46
NOTES ON THE ACCOUNTS
20 COMMITMENTS
a
b
At 31st December, the Company had commitments under operating leases to make payments in the next year as follows:
Land and Buildings
1989
HK$'000
1988 HK$'000
Leases expiring:
Within I year
152
1,449
After 1 year but within 5 years
5,603
1,317
5,755
2,766
Capital commitments outstanding at 31st December not provided for in the accounts were as follows:
1989
HK$'000
1988
HK$'000
Contracted for
Authorised but not contracted for
88,404
290,155
850
2,350
89,254
292,505
21 STAFF RETIREMENT SCHEMES
The Company operates separate staff retirement schemes for their monthly and daily-rated employees. Contributions under these staff retirement schemes applicable to each year are charged against income for the year. The costs of these schemes are determined by actuarial valuations periodically, the latest being at 31st December, 1988. The assets of these schemes are held separately from those of the Company except for the amount of initial contributions to the scheme for the daily-rated employees which remains unpaid by the Company and are managed by appointed trustees. At 31st December, 1989, the Directors were of the opinion that the net realisable value of the fund assets was sufficient to cover the liabilities in respect of all existing and future retirement benefits.
Page 50Page 51
47