16. Provision for Staff Retirement Benefits
At 1st January 1985 Provision during year
Credited by a subsidiary on staff transfer
Contribution to staff retirement funds
Benefits paid during year
Credited to a subsidiary on staff transfer~~
At 31st December 1985
Company
Group
9,326
11,834
5,146
5,808
35
14,507
17,642
(6,000)
(6,000)
(172)
(39)
8,468
11,470
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
1985
1984
1985
1984
Bank loans, secured
104,230
83,271
104,230
83,271
Other loans due within five years
28,072
42,819
28,072
42,819
132,302
126,090 132,302
126,090
Less: Amount repayable
within one year included in current liabilities
22,118
26,057
22,118
26,057
110,184
100,033
110,184
100,033
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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