members when they need it most. The administered medical schemes have their own independent boards of trustees. Professional Provident Society Short-Term Insurance Company Limited (PPS Short-Term Insurance) is a wholly-owned 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 launched in Sydney, Australia in February 2016, are associates of PPS Insurance. 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. 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 obtained its Financial Services Provider licence during 2022, and is now able to provide wealth advisory services. The Professional Provident Society Foundation Trust is a trust founded by PPS Insurance and registered by the Master of the High Court 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. Unit Trusts and pooled funds for which the Group renders asset management services, or which are 100% owned by the PPS Group are consolidated as required by IFRS. These include the PPS Collective Investment Scheme (South African Unit Trust), PPS Global Equity Fund (Irish Unit Trust) and PPS Namibia Portable Fund (South African Pooled Fund). Events after financial year-end The Board has given authority to sign an agreement during 2023 to increase its investment in the Professional Provident Society Mutual Australia Limited by Guarantee Group (PPS Mutual). The Board has approved the granting of a further facility to the PPS Mutual (Australia) of AUS$8,5m, subject to regulatory approvals. On 12 September 2022, the Board authorised the investment in Health Risk Management Botswana, a company incorporated in Botswana that has been awarded a contract for medical scheme administration. The Group intends to purchase a 49% shareholding in Health Risk Management Botswana. The Group will purchase shares and will provide funding to the entity. Subsequent to financial year-end, certain of the legal agreements have been concluded. 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 financial results on pages 80 to 201 set out the results of the PPS Group (comprising PPS Holdings Trust and all its subsidiaries) for the financial year ended 31 December 2022. TRUSTEES’ REPORT (continued) 90 Trustees’ report
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