UNIVERSITY OF THE FREE STATE

POST-GRADUATE DIPLOMA IN FINANCIAL PLANNING

CORPORATE FINANCIAL PLANNING (LFPC5800)

7 NOVEMBER 2019

Time 09:00 – 13:15 (4 hours and 15 minutes) Total marks: 100

This examination paper comprises of 13 pages. Answer all the questions. The
examiners are aware that there is not necessarily only one correct answer to certain
questions in this examination paper. You are therefore expected to fully motivate all
your answers, where applicable.
Only answers in your own handwriting in the official answer and the separate
optical answer sheet book will be considered.

SECTION A: MULTIPLE CHOICE

INSTRUCTIONS
Please complete this section by marking the correct letter on the separate answer
sheet. Only one answer per question can be marked on the answer sheet. No
answers given in the examination book will be taken into consideration.
Please read the question carefully and ensure that you take the relevant facts into
consideration for each question.

Section A1 – Employee Benefits

1. After the death of Mr. Unlucky a member of the Letsgo Pension Fund, the Board
of Trustees in making the decision to distribute the death benefit decides to pay
the lump sum into a trust, registered in terms of the Trust Property Control Act,
1988. Two of the Trustees do not agree with this decision as they have read that
the death benefits of a deceased member may not be paid into a trust, but must
be paid into a beneficiary fund. Choose the incorrect statement. (2)
a. The dependant’s share can be paid into a trust if the trust has been nominated
by the deceased member
b. The dependant’s share can be paid into a trust if the trust has been nominated
by the deceased member’s parents
c. The dependant’s share can be paid into a trust if the trust has been nominated
by the guardian of a minor beneficiary
d. The dependant’s share can be paid into a trust if the trust has been nominated
by the major beneficiary
e. None of the above

Correct Answer: b
Motivation for correct answer: Section 37C of the Pension Funds Act, 1956 makes
provision for the lump sum death benefit of a deceased member to be paid into a trust
in the following specific circumstances:
Where the Trust contemplated in the Trust Property Control Act, 1988 is nominated
by:
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• the member;
• a major dependant or nominee, or
• a person recognized in law or appointed by a Court as the person responsible for
managing the affairs or meeting the daily care needs of a minor dependant or
nominee, or a major dependant or nominee not able to manage his or her affairs
or meet his or her daily care needs;

Reference for correct answer: Section 37C(2)(a)(1) of the Pension Funds Act, 1956.

2. Mr. Sharp and Mrs. Sharp were married out of community of property, without
accrual and were divorced on 6 December 2018. The settlement agreement,
which was made an order of the court, stated that Mrs. Sharp was entitled to 50%
of Mr. Sharp’s pension interest in the ABS Pension Fund. The court ordered that
payment must be made by the ABS Pension Fund to Mrs. Sharp when the money
became due and payable to Mr. Sharp. Choose the correct statement. (2)
a. There is a legal obligation on ABS Pension Fund to immediately pay Mrs. Sharp
50% of Mr. Sharp’s pension interest in the ABS Pension Fund.
b. There is a legal obligation on the ABS Provident Fund to pay Mrs. Sharp 50% of
Mr. Sharp’s pension interest, when Mr. Sharp terminates his membership of the
ABS Pension Fund.
c. There is no legal obligation on the ABS Pension Fund to pay Mrs. Sharp 50% of
Mr. Sharp’ s pension interest in the ABS Pension Fund as the court order does
not comply with the requirements as set out in section 37B of the Pension Funds
Act
d. There is no legal obligation on the ABS Pension Fund to pay Mrs. Sharp 50% of
Mr. Sharp’s pension interest in the ABS Pension Fund as the court order does
not comply with requirements as set out in section 37D of the Pension Funds Act
e. None of the above

Correct answer: d
Motivation for correct answer: Section 37D of the Pension Funds Act determines that
a fund may only make a deduction from a member’s benefit where it receives a court
order that complies with section 7(8)(a) of the Divorce order. Section 7(8)(a) only
applies to marriages in community of property and marriages out of community of
property with accrual.

Reference for correct answer: Section 37D of the Pension Funds Act and section
7(8)(a) of the Divorce Act.

3. The Board of trustees of the XYZ Retirement Fund received a letter from the
Financial Sector Conduct Authority (FCSA), wherein the Board is informed that
after an investigation by the FSCA of the XYZ Retirement Fund, the FSCA has
decided to remove 2 Board members as it was found that they are not fit and
proper to qualify as trustees of a retirement fund. Choose the valid reason that
the FSCA could have identified for the removal of the board members. (2)
a. The trustees do not have a proper education as they do not have a matric
certificate.
b. The trustees were found to be under debt review.
c. The trustees, after being interviewed, could not explain the workings of the
National Credit Act to the inspectors of the FSCA.

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d. One of the trustees was found to be an un-rehabilitated insolvent and the other
has been found guilty of forgery.
e. None of the above
Correct answer: d
Motivation for answer: The FSCA has the authority in terms of the Pension Funds Act
where it has reason to believe that a board member is not or is no longer fit and proper
to hold office, direct the board member to vacate its office, after giving the board
member a reasonably period to be heard. This would usually be the case where the
board member is:
• an un-rehabilitated insolvent;
• persons removed from an office of trust as a result of misconduct;
• persons convicted and sentenced either to imprisonment without the option of a
fine or to a fine exceeding R100 for one of the following: theft, fraud, forgery,
uttering a forged document, perjury, any offence involving dishonesty in the
formation and management of a company, corruption, forged documents, etc.; and
• persons declared incompetent to act as a director of a company in terms of the
Companies Act 71 of 2008
• Registrar of pension funds is incporated in the FCSA and as such the FCSA may
instruct in the place of the Registrar as per section 37D(1)(c)(iii)

Reference for correct answer: In terms of section 26(4) of the Pension Funds Act,
1956, the FSCA has the authority where it has reason to believe that a board member
is not or is no longer fit and proper to hold office, direct the board member to vacate
its office, after giving the board member a reasonably period to be heard.

4. Upon payment of the fees prescribed by the FSCA, any person may inspect, at
the office of the FSCA, the following documents of a registered fund and make a
copy thereof. Choose the incorrect statement. (2)
a. The rules of the fund;
b. Annual financial statements
c. Actuarial valuation report
d. Minutes of board meetings
e. None of the above

Correct answer: d
Motivation for correct answer: Section 35 of the Pension Funds Act prescribes which
documents of a fund may be inspected or made available to members. PF Circular
130 states that all documents of a fund is private and confidential. The minutes of a
board meeting are not one of the documents listed in section 35.

Reference for correct answer: Section 35 of the Pension Funds Act and PF Circular
130

5. The Board of Trustees of the Golden Goose Provident Fund has received
requests from several members of the Fund. The members have a housing loan
with a third-party financial institution and the Fund stands surety for this loan.
The members have now requested the Fund to settle/write off the housing loan
with the third party by deducting the outstanding amount from the member’s

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 benefit in the Fund. The members will remain members of the Fund. Choose
the correct statement. (2)
a. The Fund is allowed to make the deduction from the member’s benefit in the
Fund in terms of section 15(9) of the Pension Funds Act.
b. The Fund is not allowed to make a deduction as a Fund may only make a
deduction from a member’s benefit where the member’s membership with the
Fund is terminated.
c. In terms of section 37C of the Pension Funds Act a Fund may only make a
deduction from a member’s benefit where the member has defaulted in his
payments to the third-party financial institution and has terminated his
membership with the Fund.
d. The Pension Funds Act allows a Fund to make a deduction from a member’s
benefit where the member has defaulted repayment to the third-party financial
institution and where his membership in the fund has not terminated. The
deduction could only be done as a last resort after the board of trustees of the
fund was satisfied that no other arrangement for the repayment could be made.
e. None of the above
Correct answer: d
Motivation for correct answer: A registered retirement fund may only make a deduction
from a member’s benefit in the fund as allowed in terms of sections 37A and 37D of
the Pension Funds Act. In terms of section 37D a fund may only make a deduction
from a member’s benefit where the member has defaulted repayment to the third-party
financial institution and where his membership in the fund had not terminated. The
deduction could only be done as a last resort after the board of trustees of the fund
was satisfied that no other arrangement for the repayment could be made

Reference for correct answer: section 37D of the Pension Funds Act, 1956.

6. The Board of Trustees of the Silverlining Retirement Fund has resolved to

appoint a deputy Principal Officer as provided for in the Pension Funds Act, 1956.
Choose the correct statement. (2)
a. The Board of trustees can make the appointment even if there is no provision in
the rules of the fund for the appointment of a deputy principal officer.
b. The board of Trustees can appoint a deputy principal officer as the Pension
Funds Act makes provision for the appointment of a deputy principal officer and
the rules of the Fund makes provision for the appointment of a principal officer.
c. The Board of trustees may delegate any of the principal officer’s functions under
the Pension Funds Act, 1956 and the rules of the fund to the deputy principal
officer, subject to conditions that the Board must determine.
d. The principal officer may delegate any of the principal officer’s functions under
the Pension Funds Act, and the rules of the fund to the deputy principal officer,
subject to conditions that the principal officer must determine.
e. None of the above.

Correct answer: d
Motivation for correct answer: Section 8 of the Pension Funds Act specifically
prescribes that it is only the principal officer of a fund may, in writing and in accordance
with a system of delegation set out in the rules, delegate any of the principal officer’s

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functions under the Pension Funds Act and the rules of the fund to the deputy principal
officer, subject to conditions that the principal officer must determine

Reference for correct answer: Section 8(2) of the Pension Funds Act, 1956.

7. The valuator of the Silver Years Retirement Fund has informed the Board of
Trustees that the benefit statements for members and pensioners have been
outstanding for at least 2 consecutive financial year ends. Choose the correct
statement. (2)
a. The board is contravening their duty to ensure that proper registers, books and
records of the operations of the fund are kept, inclusive of proper minutes of all
resolutions passed by the board.
b. The Board is contravening their duty to ensure that proper control systems are
employed by or on behalf of the board.
c. The board is contravening their duty to ensure that adequate and appropriate
information is communicated to the members of the fund informing them of their
rights, benefits and duties in terms of the rules of the fund.
d. The Board is contravening their duty to avoid conflicts of interest.
e. None of the above.

Correct answer: C
Motivation for correct answer: There is a legal duty on a board of Trustees to ensure
that adequate and appropriate information is communicated to the members of the
fund informing them of their rights, benefits and duties in terms of the rules of the fund.
By not providing members with a benefit statement setting out the member’s rights,
benefits, etc., the board is contravening their legal duty.

Reference for correct answer: Section 7D(c) of the Pension Funds Act, 1956.

8. An “unclaimed benefit fund” is a fund that is established for the receipt of specific
benefits. Choose the correct statement for what constitutes an unclaimed benefit.
(2)
a. A death benefit payable to a beneficiary in terms of section 37C of the Pension
Funds Act not paid within 12 months from the date the fund becomes aware of
the death of the member;
b. A benefit payable as a pension or lump sum which has not been paid by a fund
to a member within 24 months of the date on which any pension payment or lump
sum benefit became legally due and payable in terms of the rules of the fund
c. A benefit due to be transferred as part of a transfer of business in terms of section
14, where an annuity is purchased in respect of a pensioner.
d. A benefit payable to a former member who cannot be traced in terms of section
15B(5)(e) of the Pension Funds Act, not paid to that former member within 12
months of the date on which it became legally due and payable.
e. None of the above
Correct Answer: b
Motivation for correct answer: Registered retirement funds are permitted to transfer
benefits that qualify as “unclaimed benefits” as defined in section 1 of the Pension
Funds Act to a registered unclaimed benefits fund. No other benefits may be
transferred to a registered unclaimed benefit fund.

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Reference for correct answer: “Unclaimed benefit” as defined in section 1 of the
Pension Funds Act, 1956, determines the types of benefits which may be transferred
to a registered unclaimed benefit fund.

9. At the time of her death, Mrs. Gulliver was a member of the Happy Days
Provident Fund. In her nomination form Mrs. Gulliver named Jenny, her live-in
partner, as the sole beneficiary of her benefits in the Happy Days Provident Fund.
Mrs. Gulliver was divorced from her husband, Jack, with whom she had two
children; i.e. Jamie 25, living with Mrs. Gulliver, and Jackie, 15, living with her
father, Jack. There is no maintenance order between Mrs. Gulliver and Jack.
Mrs. Gulliver also supported her parents, Sarah and Joe, financially. Choose the
correct statement. (2)
a. Only Jenny will qualify as a nominee of Mrs. Gulliver’s.
b. Jack and Jamie qualify as Mrs. Gulliver’s only dependants.
c. Jenny, Jack, Jamie, Jackie, Sarah and Joe qualify as Mrs. Gulliver’s dependants.
d. Jenny, Jamie, Jackie, Sarah and Joe qualify as Mrs. Gulliver’s dependants.
e. None of the above.

Correct answer: d
Motivation for correct answer: Jack is not a dependant of Mrs. Gulliver as defined in
section 1 of the Pension Funds Act,1956 as he and Mrs. Gulliver was divorced, there
was no maintenance order between them and no indication that he was financially
dependent on her.

Reference for correct answer: The definition of “dependant” in section 1 of the Pension
Funds Act, 1956.

10. The benefit of a member in a retirement fund is protected as it may not be

reduced, except in specific circumstances. Choose the incorrect statement. (2)
a. The fund may make a deduction from a member’s benefit where the Fund has
agreed to make payment for the member’s insurance premiums.
b. The fund may make a deduction from a member’s benefit where the Fund has
agreed to make payment for the member’s medical aid contributions.
c. A deduction may be made where the Fund receives a Divorce order in terms of
section 7(8)(a) of the Divorce Act.
d. A deduction may be made where the Fund receives an instruction to make a
deduction from the Financial Services Conduct Authority.
e. None of the above.

Correct answer: e
Motivation for correct answer: Section 37A and 37D of the Pension Funds Act, 1956
prescribes in what circumstances a retirement fund may make deductions from a
member’s benefits. These include the following:
• Income tax owed to SARS
• amounts due to the fund in respect of loans or for guarantees for loans so granted
by a third party, in terms of section 19(5) of the Pension Funds Act
• amounts due to the employer in respect of :
o loans or guarantees for loans so granted by a third party in terms of
section 19(5) of the Pension Funds Act

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 o compensation for damages or losses to the employer caused by the
member due to theft, fraud, dishonesty or misconduct by the member
and in respect of which the member has admitted liability in writing or in
respect of which the employer has obtained a court judgement
• amount which the fund has or will pay by arrangement with the member of
beneficiary for any purpose approved by the Registrar in respect of medical aid
contributions or insurance premiums which the fund has agreed to pay on behalf
of the member or beneficiary
• amounts due by the member under a maintenance order issued in terms of the
Maintenance Act
• amounts owing by the member to a non-member spouse in terms of section 7(7)(a)
of the Divorce Act or in terms of a court order made in respect of the division of
assets of a marriage under Islamic law pursuant to its dissolution
• (D) is correct as the Registrar is the FSCA as per section 1 of the PFA read with
section 37D(c)(iii).

Reference for correct answer: Sections 37A and 37D of the Pension Funds Act, 1956.

Section A2 – Health Benefits

The following scenario applies to questions 11 – 16.
Andrew (29) and Prudence (24) are newly married.

Andrew is a project manager and has accepted a new position with a property
development group. He has been a member of an open medical scheme, for the past
4 years, via his current employer. His new employer does not offer any employee
benefits and he needs to pay for his own healthcare cover. He is a CrossFit athlete
and has no pre-existing conditions. His only concern is cover for major accidents, as
he does construction site visits quite often.

Prudence is a physiotherapist working at Groote Schuur Hospital. She has been a

member of the Government Employee Medical Schemes (“GEMS”) for the past 3
years. She has tendered her employment resignation and will look for alternative
employment once they are settled. Her health is excellent. She suspects that she
might be pregnant, but has not consulted a medical practitioner nor informed Andrew
of this.

11. Andrew is unhappy with the service that he has received from his current medical
scheme and suggested that they join another medical scheme. Prudence is
however concerned about possible waiting periods that may apply to their new
medical scheme membership. Which statement is correct: (2)
a. Their new membership will have no waiting periods imposed, as this change in
membership is considered to be involuntary due to a change in employment.
b. Their new membership may have a 3 month general waiting period and 12 month
condition specific waiting period will be imposed on the pregnancy. During the
waiting period, prescribed minimum benefits will be covered
c. Both Andrew and Prudence have had continuous cover for more than 2 years.
Therefore, only a 3 month waiting period should apply. During that time, they will
have access to prescribed minimum benefits.

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d. Only Andrew’s membership may be subject to a 3-month waiting period, during
which time he will have access to prescribed minimum benefits. Prudence’s
membership may not be subject to any waiting periods.
e. None of the above

Correct Answer: d
Motivation for correct answer:
Andrew -> Voluntary change from open scheme therefore Section 29A(3) will apply.
He does have the option to remain a member of his current medical scheme.
Prudence -> Involuntary change from closed medical scheme; change in employment;
Section 29A(6) will apply. She will not be able to remain on GEMS.

Students need to understand open vs restricted schemes, waiting periods and what
would be seen as an involuntary change.
Reference for correct answer:
Medical Schemes Act - Section 29A
SAFPH 2019 pages 301 to 303

12. Andrew has provided you with the following information that was in his medical
scheme membership booklet.
Financial Year 2017 2018
Total principal members 81 000 75 000
Total beneficiaries 160 000 148 000
Average age per beneficiary 37.5 38.2
Pensioner ratio 10 12
Solvency Ratio 26 28

Based on the limited information provided, which of the following statements are
correct? (2)
a. The Council for Medical Schemes (CMS) is of the view that schemes with less
than 200 000 principal members are relatively small.
b. The Global Credit Rating (GCR) rates the medical scheme on their claims paying
ability. Cash coverage ratios and liquidity is considered, therefore the loss in
membership will not influence the GCR.
c. The pensioner ratio has decreased, this could result in a decrease in the claims
ratio which will have a direct impact on the annual contribution increase.
d. The solvency ratio is above the statutory minimum and has increased, this could
be due to the membership losses.
e. None of the above

Correct Answer: D
Motivation for correct answer:
a. Incorrect – 200 000 see SAFPH 2019 p 341
b. Incorrect – see SAPH 2019 page 343 for all factors to be taken in to account
c. Incorrect – pensioner ratio increased
d. Correct – see SAFPH 2019 p 342

Reference for correct answer:

SAFPH 2019 - Choosing a medical scheme p 341-344

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13. Prudence done two home pregnancy tests which indicated that she is pregnant.
Prudence is concerned about possible waiting periods that will be applied to her
new born baby’s membership. What is the best course of action for
Prudence? (2)
a. Prudence should declare that she suspects being pregnant as failure to disclose
material information could result in her membership being terminated. Her new
membership will not be subject to any waiting periods, nor would any waiting
period be applied to her baby.
b. The pregnancy has not been confirmed by a medical practitioner, hence she
does not need to disclose this. Prudence can simply inform the medical scheme
once she is in her second trimester and consequently avoid any unnecessary 12
month condition specific waiting period to be imposed.
c. Declaration of the suspected pregnancy would be the best policy. As her
membership may be subject to a 3 month waiting only, she will not have a 12
month condition specific waiting period for the pregnancy. Therefore, her baby
will be covered from date of birth.
d. She first needs to have the pregnancy confirmed by a medical practitioner. Once
this is confirmed, she must submit the confirmation to the medical scheme. Her
membership conditions will be adjusted and her pregnancy and maternity
benefits will be paid in full as per the prescribed minimum benefit protocol. Her
baby’s membership will be subject to the standard 3 month waiting period only.
e. None of the above

Correct Answer: A
Motivation for correct answer:
Medical Schemes Act - Section 29(2)(e) – the nondisclosure of material information.
Medical Schemes Act - Section 29A(5) – child born onto the scheme

a. Correct
b. Incorrect
c. Incorrect
d. Incorrect

Reference for correct answer:

Medical Schemes Act - Section 29(2) & 29A
SAFPH 2019 pages 301- 303

14. Andrew does the renovations for the baby’s room himself. While painting he loses
his balance and falls off the ladder. This resulted in a lower leg fracture. Prudence
takes Andrew to the emergency room at the hospital. Fortunately, the hospital is
listed as a preferred provider for Andrew’s medical scheme.
The orthopaedic surgeon on duty performed immediate emergency surgery.
Given Andrew’s age and health status, the doctor was comfortable to discharge
him from hospital the same day, later that afternoon, with strict instructions for
his recovery and ongoing treatment.
Andrew’s medical scheme processed his claims from his available personal
medical savings account (PMSA) and he was liable for the remainder. Did the
medical scheme process the claim correctly? (2)

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a. Yes. As Andrew was not admitted to hospital for a full day (24 hours), this claim
will be processed from available day-to-day benefits, in this case his personal
medical savings account.
b. No. The costs in the emergency room should be processed from his available
personal medical savings account and the surgery from his risk benefits,
provided pre-authorisation was obtained for the surgery.
c. No. A co-payment of 25% of the cost of the services, may be processed from his
available personal medical savings account, the remainder must be paid from
risk by the medical scheme.
d. No. The medical scheme should in this case fund both the emergency room
treatment and surgery from risk benefits. Authorisation for the emergency
treatment and surgery had to be obtained.
e. None of the above

Correct Answer: D
Motivation for correct answer:
This will constitute as “emergency treatment” - sudden and unexpected onset of a
health condition & the health condition warranted an immediate treatment.
May not use PMSA for PMBs – Reg 10(6) / SAFPH 2019 page 278

Reference for correct answer:

SAFPH 2019 p 276-281
Reg 8 & Reg 10(6)

15. During this commotion Prudence called her mother, Doris, to tell her about
Andrew’s accident. Doris is using chronic medication for her hypertension (high
blood pressure) as a prescribed minimum benefit (PMB) condition.
Doris is concerned that she might get cardiac failure (heart failure) due to all the
stress and her pre-existing hypertension.
Doris called the local ambulance services and instructed them to take her to the
same hospital were her son-in-law, Andrew, is treated.
Upon arrival, the emergency room doctor gave Doris an injection to help her relax
and said she can join her daughter in the waiting room. He was not concerned
about a potential cardiac failure.

Doris’s medical scheme now refuses to pay for the ambulance services. They
further stated that they will process the emergency room consultation from her
available day-to-day benefits and pay up to scheme tariffs. Doris would be liable
for any shortfalls and non-payments.

She has contacted you for advice on this matter.

Doris has a valid complaint and should consider taking the matter up with the
Council for Medical Schemes. (2)
a. True
b. False

Correct Answer: B
Motivation for correct answer:
False
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Not emergency; protocol not followed (have to call scheme’s emergency number for
ambulance);

Reference for correct answer:

SAFPH 201p p 276-281
Reg 8 & Reg 10(6)

16. Doris has decided to stop all payments to her current medical scheme, until her
query is resolved to her satisfaction. What will the consequences of this decision
be? Please select the correct statement. (2)
a. The medical scheme may suspend benefits due to non-payment and terminate
if she does not pay within the time allowed, as specified in the scheme rules. The
scheme also needs to communicate the suspension and termination of
membership to Doris.
b. The medical scheme may not suspend benefits due to non-payment of current
contributions. The scheme first needs to conclude a debt repayment plan with
the member and may then only terminate should Doris fail to repay the debt.
c. The scheme may not suspend nor terminate benefits, while there is a pending
dispute.
d. Doris should apply for an ex-gratia waiver of membership contributions, pending
the dispute. This will ensure access to benefits during the dispute resolution
process.
e. None of the above

Correct Answer: A
Motivation for correct answer:

(2) A medical scheme shall not cancel or suspend a member’s membership or that
of any of his or her dependants, except on the grounds of Failure to pay, within the
time allowed in the medical scheme’s rules, the membership fees required in such
rules

Reference for correct answer:

Sec 29(2)(a)

17. George (aged 59) has asked you to assist in finding appropriate healthcare
cover. George was a member of his employer’s closed medical scheme from
January 1983 to December 2003, he has all the documents in support of this
membership. He resigned at the end of 2003 and then spent several years
working as an ex-pat in different countries. He has now returned to South Africa
to retire.

After conducting a detailed Healthcare Financial Needs Analysis, you have

selected an appropriate option. The standard contributions for his medical
scheme is as follows:

Risk Savings Total

Principal Member R 2,400 R 480 R 2,880
Adult Dependant R 1,700 R 340 R 2,040

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 Child Dependant R 840 R 168 R 1,080

Calculate George’s monthly contribution (2)

a. R 3 000
b. R 3 024
c. R 3 480
d. R 3 600
e. None of the above

Correct Answer: A
Motivation for correct answer:
Cover for 21 years can be proven

Step 1: Calculate George’s LJP

A = B-(35+C) = 59-(35+21)= 3 years -> 5% LJP

Step 2: Calculate contribution

= R 2,880 + (R2,400 x 0.05)
= R 3,000
*LJP applies to risk portion only

Reference for correct answer:

LJP – Section 13 of Medical Schemes Act or SAFPH 2019 pages 303-305

Incorrect alternatives:
 R 3,024 -> incorrectly apply 5% LJP to to contributions (incl savings): R 2880 +
R 144
 R 3,480 -> 25% LJP (incorrect) applied to risk contribution: R2880+R600
 R 3,600-> incorrectly apply 25% LJP to contributions (incl savings): R 2880 +
R 720

18. Some medical schemes offer benefit options with network arrangements that
offer advantages to both members and medical schemes. The network
arrangements enable medical schemes to save on costs as they can negotiate
better reimbursement and healthcare delivery terms. In return for undertaking to
make use of a network of healthcare providers, the members benefit by receiving
the same benefits, at a reduced rate. What does the above statement describe?
(2)
a. Efficiency discounted option
b. New generation medical scheme
c. Designated service provider
d. Managed care organisation
e. None of the above

Correct Answer: A
Motivation for correct answer:
SAFPH 2019 p 310

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Reference for correct answer:
SAFPH 2019 p 310

19. The proposed National Health Insurance (NHI) refers to a scheme that provides
healthcare services to those that can afford to contribute. Those who can afford
to contribute are compelled to do so and services will be provided by the private
sector. Therefore the government has drafted legislation concerning the risk
equalisation fund (REF) for medical schemes. Those that cannot afford to
contribute to this fund will not be forced to do so, but health services must be
obtained via the public sector.
Is this statement correct? (2)
a. True
b. False

Correct Answer: B
Motivation for correct answer:
False
SAFPH p 274 – NHI = Universal system for both those who contribute and those who
cannot afford to do so

Reference for correct answer:

SAFPH p 274

20. The Medical Schemes Act states that a registered medical scheme shall assume
liability for and guarantee the benefits offered to its members and their
dependants in terms of its rules.
The board of trustees of Maxi-med medical scheme, is concerned about the risk
of insolvency as a result of adverse claims experience.
Therefore, board of trustees has decided to enter into a reinsurance contract to
some of its liabilities. Please select the correct statement: (2)
a. A medical scheme may not enter into any reinsurance contract agreement, as
these claims payments must be managed through the scheme’s reserves to
reduce claims fluctuations to an acceptable level
b. The board of trustees must motivate the reinsurance agreement and provide
relevant information and declarations, including an independent evaluation and
the complete reinsurance contract, to the Registrar prior to the commencement
date.
c. It remains the primary responsibility of the scheme’s board of trustees to
determine the need for reinsurance and it is the board’s duty to ensure that
adequate and appropriate information is communicated to the members
regarding their rights, benefits, contributions and duties in terms of the rules of
the medical scheme. The board shall within 30 days of commencement of the
reinsurance contract give notice thereof in writing to the Registrar
d. The duties of the board of trustees are to ensure that proper control systems are
employed by or on behalf of the medical scheme; these include taking up an
appropriate level of professional indemnity insurance and fidelity guarantee
insurance, but excludes entering into any reinsurance contract agreement.
e. None of the above

Correct Answer: B

13
Motivation for correct answer:

a. Incorrect - Section 20(2)

b. Correct – Section 20(3) & 20(5)
c. Incorrect – Section 20(7)
d. Incorrect – Section 20(2) & Section 57(4)
e. n/a

Duties of Board of trustees & reinsurance for medical schemes

Reference
Refer to Medical Scheme’s Act
SAFPH 2019 page 295

Section A3 – Business Entities

21. Jo-Anne started a small gift shop in her local mall after leaving her corporate job.
Her business has been growing but Jo-Anne has decided not to get any partners
or start a company. Jo-Anne is a single mother. She approached you to advise
her on her options to ensure that her daughter will be taken care of financially
should Jo-Anne pass away. She is thinking of bequeathing the business to her
sister. Which statement below is correct? (2)
a. On Jo-Anne’s death her business will continue as per normal until the lease on
her shop expires or when somebody buys the business.
b. Jo-Anne can take out a life cover that will pay out on her death. The policy
proceeds, which pay directly to her estate, may only be used to maintain her
daughter.
c. When Jo-Anne passes away her business will be sold and the proceeds will not
be included in her estate for estate duty purposes.
d. Jo-Anne cannot bequeath the business to another person. The business will
cease on her death.
e. None of the above

Correct Answer: d Commented [SH1]: Check in appeals – no where in the question

does it state that she is a SP. Private company can also have 1
Motivation for correct answer: On the death of a sole proprietor the business will cease shareholder.
unless some other arrangement has been made. A sole proprietor can take out life
cover that can be used to settle debt on his/her death. On the death of a sole proprietor
there will be a deemed disposal of all business assets because the business assets
belong to the sole proprietor and will be dutiable for estate duty purposes.

Reference for correct answer: SAFP Handbook 2019, p 999

22. Which one of the following is incorrect regarding the responsibility of a company’s
Board in terms of the latest King Code? (2)
a. The Board of a company is responsible for determining the company’s strategic
direction.
b. The Board is responsible for considering the interest and expectations of
shareholders in all their activities
c. The Board is responsible for the effective execution of all strategic decisions.
14
d. The Board of the company is responsible for the appointment of an effective and
independent audit committee who will be responsible for corporate governance.
e. None of the above

Correct Answer: c
Motivation for correct answer: the Board is responsible to determine the strategic
direction, considering and managing expectations of shareholders. They are however
not responsible for execution of strategic decisions. This is a responsibility of
management.

Reference for correct answer: Study guide p 35 onwards

23. For years groups of family and friends have been contributing to stokvels. In
recent times financial services companies have started developing financial
products that can be used for stokvel investments. This market is growing and
will be a crucial part of any financial planning discussion.
On the basis of asset ownership, legal personality and member number
limitations, when looking at the nature of a traditional stokvel, which business
entity is most resembled by such a stokvel? (2)
a. Company
b. Partnership
c. Close corporation
d. Sole proprietor
e. None of the above

Correct Answer: b
Motivation for correct answer: Legal arrangements which stokvels most resemble and
often are, are partnerships. Some characteristics of a partnership is the existence of
a legal contract and each person contributing to the partnership. There is a common
goal – usually profit and can have any number of members.

Reference for correct answer: SAFP Handbook 2018, p 1000 – characteristics of a

partnership. Wikipedia – definition of stokvel.

24. In the last few years crypto-currency has become very popular and easily
accessible. The possibility exists that crypto-currencies will become part of our
daily lives to a large extent. Which of the following statements below are correct?
(2)
(i) The onus is on the taxpayer to declare crypto-currency transactions for
income tax purposes
(ii) Crypto-currency receipts must be included in gross income
(iii) Any gains or losses made when selling crypto-currency will form part of
taxable income as capital gains tax.
(iv) Crypto-currency is regarded as an asset and for that reason will be defined
as property for estate duty purposes.

a. (i); (ii); (iv)

b. (ii); (iii); (iv)
c. (ii); (iv)
d. All the statements are correct

15
e. None of the above

Correct Answer: d
Motivation for correct answer: Crypto-currency received must be included in gross
income and other taxes like CGT and estate duty also comes into play.

Reference for correct answer: SARS website, Premiums and Problems article addition
2018

25. Shandor is a financial planner working for a big financial services company. He
is thinking of starting his own business and getting his own FSP license. Which
business entity would be most suitable for Shandor in terms of limiting personal
liability for debt? (2)
a. Sole proprietor
b. Partnership
c. Close Corporation
d. The business entity is irrelevant as Shandor is currently the only person involved
in the business and thus retains all the liability.
e. None of the above

Correct Answer: d
Motivation for correct answer: Sole proprietors, partners and members of a CC are
personally responsible for debt in the business.

Reference for correct answer: Study guide p. 30

Section A4: Financial Statements

The following information is relevant to questions 26 – 28

Knead (Pty) Ltd. has opened a number of bakeries and coffee shops over the past 3
years.

2016 2017 2018

Turnover R2 850 000 R3 185 000 R4 034 000
Net income before interest R1 370 000 R1 642 000 R2 334 000
Interest expenses R85 000 R98 000 R279 000
Other expenses R768 000 R789 000 R942 000
Tax R172 000 R183 000 R267 000
Net income after tax R345 000 R572 000 R846 000
Total assets R4 435 000 R3 963 000 R5 132 000
Total liabilities R1 104 000 R1 210 000 R2 135 000
Current assets R184 000 R198 000 R214 000
Current liabilities R219 000 R302 000 R350 000

26. The directors of the company would like to know if the company is maximizing
the return on investment and fully utilizing their assets. Which statement is true?
(2)
a. There is not sufficient information to calculate “return on equity”

16
b. The company’s liabilities increased during the period and this had a negative
impact on the return on investment
c. There has been a year-on-year increase in the return on investment
d. The directors will have to consider spending less / cutting costs to improve return
on investment
e. None of the above

Correct Answer: C
Motivation for correct answer: There has been a year-on-year increase in the Return
on Assets. Net Income + interest / total assets
ROA 2016 = 9,7% (R345 000 + R85 000 / R4 435 000) x 100
ROA 2017 = 16,91%
ROA 2018 = 21,92%

Reference for correct answer: LFPC Study guide P 25

27. What is Knead (Pty) Ltd’s solvency ratio for 2018? (2)
a. 2.40
b. 2.13
c. 0.61
d. 2.76
e. None of the above
Correct Answer: a
Motivation for correct answer:

Solvency ratio = Total assets / total liabilities

R5 132 000 / R2 135 000 = 2,4

Calculation of incorrect options:

a. as above
b. 5 132 000 (total assets) / 2 414 000 (total liabilities + interest expenses) = 2.13
c. 214 000 (current assets) / 350 000 (current liabilities) = 0.61
d. 4 918 000 (total assets – current assets) / 1 785 000 (total liabilities – current
liabilities = 2.76

Reference for correct answer: LFPC Study guide p 15

28. When you analyse Knead (Pty) Ltd’s financial statements would you say that the
company is being managed effectively and producing decent profits? (2)
a. There is not sufficient information to answer the question
b. Yes, the company is managed effectively and assets are used in an effective
manner because the net profit percentage is 20,97%
c. No, their profit margin is low due to increasing expenses as well as an increase
in expenses as well as an increase in liabilities
d. No, their solvency ratio is low which means liabilities are more than current
assets
e. None of the above

Correct Answer: b

17
Motivation for correct answer: Investors should be happy with the way the company is
managed. The net profit percentage has increased from 2016 to 2018.
Net profit % = net profit / turnover = R846 000 / R4 034 000 = 20,97%
(2016 = 12,11% and 2017 = 17,96%)

Reference for correct answer: Study guide p 24

29. Where a company issues redeemable preference shares as well as convertible

shares, this would be reflected in the: (2)
a. Income statement
b. Balance statement
c. Auditor’s reports
d. All of the above
e. None of the above
Correct Answer: b
Motivation for correct answer: Redeemable preference shares are non-current
liabilities and must be included in the balance sheet. All types of shares are also
included in the balance sheet.

Reference for correct answer: Study guide p8

30. Sandy’s Cash & Carry is an independent dealer in Montagu. Sandy’s accountant
calculated that the average number of inventory days are 8. What does this
mean? Choose the correct statement. (2)
a. The business takes on average 8 days to sell their inventory
b. The business takes on average 8 days to receive their inventory
c. The business takes on average 8 days to pay debtors from whom inventory has
been bought
d. The business takes on average 8 days to receive payment from creditors who
have bought inventory
e. None of the above

Correct Answer: a
Motivation for correct answer: There is not generally acceptable average number of
Inventory days, as it depends on the type of business: e.g. a motor dealership will
have high Inventory days while grocery stores should have lower Inventory days. The
average of 8 days is acceptable because too high levels of stock could lead to cash
flow problems. The number of debtors and creditors days will also have an impact on
the cash flow of the business.

Reference for correct answer: Study guide p 8

Section A5: Business Insurance

31. Joe, Cindy and Janine met while doing their articles at Watsons Attorneys. They
decided to start their own law practice and this practice has been growing over
the past 4 years. They have a buy and sell agreement in place, but with the rapid
growth of the practice they need to update the agreement. They consulted with
their accountant and asked him to assist with a valuation of their business. The
information below was supplied. Calculate the value of their business. (2)

18
 Net income after tax R4 350 000
Expected growth factor (annual) 10%
Total net assets R3 875 000
Fair rate of return 12%
Total capital employed R2 375 000

a. R4 785 000
b. R10 600 000
c. R11 872 000
d. R39 875 000
e. None of the above

Correct Answer: d
Motivation for correct answer: Calculate the value of the business using the Earnings
Yield method. This method was chosen because the business delivers a professional
service.
Net Income = R4 350 000
Expected future growth = 10%
R4 350 000 + 10% = R4 785 000
Earnings Yield value = R4 785 000 / 12% (fair rate of return)
= R39 875 000

Calculation of incorrect options:

a. Net income + growth rate = 4 350 000 + 10% = 4 785 000
b. Net income + net assets + capital employed = 10 600 000
c. 10 600 000 + 12% = 11 872 000
d. As above

Reference for correct answer: Premiums and Problems

32. Joe, Cindy and Janine have the following shareholding in JCJ Attorneys. Joe has
51% shareholding, Cindy 30% and Janine a 19% shareholding. They decide to
purchase life policies on each other’s lives (multiple lives structure). If the total
life cover on Cindy’s life is R7 500 000 calculate the amount that she must take
on Joe and Janine’s lives (round off, no decimals)? (2)
a. Cindy insures Joe for R7 806 122 and Janine for R1 565 934
b. Cindy insures Joe for R8 925 000 and Janine for R3 325 000
c. Cindy insures Joe for R16 575 000 and Janine for R6 175 000
d. Cindy insures Joe for R11 325 000 and Janine for R6 075 000
e. None of the above

Correct Answer: e
Motivation for correct answer:
Value of the policy = R25 000 000
Joe’s share of 51% = R12 750 000
Cindy’s share of 30% = R7 500 000
Janine’s share of 19% = R 4 750 000

19
Cindy taking out cover on Joe’s life = 30 / 49 x R12 750 000 = 7 806 121
Cindy taking out cover on Janine’s life = 30 / 81 x R4 750 000 = 1 759 259

Calculations for incorrect options:

a. As above
b. R25 000 000 – R7 500 000 = R17 500 000. Joe = 17 500 000 x 51% =
R8 925 000 and Janine = R17 500 000 x 19% = R3 325 000
c. R25 000 000 + R7 500 000 = R32 500 000. Joe = R32 500 000 X 51% =
R16 575 000 and Janine = R32 500 000 x 19% = R6 175 000
d. Joe = R7 500 000 + 51% = R11 325 000 and Janine = R7 500 000 – 19% =
R6 075 000

Reference for correct answer: SAFP Handbook 2018 p1050

33. Pretty Things Hiring Company (Pty) Ltd. has 4 shareholders each holding an
equal share in the business. Casandra, Mbali, Jennifer and Maya studied
together and met again years later while working in the wedding industry. To
keep up with the booming international wedding industry they borrowed
R1 000 000 from Better Bank. Casandra and Mbali had to sign surety for the loan
because they are the only shareholders who own their own property. The
shareholders were advised to take out contingent liability policies on the lives of
Casandra and Mbali to ensure sufficient funds to repay the loan should one of
them pass away. The company is paying the monthly premium of R1 267. Will
the company be able to deduct the premium they are paying? (2)
a. Yes, they can deduct the premiums but will be liable for the income tax when the
proceeds are paid out.
b. Casandra and Mbali can deduct the premiums
c. Premiums are not tax deductible
d. Yes, they can deduct the premiums and the proceeds are tax free
e. None of the above
Correct Answer: c
Motivation for correct answer: Sec 11 w (ii) of the Income Tax Act is applicable. This
section allows premiums to be deducted when premiums are paid for a policy to protect
a company against any loss by reason of death or disablement.
The policy must therefore be taken out for the purpose of protecting the business
against an operating loss. The policy taken out by Pretty Things Hiring was taken out
to settle debt should one of the shareholders who signed surety pass away. The first
requirement of sec 11 w (ii) re therefore not met and the premiums are not tax
deductible.

Reference for correct answer: SAFP Handbook 2018 p 1037

34. Emma completed her studies as chemical engineer and joined her father and
brother in their engineering company. In Emma’s final year she received a
number of awards for inventions and research results. When she joined her
father’s company they took out a life policy on Emma’s life to protect them from
losses should Emma pass away or become disabled. What is the estate duty
implications of the policy proceeds should Emma pass away? (2)
a. The policy proceeds will be paid out to the company so there will not be an estate
duty liability on Emma’s estate.

20
b. The policy proceeds will not be subject to estate duty because Emma didn’t take
out the policy
c. The policy proceeds will be subject to estate duty because the proceeds will be
paid to the company which is a family company.
d. Company-owned polices are not subject to estate duty, just income and capital
gains tax.
e. None of the above

Correct Answer: c
Motivation for correct answer: Par ii of Sec 3(3)(a) states that a policy will not be
deemed property in an estate if:
 The policy is not effected by the deceased
 No premiums were paid by the deceased, and
 The policy was not utilized for the benefit of relatives or any company that was
a family company.
Emma joined the family company and therefore the proceeds will be subject to estate
duty.

Reference for correct answer: SAFP Handbook 2018, p 1045

35. Which statement(s) regarding buy and sell agreements are false? (2)
(i) The surviving shareholders are obligated to buy the interest of the
deceased shareholder
(ii) The executor has an option to sell the interest of the deceased
shareholder’s interest to the surviving shareholders
(iii) The policy that funds the buy and sell agreement must pay directly to the
estate of the deceased.
(iv) Specifying a method to determine the market value of the business is a
better approach than agreeing on a fixed value upfront in the agreement.
(v) The policies funding the buy and sell agreement are more important than
the signed agreement.
a. (ii); (iv); (v)
b. (iii)
c. (i); (iv)
d. (ii); (iii); (v)
e. None of the above

Correct Answer: d
Motivation for correct answer: The shares of the deceased shareholder must be sold
to the surviving shareholders. The policy proceeds are paid to the surviving
shareholders to enable them to buy the share of the deceased shareholder. It is
important that the buy and sell agreement must be signed by all shareholders.

Reference for correct answer: Study guide p 7

[70]

SECTION B: BUSINESS INSURANCE AND CORPORATE PLANNING

21
THIS WAS THE SUGGESTED ANSWERS. ANY OTHER RELEVANT ANSWERS
THAT WAS WELL MOTIVATED WAS CONSIDERED.

QUESTION 1
Leonard is the only shareholder of Nevermind (Pty) Ltd, a company that provides
music engineering and production services. The company was created by Leonard 7
years ago and he has approached you for advice regarding the corporate and financial
structure of the business.

Question 1.1
During the last financial year the business income (profit or taxable income) of
Nevermind (Pty) Ltd amounted to R850 000. In the past Leonard has not drawn a
salary from the business, but has always taken all his income from the business in the
form of dividends.
1.1.1 He has asked that you explain to him what the tax implications would have been
(for the tax year ending Feb 2019) had he taken the full income in the form of a
salary from the business compared to taking half the income as a salary and
the other half as company dividends. You can disregard any tax deduction
Leonard may have against his personal taxable income. (13)

1.1.2 Taking the answer above into consideration and that tax changes in a year to
year basis, advise Leonard accordingly. (2)
[15]
Learning outcome relevant to question:
Know which laws or legislations apply to the various business entities. Define,
understand the nature and the legal status of, and differentiate between, a sole
proprietor, partnership, close corporation, company and business trust.
Know and apply the formalities and requirements relating to forming, the
administration and dissolution of the various business entities, understand the
advantages and disadvantages in using the various legal entities and apply this
knowledge when making recommendations to a client.
Know, apply and calculate the taxation implications of and to the various legal entities
with regards income tax, capital gains tax, transfer duty, securities transfer tax,
dividends tax and turnover tax.
Understand the ownership, control and use of the assets of the various business
entities.

1.1.1
Full income taken as salary Half income taken as salary and half
income as dividends
Salary fully taxable R850 000 Salary (50%) fully R425 000
taxable
Tax payable in R207 448 + 41% Tax payable in R100 263 +36% of 1
terms of tax tables on R141 689 = terms of tax tables 699 = R100 875
R265 540 Less
Less primary Less R13 635 Less primary R13 635
rebate (assuming (2) rebate (assuming
Leonard is under Leonard is under (1)
the age of 65) the age of 65)

22
 Total tax payable R251 905 (1) R87 240 (1)
on salary
Total net income R337 760 (1)
from salary
Total net after tax R598 095 Company tax R 425 000 x 28%
income from salary (1) payable on R425 =R119 000 company
(note: Nevermind 000 (taxable tax (1)
would not have income not
paid company deductible as
income tax on the salary expense)
R850 000 had it (1)
been paid out as
salary, as it would
have qualified as a
deductible
business expense)
(1)
After tax profit of R306 000 (1)
Nevermind
Dividend R61 200 (R306 000 x
withholding tax at 20%) (1)
20%
Net dividend R244 800 (1)
distributed to
Leonard
Total net after tax R244 800 + R337 760
income = R582 560 (1)

1.1.2
Good for this year to take combinations. However difference is very small and can thus
not accept that it will be the same in future. Best advice is to do projections and related
calculations at the beginning of each new tax year in order to establish the situation.
The outcome will be influenced by both the income level and the tax rates that may
change from year to year.

Further, anything taken as a dividend is taxed at 42.2% - the idea is that Leonard
should note take a salary that will take him beyond a taxable income of R1 500 000
that is taxed at 45%. The closet tax bracket is 41%.

Reference:
Business Entities Study Guide
Financial statements and ratios Study Guide
Companies Act
Income Tax Act

Question 1.2

23
Leonard’s cousin operates a small music events business as a sole proprietorship.
The business has been operating for more than 20 years, the owner/cousin has
recently turned 70 and would like to sell his business and retire. Leonard is interested
in buying the business, which has been put up for sale at a price of R2 500 000. He is
expecting the average income of the business (after tax) to be around R250 000 per
year for the next 5 years.

1.2.1 Considering this information as well as the financial details provided below,
advise Leonard whether the asking price is reasonable. The current rate of
return on a low risk investment is 6%. (11)

Capital employed R1 750 000

Share capital 1 200 000
Secured loans 550 000
Employment of capital R1750 000
Fixed assets (immoveable assets) 950 000
Net current assets 800 000
Current assets 1 150 000
Current liabilities 350 000

Question 1.2
Learning outcome relevant to question:
Understand the advantages and disadvantages in using the various legal entities and
apply this knowledge when making recommendations to a client, know and apply the
formalities and requirements relating to forming, the administration and dissolution of
the various business entities.
Understand the ownership, control and use of the assets of the various business
entities.
Interpret and evaluate financial statements, including a balance sheet, income
statement, statement of changes in equity and cash flow statement.

Answer:
Question 1.2.1
The super profits method of valuation is appropriate (1)
Since the business owns fixed assets and provides services, the value of the business
will be contained in its assets as well as its future earnings (1)

Expected income per year R250 000 (1)

Fair income (R1 750 000 x 6%) (1 mark) R105 000 (1)
Super profits R145 000 (1)

Discounted value of super profit:

Pmt = R145 000
i = 6%
n=5
PV = R 610 792 (factor 4.21236) (2)
Plus net assets: R1 200 000,00 (1)

24
Net current assets R800 000 (1)
Plus fixed assets R950 000
Less loans R550 000

Value of the business R1 810 792 (1 for applying the correct formula)

The R2 000 000 asking price is thus about 9.5% above the calculated Super Profit
valuation method value. This asking price is thus not completely unreasonable but
there would be some room to negotiate the price down. (1)
Earning yield – 7 marks
Intrinsic method – 5 marks
Dividend yield – 0 marks
Where a good motivation is given, alternatives can be considered.

1.2.2 If Leonard should proceed with the purchase of this business, what options
would he have in terms of the funding and corporate structures of the two
businesses (Nevermind (Pty) Ltd and the newly acquired sole proprietorship)?
(4)
[15]
[30]

Question 1.2.2
Answer
a. Leonard can acquire the sole proprietorship in his personal capacity, providing
personal funds to buy the business and then continue with the business as a
separate business in the form of sole proprietorship; or (1)

b. Leonard can purchase the sole proprietorship with personal funds and then
convert it to a company, which can operate as a separate company to
Nevermind or (1)

c. Nevermind can use corporate funds (loans or reserves or share capital) to

purchase the sole proprietorship business, which can then operate as a wholly
owned subsidiary of Nevermind (Pty) Ltd (1)

The most important difference is that if the business is continued to be run as a sole
proprietorship (option a), it is not a separate legal entity nor a tax payer in its own right
and Leonard will be responsible for business debts and taxes in his personal capacity.
If option b or c are implemented the business will become a separate legal entity and
a tax payer in its own right, owned either by Leonard or Nevermind (Pty) Ltd. (1)

Reference:
Business Insurance Study Guide
Business Entity Study Guide
Premiums and Problems Business Valuations
SA Financial Planning Handbook

TOTAL 100

25