Notes on The Accounts (Continued)
16. RESERVES
The group
The company
1993
1992
1993
1992
$000's
$000's
$000's
$000's
Revenue reserves
General reserve
At 1st July
150,000
140,000
150,000
140,000
Transfer from profit and loss account
10,000
10,000
10,000
10,000
At 30th June
160,000
150,000 160,000 150,000
Profit and loss account
542,764
558,856 346,611
375,539
702,764
708,856
506,611 525,539
17. DEVELOPMENT FUND
At 1st July
Transfer (to)/from 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
1993
1992
$000's
$000's
13,040
(13,040) 13,040
13,040
Group and company
1993
1992
$000's
$000's
152,353
126,823
(5,553)
(6,736)
29,319
32,266
176,119
152,353
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.
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