Notes on The Accounts (Continued)
17. DEFERRED LIABILITIES
Group and company
1991
1990
$000's
$000's
Employees' retirement gratuities
At 1st July
113,179
45,396
Payments during year
(15,611)
(917)
Provision for the year
29,255 68,700
At 30th June
126,823 113,179
18.CONTINGENCY RESERVES
Group and company
1991
1990
$000's
$000's
Major repairs to motor buses
At 1st July
Payments during year
Provision for the
year
At 30th June
Insurance
At 1st July
Payments during year
Provision for the year
At 30th June
6,500
6, 500
(6,032)
(5,467)
6,032
5,467
6,500
6,500
123,800
108,500
(4,955)
(11,262)
15,455 26,562
134,300
123,800
140,800
130,300
19. CONTINGENT LIABILITIES
At 30th June, 1991, there were potential contingent liabilities in respect of third party claims in connection with the operation of franchised motor buses amounting to approximately $92 million (1990: $82 million) for which provision of $77 million (1990 : $77 million) has been included in contingency reserves. In the opinion of the directors, the amounts provided are sufficient to cover any liabilities which may subsequently arise in respect of these claims.
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