement 16

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General Information

Country Of Incorporation And Domicile South Africa

Nature Of Business And Principal Activities Provision of Pro Bono legal services

Directors S GaibieN J A RobbR T Maddern D L Fram-arpE Abrahams (Appointed 19 August 2016)

Registered Office 17 Vosloo Street Windsor GlenJohannesburgGauteng2194

Bankers First National Bank

Chartered Accountant CA(SA) CFO360 Advisors (Pty) LtdPetra Place 1018Fredenharry RoadLittle FallsJohannesburg1724

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Report of the Compiler

To the Shareholder of SASLAW Pro Bono Project NPC We have compiled the accompanying annual financial statements of SASLAW Pro Bono Project NPC based oninformation you have provided. These annual financial statements comprise the statement of financial positionof SASLAW Pro Bono Project NPC as at 28 February 2017, the statement of comprehensive income, the statementof changes in equity and the statement of cash flows for the year then ended, a summary of significantaccounting policies and other explanatory information.

We performed this compilation engagement in accordance with International Standard on Related Services 4410(Revised), Compilation Engagements.

We have applied our expertise in accounting and financial reporting to assist you in the preparation andpresentation of these financial statements in accordance with the International Financial Reporting Standard forSmall and Medium-sized Entities and the requirements of the Companies Act of South Africa. We have compliedwith relevant ethical requirements, including principles of integrity, objectivity, professional competence anddue care.

These financial statements and the accuracy and completeness of the information used to compile them are yourresponsibility.

Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy orcompleteness of the information you provided to us to compile these financial statements. Accordingly, we do notexpress an audit opinion or a review conclusion on whether these financial statements are prepared inaccordance with the International Financial Reporting Standard for Small and Medium-sized Entities and therequirements of the Companies Act of South Africa.

CFO360 Advisors (Pty) Ltd 28 August 2017

Petra Place 1018Fredenharry RoadLittle Falls

Per: JohannesburgChartered Accountant (SA) 1724

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The Chartered Accountant (South Africa) Declaration

The following annual financial statements of SASLAW Pro Bono Project NPC presented on pages 8 to 14 have beenindependently compiled by a Chartered Accountant (South Africa) (CA(SA)). Refer to compilation report on page 3.

Use of the CA(SA) designation is governed by the Chartered Accountants Designation (Private) Act, 1993 (Act 67 of1993), which regulates and permits the use of the CA(SA) designation exclusively by members of The South AfricanInstitute of Chartered Accountants (SAICA). Use of the designation without SAICA membership is consequently acriminal offence, and misuse is subject to legal action.

SAICA is the premier accountancy body in South Africa and one of the leading chartered accountancy institutes in theworld and all members must comply with the Code of Professional Conduct which conforms to the code released bythe International Ethics Standards Board for Accountants (IESBA). The SAICA code and definitions contained thereinare consistent in all material aspects with the International Federation of Accountants’ (IFAC) code as well as theIndependent Regulatory Board for Auditors (IRBA) code.

The following fundamental principles are embodied in the SAICA Code of Professional Conduct and are to be upheldby all CAs(SA) at all times.

• Integrity – a duty to be straightforward and honest in all professional and business Relationships.

• Objectivity – a duty to not allow bias, conflict of interest or undue influence of others to overrideprofessional or business judgements.

• Professional competence and due care – a duty to maintain professional knowledge and skill at thelevel required to ensure that a client receives competent professional services based on currentdevelopments in practice, legislation and techniques and act diligently and in accordance withapplicable technical and professional standards.

• Confidentiality – a duty to respect the confidentiality of information acquired as a result ofprofessional and business relationships and, therefore, not disclose any such information to thirdparties without proper and specific authority, unless there is a legal or professional right or duty todisclose, nor use the information for the personal advantage of the chartered accountant or thirdparties.

• Professional behaviour – a duty to comply with relevant laws and regulations and avoid any actionthat discredits the accountancy profession.

A distinguishing characteristic of CAs(SA) are their responsibilities and duties which extend beyond the needs ofindividual clients and also includes the public as a whole.

Accordingly, this declaration serves to confirm that the above mentioned annual financial statements have beenprepared by a CA(SA) who has observed and complied with the SAICA Code.

Partner/DirectorCA(SA)

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Directors' Responsibilities and Approval

The directors are required by the South African Companies Act to maintain adequate accounting records and areresponsible for the content and integrity of the annual financial statements and related financial informationincluded in this report. It is their responsibility to ensure that the annual financial statements satisfy thefinancial reporting standards as to form and content and present fairly the statement of financial position,results of operations and business of the company, and explain the transactions and financial position of thebusiness of the company at the end of the financial year. The annual financial statements are based uponappropriate accounting policies consistently applied throughout the company and supported by reasonable andprudent judgements and estimates.

The directors acknowledge that they are ultimately responsible for the system of internal financial controlestablished by the company and place considerable importance on maintaining a strong control environment.To enable the directors to meet these responsibilities, the board sets standards for internal control aimed atreducing the risk of error or loss in a cost effective manner. The standards include the proper delegation ofresponsibilities within a clearly defined framework, effective accounting procedures and adequate segregationof duties to ensure an acceptable level of risk. These controls are monitored throughout the company and allemployees are required to maintain the highest ethical standards in ensuring the company's business isconducted in a manner that in all reasonable circumstances is above reproach.

The focus of risk management in the company is on identifying, assessing, managing and monitoring all knownforms of risk across the company. While operating risk cannot be fully eliminated, the company endeavours tominimise it by ensuring that appropriate infrastructure, controls, systems and ethical behaviour are applied andmanaged within predetermined procedures and constraints.

The directors are of the opinion, based on the information and explanations given by management that thesystem of internal control provides reasonable assurance that the financial records may be relied on for thepreparation of the annual financial statements. However, any system of internal financial control can provideonly reasonable, and not absolute, assurance against material misstatement or loss. The going-concern basishas been adopted in preparing the annual financial statements. Based on forecasts and available cashresources the directors have no reason to believe that the company will not be a going concern in theforeseeable future. The annual financial statements support the viability of the company.

The compilers are responsible for reporting on the company's annual financial statements. The compilationreport is presented on page 3.

1. The annual financial statements as set out on pages 8 to 14 were approved by the board on 28 August 2017 andwere signed on their behalf by:

___________________________ ___________________________ S Gaibie N J A Robb

___________________________ ___________________________ R T Maddern D L Fram-arp

___________________________ E Abrahams

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Directors' Report

The directors present their report for the year ended 28 February 2017.

1. Review of activities

Main business and operationsThe principal activity of the company is provision of Pro Bono legal services and there were no major changesherein during the year.

The operating results and statement of financial position of the company are fully set out in the attachedfinancial statements and do not in our opinion require any further comment.

2. Going concern

The annual financial statements have been prepared on the basis of accounting policies applicable to a goingconcern. This basis presumes that funds will be available to finance future operations and that the realisationof assets and settlement of liabilities, contingent obligations and commitments will occur in the ordinary courseof business.

3. Events after reporting date

All events subsequent to the date of the annual financial statements and for which the applicable financialreporting framework require adjustment or disclosure have been adjusted or disclosed.

The directors are not aware of any matter or circumstance arising since the end of the financial year to the dateof this report that could have a material effect on the financial position of the company.

4. Directors' interest in contracts

To our knowledge none of the directors had any interest in contracts entered into during the year under review.

5. Authorised and issued share capital

No changes were approved or made to the authorised or issued share capital of the company during the yearunder review.

6. Borrowing limitations

In terms of the Memorandum of Incorporation of the company, the directors may exercise all the powers of thecompany to borrow money, as they consider appropriate.

7. Dividends

No dividends were declared nor paid to the shareholder during the year.

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Directors' Report

8. Directors

The directors of the company during the year and to the date of this report are as follows:

S GaibieN J A RobbR T Maddern D L Fram-arpE Abrahams (Appointed 19 August 2016)

9. Compilers

CFO360 Advisors (Pty) Ltd were the compilers for the year under review.

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SASLAW PRO BONO PROJECT NPC (Registration Number 2013/192122/08)Annual Financial Statements as at 28 February 2017

Statement of Financial PositionFigures in R Note(s) 2017 2016

1.AssetsCurrent AssetsLoans receivable 3 - 30,000Trade and other receivables - 750Cash and cash equivalents 4 18,646 6,883

18,646 37,633

Total Assets 18,646 37,633

2. Equity and LiabilitiesEquity(Accumulated loss)/ retained earnings (91,878) 33,970

Current LiabilitiesTrade and other payables 5 - 3,663Borrowings 6 110,524 -

110,524 3,663

Total Equity and Liabilities 18,646 37,633

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Statement of Comprehensive IncomeFigures in R Note(s) 2017 2016

Revenue 7 458,226 244,965Operating costs (584,074) (231,480)Operating Surplus (125,848) 13,485

Surplus for the Year (125,848) 13,485

Retained income at 1 March 2016 33,970 20,485(Loss)/profit for the year (125,848) 13,485Accumulated loss at 28 February 2017 (91,878) 33,970

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Statement of Changes in Equity

Figures in RAccumulated

loss Total

Balance at 1 March 2015 20,485 20,485Total comprehensive income for the yearProfit for the year 13,485 13,485Total comprehensive income for the year 13,485 13,485

Balance at 29 February 2016 33,970 33,970

Balance at 1 March 2016 33,970 33,970Total comprehensive income for the yearLoss for the year (125,848) (125,848)Total comprehensive income for the year (125,848) (125,848)

Balance at 28 February 2017 (91,878) (91,878)

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Statement of Cash FlowsFigures in R Note(s) 2017 2016

Cash flows from operating activities (Loss)/profit for the year (125,848) 13,485Operating cash flow before working capital changes (125,848) 13,485Working capital changesDecrease/(increase) in trade and other receivables 750 (750)Decrease/(increase) in short-term loans 140,524 (30,000)Decrease in trade and other payables (3,663) (52)Cash generated by/(utilised in) operating activities 11,763 (17,317)Net cash from operating activities 11,763 (17,317)Increase/(decrease) in cash and cash equivalents 11,763 (17,317)Cash and cash equivalents at beginning of the year 6,883 24,200Cash and cash equivalents at end of the year 4 18,646 6,883

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Accounting Policies

1. General information

SASLAW Pro Bono Project NPC is a non-profit company incorporated in South Africa.

2. Summary of significant accounting policies

These annual financial statements have been prepared in accordance with the International Financial ReportingStandards for Small and Medium-sized Entities issued by the International Accounting Standards Board. Theprincipal accounting policies applied in the preparation of these financial statements are set out below. Thesepolicies have been consistently applied to all the years presented, unless otherwise stated.

These financial statements have been prepared under the historical cost convention and are presented in SouthAfrican Rands.

2.1 Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and/or servicesin the ordinary course of the company's activities. Revenue is shown net of value-added tax, returns, anddiscounts.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that futureeconomic benefits will flow to the entity; and specific criteria have been met for each of the company's activities,as described below:

2.2 Income taxation

No taxation is payable in terms of Section 10(1)(CN) of the Income Tax Act.

2.3 Trade and other receivables

Trade receivables are recognised initially at the transaction price. They are subsequently measured at amortisedcost using the effective interest rate method, less provision for impairment. A provision for impairment of tradereceivables is established when there is objective evidence that the company will not be able to collect allamounts due according to the original terms of the receivables.

2.4 Cash and cash equivalents

Cash and cash equivalents includes cash on hand, demand deposits and other short-term highly liquidinvestments with original maturities of three months or less. Bank overdrafts are shown under current liabilitieson the statement of financial position.

2.5 Borrowings

Borrowings are recognised initially at the transaction price (that is, the present value of cash payable to the bank,including transaction costs). Borrowings are subsequently stated at amortised cost. Interest expense is recognisedon the basis of the effective interest method and is included in finance costs.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlementof the liability for at least 12 months after the reporting date.

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Accounting Policies

2.6 Trade payables

Trade payables are recognised initially at the transaction price and subsequently measured at amortised costusing the effective interest method.

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Annual Financial Statements for the year ended 28 February 2017

Notes to the Annual Financial StatementsFigures in R 2017 2016

3. Loans receivable

South African Society for Labour Law (NPC) - 30,000

The loan is unsecured, bears no interest and is repayablewithin 12 months.

4. Cash and cash equivalents

Favourable cash balancesCash on hand 42 42Bank balances 18,604 6,841

18,646 6,883

5. Trade and other payables

Trade creditors - 3,663

6. Borrowings

South African Society for Labour Law (NPC) 110,524 -

The loan has been subordinated in favour of othercreditors until such time as the solvency of the entity hasbeen restored.

7. Revenue

An analysis of revenue is as follows:

Gifts and donations income 343,226 244,965Fund raising income 115,000 -

458,226 244,965

8. Income taxation expense

No provision has been made as the company is exemptfrom taxation in terms of Section 10(1)(CN) of the IncomeTax Act.

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Annual Financial Statements for the year ended 28 February 2017

Notes to the Annual Financial StatementsFigures in R 2017 2016

9. Extraordinary item

The prior year expenses not declared previously werepaid by the South African Society for Labour Law (NPC).

Increase in expenses 248,000 - 248,000 -

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Detailed Income StatementFigures in R 2017 2016

1.Gross RevenueGifts and donations income 343,226 244,965Fund raising income 115,000 -

458,226 244,965 - -

458,226 244,965

2.ExpenditureAdmin Expenses 183,093 134,488Audit and Accounting fees 14,156 28,194Bank charges 2,620 2,410Consumables 11,676 6,921Events expenses 19,032 - Gifts and prizes - 6,518Lease rental on operating lease 70,662 - Marketing 17,210 9,578Printing and stationery 8,926 14,462Prior year expenses not declared 248,000 - Subscriptions - 1,710Telephone and fax 4,441 25Travel - local 4,258 10,218World congress expense - 16,956

584,074 231,480

Surplus for the year (125,848) 13,485

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