RAND WATER PROVIDENT FUND ANNUAL REPORT 2022-2023

Adjustment to fair value Gains or losses arising from changes in the fair value of financial assets at fair value through the Statement of Changes in Net Assets and Funds’ are presented in the Statement of Changes in Net Assets and Funds in the period in which they arise. Expenses incurred in managing investments Expenses in respect of the management of investments are recognised as the service is rendered. Administration expenses Expenses incurred in the administration of the Fund are recognised in the Statement of Changes in Net Assets and Funds in the reporting period in which it occurred. An expense is recognised if it is probable that any future economic benefit associated with the item will flow from the Fund and the cost can be reliably measured. In the event that an expense has not yet been paid at the end of the reporting period, the liability will be reflected in the accounts payable note. If an expense has been paid in advance or has been overpaid, the asset will be disclosed in the accounts receivable note.

46 Rand Water Provident Fund Annual Report | 2022-2023