Straits Trading Company Limited - Annual Report 2014 - page 138

NOTES TO THE FINANCIAL STATEMENTS
For the Financial Year Ended 31 December 2014
34
TRADE AND OTHER PAYABLES (CONT’D)
Amounts due to joint ventures
The amounts payable to joint ventures are non-trade related, non-interest bearing and repayable on demand.
Trade and other payables denominated in foreign currencies other than the functional currencies of the respective Group
entities are as follows:
Group
Company
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Malaysian Ringgit
308
United States Dollar
17,840
19,732
31
Australian Dollar
1
989
989
Indonesian Rupiah
1,046
Hongkong Dollar
34
Chinese Renminbi
34
Severance benefit obligations
One of the subsidiaries operates an unfunded Severance Benefits Scheme (“the Scheme”) for their eligible employees.
Under the Scheme, eligible permanent employees confirmed in service may entitled to severance benefits on attainment
of the normal retirement age or early retirement due to ill-health. The obligations under the Scheme are determined based
on actuarial valuation. During the financial year, the Scheme was discontinued and the amount due to each employee
was paid to the employee’s account with the national statutory pension scheme in Malaysia.
The following table summarises the components of the Scheme in the financial statements:
(a)
The amounts recognised in the balance sheet are determined as follows:
Group
2014
2013
$’000
$’000
Present value of unfunded defined benefit obligations
210
Net liability
210
Analysed as:
Current
21
Non-current
Later than 5 years
(note 33)
189
210
136
THE STRAITS TRADING COMPANY LIMITED ANNUAL REPORT 2014
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