HDA Annual Report

ANNUAL REPORT 2023/24

Notes to the Annual Financial Statements

Restated 2023

Figures in R’000

2024

30. Properties held on behalf of others (continued)

2024

2023

Restated Municipal valuation at 31 March 2023

Municipal valuation at 31 March 2023

Restated Land value at acquisition 2023

Land value at acquisition 2024

Land value at acquisition 2023

Municipal Valuation at 31 March 2023

Description as previously reported

Description

REm of Ptn 19 farm Geelhouteboom 688 Humansdorp

15 000

860

15 000

-

-

860

Rem of Portion 23 and Portion 41,42 and 43 of Farm South Gorah No. 397 Farm SCHULTZ VLEY number 807 Remainder of

4 617

1 411

4 617

-

-

1 411

8 960

9 500

8 960

-

-

9 500

Total

442 892 309 235 433 264 287 790 404 707 276 019

The Agency’s primary mandate is to acquire, hold and release land for Human Settlements development. The secondary mandate is to do the above on behalf of other government entities. These transactions that qualify as the primary mandate are minimal compared to the secondary mandate. To achieve the secondary mandate, Implementation Protocols are entered between the Agency and Provincial governments /Municipalities (clients). Some agreements include transfers of land from the clients to the Agency. Other agreements involve the transfer of funds from the client to the HDA to facilitate the identification, acquisition, holding, development and transfer of the land and the attached properties to beneficiaries. The agreements with the clients are such that the Agency has no right of use of the land or the right to the economic benefits or service potential that arises from using the land. Instructions as to when to develop or dispose are given by the client through a signed funding agreement. Development plans and decisions are borne by the client. In addition, while the Agency holds the land, operational expenses of insurance, security and rates borne by the client. For these reasons, management concludes that it is an Agent and the Clients are the Principal as defined by GRAP 109.

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