EXAMPLE PAGE - ANNUAL REPORT - THE SWEDISH CLUB - Flipbook - Sida 58
FINANCIAL STATEMENTS - NOTES
All employees are covered by the FTP
pension plan. The pension agreement has
both a defined-contribution and definedbenefit pension plan. The plan that
applies for each individual is primarily
based on their age. Those born in 1972 or
later are covered by a definedcontribution plan, which has a premium
of 4.5% on salary components up to 7.5
times the income base amount and
thereafter 30% without any salary ceiling.
10% of the salary component up to 7.5
times the income base amount, 65% on
the salary interval 7.5 to 20 times the
income base amount and 32.5% on the
salary component over that amount, up to
a maximum salary corresponding to 30
times the income base amount. The
stated remuneration levels apply to final
salary when the individual is 65 years old
and in order to be fully earned, 30 years of
service are required.
The Club’s obligations concerning
contributions to defined-contribution
plans have been reported as an expense
in the income statement at the rate they
are earned by employees performing
services during the period.
The Club has older obligations for a few
prior employees, and this is reported as a
liability in the balance sheet.
Those born before 1972 with pensionable
salary over 10 times the income base
amount may be covered by the definedcontribution plan in an individual
agreement on that has been reached
between the employer and employee. The
defined-benefit plan is treated in
accordance with RFR2 meaning that
pension costs correspond to paid
pensions premium and covers those born
before 1972. When fully earned, this plan
yields pension benefits corresponding to
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Assets and liabilities in foreign
currency
Assets and liabilities in foreign currency
are translated to USD at the closing day
rates of exchange. However, shares in
subsidiaries are valued using the rate of
exchange prevailing on the acquisition
date. For translation from a foreign
currency to USD, the difference is
reported in the income statement under
the heading ‘Investment income or
Investment costs’.
For the Club’s most important currencies,
the following rates (prevailing on 31
December) have been used:
Leasing contracts
Because the Club reports leasing in
accordance with RFR 2 Accounting for
Legal Entities, it is granted an exemption
from the principles contained in IFRS 16.
As such, there will be no change in how
the Club reports leases.
The Club has operating leases consisting
of leases for premises, cars and office
machines for the duration stated in the
agreement for each of these. Leasing
fees are expensed over the contracted
period based on utilisation.
THE SWEDISH CLUB ANNUAL REPORT 2021
Currency (equals 1 USD)
2021
2020
Swedish kronor (SEK)
9.0437
8.1886
British pound (GBP)
0.7426
0.7386
Euro (EUR)
0.8843
0.8158
Hong Kong dollar (HKD)
7.7983
7.7522
Norwegian kroner (NOK)
8.8197
8.5780