1989 — Page 50

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NOTES ON THE ACCOUNTS

20 COMMITMENTS

a

b

At 31st December, the Company had commitments under operating leases to make payments in the next year as follows:

Land and Buildings

1989

HK$'000

1988 HK$'000

Leases expiring:

Within I year

152

1,449

After 1 year but within 5 years

5,603

1,317

5,755

2,766

Capital commitments outstanding at 31st December not provided for in the accounts were as follows:

1989

HK$'000

1988

HK$'000

Contracted for

Authorised but not contracted for

88,404

290,155

850

2,350

89,254

292,505

21 STAFF RETIREMENT SCHEMES

The Company operates separate staff retirement schemes for their monthly and daily-rated employees. Contributions under these staff retirement schemes applicable to each year are charged against income for the year. The costs of these schemes are determined by actuarial valuations periodically, the latest being at 31st December, 1988. The assets of these schemes are held separately from those of the Company except for the amount of initial contributions to the scheme for the daily-rated employees which remains unpaid by the Company and are managed by appointed trustees. At 31st December, 1989, the Directors were of the opinion that the net realisable value of the fund assets was sufficient to cover the liabilities in respect of all existing and future retirement benefits.

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