Page 278 - SAMRC Annual Report 2023-24

ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
NOTES TO THE ANNUAL FINANCIAL STATEMENTS

(CONTINUED)

31 MARCH 31 MARCH
2024 2023
R R
17. Employee benefit obligations (continued)

Changes in the net defined liability (asset) are as follows:
Opening balance 6,494,000 4,882,000
Service cost (2,351,000) (2,493,000)
Net interest expense or revenue 604,000 375,000
Remeasurements 1,631,000 1,076,000
Contributions 2,583,000 2,654,000
8,961,000 6,494,000

Changes in the present value of the defined benefit obligation are as follows
Opening balance 83,039,000 82,304,000
Service cost 2,351,000 2,493,000
Interest cost 7,938,000 8,816,000
Contributions by plan participants 901,000 925,000
Benefit payments (36,197,000) (7,314,000)
Actuarial (gain) (5,422,000) (3,753,000)
Reinsurance premiums (221,000) (299,000)
Expenses (121,000) (133,000)
52,268,000 83,039,000

Net expense recognised in the statement of financial performance are as follows:
Service cost 2,351,000 2,493,000
– Current service cost 2,351,000 2,493,000
Net interest on the net defined benefit liability (asset) (604,000) (375,000)
Remeasurements of the net defined benefit liability (asset) (1,631,000) (1,076,000)
– Actuarial gains and losses arising from: (1,631,000) (1,076,000)
– Changes in financial assumptions (1,631,000) (1,076,000)
Contributions (2,583,000) (2,654,000)
(2,467,000) (1,612,000)

Calculation of actuarial gains and losses
Actuarial (gains) losses – Obligation (5,422,000) (3,753,000)
Actuarial (gains) losses – Plan assets 3,791,000 2,677,000
(1,631,000) (1,076,000)

Changes in the fair value of plan assets are as follows:
Opening balance 89,533,000 87,186,000
Return on plan assets 8,542,000 9,191,000
– Interest revenue 8,542,000 9,191,000
Contributions by employer 2,583,000 2,654,000
Contributions by members 901,000 925,000
Benefits paid (36,197,000) (7,314,000)
Expenses (121,000) (133,000)
Actuarial gain/(loss) (3,791,000) (2,677,000)
Reinsurance premiums (221,000) (299,000)
61,229,000 89,533,000

276 SAMRC ANNUAL REPOR T 2023-24