Page 275 - SAMRC Annual Report 2023-24
P. 275
FINANCIAL INFORMATION
ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
NOTES TO THE ANNUAL FINANCIAL STATEMENTS
(CONTINUED)
2024 2023
31 MARCH 31 MARCH
R R
17. Employee benefit obligations (continued)
The amounts recognised in the statement of financial position are as follows:
Carrying value
Post retirement medical aid – Present value of the defined benefit obligation – wholly unfunded (1,230,000) (1,226,000)
Post retirement medical aid – Present value of the defined benefit obligation – partly or
wholly funded (18,560,000) (18,436,000)
Post retirement medical aid – Fair value of plan assets 13,877,000 14,135,000
Pension Fund – Present value of the defined benefit obligation (52,268,000) (83,039,000)
Pension Fund – Fair value of the plan assets 61,229,000 89,533,000
3,048,000 967,000
Non-current assets 8,961,000 6,494,000
Non-current liabilities (5,913,000) (5,527,000)
3,048,000 967,000
Post Retirement Medical Aid
The fair value of plan assets includes:
Changes in the net defined liability (asset) are as follows:
Opening balance 5,527,000 6,343,000
Net interest expense or revenue 616,000 614,000
Remeasurements 979,000 (386,000)
Contributions by employer (1,209,000) (1,044,000)
5,913,000 5,527,000
Changes in the present value of the defined benefit obligation are as follows:
Opening balance 19,662,000 20,382,000
Interest cost 1,861,000 1,881,000
Remeasurements 592,000 (374,000)
Benefits paid (2,325,000) (2,227,000)
19,790,000 19,662,000
Net expense recognised in the statement of financial performance are as follows:
Net interest on the net defined benefit liability (asset) 1,861,000 1,881,000
Remeasurements of the net defined benefit liability (asset) (266,000) (1,653,000)
– Actuarial gains and losses arising from: 979,000 (386,000)
– Changes in demographic assumptions 750,000 (852,000)
– Changes in financial assumptions 229,000 466,000
– Return on plan assets, excluding amounts included in net interest (1,245,000) (1,267,000)
Contributions from employer (1,209,000) (1,044,000)
386,000 (816,000)
SAMRC ANNUAL REPOR T 2023-24 273
