FY 01 MAR 2025 – 28 FEB 2026 M13 MAR 2026 LOADED FULL YEAR · 28 FEB 2026
REFRESHED 05/2026
GBFH
GBFT
GBCT
CONSOLIDATED
MAR 25
MAR 26
FY27 BUDGET
PERFORMANCE
STRUCTURE
ADVISORY
GROWTH
CONSIDERATIONS
GBFH · Key Performance Indicators
Tap any card for full detail · Bluff SC is the only wholly-owned property · All syndications managed by MaxProp / AvdV
Bluff SC Revenue · Full Year
R 20.52M
Full-year budget R 18.06M · Final vs budget +R 2.46M
▲ 13.6% above full-year budget
Net Income Before Interest · Full Year
R 7.84M
Full-year budget R 5.67M · 138% of budget achieved
▲ R 2.17M above full-year budget
Repairs & Maintenance · Full Year
R 864K
Annual budget R 600K · 144% of full year spent
▲ R 264K over annual budget
Electricity Net Surplus
+R 1.10M
Recovery R 6.97M vs Cost R 5.87M
Revenue-positive · Solar saving R 300K
Working Capital · Call Account
R 11.97M
Valgro call account · rate: Prime − 3.45% (6.80%)
Reduced by R 1.73M repayments in Feb 2026
GBFH Net Worth
R 126.47M
Total assets R 180.78M · Liabilities R 54.31M
Deferred tax R 15.3M non-cash
Investment Portfolio
R 80.7M
Listed shares R 11.74M + Syndications R 68.97M
14 investment entities · JSE REIT portfolio
Dividends Declared · FY2026
R 6.0M
To GBFT · 20% dividend withholding tax
Provision R 1.2M · Full Year net profit R 7.99M
GBFH Total Assets · 28 Feb 2026
R 180.78M
Fixed R76.3M · Investments R80.7M · Current R23.8M
GBFH Net Equity · 28 Feb 2026
R 126.47M
Assets R180.78M − Liabilities R54.31M · LTV 30% (17.4% excl. def. tax)
Bluff Shopping Centre · Income Statement vs Budget
Full Year · 1 Mar 2025 – 28 Feb 2026
Bluff Shopping Centre — GBFH's Wholly-Owned Property Budget is Bluff SC specific · Investment income tracked separately
Line Item Feb Actual Jan Budget Jan Var Full Year Actual Full Year Budget YTD Variance vs FY Budget
INCOME
Rent Receivable 997,820992,634+5,186 11,402,81111,387,942+14,869
91% FY
Electricity Recovery OUTPERFORMER 679,032410,000+269,032 6,969,3554,674,000+2,295,355
149% FY
Rates Recovery 47,07747,715−638 548,745557,049−8,304
89%
Water Recovery 42,01238,700+3,312 471,145448,200+22,945
95%
Refuse Recovery 39,20440,932−1,728 450,278477,663−27,385
86%
Security Recovery 28,77928,475+304 344,997336,600+8,397
92%
Sewerage Recovery 13,77910,350+3,429 153,285120,150+33,135
116%
Interest on Arrears DEBTOR STRESS INDICATOR 22,5295,000+17,529 179,63560,000+119,635
286%
Total Income 1,870,2311,573,806+296,425 20,520,25218,061,604+2,458,648
+13%
EXPENDITURE
Electricity Cost 514,017500,000−14,017 5,874,0185,700,000−174,018
94%
Rates (Municipal) 83,88784,667+780 987,612993,848+6,236
90%
Accounting & Professional Fees 82,66179,661−3,000 982,935955,932−27,003
93%
Repairs & Maintenance OVER BUDGET 15,44950,000+34,551 863,556600,000−263,556
144% FY
Management Fees (MaxProp / AvdV) AvdV CEO 48,92063,305+14,385 673,638726,499+52,861
85%
Security 30,49833,500+3,002 374,275396,000+21,725
86%
Water Cost 38,86943,000+4,131 457,508498,000+40,492
83%
Cleaning 26,23137,000+10,769 419,429428,000+8,571
87%
Refuse Cost 42,87443,086+212 504,009502,800−1,209
91%
Salaries 13,19712,625−572 182,944174,125−8,819
95%
Depreciation 25,71225,712— 308,540308,544—
92%
Total Expenditure 1,036,2161,056,821+20,605 12,682,80512,395,178−287,627
93%
Net Income Before Interest · Bluff SC 834,015516,985+317,030 7,837,4475,666,426+2,171,021
Full Year
Bond Interest (Investec) FACILITY BEING RESTRUCTURED 126,854866−125,988 487,36510,831−476,534
budget error ①
① Bond interest budget: The R950/month budget figure is a known preparation error. Actual annualised cost is approximately R390K/year on the R17M Investec facility. As the bond is being paid down and the facility restructured, the FY2027 budget should reflect the revised position once confirmed. · Investment income (dividends from syndications, interest on loans) is tracked in the GBFT tab and the Consolidated view, not in this Bluff SC budget.
Working Capital & Loan Book
Position at 28 Feb 2026
Liquid Assets — GBFH
Call Account (Valgro Investments) REHOMING APR 2026R 11,969,807
Rate: Prime – [TBC]% · Confirm with InvestecAnnual yield TBC post-April rehoming
Standard Bank / Operating AccountR 243,854
Investec Wealth & Investment accountR 117,372
Maxprop Trust AccountR 129,192
Total Liquid AssetsR 12,460,225
SARS Tax Control Account (refund pending)R 3,374,867
Foregone income while at SARS (monthly)−R 11,970/month
Related-Party Loan Book
Loan to Dumbass / Valgro (call account) REDUCINGR 11,969,807
Rate: Prime – 3.45% = 6.80%Annual interest ≈ R 813K
Dumbass (Pty) Ltd equity investment (40% at balance sheet value)R 42,467,347
Total GBFH exposure to Dumbass / ValgroR 54,437,154
Bluff Retail (Pty) Ltd loanR 1,249,304
Rate: Prime + 2% = 12.25% · Repayments R 70K/monthWell-structured
Investec Bond on Bluff SC (liability)−R 17,006,644
Net loan book position (loans receivable less bond)−R 3,787,533
GBFH Investment Breakdown · Feb 2026
R millions · Full investment portfolio excluding Bluff SC (held as fixed asset) · R80.7M total
Syndicated Property Investments
All managed by MaxProp / AvdV as trustee · GBFH holds % interests
Property Syndications — Balance Sheet Values Jan 2026 All co-investments structured as property vehicles with similar assets; managed by AvdV / Aldaveen
EntityEquity ValueLoan AdvancedTotal ExposureFY Income
Dumbass (Pty) Ltd 40% INTEREST42,467,34713,699,74056,167,087Divs + Int
Bluff Shopping Centre 100% OWNED72,050,000−17,030,103 bond55,019,897Core operating
Genna-Wae Properties (Pty) Ltd5,070,516—5,070,516Dividends
117 Old Main Rd Investments (Pty) Ltd NEW · MIDRAND
Direct R5.25M + 40% of Dumbass R5.25M = R2.1M → total 21% = R6,615,000 · Brenntag SA anchor		6,615,000—6,615,000Rental income
Mpinvestone Investments (Pty) Ltd4,578,7922,603,6007,182,392Divs + Int
Aldaveen Investments (Pty) Ltd AvdV CO-INV2,700,000—2,700,000Divs + Int
Patamar Holdings 4 (Pty) Ltd—3,000,0003,000,000Interest
108 Old Main Road Investments139,490180,643320,133Interest
Prophold 102 (A & B)146,570146,570146,640Interest
Total GBFH Property & Syndication Exposure135,232,7942,600,450137,686,744
All syndicated investments are managed by AvdV as trustee/CEO of MaxProp · Dumbass (Pty) Ltd (40% share) represents the single largest combined exposure at R56.2M · The intercompany loan rate (Prime – [TBC]%) should be reviewed once April Investec restructure is complete · 117 Old Main Rd is a new investment in Midrand with anchor tenant Brenntag SA · GBFH's listed share portfolio (Investec) valued at R 11.04M Jan 2026 is shown in the Consolidated view
GBFH · Balance Sheet Summary
28 Feb 2026
Assets
Fixed Assets (Land & Buildings, other fixed)R 76,273,303
Investments (syndications, listed shares)R 80,709,382
Current Assets (call acct R11.97M · Bluff Retail loan R1.25M · debtors R3.17M · SARS R3.37M · cash + other)R 23,798,052
Total AssetsR 180,780,737
Liabilities
Investec Bond (secured on Bluff SC)R 17,006,644
Group Company Loans (owed to GBFT)R 16,145,420
Deferred Taxation (non-cash; FV adjustments)R 15,300,190
Current Liabilities (unrealised gain R3.11M · creditors R0.92M · tenant deps R1.25M · VAT R0.22M · other)R 5,860,349
Total LiabilitiesR 54,312,603
GBFH Net Equity
R 126.47M
Net Equity = R180.78M assets − R54.31M liabilities
Share Capital & Reserves: R 53.86M
Retained Income + Net Profit: R 72.61M
Deferred tax R15.30M is non-cash
GBFH · 117 Old Main Rd — Brenntag Investment
New Midrand industrial property · Anchor tenant: Brenntag South Africa · GBFH direct R5.25M + 40% of Dumbass R5.25M = R2.1M → total R6,615,000 (21% of R31.5M S/H loan)
Property & Lease Summary — Midway Place 247 Fifteen Road, Randjespark, Midrand · Forecast updated 04/04/2025
ParameterDetail
Property NameMidway Place, 247 Fifteen Road, Randjespark, Midrand
TenantBrenntag South Africa (sole anchor tenant)
Gross Lettable Area9,834 m² — Warehouse 7,655 / Office 1,450 / Other 729 / Surplus Yard 3,000
Lease Expiry (prior)31 December 2025 (renewed)
Renewed Rate (Jan 2026+)R70/m² gross · Total monthly rental R 725,329
Prior Rate (to Dec 2025)R80.05/m² · Total monthly rental R 824,143
Escalation7% per annum
Monthly Recoveries (Jan 2026)Rates R124,844 · Insurance R30,794 · Electricity R94,742 · Other R16,425
Total Gross Monthly Income (Jan 2026)R 993,353 (rental + all recoveries)
Net Profit before interest & tax (forecast p.a.)R 7,945,255 (19-month forecast total R7.945M)
Total Forecast Gross Revenue (to Dec 2026)R 11,995,144
Funding Structure & GBFH Economic Exposure GBFH direct R5.25M + via Dumbass 40% × R5.25M = R2.1M → total R6,615,000 (21% of R31.5M)
Funding LineBalanceRate
Institutional BondR 35,000,00010.5% p.a.
Shareholder Loan (total)R 31,500,00010.5% — rolled up & capitalised
GBFH direct S/H loan holdingR 5,250,00010.5% — rolled up & capitalised
Dumbass (Pty) Ltd S/H loan holdingR 5,250,00010.5% — rolled up & capitalised
GBFH indirect share (40% × R5.25M Dumbass)R 2,100,00040% of Dumbass holding
Total GBFH economic exposure (21% of R31.5M)R 6,615,000Direct R5.25M + indirect R2.1M
S/H interest treatmentCapitalised into S/H loan balance — not cash-paid until exit/refinance
Property asking priceR 65,000,000Cap rate ~12.22%
GBFH implied equity upside at asking price(R65M − R35M) × 21% = R 6,300,000vs book R6.615M
Investment Advisory Notes
LEASE RENEWALLease renewed at R70/m² — down from R80.05. Confirm signed lease received. Single-tenant property carries binary vacancy risk. Next renewal cycle should be monitored from 2027.
S/H LOAN ROLL-UPS/H loan interest capitalising at 10.5% — growing from R31.5M toward R33.5M+ by Jan 2026. Redemption must be covered by sale or refinance. Monitor S/H loan balance annually.
HOLDING STRUCTUREGBFH holds R5,250,000 directly in 117 Old Main Rd Investments (Pty) Ltd plus a further R2,100,000 indirectly via its 40% stake in Dumbass (Pty) Ltd, which also invested R5,250,000 in the same S/H loan. Combined GBFH economic exposure = R5.25M + R2.1M = R6,615,000 (21% of the R31.5M S/H loan). Confirm GBFH has board representation in Dumbass and receives annual audited accounts from both entities.
VALUATION NOTEGV (COJ 2023 industrial): R59.7M. Asking price R65M implies total equity above bond of R30M. GBFH 21% economic share (direct + via Dumbass) = book R6.615M vs R6.3M implied equity at asking price — broadly in line. Independent valuation recommended at next FY-end.
GBFT · Key Performance Indicators
The Garvin Bernstein Family Trust · Pure investment entity · Beneficiaries: JB & MR Gamsu · AvdV is co-trustee (CEO MaxProp)
Total Income · Full Year
R 7.26M
Full-year budget R 2.28M · Above-budget dividends
+218% vs full-year budget
Dividends Received · Full Year
R 6.85M
GBFH R 1.62M · Tapa/Ald divs R 145K · REIT + other
Above budget · Full FY2026 dividends received
Distributions to Beneficiaries
R 4.80M
JB Gamsu R 2.40M · MR Gamsu R 2.40M
20% dividend withholding tax applies
Net Income · Full Year
R 2.16M
After expenses R 294K and distributions R 4.80M
108% of full-year budget
Listed Share Portfolio
R 12.71M
Investec Wealth · JSE listed equities
36 holdings · Unrealised gain R 2.73M
Tapa Property Holdings
R 24.07M
Largest GBFT holding · Industrial property vehicle
Managed by AvdV · Alrode properties
GBFT Net Worth
R 51.23M
Assets R 54.16M · Liabilities R 2.93M
Trust Capital: R 16.29M
Investment in GBFH
R 16.05M
Group company loan · GBFT → GBFH intercompany
Ordinary shares R 1.8K + Preference R 2.2K
GBFT Total Assets · 28 Feb 2026
R 54.16M
Tapa R24.1M · GBFH loan R16.0M · Listed R12.7M · Other R1.4M
GBFT Net Equity · 28 Feb 2026
R 51.23M
Assets R54.16M − Liabilities R2.93M · Trust Capital R16.29M
GBFT · Income Statement vs Budget
Full Year · 1 Mar 2025 – 28 Feb 2026
The Garvin Bernstein Family Trust Investment entity — income from dividends (Tapa, Aldaveen), interest, and listed shares
Line Item Feb Actual Jan Budget Jan Var Full Year Actual Full Year Budget YTD Variance vs FY Budget
INCOME
Dividends — Tapa Property Holdings MAIN SOURCE 24,24224,242— 1,620,0001,548,000+72,000
95%
Dividends — Aldaveen Investments 24,24224,242— 145,455145,452+3
96%
Dividends — Other property vehicles ABOVE BUDGET 00— 1,620,0000+1,620,000
unbudgeted
Interest Received (Aldaveen / Tapa) 1,21523,000— 309,843288,750+21,093
91%
REIT Dividends (listed portfolio) 010,000−10,000 113,818138,000−24,182
95%
Local & Foreign Dividends (listed) 015,000−15,000 74,508165,000−90,492
21%
Interest on Bank Accounts 00— 00—
above budget
Total Income 50,58250,125+457 7,257,7732,282,202+4,975,571
+327%
EXPENSES
Accounting Fees (Tome & Associates) 6,5256,525— 78,29778,300—
92%
Administration & Management Fees 12,103250−11,853 127,926108,000−19,926
107%
Audit Fees 5,9785,978— 71,74171,736−5
91%
Trustees Fees 00— 11,50011,500—
100%
Dividend Tax (20% on taxable portion) 800— 78,2780−78,278
on distributions
Distribution to JB Gamsu BENEFICIARY 00— 2,400,0000−2,400,000
unbudgeted
Distribution to MR Gamsu BENEFICIARY 00— 2,400,0000−2,400,000
unbudgeted
Total Expenses incl. Distributions 24,68613,003−11,683 5,094,454257,030−4,837,424
Net Income (GBFT) after distributions 25,89637,122−11,226 2,163,3192,009,666+153,653
+19%
Distributions of R2.4M each (R4.8M total) to JB & MR Gamsu are fully funded by the strong above-budget dividend performance from Tapa Property Holdings and other property vehicles · Dividend tax at 20% on the taxable portion is R 72,217 shown in the trial balance; total effective tax on distributions ≈ R 960K · The R4.996M "other dividends" above budget reflects exceptional distributions from Tapa and associated property vehicles — confirm sustainability for FY2027 budget · Local/foreign listed dividends tracking below budget as portfolio was partially repositioned (Anglogold partially sold, new positions in Goldfields and Glencore)
GBFT · Portfolio Holdings
As at 28 Feb 2026 · Investec Wealth Management
JSE Listed Shares Feb 2026 market values · Monthly FVA +R 598,030
ShareJan 2026Feb 2026Move
Naspers Ltd1,596,3161,425,301−171,015
Standard Bank Group737,863793,685+55,822
FirstRand Ltd680,909717,144+36,235
Anglogold Ashanti PLC708,694923,629+214,935
Anglo American Plat477,280585,418+108,138
Northam Platinum528,538577,222+48,684
Capitec Bank330,693360,509+29,816
ABSA Group395,819421,600+25,781
BHP Billiton342,198397,867+55,669
Glencore PLC329,520343,157+13,637
Gold Fields Ltd372,173406,670+34,497
Prosus N.V.439,040387,984−51,056
Other (13 holdings)3,208,1982,871,129mixed
Total Listed Portfolio12,147,24112,712,315+565,074
GBFT Private & Unlisted Investments
Tapa Property Holdings (Pty) Ltd PROP VEHICLER 24,066,258
Investment in GBFH (P/L loan R16,045,420 + ord/pref shares R4,000)R 16,049,420
Aldaveen Investments (Pty) LtdR 900,040
Prophold 102 LimitedR 346,446
Total Private & UnlistedR 41,296,405
GBFT Net Equity
R 51.23M
Net Equity = R54.16M assets − R2.93M liabilities
Trust Capital: R 16.29M
Accumulated Surplus: R 32.77M
Full Year Net Income: R 2.16M
GBCT · Garvin Bernstein Family Charitable Trust
Charitable purpose trust · Full Year FY2026 · 28 Feb 2026 · Prepared by Tome & Associates CC
Net Worth (Equity)
R 620K
Trust Capital R1K · Accumulated Surplus R213K · Full Year Profit R406K
Fully solvent · surplus-generating
Listed Share Portfolio
R 1.620M
12 JSE-listed REITs & property funds · Investec Wealth Management
+R 92,010 FVA in Feb 2026 · FY FVA R417,601
Full Year Net Profit (FY2026)
R 405,852
Income R 490,941 · Expenses R 85,090 (incl. R43K donations)
Driven by FVA + REIT dividends
February Net Profit
R 70,366
Income R 92,241 · Expenses R 21,875
Strong month · FVA R92,010 · Donation R20,000
Loan to GBFH (Intercompany)
R 1.000M
GBCT has lent R1M to Garvin Bernstein Family Holdings P/L
Confirmed · rate & terms to be formalised
Donations Made FY2026
R 43,000
8 charitable beneficiaries · community & welfare focus
See donation analysis below
Cash & Bank
R 24,628
Investec Wealth Trading R20,916 · Standard Bank R3,712
Adequate working capital
REIT Dividend Income FY2026
R 67,380
REIT portfolio distributing well across 12 holdings
+ R 2,943 foreign dividends full year
GBCT · Balance Sheet
As at 28 February 2026
Assets
Listed Shares (REIT/property portfolio)R 1,620,295
Investec Current AccountR 3,712
Investec Wealth – Trading AccountR 20,916
Total AssetsR 1,644,923
Liabilities & Equity
Loan — Garvin Bernstein Family Holdings P/LR 1,000,000
Sundry CreditorsR 2,326
Provision for Audit FeesR 22,775
Total LiabilitiesR 1,025,101
Trust CapitalR 1,000
Accumulated SurplusR 212,971
Net Profit this yearR 405,852
Total Equity & LiabilitiesR 1,644,923
GBCT · Income Statement
February 2026 (month) & Full Year 1 Mar 2025 – 28 Feb 2026
Garvin Bernstein Family Charitable Trust Investment income + FVA + charitable donations · Prepared by Tome & Associates CC · 24/03/26
Line Item Feb 2026 Actual Full Year Actual Notes
INCOME
Interest Received 230.97 3,017 Investec accounts · Current + Wealth Trading
Foreign Dividends Received — 2,943 Sirius Real Estate (foreign REIT)
Fair Value Adjustments (FVA) 92,010.00 417,601 Mark-to-market gain on listed portfolio
REIT Dividends Received — 67,380 12 SA REIT holdings · quarterly distributions
Total Income 92,241 490,941
EXPENSES
Accounting Fees 1,162.82 13,954 Tome & Associates · monthly
Administration & Management Fees — 19,586 Annual admin costs
Audit Fees 712.50 8,550 Monthly provision
Donations Paid 20,000 43,000 7 beneficiaries · see analysis below
Total Expenses 21,875 85,090
Net Profit / (Loss) 70,366 405,852 Primarily FVA-driven · R67K cash dividend yield
YTD net profit of R335,486 is dominated by fair value adjustments (R325,591) on the listed REIT portfolio. Cash income (interest + dividends) is R73,109 YTD — modest but consistent. Donations of R23,000 represent 35% of cash income, which is healthy for a charitable trust of this scale. The large FVA gain should be viewed as unrealised until shares are sold.
GBCT · Listed Share Portfolio
12 JSE REIT & property fund holdings · Investec Wealth Management · 28 Feb 2026
REIT & Property Fund Holdings Feb 2026 · FVA +R 92,010 vs Jan 2026
Share Jan 2026 Feb 2026 Move
Nepi Rockcastle PLC 333,178 334,126 +948
Growthpoint Properties Ltd 211,851 225,137 +13,286
Vukile Property Fund Ltd 122,165 125,170 +3,005
Redefine Properties Ltd 197,714 219,577 +21,863
Hyprop Investments Ltd 94,734 107,033 +12,299
MAS Real Estate Inc 103,089 102,946 −143
Resilient REIT Limited 96,852 106,094 +9,242
Attacq Limited 76,195 80,880 +4,685
Burstone Group Limited 94,239 103,592 +9,353
Equites Prop Fund Ltd 69,975 74,687 +4,712
Sirius Real Estate Ltd FOREIGN 53,674 59,827 +6,153
Stor-Age Prop REIT Ltd 45,349 49,017 +3,668
Total Portfolio 1,528,285 1,620,295 +92,010
FY2026 Donations Analysis
7 beneficiaries · R23,000 total · Community & welfare focus
Beth ShalomR 5,400
Durban Child Youth Care CentreR 2,000
Durban Jewish Social ServicesR 3,600
Durban United Hebrew CongregationR 3,600
HIAS South AfricaR 3,000
Royal Durban Golf ClubR 3,600
Sandringham GardensR 1,800
United Jewish CampaignR 20,000
Total Donations FY2026R 43,000
Prior donations Apr, Jul & Sept 2025 · R20,000 United Jewish Campaign in Feb 2026 · FY2026 total R43,000
Intercompany: GBCT → GBFH Loan
Principal OutstandingR 1,000,000
Interest RateNot confirmed
Interest Earned YTDNot in GBCT income statement
In GBFH books asCurrent liability
⚠ The loan does not earn interest per the GBCT income statement. If confirmed interest-free, section 7C of the Income Tax Act may apply — SARS could deem a donation equal to foregone interest and levy donations tax. Confirm with Tome & Associates before FY-end.
GBCT · Advisory Notes
01 · Section 7C — Interest-Free Loan Risk
The R1M GBCT loan to GBFH appears to be interest-free — no interest appears in GBCT income or GBFH expenses. If GBCT is a "connected person" to GBFH, section 7C deems foregone interest as a donation. At the official SARS rate (SA Prime – [applicable margin]), the deemed donation and resulting donations tax exposure should be quantified once the Prime rate adjustment is confirmed. Small but should be formalised.
Confirm with Tome & Associates
02 · FVA vs Cash Income — Portfolio Quality
Of the R406K full-year profit, R418K is fair value adjustments (unrealised). Cash income is only R73K (interest + REIT dividends). With donations now at R43K/year — 59% of cash income — the buffer has narrowed. Comfortable but monitor: any further donation commitments should be weighed against available cash yield, not FVA gains.
Cash cover ratio: 1.7× current donations
03 · PBO Status & Donation Eligibility
Confirm whether GBCT holds Public Benefit Organisation (PBO) status with SARS. If registered as a PBO, donations made to GBCT by donors are section 18A-deductible and the trust's own investment income may be exempt from income tax up to the approved purposes. Annual reporting to SARS is required to maintain status. Review the list of beneficiaries for PBO compliance.
Confirm PBO registration with Tome
Consolidated · Family Office — Year-on-Year Performance
GBFH + GBFT + GBCT · All values ZAR millions · Mar 2024 → Mar 2025 → Feb 2026 → Mar 2026
Net Worth Trajectory · 4 Reporting Periods
Combined net equity R millions · Mar 2024 opening → Mar 2025 M01 → Feb 2026 M12 → Mar 2026 M13
Consolidated Year-on-Year Summary All values ZAR millions where noted · 4-period comparison
Metric Mar 2024 Mar 2025 (M01) Feb 2026 (M12) Mar 2026 (M13) 2-Yr CAGR M12→M13
NET EQUITY (ALL ENTITIES)
GBFHR110.70MR119.17MR126.47MR126.90M+6.9% p.a.+0.3%
GBFTR45.20MR49.02MR51.23MR51.53M+6.5% p.a.+0.6%
GBCT~R0.10MR0.18MR0.62MR0.43M+107% p.a.-31% REIT
Combined Net EquityR155.90MR168.37MR177.70MR178.85M+7.0% p.a.+0.6%
TOTAL ASSETS (ALL ENTITIES)
GBFH Total Assets~R135MR156.19MR180.78MR179.81M+15.5% p.a.-R0.97M
GBFT Total Assets~R49MR49.16MR54.16MR53.07M+4.1% p.a.-R1.09M REIT
Combined Total Assets~R184MR206.54MR236.57MR234.33M+12.8% p.a.-R2.24M
INCOME (ANNUAL FULL-YEAR)
Bluff SC Revenue~R18.8MR1.67M/moR20.52MR1.94M/mo+7.8% p.a.+16.2% YoY
Bluff SC NOI~R6.8MR0.66M/moR7.84MR0.76M/mo est+7.3% p.a.+15.9% YoY
GBFH Net Profit (monthly)~R0.36M/moR0.40MR0.73M avgR0.70M+39.5% p.a.Strong
GBFT Net Profit (monthly)~R0.26M/moR0.38MR0.52M avgR0.30M+7.1% p.a.Div timing
LISTED SHARE PORTFOLIOS
GBFH Listed Shares~R8.0MR8.44MR11.74MR10.38M+13.8% p.a.-R1.36M REIT
GBFT Listed Portfolio~R8.5MR9.88MR12.71MR11.40M+15.8% p.a.-R1.32M REIT
GBCT REIT Portfolio~R1.0MR1.17MR1.62MR1.43M+19.6% p.a.-R0.19M
Combined Listed~R17.5MR19.49MR26.07MR23.22M+15.2% p.a.-R2.85M sector
KEY DEBT & LIQUIDITY
Investec Bond~R3.0MR0.10MR17.02MR17.02MRedrawnInterest only
Valgro Call Account (asset)~R6.5MR4.35MR11.97MR12.14MGrowing+R0.17M
SARS Refund (asset)—R1.16MR3.37MR3.37MUnchangedPursue
Bluff SC Debtors~R0.5MR0.09MR2.49MR3.02MSpar watchGrowing
M13 (March 2026) combined asset decline of R2.24M vs M12 is entirely driven by unrealised REIT fair value adjustments across all three entities. Net equity still grew +R1.15M in March despite the REIT correction, confirming operating income more than offset the mark-to-market movement. CAGR calculated from Mar 2024 base to Feb 2026 (2-year). M13 is a single-month snapshot; annualised trends use M12 full-year actuals.
Total Assets vs Net Equity · All 4 Periods
R millions · Shows how total asset base has grown and the equity component within it
Monthly NOI Run-Rate Trajectory
Bluff SC NOI R thousands · Mar 2025 (M01) to Mar 2026 (M13) + FY2027 budget avg
M11 → M12 · Month-on-Month Analysis
February 2026 was the final month of FY2026 · This is the full-year close
FY2026 Year-End Commentary
MONTH 12 (FEBRUARY 2026) COMPLETED · FULL YEAR CLOSED
What moved in February
Combined net worth added R1.90M in the final month, moving from R175.8M to R177.7M. The primary drivers were a R598K fair value uplift on the GBFT listed equity portfolio — the strongest FVA month of FY2026 — and continued Bluff SC operating income. The Valgro call account reduced by R1.73M via scheduled repayments, which explains a small offsetting decline in GBFH liquidity.
Full-year verdict
FY2026 closed at R10.15M combined net income — materially ahead of any prior budget scenario. Bluff SC delivered R7.84M NOI — Net Operating Income (138% of its R5.67M budget). GBFT captured R7.26M income, driven by exceptional property dividends and a R417K FVA gain on its REIT portfolio. GBCT donated R43K in the year and grew its net worth to R620K. The SARS tax control account has grown to R3.37M DR — a meaningful liquidity item that needs active pursuit in FY2027.
GBFH · Feb movement
Net WorthR125.0M → R126.5M +R1.47M
Bluff SC RevenueR18.65M → R20.52M
NOI — Net Operating IncomeR7.00M → R7.84M +R834K
Call AccountR13.70M → R11.97M −R1.73M
SARS control acctR1.78M → R3.37M +R1.59M ⚠
GBFT · Feb movement
Net WorthR50.78M → R51.23M +R453K
Listed PortfolioR12.15M → R12.71M +R565K
Portfolio FVA (Feb)+R598K best month FY
Tapa HoldingsR23.64M → R24.07M
Feb Net ProfitR25,896 quiet month
GBCT · Feb movement
Net WorthR549K → R620K +R71K
REIT PortfolioR1.528M → R1.620M +R92K
Feb FVA+R92,010
Donations FY totalR23K → R43K +R20K UJC
Full Year Net ProfitR405,852
Key Metrics — M11 vs M12 Comparison
January 2026 (M11) vs February 2026 (M12) · Full Year close · All values in R millions
M11 (Jan 2026) M12 (Feb 2026)
Consolidated Income · FY2026 YTD
Consolidated Income Statement · Full Year to 28 Feb 2026 GBFH Bluff SC operations + all investment income (GBFH & GBFT)
SourceEntityYTD ActualFY BudgetAnnualised Run-rateStatus
OPERATING — BLUFF SC
Total Revenue (rent + recoveries)GBFH20,520,25218,061,60020,520,252+13.6% final
Total Expenditure (Bluff SC)GBFH−12,682,805−12,395,178−12,682,805R&M overrun
Bluff SC Net Income Before Interest7,837,4475,666,4267,837,447+38% vs budget
INVESTMENT INCOME
Dividends (syndicated property — GBFH)GBFH4,445,1203,204,4854,445,120+39% final
Call Account Interest (Prime – [TBC]%)GBFH1,808,739est.1,808,739call acct + other int
Loan Interest (Dumbass (Pty) Ltd + Bluff Retail)GBFH390,689154,369390,689+153% final
GBFT Total IncomeGBFT7,257,7732,282,2027,257,773+218% final
OUTFLOWS
Bond Interest (Bluff SC)GBFH−487,365−10,831−487,365budget error
GBFH Admin, Audit & ProfessionalGBFH−1,112,699est.−1,112,699tracking ok
GBFT Expenses (fees, trustees)GBFT−294,454−272,536−294,454within budget
Distributions — JB & MR GamsuGBFT−4,800,0000−4,800,000unbudgeted
GBFH Dividends Declared (R6M to GBFT)GBFH−6,000,0000−6,000,000unbudgeted
Combined Net Income (after distributions)10,151,100—10,151,100strong full year
Distribution Structure
FY2026 Actual Distributions
GBFH declares dividends → flows to GBFT (as GBFH shareholder)R 6,000,000
Dividend tax withheld on 20% taxable portion≈ R 1,200,000
GBFT distributes to JB Gamsu (beneficiary)R 2,400,000
GBFT distributes to MR Gamsu (beneficiary)R 2,400,000
AvdV (co-trustee / CEO MaxProp) — trustee feesR 11,500
Total cash to beneficiaries (net)R 4,800,000
The R6M GBFH dividend cascades through GBFT to the beneficiaries. The 20% dividend withholding tax applies to the taxable portion of dividends. This structure is tax-efficient for a family office context — both entities are separated and the flow is clean.
Sustainable Distribution Capacity (FY2027 outlook)
Bluff SC net operating (annualised after bond interest)≈ R 7.2M
Less: R&M revised provision (R 900K annual)≈ −R 300K additional
GBFH syndication dividends (sustainable floor)≈ R 1.5–2.5M/year
Call account income (post-April rehoming)≈ R 1.2–1.4M/year
GBFT income (Tapa + Aldaveen + listed divs)≈ R 2.0–3.0M/year sustainable
Implied SARS refund recovery (one-off boost)R 1.78M
Sustainable annual distributionsR 8–10M/year
Current R4.8M beneficiary distributions are well within sustainable capacity. A modest increase is supportable once the April rehoming confirms the new call account yield and Dumbass (Pty) Ltd capital requirements are known.
Family Office Structure
The Garvin Bernstein Family Trust & Subsidiaries · Structure at 29/02/2024 · Click any node to expand detail
Trusts Operating Cos Property Assets Charitable Personal Sold/Inactive Last updated 14/05/2024 · Prepared by Nafisa Chetty, Tome & Associates CC
Beneficiaries of GBFT: Joel Gamsu (50%) and Mark Gamsu (50%) · Bluff Shopping Centre belongs to Joel and Mark directly per amended trust deed (not held by GBFH) · Major Trust sold Nov 2020 · Structure accurate as at 29/02/2024 · Click any entity node to view holding detail
FY2026 Year-End Advisory & FY2027 Priorities
CONFIDENTIAL · FOR BENEFICIARIES (JB & MR GAMSU) AND AVDV AS MANAGING TRUSTEE · FY2026 FINAL · ISSUED 27 MARCH 2026

01 · Call Account Rehoming — April 2026 (Priority Action)

The call account (Valgro Investments) closed FY2026 at R11.97M — down from R13.7M at M11 following R1.73M in scheduled repayments during February. While the balance has naturally reduced, this capital must be rehomed to Investec by April 2026 to access a better rate and cleaner structure.

When selecting the new structure, the following priority order is recommended:

  1. Negotiate Prime – 0.5% or better on a dedicated money market or call account. Every 50bps on R11.97M = R59,850/year at zero risk.
  2. Avoid long lock-ups. A 32-day notice at +40–60bps over call is sensible; a 3–6 month fixed deposit makes sense only if the rate premium exceeds 100bps. Capital may be needed for R&M capex at Bluff SC or for Dumbass (Pty) Ltd if AvdV calls for capital.
  3. Consider a split: R3–4M in 32-day notice (higher rate) and R10M in instant-access call (operational buffer and liquidity for unforeseen needs).
  4. Formalise Dumbass (Pty) Ltd before deploying further: If any of this capital is intended for Dumbass (Pty) Ltd (which already holds R13.7M in loans from GBFH), the loan rate should be renegotiated to at least match the new Investec call account rate (Prime – [TBC]%) before advancing additional funds. This is a governance and tax compliance matter.
Action: Rehoming is now imminent. Confirm new Investec structure and rate by end of March. Clarify Dumbass / Valgro capital needs with AvdV before April 1. The R11.97M balance is confirmed — do not advance further until the new facility is formalised.

02 · Dumbass (Pty) Ltd Loan Rate — Review Warranted

GBFH has R54.3M total exposure to Dumbass / Valgro (R42.5M equity + R11.97M call account loan). In addition, Dumbass holds R5.25M in the 117 Old Main Rd Investments S/H loan — giving GBFH a further R2.1M indirect exposure (40% × R5.25M). GBFH also holds R5.25M directly in 117 Old Main Rd, bringing total exposure to R6,615,000 (21% of the R31.5M S/H loan). The Dumbass intercompany loan earns 6.80% (Prime – 3.45%). By comparison, the Bluff Retail loan earns 12.25% (Prime + 2%) — a significant spread that should be reviewed annually.

  • At the current balance, aligning the Dumbass (Pty) Ltd loan rate to match the new Investec call account rate (Prime – [TBC]%) would generate material additional annual income for GBFH with no capital deployment required.
  • If the loan is expected to grow (R4M was advanced in Dec/Jan alone), formalising the rate and repayment schedule is important for both transfer pricing compliance and GBFH's income base.
  • As a 40% equity participant managed by AvdV, GBFH should receive Dumbass (Pty) Ltd's annual audited financial statements. The equity value of R42.5M implies a total entity value of ~R106M — has this been independently verified recently?

03 · SARS Tax Refund — Urgently Pursue

The SARS Tax Control Account has grown to R3.37M DR at FY2026 close — up from R1.78M at M11. This is now a significant liquidity item. The increase indicates further provisional tax or VAT payments were made in February without a corresponding SARS refund receipt. Recovering R3.37M should be the highest priority administrative action for Q1 FY2027.

Action: The balance has nearly doubled in one month — establish with Tome & Associates exactly why. Confirm whether overpayments were made, whether refund claims are lodged, and get a written timeline. At the current call account rate, R3.37M sitting with SARS costs GBFH approximately R19,000/month in foregone interest.

04 · Bluff SC Repairs & Maintenance — Budget Needs Revision

The R&M register reveals a sustained structural maintenance programme — primarily CBBA Building Contractors (waterproofing, spalling repairs, roof leaks, painting) and Pixelpop (signage, gate, boom). Final FY2026 R&M spend of R864K against a R600K budget confirms the provision is materially understated for a centre of this age and scale.

  • FY2027 recommendation: Budget R900K–R1.0M for R&M. Consider identifying any items (lift upgrades, HVAC, structural) that could be capitalised rather than expensed.
  • Review insurance programme — confirm Bluff SC is insured for full replacement value (building currently at R72M carrying value; replacement cost may be higher).
  • A multi-year capital maintenance plan (even informal) from AvdV would allow for better cash flow planning and may improve the asset's yield over time.

05 · Distribution Planning — Beneficiary Perspective

The FY2026 distribution of R2.4M each to JB and MR Gamsu (R4.8M total net) has been made and is supported by the exceptional FY2026 GBFT income of R7.26M. Combined family net worth has grown R1.90M in the final month alone, closing at R177.70M. The 20% dividend withholding tax is correctly applied to the taxable portion.

Looking ahead to FY2027, distributions can potentially be increased, subject to:

  • Confirmation of the new Investec call account yield in April (this determines the sustainable annual interest income from the R13.7M).
  • Dumbass (Pty) Ltd capital requirements — if further loan advances are expected, some liquidity needs to be preserved.
  • The R&M programme being adequately funded (avoid a situation where distributions are made but the property asset deteriorates).
  • SARS R1.78M refund recovery — once received, this is available for distribution or reinvestment.
Sustainable annual distribution capacity: R8–10M/year (R4–5M to each beneficiary). Current R4.8M is conservative. A R500K–R1M increase per beneficiary per year is achievable within the next 12–24 months as the call account is repositioned and Dumbass (Pty) Ltd income is formalised.

06 · Electricity Recovery — 148% of Budget Warrants Review

Bluff SC generated a R1.10M net electricity surplus for FY2026 (recovery R6.97M vs cost R5.87M) plus R300K in solar savings. While positive, the over-recovery at 148% of budget warrants understanding:

  • The 149%-of-budget recovery (full year) is driven by eThekwini tariff increases above the budget assumption. Revise the FY2027 electricity budget to R5.5M+ on both cost and recovery lines.
  • The Energy Capital metering contract shows billing adjustments and reversals in January — confirm with AvdV that the methodology is correct and compliant with leases.
  • Ensure the electricity debtor balance (R618K as at Jan 2026) is being recovered monthly and is not accumulating into a bad debt.

07 · FY2027 Budget Preparation (March/April)

When the new budget is drafted the following adjustments from the FY2026 budget are recommended:

  • R&M: Increase from R600K to R900K–R1.0M
  • Bond interest: Correct from R950/month to actual annualised cost (or remove if restructured)
  • Electricity recovery: Revise to R5.0M+ based on current tariff and consumption
  • Interest on arrears: Revise from R60K to R150K+ based on FY2026 actual run-rate
  • Call account income: Add a specific budget line for interest on the rehomed R13–14M at the confirmed new Investec rate (insert once April structure is confirmed)
  • Dumbass (Pty) Ltd loan interest: If rate is renegotiated, budget at the new rate
  • Distributions: Include budgeted distributions in both GBFH and GBFT budgets for transparency and cash flow planning
  • R&M capital items: Identify any items to be capitalised (cost vs budget will look cleaner)
Open Items for April Resolution
Items to confirm before FY2027 budget is finalised
Capital & Structural
Q1Call account rehoming: The balance is now R11.97M. What is the confirmed new Investec structure? What rate (Prime – [X]%) has been negotiated? Will any portion be directed to Dumbass (Pty) Ltd? This determines FY2027 investment income budgeting.
Q2Dumbass (Pty) Ltd total entity value: The 40% equity value is shown at R42.5M, implying a total entity value of approximately R106M. Has this been independently confirmed (audited accounts) recently? AvdV manages this entity — annual accounts should be available.
Q3Dumbass (Pty) Ltd loan rate formalisation: Should the loan rate be renegotiated to align with the new Investec call account rate (Prime – [TBC]%) before any further advances? A formal loan agreement (if not already in place) is important for SARS transfer pricing compliance.
Q4SARS refund — R3.37M: The balance has grown materially in February 2026. Establish the reason for the increase, confirm all refund claims are formally lodged with SARS, and obtain a written recovery timeline from Tome & Associates. At current rates this balance costs ~R19K/month in foregone interest.
Operational
Q5Bluff SC capital maintenance plan: Is there a 3–5 year maintenance plan for the centre? Knowing which major items (lift, HVAC, electrical) are upcoming allows the budget to be set more accurately and ensures the asset value is maintained.
Q6Electricity over-recovery: Is the 148% recovery vs budget due to tariff increases, higher consumption, or a methodology change with Energy Capital? The metering contract reversals in January need clarification.
Q7Tenant arrears: Debtors closed FY2026 at R2.49M. Interest on arrears ran at 286%+ of budget for the full year. Which tenants are in arrears and is any amount at risk of being irrecoverable? A provision may be needed in the FY2027 budget.
Available Funds for Investment
Liquidity analysis from Feb 2026 balance sheets · Three-tier framework
Tier 1 · Immediately Deployable
R 12.64M
Cash + call account · No restrictions
Tier 2 · Near-Term Recoverable
R 4.21M
SARS refund R3.37M + Bluff Retail repayments R840K/yr
Tier 3 · Liquid but Invested
R 24.45M
Listed shares GBFH R11.74M + GBFT R12.71M · JSE saleable
Investment Liquidity Analysis · February 2026
SOURCE: VERIFIED BALANCE SHEETS · GBFH + GBFT + GBCT · ALL FIGURES ZAR

TIER 1 — Immediately Deployable Cash (R 12.64M)

Source Entity Balance Current Yield Note
Valgro Call Account GBFH R 11,969,807 6.80% p.a. Prime −3.45% · Being rehomed to Investec Apr 2026 — rate uplift expected
Standard Bank (operating) GBFH R 243,854 Nil Operating float · Keep R200K minimum buffer
Investec WM Cash GBFH R 117,372 Low Broker sweep account
Maxprop Trust Account GBFH R 129,192 Nil Tenant collections float · Not freely deployable
GBFT Cash (all accounts) GBFT R 158,726 Low Standard Bank + Investec × 2 + Nedbank
GBCT Cash GBCT R 24,628 Nil Charitable trust — not available for investment
TIER 1 TOTAL R 12,643,579 Less R2M operating reserve = R 10.64M net deployable
Net freely deployable cash after a prudent R2M operating buffer: R 10.64M. The Valgro call account (R11.97M) represents 94.7% of Tier 1 and is earning only 6.80%. Rehoming to Investec at Prime −0.5% (approximately 9.75% at current Prime of 10.25%) would add approximately R348K/year in additional interest income with no additional risk.

TIER 2 — Near-Term Recoverable (R 4.21M)

SARS TAX CONTROL ACCOUNT
R 3,374,867
Refund owed by SARS — shown as debit (asset) in GBFH books. Grown from R1.78M at M11 to R3.37M at M12 — a R1.59M increase in one month alone, indicating February VAT and/or provisional tax payments hit without a corresponding refund receipt.

At the current call account rate of 6.80%, this balance costs GBFH approximately R19,044/month in foregone interest. Over 6 months that is R114K of dead cost. Active SARS pursuit is the highest-return administrative action available.
BLUFF RETAIL LOAN REPAYMENTS
R 840K / year
The Bluff Retail loan (balance R1.249M at Feb 2026) repays at approximately R70K/month at 12.25% (Prime +2%). Annual repayment inflow of R840K flows back to GBFH. This is best left in place — at 12.25% it is the highest-yielding loan on the book and is self-liquidating without requiring management. Do not recall early.

TIER 3 — Liquid But Currently Invested (R 24.45M)

GBFH LISTED SHARES (Investec)
R 11,740,000
JSE-listed equities managed by Investec Wealth. Grew 39.1% from R8.44M (Mar 2025) to R11.74M (Feb 2026). Liquid — saleable in T+3 days. Unrealised gain estimated at R3.3M above cost basis.
GBFT LISTED PORTFOLIO (Investec)
R 12,712,315
36 JSE holdings including Naspers, Standard Bank, Anglogold, BHP, Glencore. Grew 28.7% from R9.88M (Mar 2025) to R12.71M (Feb 2026). Liquid — saleable in T+3. Unrealised gain estimated at R2.73M.
Tier 3 shares should only be liquidated for a specific investment with a risk-adjusted return materially above the current portfolio yield. Both portfolios are appreciating (combined +R6.1M or +33% in 11 months) and generating dividend income. Partial liquidation for a yield-accretive property syndication would be justified if the target return exceeds 12% — otherwise the existing equity outperformance argues for retention.

SUMMARY — Net Investment Capacity

Tier 1 — Available cash (Valgro call + other) R 12,643,579
Less: Prudent operating reserve (recommended) −R 2,000,000
Net Deployable — Tier 1 (conservative) R 10,643,579
Add: SARS refund (pending — once recovered) +R 3,374,867
Net Deployable — Tier 1 + SARS (once recovered) R 14,018,446
Add: Tier 3 liquid listed shares (if liquidated) +R 24,452,315
Maximum theoretical deployment (all tiers) R 38,470,761
Recommendation: Target Tier 1 deployment of R8–10M into a yield-accretive opportunity — keeping R2–3M as operational buffer and preserving the SARS refund as a bonus once recovered. At a target cap rate of 12%+, a R10M deployment would add approximately R1.2M/year in net income — a 45% uplift on GBFH's current investment income run-rate from the call account. Do not liquidate Tier 3 unless the target return materially exceeds current equity performance (33% gain in 11 months).
GBCT · Charitable Trust — Distribution Policy & Advisory
Garvin Bernstein Family Charitable Trust · Operational notes · April 2026
Charitable Trust — Distribution Framework
GBCT IS A REGISTERED CHARITABLE TRUST · NOT AN INVESTMENT VEHICLE · INCOME DEPLOYED TO ELIGIBLE CHARITIES

PURPOSE & STRUCTURE

The Garvin Bernstein Family Charitable Trust (GBCT) exists to make charitable distributions on behalf of the Bernstein family. Distributions are made in response to requests from Joel Gamsu (JG) and Mark Gamsu (MR) on a round-robin basis — each beneficiary nominates charities in turn, ensuring broad and balanced giving. Total annual distributions currently run at approximately R40,000 per year, funded from REIT dividend income.

DISTRIBUTION MECHANICS

  • Approval process: Charity requests are submitted by JG or MR alternately. Both are aware of and have agreed to the round-robin rotation.
  • Annual quantum: Approximately R40,000 per year total — modest relative to portfolio size. This reflects a deliberate policy of keeping giving sustainable and at the direction of the beneficiaries rather than mandated at a fixed percentage.
  • March 2026 donation: R1,800 to Hatzolah (Jewish emergency medical service) — confirmed in GBCT ledger.
  • Section 18A status: CONFIRMED. S18A certificates are being processed and sent to accounting admin for all eligible donations. This is already in place — no further action required. Continue maintaining the donation register for audit compliance.

FINANCIAL POSITION ADVISORY

CONCERN · Negative Net Position (excl. GBFH loan)
At March 2026: GBCT equity = R426,707 against GBFH loan liability of R1,000,000. Technically, if the GBFH loan were called, GBCT would be insolvent by R573,293. The REIT portfolio (R1,434,427) is the sole asset generating income and providing a buffer. The loan from GBFH is interest-free and patient — no call risk in normal circumstances — but the board should be aware of the structural dependency.
MONITOR · REIT Portfolio Volatility
The GBCT portfolio is 100% concentrated in SA REITs — 13 holdings. March 2026 saw a R185,868 fair value loss (−11.5% in one month). While the portfolio is long-term income-focused, concentration in a single asset class and a single geography creates volatility risk. Consider whether geographic or asset-class diversification (e.g., global ETF exposure) would be appropriate given the charitable trust's long time horizon.

REIT PORTFOLIO — CURRENT HOLDINGS (March 2026)

REIT Feb 2026 Value Mar 2026 Value Mar FVA
Nepi Rockcastle PLC334,126307,900−26,226
Growthpoint Properties225,137193,180−31,957
Redefine Income Fund219,577187,575−32,002
Vukile Property Fund125,170109,948−15,222
Resilient REIT106,09494,625−11,469
Hyprop Investments107,03389,549−17,484
MAS Real Estate102,94692,317−10,629
Burstone Group103,59294,036−9,556
Attacq Limited80,88075,669−5,211
Equites Property Fund74,68765,964−8,723
Sirius Real Estate59,82751,164−8,663
Stor-Age REIT49,01743,502−5,515
Spear REIT32,20928,998−3,211
TOTAL PORTFOLIO 1,620,295 1,434,427 −185,868
SA REIT sector suffered broad correction in March 2026. Every holding declined. Largest single-name losses: Redefine −R32,002 and Growthpoint −R31,957. No dividend income received from any holding except Attacq (R2,102) in March 2026. Portfolio is held for long-term income generation — unrealised losses are not a trigger for disposal.

RECOMMENDATIONS

  • Section 18A: CONFIRMED. S18A certificates are being submitted to accounting admin for all eligible donations. Ensure the register is maintained and certs are filed with the annual return.
  • Distribution scheduling: Maintain the round-robin log of charity nominations by JG and MR. A simple ledger noting date, recipient, amount, nominator, and charitable registration number is sufficient for audit and governance purposes.
  • SEED CAPITAL: CONFIRMED. The R1M interest-free loan from GBFH to GBCT is formally documented. The arrangement is accepted and ongoing — no further action required. Portfolio concentration risk in SA REITs is acknowledged and accepted by the principals.
  • REIT portfolio size: At R1.43M the portfolio generates approximately R100K–R150K in annual REIT dividends — sufficient to fund the R40K charitable distributions and cover operating costs with a buffer. The portfolio does not need to grow to serve the trust's purpose, but active monitoring for sector stress is prudent.
  • Future integration: A GBCT dividend tracker (monthly REIT income vs distributions paid) is planned for a later dashboard phase, aligned with the wider Maxprop platform discussions.
Dashboard Maintenance Guide

Monthly Update (10–15 mins from Tome & Associates reports)

This is a self-contained HTML file — open in any text editor or browser. To update:

  • KPI cards: Find the .k-val div for each card and update the number. Update the sub-text and badge text for the new variance.
  • Income statement tables: Find the row by line item name. Update Jan Actual (new month), YTD Actual (running total), and recalculate YTD Variance. Update Jan Budget from the budget Excel for the new month column.
  • Progress bars: Update style="width:XX%" on each .ubar-fill div. Use class ov (red) for over 100%, ok (amber) for 80–99%, default for under 80%.
  • Loan balances: Update Dumbass (Pty) Ltd and Bluff Retail balances from the LOAN schedule page in the monthly pack.
  • Listed shares: Update the GBFT portfolio table from the Investec "Analysis of Listed Shares" page at the back of the GBFT PDF.

FY2027 Budget Update (April 2026)

  • Open the new Excel workbook. The INCOME STATEMEN- BLUFF (linked) tab is the master source for Bluff SC budgets; INCOME STATEMEN- GBFT for trust budgets.
  • Replace all "Budget" column values in the income statement tables.
  • Update full-year budget totals in KPI card sub-text lines.
  • Change the reporting period pills in the top navigation: FY 01 MAR 2026 – 28 FEB 2027
  • Reset all YTD Actual columns to zero and progress bars to 0% width at year start.
  • Update the Advisory tab recommendations with the new call account rate and distribution policy once confirmed.

Sharing: Save as PDF from any browser (File → Print → Save as PDF) for distribution to beneficiaries and AvdV. The HTML file is fully self-contained — no internet connection or software required to view.

Growth & New Investments
Pipeline tracking for new investment properties · Tap any card for full detail
Active Acquisitions
1
117 Old Main Rd / Midway Place · Midrand
Industrial · Brenntag SA anchor
Total New Investment Exposure
R 6.615M
GBFH direct R5.25M + via Dumbass R2.1M
21% of R31.5M S/H loan
Forecast Gross Revenue (19M)
R 11.99M
Jun 2025 – Dec 2026 · Brenntag SA sole tenant
Net profit R 7.95M before interest & tax
S/H Loan Outstanding (Total)
R 31.5M
10.5% p.a. · Interest rolling up
Bond R 35M · Total funding R 66.5M
Active Investment · 117 Old Main Road Structure
Midway Place, 247 Fifteen Road, Randjespark, Midrand · Brenntag South Africa anchor tenant
Midway Place
247 FIFTEEN ROAD, RANDJESPARK, MIDRAND · HELD VIA 117 OLD MAIN RD INVESTMENTS (PTY) LTD
INDUSTRIAL · ACTIVE
Property Detail
TenantBrenntag South Africa
Property typeIndustrial / Logistics
GLA Total9,834 m²
Warehouse7,655 m²
Office1,450 m²
Other / Ancillary729 m²
Surplus Yard3,000 m²
COJ GV (2023 Industrial)R 59,700,000
Asking / Purchase priceR 65,000,000
Lease Summary
Prior rate (to Dec 2025)R 80.05/m²
Prior monthly rentalR 824,143
Lease expiry (original)31 Dec 2025
Renewed rate (Jan 2026+)R 70/m²
Renewed monthly rentalR 725,329
Annual escalation7%
Monthly recoveries (Jan 2026)R 268,024
Total gross monthly incomeR 993,353
GBFH Holding Structure
Total S/H loanR 31,500,000
Institutional bondR 35,000,000
GBFH direct in S/H loanR 5,250,000
Dumbass S/H loan holdingR 5,250,000
GBFH 40% of DumbassR 2,100,000
Total GBFH exposure (21%)R 6,615,000
Interest rate (S/H loan)10.5% p.a. rolled up
GBFH implied equity (at asking)(R65M−R35M)×21% = R6.3M
Brenntag Forecast — Revenue & Cost Summary (Jun 2025 – Dec 2026) 19-month forecast · Updated 04/04/2025
CategoryTotal ForecastMonthly (Jan 2026)Note
INCOME
Warehouse rental (7,655m²)6,430,200535,850R70/m² from Jan 2026
Office rental (1,450m²)1,218,000101,500R70/m²
Other / Ancillary (729m²)612,36051,030R70/m²
Parking (covered + open)443,38436,948Fixed monthly
Total Rental Income8,703,944725,328
Rates Recovery1,573,036124,844R113K (Jun–Dec 25) / R125K (2026)
Insurance Recovery369,53130,794
Electricity Recovery1,136,90494,742Pass-through
Water / Sewerage / Refuse197,10016,425Municipal recoveries
Total Recovery Income3,276,571268,024
GROSS INCOME11,995,144993,353
OPERATING EXPENSES
Admin / Accounting / Audit / Bank394,28828,747Admin at 2% of gross
Insurance369,53130,7940.35% of insured value
Rates1,573,036124,844COJ municipal rates
Repairs & Maintenance (General + Roof)180,00015,000R10K + R5K/month
Directors & Secretarial Fees52,0002,167Quarterly directors
Electricity1,136,90494,742Pass-through to tenant
Utilities (water/refuse/sewage/meter)197,10016,425Pass-through
Sundry120,00010,000
TOTAL OPERATING EXPENSES4,049,859322,719
NET PROFIT BEFORE INTEREST & TAX7,945,255670,634NOI yield on R65M = ~12.2%
WATCH ITEMS
Lease renewal confirmed at R70/m² (down from R80.05). Confirm signed lease is in place. Next escalation cycle to R74.90/m² effective Jan 2027.

S/H loan interest rolling up at 10.5% — balance growing from R31.5M. Redemption must be covered by refinance or sale. Review balance annually.

Single-tenant risk — binary vacancy risk if Brenntag vacates. Industrial park has strong logistics demand drivers in Midrand corridor.
INVESTMENT THESIS
Cap rate ~12.22% at R65M purchase price on NOI of ~R7.95M p.a. Attractive for Midrand industrial.

7% annual escalation provides strong inflation-beating income growth. At 7% esc., rental reaches ~R93/m² by 2030.

Brenntag SA is a global chemical distributor — investment-grade anchor in a prime Gauteng industrial node.
Watchlist & Pipeline
Prospective acquisitions — update as opportunities are identified
NO ACTIVE PIPELINE
Add prospective investments here as they are identified. Include property name, location, asking price, cap rate, proposed funding, and target completion date.
March 2025 · M01 Actual Financial Statements
Verified from Tome & Associates management accounts · 31/03/2025 · All values in ZAR
GBFH Net Equity · 31/03/25
R 119.17M
Assets R156.19M · Liabilities R37.01M · +R0.40M on month
▲ +7.7% vs opening equity Mar 2024
GBFT Net Equity · 31/03/25
R 49.02M
Assets R49.16M · Liabilities R134K · +R380K on month
▲ +8.5% vs opening equity Mar 2024
Combined Net Equity · 31/03/25
R 168.37M
GBFH R119.17M + GBFT R49.02M + GBCT R0.18M
▲ +8.0% YoY · FY2025 full-year gain
Combined Total Assets · 31/03/25
R 206.54M
GBFH R156.19M + GBFT R49.16M + GBCT R1.20M
Opening position for FY2026
Bluff SC Revenue · March 2025
R 1.669M
Budget R1.651M · Variance +R18,073 · +1.1% vs budget
▲ +3.7% vs March 2024 (R1.609M)
Bluff SC NOI (Net Operating Income) · March 2025
R 656K
Budget R641,115 · Variance +R14,966 · +2.3% vs budget
▲ +11.9% vs March 2024 net profit
GBFH Net Profit · March 2025
R 403,470
Includes FVA gain R227,151 on listed shares
▲ +11.9% vs March 2024 (R360,498)
Valgro Call Account · 31/03/25
R 4.346M
Rate: Prime −1% = 10% · Reduced by R2.25M in March
Down from R6.552M at 01/03/25
GBFH · Balance Sheet
As at 31 March 2025 · Verified from management accounts
Assets
FIXED ASSETS
Land & Buildings — Bluff SCR 72,050,000
Other Fixed Assets (solar, etc.)R 4,279,713
IT Equipment (net)R 5,298
Motor Vehicles (net)R 221,121
Total Fixed AssetsR 76,556,132
INVESTMENTS
Listed Shares (JSE — Investec)R 8,441,680
Valgro Investments (equity 40%)R 42,467,387
Dumbass (Pty) LtdR 2,830,119
Genna-Wae PropertiesR 5,071,012
Mpinvestone (equity + loan)R 7,182,592
Aldaveen InvestmentsR 2,700,120
Patamar Holdings 4 (loan)R 3,000,030
117 Old Main Rd (investment)R 287,916
108 Old Main Rd (equity + loan)R 320,157
Total InvestmentsR 72,301,176
CURRENT ASSETS
Standard BankR 270,014
Investec Wealth & InvestmentR 122,736
Bluff SC DebtorsR 92,025
Short Term Loans (Bluff Retail + GBCT)R 2,454,104
DepositsR 2,306,903
Tax Control (SARS)R 1,161,670
Prepaid InsuranceR 188,915
Sundry Debtors (elec recovery)R 555,369
Other current assetsR 176,676
TOTAL ASSETSR 156,185,721
Liabilities
NON-CURRENT LIABILITIES
Investec Bond (secured · Bluff SC)R 96,713
Deferred Taxation NON-CASHR 15,300,190
Total Non-Current LiabilitiesR 15,396,903
CURRENT LIABILITIES
Group Company Loans — GBFT INTERCOR 14,045,420
Valgro (net of repayment in March)R 4,346,038
Sundry CreditorsR 1,633,137
Tenant Deposits — Bluff SCR 1,221,182
Provision for Audit FeesR 239,815
Unrealised Gain — InvestecR 38,484
VAT Control AccountR 93,075
Total Current LiabilitiesR 21,617,151
TOTAL LIABILITIESR 37,014,054
EQUITY
Share Capital (Ord R1,800 + Pref R2,200)R 4,000
Reserves (FV adj + general)R 53,853,316
Retained Income (opening)R 64,910,881
Net Profit this year (Mar 2025)R 403,470
TOTAL EQUITYR 119,171,668
GBFH Net Equity · 31 March 2025
R 119.17M
Total Assets R156.19M − Total Liabilities R37.01M
Opening equity (01/03/24): R 110.70M
FY2025 earnings: +R 8.07M
March 2025 profit: +R 0.40M
YoY growth: +7.7%
NOTE: Deferred Tax
R15.3M deferred taxation is a non-cash item arising from fair value adjustments to investment properties. It does not represent a current cash liability. Excluding deferred tax, adjusted net equity is R134.47M.
Group Company Loans
GBFT loan to GBFH: R14,045,420 (up R250K in March as Valgro interest was transferred). Valgro call account: R4,346,038 after R2.25M repayment in March 2025.
GBFH · Bluff SC Income Statement
March 2025 (M01) — Actual vs Budget · Source: Tome & Associates
Bluff Shopping Centre — March 2025 Actuals All figures ZAR · Budget from Excel workbook · Variance = Budget − Actual
Line Item March 2025 Actual March 2025 Budget Variance Status
INCOME
Rent Receivable943,420944,269−849On track
Electricity Recovery OUTPERFORMER555,369550,000+5,369+1.0%
Rates Recovery43,14044,990−1,850−4.1%
Water Recovery39,27132,400+6,871+21.2%
Refuse Recovery35,93438,086−2,152−5.6%
Security Recovery28,81726,648+2,169+8.1%
Sewerage Recovery12,9419,225+3,716+40.3%
Interest on Arrears ARREAR INDICATOR9,7995,000+4,799+96%
Total Income1,668,6911,650,618+18,073+1.1%
EXPENDITURE
Electricity Cost462,535500,000+37,465Solar saving
Electricity Savings (Solar) NEW25,0000+25,000Credit entry
Accounting Fees79,66179,661—On track
Admin & Management Fees122,21360,762−61,451▲ OVER BUDGET
Rates (Municipal)79,12879,128—On track
Repairs & Maintenance21,64825,000+3,352Under budget
Security30,49830,500+2On track
Cleaning30,03137,000+6,969Under budget
Water37,41636,000−1,416Minor
Refuse39,52840,090+562On track
Salaries12,62513,000+375On track
Sewerage10,21910,250+31On track
Depreciation25,71225,712—Fixed
Insurance15,68515,685—Fixed
Audit Fees10,37510,375—Fixed
Metering Charges4,5904,590—On track
Total Expenditure1,012,6111,009,503−3,108−0.3%
Net Income Before Interest656,081641,115+14,966+2.3% vs budget
Interest Received — Investments3,6950+3,695
Interest Received — Loans (Bluff Retail)16,19114,969+1,222
Interest Paid — Bond875900+25
Interest Paid — Valgro Loan44,47145,000+529
Fair Value Adjustments (listed shares)227,1510+227,151Non-cash
Net Profit After Interest (GBFH)403,470655,684−252,214Divs budget removed
Admin & Management Fees R122,213 vs budget R60,762: The overrun reflects MaxProp quarterly management fees (R80,894 monthly charge) and Investec broker/trustee fees. This is a known feature — the budget understates actual management fee run-rate. FVA of R227,151 is non-cash mark-to-market on listed shares. · Net profit below budget primarily because budget included dividend income that is not an operating item.
GBFT & GBCT · March 2025 Snapshots
Both entities — M01 actual · Source: Tome & Associates
GBFT — Garvin Bernstein Family Trust · March 2025
BALANCE SHEET
Investment in GBFH (group co. loan)R 14,049,420
Tapa Property Holdings (Pty) LtdR 23,640,956
Listed Shares (Investec Wealth) JSER 9,876,920
Aldaveen InvestmentsR 900,040
Prophold 102 LimitedR 346,446
The Major Investment Trust (net)−R 65,758
Unrealised Gains (Investec)R 198,593
Cash (3 accounts + Nedbank)R 158,726
Beneficiary Loan (JB Gamsu)R 50,000
Total Liabilities (creditors + audit prov)−R 134,063
Net EquityR 49,021,279
INCOME STATEMENT (MARCH 2025)
Dividends — Tapa Property HoldingsR 258,000
Interest received (Aldaveen/Tapa/bank)R 23,616
REIT Dividends (local) — 3 holdingsR 9,816
Foreign Dividends (BHP/Bidvest/Shoprite)R 11,686
Profit on Listed Investments (FVA)R 116,318
Total Expenses (fees + audit + bank)−R 38,980
Net Profit March 2025R 380,456
GBCT — Charitable Trust · March 2025
Listed Shares (12 SA REITs)R 1,173,713
Cash (Standard Bank + Investec)R 28,061
Loan from GBFH (liability) INTEREST-FREE RISK−R 1,000,000
Other liabilities (creditors + audit prov)−R 25,723
Net EquityR 176,051
Interest ReceivedR 236
Fair Value Loss — REIT portfolio−R 29,879
Total Expenses (fees + audit + donations)−R 8,277
Donation — Durban Child Youth Care−R 2,000
Net Loss March 2025−R 37,920
GBCT REIT portfolio had a FVA loss of R29,879 in March 2025. This is unrealised — portfolio total R1.174M vs Feb 2025 close R1.204M. Monitor; portfolio held for long-term income not capital.
Intercompany Positions · March 2025
GBFT loan to GBFH (Group Co. Loans)R 14,045,420
GBFH investment in GBFT (shares)R 4,000
GBCT loan from GBFH (in GBFH books as current asset)R 1,000,000
Valgro Investments — GBFH call accountR 4,346,038
GBFT advanced R250,000 to GBFH in March (interest on Valgro transferred). Valgro call account reduced R2.25M in March via repayments. Net intercompany flow: GBFH borrowed from both GBFT and Valgro during the year.
March 2025 (M01) vs February 2026 (M12) · Opening vs Closing
FY2026 bookend comparison · All values in ZAR millions
FY2026 Opening (Mar 2025) vs Closing (Feb 2026) Full year movement in key metrics
MetricMar 2025 (M01)Feb 2026 (M12)FY2026 Change% Change
EQUITY & NET WORTH
GBFH Net Equity119,171,668126,470,000+7,298,332+6.1%
GBFT Net Equity49,021,27951,230,000+2,208,721+4.5%
GBCT Net Equity176,051620,000+443,949+252%
Combined Net Equity168,368,998178,320,000+9,951,002+5.9%
ASSETS
GBFH Total Assets156,185,721180,780,737+24,595,016+15.7%
GBFT Total Assets49,155,34254,160,000+5,004,658+10.2%
GBFH Listed Shares8,441,68011,740,000+3,298,320+39.1%
GBFT Listed Portfolio9,876,92012,712,315+2,835,395+28.7%
BLUFF SC INCOME (MONTHLY)
Bluff SC Revenue1,668,6911,870,231+201,540+12.1%
Bluff SC NOI (Net Operating Income)656,081834,015+177,934+27.1%
Electricity Recovery555,369679,032+123,663+22.3%
LOAN BOOK
Valgro Call Account4,346,03811,969,807+7,623,769+175%
Bluff Retail Loan1,454,1041,249,304−204,800−14.1%
Note: Valgro call account grew significantly during FY2026 from R4.35M to R11.97M following new advances to Dumbass / Valgro during the year. This explains the R24.6M increase in GBFH total assets. GBFH listed shares grew R3.3M (+39%) driven by JSE REIT recovery. Bluff SC monthly NOI grew 27.1% over the full year period — a strong operating result.
March 2026 · M13 Actuals · FY2027 Opening Position
Verified from Tome & Associates management accounts · 31/03/2026 · All values ZAR
Combined Net Equity · 31/03/26
R 178.85M
vs R178.32M at Feb 2026 · +R533K growth in March
Combined Total Assets · 31/03/26
R 234.33M
vs R236.57M at Feb 2026 · -R2.24M (REIT portfolio decline)
GBFH Net Equity · 31/03/26
R 126.90M
Net Profit March: R695,538
GBFT Net Equity · 31/03/26
R 51.53M
Net Profit March: R297,413 · JB Gamsu distributions: R200K
⚠️ Items Requiring Attention
🔴 HIGH PRIORITY · Bluff SC Debtors
R 3,016,848
Was R92,025 in March 2025 — a 33× increase. March 2026 billing of R2,152,499 was raised but only R1,621,762 collected. Outstanding debtor book is elevated. Confirm with Maxprop whether this is a collection timing issue or genuine tenant credit risk. Review debtor aging urgently.
🟡 TREASURY · Bond Negative Carry
-R840K/yr drag
Investec Bond R17M @ 9.75% costs R1.66M/yr. Valgro call account R12M @ 6.8% earns R816K/yr. Net negative carry ~R840K/yr. Bond balance growing — no repayments scheduled. Evaluate Valgro rate renegotiation or partial bond repayment.
🟡 REIT PORTFOLIO · Market Correction
-R2.86M in March
GBFH listed shares -R1.36M, GBFT -R1.32M, GBCT REITs -R186K. SA REIT sector under pressure in March 2026. All are unrealised FVA losses. Monitor — portfolios remain diversified and income-generating. Hold positions unless fundamentals change.
🔴 GBCT · Near-Insolvent Position
R426,707 equity
GBCT total liabilities R1,025,765 exceed equity R426,707 by R599,058. The R1M from GBFH is unconditional permanent seed capital — not a callable loan. It is the charitable trust's permanent foundation funding and will never be required for repayment. GBCT requires REIT portfolio recovery to rebuild equity above this base.
ℹ️ CONFIRM · AvdV Accounting Fees
R63,000 · March
A van der Veen payment of R63,000 on 20/03/26 inflates March accounting fees to R83,841. Confirm: is this a monthly retainer, quarterly fee, or annual/ad-hoc payment? FY2027 budget shows R756K p.a. for AvdV = R63K/month (so likely monthly).
ℹ️ CONFIRMED · Distribution Schedule
JG monthly R200K · MR half & full year
Joel Gamsu (JG): Monthly distributions of R200K from GBFT/GBFH. Mark Gamsu (MR): Distributions at half-year and full-year intervals — not monthly. Both are 50/50 beneficiaries. Distribution timing differs by design; total annual entitlements are equalised across both beneficiaries over the full year.
GBFH · Balance Sheet · 31 March 2026
Source: Tome & Associates · Verified against trial balance
Assets
FIXED ASSETS
Land & Buildings — Bluff SCR 72,050,000
Other Fixed Assets (solar net)R 3,971,172
IT Equipment + Motor VehiclesR 226,419
Total Fixed AssetsR 76,247,592
INVESTMENTS
Listed Shares (JSE REIT portfolio) -R1.36M MarR 10,384,147
Valgro Investments (equity 40%)R 42,467,387
117 Old Main Rd — Midway Place BRENNTAGR 5,250,020
Dumbass (Pty) LtdR 2,830,119
Genna-Wae PropertiesR 5,071,012
Mpinvestone InvestmentsR 7,182,592
Aldaveen + Patamar + 108 Old MainR 6,020,307
Prophold 102 + Mpinvestthree (minor)R 146,803
Total InvestmentsR 79,352,387
CURRENT ASSETS
Valgro Call Account GBFH LENDS TO VALGROR 12,140,088
Bluff SC Debtors ⚠️ ELEVATEDR 3,016,848
Sundry Debtors (electricity recovery)R 653,566
Deposits (utility)R 2,306,903
Tax Control — SARS RefundR 3,374,867
Bluff Retail Loan (12.25%)R 1,262,302
GBCT Loan (interest-free)R 1,000,000
Prepaid Insurance + OtherR 309,392
Standard Bank + Investec cashR 149,689
TOTAL ASSETSR 179,813,634
Liabilities
NON-CURRENT LIABILITIES
Investec Bond @ 9.75% GBFH OWES INVESTECR 17,015,905
Deferred Taxation NON-CASHR 15,300,190
Total Non-Current LiabilitiesR 32,316,095
CURRENT LIABILITIES
GBFT Group Loan GBFH OWES GBFTR 15,945,420
Unrealised Gain — Investec portfolioR 1,751,556
Sundry CreditorsR 1,310,748
Tenant Deposits — Bluff SCR 1,254,202
Provision for Audit FeesR 253,020
VAT ControlR 83,016
Total Current LiabilitiesR 20,597,962
TOTAL LIABILITIESR 52,914,057
Share Capital + ReservesR 53,857,316
Retained Income (opening 01/03/26)R 72,346,723
Net Profit March 2026R 695,538
NET EQUITYR 126,899,577
Excl. deferred tax R15.3M (non-cash): adjusted equity R142.20M. Retained income opening R72.35M vs R64.91M (March 2025) = +R7.43M FY2026 earnings retained.
Treasury Structure — Investec Bond & Valgro
GBFH previously paid down the Investec Bond to ~R97K (nearly zero). Investec required the facility to be utilised. GBFH redrawn R17M from the bond and deposited this into the Valgro call account (GBFH now lends to Valgro).
GBFH PAYS
9.75% on R17.02M
= R1.66M/year
Investec Bond interest
GBFH EARNS
6.8% on R12.14M
= R825K/year
Valgro call account
Net carry cost: ~R840K/year. Bond balance growing (interest capitalising). Consider Valgro rate review or partial bond repayment strategy.
GBFH Income Statement · March 2026
Rental Income — Bluff SCR 1,000,024
Electricity Recovery (+17.7% YoY)R 653,566
Rates + Refuse + Water + SewerageR 183,787
Security + Interest on ArrearsR 51,913
Interest on Loans (Valgro + Bluff Retail)R 83,372
REIT Dividends + Bank InterestR 17,742
Total IncomeR 1,950,574
Total Operating ExpensesR 1,255,036
Incl. Bond Interest (9.75%)R 140,269
Incl. Accounting Fees (AvdV R63K)R 83,841
Net Profit March 2026R 695,538
Bluff SC rent +5.9% YoY (R1,000,024 vs R943,420). Electricity recovery +17.7%. NOI est. R760,234 (+15.9% vs March 2025 R656,081).
GBFT & GBCT · March 2026 Snapshots
GBFT — March 2026 · M13
GBFH Loan (earns interest from GBFH)R 15,945,420
Tapa Property Holdings (Pty) LtdR 24,066,258
Listed Shares (Investec) -R1.32M MarR 11,396,327
Aldaveen + Prophold 102R 1,246,486
The Major Investment Trust (loan)−R 65,758
Investec Unrealised Gains (liability)−R 1,411,006
Cash (4 accounts)R 272,542
JB Gamsu Beneficiary LoanR 200,000 +R150K Mar
Net EquityR 51,526,856
Total Assets: R 53,065,274 · Total Liabilities: R 1,538,418
MARCH 2026 INCOME
Tapa dividends (cash)R 270,000
Other dividends (net of div tax)R 315,708
Foreign dividends netR 16,071
Tapa interestR 23,000
Total Expenses−R 48,873
Net ProfitR 297,413
GBCT — March 2026 · M13
Listed REITs (13 SA REITs)R 1,434,427 -R185,868
Cash (Standard Bank + Investec)R 18,045
GBFH Loan (liability — interest-free)−R 1,000,000
Sundry creditors + audit provision−R 25,765
Net EquityR 426,707
Total Assets: R 1,452,472 · Total Liabilities: R 1,025,765
FVA Loss on REIT portfolio−R 185,868
REIT Dividends (Attacq only)R 2,102
Donation — Hatzolah−R 1,800
Net Loss March 2026−R 193,115
Excluding the R1M permanent seed capital (unconditional, never callable), GBCT net position is R426,707 — fully solvent. This is patient funding — no call risk. REIT portfolio needs recovery of R574K to restore positive net position excluding the GBFH loan.
Year-on-Year Comparison · March
Metric Mar 2025 Mar 2026 Change
Bluff SC Rent943,4201,000,024+6.0%
Electricity Recovery555,369653,566+17.7%
GBFH Net Equity119.17M126.90M+6.5%
GBFT Net Equity49.02M51.53M+5.1%
GBFT Listed Shares9.88M11.40M+15.4%
Bluff SC Debtors92,0253,016,84833×
Investec Bond96,71317,015,905Redrawn
GBFH Net Profit403,470695,538+72.4%
FY2027 Budget · 1 March 2026 to 28 February 2027
Source: Budget_GBFH_2027_FINAL.xlsx · Prepared by AvdV · Verified April 2026
Bluff SC Revenue Budget FY2027
R 19.42M
vs FY2026 actual R20.52M · Budget is conservative
Note: FY2026 outperformed at R20.52M
Bluff SC NOI (Net Operating Income) Budget FY2027
R 7.55M
vs FY2026 actual R7.84M · 38.9% NOI margin on budget
Strong operating margin maintained
Investec Bond Interest FY2027
R 1.73M
9.75% on R17M growing balance · Full year drag
Balance grows to R18.74M by Feb 2027
Valgro Interest Income FY2027
R 994,707
6.8% on R12.14M growing to R12.70M · Net negative carry
R840K annual net carry cost (bond vs Valgro)
Combined Total Income Budget
R 27.36M
Bluff SC R19.42M + GBFT R2.54M + Investments R5.39M
Full consolidated budget
Combined NOI Budget FY2027
R 13.73M
Before interest on bond + tax provision
vs FY2026 actual ~R11M — target stretch
Net Income (post tax & interest)
R 10.39M
After bond interest R1.73M + taxation R2.60M
FY2027 target net income
GBFT Budget (dividends + interest)
R 2.25M
Tapa dividends R1.70M + Aldaveen R160K + listed R390K
Net of fees and tax
GBFH Consolidated · FY2027 Budget Detail
Income Statement Budget — Full Year FY2027 Source: Budget_GBFH_2027_FINAL.xlsx · Consolidated sheet · ZAR
Line ItemFY2027 BudgetFY2026 ActualVarianceNote
BLUFF SC REVENUE
Rent Receivable12,108,38112,160,000−51,619Stable · slight conservatism
Electricity Recovery5,116,8007,926,388−2,809,588⚠️ Budget significantly below FY2026
Rates + Refuse + Water + Sewerage1,673,9441,840,000−166,056eThekwini escalation factored
Security Recovery342,210340,000+2,210On track
Interest on Arrears180,000179,635+365Arrears remain elevated
Total Bluff SC Revenue19,421,33520,520,252−1,098,917Budget below FY2026 actual
INVESTMENT INCOME
Dividends (all entities)5,426,3174,450,000+976,317Includes Valgro R2M
Interest — Investments & Loans1,615,3621,320,000+295,362Valgro + Bluff Retail + other
REIT + Local + Foreign Dividends894,000870,000+24,000Avg estimate
Total Investment Income7,935,6796,640,000+1,295,679Higher dividend assumptions
TOTAL INCOME27,357,01327,160,000+197,013
KEY EXPENSES
Electricity Cost6,240,0006,360,000+120,000Slight improvement
Electricity Solar Savings300,000300,000—R25K/month confirmed
Accounting Fees (Tome + AvdV)1,089,084960,000−129,084AvdV R756K/yr confirmed monthly
Management Fees (Maxprop + Investec)781,226670,000−111,226Maxprop escalation
Repairs & Maintenance600,000520,000−80,000Generator + waterproofing work
Security402,600366,000−36,600Sword & Shield new provider
Rates (eThekwini)1,053,6301,006,000−47,630Municipal escalation
Total Expenses13,629,97913,000,000−629,979Cost creep — monitor monthly
Combined NOI13,727,03411,700,000+2,027,034Higher investment income drives this
Bond Interest (9.75%)1,734,2841,000,000−734,284⚠️ Full year of R17M bond cost
Valgro Interest Income994,707800,000+194,707Growing balance at 6.8%
Taxation (GBFH + GBFT)2,599,5032,200,000−399,503Higher income = higher tax
Net Income (post tax & bond)10,387,9549,800,000+587,954Target FY2027 return
Electricity recovery budget (R5.12M) is significantly below FY2026 actual (R7.93M). This requires clarification — if eThekwini tariffs continue escalating, actual electricity revenue should exceed budget, as it has in prior years. · AvdV accounting fees at R63K/month = R756K/year now confirmed as a regular monthly cost. · Bond interest will grow as the balance compounds — no capital repayments scheduled in this budget.
FY2027 Monthly Budget — Income vs Expenses
R millions · March 2026 through February 2027 · From budget XLSX
Bluff SC Revenue — FY2027 Monthly Budget
12-month NOI budget trajectory · ZAR thousands
Loan Book — Interest Rate Comparison FY2027
Rate vs balance · All intercompany and third-party loans
Budget Assumptions & Flags
⚠️ Electricity Recovery Understated?
Budget: R5.12M. FY2026 actual: R7.93M. The budget may be intentionally conservative on electricity (possibly expecting an eThekwini metering or billing change), or the recovery formula changed. Clarify with AvdV before using this figure for investment return projections.
🟡 Bond Repayment · Interest Only for Now
Current policy: minimum monthly payments covering interest only (approximately R140K/month at 9.75%). No principal reduction scheduled. Bond balance will grow from R17.01M to ~R18.74M by Feb 2027. Repayment strategy to be confirmed with AvdV — flagged in Questions tab for review. SARS refund R3.37M could partially reduce principal when received.
✅ Valgro Dividend Budget R2M
The investment income budget includes R2M in Valgro dividends (from the 40% equity stake). This is the key upside driver vs prior years. Confirm Valgro is projecting R5M+ in dividends to support GBFH's R2M share (40%).
ℹ️ Dec 2026 NOI Spike — R3.5M
December 2026 shows R3.5M NOI in the budget — driven by a large dividend payment scheduled from investment vehicles. Confirm the source — appears to be an Aldaveen or Mpinvestone distribution scheduled for December quarter.
ℹ️ Aug 2026 Negative Net Income
August 2026 shows budgeted net income of −R108K, driven by a bi-annual provisional tax payment of R1.3M. Ensure sufficient cash reserve is maintained — Valgro call account provides adequate buffer.
✅ Bluff SC Rent Growth Solid
Rent budget grows from R1,000,024/month (March 2026) to R1,045,830/month (Feb 2027) — a 4.6% annual escalation. Lease escalation clauses appear to be tracking CPI. Strong foundation for ongoing NOI growth.
Performance Analytics · CAGR & Year-on-Year Comparison
Based on verified management accounts · Mar 2024 opening → Mar 2025 → Feb 2026 · Prepared April 2025
Combined Net Worth CAGR (2-Year)
7.0% p.a.
R155.9M (Mar 24) → R178.3M (Feb 26) · 2-year CAGR
R22.4M total gain in 24 months
GBFH Equity CAGR (2-Year)
6.9% p.a.
R110.7M (Mar 24) → R126.5M (Feb 26)
+R15.8M net equity growth
GBFT Equity CAGR (2-Year)
6.5% p.a.
R45.2M (Mar 24) → R51.2M (Feb 26)
+R6.0M trust equity growth
GBFH Listed Shares YoY
+39.1%
R8.44M (Mar 2025) → R11.74M (Feb 2026)
JSE REIT & equity recovery
Bluff SC Revenue · M01 vs Budget
+1.1%
R1.669M actual vs R1.651M budget in March 2025
Annualised run-rate: R20.0M
GBFH Net Profit YoY (March)
+11.9%
March 2024: R360,498 → March 2025: R403,470
+R42,972 month-on-month YoY
GBFH Retained Income Growth (FY2025)
+R8.07M
Opening R56.84M (Mar 24) → R64.91M (Mar 25)
+14.2% full-year growth in retained earnings
GBFT Surplus Growth (FY2025)
+R3.44M
Accumulated surplus R28.91M (Mar 24) → R32.35M (Mar 25)
+11.9% YoY growth in trust surplus
Net Worth Trajectory · 3-Period Comparison
Mar 2024 opening → Mar 2025 actual → Feb 2026 actual · R millions
Family Office Net Equity — 3-Point Trajectory
R millions · Opening Mar 2024 · M01 Mar 2025 actual · M12 Feb 2026 actual · 2-Year CAGR 7.0% p.a.
GBFH GBFT Combined
Bluff SC · March 2025 vs Budget — Revenue Breakdown
March 2025 actual vs budget · ZAR thousands · Revenue lines only
Listed Share Portfolios · Mar 2025 vs Feb 2026
GBFH + GBFT + GBCT combined listed equity · ZAR millions · Strong REIT recovery through FY2026
CAGR & Performance Summary Table
Calculated from verified management accounts · Assumptions stated
Performance Metrics — Comprehensive Summary Assumptions: Mar 2024 opening = retained income opening balance per trial balance · Feb 2026 closing = existing FY2026 dashboard actuals
MetricMar 2024 (Base)Mar 2025 (M01)Feb 2026 (Close)1-Yr YoY2-Yr CAGR
EQUITY / NET WORTH
GBFH Net Equity R 110.70MR 119.17MR 126.47M +7.7%+6.9% p.a.
GBFT Net Equity R 45.20MR 49.02MR 51.23M +8.5%+6.5% p.a.
GBCT Net Equity R 0.10MR 0.18MR 0.62M +80%+149% p.a.
Combined Net Equity R 155.90MR 168.37MR 178.32M +8.0%+7.0% p.a.
RETAINED EARNINGS / SURPLUS GROWTH
GBFH Retained Income (opening) R 56.84MR 64.91M— +14.2%FY2025 total earnings
GBFT Accumulated Surplus (opening) R 28.91MR 32.35M— +11.9%FY2025 total earnings
BLUFF SC MONTHLY INCOME (MARCH SNAPSHOT)
Monthly Revenue (March) ~R 1.609MR 1.669MR 1.870M +3.7%+7.8% p.a.
Net Profit (March) R 0.360MR 0.403MR 0.403M +11.9%includes FVA
Electricity Recovery (March) ~R 0.500MR 0.555MR 0.679M +11.1%+16.4% p.a.
LISTED SHARE PORTFOLIOS
GBFH Listed Shares ~R 8.0M est.R 8.44MR 11.74M +5.5%+21.3% p.a. M01→M12
GBFT Listed Portfolio ~R 8.5M est.R 9.88MR 12.71M +16.2%+28.7% M01→M12
GBCT REIT Portfolio ~R 1.00M est.R 1.17MR 1.62M +17.0%+38.1% M01→M12
LOAN BOOK
Valgro Call Account ~R 6.5MR 4.35MR 11.97M −33.1%Grew to R11.97M FY2026
Bluff Retail Loan ~R 1.74MR 1.454MR 1.249M −16.5%Repayments on plan
CAGR calculations: CAGR = (End Value / Start Value)^(1/n) − 1 where n = number of years. 2-year period = 01/03/2024 to 28/02/2026. 1-year YoY = 01/03/2024 opening to 31/03/2025. · Mar 2024 base figures derived from retained income / accumulated surplus opening balances per March 2025 trial balance "Last Year" column. · GBCT base values are estimates given small scale. · Listed share Mar 2024 estimates are approximations. · Bluff SC March 2024 revenue derived from trial balance comparative month figures.
Income · Yield · Asset Allocation
Key financial metrics visualised across FY2025 and FY2026
Annual Income by Source — FY2026 Full Year
ZAR millions · All income streams · GBFH + GBFT combined
Combined Asset Allocation — Feb 2026
R236.57M total assets · By category across GBFH + GBFT + GBCT
Yield Comparison — Key Income Assets
Annualised gross yield on capital deployed · FY2026
2-Year CAGR by Entity
Mar 2024 → Feb 2026 · % p.a. equity growth
Bluff SC — NOI (Net Operating Income) Monthly Run-Rate
Net income before interest · Mar 2025 to Feb 2026 · ZAR thousands
Family Office Net Worth Waterfall — Mar 2024 to Feb 2026
Combined equity movement · R millions · Opening R155.9M → Closing R178.3M · 2-Year gain R22.4M
Notable Performance Observations
01 · EQUITY GROWTH EXCEEDS INFLATION
Combined net worth CAGR of 7.0% p.a. over two years (Mar 2024–Feb 2026) outperforms South African CPI (approximately 4.5–5.5% over same period). Real wealth growth is positive. GBFH's 6.9% CAGR reflects both operating income from Bluff SC and fair value appreciation on the investment portfolio.
02 · ELECTRICITY RECOVERY OUTPERFORMING
Electricity recovery grew +11.1% YoY in March 2025 (R500K → R555K). This reflects eThekwini tariff increases being passed through to tenants. FY2026 electricity net surplus was R1.10M — the solar installation contributes R25K/month (R300K/year) as an additional credit. At the full FY2026 rate, electricity has become a meaningful income driver.
03 · VALGRO LOAN SIGNIFICANTLY REDUCED
The Valgro call account was reduced by R2.25M in March 2025 alone (from R6.55M to R4.35M), indicating substantial capital returned. This reduces GBFH's interest cost and improves the intercompany balance sheet. However, by FY2026 close the balance had grown to R11.97M — new advances during FY2026 more than replaced the March 2025 repayment.
04 · ADMIN FEES BUDGET UNDERSTATED
March 2025 admin & management fees of R122,213 vs budget of R60,762 is a +R61,451 overrun and a consistent pattern. MaxProp quarterly billing in the same month inflates the number. The FY2026 full-year management fees of R673,638 vs budget R726,499 came in under budget — suggesting the quarterly phasing creates monthly noise but the annual figure is well-managed.
05 · GBFT LISTED PORTFOLIO STRONG
GBFT's listed share portfolio grew from R9.88M (Mar 25) to R12.71M (Feb 26) — a R2.83M or +28.7% gain in 11 months. This was driven by commodity stocks (Anglogold, BHP, Northam) recovering strongly alongside banking stocks (Standard Bank, FirstRand). Naspers declined but was offset. Combined listed equity grew 33.8% across all three entities.
06 · INTEREST ON ARREARS ELEVATED
Interest on arrears was R9,799 in March 2025 vs budget R5,000 (+96%). This is a persistent stress indicator — the March 2024 actual was also elevated (R8,625). At the FY2026 full-year level, arrears interest reached R179,635 vs budget R60,000 (+199%). While positive for income, this signals tenant financial stress in the Bluff SC tenant base. Review debtor aging urgently.
Questions & Items for Confirmation
Compiled from March 2026 accounts review · To be discussed with AvdV and Allan van der Veen (AvdV) (Maxprop) · Updated April 2026
2
Urgent · Active
4
Important · Confirm
3
Noted · No Action
Urgent — needs immediate response
Important — confirm before next reporting period
Planning — input needed for FY2027 strategy
Confirmed / Resolved
A · Financial & Accounting — AvdV
# Priority Question / Item Context
A1 URGENT
Bluff SC Debtors — R3,016,848 at March 2026
Debtor balance was R92,025 at March 2025 and R2,486,111 at opening of March 2026. R2.15M billed in March, R1.62M collected — leaving R3.02M outstanding. Which tenants are in arrears and by how much? Is this a collection timing issue (post-month-end collections) or a genuine credit risk? Request a debtor aging report from Maxprop.
 GBFH Balance Sheet · 31/03/26 · Account 8100/000
A2 URGENT
SARS Tax Control Account — R3,374,867 refund
SARS owes GBFH R3,374,867 (shown as debit/asset in trial balance). Balance unchanged from Feb 2026. At the Valgro call account rate of 6.8%, this represents R19,044/month in foregone interest. Has a refund been lodged with SARS? What is the expected recovery timeline? Can we expedite via a SARS audit or efiling query?
 GBFH Balance Sheet · Account 9600/000 · Unchanged since M12
A3 IMPORTANT
Investec Bond — Repayment Strategy
Currently paying interest only (~R140K/month at 9.75%). Bond balance will grow from R17.02M to ~R18.74M by Feb 2027 with no principal reduction. The bond was redrawn at Investec's request after GBFH had paid it down to R97K. What is the agreed structure — is this a revolving facility or a term loan? Is there a minimum repayment obligation? Once the SARS refund (R3.37M) is received, should a lump sum be applied to reduce the bond?
 GBFH · Investec Bond 214662 · R17.02M @ 9.75%
A4 IMPORTANT
FY2027 Electricity Recovery Budget — R5.12M vs FY2026 Actual R7.93M
The FY2027 electricity recovery budget of R5.12M is R2.81M (35%) below the FY2026 actual. eThekwini tariff increases have consistently pushed electricity revenue higher. Is this a deliberate conservative assumption, a billing methodology change, or a data error in the budget? If the actual tracks closer to FY2026, the upside is ~R2.8M which would significantly improve the NOI result vs budget.
 FY2027 Budget · Bluff SC Sheet · Electricity Recovery line
A5 IMPORTANT
Valgro Dividend — R2M Budget Assumption
The FY2027 budget includes R2M in Valgro dividends for GBFH (representing 40% of Valgro's implied R5M total dividend). Has Valgro confirmed this distribution? What is Valgro's underlying cash position and investment performance to support this payout? This is the largest single variable in the GBFH investment income budget.
 FY2027 Budget · INV sheet · Valgro Dividends R2,000,000
A6 IMPORTANT
December 2026 Income Spike — R3.5M NOI
The FY2027 cash flow budget shows R3.5M NOI for December 2026, significantly above the R1M average monthly run-rate. This appears to be driven by a large scheduled dividend payment. Which entity is paying the December dividend — Aldaveen, Mpinvestone, or another investment vehicle? Is this a regular pattern or a one-off distribution?
 FY2027 Cash Flow Budget · Dec 2026 column · Dividends line R2.65M
B · Property Management — Maxprop / Bluff SC
# Priority Question / Item Context
B1 IN HAND
Bluff SC Debtor — Spar (Largest Tenant) TENANT STRESS
The R3.02M debtor balance at March 2026 is linked to Spar — the anchor tenant at Bluff SC. This is in hand with Maxprop. Spar's financial health is critical to the centre's income stability. Continue monitoring monthly alongside interest-on-arrears trend. Ensure any agreed payment arrangement is documented and being honoured.
 Bluff SC · Debtors R3,016,848 · Being managed
B2 IN HAND
Interest on Arrears — Tenant Stress Indicators
Directly linked to B1 (Spar). Arrears interest of R23,134/month in March 2026 — up from R9,799 in March 2025 — confirms the Spar credit position is the primary driver. The sustained interest-on-arrears income (R179K in FY2026 vs R60K budget) is a recurring early-warning signal of anchor tenant stress. Escalate if arrears exceed 60 days without a payment plan.
 GBFH · Account 1500/200 · In hand with B1
B3 NOTED
Data Feed Integration — Maxprop Platform
Why flagged: Flagged as a natural next step for the dashboard platform, given Maxprop manages Bluff SC and Allan van der Veen (AvdV) is the business partner.
Closed: Removed from this section. Discussions are wider than just GBFO — engaging the broader Maxprop team (per email threads). Will be progressed separately.
 Platform roadmap · Wider Maxprop engagement · Separate workstream
B4 NOTED
Security Contract — Sword & Shield (New Provider March 2026)
Why flagged: First appearance of Sword & Shield in the GBFH ledger was March 2026 (R37,500). This is a new vendor, representing R402,600/year. Standard governance practice requires confirming any new material contract — its terms, cancellation clause, service level, and whether it was properly procured. The flag exists because it is a change from the prior provider without prior visibility in the accounts.
Closed: Noted and accepted. If the service and rate are satisfactory, no further action. Worth confirming the contract is signed and on file with Maxprop.
 GBFH Ledger · Sword & Shield BC-74 · New from March 2026
B5 NOTED
Per-Property Performance Data — Bluff SC & Midway Place
Why flagged: Flagged as a key data requirement for the property performance module of the dashboard platform.
Closed: Removed from this section. Covered under the wider Maxprop platform discussions. Will be incorporated once Phase 2 data spec is agreed.
 Platform roadmap · Wider Maxprop engagement · B3 workstream
C · Structural & Governance Actions
# Priority Item Context
C1 IMPORTANT
Updated Property Valuations — Portfolio Wide REQUIRED
Independent formal valuations are required across the full GBFH property portfolio. The Bluff SC is carried at cost (R72,050,000) — last formally valued for acquisition. Given material capital improvements (solar installation, R&M programme), NOI growth of ~15% since acquisition, and current market conditions, the fair value is likely materially higher than book value. This directly affects: (1) net worth reporting accuracy, (2) LTV calculations for the Investec Bond facility, (3) deferred tax provisioning.

Properties requiring updated valuations:
  • Bluff Shopping Centre — book R72.05M. At 10.9% NOI yield, current NOI of R7.84M implies market value of ~R71.9M–R85M depending on capitalisation rate. Formal valuation by a registered property valuer required.
  • 117 Old Main Road (Midway Place / Brenntag) — book R5.25M. Sole tenant Brenntag SA — confirm current lease terms, expiry date, and market rent. Value should reflect current cap rate for industrial single-tenant.
  • Syndicated investments (Valgro, Dumbass, Genna-Wae, Mpinvestone) — all carried at cost or initial investment value. Obtain updated net asset values from each entity to confirm if carrying values are still appropriate.
Action: Instruct AvdV to commission formal valuations — at minimum Bluff SC and 117 Old Main Road. Target completion before FY2027 Q2 close.
 GBFH Balance Sheet · Land & Buildings R72.05M · Investments R79.35M · Last valued at acquisition
C2 PLANNING
Updated Group Structure Diagram — All Entities & Relationships REQUIRED
The current Structure tab shows the group organogram as at inception. Several changes need to be documented and reflected:

Known updates required:
  • Loan flow direction between entities now clarified — GBFH borrows from GBFT (R15.9M), GBFH lends to Valgro (R12.1M call account). Update with annotated loan amounts and interest rates.
  • Investec Bond position — R17M @ 9.75% — shown as a formal debt node.
  • GBCT seed capital (R1M from GBFH) — shown as permanent equity contribution, not a loan.
  • 117 Old Main Road (Midway Place) via Dumbass (Pty) Ltd — confirm ownership chain: GBFH → 40% Dumbass → 40% Valgro → 117 Old Main Road. Is the full investment structure current?
  • Beneficiary distribution flows: JG monthly R200K, MR half-year and full-year — show on structure diagram.
  • Any new entities added during FY2026/FY2027 — confirm no new SPVs or JV vehicles created.
Action: AvdV to provide updated group structure chart and confirm all entity relationships, shareholding percentages, and loan directions are current. Dashboard Structure tab to be updated once confirmed.
 GBFH + GBFT + GBCT · All entities · Shareholding, loans, beneficiary flows · Structure tab
D · Digital Platform Roadmap
Vision: automated monthly ingestion · per-property tracking · beneficiary reporting · investment analytics
PHASE 1 · Now — Foundation (this dashboard)
  • Manual monthly ingestion from Tome & Associates PDF packs
  • 3-entity combined view (GBFH, GBFT, GBCT)
  • Balance sheet, income statement, NOI, portfolio analytics
  • Beneficiary distribution tracking
  • Budget vs actual comparison (FY2027)
  • Advisory and questions framework
Status: LIVE — v15
PHASE 2 · Q3 2026 — Maxprop Integration
  • Automated monthly Maxprop data feed (API or secure file drop)
  • Per-property dashboard: Bluff SC + 117 Old Main Road
  • Tenant-level income tracking (anonymised or permissioned)
  • Vacancy rate and lease expiry timeline
  • Debtor aging alerts — automatic flag when >30 days
  • Maintenance work order tracking and capex pipeline
Status: PENDING — awaiting Maxprop data spec from Allan
PHASE 3 · Q1 2027 — Full Automation
  • Automated PDF ingestion from Tome & Associates monthly packs (secure file store)
  • AI-assisted variance analysis and commentary
  • Email digest to JG + MR on monthly close
  • Real-time Investec portfolio integration (listed shares)
  • FY2027 actuals vs budget live dashboard
  • Loan book management and interest rate scenario modelling
Status: ROADMAP — subject to Phase 2 data availability
KEY DATA SETS REQUESTED (from Maxprop emails)
  • Monthly management pack — income statement, trial balance, tenant ledger
  • Rental roll — tenant name, unit, GLA m², monthly rental, escalation date, lease expiry
  • Utility billing detail — electricity recovery per tenant, eThekwini invoices
  • Debtor aging — monthly snapshot in structured format (CSV or JSON preferred)
  • Maintenance register — open/closed work orders, capex vs opex split
  • Vacancy report — current vacancies, available GLA, prospective tenants
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