CMB_1996 — Page 33

Notes on The Accounts (Continued)

18. 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

!

Group and company

1996

1995

$000's

$000's

5,500

5,500

(6,340)

(5,608)

7,140

5,608

6,300

5,500

239,846

220,859

(7,194)

(8,302)

21,417

27,289

254,069

239,846

260,369

245,346

19. CONTINGENT LIABILITIES

At 30th June, 1996, there were potential contingent liabilities in respect of third party claims, in connection with the operation of franchised motor buses, amounting to approximately $160 million (1995: $147 million) for which a full provision of $160 million (1995: $147 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

the

At 30th June, 1996, 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

1996

1995

$000's

$000's

Leases expiring:

Within 1 year After 1

year

but within 5 years

2,933

2,790

150

10

3,083

2,800

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