Page 144 - Urban Renewal Authority 2023-24 Annual Report

NOTES TO THE FINANCIAL STATEMENTS

(expressed in Hong Kong Dollars)

6. Operating deficit before income tax (Continued)
Operating deficit before income tax is arrived at after charging/(crediting) the following items: (Continued)
(d) Five highest paid individuals
2024 2023

$’000 $’000
The five individuals whose emoluments were the highest in the
Group for the year ended 31 March 2024 include the Managing
Director, two Executive Directors and two senior management
staff (2022/23: the Managing Director, Executive Director and
three senior management staff).

The total emoluments earned by the five highest paid individuals
during the year are as follows:

Fixed – Salaries 17,271 16,827
– Provident fund scheme contributions 1,105 1,426

Sub-total 18,376 18,253
Variable pay 4,969 4,941

Total** 23,345 23,194

Their remuneration fell within the following bands:
No. of No. of
Individuals Individuals

$3,500,001 to $4,000,000 1 –
$4,000,001 to $4,500,000 2 3
$4,500,001 to $5,000,000 1 1
$6,000,001 to $6,500,000 1 1

Total 5 5

** For the year ended 31 March 2024, compensation in lieu of leave of $240,000 (2022/23:
$696,000) were excluded from the aggregate sum.

7. Income tax expenses
(a) In accordance with Section 19 of the Urban Renewal Authority Ordinance, the Authority is exempted
from taxation under the Inland Revenue Ordinance (Chapter 112).

No provision for Hong Kong profits tax has been made for the Group’s subsidiaries as they have no
estimated assessable profits for the year (2022/23: Nil).

(b) As at 31 March 2024, the subsidiaries of the Group have unrecognised deductible temporary
differences arising from capital allowance of $2,702,000 (31 March 2023: $2,796,000) and tax losses
of $54,090,000 (31 March 2023: $51,326,000) to carry forward against future taxable income. These
tax losses have no expiry date.

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