AVBOB Financial Statements 2018

115 AVBOB MUTUAL ASSURANCE SOCIETY AND ITS SUBSIDIARIES NOTES TO THE SUMMARISED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 (continued) SOCIETY 2018 2017 R 000 R 000 16. RELATED PARTY TRANSACTIONS (continued) AVBOB Funeral Service Limited - loan Balance at the beginning of the year 16 300 11 717 Loan advanced during the year - 36 526 Interest 112 336 Repayments ( 16 412) ( 32 279) Balance at the end of the year - 16 300 AVBOB Namibia Holdings (Proprietary) Limited - long-term loan Repayments receivable Within twelve months 894 825 Between one and five years 3 301 4 126 Later than five years 827 825 Minimum repayments receivable 5 022 5 776 Less: Future finance charges ( 1 059) ( 1 400) Present value of minimum repayments 3 963 4 376 Non-current asset 3 373 3 894 Current asset 590 482 Directors and key management personnel/prescribed officers remuneration Salaries * Benefits Total R 000 R 000 R 000 Executive directors 8 472 14 752 23 224 Non-executive directors 4 364 The movement in the loan during the year was as follows: The loan was for the purchase of capital goods and was unsecured. The loan had no repayment terms and bore interest at prime minus 2%. Year ended 30 June 2017 The executive directors and general managers in the Group who report to the Chief Executive Officer constitute key management personnel/prescribed officers. The loan was for the purchase of a property and is unsecured. The loan is repayable in monthly payments over a ten year period at a Namibian prime interest rate minus 2%. 115