Page 96 - 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
學
學
科
專
醫
港
院
科
專
學
港
院
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

7. (DEFICIT)/SURPLUS FOR THE YEAR 9. PROPERTY, PLANT AND EQUIPMENT (Continued)

(Deficit)/surplus for the year is arrived at after charging: The Academy entered into an agreement with the Hong Kong Special Administrative Region
Government for grant by Private Treaty of Aberdeen Inland Lot No. 414 for a term of 50 years less 3
2024 2023 days with effect from 1 July 1997 and on which the headquarters of the Academy were built. The
HK$ HK$ Academy is required to pay an amount equal to 3% of the rateable value per annum, which has been
a) Staff costs charged to the income and expenditure account.

Contributions to defined contribution retirement plans 1,917,544 1,780,786
Salaries, wages and other benefits 28,343,510 26,180,406 10. INTEREST IN A SPECIAL PURPOSE ENTITY

30,261,054 27,961,192
Details of the special purpose entity are as follows:
b) Other items
Proportion
Auditor’s remuneration 193,500 176,000 Place of of ownership
Depreciation 5,717,884 5,579,105 Form of incorporation interest
Net foreign exchange (loss)/gain (39,576) 12,488 Name of the special business and Principal held by
purpose entity structure operation activity Academy

8. TAXATION The Hong Kong Incorporated Hong Kong Fund raising and 100%
Academy of Medicine investment
No provision has been made for Hong Kong Profits Tax as the Group is exempted from taxation Foundation Fund management
under the provision of section 88 of the Hong Kong Inland Revenue Ordinance.

11. INVESTMENTS IN EQUITY INSTRUMENTS DESIGNATED AT FAIR VALUE THROUGH OTHER
9. PROPERTY, PLANT AND EQUIPMENT COMPREHENSIVE INCOME

Furniture Training & Leasehold 2024 2023
Computer and office Leasehold land and Construction
equipment fixtures equipment improvements buildings in progress Total HK$ HK$
HK$ HK$ HK$ HK$ HK$ HK$ HK$
Cost
Investments designated at FVTOCI:
At 1 January 2023 5,246,297 14,624,410 31,140,478 103,977,795 3,335,832 - 158,324,812
Additions 273,530 18,000 296,073 326,650 - - 914,253 - Equity securities listed in Hong Kong 5,891,406 4,261,842
Disposals (24,995) - (154,622) (755,147) - - (934,764)

At 31 December 2023 and At 31 December 2024, the amounts comprise equity securities listed in Hong Kong of HK$5,891,406
1 January 2024 5,494,832 14,642,410 31,281,929 103,549,298 3,335,832 - 158,304,301
Additions 525,482 1,517,705 538,420 - - 1,540,100 4,121,707 (2023: HK$4,261,842) that are carried at fair value. These investments are not held for trading,
Disposals (870,497) (17,822) (3,879,966) - - - (4,768,285) instead, they are held for long-term strategic purposes. The council members have elected to

At 31 December 2024 5,149,817 16,142,293 27,940,383 103,549,298 3,335,832 1,540,100 157,657,723 designate these investments in equity instruments as at FVTOCI as they believe that recognising
short-term fluctuations in these investments’ fair value in profit or loss would not be consistent with
Accumulated depreciation
the Academy’s strategy of holding these investments for long-term purposes and realising their
At 1 January 2023 4,415,330 14,585,387 28,787,827 89,986,689 2,272,345 - 140,047,578
Charge for the year 304,747 23,072 712,620 4,403,233 135,433 - 5,579,105 performance potential in the long run.
Write back on disposals (24,995) - (154,622) (755,147) - - (934,764)

At 31 December 2023 and
1 January 2024 4,695,082 14,608,459 29,345,825 93,634,775 2,407,778 - 144,691,919
Charge for the year 304,926 90,314 791,354 4,397,857 133,433 - 5,717,884
Write back on disposals (870,497) (17,822) (3,879,966) - - - (4,768,285)

At 31 December 2024 4,129,511 14,680,951 26,257,213 98,032,632 2,541,211 - 145,641,518

Carrying amount

At 31 December 2024 1,020,306 1,461,342 1,683,170 5,516,666 794,621 1,540,100 12,016,205

At 31 December 2023 799,750 33,951 1,936,104 9,914,523 928,054 - 13,612,382
23 24

94 HKAM Annual Report 2025