notes - Mauritius Housing MHC

NOTES
financial
to the
STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2002
15. REVALUATION AND OTHER RESERVES
At 1 July Movements during the year At 30 June
2001 DR CR 2002
Rs’000 Rs’000 Rs’000 Rs’000
Building Insurance Reserve 68,706 61 15,017 (a) 83,662
Life Assurance Reserve 92,467 15,100 (b) 25,079 (c) 102,446
Mortgage Insurance Reserve 5,331 - 555 (d) 5,886
Foreclosed Properties Reserve 854 - - 854
EDF Revolving Fund 12,067 - 12,067
Revaluation Reserves 79,178 - 100,566 (g) 179,744
General Reserve (note (f)) 61,666 - 19,733 (e) 81,39
320,269 15,161 160,950 466,058
(a)
(b)
(c)
(d)
(e)
(f)
(g)
90% of house insurance premiums received during the year.
Secured loans to deceased customers, written off during the year.
90% of life assurance contributions received during the year.
90% of mortgage insurance premiums received during the year.
15% of net profit for the year transferred to General Reserve during the year.
Estates Equalisation Reserve and Gervaise Reserve have been reclassified as General Reserve.
Revaluation of land and buildings owned by the Company with the exception of foreclosed property.
16. REVENUE RESERVES 2002 2001
Rs’000
Rs’000
ANNUAL REPORT 2001 - 2002
At 01 July 2001 (as previously reported) 685,272 598,410
Prior year adjustment (see note below) (50,650) -
Restated balance at 01 July 2001 634,622 598,410
Profit for the year 131,554 119,838
Transfer to General Reserve (19,733) (17,976)
Dividends (17,102) (15,000)
At 30 June 2002 729,341 685,272
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