Notes to the financial statements
14. Assets for Social Purposes and Liabilities of the Company’s Social Benefits Fund
The Act on Employee Benefits Fund of March 4th 1994, as amended, stipulates that each employer of more than 20 staff (in full-time job equivalents) should create the Social Benefits Fund. In accordance with the statute and internal rules of procedure, the Group creates such fund and makes regular contributions to it, which are charged to costs. The purpose of the Social Benefits Fund is to subsidise social activities of the Group companies, finance loans to employees and other social spending. The Group offset the Fund’s assets against its liabilities towards the Fund as the assets are not fully controlled by the LOTOS Group companies.
The table below sets forth the Company’s Social Benefits Fund’s assets and liabilities.
| PLN '000 | Dec 31 2010 | Dec 31 2009 |
|---|---|---|
| Assets related to the Company’s Social Benefits Fund | ||
| Cash in separate bank account of the Company’s Social Benefits Fund | 2,483 | 2,465 |
| Receivables from employees under the Company’s Social Benefits Fund | 3,810 | 3,885 |
| Other | 66 | 38 |
| Total | 6,359 | 6,388 |
| Liabilities related to the Company’s Social Benefits Fund | ||
| Liabilities under the Company’s Social Benefits Fund | 6,348 | 6,257 |
| Other | 11 | 131 |
| Total | 6,359 | 6,388 |
This is a translation of a document originally issued in Polish
The notes to the financial statements, presented on following pages, are their integral part.
