NOTES TO F I NANC I AL STATEMENTS 15. EXPENSES AND REIMBURSEMENTS Figures in USD 31 DEC 2023 31 DEC 2022 Member costs 133,745 154,974 Board costs 413,253 285,600 Corporate secretarial and regulatory fees 101,052 26,701 Legal fees 62,511 104,522 Insurance 149,389 158,849 Bank charges 27,861 24,405 External audit 118,917 101,417 Internal audit – 60,000 Insurance manager’s fees 280,000 280,000 Actuarial and loss reserve specialist fees 272,898 4,328 Executive management and administration 3,854,297 3,116,333 Reinsurance broker fees 230,074 202,097 Communications 169,557 187,043 Depreciation 16,203 16,905 Reversal in provision for doubtful debts – (750,000) Total general and administration expenses 5,829,757 3,973,174 Once-off costs: Consultancy 241,336 490,583 Total once-off costs 241,336 490,583 Claims incurred (claims expenses) 18,165,393 36,225,367 Change risk adjustment (LIC) 2,191,110 1,634,694 Insurance acquisition expenses 376,206 92,212 Loss component - regular release of loss component (7,112,522) (149,675) Insurance revenue expense 13,620,187 37,802,598 129
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