Construction Industry Council - Annual Report 2024

ANNUAL REPORT 2024 219 For the year ended 31 December 2024 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Note 1: Included in leasehold land and building are office premises carried at historical cost of HK$1, which is leased out to earn rental income. The market value estimated by the Council as at 31 December 2024 is HK$40,200,000 (31 December 2023: HK$38,500,000), the determination of which was supported by market evidence. The gross rental income earned for the year was HK$912,000 (2023: HK$912,000) and was included in the other miscellaneous income. Note 2: Impairment was recognised for certain construction in progress due to the suspension of the construction of a training facility. The recoverable amounts of these construction in progress have been determined based on their value in use. The Group estimates the value in use of these construction in progress using a cash flow projection with zero cash inflow. The relevant assets were impaired to their recoverable amount of nil and the impairment of HK$44,376,300 has been recognised in profit or loss during the year. 14. DEBT INSTRUMENTS AT AMORTISED COST 2024 2023 HK$ HK$ Debt instruments, with fixed interest rate of 1.65% to 4.65% (2023: 1.65% to 4.65%) per annum and maturity date in 2025 to 2027 (2023: 2025 to 2027) 254,531,440 258,352,870 Analysis 2024 2023 HK$ HK$ Current assets 84,149,733 – Non-current assets 170,381,707 258,352,870 254,531,440 258,352,870