Construction Industry Council - Annual Report 2024

ANNUAL REPORT 2024 231 For the year ended 31 December 2024 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (ii) Fair values of financial instruments carried at other than fair value The carrying amounts of the Group’s financial instruments carried at amortised costs are not materially different from their fair values as at 31 December 2024 and 2023. 26. CAPITAL COMMITMENTS Capital commitments outstanding at 31 December 2024 and 2023 not provided for in the consolidated financial statements were as follows: 2024 2023 HK$ HK$ Contracted for 65,122,009 109,455,164 Capital commitments relate to the acquisition of plant and equipment, renovation works and acquisition or development of computer equipment. 27. RELATED PARTY DISCLOSURES (a) Related party transactions As the members of the Council were being drawn from private or public construction industry sector organisations, it is inevitable that transactions will take place with organisation in which a member may have an interest. All transactions involving organisations in which members of the Group may have an interest, subsisted at the end of the year or at any time during the year, were conducted on normal commercial terms and in accordance with the Group’s procurement procedures. During the year, the Group entered into the following non-trade transactions with related party: 2024 2023 HK$ HK$ Nature of transactions Funding support to Hong Kong Green Building Council Limited 4,715,567 4,106,931 (b) Related party balance Balance with related parties at the end of the reporting period are as follows: 2024 2023 HK$ HK$ Net amount due from Hong Kong Green Building Council Limited 383,183 87,594 Hong Kong Green Building Council Limited is a related company, in which several members of the Council are also directors of Hong Kong Green Building Council Limited.