Page 116 - 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)
39. Events after the reporting date (continued)
The KZN Tourism and Film Authority Act 2 of 2024 was gazetted on 24 May 2024, with the appointment of the Interim Board being done on 2 June 2024. The appointment of the Interim Board in effect dissolved the Board of KZN Film Commission and transferred all activities, budgets, systems, and employees to the new entity KZN Tourism and Film Authority. The Key Management of KZN Film Commission has been transferred to the KZN Tourism and Film Authority in their natural positions as follows:
- Victor Senna - Chief Financial Officer
- Jacqueline Motsepe - Chief Operations Officer
- Nonhlanhla Thanjekwayo - Financial Manager
Disestablishment of the entity
The Provincial Executive Council initiated the process of rationalising public entities falling under the Department of Economic Development,Tourism and Environmental Affairs.This process resulted in the disestablishment of the KwaZulu-Natal Film Commission. The new Gazette (Gazette no.2691) was issued on the 24th of May 2024, effectively marking the establishment of the new entity (KZN Tourism and Film Authority) and the disestablishment of the erstwhile KwaZulu-Natal Film Commission However, all the assets, liabilities, rights and obligations vested in, and all administrative, financial and other records kept by the KwaZulu-Natal Film Commission, vested in the Authority in terms of the KZN Tourism and Film Authority Act 2 of 2024 and allowed the newly formed entity to continue as going concern. The financial statements are accordingly prepared on the going concern basis.
Figures in Rand
2024
2023
ANNUAL REPORT 2023/2024 114