Notes on The Accounts (Continued)
16. RESERVES
Revenue reserves
The group
The company
1992
1991
1992
$000's
$000's
$000's
1991
$000's
General reserve
At 1st July
140,000
130,000
140,000 130,000
Transfer from profit and loss account
10,000
10,000
At 30th June
150,000
140,000
Profit and loss account
558,856
108,258
10,000 -
150,000 140,000 375,539
10,000
95,966
708,856 248,258
525,539 235,966
17. DEVELOPMENT FUND
At 1st July
Transfer from/(to) profit and loss account
At 30th June
18. DEFERRED LIABILITIES
Employees' retirement schemes
At 1st July
Payments during year
Provision for the year
At 30th June
Group and company
1992
1991
$000's
$000's
4,862
13,040
(4,862)
13,040
Group and company
1992
1991
$000's
$000's
126,823
113,179
(6,736)
(15,611)
32,266
29,255
152,353
126,823
The company operates separate non-contributory defined benefit employees' retirement schemes for their daily- rated and general monthly-rated staff and senior executives.
Provision is made annually by the company with reference to actuarial valuations to provide for the contingent liability in respect of the employees' retirement benefits payable to employees of the company.
21