48 Reserves48.1 RESULT FOR THE FINANCIAL YEAR
The determination of the (consolidated) result for the financial year and any distribution thereof is made following the approval of EY Europe.
48.2 RETAINED EARNINGS
This reserve relates mainly to the settlement of drawing rights in the 2006/2007 and 2008/2009 financial years to former members and partners, which will be settled in annual instalments in the period to 2026 (10.5 years) with the then profit-sharing members. It also includes the present value of the arrangements made in 2008/2009 for drawing rights of members eligible in that year. The amount of contributions and other amounts for this received from EYGS on behalf of EY Europe is deducted from the reserve.
Actuarial gains and losses arising on defined benefit pension plans are recorded in retained earnings.
Reference is made to the statement of changes in equity.