Urban Renewal Authority 2018-19 Annual Report

161 (expressed in Hong Kong Dollars) NOTES TO THE FINANCIAL STATEMENTS 16. Capital On 21 June 2002, the Finance Committee of the Legislative Council approved a commitment of $10 billion for injection as equity into the Authority. The Government injected the equity into the Authority in phases over the five financial years from 2002/03 to 2006/07. At 31 March 2019, the Authority had received all five tranches of equity injection of $10 billion in total. 17. Trade and other payables The trade and other payables are analysed as follows: Note 31 March 2019 1 April 2018 31 March 2018 $’000 $’000 $’000 Contract liabilities (i) & (ii) 1,241 6,660 – Trade payables 86,184 85,962 85,962 Rental and other deposits received 49,689 244,335 250,995 Proceeds received in advance from sale of properties of joint development projects 545,500 – – Other payables 11,206 11,138 11,138 Accrued expenses 2,825,935 3,287,885 3,287,885 3,519,755 3,635,980 3,635,980 Representing: 2019 2018 $’000 $’000 Non-current portion 412,300 676,000 Current portion 3,107,455 2,959,980 3,519,755 3,635,980 Notes: (i) The Group has initially applied HKFRS 15 using the cumulative effect method and adjusted the opening balance at 1 April 2018. (ii) Upon the adoption of HKFRS 15, deposits and instalments received from customers on sale of properties which were previously classified as rental and other deposits received are now reclassified as contract liabilities under trade and other payables.