MHSC ANNUAL REPORT 2020

MINE HEALTH AND SAFETY COUNCIL ▪ ANNUAL REPORT 2019/20

Mine Health and Safety Council for the year ended March 31, 2020

Notes to the Financial Statements

2020 R

2019 R

6. Employee benefit obligations The amounts recognised in the statement of financial position are as follows: Carrying value Present value of the defined benefit obligation‑ in service members

(559,000)

(742,000)

Net expense recognised in the statement of financial performance Net service cost

40,000 84,000

41,000 68,000

Interest cost

Actuarial (gains) losses

(307,000) (183,000)

(87,000)

22,000

Calculation of actuarial gains and losses Change in economic assumption

(307,000)

(133,000)

-

Net pre‑retirement rate

10,000

-

Experience

36,000

(307,000)

(87,000)

Reconciliation of Defined Benefit Obligation Opening balance

742,000 40,000 84,000 (307,000)

720,000 41,000 68,000 (133,000)

Current Service Cost

Interest Costs

Actuarial Gains on economic assumptions

-

Actuarial (Gains)/ Losses on experience

46,000

559,000

742,000

Key assumptions used Assumptions used at the reporting date:

87

“EVERY MINE WORKER RETURNING FROM WORK UNHARMED EVERYDAY”