PPS Integrated Report 2021 127 | Trustees’ Report Professional Provident Society Short-Term Insurance Company Limited (‘PPS Short-Term Insurance’) is a whollyowned subsidiary of PPS Insurance and is a fully-fledged short-term insurer, offering personal lines, commercial lines and, through its Health Professions Indemnity Division, professional indemnity products, to PPS members. PPS Mutual Limited and its operating subsidiary are affiliates of PPS Insurance launched in Sydney, Australia in February 2016. The company’s operating model replicates the PPS Group in South Africa’s mutual model, focusing on the insurance needs of graduate professionals in Australia. The PPS Property Fund Trust (‘PPS Property Trust’) is a trust controlled by PPS Insurance, registered in terms of the Trust Property Control Act of 1988, which invests in certain investment property for the benefit of PPS Insurance. During 2021, PPS Insurance acquired the 26% interest in the trust previously held by Taylor-Made Property Asset Managers and the trust is now wholly-owned by PPS Insurance. Financial Solutions 4 Professionals (Pty) Limited (‘FS4P’) is a wholly-owned subsidiary of PPS Insurance, established as a brokerage, to provide a vehicle for supporting agents that are not able to sell PPS products due to Retail Distribution Review regulation, which came into effect on 1 January 2018, and enables the continuity of members’ insurances. PPS Wealth Advisory (Pty) Ltd is a wholly-owned subsidiary of PPS Insurance, which is in the process of applying for a Financial Services Provider licence, to enable the provision of wealth advisory services to PPS members. The Professional Provident Society Foundation Trust is a trust founded by PPS Insurance and registered by the Master of the High Court in 2016 in terms of the Trust Property Control Act of 1988. It has the principal objectives of working with strategic partners to improve access to Science, Technology, Engineering and Mathematics (STEM) related professions and build the professional pipeline, especially the scarce skills disciplines, making a measurable contribution to sustainable development within South Africa’s communities (as defined in the DTI B-BBEE Codes of Good Practice) and the Financial Sector Charter and ensuring that the Foundation’s funds are spent on real sustainable, measurable benefits in support of the professional pipeline being created. Events after financial year-end On 23 February 2022, the Minister of Finance noted in the Budget Speech (as announced in the 2021 Budget Speech) that the corporate income tax rate would be reduced to 27% (from 28%) for companies with years of assessment ending on or after 31 March 2023. In terms of IFRS, this is a non-adjusting subsequent event. No other reportable events occurred between the reporting date and the date of approval of the annual financial statements. Going concern The Trustees / Directors assess the Group’s future performance and financial position on an ongoing basis and have no reason to believe that the Group will not be a going concern in the reporting period ahead. For this reason, these financial statements are prepared on a going concern basis. Financial results The fnancial results on pages 116 to 221 set out the results of the Trust and the PPS Group (comprising PPS Holdings Trust and all its subsidiaries) for the financial year ended 31 December 2021.
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