2022 AVBOB Integrated Annual Report - FINANCIALS

123123 FINANCIAL STATEMENTS Continued AVBOB MUTUAL ASSURANCE SOCIETY AND ITS SUBSIDIARIES NOTES TO THE SUMMARISED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 (continued) 17. EMPLOYEE BENEFIT OBLIGATIONS (continued) 2022 2021 R 000 R 000 18 351 3 621 3 009 5 424 GROUP Appreciation Retention Total Unit value Units issued units units* units units 2022 For the 2015 financial year (issued at R12.44) 238 434 - - 238 434 50.73 For the 2016 financial year (issued at R13.64) 337 156 - - 337 156 46.10 For the 2017 financial year (issued at R14.59) 552 950 - - 552 950 43.89 For the 2018 financial year (issued at R14.60) 996 674 - - 996 674 38.15 For the 2019 financial year (issued at R14.60) 1 274 965 520 973 282 439 2 078 377 33.15 For the 2020 financial year (issued at R14.62) 953 857 514 165 316 728 1 784 750 30.76 For the 2021 financial year (issued at R14.71) 1 020 005 571 240 376 051 1 967 296 22.07 5 374 041 975 218 7 955 637 * 2022 2021 2022 2021 R 000 R 000 R 000 R 000 2 781 1 927 959 308 18. RELATED PARTY TRANSACTIONS The following entities are deemed to be related parties: Purchase of goods and services LTIP payments to the directors of the Society were as follows: LTIP payments to general manager/prescribed officer remunerated by the Society were as follows: The 2022 financial year units, based on the 30 June 2022 performance, will only be declared by the Board in November 2022. A provision was raised for the expected liability. Performance AVBOB Funeral Service AVBOB Industries Limited The payment of the LTIP to the directors of other Group Companies remunerated by the Society is as follows: Numerous transactions occurred between fellow subsidiaries and the holding entity, AVBOB Mutual Assurance Society, during the year. These transactions were conducted on the same terms as would apply to third parties. All transactions between fellow subsidiaries and the holding entity were eliminated for consolidation purposes. 1 606 378 AVBOB Funeral Service Limited and AVBOB Industries Limited are wholly-owned subsidiaries of AVBOB Mutual Assurance Society. Performance units issued can increase or decrease based on certain performance criteria and are adjusted accordingly.