RAND WATER PROVIDENT FUND ANNUAL REPORT 2022-2023

4. ACTUARIAL VALUATION The financial statements summarise the transactions and net assets of the fund. The financial statements do not take account of liabilities to pay pensions and other benefits in the future. In accordance with the rules of the fund, the actuarial position of the fund, which does take account of such liabilities, is examined and reported on by the actuary at intervals not exceeding three years. Valuation exemption was issued by the FSCA in April 2023. SURPLUS APPORTIONMENT OR NIL SCHEME Surplus apportionment scheme The Registrar has noted a nil return: confirmation dated 10 January 2008. Benefits in terms of Reserve distribution Benefits of R 10 076 612 were allocated to former members as at the date of approval of the reserve distribution. Subsequently, an amount of R 1 297 910 was received from Municipal Workers Retirement Fund as enhancement to former members. During the year under review, an investment return of R 72 706 was allocated, and benefits of R 15 706 were paid to former members. The total benefits still due to the former members at the end of the financial period amounted to R 1 110 423. All benefits for former members are reclassified to unclaimed benefits. 5. HOUSING LOAN FACILITIES The fund has been granted an exemption in terms of section 19(6a) for guarantees granted in terms of section 19(5B) (a) of the Act. The fund has granted housing loan guarantees in terms of Section 19(5) of the Pension Funds Act. Each guarantee is secured by the fund credit of the respective member. The loan is limited to 70% of the respective member’s fund credit. First National Bank guarantee facility amounts to R 50 000 000 with the review date of 31 December 2024. 6. INVESTMENTS IN PARTICIPATING EMPLOYER There were no amounts invested in the participating employer as at 30 June 2023. 7. SIGNIFICANT MATTERS There were no significant matters noted by fund for the year ended 30 June 2023.

8. SUBSEQUENT EVENTS There were no subsequent events.

40 Rand Water Provident Fund Annual Report | 2022-2023