Annual Report 2011 - 2012 - Colombo Stock Exchange

14
NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2012
11.2. Revenue Reserves
2012
2012
2011
Building
General
Total
Building
General
Total
Reserve
Reserve
Reserves
Reserve
Rs.
Rs.
Rs.
Rs.
Rs.
Rs.
At the beginning of the year
10,907,457
535,013,831
545,921,288
10,907,457
535,013,831
545,921,288
At the end of the year
10,907,457
535,013,831
545,921,288
10,907,457
535,013,831
545,921,288
Revenue Reserve
Revenue reserve represents the amounts set aside by the directors for general application.
11.3. Other Capital Reserves
As at 1 April
As at 31 March
2012
Rs.
1,271,325
1,271,325
2011
Rs
1,271,325
1,271,325
12. EMPLOYEE BENEFIT LIABILITY
Retirement Benefits Obligation-Gratuity
As at 1 April
Charge for the year
(Gain)/Loss arising from changes in the assumptions used
Interest cost on benefit obligations
Payments made during the year
As at 31 March
2012
Rs.
1,127,091
497,363
960,119
97,994
(468,096)
2,214,470
2011
Rs.
1,065,575
103,599
20,928
89,989
(153,000)
1,127,091
The Retirement Benefit Liability of the Company is based on the gratuity formula in appendix E of SLAS 16 - Employee Benefits. The Principal
assumptions used in determining the cost of employee benefits were;
Salary Increment Rate
Staff Turnover Rate
Discount Rate
Retirement Age
2012
Executive & Non Executive Staff
10%
14%
10%
55 Years
2011
Executive & Non Executive Staff
7%
6%
9.50%
55 Years
The Colombo Pharmacy Company PLC
Annual Report 2011 - 2012
Notes to the Financial Statements
46