15 DEVELOPMENT FUND
NOTES ON THE ACCOUNTS
1987
HK$'000
1986 HK$'000
Balance at 1st January
44,746
52,246
Transfers from/(to) profit and loss account:-
Amount in excess/(deficit) of permitted return
15,881
(11.231)
Interest on development fund
4,214
3.731
20,095
(7,500)
Balance at 31st December
64,841
44,746
16 LONG TERM LIABILITIES
Balance of premium on land
Bank loans (Note 18a)
Other borrowings (Note 18b)
1987 HK$'000
1986
HK$'000
4,611
6,128
111,458
88,275
328,123
208,283
444.192
302.686
Premiums payable in respect of land purchased from Government are payable under various agreements at an interest rate of 5% p.a. up to 1993. Amounts due within one year of the balance sheet date have been included under current liabilities.
17 STAFF RETIREMENT FUND
Balance at 1st January
Transfer from profit and loss account
Payments during year
Balance at 31st December
1987
1986
HK$'000
HK$'000
52.775
57.136
45,529
34,618
98,304
91,754
53,026
38,979
45,278
52,775
This deferred liability represents the balance of the retirement fund retained by the Company under an approved retirement scheme for its daily rated employees. Provisions in respect of additional liability for employees are made by way of annual contributions to the approved retirement funds.
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