Statement of Changes in Net Assets
for the year ended 31 March 2025
| Figures in Rand | Asset replacement reserve | Revaluation reserve | Self-insurance reserve | General reserve fund* | Total net assets |
|---|---|---|---|---|---|
| Opening balance as previously reported | 31,286,347 | 19,063,411 | 20,307,744 | 131,999,602 | 131,999,602 |
| Adjustments | |||||
| Prior year adjustments | - | - | - | 2,704,807 | 2,704,807 |
| Balance at 01 April 2023 as restated* | 31,286,347 | 19,063,411 | 20,307,744 | 134,704,409 | 205,361,911 |
| Transfer from surplus fees for disposal per | - | - | - | (1,597,552) | (1,597,552) |
| Section 18(8) and (9) of the PPEC Act | |||||
| Transfer from general reserve fund | - | - | - | (4,313,831) | (4,313,831) |
| Transfer to asset replacement reserve | 4,205,963 | - | - | - | 4,205,963 |
| Transfer to self-insurance reserve | - | - | 107,868 | - | 107,868 |
| Restated* Balance at 01 April 2024 | 35,492,310 | 19,063,411 | 20,415,612 | 128,793,026 | 203,764,359 |
| Transfer from surplus fees for disposal per | - | - | - | (19,266,152) | (19,266,152) |
| Section 18(8) and (9) of the PPEC Act | |||||
| Decrease of revaluation reserve | - | (4,865,772) | - | - | (4,865,772) |
| Transfer to asset replacement reserve | 36,517,203 | - | - | (36,517,203) | - |
| Transfer from self-insurance reserve | - | - | (2,886,823) | 2,886,823 | - |
| Total changes | 36,517,203 | (4,865,772) | (2,886,823) | (52,896,532) | (24,131,924) |
| Balance at 31 March 2025 | 72,009,513 | 14,197,639 | 17,528,789 | 75,896,494 | 179,632,435 |
| Note(s) | 9 | 10 | 11 |
The valuation of the PPECB reserves was reviewed by independent actuaries, True South Actuaries and Consultants in 2023. 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 same principles have been applied by the Board in preparing the current year.
*See Note 19