Page 108 - KZN Film Annual Report 2023/2024

KWAZULU-NATAL FILM COMMISSION
(Registration number M3/15/32 (834/15))
Annual Financial Statements for the year ended 31 March 2024
Notes to the Financial Statements (continued)
26. Impairment
Investment in associates
Investment in associates
(769 613)
672 358
Figures in Rand
2024
2023
The asset is adjusted based on the advice of National Treasury to adjust the asset to the value of the recoverable amount as per the latest bank statements. In the prior year the impairment loss was reversed by R672,358, and in the current period there was an impairment of R769,613.
The impairment on the currect period is affected by the withdrawal made in the investee’s account without the knowledge of the investor, the matter is currently under litigation.
27. Audit fees
External audit fees Internal audit fees
28. Production and development costs
Film production
Film production
1 381 002 222 389 1 603 391
31 044 021
1 222 084 260 227 1 482 311
25 925 381
The amount relates to projects funded through the KZNFilm- Film Fund. This is to ensure there is an increase in production of film and television in KwaZulu-Natal Province.
Industry Skills Development Project Costs
EDTEA - Special Projects - Youth Incubation SMME programme and incubation
FITI Project
Stakeholder engagement programmes Bursaries
Skills development
MICT SETA Learnership
Industry development workshop - Marketing
Industry skills development - Human Capital
EDTEA Special projects (Production and Development)
Film production
ISD Projects
Total production and development cost
29. Research and development
Film industry research
700 000 - 1 410 611
127 013 57 500 3 640 563 20 214 -
561 423 3 791 446 2 965 540
202 190 3 027 873 35 400 12 714 697
31 044 021 12 714 697 43 758 718
891 030
5 847 771 3 643 431 1 208 064
198 650
587 400 1 006 725 16 317 117
25 925 381 16 317 117 42 242 498
644 303
ANNUAL REPORT 2023/2024
106