SUMMARISED ANNUAL FINANCIAL STATEMENTS
31
DECEMBER 2023
The summarised financial statements of Genesis Medical Scheme comprise the statement of financial position at 31 December 2023, 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 International Financial Reporting Standards (“IFRS”) and in the manner required by the Medical Schemes Act 131 of 1998, as amended.
The Trustees of Genesis Medical Scheme 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.
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.
According to PricewaterhouseCoopers Inc., the Scheme’s independent auditor, the summarised financial statements of Genesis Medical Scheme, set out on pages 16 to 28 and which comprise the summarised statement of financial position as at 31 December 2023, the summarised statement of comprehensive income, the summarised statement of changes in funds and reserves, the summarised statement of cash flows for the year then ended, and related notes, the summarised financial statements are consistent, in all material respects, with the audited financial statements, in accordance with the content and disclosure requirements of Circular 6 of 2013 issued by the Council for Medical Schemes.
