Annual Report 2022

224 Transport International Holdings Limited 2022 Annual Report NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 26 Contingency provision – insurance 2022 2021 $’000 $’000 At 1 January 271,390 308,039 Provision charged to profit or loss 48,840 46,776 Payments made during the year (83,185) (83,425) At 31 December 237,045 271,390 Representing: Current portion 88,592 93,800 Non-current portion 148,453 177,590 237,045 271,390 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. 27 Lease liabilities At 31 December 2022, the lease liabilities were repayable as follows: 2022 2021 $’000 $’000 Within 1 year 4,082 3,513 After 1 year but within 2 years 2,707 2,208 After 2 years but within 5 years 524 1,098 3,231 3,306 7,313 6,819 28 Income tax in the consolidated statement of financial position (a) Current taxation in the consolidated statement of financial position represents: 2022 2021 $’000 $’000 Provision for Hong Kong Profits Tax for the year 19,563 13,804 Provisional Profits Tax paid (8,633) (14,176) 10,930 (372) Balance of Profits Tax provision relating to prior years – (2,828) Net current tax payable/(recoverable) 10,930 (3,200) Representing: Current tax recoverable (2,551) (5,857) Current tax payable 13,481 2,657 Net current tax payable/(recoverable) 10,930 (3,200)