Interfront 2023 Annual Report

82 INTERFRONT ANNUAL REPORT 2023 Report by the Board of Directors The Board submits its report for the year ended 31 March 2023. Incorporation The entity was incorporated on 20 April 2009 and obtained its certificate to commence business on the same day. Review of Activities The entity is primarily engaged as a leading provider of software development and support services, specialising in delivering tailored solutions for revenue agencies worldwide. The operating results and state of affairs of the entity are fully set out in the attached Annual Financial Statements and reported on in the Financial Report presented on page 86 of this Annual Report. The net deficit of the entity was R9 793 627 (2022: Deficit R6 383 966) and is in line with the adopted cash break-even finance 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 the settlement of liabilities, contingent obligations and commitments will occur in the ordinary course of business. As of 31 March 2023, the entity had an accumulated surplus of R50 934 725, while the total assets exceeded its liabilities by the same. Financial Statements The preparation and fair presentation of Interfront’s Annual Financial Statements is the responsibility of the Board of Directors. In the opinion of the Board, the Annual Financial Statements fairly present the financial position of Interfront as of 31 March 2023 and the results of its operations and cash flow information for the year then ended.