HDA Annual Report

ANNUAL REPORT 2023/24

Accounting Policies for recognised financial liabilities, and there is an intention to settle the liability and realise the asset simultaneously, or settle on a net basis, all related financial effects are offset.

Government Employees Pension Fund (GEPF)

This is a defined benefit plan. The entity accounts for this defined benefit state plan as a defined plan, as there is no consistent and reliable basis for allocating the obligation, plan assets and cost to the individual employers participating in the plan and the plan exposes the participating employers to actuarial risks associated with the current and former employees of other employers participating in the plan. The only obligation of the entity with respect to this state plan is to pay over the contributions in accordance with the fund rules. The total expense recognised in the Statement of Financial Performance represents contributions payable to the plan by the entity at rates specified in the rules of the plan. These contributions have been expensed under employee related costs in the year in which they relate. Events after reporting date are those events, both favourable and unfavourable, that occur between the reporting date and the date when the financial statements are authorised for issue. Two types of events can be identified: those that provide evidence of conditions that existed at the reporting date (adjusting events after the reporting date); and those that are indicative of conditions that arose after the reporting date (non-adjusting events after the reporting date). Project Obligation is raised on receipt of a signed MTOP or funding agreement, cash and Implementation Protocol, with clear deliverables. These funding agreements and the subsequent receipt of funds is the basis for the recognition of the project obligation. The obligation will be discharged in the financial year. - - 24. Project Obligations 23. Events After Reporting date

22. Employee benefits

22.1 Short-term employee benefits

The cost of short-term employee benefits, (those payable within 12 months after the service is rendered, such as paid vacation leave and sick leave, bonuses, and non-monetary benefits such as medical care), are recognised in the period in which the service is rendered and are not discounted. The expected cost of compensated absences is recognised as an expense as the employees render services that increase their entitlement or, in the case of non-accumulating absences, when the absence occurs. The expected cost of surplus sharing and bonus payments is recognised as an expense when there is a legal or constructive obligation to make such payments as a result of past performance. The HDA is a member of the Government Employees Pension Fund (GEPF) and the Liberty Corporate Selection Umbrella Provident Fund.This contribution expense is measured at the undiscounted amount of the contribution paid or payable to these funds. A liability is recognised to the extent that any of the contributions have not yet been paid. Conversely an asset is recognised to the extent that any contributions have been paid in advance. 22.2 Retirement benefits

Liberty Corporate Selection Umbrella Provident Fund

This is a defined contribution plan. The entity pays monthly contributions to the Liberty Provident Fund and these contributions are expensed in the Statement of Financial Performance in the year in which they relate. The only obligation of the entity with respect to this retirement plan is to pay over the specified contributions to the fund. The actuarial and investment risk falls on the employees.

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