Senwes Annual Financial Statements 2022 | Page 40

SENWES ANNUAL FINANCIAL STATEMENTS 2022
19 20
The loan to Senwes Capital ( Pty ) Ltd is unsecured , bears interest at a prime-linked rate and is repayable on demand . The loan to SS Siloco ( Pty ) Ltd is unsecured , bears interest at a prime-linked rate and is repayable on demand .
Impairment of loans Loans are evaluated to identify the presence of certain triggers , e . g . future cash flows discounted at market related rates , to determine if there is a need for an impairment allowance . All financial assets are assessed for expected credit losses . Refer to note 7.1.3 for the classification of these assets . Also refer to note 11.5 and 24.1.2 for more guidance on how expected credit losses may be calculated .
Investments in and loans to / from private companies The register of shares and loans to / from private companies is available for inspection at the registered office of the company .
7.1.3 Expected credit losses
GROUP
2022
2021
R ' m
R ' m
R ' m
R ' m
R ' m
R ' m
R ' m
R ' m
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Gross other loans receivable
3
-
-
3
21
-
-
21
Allowance for expected credit losses
-
-
-
-
-
-
-
-
Opening balance
-
-
-
-
-
( 30 )
-
( 30 )
Allowance reversal due to loans written off
-
-
-
-
-
30
-
30
Net other loans receivable
3
-
-
3
21
-
-
21
There were no movements between stages during the current or prior financial year . Significant changes in the gross carrying amount did not contribute to changes in the loss allowance .
COMPANY
2022
2021
R ' m
R ' m
R ' m
R ' m
R ' m
R ' m
R ' m
R ' m
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Gross other loans receivable
5,198
-
-
5,198
5,455
1
-
5,456
Allowance for expected credit losses
-
-
-
-
-
( 1 )
-
( 1 )
Opening balance
-
( 1 )
-
( 1 )
-
( 38 )
-
( 38 )
Allowance reversal due to loans written off
-
1
-
1
-
35
-
35
Financial position improvement of counterparty
-
-
-
-
-
2
-
2
Net other loans receivable
5,198
-
-
5,198
5,455
-
-
5,455
Movements in stages during the year : Stage 1 to Stage 2
-
-
-
-
-
-
-
-
Stage 2 to Stage 3
-
-
-
-
-
-
-
-
Total movements
-
-
-
-
-
-
-
-
There were no movements between stages during the current financial year . Significant changes in the gross carrying amount did not contribute to changes in the loss allowance . Refer to note 24.1.2 Credit risk , for details regarding classification of accounts into stages and events leading to transfers between stages .
7.1.4 Cash and short-term deposits
GROUP 2022 R ' m
2021 R ' m
COMPANY 2022 R ' m
Cash and short-term deposits 87 18 - -
2021 R ' m
38

Reimagine Agriculture