Interfront 2025 Annual Report

122 INTERFRONT ANNUAL REPORT 2025 2 Report by the Board of Directors The Board submits its report for the year ending 31 March 2025. Incorporation The entity was incorporated on 20 April 2009 and obtained its certificate to commence business on the same day. Review of Activities The company’s core activities revolve around acquiring, investing in, and advancing customs, border management, and tax software solutions. These solutions are tailored for use by the South African Revenue Service and similar revenue and border management agencies worldwide. The operating results and state of affairs of the entity are fully set out in the attached Annual Financial Statements. In our opinion, no additional comment is necessary. The entity achieved a net surplus of R6,906,300 for the year (2024: R4,078,142), consistent with the adopted financial model. Going Concern The Annual Financial Statements have been prepared based on 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 normal course of business. As of 31 March 2025, the entity had an accumulated surplus of R61 919 166, while the total assets exceeded its liabilities by the same amount. Financial Statements The preparation and fair presentation of Interfront’s Annual Financial Statements is the responsibility of the directors. In the opinion of the Directors, the Annual Financial Statements fairly present the financial position of Interfront as of 31 March 2025 and the results of its operations and cash flow information for the year then ended. Subsequent Events The Board is not aware of any matter or circumstance arising since the end of the financial year that has materially impacted the state of affairs at year-end.