Page 120 - 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)
43. Segment information
General information
Identification of segments
The entity is organised and reports to management on the basis of three major functional areas: CEO’s Office, Finance and Administration and Marketing and Industry Development. The segments were organised around the type of service delivered and the target market. Management uses these same segments for determining strategic objectives. Segments were aggregated for reporting purposes.
Information reported about these segments is used by management as a basis for evaluating the segments’ performances and for making decisions about the allocation of resources. The disclosure of information about these segments is also considered appropriate for external reporting purposes.
Definition:
a) Segment is an activity of an entity that generates economic benefits/service potential - We do not have any as we are a vehicle for Film indusrty and we are not also profit driven.
b) Whose result are regularly reviewed by management to that activity & assessing perfomance - Budget planning is done at the beginning of the period and rolled out during the year and funds are already committed to projects, there hasn’t been instances where assessments led to projects being dropped.
c) For which seperate information is available - the KZN Film’s reporting is interlinked, there’s no separate information.
Units the KZNFilm has:
- CEO’s office (no economic benefits/service potential)
- Finance & Administrative (no economic benefits/service potential)
- Marketing & Industry Development (no economic benefits/ service potential as funding is only given to Film Industry
Figures in Rand
2024
2023
and skills development)
Entity’s reporting information doesn’t form part of any consolidated information.
We have no activities that meets segment reporting or that require segment reporting.
Information about geographical areas
The entity’s operations are in the KwaZulu-Natal Province and only has one office in the province.
44. Change in accounting estimate
Asset classes that useful life has been assessed
Asset class
Furniture and fixtures
Office equipment
IT equipment
Leasehold improvements
Production and development equipment Computer software, other
Motor Vehicle
Carrying amount before adjustment
137 949 160 305 891 803 281 799
1 887
2 035 585 197
2 060 975
Carrying amount after adjustment
(148 795) (168 105) (937 156) (291 017)
(8 887) (32 035) (585 197)
(2 171 192)
Net impact on depreciation
(10 846) (7 800) (45 353) (9 218) (7 000) (30 000) -
(110 217)
ANNUAL REPORT
2023/2024 118