Annual Report 2023

256 2023 Annual Report Transport International Holdings Limited NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 26 Accounts payable and accruals (continued) 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: 2023 2022 $’000 $’000 Due within 1 month or on demand 142,379 120,379 Due after 1 month but within 3 months 1,537 638 Due after more than 3 months 895 683 144,811 121,700 The credit period granted to the Group is generally between 30 days and 90 days. 27 Contingency provision – insurance 2023 2022 $’000 $’000 At 1 January 237,045 271,390 Provision charged to profit or loss 66,148 48,840 Payments made during the year (68,915) (83,185) At 31 December 234,278 237,045 Representing: Current portion 91,823 88,592 Non-current portion 142,455 148,453 234,278 237,045 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. 28 Lease liabilities At 31 December 2023, the lease liabilities were repayable as follows: 2023 2022 $’000 $’000 Within 1 year 3,589 4,082 After 1 year but within 2 years 1,560 2,707 After 2 years but within 5 years 394 524 1,954 3,231 5,543 7,313