Page 98 - 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
學
科
院
學
醫
院
學
醫
專
科
學
港
專
港
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

12. PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES 15. DEFERRED INCOME
2024 2023 2024 2023
HK$ HK$ HK$ HK$

Bank interest receivables 1,019,590 1,066,190 Current
Deposits 71,603 56,603 Grant received from government 25,192,554 2,661,160
Deposit paid to building management company 700,000 700,000 Grant received for research in genomic medicine 847,253 473,912
Function fee receivable 6,971,820 5,031,091 Others 2,640,224 88,830
Prepaid expenses 1,057,948 1,323,699
Receivable from associations, government authorities and 28,680,031 3,223,902

independent third parties arising from academic functions 1,023,716 1,200,864 Non-current
Grant received for research in genomic medicine 1,256,001 1,876,632
10,844,677 9,378,447
29,936,032 5,100,534
All of the prepayments, deposits and other receivables are expected to be recovered within one year.

The Group’s credit policy is set out in note 19(a). 16. RESERVE AND FUNDS

Movements in components of reserve and funds
13. TIME DEPOSITS AND CASH AND CASH EQUIVALENTS
2024 2023 The reconciliation between the opening and closing balances of each component of the Group’s
HK$ HK$ consolidated reserve and funds is set out in the consolidated statement of changes in reserve and
funds. Details of the changes in the Academy’s individual components of reserve and funds between
Time deposits with original maturity of three months or less 66,796,900 13,147,800 the beginning and the end of the year are set out below:
Cash at bank and on hand 11,718,423 15,886,467

78,515,323 29,034,267 The Academy
Fair value General
Time deposits with original maturity over three months 31,706,871 58,790,707 reserve fund Total
HK$ HK$ HK$
Included in cash and cash equivalents are the following amounts denominated in a currency other
than the functional currency of the entity to which they relate: At 1 January 2023 (2,225,076) 76,112,577 73,887,501

2024 2023 Surplus for the year - 10,030,485 10,030,485
Other comprehensive loss
United States Dollars 538,687 513,204 Investments in equity instruments designated at fair
Renminbi 305,108 304,172 value through other comprehensive income:
Changes in fair value (221,160) - (221,160)

14. ACCRUALS AND OTHER PAYABLES Total comprehensive income/(loss) for the year (221,160) 10,030,485 9,809,325
2024 2023
HK$ HK$ At 31 December 2023 and 1 January 2024 (2,446,236) 86,143,062 83,696,826

Accrued expenses payable to building management company (2,671,678) (2,089,729) Deficit for the year - (3,783,569) (3,783,569)
Other accrued expenses (8,843,969) (8,892,009) Other comprehensive income
Investments in equity instruments designated at fair
(11,515,647) (10,981,738)
value through other comprehensive income:

Changes in fair value 1,629,564 - 1,629,564
All accruals and other payables are expected to be settled within one year or are repayable on
demand.
Total comprehensive (loss)/income for the year 1,629,564 (3,783,569) (2,154,005)

At 31 December 2024 (816,672) 82,359,493 81,542,821

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96 HKAM Annual Report 2025