Annual Report 2020

2020 Annual Report Transport International Holdings Limited 221 Notes to the Financial Statements (Expressed in Hong Kong dollars unless otherwise indicated) 25 Accounts payable and accruals 2020 2019 $’ 000 $’ 000 Trade payables 98,479 135,595 Balance of passenger reward (note 5(d)) 7,154 12,375 Balance of toll exemption fund (note 5(d)) 392,863 196,354 Other payables and accruals 1,082,101 995,135 Amount due to an associate 4,922 4,922 1,585,519 1,344,381 All of the accounts payable and accruals are expected to be settled within one year. Amount due to an associate is unsecured, interest-free and has no fixed terms of settlement. Included in accounts payable and accruals are trade payables with the following ageing analysis, based on the due date, as of the end of the reporting period: 2020 2019 $’ 000 $’ 000 Due within 1 month or on demand 95,250 130,401 Due after 1 month but within 3 months 633 2,402 Due after more than 3 months 2,596 2,792 98,479 135,595 The credit period granted to the Group is generally between 30 days and 90 days. Therefore, all the balances which are due within one month or on demand as disclosed above are within three months from the invoice date. 26 Contingency provision – insurance 2020 2019 $’ 000 $’ 000 At 1 January 370,677 386,397 Provision charged to profit or loss 19,796 55,142 Payments made during the year (82,434) (70,862) At 31 December 308,039 370,677 Representing: Current portion 90,323 126,350 Non-current portion 217,716 244,327 308,039 370,677 The Group is involved from time to time in litigation and claims in connection with its bus operations. Contingency provision – insurance represents amounts set aside annually by the Group to meet liabilities which are expected to arise from third party claims for incidents which have occurred prior to the end of the reporting period in connection with the Group’s bus operations.