Page 98 - KZN Film A Report

KWAZULU-NATAL FILM COMMISSION
(Registration number M3/15/32 (834/15))
Annual Financial Statements for the year ended 31 March 2021
Notes to the Financial Statements (continued)
Figures in Rand
2021
2020
33. Related parties Relationships
Members of key management Board Members
Independent sub-committee members
CL Coetzee
VO Senna
JM Motsepe
NC Thanjekwayo BN Malange
L Berning
M Mzimela
N Mthembu SL Madlala
D Ramuedzisi K Simelane
Schedule 3C PFMA Listed Entity (KwaZulu-Natal Department of Economic Development Tourism and Environmental Affairs- EDTEA 100% Shareholdership)
Related party balances Investment in Associates
KZN Studio (Pty) Ltd 15,000,000 15,000,000
Due to most recent financial statements of the associate not being available, equity method in terms of GRAP 36 cannot be accurately performed.
Related party transactions
Total Grants Received for the year
Income from EDTEA 78,358,000 Special grant 5,190,000
Compensation to Members and Key Management
Key management remuneration 6,231,002 Board and Committee member`s fees 953,051
34. Fruitless and wasteful expenditure
Fruitless and wasteful expenditure - opening balance 97,841 Fruitless and wasteful expenditure - operating expenses 4,294 Fruitless and wasteful expenditure - corrupt activities -
Written off/Recovered during the year
The opening balance on fruitless and wasteful expenditure relate
80,538,000 10,000,000
6,055,409 986,804
92,546 8,128 -
102,135 -
100,674 (2,833)
102,135
97,841
The revised opening balance of R97,841 relates to Fruitless and Wasteful expenditure incurred during prior financial periods which was not finalised/resolved at year end.
The current period under review fruitless and wasteful expenditure
- An amount of R2,892.45 relates to interest and penalties on late payment of PAYE.
- An amount of R1,400.00 relates to consumable procured and not used until they expired - no value enjoyed by the entity.
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KZN FILM COMMISSION ANNUAL REPORT 2020/2021