Our Performance
CFO's financial review
Cashflow analysis
The closing cash and bank balances stood at UGX 141Bn in FY2024/25 compared to UGX 295Bn in FY2023/24.
Net cash generated from financing activities amounted to UGX 824Bn. Net cashflows used in investing activities was UGX 747Bn whereas net cashflows used in operations was UGX 231Bn.
This is a clear indicator of the Fund’s ability to generate enough cash for all routine operations, financing and investing activities.
Update on accounting standards
In response to the constantly evolving global business environment, the International Accounting Standards Board (IASB), which develops and approves International Financial Reporting Standards (IFRSs) under the oversight of the IFRS Foundation, regularly issues new standards and amendments to existing ones.
Several amendments to existing standards became effective during the year. However, these had little/no impact on the Fund’s financial statements. These included the following:
Lack of exchangeability: Amendment to IAS 21, The Effects of Changes in Foreign Exchange Rates - effective 1 January 2025
There are new and revised International Financial Reporting Standards issued but not yet effective. These included the following:
Sale or contribution of assets between an investor and its associate or joint venture: Amendments to IFRS 10 and IAS 28 - effective 1 January 2025
IFRS18 Presentation and Disclosure in Financial Statements: Effective 1 January 2027
FRS 19 Subsidiaries without Public Accountability disclosures
Effective 01 January 2027
Annual Improvements to IFRS Accounting standards
Volume 11 (Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7): Effective 1 January 2026
Classification and Measurement of Financial Instruments
Amendments to IFRS 9 and IFRS 7: Effective 1 January 2026
We highlight further the significant accounting policies and how these affect the Fund in Note 3 of the financial statements.
Conclusion and appreciation
The economic and operating environment in which we have performed during the reporting period is comprehensively outlined in the Chief Investment Officer’s (CIO) report.
For a detailed analysis of market conditions, investment strategies, and macroeconomic factors influencing our performance, please refer to the CIO’s report within this integrated report.
As a Finance function, we remain committed to driving Fund-wide strategic and operational excellence by providing data-driven decision support, predictive analytics, adoption of relevant emerging technologies for continuous process improvements and talent nurturing.
These continuous efforts are critical pillars that strengthen our ability to keep adapting in the ever-changing operational landscape and ultimately help to guide the Fund towards lasting success.
My sincere appreciation is extended to the Board and the Executive Management Team for their great support and co-operation rendered during the year.
I convey my special thanks to Team Finance for their continuous commitment to future readiness through excellence and innovation and, lastly to all NSSF employees for their firm commitment to ensuring that the Fund achieves its purpose of Making Lives Better.
