Page 94 - Annual Report

HONG KONG ACADEMY OF MEDICINE HONG KONG ACADEMY OF MEDICINE
香 香港醫學專科學院 香 香港醫學專科學院
醫
科
專
學
院
港
學
學
醫
港
院
專
科
學
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024 FOR THE YEAR ENDED 31 DECEMBER 2024

2. BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICY INFORMATION (Continued) 4. SUBSCRIPTIONS AND FEES

q) Translation of foreign currencies This represents the entrance fees and subscription fees received from fellows and members, and is
analysed as follows:
Foreign currency transactions during the year are translated at the foreign exchange rates ruling
at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are 2024 2023
translated at the foreign exchange rates ruling at the end of the reporting period. Exchange HK$ HK$
gains and losses are recognised in profit or loss, except those arising from foreign currency
borrowings used as effective hedge a net investment in a foreign operation which are Entrance fees 8,686,600 7,530,000
recognised in other comprehensive income. Subscription fees 28,315,850 25,486,100

Non-monetary assets and liabilities measured in terms of historical cost in a foreign currency are 37,002,450 33,016,100
translated using the foreign exchange rates ruling at the transaction dates. Non-monetary
assets and liabilities denominated in foreign currencies stated at fair value are translated using
the foreign exchange rates ruling at the dates the fair value was measured. 5. OTHER REVENUE
2024 2023
The functional and presentation currency of the Academy is Hong Kong dollars. HK$ HK$

r) Government grants Income from various functions 11,535,867 12,119,496
Income from specialist certification 577,100 494,100
A government grant is recognised when there is reasonable assurance that it will be received Training registration fee 4,738,545 4,877,385

and that the Group will comply with the conditions attached to it. Grants that compensate the 16,851,512 17,490,981
Group for expenses or losses already incurred are recognised as other operating income on a
systematic basis in the same periods in which the expenses are incurred. Grants that
compensate the Group for the acquisition of an asset are presented by deducting them from the 6. OTHER INCOME AND OTHER NET GAIN
acquisition cost of the related asset. 2024 2023
HK$ HK$

3. CHANGES IN ACCOUNTING POLICIES Other income
Advertising fee 119,640 328,870
The Academy has applied the following new and amendments to HKFRSs issued by the HKICPA to Bank interest income * 3,009,688 2,631,995
these consolidated financial statements for the first time, which are mandatorily effective for the Rental income 4,772,590 4,623,248
Group’s financial annual period beginning on or after 1 January 2024: Subscriptions - journal 1,990,445 2,105,769
Donation income from
Amendments to HKAS 1 Classification of Liabilities as Current or Non-current and The Hong Kong Jockey Club Charities Trust - 15,744,275
related amendments to Hong Kong Interpretation 5 and Grant received from government 2,460,514 2,512,544
Non-current Liabilities with Covenants Grant received for research in genomic medicine 323,913 250,000
Amendments to HKAS 7 and HKFRS 7 Supplier Finance Arrangements Grant received from Health Bureau 730,065 -
Amendments to HKFRS 16 Lease Liability in a Sale and Leaseback Grant received from JCIMED 552,701 -
Training income - 1,625,463
The application of the amendments to HKFRSs in the current year has had no material effect on the Others 1,748,751 2,204,009
Group’s financial positions and performance for the current and prior years and/or on the disclosures
set out in these consolidated financial statements. 15,708,307 32,026,173
Other net gain
Dividend income from other financial assets 352,372 432,577
Exchange gain - (12,488)

352,372 420,089

16,060,679 32,446,262

* The bank interest income was generated from financial assets at amortised cost.

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92 HKAM Annual Report 2025