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- 14. Assets for social purposes and liabilities of the Company’s Social Benefits Fund
- LOTOS Annual Report 2011 /
- Home /
- Financial data /
- Consolidated financial statements 2011 /
- Notes to the financial statements /
- 14. Assets for social purposes and liabilities of the Company’s Social Benefits Fund
14. Assets for social purposes and liabilities of the Company’s Social Benefits Fund
The Act on Company Social Benefits Fund of March 4th 1994 (as amended), stipulates that an employer should set up a Social Benefits Fund if it employs over 20 full-time staff. 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 Social Benefits Fund’s assets and liabilities.
| PLN '000 | Dec 31 2011 | Dec 31 2010 |
|---|---|---|
| Assets related to the Company’s Social Benefits Fund | ||
| Cash in separate bank account of the Company’s Social Benefits Fund | 2,788 | 2,483 |
| Receivables from employees under the Company’s Social Benefits Fund | 3,888 | 3,810 |
| Other | 85 | 66 |
| Total | 6,761 | 6,359 |
| Liabilities related to the Company’s Social Benefits Fund | ||
| Liabilities under the Company’s Social Benefits Fund | 6,429 | 6,348 |
| Other | 332 | 11 |
| Total | 6,761 | 6,359 |
This is a translation of a document originally issued in Polish.