Construction Industry Council - Annual Report 2024

CONSTRUCTION INDUSTRY COUNCIL 224 For the year ended 31 December 2024 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Right-of-use assets The analysis of the net book value of right-of-use assets by class of underlying asset is as follows: Right-of-use assets Leasehold land and building Other equipment Total HK$ HK$ HK$ At 1 January 2023 12,057,128 2,757,283 14,814,411 Additions 3,595,863 – 3,595,863 Depreciation (6,967,354) (1,741,441) (8,708,795) At 31 December 2023 8,685,637 1,015,842 9,701,479 Additions 12,352,511 4,371,741 16,724,252 Depreciation (7,405,093) (1,744,464) (9,149,557) At 31 December 2024 13,633,055 3,643,119 17,276,174 Future lease payments are due as follows: Minimum lease payments Interest Present value HK$ HK$ HK$ 2024 Not later than one year 7,347,195 326,476 7,020,719 Later than one year and not later than five years 11,520,393 209,277 11,311,116 18,867,588 535,753 18,331,835 Minimum lease payments Interest Present value HK$ HK$ HK$ 2023 Not later than one year 6,400,385 117,764 6,282,621 Later than one year and not later than five years 2,797,794 56,614 2,741,180 9,198,179 174,378 9,023,801 For both years, the Group leases various offices for its operations lease contracts are entered into fixed term of 12 months to 36 months.