Page 316 - SAMRC Annual Report 2024-2025

ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
NOTES TO THE ANNUAL FINANCIAL STATEMENTS

(CONTINUED)

2025 2024
31 MARCH 31 MARCH
R R
17. Employee benefit obligations (continued)

Changes in the net defined liability (asset) are as follows:
Opening balance 8,961,000 6,494,000
Service cost (1,432,000) (2,351,000)
Net interest expense or revenue 1,060,000 604,000
Remeasurements 91,000 1,631,000
Contributions 1,756,000 2,583,000
10,436,000 8,961,000

Changes in the present value of the defined benefit obligation are as follows:
Opening balance 52,268,000 83,039,000
Service cost 1,432,000 2,351,000
Interest cost 5,943,000 7,938,000
Contributions by plan participants 614,000 901,000
Benefit payments (16,027,000) (36,197,000)
Actuarial (gain) 1,571,000 (5,422,000)
Reinsurance premiums (149,000) (221,000)
Expenses (82,000) (121,000)
45,570,000 52,268,000

Net expense recognised in the statement of financial performance are as follows:
Service cost 1,432,000 2,351,000
– Current service cost 1,432,000 2,351,000
Net interest on the net defined benefit liability (asset) (1,060,000) (604,000)
Remeasurements of the net defined benefit liability (asset) (91,000) (1,631,000)
– Actuarial gains and losses arising from: (91,000) (1,631,000)
– Changes in financial assumptions (91,000) (1,631,000)
Contributions (1,756,000) (2,583,000)
(1,475,000) (2,467,000)

Calculation of actuarial gains and losses
Actuarial (gains) losses – Obligation 1,571,000 (5,422,000)
Actuarial (gains) losses – Plan assets (1,662,000) 3,791,000
(91,000) (1,631,000)

Changes in the fair value of plan assets are as follows:
Opening balance 61,229,000 89,533,000
Return on plan assets 7,003,000 8,542,000
– Interest revenue 7,003,000 8,542,000
Contributions by employer 1,756,000 2,583,000
Contributions by members 614,000 901,000
Benefits paid (16,027,000) (36,197,000)
Expenses (82,000) (121,000)
Actuarial gain/(loss) 1,662,000 (3,791,000)
Reinsurance premiums (149,000) (221,000)
56,006,000 61,229,000

314 SAMRC ANNUAL REPOR T 2025-26