Printing SA Annual Report 2024/2025

Printing Industries Federation Of South Africa (PIFSA) NPC (Registration number: 1990/001772/08) Annual Financial Statements for the year ended 31 December 2024 Notes to the Annual Financial Statements Figures in Rand 2024 2023 The change to cost model is not considered as a change in accounting policy therefore the change will be applied prospectively The cost of the property will remain as the previously audited amount R4 600 000 and depreciation is calculated accordingly in terms of the cost model] 3. Loans to (from) group companies Associates SASPA The above loan is unsecured, interest free and has no fixed terms of repayment 8 604 8 931 Net loans to (from) group companies 4. Financial assets At fair value Listed investments 91 517 488 83 680 470 Non-current assets At fair value 91 517 488 83 680 470 5. Retirement benefit asset (liability) Defined benefit plan The Post Retirement Medical Aid Benefit is actuarially valued every year on the projected unit method. The scheme was independently revalued in the current year by Arch Actuarial Consulting who are registered Actuaries. The valuation was performed using the projected unit credit methods. Arch Actuarial Consulting were of the opinion that the scheme was in a sound financial position. The Post Retirement Medical Aid Benefit was closed to employees who joined the Organisation after January 2000. The benefit is available to employees who have since gone on retirement and are eligible for retirement at the age of 63. The Organisation is liable for 50% of the employee’s medical aid cost and the other 50% is deducted from their monthly pension by the Pension Fund Administrators.

Carrying value Opening balance

-

-

Movement for the year Asset not recognised

(6 819 000) (644 000) (7 463 000)

(6 307 000) (512 000) (6 819 000)

Net retirement benefit asset (liability) Defined contribution plan

It is the policy of the association to provide retirement benefits to all its employees [or specify number of employees covered]. A number of defined contribution provident funds, all of which are subject to the Pensions Fund Act exist for this purpose. The association is under no obligation to cover any unfunded benefits.

55