18. CONTINGENCY RESERVES
Group and company
1998
1997
$000's
$000's
Major repairs to motor buses
At 1st July
Payments during year
Provision for the year
6,300
6,300
(6,195)
6,195
6,300
6,300
At 30th June
Insurance
Third party claims At 1st July
Payments during year
Written back during the year
At 30th June
Insurance
Consequential fire loss.
At 1st July
Written back as exceptional item (note 4)
At 30th June
143,281
159,569
(7,233)
(8,341)
(33,456)
(7,947)
102,592
143,281
20,000
94,500
(74,500)
20,000
20,000
122,592 163,281
128,892
169,581
19. CONTINGENT LIABILITIES
At 30th June, 1998, there were potential contingent liabilities in respect of third party claims, in connection with the operation of franchised motor buses, amounting to approximately $103 million (1997: $143 million) for which a full provision of $103 million (1997: $143 million) has been included in contingency reserves. In the opinion of the directors, the amount provided is sufficient to cover any liabilities which may subsequently arise in respect of these claims.
20. OPERATING LEASE COMMITMENTS
At 30th June, 1998, 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
31
Group and company
1998
1997
$000's
$000's
1,415
2,749