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AFRICAN DAWN ANNUAL REPORT 2020

Directors’ Responsibilities and Approval

Annual Financial Statements For the year ended 29 February 2020 continued

The directors are required in terms of the Companies Act of 2008 to maintain adequate accounting records and are responsible for the content
and integrity of the financial statements and related financial information included in this report. It is their responsibility to ensure that the
financial statements fairly present the state of affairs of the Group as at the end of the financial year and the results of its operations and cash
flows for the period then ended, in conformity with International Financial Reporting Standards, the Financial Reporting Pronouncements as
issued by the Financial Reporting Standards Council and the Companies Act of 2008. The external auditors are engaged to express an independent
opinion on the financial statements.

The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International
Accounting Standards Board, the Johannesburg Stock Exchange (“JSE”) Listings Requirements, the requirements of the South African Companies
Act and Financial reporting pronouncements as issued by the Financial Reporting Standards Council. The financial statements are prepared using
appropriate accounting policies which are consistently applied and supported by reasonable and prudent judgements and estimates.

The directors acknowledge that they are ultimately responsible for the system of internal financial control established by the Group 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 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 all employees are required to maintain the highest ethical standards in
ensuring the Group’s business is conducted in a manner that in all reasonable circumstances is above reproach. The focus of risk management in
the Group is on identifying, assessing, managing and monitoring all known forms of risk across the Group. While operating risk cannot be fully
eliminated, the Group endeavours to minimise it by ensuring that appropriate infrastructure, controls, systems and ethical behaviour are applied
and managed within predetermined procedures and constraints.
The directors are of the opinion, based on the information and explanations given by management, that the system of internal control provides
reasonable assurance that the financial records may be relied on for the preparation of the financial statements. However, any system of internal
financial control can provide only reasonable, and not absolute, assurance against material misstatement or loss.

The directors have reviewed the company’s cash flow forecast for the year to 28 February 2021 and, in light of this review and the current
financial position, they are satisfied that the company has or had access to adequate resources to continue in operational existence for the
foreseeable future.

The external auditor is responsible for independently auditing and reporting on the Group's financial statements. The
financial statements have been examined by the Group's external auditor and their report is presented on pages 29-32.

The directors hereby confirm that
(a) the annual financial statements set out on pages 33-87, fairly present in all material respects the financial position, financial
performance and cash flows of the issuer in terms of IFRS;
(b) no facts have been omitted or untrue statements made that would make the annual financial statements false or misleading;
(c) internal financial controls have been put in place to ensure that material information relating to the issuer and its consolidated
subsidiaries have been provided to effectively prepare the financial statements of the issuer; and
(d) 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. “
The financial statements have been prepared on the going concern basis (refer to note 1.18 accounting policies), were approved by the board on
31 August 2020 and were signed on its behalf by:

DS Danker G Hope

Johannesburg
31 August 2020
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