REPORTING CONTEXT ABOUT US OUR OPERATING CONTEXT OUR PERFORMANCE OUR LEADERSHIP GOVERNANCE OUR FINANCIAL STATEMENTS SHAREHOLDERS' CORNER 2021 At July 1 2020 MUR '000 Charge/ (credit) to profit or loss MUR '000 Credit to other comprehensive income MUR '000 At 30 June 2021 MUR '000 Deferred tax liabilities Leases (2 644) (499) – (3 143) Asset revaluation 39 507 1 197 – 40 704 Accelerated depreciation 273 568 (2 252) – 271 316 Deferred tax assets Retirement benefit obligations (88 205) (2 543) 54 121 (36 627) Provision on stock and receivables (29 153) 1 092 – (28 061) Net deferred tax liabilities 193 073 (3 005) 54 121 244 189 17. EMPLOYEE BENEFIT OBLIGATIONS THE GROUP THE COMPANY 2022 MUR '000 2021 MUR '000 2022 MUR '000 2021 MUR '000 Amounts recognised in the statements of financial position Pension scheme (note (i)) 222 346 216 775 221 204 215 439 Charge to profit or loss - Pension benefits (note (iv)) 22 533 34 383 22 327 34 135 Credit to other comprehensive income - Pension benefits (note (v)) (727) (318 729) (327) (318 362) Pension scheme The assets of the funded plan are held independently in a registered superannuation fund (IBL Pension Fund). Retirement benefit obligations have been provided for based on the report from Swan Life Ltd dated 25 August 2022. The plan is a hybrid arrangement in respect of employees who were previously members of a Defined Benefit (DB) plan. These employees have a No Worse Off Guarantee whereby, at retirement, their pension benefits will not be less than what would have been payable under the previous DB plan. An employee forgoes this guarantee if he leaves before normal retirement age. The unfunded liability relates to employees who are entitled to Retirement Gratuities payable under the Worker’s Rights Act 2019 (WRA). The latter provides for a lump sum at retirement based on final salary and years of service. For employees who are members of the Defined Contribution plan or Defined Benefit plan, half of any lump sum and 5 years of pension (relating to Employer’s share of contributions only) payable from the pension fund have been offset from the Retirement Gratuities. 16. DEFERRED TAX LIABILITIES (continued) (b) The Company (continued) (i) The amounts recognised in the statements of financial position are as follows: THE GROUP THE COMPANY 2022 MUR '000 2021 MUR '000 2022 MUR '000 2021 MUR '000 Present value of funded obligations 770 210 722 661 770 210 722 542 Fair value of plan assets (615 724) (562 433) (615 724) (562 433) 154 486 160 228 154 486 160 109 Present value of unfunded obligations 67 860 56 547 66 718 55 330 Liability in the statements of financial position 222 346 216 775 221 204 215 439 The reconciliation of the opening balances to the closing balances for the net benefit defined liability is as follows: THE GROUP THE COMPANY 2022 MUR '000 2021 MUR '000 2022 MUR '000 2021 MUR '000 At 1 July 216 775 520 300 215 439 518 845 Amount recognised in other comprehensive income (727) (318 729) (327) (318 362) Amount recognised in profit or loss (note 25) 22 533 34 383 22 327 34 135 Contributions paid* (16 235) (19 179) (16 235) (19 179) At 30 June 222 346 216 775 221 204 215 439 * The figures are in respect of residual defined benefit liabilities on top of the defined contributions part of the IBL Pension Fund and exclude cash payments which are treated as defined contributions and amounted to MUR 35.4m (2021: MUR 31.1m) for the Group and MUR 35.0m (2021: MUR 30.5m) for the Company. (ii) The movement in the defined benefit obligation over the year is as follows: THE GROUP THE COMPANY 2022 MUR '000 2021 MUR '000 2022 MUR '000 2021 MUR '000 Present value of funded obligation at 1 July 722 661 925 018 722 542 925 018 Present value of unfunded obligation at 1 July 56 547 75 228 55 330 73 773 Current service cost 14 244 19 651 14 088 19 448 Interest cost 32 715 28 655 32 665 28 610 Liability loss/(gains) due to change infinancial assumptions 19 113 (249 952) 19 513 (249 585) Transfer from member account* 45 904 25 638 45 904 25 638 Benefit paid (53 114) (45 030) (53 114) (45 030) At 30 JUNE 838 070 779 208 836 928 777 872 * These pertain to transfer of total contributions made by employees under the DC Scheme during their length of services to the annuity fund on their retirement during the year. NOTES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 185 184 Phoenix Beverages Limited Integrated Report 2022 Phoenix Beverages Limited Integrated Report 2022
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