35. 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 Corporate Governance 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: Transactions between related parties are concluded 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 Associates and joint ventures The Trust owns 10% shareholding of the Intembeko HoldCo Proprietary Limited Group. 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 earned R53.1 million (2022: R26.2 million) of interest for the year on loan funding of R760.1 million (2022: R558.6 million) provided to PPS Mutual Limited Group, of which R234.4 million (2022: R234.4 million) has been impaired. Transactions between Group entities 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. The Group has a 49% equity interest, with equal voting power, in Health Risk Management Botswana Proprietary Limited (HRMB), a joint venture in the business of healthcare administration and risk management services in Botswana. The Group holds a 10% interest in Ausmanco (Pty) Ltd and accounts for this interest as a joint venture on the basis of exercising joint control through its Board representation and shareholder voting rights. Subsidiaries PPS's related parties are its subsidiary company Professional Provident Society Insurance Company Limited, as well as Professional Provident Society Insurance Company (Namibia) Limited, Professional Provident Society Healthcare Administrators Proprietary Limited, Professional Provident Society Short-Term Insurance Company Limited, Professional Provident Society Investments Proprietary Limited, Professional Provident Society MultiManagers 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. Related parties (continued) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) for the year ended 31 December 2023 195 Notes to the Consolidated Financial Statements
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