AN EXTRACT FROM THE UNIVERSITY’S ANNUAL ACCOUNTS 2019–20
AN EXTRACT FROM THE UNIVERSITY’S ANNUAL ACCOUNTS 2019–20
AN EXTRACT FROM THE UNIVERSITY’S ANNUAL ACCOUNTS 2019–20
Overview
The financial year 2019–20 was the first year of the 2019–22 triennium.
Hong Kong faced great challenges this year with social unrest locally and the COVID-19 pandemic globally. The University has adopted extraordinary measures to maintain a safe and healthy environment on campus. To maintain social distancing, the University has offered a hybrid mode with teaching and learning online and face-to-face interactions.
The Group has demonstrated its commitment to provide world-class education and research and delivered the impact through internationalisation, innovation and interdisciplinarity. A surplus of HK$1,427 million was recorded in the Group’s consolidated financial results, notably the result of the government matching scheme for generous donations from the community.
In preparing the consolidated financial statements, the Group has adopted certain new / revised Hong Kong Financial Reporting Standards (HKFRS) issued by the Hong Kong Institute of Certified Public Accountants which are relevant and applicable to the Group’s operation and comply with the Statement of Recommended Practice for the University Grants Committee (UGC)-Funded Institutions.
Results for the Year
The Group’s consolidated results for the year ended June 30, 2020 are summarised as follows:
The consolidated income for the year 2019–20 was HK$12,514 million, an increase of HK$1,844 million from last year. This was mainly due to increase in matching grant from the UGC as well as donations and benefactions received during the year.
The consolidated expenditure increased by 8% to HK$11,092 million (2018–19: HK$10,279 million), of which HK$8,056 million (2018–19: HK$7,504 million) was expended on the Group’s teaching, learning and research activities.
Financial Outlook
As the financial year 2019–20 ends, the University has entered into the second year of the 2019–22 triennium. The University will continue to build community partnerships and rally support while re-aligning resources to gain efficiency in pursuit of excellence in education.
Looking ahead, the University is excited to embark on a number of capital projects. The Tech Landmark development at the University Drive for building an innovative science and engineering hub of research and technology, as well as the development of the Pokfield Road site will generate an iconic academic, cultural and sports facilities complex. In addition, state-of-the-art research and learning facilities will be provided by the Institute of Advanced Dentistry, the student hostel, and other major projects, including investment in infrastructure on enabling online teaching and learning with various institutional pedagogical support.
The University of Hong Kong is prepared to make substantial and long-term investments in human resources, infrastructure and technology upgrades for the pursuit of the University’s education mission. The achievement of these missions would rely on philanthropy support. Two Government Matching Grant Schemes have been launched in July 2019 and August 2019, respectively, providing good opportunities to help the University secure additional funding for its work.
Amidst all the challenging opportunities, the University shall maintain a conservative, yet creative and flexible profile in financial management. We will continue to build on our successes to raise the University to the next level of fulfilling our commitments to be Asia’s leading global university.
The University’s Annual Accounts can be found at www.feo.hku.hk/finance/. Any correspondence or feedback on this extract or the accounts should be emailed to finance-mail@hku.hk.
The University of Hong Kong
Consolidated Statement of Comprehensive Income
For the year ended June 30, 2020
The University of Hong Kong
Consolidated Statement of Financial Position
As at June 30, 2020
