Interfront 2023 Annual Report

International Frontier Technologies SOC Ltd Trading as Interfront Financial Statements for the year ended 31 March 2023 123 FINANCIAL INFORMATION PART Notes to the Financial Statements  Related parties Relationships Controlling entity South African Revenue Service Companies in which members of management have significant influence Tshole Business Solutions (Pty) Ltd (24.5% effective interest) Tatis International (Pty) Ltd (in liquidation) (17.88% effective interest) Member of the Board of Directors M.A. Enus‑Brey: Chairman of the Board Independent Non‑Executive Director L.L. Janse van Rensburg: Financial Director (and Acting Managing Director) J.M. Robertson: Operations Director *Y. van der Merwe: Non‑Executive Director (resigned effective 10 June 2022) *B. Theron: Non‑Executive Director (resigned effective 10 June 2022) *H. Smith: Non‑Executive Director *V.C. Nthabyane: Non‑Executive Director S.W. van Graan: Non‑Executive Director (resigned effective 24 February 2023) *E. Smith: Non‑Executive Director (appointed effective 14 June 2022) Members of key management M. Peperrell: Company Secretary/Manager: Corporate Services N. Mohoto: Executive Talent S. Mtsweni: Executive: Relationship Manager D. De Kock: Executive: Tax Solutions W. Barratt: Executive: Business Development & Innovation *These Non‑Executive Directors are employed by the shareholder Figures in Rand 2023 2022 Related party balances Receivables from exchange transactions Trade receivables: SARS 5 744 113 – The trade receivables with the shareholder represents amounts receivable for services rendered at arm’s length transactions. Payables from exchange transactions with related parties Trade payables: SARS 692 665 42 579 Revenue billed in advance (SARS) 2 760 979 7 381 401 The trade payable represents amounts owing to SARS for internal audit services performed at arm’s length. Rendering of services to related parties South African Revenue Service 152 237 645 93 122 391 Related party transactions Interfront entered into agreements for the transfer of employees. The controlling entity was a party to the agreement. Refer to Note 28 for more detail.