NOTES ON THE ACCOUNTS
14 DEVELOPMENT FUND
Balance at 1st January
Transfers (to/from profit and loss account:
Amount in (deficit)/excess of permitted return Interest on development fund
Balance at 31st December
15 LONG TERM LIABILITIES
Balance of premium on land
Bank loans (Note 17a)
Other borrowings (Note 17b)
1988 HK$'000 64,841
1987 HK$'000
44,746
(64,841)
15,881
-
4,214
(64,841)
20,095
64,841
1988 HK$'000
1987
HK$'000
3,671
4,611
97,757
111,458
213,709
328,123
315,137
444, 192
Premiums payable in respect of land purchased from Government are payable under various agreements at an interest rate of 5% p.a. up to 1993. Amounts due within one year of the balance sheet date have been included under current liabilities.
16 STAFF RETIREMENT FUND
47
Balance at 1st January
Transfer from profit and loss account
Payments during year
Balance at 31st December
1988
1987
HK$'000
HK$'000
45,278
52,775
43,950
45,529
89,228
98,304
48,222
53,026
41,006
45,278
This deferred liability represents the balance of the retirement fund retained by the Company under an approved retirement scheme for its daily rated employees. Provisions in respect of additional liability for employees are made by way of annual contributions to the approved retirement funds.