OMBUD COUNCIL ANNUAL REPORT 2024/25

PART F: FINANCIAL INFORMATION

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES FOR THE YEAR ENDED 31 MARCH 2025

1. SIGNIFICANT ACCOUNTING POLICIES REPORTING ENTITY

The Ombud Council was established in terms of Chapter 14 of the Financial Sector Regulation Act 9 of 2017 (the FSR Act). It’s objective is to assist financial customers to have access to affordable,effective,independent and fair alternative dispute resolution when they have complaints about financial institutions. This includes complaints that relate to financial products, financial services and services provided by market infrastructure such as exchanges. BASIS OF ACCOUNTING The principal accounting policies applied in the preparation and presentation of these financial statements are set out below. These policies were consistently applied to the years presented, unless otherwise stated. The Ombud Council financial statements have been prepared in accordance with South African Standards of Generally Recognised Accounting Practice (SA Standards of GRAP), as set out in the Accounting Standards Board (ASB) Directive 5 (Determining the GRAP Reporting Framework) and the Public Finance Management Act (as amended by Act No 29 of 1999). The financial statements are presented in South African Rand. The financial statements have been prepared in concurrence with the going concern principle and on an accrual basis in line with the measurement base applied, being the historical cost unless stated otherwise. In applying accounting policies, management is required to make various judgements, apart from those involving estimations, which may effect the amounts of the items recognised in the finacial statements. Management is also required to make estimates on the effects of uncertain future events that could affect the carrying amount of certain assets and liabilities at the reporting date. Actual results in the future could differ from estimates that may be material to the financial statements. Details of any significant judgements and estimates are explained in the relevant policy, where the impact on the financial statements may be material. 1.1 BASIS OF PREPARATIONS The annual financial statements have been prepared in accordance with the Standards of Generally Recognised Accounting Practice (GRAP), issued by the Accounting Standards Board in accordance with Section 91(1) of the Public Finance Management Act (Act 1 of 1999). These annual financial statements have been prepared on an accrual basis of accounting and are in accordance with historical cost convention as the basis of measurement, unless specified otherwise. They are presented in South African Rand. 1.2 SIGNIFICANT JUDGEMENTS AND SOURCES OF ESTIMATION UNCERTAINTY The preparation of financial statements in conformity with GRAP requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Ombud Council’s accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

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OMBUD COUNCIL ANNUAL REPORT 2024/25