notes - Mauritius Housing MHC

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NOTES FOR THE YEAR ENDED 30 JUNE 2002 financial to the STATEMENTS (B) See list on pages 22 and 23. Debentures contd (C) Loan - Government of Mauritius Interest free loan from Government of Mauritius and with no fixed repayment terms. (D) Borrowings - Loan Capital 18. RETIREMENT BENEFIT OBLIGATIONS Retirement benefit obligations comprise of the Company’s staff pension fund and of other post retirement benefits. The pension scheme is a defined benefit plan and the assets of the plan are held separately from those of the Company and are administered by the State Insurance Company of Mauritius Ltd. The amounts recognised in the balance sheet are as follows: 2002 2001 Rs’000 Rs’000 Net liability on funded obligations (note (a)) 5,920 4,850 Funds kept within the Company 10,560 10,560 16,480 15,410 ANNUAL REPORT 2001 - 2002 2002 2001 Rs’000 Rs’000 (a) Funded obligations Present value of funded obligations 105,580 94,700 Fair value of plan assets (88,120) (82,250) 17,460 12,450 Unrecognised actuarial loss (11,540) (7,600) Net liability 5,920 4,850 50
NOTES FOR THE YEAR ENDED 30 JUNE 2002 18. RETIREMENT BENEFIT OBLIGATIONS (CONTD) financial to the STATEMENTS The amounts recognised in the income statement are as follows: 2002 2001 Rs’000 Rs’000 Current service cost 4,500 4,101 Interest cost 9,950 8,500 Expected return on plan assets (9,170) (8,500) Actuarial loss recognised 234 - Total included in staff costs 5,514 4,101 Actual return on plan assets 3,710 3,800 Movement in the liability recognised in the balance sheet: 2002 2001 ANNUAL REPORT 2001 - 2002 Rs’000 Rs’000 At 1 July - as previously reported 4,850 - - effect of adopting IAS 19 - 4,760 - as restated 4,850 4,760 Total expenses as above 5,514 4,101 Contributions paid (4,444) (4,011) 5,920 4,850 2002 & 2001 Main assumptions: Discount rate 10.5% Expected return 11.0% Pension increase 7.5% Salary increase 8.5% 51
Page 1 and 2: Annual Report 2001 - 2002
Page 3 and 4: CONTENTS 1. Our Vision 4 2. Our Mis
Page 5 and 6: Mission Our Mission To help as many
Page 7 and 8: REGISTERED OFFICE MHC Building, Rev
Page 9 and 10: SENIOR Management Mr. L. D UNMOLE M
Page 11 and 12: The Directors are pleased to presen
Page 13 and 14: CORPORATE Governance MHC is committ
Page 15 and 16: MANAGING DIRECTOR’S REPORT 15
Page 17 and 18: However, MHC’s dedication to plac
Page 19 and 20: Reserves have in consequence increa
Page 21 and 22: 3.5.1 Loans Approved During the yea
Page 23 and 24: 3.5.5 TOTAL LOANS APPROVED - (MAURI
Page 25 and 26: 3.8 NEW SCHEMES/ SERVICES With the
Page 27 and 28: The strength of the company is depi
Page 29 and 30: REPORT FROM THE SECRETARY TO THE ME
Page 31 and 32: Auditors’ report to the members o
Page 33 and 34: BALANCE SHEET - 30 JUNE 2002 Notes
Page 35 and 36: STATEMENT OF CHANGES IN EQUITY FOR
Page 37 and 38: NOTES financial to the STATEMENTS F
Page 39 and 40: NOTES financial to the STATEMENTS (
Page 41 and 42: NOTES financial to the STATEMENTS 4
Page 45 and 46: NOTES financial to the STATEMENTS 1
Page 49: NOTES financial to the STATEMENTS F
Page 53 and 54: NOTES FOR THE YEAR ENDED 30 JUNE 20

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