To determine the correct statement in the context of accounting, let's analyze each option:

1. Reserve created is a charge against profits: This statement is incorrect. Reserves are not deducted from profits as charges. Instead, reserves are appropriations of profit meant for specific purposes or future benefits, such as expansion or contingencies. They are created after profit calculation.
2. Capital reserves are normally created out of distributable profits: This is incorrect. Capital reserves are typically created from non-operating profits, such as profits from the sale of fixed assets or revaluation of assets, and not from the distributable profits of the company.
3. General reserve can be used only for some specific purposes: This statement is incorrect. A general reserve differs from a specific reserve, as it is not restricted for a specific purpose. It provides financial stability and can be used at the discretion of the management.
4. 'Provision' is a charge against profit: This is the correct statement. Provisions are amounts set aside from a company's profits to cover anticipated future losses or liabilities, such as doubtful debts or depreciation. They are charged to the profit and loss account, reducing the net profit.

With this analysis, we conclude that the correct statement is: 'Provision' is a charge against profit.