Integrated Annual Report

Basis for preparation

The auditors, Deloitte & Touche, have issued an unmodified audit opinion on the consolidated annual financial statements. The audit was conducted in accordance with International Standards on Auditing.

The consolidated annual financial statements and summarised consolidated annual financial statements have been prepared under the supervision of Sean Doherty (CA)SA, chief financial officer. These results represent a summary of the complete set of audited consolidated annual financial statements of Transaction Capital, approved on 26 November 2019, and they are themselves not audited or reviewed. The directors take full responsibility and confirm that this information has been correctly extracted from the consolidated annual financial statements, which are available online at www.transactioncapital.co.za.

The summarised consolidated annual financial statements have been prepared in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards (IFRS) and the SAICA Financial Reporting Guides (as issued by the Accounting Practices Committee), Financial Pronouncements as issued by Financial Reporting Standards Council, and to also, as a minimum, contain the information required by IAS 34 – Interim Financial Reporting and in accordance with the requirements of Companies Act of South Africa, 71 of 2008.

The accounting policies and methods of computation applied in the preparation of these summarised consolidated annual financial statements are in terms of IFRS and are consistent, in all material respects, with those details in Transaction Capital's prior year consolidated annual financial statements, except for the adoption of IFRS 17 – Insurance Contracts and IFRS 15 – Revenue from Contracts with Customers.