14 DEVELOPMENT FUND
Balance at 1st January and 31st December
15 LONG TERM LIABILITIES
Balance of premium on land
Bank loans (Note 17a)
Other borrowings (Note 17b)
1990
HK$'000
1989 HK$'000
1990
HK$'000
1989 HK$'000
746
2,693
220,452
233,346
43,818
119,574
265,016
355,613
NOTES
ON THE
ACCOUNTS
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.
44
16 STAFF RETIREMENT FUND
1990
1989
HK$'000
HK$'000
Balance at 1st January
31,035
41,006
Transfer from profit and loss account
45,513
40,462
76,548
81,468
Payments during year
(57,015)
(50,433)
Balance at 31st December
19,533
31,035
This deferred liability represents the balance of the initial contribution to the retirement fund payable 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.
No comments yet.
Private notes are available after approval.