Page 334 - SAMRC AnnualReport 2025-26

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)

Changes in the net defined liability (asset) are as follows:
Opening balance 10,436,000 8,961,000
Service cost (1,112,065) (1,432,000)
Net interest expense or revenue 495,488 1,060,000
Remeasurements 4,153,427 91,000
Contributions 1,478,032 1,756,000
15,450,882 10,436,000

Changes in the present value of the defined benefit obligation are as follows:
Opening balance 45,570,000 52,268,000
Service cost 1,112,065 1,432,000
Interest cost 4,921,560 5,943,000
Contributions by plan participants 517,959 614,000
Benefit payments (13,969,133) (16,027,000)
Actuarial (gain) 223,610 1,571,000
Re-insurance proceeds 474,864 –
Reinsurance premiums (121,281) (149,000)
Expenses (76,743) (82,000)
38,652,901 45,570,000

Net expense recognised in the statement of financial performance are as follows:
Service cost 1,112,065 1,432,000
– Current service cost 1,112,065 1,432,000
Net interest on the net defined benefit liability (asset) (495,488) (1,060,000)
Remeasurements of the net defined benefit liability (asset) (4,153,427) (91,000)
– Actuarial gains and losses arising from: (4,153,427) (91,000)
– Changes in financial assumptions (4,153,427) (91,000)
Contributions (1,478,032) (1,756,000)
(5,014,882) (1,475,000)

Calculation of actuarial gains and losses
Actuarial (gains) losses – Obligation 223,610 1,571,000
Actuarial (gains) losses – Plan assets (4,377,037) (1,662,000)
(4,153,427) (91,000)
Changes in the fair value of plan assets are as follows:
Opening balance 56,006,000 61,229,000
Return on plan assets 5,417,048 7,003,000
– Interest revenue 5,417,048 7,003,000
Contributions by employer 1,478,032 1,756,000
Contributions by members 517,959 614,000
Benefits paid (13,969,133) (16,027,000)
Expenses (76,743) (82,000)
Re-insurance proceeds 474,864 –
Actuarial gain/(loss) 4,377,037 1,662,000
Reinsurance premiums (121,281) (149,000)
54,103,783 56,006,000

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