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42NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2012(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)2. Significant accounting policies (continued)g) Employee benefits (continued)The pension plans are generally funded by payments from employees and the Group, taking account of the recommendations of independent qualified actuaries.The pension accounting costs for the Plan is assessed using the projected unit credit method. Under this method the cost of providing pensions is charged to the statement of comprehensive income so as to spread the regular cost over the service lives of the employees in accordance with the advice of qualified actuaries who carry out a full valuation of the Plan.The Group also provides post-retirement health benefits to their retirees. The entitlement to these benefits is based on the employee remaining in service up to retirement age and the completion of a minimum service period. The expected costs of these benefits are accrued over the period of employment, using an accounting methodology similar to that for the defined benefit plan.Actuarial gains and losses are amortised over the expected average remaining working lives of the participating employees.h) InventoriesInventory of newsprint, printing materials and plant spares are valued at the lower of cost and net realisable value. Cost is calculated using the weighted average method and includes relevant import and local charges. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make the sale.i) Trade and other receivablesTrade receivables, which generally have 30-90 day terms, are recognized and carried at original invoice amounts less an allowance for any uncollectible amounts. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad debts are written-off as incurred.Guardian_Media_Annual_Report2012.indd 42 4/17/13 7:31 PM