NOTES ON THE ACCOUNTS
18. BANK LOANS AND OVERDRAFTS
Bank loans and overdrafts are repayable as follows:
1995
HK$'000
1994
HK$'000
Within 1 year and included in current liabilities
135,505
156,574
After 1 year and included in long term liabilities
between 1 and 2 years
116,998
106,542
– between 2 and 5 years
165,714
122,712
over 5 years
20,000
302,712
229,254
438,217
385,828
19. STAFF RETIREMENT FUND
Balance at 1 January
Provision made during the year
Balance at 31 December
1995
HK$'000
1994
HK$'000
475,300
283,300
120,000
192,000
595,300
475,300
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$143,931,000 at 31 December 1995 (1994 - HK$141,819,000), 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 1995, the Company's liabilities covered by the above agreements of undertaking amounted to HK$117,143,000 (1994 - HK$152,857,000).
57