Interfront 2024 Annual Report

A B C D FINANCIAL INFORMATION Report by the Board of Directors The Board submits its report for the year ended 31 March 2024. 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 utilisation by SARS 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 and, in our opinion, do not require any further comment. The net surplus of the entity was R4 078 142 (2023: Deficit R9 793 627) and is in line with the adopted cash break-even finance model. 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 the settlement of liabilities, contingent obligations and commitments will occur in the ordinary course of business. As of 31 March 2024, the entity had an accumulated surplus of R55 012 867, while the total assets exceeded its liabilities by the same. Financial Statements The preparation and fair presentation of Interfront’s Annual Financial Statements are 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 2024 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 as at year-end.