Wednesday, 24 April 2024

FINANCIAL RESULTS AS AT 31 MARCH 2011    

The audited financial position of the Fund as at 31 March 2011 is summarised as follows:

    
     
BALANCE SHEET- AS AT 31 MARCH 2011
   
R'000
FIXED ASSETS & INVESTMENTS (AT MARKET VALUE)  
54 930 266
CURRENT ASSETS  
339 975
SUB TOTAL  
55 270 241
LESS : CURRENT LIABILITIES  
(2 065 946))
ACCUMULATED FUNDS
TOTAL
53 204 295
REVENUE AND EXPENDITURE - 1 APRIL 2010 TO 31 MARCH 2011
CONTRIBUTIONS RECEIVED  
298 044
TRANSFERS RECEIVED  
368
INVESTMENT INCOME  
6 226 677
TOTAL INCOME  
6 525 089
  LESS: TOTAL ADMINISTRATION EXPENSES  
( 90 831)
  BENEFITS PAID AND TRANSFERS OUT  
(1 343 227)
NET EXPENDITURE  
(1 434 058)
ADD ACCUMULATED FUNDS AT BEGINNING OF YEAR  
48 113 264
ACCUMULATED FUNDS AT END OF YEAR  
53 204 295
 

INCOME AND BENEFITS PAID

Contribution and Investment income for 2011 amounted to R6 525 million. Benefits paid and transfers out of the Fund totalled (R1 343 million). In terms of the Industrial Agreement, members contribute 6,6% of pensionable  remuneration.  Employers contribute at a rate of 6,6% of pensionable remuneration.
 
 

 

CONTRIBUTION AND INVESTMENT INCOME (R000,000’S)

BENEFITS PAID AND TRANSFERS OUT (R000,000’S)

 
 
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