|
|
 |
 |
|
| |
Income and expenditure statement
| for the year ended 31 March 2009 |
(Expressed in Hong Kong dollars) |
| |
Note |
2009 |
|
|
2008 |
|
| |
|
$ |
|
|
$ |
|
| Income |
|
|
|
|
|
|
| Accreditation fees |
|
17,671,116 |
|
|
9,415,613 |
|
| Advisory and consultancy fees |
|
9,331,611 |
|
|
16,212,005 |
|
| Qualifications assessment fees |
|
6,027,508 |
|
|
5,577,638 |
|
| Qualifications registry fees |
|
2,256,679 |
|
|
- |
|
| Government grants |
|
8,656,379 |
|
|
9,678,233 |
|
| Investment (loss)/income |
|
(258,604 |
) |
|
3,107,581 |
|
| Other income |
|
42,662 |
|
|
44,611 |
|
| |
|
43,727,351 |
|
|
44,035,681 |
|
|
|
|
|
|
|
|
| Expenditures |
|
|
|
|
|
|
Staff costs
|
|
23,818,913 |
|
|
21,988,029
|
|
| Administrative expenses |
|
9,429,530 |
|
|
9,518,679 |
|
| Direct accreditation/consultancy costs |
|
12,928,321 |
|
|
10,842,142 |
|
| Council meeting and committee expenses |
|
1,003,201 |
|
|
1,147,027 |
|
| |
|
47,179,965 |
|
|
43,495,877 |
|
|
|
|
|
|
|
|
| (Deficit)/surplus for the year |
|
(3,452,614 |
) |
|
539,804 |
|
| Accumulated surpluses brought forward |
|
46,544,871 |
|
|
46,005,067 |
|
| Accumulated surpluses carried forward |
|
43,092,257 |
|
|
46,544,871 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Notes on the Financial Statements form part of these financial statements.
Balance sheet
| as at 31 March 2009 |
(Expressed in Hong Kong dollars) |
| |
Note |
2009 |
|
|
2008 |
|
| |
|
$ |
|
|
$ |
|
| Non-current assets |
|
|
|
|
|
|
| Fixed assets |
|
2,429,727 |
|
|
3,456,536 |
|
| Investments |
|
19,603,982 |
|
|
27,120,120 |
|
| |
|
22,033,709 |
|
|
30,576,656 |
|
|
|
|
|
|
|
|
| Current assets |
|
|
|
|
|
|
| Accounts receivable and deposits |
|
3,687,512 |
|
|
5,222,994 |
|
| Investments |
|
- |
|
|
2,037,200 |
|
| Cash and cash equivalents |
|
34,150,192 |
|
|
27,307,566 |
|
| |
|
37,837,704 |
|
|
34,567,760 |
|
|
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
| Deferred government grants |
|
10,002,096 |
|
|
8,602,024 |
|
| Receipts in advance |
|
4,258,150 |
|
|
3,065,610 |
|
| Other payables and accruals |
|
2,231,852 |
|
|
2,181,334 |
|
| Provision for staff gratuities |
|
853,112 |
|
|
1,133,502 |
|
| |
|
17,345,210 |
|
|
14,982,470 |
|
|
|
|
|
|
|
|
| Net current assets |
|
20,492,494 |
|
|
19,585,290 |
|
|
|
|
|
|
|
|
| Total assets less current liabilities |
|
42,526,203 |
|
|
50,161,946 |
|
|
|
|
|
|
|
|
| Non-current liabilities |
|
|
|
|
|
|
| Provision for staff gratuities |
|
1,196,776 |
|
|
153,229 |
|
| Provision for office reinstatement cost |
|
1,348,960 |
|
|
1,284,723 |
|
| |
|
2,545,736 |
|
|
1,437,952 |
|
|
|
|
|
|
|
|
| NET ASSETS |
|
39,980,467 |
|
|
48,723,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RESERVES |
|
|
|
|
|
|
| Accumulated surpluses |
|
43,092,257 |
|
|
46,544,871 |
|
| Investment revaluation reserve |
|
(3,111,790 |
) |
|
2,179,123 |
|
| |
|
39,980,467 |
|
|
48,723,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Approved and authorised for issue by the Council on 18 September 2009
Chairman |
Executive Director |
The Notes on the Financial Statements form part of these financial statements.
Statement of changes in reserves
| for the year ended 31 March 2009 |
(Expressed in Hong Kong dollars) |
| |
Note |
2009 |
|
|
2008 |
|
| |
|
$ |
|
|
$ |
|
| Balance at 1 April |
|
48,723,994 |
|
|
48,511,712 |
|
| (Deficit)/surplus on revaluation of available-for-sale equity securities |
|
(6,132,803 |
) |
|
680,894 |
|
| Transfer to income and expenditure statement |
|
841,890 |
|
|
(1,008,416 |
) |
| (Deficit)/surplus for the year |
|
(3,452,614 |
) |
|
539,804 |
|
| Balance at 31 March |
|
39,980,467 |
|
|
48,723,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Notes on the Financial Statements form part of these financial statements.
Cash flow statement
| for the year ended 31 March 2009 |
(Expressed in Hong Kong dollars) |
| |
Note |
2009 |
|
|
2008 |
|
| |
|
$ |
|
|
$ |
|
| (Deficit)/surplus for the year |
|
(3,452,614 |
) |
|
539,804 |
|
| Adjustments for: |
|
|
|
|
|
|
| - Depreciation |
|
1,321,477 |
|
|
1,338,483 |
|
| - Dividend income |
|
(511,316 |
) |
|
(506,785 |
) |
| - Interest income |
|
(931,732 |
) |
|
(1,315,180 |
) |
- Transfer from investment revaluation reserve on disposal of available-for-sale
securities |
|
841,890 |
|
|
(1,008,416 |
) |
| - Unrealised (gain)/loss on trading securities |
|
859,762 |
|
|
(277,200 |
) |
| - Imputed finance charge on provision for office reinstatement cost |
|
64,237 |
|
|
49,413 |
|
| Operating deficit before changes in working capital |
|
(1,808,296 |
) |
|
(1,179,881 |
) |
| Decrease/(increase) in accounts receivable and deposits |
|
1,516,858 |
|
|
(1,701,039 |
) |
| Decrease in grants receivable |
|
- |
|
|
1,711,381 |
|
| Increase in deferred government grants |
|
1,400,072 |
|
|
6,342,024 |
|
| Increase/(decrease) in receipts in advance |
|
1,192,540 |
|
|
(1,224,090 |
) |
| Increase/(decrease) in other payables and accruals |
|
50,518 |
|
|
(347,629 |
) |
| Increase/(decrease) in provision for staff gratuities |
|
763,157 |
|
|
(454,902 |
) |
| Cash generated from operating activities |
|
3,114,849 |
|
|
3,145,864 |
|
|
|
|
|
|
|
|
| Cash flows from investing activities |
|
|
|
|
|
|
| Payment for purchase of fixed assets |
|
(294,668 |
) |
|
(250,674 |
) |
| Payment for purchase of available-for-sale securities |
|
- |
|
|
(1,320,000 |
) |
| Proceeds from sale of available-for-sale securities |
|
2,634,360 |
|
|
5,919,917 |
|
| Proceeds from redemption of a certificate of deposit |
|
- |
|
|
3,000,000 |
|
| Interest received |
|
946,595 |
|
|
1,274,816 |
|
| Dividends received |
|
441,490 |
|
|
506,785 |
|
| Net cash generated from investing activities |
|
3,727,777 |
|
|
9,130,844 |
|
|
|
|
|
|
|
|
| Net increase in cash and cash equivalents |
|
6,842,626 |
|
|
12,276,708 |
|
| Cash and cash equivalents at the beginning of the year |
|
27,307,566 |
|
|
15,030,858 |
|
| Cash and cash equivalents at the end of the year |
|
34,150,192 |
|
|
27,307,566 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Notes on the Financial Statements form part of these financial statements.
|
| |
|
|
|
