enl commercial limited annual report 2011 - Investing In Africa

Notes to the Financial Statements
Year ended June 30, 2011
19 RETIREMENT BENEFIT OBLIGATIONS (continued)
(b)
(i)
Other post retirement benefits
Other post retirement benefits comprise of retirement gratuities payable under the Employment Rights
Act 2008 and other benefits.
The amounts recognised on the statement of financial position are as follows:
THE GROUP
2011 2010
Rs’000 Rs’000
Present value of unfunded obligations 41,894 12,348
Unrecognised actuarial loss (3,381) (1,349)
Liability on the statement of financial position 38,513 10,999
(ii)
The movement in the defined benefit obligation during the year is as follows:
THE GROUP
2011 2010
Rs’000 Rs’000
At July 1, 12,348 11,916
Acquisition through business combination 25,573 -
Other adjustments - (17)
Current service cost 2,430 383
Interest cost 3,869 1,197
Benefits paid (2,782) (947)
Effect of curtailments/settlements (428) (504)
Liability loss recognised 884 320
At June 30, 41,894 12,348
(iii) The amounts recognised on the statements of comprehensive income are as follows:
THE GROUP
2011 2010
Rs’000 Rs’000
Current service cost 2,430 383
Interest cost 3,869 1,197
Actuarial loss recognised 171 64
Effect of curtailments/settlements (575) (548)
Total included in employee benefit expense 5,895 1,096
(iv) Movement in the liability recognised on the statements of financial position is as follows:
THE GROUP
2011 2010
Rs’000 Rs’000
At July 1, 10,999 10,867
Acquisition through business combination 24,401 -
Transfer - (17)
Total expense 5,895 1,096
Benefits paid (2,782) (947)
At June 30, 38,513 10,999
ENL Commercial Limited
Annual Report 2011
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