59 INTEGRATED ANNUAL REPORT 2025 NCT Forestry Agricultural Co-operative Limited and its subsidiaries (Registration number: 1949/000002/24) Annual Financial Statements for the year ended 28 February 2025 Directors' Report 3 3. Directors The directors in office during the year under review are as follows: Directors Changes AV Schefermann (Chairman) PB Day (Vice-chairman) BS Bhengu AP Gibbs C Hohls AE Mason JF Mason resigned 24 July 2024 NC Motloli HG Niebuhr G Payn J Rees BA Seele appointed 24 July 2024 JW Stegen 4. Events after the reporting period In March 2025, NCT received a letter of demand from Foskor (Pty) Ltd in Richards Bay demanding R49,4 million for damage suffered as a result of the 2023 fire. It averred that the fire caused major disruptions to their operations and that NCT was in breach of its duty of care. Summons had not been issued on the date of this report. On legal advice we believe that the claim will fail on its merits and as such NCT will defend any further legal action. The directors are not aware of any other material event which occurred after the reporting date and up to the date of this report. 5. 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 commitments will occur in the ordinary course of business. The directors believe that the group has adequate financial resources to continue in operation for the foreseeable future and accordingly the annual financial statements have been prepared on a going concern basis. The directors have satisfied themselves that the group is in a sound financial position and that it has access to sufficient borrowing facilities to meet its foreseeable cash requirements. The directors are not aware of any new material changes that may adversely impact the group. The directors are also not aware of any material non-compliance with statutory or regulatory requirements or of any pending changes to legislation which may affect the group. 6. Liquidity and solvency The directors have performed the required liquidity and solvency tests required by the Co-Operatives Act no. 14 of 2005. 7. Auditors Colenbrander Incorporated continued in office as auditors for the co-operative and its subsidiaries for 2025. At the AGM, the members will be requested to reappoint Colenbrander Incorporated as the independent external auditors of the co-operative and to confirm Mr Matthew Black as the designated lead audit partner for the 2026 financial year. 8. Secretary The company secretary is Jean Simpson.
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