HDA Annual Report

ANNUAL REPORT 2023/24

Notes to the Annual Financial Statements

Restated 2023

Figures in R’000

2024

33. Prior period errors (continued)

Statement of Financial Performance - an increase in Consulting fees (operating expenses) by R3,1m - a decrease in the surplus for the year by R3,1m

(D) Commitments: Service Stands Administration

The Agency has identified certain commitments pertaining to prior periods that should have been disclosed in prior years, but for which there was no disclosure at the time. This relates to commitments by the agency where the agency is appointed to facilitate the purchasing and administration of properties on behalf its stakeholders. In cases where the Agency is appointed to facilitate the transferring of the service stands in the names of the beneficiaries, the Agency discloses this commitment until all its obligations of transferring the service stands in the names of the beneficiaries is complete. The error has been corrected by disclosing the status of the service stands administration for the prior periods as follows:

Project Description

March 2023

Number of Stands registered to date

Number of stands in a process of registration

Total Number of Stands

1 392

500

892

Palm Ridge Ext 14, 15, 16, 17, 34 and 35

548 495

- -

- -

Palm Ridge 38

Elijah Barayi Village

2 435

500

892

Palm Ridge Ext 14, 15, 16, 17, 34 and 35 • Beneficiary list received from the Gauteng Department of Human Settlements in November 2021 for signing of deed of sale. • The Agency cannot get hold of some of the beneficiaries which causes delays to register the full number of the project. Palm Ridge 38 • The Agency has not received mandate from the Department for title deed registrations to the beneficiaries. Elijah Barayi Village • Received beneficiary list from the Department in October 2021 for signing of deed of sale. • Cannot get hold of some of the beneficiaries which causes delays to register the full number of the project. • Awaiting Section 53 SPLUMA certificate.

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