DIRECTORS’ RESPONSIBILITIES AND APPROVAL

for the year ended 30 June 2024

The directors are responsible for the preparation, integrity and fair presentation of the Annual Financial Statements of the Group as presented on Consolidated and separate statements of financial position to Notes to the consolidated and separate financial statements statements. These Annual Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRS ® Accounting Standards), The Companies Act 71 of 2008, as amended (the Companies Act) and in compliance of the Memorandum of Incorporation of AfroCentric Investment Corporation Limited (the Company) and the JSE Limited Listings Requirements (JSE Listings Requirements); and include amounts based on judgements and estimates made by management.

The directors are also responsible for the Group’s system of internal financial controls. The directors’ responsibility includes: designing, implementing and maintaining internal financial controls relevant to the preparation and fair presentation of these annual financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Based on results of the reviews of the internal financial controls conducted by the internal audit function during the 2024 financial year and considering the information and explanations provided by management and discussions with the external auditor on the results of the audit, and assessed by the Audit and Risk Committee, nothing has come to the attention of the directors to indicate that any material breakdown in the functioning of the overall system of controls has occurred during the period under review.

The going concern basis has been adopted in preparing the Annual Financial Statements. The directors have no reason to believe that the Group will not be a going concern in the foreseeable future based on review of forecasts and budgets and available cash resources. The Annual Financial Statements support the viability of the Company and the Group. Furthermore, the Group has adequate cash resources which are in excess of the Group’s funding requirements for the foreseeable future.

The financial statements have been audited by the independent auditing firm, KPMG Inc, who have been given unrestricted access to all financial records and related data, including minutes of all meetings of the shareholders, the Board of Directors (the Board) and committees of the Board. The directors believe that all representations made to the independent auditor during the audit were valid and appropriate.

The audit opinion of KPMG Inc. appears on Independent auditor’s report.

The Board acknowledges its responsibility to ensure the integrity of the Annual Financial Statements. The directors confirm that they have collectively reviewed the content of this report and believe it addresses material issues and is a fair presentation of the performance of the Group.

The Annual Financial Statements have been approved by the Board and signed on 3 September 2024.