2022 AVBOB Integrated Annual Report - FINANCIALS

CHAPTER 8 | FINANCIAL STATEMENTS 124 INTEGRATED ANNUAL REPORT 2022 AVBOB MUTUAL ASSURANCE SOCIETY AND ITS SUBSIDIARIES NOTES TO THE SUMMARISED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 (continued) SOCIETY 2022 2021 R 000 R 000 18. RELATED PARTY TRANSACTIONS (continued) Inter-company sales To AVBOB Funeral Service Limited (for printing and stationeries) 1 032 935 From AVBOB Funeral Service Limited (funeral services to policyholders) 345 230 309 329 From AVBOB Industries Limited 7 382 1 464 Property rentals To AVBOB Funeral Service Limited 36 387 33 452 Inter-company administration cost AVBOB Funeral Service Limited 39 559 37 017 Commission paid for premium collection 5 693 5 876 Commission paid for insurance sales 188 256 AVBOB Funeral Service Limited 5 881 6 132 Inter-company salaries AVBOB Funeral Service Limited 51 771 58 427 Receivable from related parties: AVBOB Funeral Service Limited - trade receivable 16 756 8 030 Payable to related parties: AVBOB Industries Limited - trade payable 2 164 1 221 Directors and key management personnel/prescribed officers remuneration AVBOB Mutual Assurance Society charges AVBOB Funeral Service Limited for salaries and salary related expenses rendered to AVBOB Funeral Service Limited on a monthly basis. The executive directors and general managers in the Group who report to the Chief Executive Officer constitute key management personnel/prescribed officers. AVBOB Mutual Assurance Society pays AVBOB Funeral Service Limited a 2.8% commission for the collection of insurance premiums on a monthly basis. Commission paid for premium collection and insurance sales AVBOB Mutual Assurance Society invoices AVBOB Funeral Service Limited on a monthly basis for administration expenses incurred in respect of the Group's Head Office and provincial structure.