Construction Industry Council - Annual Report 2024

ANNUAL REPORT 2024 223 For the year ended 31 December 2024 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Note: On 11 June 2020, Development Bureau announced that the Anti-epidemic Fund would provide support to the construction industry. The Council was commissioned by Development Bureau to be the implementation partner to handle application and disburse the subsidies of the Anti-epidemic Fund. The Council opened a designated bank account for the custody of the fund. As at 31 December 2024, the fund balance accumulated to HK$16,033,101 (2023: HK$16,065,392) for which HK$16,055,150 (2023: HK$15,987,781) is included cash and bank balances (Note 18), and HK$22,049 is included in other payables and accruals (2023: HK$77,611 included in other receivables (Note 17)) respectively. 20. CONSTRUCTION INNOVATION AND TECHNOLOGY FUND The Finance Committee of the Legislative Council approved the establishment of the CITF on 16 July 2018, with an allocation of HK$1,000,000,000 for use over a tentative period of 5 years. On 29 June 2022, the Finance Committee of the Legislative Council had approved the injection of HK$1,200,000,000 to the fund to support its continued operation and implementation of the enhancement measure launched on 1 January 2022. Subsequent to the injection in 2022, the fund is intended to be opened for applications for a further 5 years from 2023 onwards subject to availability of the funding. CITF is to encourage wider adoption of innovative construction methods and technology in the construction industry with a view to promoting productivity, uplifting built quality, improving site safety and enhancing environmental performance of the construction industry. The Council was commissioned by the Development Bureau of the Government of Hong Kong Special Administrative Region to be the implementation partner. The Council maintains a designated bank account for the CITF. As at 31 December 2024, the fund balance accumulated to HK$1,698,015,237 (2023: HK$1,808,033,646) of which HK$1,642,856,587 (2023: HK$1,803,927,418) and HK$55,158,650 (2023: HK$4,106,228) are included in cash and bank balances (Note 18) and interest receivables (Note 17) respectively. The unutilised amount has to be returned to the Development Bureau. 21. LEASE LIABILITIES The Group leases a number of properties in Hong Kong and the People’s Republic of China with fixed periodic payments over the lease terms. The Group also leases certain items of equipment with fixed payments over the lease terms.