enl commercial limited annual report 2011 - Investing In Africa

Notes to the Financial Statements
Year ended June 30, 2011
19 RETIREMENT BENEFIT OBLIGATIONS (continued)
(a)
(i)
Pension benefits
THE GROUP
2011 2010
Rs’000 Rs’000
The amounts recognised on the statements of
financial position are as follows:
Present value of funded obligations 39,379 33,319
Fair value of plan assets (25,406) (21,747)
13,973 11,572
Unrecognised actuarial loss (4,993) (3,398)
Liability on the statement of financial position 8,980 8,174
(ii)
The movement in the defined benefit obligations during the year is as follows:
THE GROUP
2011 2010
Rs’000 Rs’000
At July 1, 33,319 30,325
Current service cost 2,969 2,669
Interest cost 3,280 3,136
Benefits paid (2,426) (97)
Liability loss/(gain) 2,237 (2,714)
At June 30, 39,379 33,319
(iii) The movement in the fair value of plan assets during the year is as follows:
THE GROUP
2011 2010
Rs’000 Rs’000
At July 1, 21,747 18,215
Expected return on plan assets 2,317 1,964
Employer contributions 3,336 3,006
Scheme expenses (5) (5)
Cost of insuring risk benefits (140) (132)
Benefits paid (2,426) (97)
Actuarial gain/(loss) recognised 577 (1,204)
At June 30, 25,406 21,747
(iv) The amounts recognised on the statements of comprehensive income are as follows:
THE GROUP
2011 2010
Rs’000 Rs’000
Current service cost 2,969 2,669
Cost of insuring risk benefits 140 132
Interest cost 3,280 3,136
Scheme expenses 5 5
Expected return on plan assets (2,317) (1,964)
Effect of immediate recognition in liability - 57
Net actuarial losses recognised during the year 65 109
Total included in employee benefit expense (note 26) 4,142 4,144
Actual return on plan assets 2,893 1,231
ENL Commercial Limited
Annual Report 2011
97