16 CONTINGENCY PROVISION - INSURANCE
Balance at 1 January
Provision made during the year
Balance at 31 December
The Group
The Company
1996
1996
1995
HK$'000
HK$'000
HK$'000
175,322
175,322
175,322
113,176
113,176
288,498
288,498
175,322
This provision represents amounts set aside annually by the Company to meet liabilities which may arise from third party claims in connection with the Company's bus operations and to cover potential losses which may be caused by fire damage to the fleet.
17
DEVELOPMENT FUND
The Group The Company
1996
1996
1995
HKS'000
HK$'000
HK$'000
Balance at 1 January
1,988
1,988
Transfer (to)/from profit and loss account
Amount in (deficit)/surplus of
permitted return
(1,849)
(1,849)
1,912
Interest on development fund
85
85
76
(1,764)
(1,764)
1,988
Balance at 31 December
224
224
1,988
59
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