16. Provision for Staff Retirement Benefits
At 1st January 1984
Provision during year
Contribution to staff retirement funds
Benefits paid during year
At 31st December 1984
Company
Group
4,613
6,751
8,713
9,198
13,326
15,949
(4,000)
(4,000)
(115)
9,326
11,834
Under the rules of the Company's staff retirement funds, the Company is liable to make good any deficiency of the assets of the funds compared to the liabilities of the funds at 30th June and 31st December each year. Full provision for this liability has been made in the accounts.
17. Deferred Liabilities
Company
Group
1984
1983
1984
1983
Bank loans
Secured
83,271
69,381
83,271
69,381
Unsecured
5,427
5,427
Other loans due within
five years
42,819
73,419
42,819
73,419
126,090
148,227
126,090
148,227
Less: Amount repayable
within one year included in
current liabilities
26,057
45,831
26,057
45,831
100,033
102,396
100,033
102,396
The Company has executed an "all monies" mortgage in favour of a bank charging K.M.L. No. 112 (and the extension thereto) and buildings erected thereon to secure general banking facilities granted to the Company.
Other loans are repayable in semi-annual instalments due within five years and bear interest at rates of 7.25% to 10% per annum.
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