Page 101 - KZN Film Annual Report 2023/2024

KWAZULU-NATAL FILM COMMISSION
Notes to the Financial Statements (continued) 9. Investments in associates (continued)
- Interchange of managerial personnel, board of KZNFilm appointed all 3 executive members as representatives of the KZNFilm in the project and the representation is currently 1 member.
- Provision of essential technical information, according to paragraph 4.5 (2) of the Framework the KZNFilm was to commit and make available resources in assisting the project in completing feasibility studies, business plans and other associated preoperational activities in respect of the project.
The framework agreement which governs the relationship further provides that:
- Both parties undertake to conclude on the memorandum of interest and the shareholder agreement - Yearly contributions for the phases of the project
- KZNFilm is as a co-signatory to the bank account
- KZNFilm is party to establishing all governance matters
Based on the above the KZNFilm concluded that the entity has significant influence over the investee and therefore the investment is disclosed as investment in an associate.
The asset is impaired based on the advice of National Treasury to impair the asset to the value of the recoverable amount as per the latest bank statements and the entity has used the last received bank statements in relation to the KZN Studio (Pty) Ltd.
Movements in carrying value
Opening balance Impairment reversal/(loss)
Investment in associate at 31 March 2024 of R12 450 847 (2023: R13 220 460).
10. Payables from exchange transactions
Trade payables
Leave pay provision
GRV accrual account Debtors with credit balances
The ageing of trade payables as at reporting date is as follows:
The ageing of trade payables as at reporting date is as follows:
Current
11. Payables from non-exchange transactions
Medical Aid
Medical Aid
The medical aid is deducted in arrears, which will be paid in April 2024.
13 220 460 (769 613)
12 450 847
165 615
783 371 2 493 335 19 940
3 462 261
165 615 41 912
12 548 102 672 358
13 220 460
4 906 541 902 906 652 465
5 844
6 467 756
4 906 541 44 743
(Registration number M3/15/32 (834/15)) Annual Financial Statements for the year ended 31 March 2024
Figures in Rand
2024
2023
99
ANNUAL REPORT
2023/2024