Page 169 - URA Annual Report 2021-22

(expressed in Hong Kong Dollars)
19. Provision for committed projects
Charged to profit or loss Balance at 31 March
2022 2021 $’000 $’000
324,600 -
324,600 -
The amount represents the provision for committed projects and the provision charge is recognised in profit or loss.
As at 31 March 2022, the total provision for impairment on projects are analysed as follows:
Provision for impairment classified under properties under development as set out in Note 9
Provision for committed projects as set out above Total provision for projects
20. Provident fund scheme
2022 $’000
654,100 324,600
978,700
2021 $’000
723,900 -
723,900
The Group provides retirement benefits to its eligible employees under defined contribution schemes. In accordance with the Mandatory Provident Fund Schemes Ordinance, the eligible employees enjoy retirement benefits under the Mandatory Provident Fund Exempted ORSO Scheme or the Mandatory Provident Fund Scheme (the “Schemes”) under which employer’s voluntary contributions have been made. The assets of the Schemes are held separately from those of the Group and managed by independent administrators. The Group normally makes voluntary contributions ranging from 5% to 10% of the employees’ monthly salaries depending on the years of service of the employees.
The total amount contributed by the Group into the Schemes for the year ended 31 March 2022 was $34,831,000 (2020/21: $34,550,000), net of forfeitures of $2,212,000 (2020/21: $1,089,000), which has been charged to the Group’s profit or loss for the year.
21. Commitments
(a) Capital commitments
Capital commitments in respect of acquisition of property, plant and equipment at 31 March 2022 are as follows:
2022 2021 $’000 $’000
Contracted but not yet incurred 37,171 156,889
URA ANNUAL REPORT 2021-22 163