3
Report of the Trustee
Based on our records, internal processes and procedures, we report
that nothing has come to our attention that causes us to believe that
the accompanying financial statements do not fairly represent the
assets and liabilities, as well as the income and distribution of income,
of every portfolio of the Scheme administered by the Manager.
We confirm that, according to the records available to us, no losses
were suffered in the portfolios and no investor was prejudiced as
a result thereof.
We conclude our report by stating that we reasonably believe that the
Manager has administered the Scheme in accordance with:
(i) the limitations imposed on the investment and borrowing powers
of the manager by this Act; and
(ii) the provisions of this Act and the deed.
Melinda Mostert
Seggie Moodley
Head: Trustee Services
Head: Risk and Legal (Trustee Services)
Standard Bank of South Africa Limited
15 May 2014
FOR THE PSG COLLECTIVE INVESTMENTS SCHEME
We, the Standard Bank of South Africa Limited, in our capacity as
Trustee of the PSG Collective Investments Scheme (“the Scheme”),
have prepared a report in terms of Section 70(1)(f) of the Collective
Investment Schemes Control Act, 45 of 2002, as amended (“the Act”),
for the financial year ended 28 February 2014.
In support of our report we have adopted certain processes and
procedures that allow us to form a reasonable conclusion on whether
the Manager has administered the Scheme in accordance with the
Act and the Scheme Deed.
As Trustees of the Scheme we are also obliged, in terms of
Section 70(3) of the Act, to satisfy ourselves that every statement of
comprehensive income, statement of financial position or other return
prepared by the Manager of the Scheme as required by Section 90
of the Act fairly represents the assets and liabilities, as well as the
income and distribution of income, of every portfolio of the Scheme.
The Manager is responsible for maintaining the accounting records and
preparing the annual financial statements of the Scheme in conformity
with generally accepted accounting practice. This responsibility also
includes appointing an external auditor to the Scheme to ensure that
the financial statements are properly drawn up so as to fairly represent
the financial position of every portfolio of its collective investment
scheme in accordance with generally accepted accounting practice
and in the manner required by the Act.
Our enquiry into the administration of the Scheme by the Manager
does not cover a review of the annual financial statements and hence
we do not provide an opinion thereon.
