The company has established trusts for the benefit of employees and persons connected with them. Monies held in
these trusts are held by independent trustees and managed at their discretion. The trustees are empowered to provide
both retirement and other employee benefits.
Where the company retains future economic benefit from, and has de facto control of the assets and liabilities of the
trust, they are accounted for as assets and liabilities of the company until the earlier of the date that an allocation of
trust funds to employees in respect of past services is declared and the date that assets of the trust vest in identified
individuals.
Where monies held in a trust are determined by the company on the basis of employees’ past services to the business
and the company can obtain no future economic benefit from those monies, such monies, whether in the trust or
accrued for by the company are charged to the profit and loss account in the period to which
they relate.
Where monies held in a trust are determined by the company on the basis of employees’ past services to the business
and are payable after completion of the employment, such monies are charged to the profit and loss account in the
period during which services are rendered by employees.