Summarised Annual Financial Statements 31 December 2024
The summarised financial statements of Genesis Medical Scheme comprise the statement of financial position at 31 December 2024, the statement of comprehensive income, the statement of changes in funds and reserves, the cash flow statement for the year then ended, and the notes to the financial statements.
The Trustees are responsible for the preparation, integrity and fair presentation of the summarised financial statements of Genesis Medical Scheme, comprising the statement of financial position at 31 December 2024, the statement of comprehensive income, the statement of changes in funds and reserves, the cash flow statement for the year then ended, and the notes to the financial statements. The notes include a summary of significant accounting policies and other explanatory notes, in accordance with IFRS® Accounting Standards and in the manner required by the Medical Schemes Act 131 of 1998, as amended.
The Trustees are satisfied that the information contained in the summarised financial statements fairly presents the financial performance for the year and the financial position of the Scheme at year end in terms of IFRS® Accounting Standards. The Trustees also prepared the other information included in the summarised report and are responsible for both its accuracy and its consistency with the financial statements.
Genesis Medical Scheme operated in a well-established control environment, which is well documented and regularly reviewed. This incorporates risk management and internal control procedures, which are designed to provide reasonable, but not absolute, assurance that assets are safeguarded and the risks facing the business are being controlled.
Forvis Mazars, the Scheme’s independent auditor, have reviewed the summarised financial statements of Genesis Medical Scheme, set out on pages 16 to 28, which comprise the summarised statement of financial position as at 31 December 2024 and the summarised statements of comprehensive income and cash flows for the year then ended, and selected explanatory notes in accordance with IFRS® Accounting Standards and in the manner required by the Medical Schemes Act 131 of 1998, as amended.
Based on their review, nothing has come to their attention that causes them to believe that the summarised financial statements of Genesis Medical Scheme for the year ended 31 December 2024 are not prepared, in all material respects, in accordance with the requirements of the IFRS® Accounting Standards and in the manner required by the Medical Schemes Act 131 of 1998, as amended.
