3. PPECB Annual Report 2009-2010

statement of changes in net assetsNet AssetsNotes2010R2009RSurplus levy for disposal in terms ofSection 18(8) and (9) of Act No 9 of 1983At beginning of year --Surplus for the year 19,540,448 17,358,327Transfer to self-insurance reserve (530,000)(530,000)Transfer from / (to) asset replacement fund - (1,122,958)Transfer of reserve realised on disposal of property --Transfer from revaluation reserve on revaluation of property --Transfer to reserve fund (19,010,448) (15,705,369)At end of year --Reserve fundAt beginning of year 58,904,366 43,198,997Transfer from surplus levy for disposal in terms19,010,448 15,705,369of Section 18(8) and (9) of Act No of 1983At end of year 77,914,814 58,904,366Self-insurance reserve 2At beginning of year 3,690,0003,160,000Transfer from surplus levy for disposal in termsof Section 18(8) and (9) of Act No of 1983530,000530,000Excess paid on insurance claim --At end of year 4,220,0003,690,000Asset replacement fund 2At beginning of year 5,582,0714,459,113Transfer from surplus levy for disposal in terms-1,122,958of Section 18(8) and (9) of Act No of 1983At end of year 4,220,0003,690,000Revaluation reserve 2At beginning of year 9,791,2639,791,263Revaluation of property --Transfer to suplus levy on revaluation of property --Realised on disposal of property --At end of year 9,791,2639,791,263The Board applied to the Minister of Agriculture, Forestry and Fisheries on 16 January 2009 for approval to increase the reservefund level to R75,000,000 with effect from 31 March 2008 and to be adjusted annually thereafter by the annual CPIX asannounced by SA Statistics. Based on above, the reserve level at 31 March 2010 will be R85,305,150. The current level ofreserve fund, which was approved by the minister in October 2004, is R46,306,834.70PPECB | annual report | 2009 - 2010