Constance Hotels, Resorts and Golf | Annual Report 2023

180

Financial Statements

Constance Hotels Services Limited

Annual Report 2023

181

Financial Statements

Constance Hotels Services Limited

Annual Report 2023

Notes to the Financial Statements Year ended December 31, 2023

Notes to the Financial Statements Year ended December 31, 2023

18.

EMPLOYEE BENEFIT LIABILITIES

18.

EMPLOYEE BENEFIT LIABILITIES (continued)

THE GROUP

Defined pension benefits (continued) The reconciliation of the opening balances to the closing balances for the net defined benefit liability is as follows: THE GROUP 2023 2022 MUR’000 MUR’000 At January 1, 428,564 331,909 Charged to profit or loss 62,632 47,405 (Credited)/charged to other comprehensive income (69,259) 70,632 Contributions paid (23,084) (21,382) At December 31, 398,853 428,564

(a)

2023

2022

MUR’000

MUR’000

Amounts recognised in the statement of financial position: Defined pension benefits (Note (a)(ii))

398,853 100,969 499,822

428,564 79,193

Other post retirement benefits (Note (b)(i))

507,757

Analysed as follows: Non-current liabilities

499,822

507,757

Amounts charged to profit or loss: - Defined pension benefits (Note (a)(v)) - Other post retirement benefits (Note (b)(ii))

62,632 13,734 76,366

47,405

9,794

iii.

The movement in the defined benefit obligations over the year is as follows:

57,199

THE GROUP

Amounts charged/(credited) to other comprehensive income: - Defined pension benefits (Note (a)(vi))

2023

2022

(69,259)

70,632 10,482

MUR’000

MUR’000

8,115

- Other post retirement benefits (Note (b)(ii))

674,509

At January 1,

548,295

(61,144)

81,114

Effect of transfer of members Current service cost

34,379 40,479

29,975 22,457

Defined pension benefits

(a)

Interest expense Remeasurements: - Actuarial losses

i. The Group contributes to a defined benefit pension. The plan is a final salary plan, which provides benefits to members in the form of pension at retirement and a benefit on death or disablement in service before retirement. The level of benefits provided

(69,053) (9,290)

76,228 (2,446)

Benefits paid

depends on members’ length of service and their salary in the final years leading up to retirement. The assets of the fund are held independently and administered by an insurance company.

671,024

At December 31,

674,509

The most recent actuarial valuation of the plan assets and the present value of the defined benefit obligations were carried out at December 31, 2023 by Swan Life Ltd. The present value of the defined benefit obligations, and the related current service cost and past service cost, were measured using the Projected Unit Credit Method.

iv.

The movement in the fair value of plan assets of the year is as follows:

THE GROUP

2023

2022

ii.

The amounts recognised in the statement of financial position are as follows:

MUR’000

MUR’000

THE GROUP

245,947

At January 1,

216,389

Remeasurements: - Return on plan assets

2023

2022

15,197

7,648 5,596

MUR’000

MUR’000

206

- Actuarial gains Scheme expenses

671,024 (272,171)

Present value of funded obligations

674,511 (245,947)

(874)

(876)

Fair value of plan assets

(2,099) 23,084 (9,290)

Cost of insuring risk benefits Contributions by the employer

(1,745) 21,381 (2,446)

Liability in the statement of financial position

398,853

428,564

Benefits paid

272,171

At December 31,

245,947