statement of
//changes in net assets
the _Perishable Products Export Control Board
Statement of Changes in Net Assets
for the year ended 31 March 2023
| Figures in Rand | Self-insurance reserve | Asset replacement reserve | Revaluation reserve | General reserve fund | Total reserves | Total net assets |
|---|---|---|---|---|---|---|
| Balance at 1 April 2021 | 11,593,000 | 13,150,000 | 18,350,453 | 110,947,752 | 154,041,205 | 154,041,205 |
| Revaluation of land and buildings | - | - | 712,958 | - | 712,958 | 712,958 |
| Transfer to asset replacement reserve | - | 9,782,000 | - | - | 9,782,000 | 9,782,000 |
| Transfer to self-insurance reserve | 3,844,000 | - | - | - | 3,844,000 | 3,844,000 |
| Transfer to surplus fees for disposal per Section 18(8) and (9) of the PPEC Act | - | - | - | 35,438,320 | 35,438,320 | 35,438,320 |
| Transfer from general reserve fund | - | - | - | (13,626,000) | (13,626,000) | (13,626,000) |
| Total changes | 3,844,000 | 9,782,000 | 712,958 | 21,812,320 | 36,151,278 | 36,151,278 |
| Balance at 1 April 2022 | 15,437,000 | 22,932,000 | 19,063,411 | 132,760,072 | 190,192,483 | 190,192,483 |
| Transfer to asset replacement reserve | - | 8,354,347 | - | - | 8,354,347 | 8,354,347 |
| Transfer to self-insurance reserve | 4,870,744 | - | - | - | 4,870,744 | 4,870,744 |
| Transfer to surplus fees for disposal per Section 18(8) and (9) of the PPEC Act | - | - | - | 12,464,621 | 12,464,621 | 12,464,621 |
| Transfer from general reserve fund | - | - | - | (13,225,090) | (13,225,090) | (13,225,090) |
| Total changes | 4,870,744 | 8,354,347 | - | (760,469) | 12,464,622 | 12,464,622 |
| Balance at 31 March 2023 | 20,307,744 | 31,286,347 | 19,063,411 | 131,999,603 | 202,657,105 | 202,657,105 |
| Note(s) | 11 | 12 | 10 |
The valuation of the PPECB reserves was reviewed by independent actuaries, True South Actuaries and Consultants.
The actuaries confirmed that given the information available, in their opinion, sufficient reserves have been set aside to meet the purpose of the self-insurance and asset replacement reserve.
The actuaries confirmed that given the information available, in their opinion, sufficient reserves have been set aside to meet the purpose of the self-insurance and asset replacement reserve.
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