Notes on the Accounts
19. STAFF RETIREMENT FUND
Balance at 1 January
Provision made during the year
Balance at 31 December
1994
1993
HK$'000
HK$'000
283,300
157,300
192,000
126,000
475,300
283,300
The above fund represents the provision for the improvement of the retirement benefits to employees.
20. UNDERTAKINGS FOR CHARGE OF PROPERTIES
The title deeds of certain of the Company's properties, with a net book value of HK$141,819,000 at 31 December 1994 (1993 HK$142,606,000), have been deposited with certain banks together with agreements of undertaking to execute a legal mortgage in an event of default of the Company's obligations under the respective loan agreements.
At 31 December 1994, the Company's liabilities covered by the above agreements of undertaking amounted to HK$152,857,000 (1993 - HK$188,571,000).
21. COMMITMENTS
a.
At 31 December, the Company had commitments under operating leases to make payments in the next year as follows:
Land and buildings
1994
HK$'000
1993
HK$'000
Leases expiring:
19
203
Within 1 year
After 1 year but within 5 years
670
222
689
425
The Kowloon Motor Bus Company (1933) Limited
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