Page 79 - annualreport2020

AFRICAN DAWN ANNUAL REPORT 2020

Notes to the Financial Statements continued
Annual Financial Statements For the year ended 29 February 2020

Collateral and receivables pledged as security

The following collateral is held as security:

2020 2019
Group ‘000 Carry amount Security held Carrying amount Security held
Trade receivables for which collateral is held - - 3,857 2,392
The directors exercised their put option during the current financial year refer to note 14 and acquired the related trade receivables. The effect of
this is that the security held is now nil.
The company did not hold any collateral in 2020 or 2019.

Amount of impairment for each class of financial asset:

Group R’000 Amount of loss Amount of loss
allowance allowance
2020 2019
Trade and receivables (refer to note 8) 12,719 11,667
12,719 11,667

Company R’000 Amount of loss Amount of loss
allowance allowance
2020 2019
Loans to Group companies (refer to note 7 for reconciliation of movement) 59,451 55,004
59,451 55,004

Trade and other receivables - Loss allowance reconciliation

Group 2020 2019

R’000 R’000
Opening balance 11,667 10,418
Plus additional impairment provisions 2,104 2,356
Less actual write off of impairment receivables (1,052) (1,107)
(12,719) (11,667)

The ECL has been calculated for each stage in the trade and other receivables as below:
2020 R’000 Additional Less write off Less reversed
Opening impairment impairment impairment Closing
Current receivables 335 - (4) (119) 212
Collections and under-performing receivables 3,496 1,536 (53) - 4,979

Legal receivables 7,836 50 (321) (37) 7,528
Total 11,667 1,586 (378) (156) 12,719

2019 R’000 Additional Less reversed
Opening impairment per IFRS 9 impairment Closing
Current receivables 105 230 - 335
Collections and under-performing receivables 1,689 1,947 (140) 3,496
Legal receivables 8,624 179 (967) 7,836
Total 10,418 2,356 (1,107) 11,667
77