Annual Report 2023

246 2023 Annual Report Transport International Holdings Limited NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 21 Employee retirement benefits (continued) The plans expose the Group to actuarial risks, such as interest rate risk, investment risk and longevity risk. Since the two retirement schemes have similar risks and features, information about the two plans is aggregated and disclosed below: (a) The amount recognised in the consolidated statement of financial position is as follows: 2023 2022 $’000 $’000 Present value of funded obligations (note 21(c)) (995,791) (1,053,336) Fair value of plan assets (notes 21(b) and 21(d)) 2,605,064 2,594,327 1,609,273 1,540,991 Represented by: Employee benefit assets 1,609,273 1,540,991 A portion of the above asset is expected to be recovered after more than one year. However, it is not practicable to segregate this amount from the amounts recoverable in the next twelve months, as future refund will also relate to future services rendered and future changes in actuarial assumptions and market conditions. The expected annual contribution to defined benefit retirement schemes for the year ending 31 December 2024 is $Nil (2023: $Nil). (b) Plan assets consist of the following: 2023 2022 $’000 $’000 Equity securities: – Hong Kong and Mainland China 338,423 441,036 – Rest of Asia Pacific 390,525 302,852 – Europe 199,879 216,148 – North America 408,753 268,036 1,337,580 1,228,072 Bonds 1,223,910 1,219,335 Cash and others 43,574 146,920 2,605,064 2,594,327 All of the equity securities and bonds have quoted prices in active markets.