Notes on The Accounts (Continued)
19. CONTINGENCY RESERVES
Group and
company
1993
1992
$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
7,000
6,500
(6,450)
(6,876)
5,950
7,376
6,500
7,000
153,000
134,300
(5,510)
(4,171)
48,010
22,871
195,500 153,000
202,000
160,000
20. CONTINGENT LIABILITIES
At 30th June, 1993 there were potential contingent liabilities in respect of third party claims in connection with the operation of franchised motor buses amounting to approximately $111 million (1992: $98 million) for which a full provision of $111 million (1992: $82 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, 1993, the group and the company had commitments under operating leases for land and buildings to make payments in the next year as follows:-
Leases expiring:
Within 1 year
After 1 but within 5 years
year
Group and company
1993
1992
$000's
$000's
1,079
1,513
3,248
3,445
4,327
4,958
22
Page 25Page 26
Notes on The Accounts (Continued)