TPSEAL 2010 Financial Results. - Serena Hotels

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Notes to the Financial Statements (continued) 16 Retirement benefit obligations Provision for employees’ entitlement to gratuity is based on the number of years worked by individual employees up to the balance sheet date. The movement during the year is as follows: Group 2010 2009 Shs’000 Shs’000 At start of year 109,174 95,013 Charge to income statement 10,115 20,209 Benefits paid (8,454) (6,048) At end of year 110,835 109,174 The amounts recognised in the consolidated income statement for the year are as follows: Group 2010 2009 Shs’000 Shs’000 Current service cost 7,399 7,948 Interest cost 10,865 9,453 Net actuarial (gains)/ losses recognised in the year (8,149) 2,808 Total, included in employee benefits expense (Note 7) 10,115 20,209 The principal actuarial assumptions used were as follows: 2010 2009 - discount rate 10% 10% - future salary increases 8% 8% Assumptions regarding future mortality experience are set based on actuarial advice, published statistics and experience in the industry. Five year summary: 2010 2009 2008 2007 2006 Shs’000 Shs’000 Shs’000 Shs’000 Shs’000 Present value of defined benefit obligation 110,835 109,174 95,103 121,701 117,493 In the opinion of the Directors, the provision for gratuity entitlement for employees fairly reflects the Group’s future obligation under the terms of the Collective Bargaining Agreement. The scheme has no dedicated assets. 68 TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2010
Notes to the Financial Statements (continued) 17 Available for sale financial asset Group and Company 2010 2009 Shs’000 Shs’000 At start of the year 55,051 55,051 Investment during the year 161,200 - At end of year 216,251 55,051 Shs 161.2 million was invested by the Company in 2010 to increase its interest in the shareholding in Tourism Promotion Services (Rwanda) Limited, a company incorporated in Rwanda, from 8% to 17%. The directors have designated this investment as an ‘available-for-sale financial asset’ that is carried at fair value as the investment is to be held for the foreseeable future. There were no fair value gains or losses in the year (2009: Nil). TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2010 69
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Contents Directors and Administrati
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Directors and Administration (conti
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Other Corporate Information REGISTE
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(c) a mobile telephone money transf
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(b) Kutumwa moja kwa moja hadi benk
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Chairman’s Statement (continued)
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Taarifa ya Mwenyekiti Mr. Francis O
Page 17 and 18: Taarifa ya Mwenyekiti (Kuendelea) U
Page 19 and 20: The Managing Director’s Report (c
Page 21 and 22: Taarifa kutoka kwa Meneja Mkurugenz
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Page 25 and 26: Board of Directors (continued) Mr.
Page 27 and 28: aspects of the Company’s operatio
Page 29 and 30: Corporate Governance Statement (con
Page 31 and 32: Corporate Social Responsibility (co
Page 33 and 34: Statement of Directors’ Responsib
Page 35 and 36: Consolidated Income Statement for t
Page 37 and 38: Consolidated Statement of Financial
Page 39 and 40: Consolidated Statement of Changes i
Page 41 and 42: Consolidated Statement of Changes i
Page 43 and 44: Company Statement of Changes in Equ
Page 45 and 46: Notes to the Financial Statements 1
Page 47 and 48: Notes to the Financial Statements (
Page 67: Notes to the Financial Statements (
Page 85 and 86: Proxy Form I/We being a member/memb
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TPSEAL 2010 Financial Results. - Serena Hotels

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