54 (Expressed in Trinidad and Tobago Dollars) NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS 30th June 2017 13 Benefits fund The benefits fund comprise the following funds: • Long-term benefits fund which is held to cover retirement pensions, retirement grants, invalidity and survivor’s benefits in respect of qualifying persons. • Short-term benefits fund which is held to cover sickness and maternity benefits and funeral grants in respect of qualifying persons. • Employment injury benefits fund which is held to cover employment injury benefits to eligible insured persons. As described in Notes 2 and 4, the benefits fund balances do not represent NIBTT’s liability to beneficiaries but instead reflect the allocation of the accumulated fund based on the application of certain ratios as advised by NIBTT’s Actuary. 14 Revaluation reserve The revaluation reserve reflects gains or losses on revaluation of freehold properties. 2017 2016 $’000 $’000 Opening balance for the period 72,624 42,317 Revaluation of property – 27,285 Write-back of depreciation – 3,022 Closing balance for the period 72,624 72,624 15 Other liabilities 2017 2016 $’000 $’000 Sundry creditors and accruals 116,868 144,837 Provision for other payables 12,314 12,439 129,182 157,276 16 Post-employment benefit The amounts recognised in the statement of financial position are as follows: 2017 2016 $’000 $’000 Net liability in balance sheet Present value of defined benefit obligation 960,938 933,290 Fair value of assets (949,804) (913,478) Deficit 11,134 19,812 Effect of asset ceiling – – Net defined benefit liability 11,134 19,812