Notes on The Accounts (Continued)
16. DEFERRED PROFITS
Balance brought forward Recognised during the year (note 4)
Balance carried forward
17. DEFERRED LIABILITIES
The group
The company
1998
1997
1998
1997
$000's
$000's
$000's
$000's
485,477
750,179
261,539
449,290
(11,707) (264,702)
(8,304) (187,751)
473,770 485,477
253,235
261,539
Group and company
1998
1997
$000's
$000's
Employees' retirement schemes
At 1st July
Payments during year
Provision for the
year
Reclassification as current liabilities
At 30th June
78,129
72,928
(23,058)
(30,040)
23,548
71,699
(10,998) (36,458)
78,129
67,621
The company operates separate non-contributory defined benefit employees' retirement schemes for their daily-rated, general monthly-rated staff and senior executives.
In accordance with the franchise as well as the Occupational Retirement Schemes Ordinance, these schemes are required to be separately held and managed by trustees. The company is transferring the funds to the schemes in five equal annual instalments, the amount of which was determined with reference to an actuarial valuation of the company's liabilities as at 31st March, 1994, to liquidate the balance of deferred liabilities of the company. Regular contributions to the schemes are made by the company with reference to the rates of contribution calculated by the actuary.
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Notes on The Accounts (Continued)