NVFH 2020 Integrated Annual Report

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NVest Financial Holdings Limited and its subsidiaries | (Registration number 2008/015990/06)Annual Financial Statements for the year ended 29 February 2020Notes to the Annual Financial Statements [continued]GroupCompanyFigures in Rand Notes 2020 2019 2020 20198. Interests in subsidiariesThe following table lists the entities which are controlled directly by the group.CompanyName of company %holding2020%holding2019Carryingamount2020Carryingamount2019NFB Private Wealth Management Proprietary Limited 100.00 % 100.00 % 17,263,691 17,263,691NFB Insurance Brokers (Border) Proprietary Limited 80.95 % 80.95 % 3,332,678 3,332,678NVest Property Services Proprietary Limited 100.00 % 100.00 % 301,334 301,334NFB Finance Brokers Port Elizabeth Proprietary Limited 100.00 % 100.00 % 1,259,812 1,259,812NVest Securities Proprietary Limited (refer note 37) 100.00 % 100.00 % 3,073,436 2,608,436Independent Executor and Trust Proprietary Limited 70.00 % 70.00 % 84 84NFB Finance Brokers Western Cape Proprietary Limited 100.00 % 100.00 % 20,074 20,074NFB Asset Management Proprietary Limited 100.00 % 100.00 % 120 120NVest Properties Limited 100.00 % 100.00 % 33,524,268 33,524,268NFB Finance Brokers Gauteng Proprietary Limited 100.00 % 100.00 % 62,700,000 62,700,000121,475,497 121,010,4979. Investments in associatesThe following table lists the associates in the group which are not considered to be material.GroupName of companyCrowe Financial ServicesSA Proprietary LimitedNFB AM International(incorporated Mauritius)Nations NFB ProprietaryLimitedHeld byNFB Finance BrokersGauteng ProprietaryLimitedNFB Asset ManagementProprietary LimitedNFB Finance BrokersGauteng ProprietaryLimited% ownershipinterest 2020% ownershipinterest 2019Carryingamount 2020Carryingamount 201933.33% 33.33% 290,289 23,03330.00% 30.00% 169,216 602,82849.00% 49.00% 49 49459,554 625,910Aggregated individually immaterial associates accounted for using the equity methodCarrying value of investments 412,470 412,470Share of (loss) profit from continuing operations (344,378) 213,440Share of other comprehensive income* 391,462 -* Share of other comprehensive income from an associate relates to the translation of the foreign associate at closing rates,between presentation and functional currency.102NVest Financial Holdings Limited | INTEGRATED ANNUAL REPORT 2020
NVest Financial Holdings Limited and its subsidiaries | (Registration number 2008/015990/06)Annual Financial Statements for the year ended 29 February 2020Notes to the Annual Financial Statements [continued]GroupCompanyFigures in Rand Notes 2020 2019 2020 201910. Loans to related partiesSubsidiariesNVest Securities Proprietary LimitedThe loan is unsecured, bears interest at the SARS official rateand will be repaid within the next three years. This loan has beensubordinated in favour of and for the benefit of other creditors ofthe company.NFB Finance Brokers Port Elizabeth Proprietary LimitedThe loan is unsecured, bears no interest and will be repaid withinthe next three years. This loan has been subordinated in favour ofand for the benefit of other creditors of the company.Independent Executor and Trust Proprietary LimitedThe loan is unsecured, bears no interest and will be repaid withinthe next three years.NVest Securities Proprietary LimitedThe loan is secured by the shares purchased in the holdingcompany, and bears interest at call account interest rates,which is payable annually. The loan will be repaid in full on 1December 2024.NVest Properties LimitedThe loan is unsecured, bears interest at variable rates rangingbetween 7.75% and 9.5%. The loan is repayable on demand.- - 2,000,000 2,000,000- - 3,500,000 3,500,000- - 1,050,000 1,050,000- - 910,000 -- - 175,258,526 125,771,663- - 182,718,526 132,321,663Split between non-current and current portionsNon-current assets - - 6,550,000 6,550,000Current assets - - 176,168,526 125,771,663- - 182,718,526 132,321,663Exposure to credit riskLoans receivable inherently expose the group to credit risk, being the risk that the group will incur financial loss if counterparties failto make payments as they fall due.The maximum exposure to credit risk is the gross carrying amount of the loans as presented below. The group does not hold collateralor other credit enhancements against group loans receivable.Management has considered the estimate of expected credit losses for loans and receivables at company level. The credit riskimpact was assessed on these in the following way:• Assessed the stage of life assessment, incorporating the duration of the loans and the repayment history.• Assessed the credit risk of the subsidiaries, incorporating the future financial standing, the future ability to service interest andcapital and any future recoverability of security against the loans.• The net asset value position of the subsidiary companies.Management is of the opinion that the companies have ample resources to settle the loans as and when required and there istherefore little or no risk of expected credit losses.NVest Financial Holdings Limited | INTEGRATED ANNUAL REPORT 2020 103
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GroupAwards2019 Morningstar Award-
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Contents06 Chairman’s Report08 Ch
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01ABOUTNVESTHOLDINGSNVest Financial
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As a consequence of all of these th
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those of the previous year and, sec
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SubsidiaryFeb 2020RevenueFeb 2019Re
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worldwide, resulting in an economic
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REVENUE - FEB 2020REVENUE (R)Invest
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ANTHONY DENIS GODWIN (60)CHIEF EXEC
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DR LANA JOY WELDON (46)INDEPENDENT
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Siviwe Relebohile Kwatsha (41)Group
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Name:Rob MastersLocation:NFB PWM EL
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Name:Melany AnnandaleLocation:NFB I
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02GROUPAFFAIRSNVest Financial Holdi
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199019941995Beyond our borders. NFB
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Our BusinessSummaryBrand Core Produ
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The evolutionof the NFB Brand1985NA
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NFB Private Wealth Management -the
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NFB Private Wealth Management- triu
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Loaves & Fishes NetworkDeep poverty
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NVest Financial Holdings Limited |
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Corporate Governance& Sustainabilit
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needs of the Board in considering s
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A detailed report of the Social and
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Legal Compliance: The inherentrisk
Page 55 and 56: PART 5.2: Strategy, performance and
Page 57 and 58: Principle 9Evaluations of the perfo
Page 59 and 60: • the Group’s risk management a
Page 61 and 62: (bb) the Organisation for Economic
Page 63 and 64: • internal audit policy including
Page 65 and 66: Remuneration andNominationsCommitte
Page 67 and 68: an incentive basis (mainly through
Page 69 and 70: Directors Responsibilitiesand Appro
Page 71 and 72: IndependentAuditor’s ReportIndepe
Page 73 and 74: Key audit matterGoodwill assessment
Page 75 and 76: material uncertainty exists, we are
Page 77 and 78: GeneralInformationNVest Financial H
Page 79 and 80: NVest Financial Holdings Limited an
Page 105: NVest Financial Holdings Limited an
Page 131 and 132: GeneralInformationCompany NameDate
Page 133 and 134: Notice of AnnualGeneral Meeting & P
Page 135 and 136: Explanatory note for ordinary resol
Page 137 and 138: person/s authorised by the board),
Page 139 and 140: In order for this resolution to be
Page 141 and 142: Special Resolution Number 1 -Genera
Page 143 and 144: (c)) and in terms of the memorandum
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NVFH 2020 Integrated Annual Report

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