Notes on The Accounts (Continued)
19. CONTINGENCY RESERVES
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
20. CONTINGENT LIABILITIES
Group and company
1992
1991
$000's
$000's
6,500
6,500
(6,876)
(6,032)
7,376
6,032
7,000
6,500
134,300
123,800
(4,171)
(4,955)
22,871
15,455
153,000
134,300
160,000
140,800
At 30th June, 1992, there were potential contingent liabilities in respect of third party claims in connection with the operation of franchised motor buses amounting to approximately $98 million (1991: $92 million) for which provision of $82 million (1991: $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.
21. OPERATING LEASE COMMITMENTS
At 30th June, 1992, the group and the company had commitments under operating leases for land and buildings to make payments in the next year as follows:-
Group and company
Leases expiring:
Within 1 year
After 1 year but within 5 years
22
1992
1991
$000's
$000's
1,513
1,066
3,445
211
4,958
1,277
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Notes on The Accounts (Continued)