Brand-South Africa - Annual report 2015 - 2016
During the past financial year, aligned with its mandate to build pride and patriotism in the Nation Brand, Brand South Africa has worked on initiatives to encourage active citizenship in partnership with its stakeholders in government, business, civil society and identified influential forums to increase the participation of all people, particularly our young people, in building a strong, cohesive Nation Brand. These activities, together with engagements at provincial level on Nation Brand alignment, contribute to social cohesion and a positive Nation Brand. Brand South Africa’s activities took place under the leadership of its new CEO, Amb. Kingsley Makhubela, PhD, who joined the organisation during the year.
During the past financial year, aligned with its mandate to build pride and patriotism in the Nation Brand, Brand South Africa has worked on initiatives to encourage active citizenship in partnership with its stakeholders in government, business, civil society and identified influential forums to increase the participation of all people, particularly our young people, in building a strong, cohesive Nation Brand. These activities, together with engagements at provincial level on Nation Brand alignment, contribute to social cohesion and a positive Nation Brand.
Brand South Africa’s activities took place under the leadership of its new CEO, Amb. Kingsley Makhubela, PhD, who joined the organisation during the year.
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and south africa <strong>Annual</strong> Report <strong>2015</strong>/<strong>2016</strong><br />
6. Deposits<br />
<strong>2016</strong><br />
R<br />
<strong>2015</strong><br />
R<br />
At amortised cost<br />
Deposits paid on leased property – opening balance 697 584 638 828<br />
Exchange gains on deposit denominated in foreign currencies 14 038 -<br />
Interest earned 74 528 58 756<br />
New deposits paid 85 408 -<br />
871 558 697 584<br />
Non-current assets<br />
At amortised cost 871 558 697 584<br />
Financial assets pledged as collateral<br />
Collateral<br />
Carrying value of financial assets pledged as collateral for liabilities or contingent liabilities 871 558 697 584<br />
The deposits represent amounts paid over by <strong>Brand</strong> SA as collateral for the rental in office space located<br />
in China and Houghton. The counterparties have an obligation to return the deposits to the <strong>Brand</strong> SA<br />
at the end of the lease on 31 July <strong>2016</strong> for the office space located in Houghton however it is highly<br />
likely that the contract would be extended for an additional five years. These contracts are carried at<br />
amortised cost and have been discounted at 9% (<strong>2015</strong>: 9%). There are no other significant terms and<br />
conditions associated with the use of collateral.<br />
7. Operating lease asset (accrual)<br />
Current assets 20 991 20 991<br />
Current liabilities (76 505) (245 684)<br />
(55 514) (224 693)<br />
Operating lease assets and liabilities arise from straight-lining of payments under operating leases.<br />
110
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