AN EXTRACT FROM THE UNIVERSITY’S ANNUAL ACCOUNTS 2023–24
OVERVIEW
The financial year 2023–24 was the second year of the 2022–25 triennium.
The Group demonstrated its commitment to provide world- class education and research, and delivered impact through internationalisation, innovation and interdisciplinarity.
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.
During the financial year, the Group recorded a surplus of HK$3,918 million. Compared to the previous year, the surplus further increased in 2023–24 as a result of improvement in investment performance and increases in government subventions and tuition fees.
RESULTS FOR THE YEAR
The Group’s consolidated results for the year ended June 30, 2024 are summarised as follows:
| 2024 HK$ (in million) |
2023 HK$ (in million) |
|
|---|---|---|
| Income Expenditure |
16,892 (12,996) |
14,160 (12,204) |
| Surplus from Operations Others |
3,896 22 |
1,956 5 |
| Total Comprehensive Income | 3,918 | 1,961 |
The consolidated income for the year 2023–24 was HK$16,892 million, an increase of HK$2,732 million from last year. This was mainly due to improvement in investment performance and increases in government subventions and tuition fees.
The consolidated expenditure increased by 6% to HK$12,996 million (2022–23: HK$12,204 million), of which HK$9,615 million (2022–23: HK$8,877 million) was expended on the Group’s teaching, learning and research activities.
FINANCIAL OUTLOOK
As the financial year 2023–24 ends, the University has entered into the third year of the triennium of 2022–25. The University continues its strong commitment to intellectual freedom, liberty and diversity.
To fulfil its education mission, the University will continue to recruit top scholars as well as young researchers; admit top talented students with diverse backgrounds; and upgrade its infrastructure and technology, including student amenities, teaching and research facilities.
The University will remain prudent and yet flexible in financial management in its pursuit to continue being an 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.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended June 30, 2024
In thousands of Hong Kong dollars
| 2024 | 2023 | |
|---|---|---|
| Revenue | ||
| Government Subventions | 7,038,863 | 6,572,361 |
| Tuition, Programmes and Other Fees | 5,650,103 | 4,813,732 |
| Donations and Benefactions | 917,398 | 636,242 |
| Auxiliary Services | 409,508 | 359,105 |
| Interest and Investment Gain, Net | 1,627,001 | 456,007 |
| Other Income, Net | 1,249,446 | 1,322,727 |
| 16,892,319 | 14,160,174 | |
| Expenditure | ||
| Teaching, Learning and Research | ||
| Teaching and Research | 8,622,826 | 7,939,736 |
| Library | 202,126 | 201,709 |
| Central Computing Facilities | 248,459 | 237,050 |
| Other Academic Services | 541,689 | 498,737 |
| Institutional Support | ||
| Management and General | 699,737 | 608,902 |
| Premises and Related Expenses | 1,793,887 | 1,786,947 |
| Student and General Education Services | 724,969 | 686,312 |
| Other Activities | 162,541 | 244,430 |
| 12,996,234 | 12,203,823 | |
| Surplus for the Year before Share of Joint Venture and Associates | 3,896,085 | 1,956,351 |
| Share of Surplus of Joint Venture | 16,826 | 15,392 |
| Surplus before Taxation for the Year | 3,912,911 | 1,971,743 |
| Income Tax Credit | 3,981 | 2,582 |
| Surplus for the Year | 3,916,892 | 1,974,325 |
| Other Comprehensive Income / (Loss) | ||
| Items that may be recognised in the Consolidated Statement of Comprehensive Income | ||
| Exchange Differences | 533 | (11,900) |
| Share of Other Comprehensive Income / (Loss) of a Joint Venture | 178 | (803) |
| Items that will not be recognised subsequently in the Consolidated Statement of Comprehensive Income | ||
| Re-measurement of Defined Benefit Retirement Scheme Assets | 406 | (431) |
| 1,117 | (13,134) | |
| Total Comprehensive Income for the Year | 3,918,009 | 1,961,191 |
| Attributable to | ||
| UGC Funds | 1,012,129 | 458,169 |
| Restricted Funds | (40,820) | (236,896) |
| Other Funds | 2,946,700 | 1,739,918 |
| 3,918,009 | 1,961,191 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at June 30, 2024
In thousands of Hong Kong dollars
| 2024 | 2023 | |
|---|---|---|
| Assets | ||
| Non-current Assets | ||
| Property, Plant and Equipment | 13,121,091 | 11,899,181 |
| Right-of-use Assets | 1,990,338 | 2,085,525 |
| Intangible Assets | 11,563 | 12,256 |
| Interests in Joint Venture | 322,531 | 305,527 |
| Financial Investments at Amortised Cost | 818,930 | 1,037,138 |
| Financial Assets at Fair Value through Profit or Loss | 14,747,888 | 13,790,225 |
| Loans Receivable | 3,349 | 2,802 |
| Accounts Receivable, Prepayments and Deposits | 1,025,755 | 1,002,885 |
| Defined Benefit Retirement Scheme Assets | 15,487 | 14,665 |
| Deferred Tax Assets | 9,661 | - |
| 32,066,593 | 30,150,204 | |
| Current Assets | ||
| Financial Investments at Amortised Cost | 403,600 | 367,776 |
| Financial Assets at Fair Value through Profit or Loss | 678,871 | 740,204 |
| Loans Receivable | 75,402 | 84,943 |
| Inventories | 2,694 | 2,320 |
| Accounts Receivable, Prepayments and Deposits | 2,202,296 | 1,906,172 |
| Amount Due from a Joint Venture | - | 5,360 |
| Bank Deposits with Original Maturity over Three Months | 14,662,505 | 11,554,796 |
| Cash and Cash Equivalents | 1,243,858 | 1,748,068 |
| 19,269,226 | 16,409,639 | |
| Total Assets | 51,335,819 | 46,559,843 |
| Funds | ||
| UGC Funds | 3,826,353 | 2,794,904 |
| Restricted Funds | 11,050,061 | 10,846,015 |
| Other Funds | 20,984,828 | 18,302,314 |
| Total Funds | 35,861,242 | 31,943,233 |
| Liabilities | ||
| Non-current Liabilities | ||
| Accounts Payable and Accruals | 152,334 | 170,643 |
| Employee Benefit Accruals | 5,731 | 16,234 |
| Loans and Borrowings | 78,532 | 95,008 |
| Lease Liabilities | 187,725 | 224,683 |
| Deferred Capital Funds | 7,250,680 | 6,657,820 |
| 7,675,002 | 7,164,388 | |
| Current Liabilities | ||
| Accounts Payable and Accruals | 3,902,217 | 3,593,504 |
| Amount Due to a Joint Venture | 2,285 | - |
| Employee Benefit Accruals | 804,601 | 773,927 |
| Tax Payable | 6,595 | 980 |
| Loans and Borrowings | 60,936 | 50,310 |
| Lease Liabilities | 93,653 | 109,109 |
| Deferred Income | 2,929,288 | 2,924,392 |
| 7,799,575 | 7,452,222 | |
| Total Liabilities | 15,474,577 | 14,616,610 |
| Total Funds and Liabilities | 51,335,819 | 46,559,843 |
| Net Current Assets | 11,469,651 | 8,957,417 |
| Total Assets Less Current Liabilities | 43,536,244 | 39,107,621 |