Construction Industry Council - Annual Report 2024

ANNUAL REPORT 2024 203 FINANCIAL STATEMENTS Consolidated statement of changes in fund and reserves For the year ended 31 December 2024 Accumulated fund General reserve Investment revaluation reserve Total HK$ HK$ HK$ HK$ (Note (a)) (Note (b)) At 1 January 2023 2,774,478,399 389,353,310 5,508,233 3,169,339,942 Surplus for the year 99,832,973 – – 99,832,973 Other comprehensive expense for the year – – (2,864,668) (2,864,668) At 31 December 2023 2,874,311,372 389,353,310 2,643,565 3,266,308,247 Surplus for the year 697,304,658 – – 697,304,658 Other comprehensive expense for the year – – (829,587) (829,587) At 31 December 2024 3,571,616,030 389,353,310 1,813,978 3,962,783,318 Notes: (a) General reserve has been set up to record the statutory transfer of net assets from Construction Industry Training Authority on 1 January 2008 and Construction Workers Registration Authority on 1 January 2013. The general reserve was created for employing the reserve in the operations of the Council or by investing the reserve in such manner as the Council members think fit. The Council members may apply the general reserve for any other special purpose. (b) Investment revaluation reserve comprises the cumulative net change in the fair value of equity investments at FVTOCI held at the end of the reporting period and is dealt with in accordance with the accounting policy in Note 3.