Construction Industry Council - Annual Report 2024

ANNUAL REPORT 2024 221 For the year ended 31 December 2024 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Impairment of levy receivables Impairment losses on levy receivables are recorded using an allowance account unless the Group is satisfied that recovery of the amount is remote, in which case the impairment loss is written off against levy receivables directly. The movement in the loss allowance for levy receivables is as follows: HK$ At 1 January 2023 8,733,841 Reversal of impairment losses (2,065,335) Impairment losses recognised 2,418,444 At 31 December 2023 9,086,950 Reversal of impairment losses (2,226,758) Impairment losses recognised 46,102,981 At 31 December 2024 52,963,173 At 31 December 2024, levy receivables of HK$9,819,221 (2023: HK$6,860,193) were individually determined to be impaired and full impairment loss were recognised in the allowance account. The individually impaired receivables related to contractors that were either under liquidation or in financial difficulties and the Group assessed that the full amount of the receivables to be irrecoverable. In determining the recoverability of levy receivables, the Group collectively considered any change in the credit quality of the levy receivables from the date credit was initially granted up to the reporting date. The concentration of credit risk is limited due to the contractor base being large and unrelated. 17. DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES 2024 2023 HK$ HK$ Deposits and prepayments 15,968,100 17,529,840 Other receivables – Interest receivables – The Group 42,790,454 47,657,083 – Interest receivables – CITF (Note 20) 55,158,650 4,106,228 – Receivable from the Government 66,640,043 104,007,514 – Receivables from Anti-epidemic Fund applicants (Note 19) – 77,611 – Others 18,667,447 7,237,933 183,256,594 163,086,369 199,224,694 180,616,209