Financial Report - Certified Financial Statements

THE LAND REGISTRY TRADING FUND
BALANCE SHEET
As at 31 March 2004
Expressed in HK$ ' 000

	Note	2004	2003

ASSETS

Non-current assets
Fixed assets	10	422,519	*392,663*


Current assets
Debtors and prepayments		14,635	11,468
Amounts due from related parties		5,542	5,585
Tax recoverable		7,357	6,179
Placements with banks		401,000	401,650
Cash and bank balances		3,925	1,722

		432,459	*426,604*


Current liabilities
Deferred revenue	11	1,720	1,820
Short-term borrowings	12	-	23,660
Interest payable to Government		-	796
Customers ’ deposits	13	21,271	21,413
Creditors		3,068	3,429
Amounts due to related parties		24,356	27,778
Provision for employee benefits		7,305	1,145

		57,720	*80,041*


Net current assets		374,739	*346,563*


Total assets less current liabilities		797,258	*739,226*

Non-current liabilities
Net deferred tax liabilities	14	17,879	10,966
Provision for employee benefits		62,546	63,289


NET ASSETS		716,833	*664,971*


CAPITAL AND RESERVES
Trading fund capital	15	118,300	118,300
Retained earnings	16	553,761	508,989
Proposed dividend	8	44,772	37,682

		716,833	*664,971*

Mrs. Alice LEE

Land Registrar and General Manager (Acting),

Land Registry Trading Fund

9 September 2004

The notes on the accounts form part of these accounts.

Report of the Director of Audit to the Legislative Council

Certified Financial Statements