Construction Industry Council - Annual Report 2024

CONSTRUCTION INDUSTRY COUNCIL 226 For the year ended 31 December 2024 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 22. CONTRACT LIABILITIES 2024 2023 HK$ HK$ Course fees and related income 5,517,097 4,496,378 Workers registration fees 9,875,570 2,198,527 Registration fees from sub-contractors 4,812,667 5,358,556 20,205,334 12,053,461 Current 11,027,799 8,173,273 Non-current 9,177,535 3,880,188 20,205,334 12,053,461 Contract liabilities, that are not expected to be settled within the Group’s normal operating cycle, are classified as non-current based on the Group’s earliest obligation to transfer services to the customers. The following table shows how much of the revenue recognised in the current year relates to brought- forward contract liabilities. Registration Course fees Workers fees from and related registration sub- income fees contractors Total HK$ HK$ HK$ HK$ At 1 January 2023 3,961,619 1,959,360 5,094,615 11,015,594 Decrease in contract liabilities as a result of recognising revenue during the year that was included in the contract liabilities at the beginning of the year (3,961,619) (1,694,213) (2,791,287) (8,447,119) Increase in contract liabilities as a result of receipt in advance during the year 4,496,378 1,933,380 3,055,228 9,484,986 At 31 December 2023 4,496,378 2,198,527 5,358,556 12,053,461 Decrease in contract liabilities as a result of recognising revenue during the year that was included in the contract liabilities at the beginning of the year (4,496,378) (1,941,297) (3,298,069) (9,735,744) Increase in contract liabilities as a result of receipt in advance during the year 5,517,097 9,618,340 2,752,180 17,887,617 At 31 December 2024 5,517,097 9,875,570 4,812,667 20,205,334