An Extract from the University’s Annual Accounts 2020-21
Overview
The financial year 2020–21 was the second year of the 2019–22 triennium.
In face of the persistence of the COVID-19 pandemic locally and globally, the University has adopted measures to maintain a safe and healthy environment on campus while gradually resuming its normal activities such as face-to-face interactions with students. With strong commitment to serve the society, the University has provided various supports in combating against COVID-19.
The Group has demonstrated its commitment to provide world-class education and research and delivered the impact through internationalisation, innovation and interdisciplinarity. During the financial year, the Group recorded a surplus of HK$3,439 million, reflecting the results of the market recovery and internal cost saving initiatives.
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, 2021 are summarised as follows:
The consolidated income for the year 2020–21 was HK$14,649 million, an increase of HK$2,135 million from last year. This was mainly due to increase in investment income during the year.
The consolidated expenditure increased slightly by 1% to HK$11,251 million (2019–20: HK$11,092 million), of which HK$8,358 million (2019–20: HK$8,056 million) was expended on the Group’s teaching, learning and research activities.
Financial Outlook
With the conclusion of the financial year 2020–21, the University has entered into the final 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.
For the pursuit of the University’s education mission, the University will continue to invest in human resources, infrastructure and technology upgrades. The University has kickstarted a number of capital projects like the Tech Landmark at the University Drive for building an innovative science and engineering hub of research and technology; the iconic academic, cultural and sports facilities complex at Pokfield Road site; and various hostels.
The University will maintain prudent and yet flexible in financial management and will continue to ride on its successes to elevate to the next level of fulfilling the commitments to be 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.
For the year ended June 30, 2021
As at June 30, 2021
