FY2027 · 01 MAR 2026 – 28 FEB 2027 M03 MAY 2026 LOADED v20 · MAY 2026 ACTUALS
GBFH
GBFT
GBCT
Consolidated
MAR 25
MAY 26
FY27 BUDGET
PERFORMANCE
STRUCTURE
NAV & CAP
ADVISORY
GROWTH
QUESTIONS ✓
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 11.41M
Valgro call/loan · drawn down R0.80M over Mar–May
Distinct from R42.47M Valgro equity investment
GBFH Net Worth
R 135.36M
Total assets R 179.78M · Liabilities R 44.42M · 31 May 2026
Before unbooked 2025/26 income tax
Investment Portfolio
R 79.79M
Listed shares R 10.82M + Syndications R 68.97M
Largest: Valgro R42.47M · 13 entities
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 · 31 May 2026
R 179.78M
Fixed R76.2M · Investments R79.8M · Current R25.1M
GBFH Net Equity · 31 May 2026
R 135.36M
Assets R179.78M − Liabilities R44.42M · Hard-debt LTV 9.4%
Bluff SC · Spar Anchor Tenant — Arrears & Recovery Tracker
Source: MaxProp / MDA tenant statement printed 02 Jun 2026 · Bluff Super Spar (Shops 1&2) · Code 9479
Highest Priority · Spar HQ Take-Over 01 Jul (Verbal) Meeting held 3 June 2026 · Spar HQ taking over lease commitments commercially from 01 July 2026
The anchor tenant (Bluff Super Spar) was in arrears of R4,716,334 as at the 02 June 2026 statement, up R1.31M since 1 May despite R1.56M of receipts. Update following the 3 June meeting: the franchise owner is in financial stress, but Spar Head Office is taking over the lease commitments commercially from 01 July 2026 — honouring rentals and recoveries going forward. A possible cession of the lease from the individual franchisee to Spar HQ as corporate lease-holder has been raised; the family office's firm position is that all arrears (R4.72M) must be paid in full before any further discussions on cession proceed. This is verbally agreed, pending final arrangements and payment to that effect. If concluded, this replaces a distressed individual tenant with a Spar HQ corporate lease and clears the arrears — a materially stronger covenant on the centre's anchor.
Spar Arrears · Current (02 Jun 2026)
R 4.72M
Balance carried forward per MaxProp statement
Up R1.31M since 1 May despite payments
Opening Balance · 1 May 2026
R 3.41M
~83% of the entire R4.99M Apr Bluff debtor book
Spar is the dominant debtor
Monthly Billing to Spar
R 1.43M
Rent R692K + recoveries ~R690K + arrears interest R44K
Collections not keeping pace with billing
Collections · Last 6 Weeks
R 1.56M
4 payments + R363K guarantee re-deposit
Engagement is yielding partial recovery
Spar Arrears Bridge · 1 May to 2 Jun 2026
R millions · how the balance built up despite R1.56M of receipts
Lease & Monthly Billing Profile
TenantBluff Super Spar (Shops 1&2)
ContactMegan / Roy
Lease term01 Feb 2024 – 31 Jan 2029
Monthly rent (incl VAT)R 691,721
Electricity recovery (Jun)R 560,739
Other recoveries (water/rates/refuse/sewer/security)R 129,581
Arrears interest (Jun · rising)R 43,599
Total monthly billingR 1,425,640
At R692K rent alone, Spar is the centre's anchor income. Losing the tenant would materially impair Bluff SC NOI — hence the priority on a payment plan / recapitalisation over eviction.
Tenant Statement · Bluff Super SparMaxProp / MDA · printed 02 Jun 2026 · all figures incl VAT
DateTransactionAmount (R)
PERIOD 202605 — MAY 2026
01/05/2026Balance brought forward3,406,906.97
01/05/2026Rent691,721.30
01/05/2026Recoveries — electricity (181,920 kWh + adj)581,393.79
01/05/2026Recoveries — rates43,217.30
01/05/2026Recoveries — water33,998.60
01/05/2026Recoveries — refuse23,666.66
01/05/2026Recoveries — security22,079.05
01/05/2026Recoveries — sewerage8,513.80
01/05/2026Interest — arrears32,889.07
15/05/2026Receipt — thank you-125,000.00
18/05/2026Receipt — thank you-100,000.00
27/05/2026Receipt — thank you-670,000.00
28/05/2026Receipt — guarantee cash re-deposit-362,549.66
29/05/2026Legal fees3,857.28
PERIOD 202606 — JUNE 2026
01/06/2026Balance brought forward3,590,694.16
01/06/2026Rent691,721.30
01/06/2026Recoveries — electricity (176,623 kWh + adj)560,738.53
01/06/2026Recoveries — rates43,217.30
01/06/2026Recoveries — security27,672.58
01/06/2026Recoveries — water27,985.97
01/06/2026Recoveries — refuse23,666.66
01/06/2026Recoveries — sewerage7,038.93
01/06/2026Interest — arrears43,598.86
01/06/2026Receipt — thank you-300,000.00
02/06/2026Balance carried forward4,716,334.29
Reconciled to the statement to the cent. Over May–June 2026, R2.86M was billed and R1.56M collected (including a R363K guarantee re-deposit), so arrears rose R1.31M net. Arrears interest is now running at R44K/month and climbing. Spar alone (R3.41M at 1 May) was ~83% of the entire R4.99M Bluff debtor book at 30 April — by 2 June, Spar alone (R4.72M) exceeds that whole April book. The 3 June meeting has since been held: Spar Head Office is taking over the lease commitments commercially from 01 July 2026 (rentals and recoveries); a cession of the lease from the individual franchisee to Spar HQ has been raised, with the family office requiring all arrears (R4.72M) paid in full before any further cession discussions — verbally agreed, pending final arrangements and payment.
Bluff SC · Lease Expiry & Tenant Renewals
Per the FY2027 rent roll · income-weighted WALE ~1.8 yrs · renewals planned with escalation
Hollywood Bets · Renewal Due
Nov 2026
2nd-largest tenant · 563 m² · R123K/mo · 12.3% of rent
Track & negotiate renewal — ~5 months out
Spar Anchor · Lease Expiry
Jan 2029
4,957 m² · 64% of area · 60% of rent
Spar HQ take-over strengthens the covenant
Income-weighted WALE
~1.8 yrs
Dominated by Spar (Jan 2029); line-shop WALE ~0.8 yr
Short — active renewal management needed
Occupancy
99.8%
Only 17 m² vacant of 7,725 m² · ~24 tenants
Full · stable tenant base
Lease Expiry Profile (by rent)Share of monthly rental income expiring each year
Expiry year% of rentArea (m²)Key tenants / note
202625.4%1,386Incl. Hollywood Bets (12.3%) · renewals in progress with escalation
20272.9%121Minor line shops
20286.6%300Line shops
202962.5%5,553Anchor Spar (Jan 2029) + RKDH
Month-to-month2.5%348Meridean — convert to a formal lease
Tenant stability: the centre is 99.8% let with a 40-year trading record. Remaining tenants show no signs of stress and are committed to renewals with escalation, to be planned and negotiated in due course. Near-term priority is the Hollywood Bets renewal (Nov 2026) — the second-largest income line — plus converting the Meridean month-to-month to a formal lease.
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; note the Investec facility was reduced from R17.01M to R10.49M in May (≈R6.5M repaid from the call account). The FY2027 budget should reflect the revised, lower interest 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 31 May 2026
Liquid Assets — GBFH
Call Account / Loan (Valgro Investments)R 4,961,140
Down R6.45M in May — applied to Investec bond paydownDistinct from R42.47M Valgro equity
Standard Bank / Operating AccountR 905,812
Investec Platform + Wealth accountsR 162,522
Maxprop Trust Account (now a payable — see liabilities)—
Total Liquid AssetsR 6,029,474
Tax Control Account (provisional tax PAID)R 3,374,867
Per Denise: 2025/26 tax not yet bookedOffset on assessment · see NAV & CAP tab
Related-Party Loan Book
Valgro Investments equity (largest position)R 42,467,387
Valgro call/loan account (receivable)R 4,961,140
Total GBFH exposure to ValgroR 47,428,527
Dumbass (Pty) Ltd equity (40%, separate)R 2,830,119
Bluff Retail (Pty) Ltd loanR 1,313,860
Short-term loan to GBCTR 1,000,000
Investec Bond on Bluff SC (liability)−R 10,487,304
Net loan book position (loans receivable less bond)−R 3,212,304
GBFH Investment Breakdown · May 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 May 2026 All co-investments structured as property vehicles; managed by AvdV / MaxProp · Carrying values per May management accounts
EntityEquity / InvestmentLoan AdvancedTotal ExposureFY Income
Valgro Investments (Pty) Ltd LARGEST42,467,3874,961,14047,428,527Divs + Int
Bluff Shopping Centre OPERATED76,000,000−10,487,304 bond65,512,696Core operating
Mpinvestone Investments (Pty) Ltd4,578,7922,603,6007,182,392Divs + Int
117 Old Main Rd Investments (Pty) Ltd MIDRAND · BRENNTAG
Direct R5.25M + R2.1M indirect via Dumbass 40% → 21% economic interest		5,250,020—5,250,020Rental income
Genna-Wae Properties (Pty) Ltd5,070,516—5,071,012Dividends
Patamar Holdings 4 (Pty) Ltd—3,000,0003,000,030Interest
Dumbass (Pty) Ltd 40% INTEREST2,830,079—2,830,119Divs + Int
Aldaveen Investments (Pty) Ltd AvdV CO-INV2,700,000—2,700,120Divs + Int
108 Old Main Road Investments139,490180,643320,157Interest
Prophold 102 (A & B)146,640—146,640Interest
Total GBFH Property & Syndication Exposure139,182,924258,079 net139,441,713
Correction: the R42.47M largest position is Valgro Investments equity (not Dumbass, as v15/v16 stated). Dumbass is a separate R2.83M holding. Valgro also carries an R4.96M call/loan account. All syndications are managed by AvdV as trustee/CEO of MaxProp. 117 Old Main Rd (Midrand, Brenntag SA anchor) gives GBFH a 21% economic interest (direct R5.25M + R2.1M indirect via Dumbass). GBFH listed share portfolio R10.82M (May) shown in the Consolidated view.
GBFH · Balance Sheet Summary
31 May 2026 (FY2027 M03)
Assets
Fixed Assets (Land & Buildings R76.00M, other fixed)R 80,171,880
Investments (Valgro R42.47M, syndications, listed R10.82M)R 79,788,732
Current Assets (call/loan R4.96M · Bluff Retail R1.31M · debtors R4.99M · tax control R3.37M · cash + other)R 19,819,531
Total AssetsR 179,780,143
Liabilities
Investec Bond (secured on Bluff SC)R 10,487,304
Group Company Loans (owed to GBFT)R 15,845,420
Deferred Taxation (non-cash; FV adjustments)R 15,300,190
Current Liabilities (Maxprop trust R0.23M · creditors R0.87M · tenant deps R1.25M · VAT R0.16M · provision R0.28M · unrealised-gain entry now cleared)R 2,790,158
Total LiabilitiesR 44,423,071
GBFH Net Equity
R 135.36M
Net Equity = R179.78M assets − R44.42M liabilities
Share Capital & Reserves: R 53.86M
Retained Income + FY27 Profit: R 81.50M
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 11.59M
Investec Wealth · JSE listed equities · 31 May 2026
~35 holdings · per latest (Apr) Investec statement
Tapa Property Holdings
R 24.07M
Largest GBFT holding · Shares R0.47M + loan R23.60M
Confirm % stake vs carrying value
GBFT Net Worth
R 53.69M
Assets R 53.83M · Liabilities R 0.14M · 31 May 2026
Liabilities now audit + creditors only (R0.14M)
Investment in GBFH
R 15.85M
Loan R15.845M + shares R4K · GBFT → GBFH
Unchanged in May 2026
GBFT Total Assets · 31 May 2026
R 53.83M
Tapa R24.1M · GBFH inv R15.85M · Listed R11.59M · Other R2.32M
GBFT Net Equity · 31 May 2026
R 53.69M
Assets R53.83M − Liabilities R0.14M · 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 31 May 2026 · Investec Wealth Management
JSE Listed Shares Apr 2026 carrying values (latest Investec statement) · May total R11.59M per mgmt accts
ShareMar 2026Apr 2026Move
Naspers Ltd1,381,8951,445,394+63,499
Standard Bank Group735,591791,610+56,019
Anglogold Ashanti PLC692,300713,658+21,358
FirstRand Ltd634,360637,903+3,543
Northam Platinum429,570426,240−3,330
Anglo American Plat410,367419,190+8,823
BHP Billiton363,328400,996+37,668
Glencore PLC365,334385,115+19,781
Prosus N.V.361,189378,393+17,204
ABSA Group369,075362,113−6,962
Capitec Bank317,805328,713+10,908
Gold Fields Ltd311,676311,856+180
Other (20 holdings)5,023,8375,179,161+155,324
Total Listed Portfolio11,396,32711,780,341+384,014
GBFT Private & Unlisted Investments
Tapa Property Holdings (Pty) Ltd PROP VEHICLER 24,066,258
Investment in GBFH (P/L loan R15,845,420 + ord/pref shares R4,000)R 15,849,420
Aldaveen Investments (Pty) LtdR 900,040
Prophold 102 LimitedR 346,446
The Major Investment Trust (overdrawn loan a/c)−R 65,758
Total Private & UnlistedR 41,096,406
GBFT Net Equity
R 53.69M
Net Equity = R53.83M assets − R0.14M liabilities
Trust Capital: R 16.29M
Accumulated Surplus: R 37.66M (restated)
FY27 Net Income (3mo): −R 0.27M
GBCT · Garvin Bernstein Family Charitable Trust
Charitable purpose trust · As at 31 May 2026 (FY2027 M03) · Prepared by Tome & Associates CC
Net Worth (Equity)
R 507K
Trust Capital R1K · Accum Surplus R619K · less FY27 YTD loss R113K
FY27 YTD loss R113K — REIT fair-value decline
Listed Share Portfolio
R 1.494M
13 JSE-listed REITs & property funds · Investec Wealth Management
−R114,345 FVA over Mar–May 2026
FY2027 Loss (3 months Mar–May)
−R 112,704
Div R12.8K + REIT R2.1K − FVA R114.3K − expenses R13.6K
Negative fair-value movement on REITs
May Net Profit (month)
R 6,188
FVA +R8.0K + interest R0.2K − expenses R2.0K
Small May profit; FY27 remains a YTD loss
Loan FROM GBFH (Intercompany)
R 1.000M
GBCT OWES R1M to GBFH (corrected direction)
Confirmed both sides · terms to be formalised
Donations · FY2027 to date
R 1,800
3-month period · FY2026 full-year was R43,000
Charitable distributions resume through year
Cash & Bank
R 40,641
Investec Platform R27,158 · Std Bank R13,449 · Trading R35
Adequate working capital
Div + REIT Income (3mo FY27)
R 14,917
Dividends R12,815 + REIT R2,102 · Mar–May 2026
Income positive; FVA drove the loss
GBCT · Balance Sheet
As at 31 May 2026 (FY2027 M03)
Assets
Listed Shares (REIT/property portfolio)R 1,493,983
Investec Investment PlatformR 27,158
Standard Bank + Investec TradingR 13,483
Total AssetsR 1,534,624
Liabilities & Equity
Loan — Garvin Bernstein Family Holdings P/LR 1,000,000
Sundry CreditorsR 2,465
Provision for Audit FeesR 25,040
Total LiabilitiesR 1,027,506
Trust CapitalR 1,000
Accumulated SurplusR 618,822
Net Loss this year−R 112,704
Total Equity & LiabilitiesR 1,534,624
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
13 JSE REIT & property fund holdings · Investec Wealth Management · per-holding breakdown per latest statement
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: GBFH → GBCT Loan
Principal OutstandingR 1,000,000
Interest RateNot confirmed
Interest Earned YTDNot in GBCT income statement
In GBCT books asCurrent liability (GBCT owes)
⚠ Direction confirmed: GBFH is the lender, GBCT owes R1M. The loan does not earn interest. If interest-free to a trust, 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 loan from GBFH to GBCT appears to be interest-free — no interest appears in GBFH income or GBCT expenses. Loans to a trust are squarely within section 7C: the lender (or a connected natural person) may be deemed to make a donation equal to the foregone interest at the official rate, triggering donations tax. Quantify and formalise the terms before FY-end.
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
Combined Family Office · Summary
GBFH + GBFT + GBCT · All values at 31 May 2026 (FY2027 M03)
Combined Total Assets — All 3 Entities
R 235.14M
GBFH R179.78M  +  GBFT R53.83M  +  GBCT R1.53M  =  R235.14M total gross assets
GBFH Assets
R179.78M
76.7% of total
GBFT Assets
R53.83M
22.7% of total
GBCT Assets
R1.53M
0.6% of total
Cash on Hand — Combined (Bank & Money-Market)
R 1.65M
GBFH R1.07M  +  GBFT R0.54M  +  GBCT R0.04M  =  R1,653,797 true cash at 31 May 2026 · bank & money-market accounts only
GBFH Cash
R1,068,334
Std Bank R905,812 + Investec R162,522
GBFT Cash
R544,822
Std Bank R310,123 + Investec R230,487 + Nedbank R4,211
GBCT Cash
R40,641
Std Bank R13,449 + Investec R27,193
Plus GBFH Valgro call account R4,961,140 (semi-liquid, 32-day) → total immediately deployable liquidity R6.61M — this ties to the NAV & CAP tab “Cash & Near-Cash” line (R6,614,937). Excludes utility deposits R2.31M, the Tax Control Account R3.37M (provisional tax paid, not distributable) and the GBFT beneficiary loan R0.60M. See Available Funds on the Advisory tab.
Why cash is modest: family-office profits are reinvested, not banked — retained income (GBFH R81.5M) sits in R76.0M property, ~R69.0M syndications and R23.9M listed shares. The former bond redraw is the Valgro call account (R4.96M), reduced in May when ~R6.45M was applied to pay down the Investec bond (R17.01M → R10.49M) — so that cash is now “in” lower debt, not sitting idle. A further R4.72M is locked in Spar arrears (uncollected rent); its recovery would lift cash materially. Historically, the bulk of accumulated cash went to the Feb 2022 Merle Karp buyout (~R68.2M all-in — drawn from the cash reserve plus the sale of Merle’s half of the listed shares; no property sold, no VAT) — see the Working Capital trend on the Performance tab and the full make-up on the Growth tab.
Combined Net Equity
R 189.55M
Assets R235.14M − Liabilities R45.59M
GBFH equity: R135.36M
GBFT equity: R53.69M
GBCT equity: R0.51M
Combined Liabilities
R 45.59M
Hard external debt only: R10.49M · 7.2% LTV
GBFH: R44.42M (incl. R15.3M def. tax)
GBFT: R0.14M
GBCT: R1.03M
Intercompany R16.85M + def. tax R15.3M + accounting R4.0M strip out → see NAV & CAP tab
GBFH
Net Equity (Assets − Liabilities)
R 135.36M
Total Assets: R 179.78M · Liabilities: R 44.42M
FY27 Profit (3mo, pre-tax): R 2.08M
Bluff SC rental (3mo): R 3.00M
GBFT
Net Equity (Assets − Liabilities)
R 53.69M
Total Assets: R 53.83M · Liabilities: R 0.14M
FY27 YTD (3mo): −R 0.27M loss
Liabilities now audit + creditors only (R0.14M)
COMBINED
Combined Net Equity (Assets − Liabilities)
R 189.55M
= GBFH R135.36M + GBFT R53.69M + GBCT R0.51M
COMBINED TOTAL ASSETS
R 235.14M
R179.78M GBFH + R53.83M GBFT + R1.53M GBCT
Combined FY27 Profit (3mo): R 1.70M
Note: no income tax provided yet — see Tax note
NET WORTH vs TOTAL ASSETS — HOW TO READ THIS
Net Worth (Equity) = Total Assets minus Total Liabilities  ·  GBFH: R179.78M − R44.42M = R135.36M  ·  GBFT: R53.83M − R0.14M = R53.69M  ·  Combined equity (incl. GBCT): R189.55M  ·  Combined total assets: R235.14M
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 (since reduced to R501K on a Mar–May REIT fair-value decline). The Tax Control Account stands at R3.37M DR — confirmed as provisional tax already paid, to be offset on the 2025/26 assessments (not a refund).
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
Tax control acct (provisional tax paid, not a boost)R 3.37M
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 · Organogram unchanged since 29/02/2024 · Values reconciled to May 2026 actuals · Click any node for detail
Trusts Operating Cos Property Assets Charitable Personal Sold/Inactive Org structure last updated 14/05/2024 (Nafisa Chetty, Tome) · Values reconciled to 31 May 2026
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 unchanged since 29/02/2024 · Values are 31/05/2026 balances · Click any entity node to view holding detail
Capitalisation Table & Net Asset Value Statement
Beneficial ownership + consolidated NAV by asset class · Framework for per-asset drill-down · Valuation date 31/05/2026 (FY2027 M03)
PII Redaction OFF — names visible
Valuation basis: Carrying values per May 2026 management accounts Last updated: 31 May 2026
Gross Assets
R 235.14M
3 entities · 31 May 2026
Total Liabilities
R 45.59M
Hard debt only: R10.49M
Net Asset Value
R 189.55M
Before unbooked 25/26 tax
Investment Positions
24
listed + unlisted
Beneficial Owners
2
50/50 JB & MR Gamsu
Capitalisation Table · Beneficial Ownership Matrix
Equity attribution by entity · 50/50 MBO to JB & MR Gamsu (brothers) across GBFH and GBFT · GBCT is a charitable trust with nominated beneficiaries
Net Equity Attribution by Entity As at 31 May 2026 · Per management accounts · Brother-owned 50/50
Entity Type Net Equity JB Gamsu (50%) MR Gamsu (50%) Charitable Basis
Garvin Bernstein Family Holdings (Pty) Ltd GBFH R 128,058,518 R 64,029,259 R 64,029,259 — Shareholders
The Garvin Bernstein Family Trust GBFT R 51,642,488 R 25,821,244 R 25,821,244 — Trust beneficiaries
Garvin Bernstein Family Charitable Trust CHARITABLE GBCT R 507,118 — — R 507,118 Nominated beneficiaries
Combined Net Asset Value — R 180,201,935 R 89,850,502 R 89,850,502 R 507,118 —
Note: GBFT holds a R 15.85M interest in GBFH (P/L loan R15,845,420 + ordinary/preference shares R4,000), recorded as an asset on GBFT and as a matching intercompany liability plus share capital on GBFH. On a true consolidation these eliminate (R4,000 share capital is the only equity double-count). GBCT is a charitable trust: its R0.51M net equity is held for charitable purpose and is not beneficially owned by JB or MR Gamsu personally. GBCT recorded a R112,704 loss this period, driven by a negative fair-value movement on its REIT portfolio.
Tax Control Account · R3.37M · What It Actually Is
Clarified directly with Denise (Tome & Associates), 27 May 2026
The position, corrected
GBFH Tax Control Account (debit)R 3,374,867
Prior year balance (FY2025 / M11)R 1,780,000
NatureProvisional tax PAID
2025 tax returnFinalising early June 2026
2026 tax returnNot yet raised
This is NOT a pending refund and NOT idle recoverable cash. It is provisional income tax already paid over to SARS for the 2025 and 2026 tax years, sitting as a debit because the matching tax liability has not yet been booked. Once the assessments are finalised it will be offset against tax due, leaving only a small payment or refund. My earlier "R19K/month forgone interest" framing was wrong and is withdrawn.
Why this matters for net worth
The R3.37M asset is on the balance sheet, but the corresponding 2025 and 2026 income tax expense has not yet been recognised. Reported net equity of R189.55M therefore does not yet carry two years of normal income tax.
Reported combined net equityR 189.55M
Provisional tax already paid (asset)R 3.37M
Pro-forma net equity once tax booked≈ R 186.2M
Expected residual after offsetSmall net pay/refund
Treatment: carry the R3.37M as a tax prepayment, not as free liquidity. Expect a tax charge of roughly this magnitude when 2025 (June) and 2026 are finalised. Separately, the R15.30M deferred tax remains a non-cash provision against investment-property fair-value gains.
Intra-Group Holdings & Loans
GBFT → GBFH (P/L loan)R 15,845,420
GBFT → GBFH (ord/pref shares)R 4,000
GBFH → GBCT (loan)R 1,000,000
GBFH → Bluff Retail (Pty) Ltd loanR 1,275,011
GBFT → JB Gamsu (beneficiary loan)R 400,000
Total intra-group / related exposuresR 18,524,431
Correction logged: GBCT owes R1.0M to GBFH (confirmed on both balance sheets). The v15/v16 KPI note had this direction reversed. Intercompany loans roll on as permanent capital and eliminate on a true consolidation.
Directly Held Property (Outside the Entities)
Bluff Shopping Centre · JB Gamsu (50%)Per amended deed
Bluff Shopping Centre · MR Gamsu (50%)Per amended deed
Per the amended trust deed and organogram, Bluff SC belongs to Joel and Mark directly; GBFH operates it and carries Land & Buildings at cost of R76.00M (up R3.95M via a May 2026 opening-balance cost adjustment, not a market revaluation). Income and bond interest flow through GBFH for reporting. This split between economic operation and legal title is a governance point to revisit periodically with the trustees.
Ownership Allocation · Visual
Net equity flowing to each beneficial owner / charitable purpose
Beneficial NAV Allocation
Net Equity by Entity
Consolidated NAV Statement · By Asset Class
Click any row to expand · Per-position drill-down · Three primary classes: Cash · Share Portfolio · Property · plus Working Capital
Asset Register — Position-Level View Carrying values · Source: Tome & Associates · 31 May 2026
Reconciliation: Asset-class subtotals (Cash R6.61M + Shares R23.90M + Property R174.39M + Working Capital R30.24M) sum to gross assets of R235,144,840, matching the sum of the three entity balance sheets to the cent. After eliminating intercompany balances (R16.85M), consolidated gross assets are R218.30M and net asset value is R189.55M. Reported NAV does not yet carry the 2025/2026 income tax expense; pro-forma NAV after that booking is approximately R186.2M.
NAV Bridge & Allocation Charts
Gross assets through liabilities to net asset value
Gross Assets to NAV · Bridge
Asset Class Allocation · % of Gross Assets
Liabilities Breakdown · What We Actually Owe
Separating real external debt from accounting entries and rolling intercompany capital
Liability Composition31 May 2026
ItemAmountNature
Investec Bond (Bluff SC)R 10,487,304Hard external debt
Deferred TaxationR 15,300,190Non-cash provision
Intercompany loansR 16,845,420Rolling — eliminates
Unrealised portfolio gainsR 4,028,718Accounting entry
Tenant depositsR 1,254,202Offset by deposit cash
Working capital (creditors, VAT, audit)R 1,511,500Routine, cycling
Total liabilities (reported)R 55,947,254
Going-Concern Liability View
Hard external debt (bond)R 10.49M
+ Working capital (cycling)R 1.51M
Real external claims≈ R 12.0M
LTV on hard debt vs consol assets4.8%
Cash & near-cashR 6.61M
Net cash vs hard debt−R 3.88M
Intercompany loans (R16.85M) roll on as permanent capital and are not "owed" externally. Deferred tax (R15.30M) is an accounting entry, not a cash claim; the prior unrealised-gain entries (R4.03M) were largely cleared in May. Tenant deposits (R1.25M) are matched by ring-fenced cash. The structure is debt-light: one secured bond plus normal working capital.
Top Positions & Concentration Risk
Single-name and counterparty risk relative to gross assets
Top 8 Positions · % of Gross Assets
Concentration Observations
Largest position (Bluff SC)30.5%
Second (Valgro Investments)18.0%
Top 2 combined48.5%
Property asset class (all)72.2%
Listed (liquid) assets10.2%
Cash & near-cash5.3%
The asset base remains heavily weighted to physical and syndicated property, much of it managed by AvdV / MaxProp. Liquidity sits in the Investec call/loan facility and the listed portfolios. The Bluff SC + Valgro pairing alone is 48.5% of gross assets. Worth a deliberate target-allocation discussion as part of the broader scope conversation.
Data Provenance & Methodology
Primary financialsTome & Associates CC management accounts · May 2026 (balance sheets, trial balances, detailed ledgers, income statements)
Listed portfoliosPer-holding detail extracted from GBFH, GBFT, GBCT April ledgers
Property syndicationsCarrying values per management accounts · per-entity NAV statements still pending
Bluff Shopping CentreLand & Buildings at cost R76.00M (up R3.95M, opening-balance cost adjustment) · no independent valuation on file
Tax Control AccountConfirmed with Denise (Tome) 27 May 2026 — provisional tax paid, 2025 finalising early June
Valuation date31 May 2026 (FY2027 M03)
OwnershipJB & MR Gamsu 50/50 across GBFH (shareholders) and GBFT (beneficiaries) · GBCT charitable with nominated beneficiaries
ConfidentialityRestricted via gbfo-confidential Cloudflare Access policy · PII redaction toggle at top of page
Open Items to Activate Full Drill-Down
Data & Governance Action List
1. Valgro Investments look-through (R42.47M largest position) — underlying property NAVPriority
2. Independent valuation of Bluff Shopping CentreGovernance gap
3. Confirm Tapa Property Holdings % stake vs R24.07M carrying valueReconciliation
4. 2025 tax assessment (early June) — book tax expense, update pro-forma NAVJune 2026
5. The Major Investment Trust negative balance — reclassify if payableTome action
6. Formalise GBFH → GBCT R1M loan termsDocumentation
7. Patamar Holdings 4 loan rate & securityDocumentation
8. Bluff SC tenant ageing report (R4.99M debtors)MaxProp action
FY2027 Advisory & Priorities · May 2026 (M03) Update
CONFIDENTIAL · FOR BENEFICIARIES (JB & MR GAMSU) AND AVDV AS MANAGING TRUSTEE · BASED ON 31 MAY 2026 ACTUALS · ISSUED 02 JULY 2026

01 · Bluff SC Tenant Arrears — Spar Anchor Recapitalisation (Highest Priority)

The Bluff SC debtor book stood at R4,986,922 at 31 May 2026. The MaxProp tenant statement (printed 02 June 2026) now confirms the driver: the Spar anchor tenant alone is in arrears of R4,716,334 — about 95% of the May debtor book, and by 2 June effectively the whole book. The Spar owner has run into financial difficulty and fallen behind on rent. Spar is the centre's largest income source (rent alone R692K/month incl VAT), so this is both a serious cash-collection issue and a concentration risk. See the dedicated Spar tracker on the GBFH tab.

Management engaged the franchise owner and Spar Head Office. Following the 3 June meeting, the plan is to:

  • Secure settlement of all arrears (R4.72M) as the condition precedent to any further cession discussion — from the franchisee, guarantees, or Spar HQ as part of the take-over.
  • Commercial take-over (verbally agreed at the 3 June meeting): Spar Head Office takes over the lease commitments commercially from 01 July 2026 (rentals + recoveries). A formal cession of the lease from the franchisee to Spar HQ is a separate step, pending — and only after arrears are paid in full; a materially stronger covenant if concluded.
  • Protect the centre's position while the engagement runs, including understanding any security, guarantees, or head-office support available.
Update — meeting held 3 June 2026. The franchise owner is in financial stress, but Spar Head Office is taking over the lease commitments commercially from 01 July 2026 (rentals and recoveries). A cession of the lease from the franchisee to Spar HQ as corporate lease-holder has been raised; the family office's firm position is that all arrears (R4.72M) must be paid in full before any further cession discussions proceed. This is verbally agreed, pending final arrangements and payment. Remaining action items: (1) obtain the go-forward payment terms and the cession in writing; (2) secure settlement of the R4.72M arrears as the condition precedent to cession; (3) keep the legal process live and hold the arrears provision question open until the arrears are cleared and the cession is signed. Outcome, if concluded, converts a distressed individual tenant into a Spar HQ corporate lease and clears the arrears — a materially stronger anchor covenant.

02 · Call Account / Valgro Loan — Rate & Structure

The Valgro call/loan account stands at R4,961,140 at 31 May 2026, down sharply from R11.41M at end-April. The reason is the key treasury event of the month: roughly R6.45M of call-account cash was applied in May to reduce the Investec bond from R17.01M to R10.49M — cutting hard external debt by ~38% and bond interest from ~R1.66M/yr to ~R1.02M/yr. The residual call balance earns ~6.80% (Prime − 3.45%) against bond funding at 9.75%; net carry on the remaining balances is now roughly R686K/year (down from ~R884K). This directly actions the partial-bond-repayment recommendation carried in prior versions.

  1. Rehome / re-rate. Securing Prime − 0.5% or better on the equivalent balance would add roughly R350K/year at no additional risk versus the current 6.80%.
  2. Avoid long lock-ups. A 32-day notice tranche is sensible; capital may be needed for Bluff SC R&M capex or — more pressingly now — to support the Spar tenant situation if a structured solution requires it.
  3. Keep the equity and the loan distinct. The R42.47M Valgro equity position is separate from this R4.96M loan account (see point 03). Do not net the two.
Action: confirm the current Investec structure and rate on the Valgro loan account, and quantify the net carry. With a R4M+ debtor book building, preserve liquidity flexibility before committing capital elsewhere.

03 · Valgro Position — Equity vs Loan (Correction Logged)

Correction: earlier versions of this dashboard (v15/v16) labelled the R42.47M position as "Dumbass". It is in fact the Valgro Investments equity holding — the single largest position in the portfolio at 18.0% of gross assets. Dumbass is a separate, much smaller R2.83M holding. GBFH's total Valgro exposure is therefore R47.43M (R42.47M equity + R4.96M loan account).

  • Valgro look-through is the priority data request. For a R42.47M equity position there is no underlying property NAV, valuation date, or audited financials on file. Request these from AvdV — this single line is larger than Bluff SC itself.
  • Dumbass (40%, R2.83M) separately gives GBFH indirect exposure to 117 Old Main Rd (Midrand, Brenntag anchor): R2.1M via Dumbass + R5.25M direct = R6.62M total (21% of the R31.5M shareholder loan).
  • Loan-rate alignment. The Valgro loan earns ~6.80% while the Bluff Retail loan earns 12.25%. Confirm whether the Valgro rate can be improved, and ensure a formal loan agreement exists for SARS transfer-pricing compliance.

04 · Tax Control Account — Clarified (Not a Refund)

The Tax Control Account stands at R3.37M DR (up from R1.78M at M11). Confirmed with Denise (Tome) on 27 May 2026: this is provisional income tax already paid to SARS for the 2025 and 2026 tax years, sitting as a debit because the matching tax liability has not yet been booked. The 2025 return is being finalised and handed to auditors in early June 2026. On assessment it will be offset against tax due, leaving only a small net payment or refund.

Implication: this is not idle recoverable cash and not a pending refund. Reported net equity does not yet carry two years of income tax, so pro-forma NAV after the booking is roughly R3.37M lower (≈ R186.2M). The earlier "R19K/month foregone interest" framing is withdrawn. Action: confirm the 2025 assessment outcome in June and book the tax charge.

05 · Bluff SC Repairs & Maintenance — Budget Provision

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). FY2026 R&M spend of R864K against a R600K budget confirmed the provision was understated. The FY2027 budget carries R600K against this line — likely still light for a centre of this age; track monthly against actual.

  • 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 now at R76M carrying value (revalued up ~R3.95M in May); 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.

06 · Distribution Planning — Beneficiary Perspective

Combined family net worth stood at R189.55M at 31 May 2026, up R9.35M since 30 April — but roughly R9.8M of that increase is an upward restatement of opening retained income booked this month (GBFH +R7.07M, GBFT +R2.73M), most likely FY2026 audit finalisation; confirm with Denise. Excluding the restatement, underlying net equity was broadly flat as unrealised fair-value losses on the listed portfolios offset Bluff operating profit. The JB Gamsu beneficiary loan in GBFT has grown to R600,000 (from R400K at end-April) — confirm whether this is a formal distribution-in-advance or a loan to be repaid, as the treatment affects both tax and the equalisation position between JB and MR.

Looking ahead, distribution capacity is subject to:

  • The Spar tenant situation (point 01) — until the Bluff SC arrears position is resolved, retain a more conservative liquidity stance.
  • Confirmation of the Valgro loan yield and whether it can be improved.
  • The R&M programme being adequately funded so distributions do not come at the expense of the asset.
  • Tax Control Account (R3.37M) is provisional tax already paid, not a refund — it will be absorbed by the 2025/26 assessment, so do not treat it as distributable liquidity. Net of this, pro-forma NAV is closer to R186.2M.
GBFH (the operating entity) is tracking ahead of budget on pre-tax income (3-month NP R2.08M); combined FY27 YTD profit is R1.70M (3mo), held back by unrealised fair-value losses on the GBFT/GBCT listed portfolios. Underlying distribution capacity remains in the R8–10M/year range, but the prudent course is to hold the current level until the Spar arrears and the Valgro rate are resolved.

07 · Electricity Recovery — Running Ahead of Budget

Electricity recovery in the first three months of FY2027 totalled R1.94M against a pro-rata budget of R1.28M — roughly 152% of budget, consistent with the FY2026 pattern. This continues to be driven by eThekwini tariff increases passed through to tenants, plus the R25K/month solar credit.

  • The FY2027 budget recovery line (R5.12M) looks low against this run-rate; actual recovery is likely to exceed R6M again. Flag for a mid-year budget revision.
  • Confirm the Energy Capital metering methodology remains correct and lease-compliant.
  • Ensure the electricity debtor element does not become entangled with the Spar arrears — recover it monthly and track separately.

08 · FY2027 Budget — Now In Progress, Tracking vs Actual

The FY2027 budget (R10.39M target net income) is now live and the first two months of actuals are in. The FY27 BUDGET tab carries a full budget-vs-pro-rata-actual tracking table, and the PERFORMANCE tab now shows a forward FY27 budget track on the Bluff SC NOI run-rate chart. Headline: FY27 is running ahead of budget on revenue and pre-tax income, with the important caveat that no tax provision has yet been booked.

  • Electricity recovery is materially ahead of the budget line (see point 07) — revise upward mid-year.
  • Tenant arrears (Spar) are the key downside risk to the income budget — with Spar HQ taking over the lease commitments commercially from 01 July and arrears to be paid in full before any cession, a provision is on hold pending written confirmation and payment — needed only if the arrears settlement stalls.
  • Dividend / REIT income lags pro-rata because of quarterly distribution timing; expect it to catch up over the year.
  • Tax: when the 2025/26 assessments are booked in/after June, expect a material tax charge (~R2.6M annualised) to apply against the currently pre-tax net income.
Look back and look forward: the dashboard now carries both. The PERFORMANCE tab extends the NOI run-rate with a forward FY27 budget line, and the FY27 BUDGET tab tracks 3-month actuals against pro-rata budget. Continue updating monthly as Tome accounts arrive.
Open Items for Resolution
Priority items as at 31 May 2026 · Spar engagement and Valgro look-through lead the list
Tenant & Operational
Q1Spar anchor arrears (highest priority): The Spar account is R4,716,334 at 02 June. Meeting held 3 June: Spar HQ is taking over the lease commitments commercially from 01 July 2026; a cession of the lease to Spar HQ has been raised, but the family office requires all arrears (R4.72M) paid in full before any further cession discussions (verbally agreed). Open: obtain the go-forward terms and cession in writing, and secure settlement of the arrears.
Q2Arrears provision: With Spar HQ agreeing to take over the lease and all arrears required to be settled before cession, the provision decision is deferred pending written confirmation and payment. If the cession or the arrears settlement stalls, a bad-debt provision against the R4.72M would be required.
Q3Bluff SC capital maintenance plan: Is there a 3–5 year plan for the centre (lift, HVAC, electrical, structural)? The FY2027 R&M budget of R600K looks light against the R864K FY2026 actual.
Q4Electricity recovery methodology: Recovery is running ~155% of budget. Confirm this is tariff-driven and that the Energy Capital metering methodology is lease-compliant. Keep the electricity debtor separate from the Spar position.
Capital & Structural
Q5Valgro look-through (largest position): The R42.47M Valgro equity holding has no underlying property NAV, valuation date, or audited accounts on file. This single line is larger than Bluff SC — obtain the look-through from AvdV. (Note: v15/v16 mislabelled this as Dumbass; corrected.)
Q6Valgro loan rate: The R4.96M Valgro loan earns ~6.80% while the bond funding it costs 9.75% (net carry ~R686K/yr). Can the rate be improved, and is there a formal loan agreement for SARS transfer-pricing compliance?
Q7Tax Control Account — resolved: Confirmed with Denise (Tome) as provisional tax already paid for 2025/26, not a refund. Open item: confirm the 2025 assessment outcome in June and book the tax charge (pro-forma NAV ≈ R186.2M after booking).
Available Funds for Investment
Liquidity analysis from 31 May 2026 balance sheets · Three-tier framework
Tier 1 · Immediately Deployable
R 6.61M
Cash + Valgro loan account · 31 May 2026
Tier 2 · Near-Term Inflows
R 0.84M/yr
Bluff Retail loan repayments · Tax control is NOT a refund
Tier 3 · Liquid but Invested
R 22.41M
Listed shares GBFH R10.82M + GBFT R11.59M · JSE saleable
Investment Liquidity Analysis · 31 May 2026
SOURCE: VERIFIED BALANCE SHEETS · GBFH + GBFT + GBCT · ALL FIGURES ZAR

TIER 1 — Immediately Deployable Cash (R 6.61M)

Source Entity Balance Current Yield Note
Valgro Call/Loan Account GBFH R 4,961,140 6.80% p.a. Prime −3.45% · Semi-liquid loan account · rate uplift sought
Standard Bank (operating) GBFH R 905,812 Nil Operating float · Keep R200K minimum buffer
Investec Platform + WM Cash GBFH R 162,522 Low Broker sweep account
Maxprop Trust Account GBFH — Nil Now a payable (liability) in May — excluded from Tier 1
GBFT Cash (all accounts) GBFT R 544,822 Low Standard Bank + Investec × 2 + Nedbank
GBCT Cash GBCT R 40,641 Nil Charitable trust — not available for investment
TIER 1 TOTAL R 6,614,937 Less R2M operating reserve = R 4.61M net deployable
Net freely deployable cash after a prudent R2M operating buffer: R 4.61M. Deployable cash fell sharply in May because ~R6.45M was used to pay down the Investec bond. The Valgro loan account (R4.96M) is now ~75% of Tier 1 and earns only 6.80%. Improving the rate toward Prime −0.5% would add roughly R350K/year at no additional risk. Note: given the building Spar arrears, hold liquidity flexibility before deploying.

TIER 2 — Near-Term Inflows (R 0.84M/yr)

SARS TAX CONTROL ACCOUNT
R 3,374,867
RESOLVED with Denise (Tome), 27 May 2026: this is provisional income tax already paid to SARS for the 2025 and 2026 tax years, shown as a debit (asset) because the matching tax liability has not yet been booked. The 2025 return is being finalised and handed to auditors in early June 2026.

On assessment the prepayment will be offset against tax due, leaving only a small net payment or refund. It is not a recoverable refund and not idle cash. The key implication: reported net equity does not yet carry two years of income tax, so pro-forma NAV after the booking is roughly R3.37M lower (≈ R186.2M). The earlier "R19K/month foregone interest" estimate is withdrawn.
BLUFF RETAIL LOAN REPAYMENTS
R 840K / year
The Bluff Retail loan (balance R1.31M at May 2026) repays at approximately R70K/month at 12.25% (Prime +2%). This is best left in place — it is the highest-yielding loan on the book and self-liquidating. Do not recall early.

TIER 3 — Liquid But Currently Invested (R 22.41M)

GBFH LISTED SHARES (Investec)
R 10,820,492
JSE-listed equities managed by Investec Wealth. R8.44M (Mar 2025) → R11.74M (Feb 2026) → R10.82M (31 May 2026); broadly flat over the quarter (+R37K in May). Liquid — saleable in T+3 days.
GBFT LISTED PORTFOLIO (Investec)
R 11,588,846
32 active JSE holdings including Naspers, Standard Bank, Anglogold, BHP, Glencore. Grew from R9.88M (Mar 2025) to R12.71M (Feb 2026), then eased to R11.59M at 31 May 2026 on REIT softness (−R0.19M in May). Liquid — saleable in T+3. The unrealised-gain accounting entry was cleared in May.
Tier 3 shares should only be liquidated for a specific opportunity with a risk-adjusted return materially above the current portfolio yield. Both portfolios remain in long-term gain despite the Mar–May REIT pullback. Partial liquidation for a yield-accretive property syndication would be justified only if the target return exceeds ~12%.

SUMMARY — Net Investment Capacity

Tier 1 — Available cash (Valgro loan + other) R 6,614,937
Less: Prudent operating reserve (recommended) −R 2,000,000
Less: Spar arrears buffer (R4.72M arrears · 3 Jun meeting) −R 2,000,000
Net Deployable — Tier 1 (conservative) R 2,614,937
Memo: Tax Control Account is NOT distributable (R 3,374,867 = tax paid)
Add: Tier 3 liquid listed shares (if liquidated) +R 22,409,338
Maximum theoretical deployment (all tiers) R 31,023,590
Recommendation: Until the Spar arrears position is resolved (meeting 3 June; arrears R4.72M), hold a more conservative stance — net deployable of roughly R8.5M after both an operating reserve and a Spar arrears buffer. The Tax Control Account is not distributable (it is tax already paid). Once the tenant position is clearer, a R8–10M deployment at a 12%+ cap rate would add roughly R1M/year in net income. Do not liquidate Tier 3 unless the target return materially exceeds current portfolio performance.
GBCT · Charitable Trust — Distribution Policy & Advisory
Garvin Bernstein Family Charitable Trust · Operational notes · May 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 May 2026: GBCT equity = R507,118 against the GBFH loan liability of R1,000,000. If the GBFH loan were called, GBCT could not settle it from its own assets (total assets R1.53M, of which R1.49M is the REIT portfolio). 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, and the loan should be formally documented.
MONITOR · REIT Portfolio Volatility
The GBCT portfolio is 100% concentrated in SA REITs — 13 holdings. The Mar–May 2026 period saw a R114,345 net fair-value loss, which drove the trust to a R112,704 period loss. While the portfolio is long-term income-focused, concentration in a single asset class and geography creates volatility risk. Consider whether geographic or asset-class diversification would suit the charitable trust long time horizon.

REIT PORTFOLIO — March 2026 Stress Snapshot (recovered in April)

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 a broad correction in March 2026 (every holding declined; largest losses Redefine −R32,002 and Growthpoint −R31,957). The portfolio then recovered to R1,493,983 at 31 May 2026 (+R51,547 on the month), but the Mar–May period was still net negative (−R114,345), driving GBCT to a R112,704 period loss. Held for long-term income — unrealised moves are not a disposal trigger.

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.
  • GBFH loan: FORMALISED. 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 R1.49M (May 2026) the portfolio generates roughly R100K–R150K in annual REIT dividends — sufficient to fund the modest charitable distributions and cover operating costs. The portfolio does not need to grow to serve the trust's purpose, but active monitoring for sector stress is prudent given the Mar–May volatility.
  • 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 (May 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 Since the Merle Karp Exit
Feb 2022 buyout → today · what was paid, where we are now, and where the growth is coming from
Paid to Merle Karp · Feb 2022
R 68.17M
All-in settlement · net of DWT, CGT & prov. tax
~50% of the GBFH + GBFT pool
Post-exit base · Feb 2022
R 140M
Brothers’ retained position (est.)
Pre-exit total ~R208M
Total Structure NAV · May 2026
R 189M
On the books (Bluff at R76M cost)
~R199M on market values
Recovered vs Pre-exit R208M
~96%
+R49M book / +R59M market since exit
On track to cross ~2027
What Merle Karp Was Actually Paid
Reconciled to the Feb 2022 exit workbook · resolving the “R68M + share sale / VAT” question
Make-up of the R68.17M Settlement (Merle’s share)Source: “Summary valuation-Final – Merle Exit” · Feb 2022
ComponentAmount (R)Note
GROSS VALUE OF MERLE’S SHARE
Unlisted / associate property companies41,640,000Valgro, Tapa, Aldaveen et al (her ~50%)
Cash & bank (her half of the reserve)23,290,000The accumulated cash pile
Listed shares — sold to fund the exit14,290,000Her half of the JSE portfolios
Loan & beneficiary loan accounts7,710,000incl. Estate Late GD Bernstein
Other (Oakleigh Manor share, vehicle)850,000
Gross value of her share87,780,000≈ half of the ~R136M pool + cash
LESS: TAXES & SETTLEMENT COSTS
Dividends Withholding Tax (DWT · 20%)−16,590,000Route used to extract the value
Capital Gains Tax (on shares sold)−1,020,000GBFT listed portfolio
Provisional tax−1,230,000GBFH + GBFT
Professional fees & loan clearance−800,000Accountants + other professionals
Value-Added Tax (VAT)— none —share buyout is not a VATable supply
NET PAID TO MERLE68,167,422All-in
✓ The “R68M + share sale” question — resolved
The R68.17M is the complete, all-in figure — there was no separate amount paid “on top.” Selling Merle’s half of the listed share portfolios (~R14.3M) was simply how the liquid slice of the settlement was funded; it is a component inside the R68.17M, not an addition to it.
On the VAT point
A full line-by-line search of the exit workbook shows no VAT anywhere in the calculation. The tax drag was Dividends Withholding Tax (~R16.6M), with smaller CGT (~R1.0M) on the shares sold and provisional tax (~R1.2M). A share buyout is a VAT-exempt financial transaction and no property (which would be VATable) changed hands — so VAT never arose. The share sale helped fund the cash settlement and its CGT, not a VAT bill.
Why this drained the cash
~R23.3M came straight out of the cash reserve and a further ~R14.3M from selling shares. That is why bank cash today is modest — the reserve was deployed to buy Merle out, and profit since has been reinvested into property and used to pay down debt rather than re-banked.
Pre-exit → Post-exit → Today
Total Structure (GBFH + GBFT) · the buyout dip and the recovery since (2022 figures are estimates)
R millions · Total Structure NAV at each point
The buyout took the structure from ~R208M down to ~R140M. Four years of reinvested profit, ~R20M of Bluff improvements and market appreciation have rebuilt it to R189M on the books and ~R199M on current market values — within ~R9–19M of the full pre-exit level, on track to cross it around 2027. The gap that remains is essentially the last leg of Bluff’s market re-rating and one more year of retained earnings.
Where the Growth Is Coming From
The engines behind the ~R49–59M recovery since 2022
GBFH Asset Base Today (May 2026)Where the value sits now · ties to R179.7M total assets
AssetValue (R)Growth driver
Bluff Shopping Centre + fixed assets76,299,015~R20M improvements · market to ~R86M
Unlisted investments (Valgro R42.5M + SPVs)68,968,262Associate property appreciation
Listed REIT portfolio11,043,888Post-COVID recovery + reinvestment
Call account, debtors, deposits & tax refund23,389,022Rental cash retained in the business
Total GBFH assets179,700,187less R54.7M liabilities → R125.0M equity
Book equity R125.0M is after R15.3M non-cash deferred tax; economic equity ≈ R140.3M. GBFT adds its own net equity (~R51.2M) on top, less the intercompany holding, to reach the ~R189M Total Structure NAV.
01 · Bluff Shopping Centre — the anchor engine
The single biggest driver. ~R20M of improvements reinvested over 5 years; carried at R76M cost against an indicative ~R86M market value. The pending Spar HQ covenant strengthens the income and supports the re-rating.
02 · Retained earnings, reinvested
GBFH earns ~R6.5M net profit a year and reinvests it — R81.5M of accumulated retained income now sits inside the property, syndications and listed shares rather than in the bank.
03 · Deleveraging
The Investec bond was cut from R17.0M to R10.5M in May 2026. Every rand of debt repaid converts directly into equity — a quiet but reliable growth lever.
04 · New acquisitions
Midway Place / Brenntag (industrial, Midrand) adds a new income stream at a ~12% NOI yield — see the pipeline below. Growth is now coming from new property, not just the existing base.
Growth & New Investments — Pipeline
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 HISTORICAL BASELINE
Verified opening position for FY2026 · Historical reference only · For latest position see MAY 26 tab
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 SC +R3.95M cost adjR 76,000,000
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.
May 2026 · M03 Actuals · FY2027 In Progress
Verified from Tome & Associates management accounts · 31/05/2026 · Latest monthly position · All values ZAR
Combined Net Equity · 31/05/26
R 189.55M
vs R180.20M at 30 Apr 2026 · +R9.35M (incl. ~R9.8M opening-balance restatement)
Combined Total Assets · 31/05/26
R 235.14M
vs R236.15M at 30 Apr 2026 · −R1.01M over May
GBFH Net Equity · 31/05/26
R 135.36M
FY27 profit to date (3mo, pre-tax): R2.08M
GBFT Net Equity · 31/05/26
R 53.69M
FY27 YTD (3mo): −R267K · JB Gamsu loan now R600K
⚠️ Items Requiring Attention
🟡 PROGRESSING · Spar Anchor / Bluff Debtors
Spar R4.72M · HQ take-over 01 Jul (verbal)
Bluff debtors were R4.99M at 31 May; the Spar anchor is R4,716,334 in arrears (02 June). Meeting held 3 June: Spar HQ takes over the lease commitments commercially from 01 July 2026; a cession of the lease from the franchisee to Spar HQ is pending, with all arrears to be paid in full first — verbally agreed, pending final terms and payment. See Spar tracker on GBFH tab.
🟢 TREASURY · Bond Paid Down
−R6.5M debt cut
GBFH applied ~R6.45M of call-account cash in May to reduce the Investec bond from R17.01M to R10.49M. Bond interest falls from ~R1.66M/yr to ~R1.02M/yr; net carry roughly halved. This actions the partial-bond-repayment recommendation flagged in prior months.
🟡 REIT PORTFOLIO · Market Correction
−R0.15M in May
Listed portfolios eased in May: GBFH +R37K, GBFT −R0.19M, GBCT +R8K. Combined listed value R23.90M (vs R24.05M at April). GBFT's YTD fair-value swing pushed the trust to a small YTD loss. Monitor — portfolios remain diversified and income-generating.
🔴 GBCT · Near-Insolvent Position
R507,118 equity (May)
GBCT total liabilities R1,027,506 exceed equity R507,118 by R520,388 at 31 May 2026. The R1M GBFH loan is the primary liability. A Mar–May REIT fair-value decline of R114K drove the trust to a R113K YTD loss. GBFH loan is patient/interest-free funding. Documentation should be formalised; section 7C may apply.
🟡 LEASE · Hollywood Bets Renewal
Nov 2026 · 12.3% of rent
Hollywood Bets (563 m², R123K/mo) is the second-largest tenant; its lease expires Nov 2026, ~5 months out. Prioritise the renewal with escalation. See Lease Expiry & Tenant Renewals on the GBFH tab.
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 May 2026
Source: Tome & Associates · Verified against April trial balance
Assets
FIXED ASSETS
Land & Buildings — Bluff SC +R3.95M cost adjR 76,000,000
Other Fixed Assets (solar net)R 3,945,460
IT Equipment + Motor VehiclesR 226,420
Total Fixed AssetsR 80,171,880
INVESTMENTS
Listed Shares (JSE REIT portfolio) +R37K MayR 10,820,492
Valgro Investments (equity, largest)R 42,467,387
117 Old Main Rd — Midway Place BRENNTAGR 5,250,020
Mpinvestone InvestmentsR 7,182,592
Genna-Wae PropertiesR 5,071,012
Patamar Holdings 4 (loan)R 3,000,030
Dumbass (Pty) Ltd (40% — distinct from Valgro)R 2,830,119
Aldaveen InvestmentsR 2,700,120
108 Old Main Rd + Prophold 102 + minorR 467,040
Total InvestmentsR 79,788,732
CURRENT ASSETS
Valgro Call/Loan Account GBFH LENDS TO VALGROR 4,961,140
Bluff SC Debtors ⚠️ +R0.90M MayR 4,986,922
Sundry Debtors (electricity recovery)R 626,298
Deposits (utility)R 2,306,903
Tax Control — provisional tax PAID SEE NAV TABR 3,374,867
Bluff Retail Loan (12.25%)R 1,313,860
Short-term Loan to GBCT (interest-free)R 1,000,000
Prepaid Expenses + OtherR 181,207
Standard Bank + Investec cashR 1,068,334
TOTAL ASSETSR 179,780,143
Liabilities
NON-CURRENT LIABILITIES
Investec Bond @ 9.75% GBFH OWES INVESTECR 10,487,304
Deferred Taxation NON-CASHR 15,300,190
Total Non-Current LiabilitiesR 25,787,494
CURRENT LIABILITIES
GBFT Group Loan GBFH OWES GBFTR 15,845,420
Maxprop Trust Account (payable)R 230,653
Sundry CreditorsR 874,573
Tenant Deposits — Bluff SCR 1,254,406
Provision for Future ExpensesR 275,020
VAT ControlR 155,505
Total Current LiabilitiesR 18,635,578
TOTAL LIABILITIESR 44,423,071
Share Capital + ReservesR 53,857,316
Retained Income (opening 01/03/26, restated)R 79,421,343
FY27 Net Profit YTD (Mar–May, pre-tax)R 2,078,413
NET EQUITYR 135,357,072
Excl. deferred tax R15.3M (non-cash): adjusted equity R150.66M. FY27 YTD profit of R2.08M is pre-tax — no 2025/26 tax expense yet booked (see Tax Control Account explanation in NAV & CAP tab).
Treasury Structure — Investec Bond & Valgro
In prior years GBFH redrew ~R17M on the Investec bond and placed it in the Valgro call account (GBFH lends to Valgro). In May 2026 GBFH reversed course, applying ~R6.45M of call-account cash to cut the bond from R17.01M to R10.49M.
GBFH PAYS
9.75% on R10.49M
= R1.02M/year
Investec Bond interest
GBFH EARNS
6.8% on R4.96M
= R337K/year
Valgro call account
Net carry now ~R686K/year (was ~R884K). Call account down from R11.41M to R4.96M in May — applied to the bond paydown. Continue reviewing the Valgro rate.
GBFH Income Statement · May 2026 (month)
Rental Income — Bluff SCR 998,581
Electricity RecoveryR 626,298
Rates + Refuse + Water + SewerageR 150,512
Security + Interest on ArrearsR 62,873
Interest on Loans (Valgro + Bluff Retail)R 76,500
Bank Interest + OtherR 244,716
Dividends + FV AdjustmentsR 43,477
Total Income (May)R 2,202,956
Total Operating ExpensesR 1,104,189
Incl. Bond Interest (9.75%)R 119,977
Incl. Accounting Fees (AvdV R63K)R 83,841
Net Profit May 2026 (pre-tax)R 1,098,767
Solid May: rent R999K · electricity recovery R626K · pre-tax profit R1.10M. FY27 3-month NP R2.08M (pre-tax — no provision yet booked, see Tax Control note).
GBFT & GBCT · 31 May 2026 Snapshots
GBFT — 31 May 2026 · M03 FY27
Investment in GBFH (loan R15.85M + shares R4K)R 15,849,420
Tapa Property Holdings (Pty) LtdR 24,066,258
Listed Shares (Investec) −R0.19M MayR 11,588,846
Aldaveen + Prophold 102R 1,246,486
The Major Investment Trust (overdrawn loan a/c)−R 65,758
Unrealised Gains liability (cleared May 2026)R 0
Cash (5 accounts)R 544,822
JB Gamsu Beneficiary LoanR 600,000 +R200K May
Net EquityR 53,689,596
Total Assets: R 53,830,073 · Total Liabilities: R 140,477
MAY 2026 INCOME (month)
Dividends received (incl. foreign)R 302,740
Interest received (investments + bank)R 24,348
Profit/(Loss) on listed investments−R 55,996
Total Expenses (audit + accounting + bank)−R 13,503
Net Profit MayR 257,588
FY27 YTD (3mo): −R266,841 (fair-value swing on listed portfolio)
GBCT — 31 May 2026 · M03 FY27
Listed REITs (13 SA REITs)R 1,493,983 +R8K May
Cash (Investec Platform + Std Bank + Trading)R 40,641
GBFH Loan (liability — interest-free)−R 1,000,000
Sundry creditors + audit provision−R 27,506
Net EquityR 507,118
Total Assets: R 1,534,624 · Total Liabilities: R 1,027,506
MAY 2026 INCOME (month)
FVA on REIT portfolioR 8,009
Interest + cash transfer incomeR 167
Dividends received (month)R 0
Expenses (accounting + audit)−R 1,988
Net Profit MayR 6,188
FY27 YTD (3mo): Net LOSS R112,704 (small May profit R6,188)
GBCT equity R507,118 vs R1M GBFH loan = R493K short of full coverage. Patient, interest-free funding — no call risk in normal circumstances. FY27 remains a net R113K YTD loss.
Period Comparison · Mar 26 / Apr 26 / May 26
Metric Mar 2026 Apr 2026 May 2026
Bluff SC Rent (month)1,000,0241,003,524998,581
Electricity Recovery (month)653,566663,960626,298
GBFH Net Equity (end of period)126.90M128.06M135.36M
GBFT Net Equity (end of period)51.53M51.64M53.69M
GBFT Listed Shares11.40M11.78M11.59M
Bluff SC Debtors (end of period)3,016,8484,085,0444,986,922
Investec Bond Balance17,015,90517,007,22510,487,304
Valgro Call/Loan (end of period)12,140,08811,407,3994,961,140
GBFH Net Profit (month)695,5381,158,9401,098,767
FY2027 Budget vs YTD Actual · 1 March 2026 to 28 February 2027
Source: Budget_GBFH_2027_FINAL.xlsx · 3-month actual (Mar–May 2026) now booked · Tracking vs annual budget
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 bond · May actual bond: R10.49M (paid down ~R6.5M) · 3mo interest R396K
FY27 YTD bond interest 23% of budget · on track
Valgro Interest Income FY2027
R 994,707
Budget 6.8% · Actual: call drawn down to R4.96M in May (funded bond paydown)
R686K annual net carry after the May bond paydown
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
FY2027 · 3-Month Actual vs Budget Pro-Rata
Mar–May 2026 actuals vs 3/12 of annual budget · Pre-tax (no tax expense booked yet)
FY27 YTD TrackingFrom verified May management accounts · 31 May 2026 · combined GBFH+GBFT+GBCT
Line ItemFY27 Budget (Annual)Pro-Rata 3moFY27 YTD Actual (3mo)vs Pro-RataNote
BLUFF SC REVENUE
Rental Income12,108,3813,027,0953,002,12999.2%On budget
Electricity Recovery5,116,8001,279,2001,943,824+51.9%Materially above pro-rata budget
Other Recoveries (Rates/Water/Refuse/Sewer/Security/Arrears)2,196,154549,039605,616+10.3%Slightly above
Total Bluff SC Revenue19,421,3354,855,3345,551,569+14.3%Strong start to FY27
INVESTMENT INCOME
Dividends (all entities, net of div tax)5,426,3171,356,579999,96473.7%Some divs are quarterly/lumpy
Interest — Loans & Investments1,615,362403,841713,408+76.7%Higher than expected
REIT Dividends894,000223,50034,84915.6%REITs distribute quarterly
Total Investment Income7,935,6791,983,9201,748,22188.1%Timing of dividend receipts
TOTAL INCOME27,357,0136,839,2537,299,790+6.7%Ahead of pro-rata budget
EXPENSES
Bluff SC Operating Expenses11,895,6952,973,9243,169,891−6.6%Above pro-rata · electricity + depreciation
Bond Interest (9.75%)1,734,284433,571395,98991.3%Will fall after May paydown
GBFT + GBCT Expenses1,000,000 est250,00089,36435.7%Audit accruals back-loaded
Taxation Provision2,599,503649,8760⚠️ Not bookedSee Tax Control note
Net Income (accounting, combined)10,387,9542,596,9891,698,86865.4%Dragged by FV losses; pre-tax
Key observation: FY27 revenue is running ahead of budget (electricity recovery especially). However, combined pre-tax net income of R1.70M (3mo) is behind the R2.60M pro-rata, because unrealised fair-value losses on the GBFT/GBCT listed portfolios (≈ −R1.9M YTD) offset strong Bluff operating income. GBFH alone (the operating entity) is ahead at R2.08M pre-tax. No 2025/26 income tax provision is booked yet (~R2.6M annualised when booked). Dividend/REIT income lags pro-rata on quarterly timing. Full-year forecast (3-month actual + 9-month budget run-rate): Bluff SC revenue ~R20.5M vs the R19.42M budget; total income ~R27.8M vs R27.36M budget; and bond interest will run below the R1.73M budget line after the May paydown. Combined accounting net income stays sensitive to listed-portfolio fair-value moves in H2.
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⚠️ Budgeted on R17M; bond cut to R10.49M in May
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. · Note: the budget assumed no repayments, but GBFH repaid ~R6.5M of the bond in May 2026 — actual bond interest will run below this budget line.
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 R10.49M 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 & Period-on-Period
Verified management accounts · Mar 2024 → Mar 2025 → Feb 2026 → 31 May 2026 · 26-month CAGR
Combined Net Worth CAGR (26-month)
6.9% p.a.
R155.9M (Mar 24) → R189.6M (May 26)
R33.7M total (incl. ~R9.8M May restatement)
GBFH Equity CAGR (26-month)
7.0% p.a.
R110.7M (Mar 24) → R135.4M (May 26)
+R24.7M (incl. May restatement)
GBFT Equity CAGR (26-month)
6.3% p.a.
R45.2M (Mar 24) → R53.7M (May 26)
+R8.5M (incl. May restatement)
GBFH Listed Shares (13-month)
+25.3% p.a.
R8.44M (Mar 2025) → R10.82M (May 2026)
JSE REIT recovery sustained
Bluff SC Rev · May 26
R1.84M/mo
May 26 gross R1.84M (rent + recoveries)
FY27 3mo run-rate annualised: R22.2M
GBFH Net Profit · FY27 YTD (3mo)
R 2.08M
Mar–May 2026 (pre-tax, no provision booked)
FY26 full-year was R7.99M for comparison
GBFH Retained Income (May 2026)
R 81.50M
FY26 opening restated to R79.42M (+R7.07M) → +R2.08M FY27 YTD
Two years of growth at strong rate
GBFT Accumulated Surplus (May 26)
R 37.66M
FY26 opening restated to R37.66M (+R2.73M) · FY27 YTD −R0.27M
Steady trust surplus growth
Net Worth Trajectory · 4-Period Comparison
Mar 2024 opening → Mar 2025 → Feb 2026 → 31 May 2026 · R millions
Family Office Net Equity — 4-Point Trajectory
R millions · Mar 2024 → Mar 2025 → Feb 2026 → 31 May 2026 · 26-month CAGR 6.9% p.a. · May equity includes a ~R9.8M opening-balance restatement
GBFH GBFT Combined
Total Structure NAV — Recovery Since the Merle Exit
GBFH + GBFT consolidated · like-for-like against the pre-exit and post-exit position (Feb 2022 figures are estimates)
Have we grown back to the pre-buyout value?
R millions · Total Structure NAV (GBFH + GBFT) vs the ~R208M pre-exit total
Your hunch is right — you have nearly recovered the full pre-buyout value. In Feb 2022 Merle Karp was bought out for R68.2M. She held ~50% of the GBFH/GBFT investment pool (~R136M) but none of Bluff (the brothers’ direct asset), so ~33% of the total enterprise. That puts the pre-exit total at ~R208M and the brothers’ post-exit position at ~R140M.

Since then the Total Structure (GBFH + GBFT) has grown to R189.0M on the books (Bluff at R76M cost) and ~R199M on current market values (Bluff at ~R86M). That is ~R59M of growth since the exit — roughly 87% of the R68M paid to Merle recovered through portfolio growth, and ~96% of the way back to the full pre-exit R208M. On market values the line crosses the pre-exit total around early 2027; on the books, ~late 2027. 2022 figures are reconstructed estimates.
Working Capital & Treasury — Multi-Year Trend
Liquidity rebuilt after the 2022 Merle Karp exit, parked in the Valgro call account, then partly used to repay the bond in May 2026
GBFH Valgro Call Account (parked liquidity) vs Investec Bond
R millions · Mar 2024 → May 2026 · sources: management accounts + FY comparatives
Why bank cash is only R1.65M despite years of profit. In February 2022 the family bought Merle Karp (Joel and Mark’s aunt) out of the structure for ~R68.2M all-in (already net of the ~R19.6M of DWT, CGT and provisional tax it triggered — no VAT); Mark and Joel retained the 50/50 MBO. The settlement was funded from the cash reserve and by selling Merle’s half of the listed shares (~R14.3M) — no property was sold. That drained the accumulated cash reserve. See the full make-up on the Growth tab.

Profits since 2022 have been rebuilt but not held as bank cash. After the Investec bond was paid down to near-zero, Investec required the facility to be utilised, so GBFH redrew ~R17M and parked it in the Valgro call account (the green bars climbing through FY2026 alongside the red bond bars). In May 2026 ~R6.45M of that was reversed to repay the bond to R10.49M. A further R4.72M is currently trapped in Spar arrears. So the profit is real but sits in the call account, syndications, listed shares and lower debt — not in the bank. Collecting the Spar arrears alone lifts bank cash from R1.65M to ~R6.37M.
Property Carrying Values & Valuation Basis
How property is valued on this dashboard · what changed this month
All property is held at cost / carrying value, not at market value. No property has been formally revalued to market.

Bluff Shopping Centre: carried at R72,050,000 (cost) through FY2026 and to April 2026, then increased to R76,000,000 in the May accounts (+R3,950,000). The ledger shows the account opening 01/05/26 already at R76.0M with no in-month movement — i.e. an opening-balance (cost-base) adjustment booked as part of the FY2026 audit finalisation, not a market revaluation. Reserves are unchanged (nothing went through a revaluation reserve); the offset sits inside the ~R7.07M upward restatement of opening retained income. Independent market value is meaningfully above the R76M cost (indicative ~R86M on a seasoned-valuer view; see the valuation panel below), reflecting full stabilised income, ~R20M of improvements over 5 years and the Bluff Towers area sale at 8.26%.

Syndications (Valgro R42.47M, Tapa R24.07M, and the rest): carrying values are unchanged month-on-month — all at cost, none independently valued. Listed shares are the only assets marked to market (fair-valued each month via the Investec statements).

Governance action: commission an independent valuation of Bluff SC (and ideally the larger syndications) at FY-end so the balance sheet reflects market value rather than historic cost. Until then, treat carrying value as a floor, and read this month's R3.95M uplift as an accounting adjustment, not economic value created.
Bluff · to Apr 2026
R72.05M
at cost (stable through FY26)
Bluff · from May 2026
R76.00M
+R3.95M cost-base adjustment
Independent value
None on file
no market valuation
Bluff SC · Indicative Market Valuation (seasoned-valuer view · not a formal valuation)
Carried at cost
R76.0M
balance-sheet basis
Indicative value
~R86M
range R84M–R88M
Cap rate
~9.0%
range 8.75%–9.25%
Stabilised NOI
~R7.7M
p.a., normalised
Valued as an experienced KZN retail valuer would, treating the centre as stabilised: the Spar HQ take-over is effectively agreed, rentals are stable, remaining tenants show no stress and are committed to renewals with escalation, and ~R20M of improvements have been reinvested over the last ~5 years. On a stabilised net operating income of ~R7.7M p.a. (budget R7.55M, plus depreciation, net of the electricity under-recovery) at a ~9.0% cap rate, the indicative value is ~R86M (range R84M–R88M) — roughly R10M above the R76M cost carry.

Anchoring comparable — Bluff Towers (same suburb, 319 Tara Rd): sold ~R545M (Oct 2025) on ~23,979 m², weighted rental R206/m², NOI ~R45M → implied cap ~8.26%, ~R22,728/m². It is a larger, higher-grade institutional centre, so we apply a modest ~50–100bp discount (~8.75%–9.25%) rather than the 150bp+ a distressed read would use — justified by the grocery anchor, 99.8% occupancy, the 40-year trading record and the recent reinvestment. Our implied ~R11,100/m² is ~49% of Bluff Towers’, consistent with our ~63% relative rent.

Tenancy: GLA ~7,725 m², 99.8% let, ~24 tenants. Anchor Bluff Super Spar 4,957 m² (64% area, 60% of rent) to Jan 2029; second tenant Hollywood Bets 563 m² (12% of rent) with a renewal due Nov 2026. Income-weighted WALE ~1.8 years, with ~25% of rent expiring in 2026 — being addressed through the committed renewal pipeline.

Sensitivity & caveats: if the Spar cession or the 2026 renewals slip, a more cautious 9.5%–10% cap gives ~R77M–R81M. Single-anchor concentration (Spar 60% of rent) and the near-term Hollywood Bets renewal are the key risks. This is an indicative desktop estimate, not a registered valuation — commission a registered valuer with deeds-office comparables to confirm. Cap-rate context: SAPOA / industry (SA all-property ~8.2% H1 2025). Bluff Towers per BusinessTech / Bizcommunity.
Bluff SC · Revenue Breakdown — Mar 2025 / Feb 2026 / May 2026
Revenue lines only · ZAR thousands · May 26 shows current run-rate
Listed Share Portfolios · Mar 2025 → Feb 2026 → May 2026
GBFH + GBFT + GBCT combined listed equity · ZAR millions · GBCT dipped over Mar–May 2026 on REIT FV decline
CAGR & Performance Summary Table
Calculated from verified management accounts · Assumptions stated
Performance Metrics — Comprehensive Summary Mar 2024 base → Mar 2025 → Feb 2026 → 31 May 2026 · 26-month CAGR to latest
MetricMar 2024Mar 2025Feb 202631 May 202626-mo CAGR
EQUITY / NET WORTH
GBFH Net Equity R 110.70MR 119.17MR 126.47MR 135.36M +7.0% p.a.
GBFT Net Equity R 45.20MR 49.02MR 51.23MR 53.69M +6.3% p.a.
GBCT Net Equity R 0.10MR 0.18MR 0.62MR 0.51M Small base · noisy
Combined Net Equity R 155.90MR 168.37MR 177.70MR 189.55M +6.9% p.a.
RETAINED EARNINGS / ACCUMULATED SURPLUS
GBFH Retained Income R 56.84MR 64.91MR 72.35MR 81.50M FY26 restated +R7.07M open · FY27 YTD +R2.08M
GBFT Accumulated Surplus R 28.91MR 32.35MR 34.94MR 37.66M FY26 restated +R2.73M open · FY27 YTD −R0.27M
BLUFF SC INCOME (MONTHLY SNAPSHOT)
Monthly Revenue (rent + recoveries) ~R 1.609M (Mar 24)R 1.669M (Mar 25)R 1.870M (Feb 26)R 1.838M (May 26) +6.1% p.a. (Mar 24→May 26)
Bluff SC NOI (excl bond interest) —~R 656K (Mar 25)R 834K (Feb 26)R 854K (May 26) Run-rate solid · FY27 YTD ~R2.4M
Electricity Recovery (Monthly) ~R 0.500M (Mar 24)R 0.555M (Mar 25)R 0.679M (Feb 26)R 0.626M (May 26) +10.5% p.a. (Mar 24→May 26)
LISTED SHARE PORTFOLIOS
GBFH Listed Shares ~R 8.0M est.R 8.44MR 11.74MR 10.82M +23.7% p.a. (Mar 25→May 26)
GBFT Listed Portfolio ~R 8.5M est.R 9.88MR 12.71MR 11.59M +14.7% p.a. (Mar 25→May 26)
GBCT REIT Portfolio ~R 1.00M est.R 1.17MR 1.62MR 1.49M +23.0% p.a. (Mar 25→May 26)
LOAN BOOK
Valgro Call/Loan Account ~R 6.5MR 4.35MR 11.97MR 4.96M Down R6.45M in May (bond paydown)
Bluff Retail Loan ~R 1.74MR 1.454MR 1.249MR 1.314M +R39K May (interest accrual)
CAGR = (End / Start)^(12/n_months) − 1. 26-month period = 01/03/2024 to 31/05/2026. Mar 2024 bases derived from FY2025 trial balance opening balances. GBCT base values are estimates given small scale; the FY27 Mar–May REIT FV decline drove the trust to a R0.51M closing position. Bluff SC NOI is monthly net income before bond interest, dividends and interest received. The GBFH Tax Control Account (R3.37M) is provisional tax already paid; no 2025/26 tax expense is yet booked, so equity is overstated by approximately that amount pending June assessment.
Income · Yield · Asset Allocation
Key financial metrics visualised across FY2025 and FY2026
Annual Income by Source · FY2026 Full Year vs FY2027 YTD (3mo annualised)
ZAR millions · All income streams · GBFH + GBFT · FY27 YTD shown as 3-month actual ×4 annualised
Combined Asset Allocation — 31 May 2026
R235.14M total assets · By category across GBFH + GBFT + GBCT
Yield Comparison — Key Income Assets
Annualised gross yield on capital deployed · FY2026
26-Month CAGR by Entity
Mar 2024 → 31 May 2026 · % p.a. equity / portfolio growth
Bluff SC — NOI Monthly Run-Rate · Look Back & Look Forward
Actual Mar 2025 to May 2026 · FY27 NOI budget projected through Feb 2027 · ZAR thousands
Solid green = actual NOI to May 2026 (look back). Blue dashed = FY27 Bluff SC NOI budget run-rate of R629K/month (R7.55M annual ÷ 12) projected forward (look ahead). Actuals to date (Apr 26 R793K, May 26 R854K) are running ahead of the FY27 budget run-rate.
Family Office Net Worth Waterfall — Mar 2024 to May 2026
Combined equity movement · R millions · Opening R155.9M → May 26 R189.6M · gain R33.7M (incl. ~R9.8M May restatement)
Notable Performance Observations
01 · EQUITY GROWTH EXCEEDS INFLATION
Combined net worth CAGR of 6.9% p.a. over 27 months (Mar 2024–May 2026) outperforms South African CPI of approximately 4.5–5.5% over the same period. Real wealth growth is positive. GBFH's 7.0% CAGR reflects both operating income from Bluff SC and fair value appreciation on the investment portfolio. Note: reported NAV does not yet carry 2025/26 income tax; pro-forma NAV after the June assessment is approximately R186.2M.
02 · ELECTRICITY RECOVERY OUTPERFORMING
Electricity recovery has grown from R500K (Mar 24) to R626K (May 26) — a ≈10.5% p.a. compound rate over 27 months. eThekwini tariff increases are being passed through to tenants. The solar installation continues to contribute R25K/month (R300K/year) as an additional credit. Electricity remains a meaningful net income driver.
03 · VALGRO POSITION — EQUITY vs LOAN
Two distinct Valgro exposures: R42.47M equity investment (largest single position, 18.0% of gross assets) and a R4.96M call/loan account (down from R11.97M at Feb 26). v15/v16 mislabelled the R42.47M as Dumbass — corrected. Look-through into the Valgro underlying property NAV is the priority data request to Allan.
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 · LISTED PORTFOLIOS — REIT CORRECTION MAR–MAY
Listed portfolios pulled back over Mar–May 2026: combined R26.07M (Feb) to R23.90M (May), a R2.17M decline driven by REIT fair-value pressure. GBFH listed dropped R11.74M to R10.82M; GBFT R12.71M to R11.59M; GBCT R1.62M to R1.49M (which drove GBCT to a small period loss). Annualised growth from Mar 25 remains strong at 21.4% p.a. — fundamentals intact, monitor.
06 · BLUFF SC DEBTOR BOOK ELEVATED
Bluff SC debtors rose from R4.09M (Apr 26) to R4.99M (May 26), with the Spar anchor (R4.72M at 02 June) dominating the book. Update: Spar HQ is taking over the lease commitments commercially from 01 July 2026, and the family office requires all arrears paid in full before any further cession discussions — a materially stronger outcome if concluded. Action: obtain debtor ageing report from MaxProp urgently; reconcile collections; confirm there is no significant credit risk in the tenant base.
Questions & Items for Confirmation
Compiled from 31 May 2026 accounts · To be discussed with AvdV and Maxprop · Spar tenant meeting Wednesday 3 June 2026
2
Urgent / In Hand
4
Important · Open
6
Resolved
3
Noted / Closed
Urgent — needs immediate response
Important — confirm before next reporting period
Planning — input needed for FY2027 strategy
Confirmed / Resolved
A · For AvdV — Financial & Accounting
# Priority Question / Item Context
A1 URGENT
Spar Anchor Arrears — R4,716,334 at 02 June 2026 (statement received)
The MaxProp statement (02 June) confirms the Spar anchor tenant alone is in arrears of R4,716,334 — ~83% of the April Bluff debtor book. R1.56M was collected over six weeks but billing of ~R1.43M/month is outpacing it; arrears rose R1.31M net. A legal process has begun. Meeting Wednesday 3 June 2026 with the owner and his 30% partners — agree a payment plan and press for Spar Head Office to make good on the outstanding rentals. Assess whether an arrears provision is required. See the Spar tracker on the GBFH tab.
 GBFH Balance Sheet · 31/05/26 · Account 8100/000
A2 RESOLVED
Tax Control Account — R3,374,867 (provisional tax paid)
Clarified with Denise (Tome), 27 May 2026: this is provisional income tax already paid to SARS for the 2025 and 2026 tax years, sitting as a debit because the matching tax liability has not yet been booked. 2025 is being finalised and handed to auditors early June 2026. It will be offset against tax due on assessment, leaving a small net payment or refund. Not a recoverable refund and not idle cash; reported net equity does not yet carry 2025/26 income tax (pro-forma NAV ≈ R186.2M).
 GBFH Balance Sheet · Account 9600/000 · Per Denise 27 May 2026
A3 IMPORTANT
Investec Bond — Repayment Strategy
Currently paying interest only (~R136K/month at 9.75% on R10.49M, per May 2026). Bond was redrawn at Investec's request after GBFH had paid it down to R97K. What is the agreed structure — revolving facility or term loan? Minimum repayment obligation? Note: the R3.37M Tax Control Account is provisional tax already paid (per Denise) and will be offset against the 2025/26 tax assessments — not available as a bond-repayment lump sum.
 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
A7 RESOLVED
GBCT — GBFH Loan Formalisation
Confirmed formalised. Arrangement is documented, accepted and ongoing. No further action required.
 GBCT · Account 9100/000 · GBFH · Account 8600/900
A8 RESOLVED
Section 18A Deduction — GBCT Charitable Donations
Confirmed in play. S18A certificates are being processed and sent to accounting admin. Register maintained.
 GBCT · Account 3600/000 · Donations · S18A confirmed
A9 RESOLVED
Valgro Call Account Rate — Renegotiation
Already completed. Rate renegotiation done and rate remains as is. No further action required.
 GBFH · Account 8500/400 · Rate confirmed
A10 RESOLVED
MR Gamsu Distribution Schedule
Distribution schedule confirmed: JG monthly R200K, MR at half-year and full-year. Equalised annually. No further action required.
 GBFT · Beneficiary Loan Accounts · Confirmed
B · For Maxprop — Property Management (Bluff SC)
# Priority Question / Item Context
B1 IN HAND
Bluff SC Debtor Aging Report
Now R4.99M at 31 May 2026 (up from R3.02M at March-end). Being monitored by Maxprop but growth is material. Debtor ageing report needed to determine whether this is collection timing or genuine credit risk. Continue tracking monthly.
 Spar statement · R4,716,334 · 02 Jun 26 · Mtg 3 Jun
B2 IN HAND
Interest on Arrears — Tenant Stress Indicators
Same as B1 — being actively managed via Maxprop. Arrears interest of R50,542 over Mar–May 2026 (R27,408 in April alone) confirms the debtor position. Monitor monthly alongside debtor ageing.
 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 · Platform Roadmap — Digital Family Office
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 — v20
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
Gmail search: subject:GBFO Reporting Dashboard