Page 112 - KZN Film Annual Report 2023/2024
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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)
32. Contingencies
The entity has reviewed the contingences as at 31 March 2024, the following are still in progress:
- The KZN Studio (Investment in Associates as per Note 9 of the financials) the matter is currently under litigation in order to
recover the funds related to the KZN Studios. As at 31 March 2024 the matter had not been finalised.
- The entity has a litigation matter with Stolen the Film (Pty) Ltd for a project called Stolen, where the company was assisted on a Film Fund completion project with an amount of R1.6 million.
The legal fees relating to the above matters are astimated at R435,000.
Figures in Rand
2024
2023
ANNUAL REPORT 2023/2024 110
