2022 AVBOB Integrated Annual Report - FINANCIALS

CHAPTER 8 | FINANCIAL STATEMENTS 104 INTEGRATED ANNUAL REPORT 2022 AVBOB MUTUAL ASSURANCE SOCIETY AND ITS SUBSIDIARIES SUMMARISED STATEMENTS OF CHANGES IN RESERVES FOR THE YEAR ENDED 30 JUNE 2022 SOCIETY GROUP 2022 2021 2022 2021 R 000 R 000 R 000 R 000 DISTRIBUTABLE RESERVE Balance at the beginning of the year 6 229 444 6 192 859 6 290 519 6 277 205 Profit for the year 2 582 36 412 36 862 12 904 Other comprehensive income Remeasurement of the net defined employee benefits ( 82) 173 205 410 Balance at the end of the year 6 231 944 6 229 444 6 327 586 6 290 519 REVALUATION RESERVE Land and buildings Balance at the beginning of the year - - - - Other comprehensive income/(loss) Revaluation 14 983 3 858 18 126 ( 11 307) Realisation of depreciation ( 3 040) ( 2 844) ( 101) ( 3 381) Net change in liabilities for insurance contracts arising from unrealised gains on owner-occupied properties ( 11 943) ( 1 014) ( 18 025) 14 688 Balance at the end of the year - - - -