Contract with The Institute of Accountancy Studies ("IAS")

In line with its long-term strategy, Grand signed a contract on 1 May 2019 to construct a student residence for IAS, an institution of higher learning that offers postgraduate tuition to students wanting to become chartered accountants. In terms of the contract, Grand promised to construct a residence with 60, two-bedroom units that are fully furnished and fitted with all the necessary fittings and fixtures. The contract price was R30 000 000 and at contract inception, the expected contract costs were R18 400 000. The contract states that Grand will qualify for a bonus amounting to 10% of the contract price if the residential