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AFRICAN DAWN ANNUAL REPORT 14

Notes to the Financial Statements continued Group Company 2014 2013 2014 2013 R '000 R '000 R '000 R '000 10. Properties in possession Almika Properties 81 Proprietary Limited, Benoni, Gauteng 7,029 - - - Greenoaks - Centurion, Gauteng 44,415 44,415 - - Greenoaks - PTF3 share of property (16,174) (16,167) - - Erf 1593 - 1599 Volksrust, Mpumalanga 35,270 28,248 - - Impairment Allowance (10,522) (6,913) - - Carry Value 24,748 21,335 - - - The Almika Properties 81, Benoni property was due to be sold as units were develpoed but due to delays in construction the project has been re-classified as property in possession. - The Greenoaks Centurion property has continued to operate as a residential housing complex within a subsidiary pending the outcome of legal proceedings. Management review the facts surrounding the value of the property and make adjustments to impair accordingly. The asset class allows for realisation through sale. 11. Trade and other receivables Trade receivables 148,484 205,097 - - Impairment allowance (130,122) (125,475) - - Deposits 124 124 - - VAT 473 502 - Other receivables 538 3,092 2,151 2,697 19,497 83,340 2,151 2,697 Refer to notes 34 for a detailed analysis of the trade debtors. Trade and other receivables are held as loans and receivables net of impairments. Trade receivable with regards to Nexus Personnel Finance Propertary Limited with a gross of R 44,5 million impaired by R 38,7 million to the net value of R 5,8 million (2013: R 7,1 million) has been ceded as security on borrowings related to the National Housing Fund Corporation as indicated in note 16. Included in the trade receivable are loans made in the bridging finance segment which are secured by general and specific cessions by debtors. AFRICAN DAWN 5 3 ANNUAL REPORT 2014


AFRICAN DAWN ANNUAL REPORT 14
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