Page 359 - 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)

46. Financial Instruments – Risk Management and other disclosures
(continued)

Notes to the financial statements

Fair value disclosure
Listed shares and unit trusts are disclosed at the fair value in accordance with GRAP 104.8.31.
Listed shares are traded on the stock exchange, classified at a hierarchy level 1 and quoted prices are unadjusted.
Quoted prices are obtained from the JSE at 31 March 2026. The gain/loss on shares are determined and the total
gains or losses for the period recognised in surplus or deficit, and are presented in the Statement of Financial
Performance as a fair value adjustment.

Unit trusts are held at Sanlam and are classified at hierarchy level 2, the price is obtained from the valuation
certificate received from Sanlam at 31 March 2026. The gain/loss on units are determined and the total gains or
losses for the period recognised in surplus or deficit, and are presented in the Statement of Financial Performance
as a fair value adjustment.
47. Donations made

31 MARCH 31 MARCH
2026 2025
R R
Social initiatives school project 870,465 –
Afrigen Biologics (Pty) Ltd 20,000,000 –
20,870,465 –
The South African Government recognises Afrigen as the only fully integrated, Good Manufacturing Practice
(GMP)–accredited, end-to-end mRNA vaccine research, development, and manufacturing facility in Africa, and
one of the very few such facilities globally located in the Global South. In addition, Afrigen has established the
first human and veterinary vaccine adjuvant formulation laboratory in Africa, as part of its One Health strategy.
The South African Government is committed to ensuring that this facility forms a core component of national
and regional pandemic preparedness and response capacity. A key strategic objective is to maintain a pandemic-
ready facility at all times, while promoting further research into vaccines relevant to the African continent. As
part of this commitment, the National Department of Health requested SAMRC to fund the amount of R20M
to Afrigen.

48. Comparative figures

The 2025 Irregular expenditure amount in note 38 has been restated to include transactions amounting R2,680,374
identified by an independent review during the 2025/2026 financial year. The effects of the restatement in the
2025 figures are as follows: Irregular expenditure previously stated as R217,800 now stated as R2,898,174.

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