Notes to the Consolidated Financial Statements
(Thousands of US dollars)
66
Dar Al-Maal Al-Islami Trust
Annual Report 2013
33. Funds
under management
34. Retirement benefit plans
Funds under management aggregated $3.7 billion (2012: $3.7 billion) and
represented amounts invested by clients and placed with funds managed by
the Group. These funds are invested without recourse to the Group. The Group
earned fees of approximately $42.4 million associated with such funds in 2013
(2012: $43.8 million). At 31 December 2013, the Group had amounts due to
funds under management of $981.2 million (2012: $812.8 million) and due
from of $177.9 million (2012: $264.4 million).
Substantially all employees of the Group’s European incorporated subsidiaries
are covered either by insured or state pension plans. In accordance with local
practice, no pension plans exist in certain countries in which the Group operates.
The Group’s retirement benefit plans are in Switzerland and are defined benefit
plans. The assets of the funded plans are held in separate trustee administered
funds. These plans are valued by independent actuaries every year using the
projected unit credit method.
The table below outlines the group’s post-employment amounts and activity
included in the financial statements.
2013
2012
Restated
Balance sheet obligations for pension benefits
1,796
13,382
Income statement charge for pension benefits
(2,591)
2,465
Remeasurements for pension benefits
(7,511)
2,262
The amounts recognised in the balance sheet are determined as follows:
2013
2012
Restated
Present value of funded obligations
57,230
65,434
Fair value of plan assets
(55,434)
(52,052)
Deficit of funded plans
1,796
13,382
Liability in the balance sheet
1,796
13,382
At year end the present value of the defined benefit obligation comprised
approximately $40.7 million (2012: $50.1 million) relating to active
employees, $0.7 million (2012: $Nil) relating to deferred members and
$15.8 million (2012: $15.3 million) relating to members in retirement.
