Page 331 - SAMRC AnnualReport 2025-26

F I NAN C IAL I N F O R MA T I O N

ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
NOTES TO THE ANNUAL FINANCIAL STATEMENTS
(CONTINUED)

31 MARCH 31 MARCH
2026 2025
R R
18. 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 (1,378,000) (1,311,000)
Post retirement medical aid – Present value of the defined benefit obligation-partly or
wholly funded (19,059,000) (19,379,000)
Post retirement medical aid – Fair value of plan assets 16,134,000 15,759,000
Pension fund – Present value of the defined benefit obligation (38,652,901) (45,570,000)
Pension fund – Fair value of the plan assets 54,103,783 56,006,000
11,147,882 5,505,000

Non-current assets 15,450,882 10,436,000
Non-current liabilities (4,303,000) (4,931,000)
11,147,882 5,505,000

Post Retirement Medical Aid
The fair value of plan assets includes:
Changes in the net defined liability (asset) are as follows:
Opening balance 4,931,000 5,913,000
Net interest expense or revenue 606,000 766,000
Remeasurements (223,000) 6,000
Contributions by employer (1,011,000) (1,754,000)
4,303,000 4,931,000

Changes in the present value of the defined benefit obligation are as follows:
Opening balance 20,690,000 19,790,000
Interest cost 2,020,000 2,177,000
Remeasurements 448,000 1,248,000
Benefits paid (2,721,000) (2,525,000)
20,437,000 20,690,000

Net expense recognised in the statement of financial performance are as follows:
Net interest on the net defined benefit liability (asset) 2,020,000 2,177,000
Remeasurements of the net defined benefit liability (asset) (1,637,000) (1,405,000)
– Actuarial gains and losses arising from: (223,000) 6,000
– Changes in demographic assumptions 802,000 1,032,000
– Changes in financial assumptions (1,025,000) (1,026,000)
– Return on plan assets, excluding amounts included in net interest (1,414,000) (1,411,000)
Contributions from employer (1,011,000) (1,754,000)
(628,000) (982,000)

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