NOTES ON THE ACCOUNTS
15 DEVELOPMENT FUND
Balance at 1st January
Transfers to profit and loss account:
Amount in deficit of permitted return Interest on development fund
Balance at 31st December
16 LONG TERM LIABILITIES
Balance of premium on land
Bank loans (Note 18a)
Other borrowings (Note 18b)
1989 HK$'000
1988
HK$'000
64,841
།
64,841
64,841
1989
1988
HK$'000
HK$'000
2,693
3,671
233,346
97.757
119,574
213,709
355,613
315,137
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.
17 STAFF RETIREMENT FUND
44
Balance at 1st January
Transfer from profit and loss account
Payments during year
Balance at 31st December
1989
1988
HK$'000
HK$'000
41,006
45,278
40,462
43,950
81,468
89,228
50,433
48,222
31,035
41,006
This deferred liability represents the balance of the initial contributions to the retirement fund payable 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.