NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) for the year ended 31 December 2022 Administrators Proprietary Limited, Professional Provident Society Short-Term Insurance Company Limited, Professional Provident Society Investments Proprietary Limited, Professional Provident Society Multi-Managers Proprietary Limited, Professional Provident Society Investment Administrators Proprietary Limited, PPS Nominees Proprietary Limited, Professional Provident Society Wealth Advisory Proprietary Limited, Professional Provident Society Management Company (RF) Proprietary Limited, PPS Property Fund Trust, Financial Solutions 4 Professionals Proprietary Limited and Six Anerley Road Holdings Proprietary Limited, which are subsidiary companies/trusts of Professional Provident Society Insurance Company Limited. Other controlled entities Entities listed below are controlled through board representation: Professional Provident Society Foundation Trust and Professional Provident Investments Long-term incentive Trust. The following unit trusts and pooled fund is controlled either through a group subsidiary rendering asset management services, or A group subsidiary owning 100% of the underlying net assets of the fund: PPS Collective investment scheme, PPS Global Equity Fund, PPS Namibia Portable fund. Associates Intembeko Investment Administrators Proprietary Limited was an associate company of PPS Investments Proprietary Limited, a wholly owned subsidiary of Professional Provident Society Insurance Company Limited until 31 December 2021 after which date significant influence could no longer be demonstrated. On 1 December 2022, Intembeko Investment Administrators Proprietary Limited completed an asset-for-share agreement whereby PPS Foundation Trust disposed of its 70 shares held in Intembeko Investment Administrators Proprietary Limited to Intembeko HoldCo Proprietary Limited, in consideration for the issue and allotment of 70 shares in Intembeko HoldCo Proprietary Limited. The Trust owns 10% shareholding of the Intembeko HoldCo Proprietary Limited Group. No gains or losses were realised as the fair value of the shares received are deemed to be equal to the fair value of the shares disposed. PPS Mutual Limited and PPS Mutual Insurance Proprietary Limited (Australian entities) are Associates of the Group. PPS Insurance Company has significant influence over PPS Mutual Limited Group, through its representation on their boards. The PPS Group has no shareholding in PPS Mutual Limited Group and therefore no rights to either net profits/losses, or net assets. The Group received R26.2 million (2021: R15.0 million) of interest for the year on loan funding of R558.6 million (2021: R432.9 million) provided to PPS Mutual Limited Group, of which R234.4 million (2021: R234.4 million) has been impaired. Transactions between Group entities Transactions between related parties are made on terms equivalent to those that prevail in arm's-length transactions. Transactions that take place between Group entities, are eliminated on consolidation, and are disclosed in the separate annual financial statements of those entities. Key management information Key management personnel have been defined as all trustees of The Professional Provident Society Holdings Trust and group executive committee members, their families (as defined in IAS 24) and entities significantly influenced or controlled by key management personnel. A complete list of trustees of The Professional Provident Society Holdings Trust is disclosed in the trustees’ report. The PPS Group appoints its prescribed officers at the PPS Insurance entity level. Aggregate details of insurance between The Professional Provident Society Holdings Trust, any of its subsidiaries, and key management personnel, their families (as defined in IAS 24) and entities significantly influenced or controlled by key management personnel are set out below: 37. Related parties (continued) 164 Notes to the Consolidated Financial Statements
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