Financial Statements for the Year Ended 30 June 2019

Abstract

司庫報告 …………………………………………………………………………………………………………1.. - 3 Treasurer's Report 獨立核數師報告…………………………………………………………………………………………….. 4 - 7 Independent Auditor's Report …………………………………………………………………………………………….. 8 - 9 Consolidated Statement of Comprehensive Income 綜合資產負債表……………………………………………………………………………………………..10 - 11 Consolidated Balance Sheet 綜合基金變動表…………………………………………………………………………………………….. 12 Consolidated Statement of Changes in Fund Balances 綜合現金流動表……………………………………………………………………………………………..13 - 14 Consolidated Statement of Cash Flows 綜合財務報表附註……………………………………………………………………………………………..15 - 61 Notes to the Consolidated Financial Statements 1. 一般資料General Information 2. 編製基準Basis of Preparation 3. 分部收入及開支Income and Expenditure by Segment 3.1 政府資助及撥款Government Subventions and Grants 3.2 利息及投資收入Interest and Investment Income 3.3 輔助服務及其他收入Auxiliary Services and Other Income 3.4 開支Expenditure 4. 高收入員工薪酬Remuneration of Higher Paid Staff 5. 稅項Taxation 6. 物業、機器及設備Property, Plant and Equipment 7. 無形資產Intangible Assets 8. 財務資產Financial Assets 9. 於聯營公司權益Interest in an Associate 10. 應收賬款及預付款項Accounts Receivable and Prepayments 11. 現金及等同現金Cash and Cash Equivalents 12. 應付賬款及應計費用Accounts Payable and Accruals 13. 教職員福利撥備Provision for Staff Benefits 14. 遞延收益Deferred Income 15. 遞延資本基金Deferred Capital Funds 16. 教資會基金、限制性基金及其他基金UGC Funds, Restricted Funds and Other Funds 17. 承諾捐款 18. 財務風險管理Financial Risk Management 19. 承擔Commitments 20. 大學校董會成員及校董會委員會成員University Council and Council Committees 於重要合約之權益及關聯方交易Members' Interests in Contracts of Significance and Related Party Transactions 21. 附屬公司 22. 結算日後事項Post Balance Sheet Event 23. 主要會計估計及判斷Critical Accounting Estimates and Judgements 24. 主要會計政策Principal Accounting Policies 25. 已公佈但尚未生效的新準則、修訂和Possible Impact of New Standards, Amendments and 詮釋的潛在影響Interpretations Published that are Not Yet Effective 26. 主要會計政策之變動Change in Significant Accounting Policies Pledged Donations Subsidiaries 目錄 CONTENTS 綜合全面收益表 概況OVERVIEW 綜合收入及開支CONSOLIDATED INCOME AND EXPENDITURE 分部結果SEGMENT RESULTS The consolidated income increased by $71 million to $5,132 million in 2018/19 ($5,061 million in 2017/18), contributed by a growth in auxiliary services and other income for $33 million, additional University Grants Committee ("UGC") supplementary grants for General Pay Adjustment ("GPA") on salaries and an increase in tuition fee income, against a reduction in interest and investment income of $206 million compared to the previous year. Commentary on the operating segments, analysed by UGC-Funded Activities and non-UGC Funded Activities, is as follows: 2018/19年度綜合收入增長了七千一百萬元 ，達五十一億三千二百萬元（2017/18年度 為五十億六千一百萬元），其中，三千三 百萬元來自輔助服務及其他收入的增長， 教育資助委員會（「教資會」）為薪金調 整的附加撥款及學費收入的增長，惟利息 及投資收入對比上年同期減少了二億零六 百萬元。 司庫報告 TREASURER'S REPORT The financial year 2018/19 recorded a surplus of $343 million ($568 million for 2017/18). The lower surplus for 2018/19 reflected a lower interest and investment return against a fairly volatile investment environment, as partly compensated by increased contribution from Self-Financing Continuing Professional Education Programs ("CPEP") and auxiliary services and other income. 2018/19年度共錄得三億四千三百萬元的盈 餘（ 2017/18 年度錄得五億六千八百萬 元）。盈餘下跌反映了由於投資環境不穩 定導致利息和投資回報下降，但自負盈虧 持續進修教育及輔助服務及其他收入的盈 餘增長，抵銷了部分跌幅。 The consolidated expenditure increased by $295 million to $4,791 million ($4,496 million in 2017/18) which was mainly attributable to higher salary costs arising from GPA, general increases in teaching and research activities, and growth in student expenses on studentship. 教資會資助活動UGC-Funded Activities 教資會資助之活動共錄得二千六百萬元虧 損（ 2017/18 年度的盈餘為七千六百萬 元）。2018/19年度的虧損主要由於投資收 入減少和營運支出的增長。截至2019年6月 30日，大學之教資會儲備達二十五億九千 一百萬元（2017/18年度為二十六億一千七 百萬元）。 UGC-Funded Activities showed a deficit of $26 million (surplus of $76 million for 2017/18). The 2018/19 deficit was affected by lower investment income and increase in operating expenses. As at 30 June 2019, the University had UGC reserves of $2,591 million ($2,617 million in 2017/18). 綜合開支增長了二億九千五百萬元，達四 十七億九千一百萬元（2017/18年度為四十 四億九千六百萬元），主要由於薪金調整 導致較高的薪酬支出，其他教學及科研活 動的一般增長，及助學金而增長的學生開 支。 根據教資會資助與非教資會資助活動的分 部營運評述如下： 1 自負盈虧持續進修教育、研究及其他活動 Donations Activities Non-UGC Reserves 資本支出CAPITAL EXPENDITURE 自負盈虧持續進修教育活動今年錄得盈利 二億八千七百萬元（2017/18年度為一億七 千一百萬元），主要來自於報讀學生人數 及學費收入的增加。非教資會資助研究活 動共獲盈餘一千六百萬元（2017/18年度為 一千二百萬元），其主要來自已完成的商 業研究項目及政府補貼。其他活動錄得盈 利四千五百萬元（2017/18年度為一億九千 三百萬元）。累計所有此營運部分的盈餘 為三億四千八百萬元（2017/18年度為三億 七千六百萬元）。 Self-financing CPEP activities contributed a surplus of $287 million ($171 million for 2017/18), mainly driven by higher student enrollment and higher tuition fees. Non-UGC funded research activities contributed a surplus of $16 million ($12 million for 2017/18), mainly arising from completed commercial research projects and government subsidies. Other activities achieved a surplus of $45 million ($193 million for 2017/18). In aggregate, the overall surplus of these operating segments amounted to $348 million ($376 million for 2017/18). Self-Financing Continuing Professional Education Programs, Research and Other Activities 非教資會資助活動 非教資會資助之儲備於2018/19年度有六十 一億五千萬元（2017/18年度為五十七億三 千三百萬元)。儲備結餘的增長主要來自上 文提到的利息和投資收入、自負盈虧活動 及捐款。 Non-UGC reserve balances stood at $6,150 million at the end of 2018/19 ($5,733 million for 2017/18). The growth in the reserve balance was mainly contributed by the aforestated interest and investment income, selffinancing activities and donations. 非教資會資助儲備 為滿足學生住宿、康樂設施的需要及為學 術研究活動提供設施，數項工程正在進行 中，包括多用途禮堂、新生宿舍、室內運 動中心、海濱設施、動物養育實驗所及學 生餐廳和員工宿舍的翻新等等。 A number of construction projects are underway to enhance the University's facilities and infrastructure to cater for accommodation and amenity needs of students, as well as for academic and research activities. They include a multi-purpose auditorium, new student residences, indoor sports centre, waterfront facilities, animal care facility and the renovation of catering outlets and refurbishment of staff quarters. 今年捐款收益總額為六千二百萬元（ 2017/18年度為六千萬元）。總盈餘錄得二 千一百萬元（2017/18年度為一億一千六百 萬元）。大學在2018/19年度成功獲得十億 五千五百萬元新増之捐款承諾（2017/18年 度為二億七千五百萬元）。財政年度結束 後，大學收到了十一億四千七百萬元的捐 款及從政府第八期配對補助金計劃中獲得 之六億元的款項，將於2019/20年度入賑。 此外，大學在財政年度結束後再收到多於 五億元的新增捐款承諾。 Donations totalling $62 million were recorded as income for 2018/19 ($60 million for 2017/18). Overall the segment showed a surplus of $21 million ($116 million for 2017/18). The University has successfully secured $1,055 million new pledges in 2018/19 ($275 million in 2017/18). After the year end, the University received donations of $1,147 million and $600 million from the Government's Eighth Matching Grant Scheme which will be recorded in 2019/20. In addition, the University received over $500 million of new pledges subsequent to the year end. 所得捐款活動 Non-UGC Funded Activities 2 資本支出(續) CAPITAL EXPENDITURE (CONT'D) 展望OUTLOOK 楊佳錩Patrick K.C. YEUNG 大學司庫Treasurer of the University 2019年10月17日17 October 2019 大學於2018年12月21日與廣州市人民政府 和廣州大學簽署協議，合作籌建香港科技 大學（廣州）（「港科大（廣州）」）。 是次合作標誌著科大發展和進步的一個重 要里程碑。根據協議，校園的建設成本和 日常營運費用將由廣州市人民政府資助。 港科大（廣州）將有助推動科大於教育、 科研、商業管理和知識轉移方面的前沿發 展，並為香港以至整個大灣區的創新科技 增添力量和動力。動土儀式已於2019年9月 26日舉行。 雖然經濟、社會和政治環境對大學、其持 分者和整個香港正帶來了巨大挑戰，但隨 著大灣區的快速發展，通過在廣州建立穩 固的立足點，大學把自己定位為先鋒，因 此預期從行業及政府獲得更多的資金支持 及相互的合作機會，特別是在創新和科研 領域。這些合作為大學提供了一個創新平 台，促進大灣區發展框架下的知識轉移。 截至2019年6月30日，已批准之建築項目及 其他資本項目的總資本承擔達四十六億二 千一百萬元。當中的三十億四千五百萬元 來自大學現有資金，七千五百萬元來自已 批但未收之教資會撥款，四億三千八百萬 元來自承諾捐款及十億六千三百萬元來自 遞延收益。 As at 30 June 2019, total commitments for approved construction projects and other capital items amounted to $4,621 million: $3,045 million of which will come from existing University's Funds, $75 million by approved but yet to be received UGC grants, $438 million by pledged donations, and $1,063 million will be funded by deferred income on hand. The University entered into agreements on 21 December 2018 with the Guangzhou Municipal Government and Guangzhou University to jointly establish Hong Kong University of Science and Technology (Guangzhou) ("HKUST (GZ)"), marking an important milestone in the University's development and advancement. Under the agreements, construction cost of the campus and daily operating expenses will be funded by Guangzhou Municipal Government. HKUST (GZ) will help steer frontier development of HKUST in education, science and technology, business and management as well as knowledge transfer, adding strength and impetus to Hong Kong and the GBA which are gaining traction in innovation with science and technology. Ground breaking ceremony has been held on 26 September 2019. Whilst the economic, social and political environments are presenting great challenges to the University, its stakeholders and Hong Kong as a whole, with the rapid development of the Greater Bay Area ("GBA"), where the University is positioning itself as a pioneer by establishing a strong foothold in Guangzhou, there are more and more opportunities for funding support as well as collaboration with industries and governments, in particular in innovation and technology areas. These collaborations provide the University with an innovation platform to promote knowledge transfer under the GBA Development Framework. 3 致 ：香港科技大學校董會To : 意見Opinion 我們已審計的內容What we have audited  於2019年6月30日的綜合資產負債表；  the consolidated balance sheet as at 30 June 2019;  截至該日止年度的綜合全面收益表；   截至該日止年度的綜合基金變動表；   截至該日止年度的綜合現金流動表；及  綜合財務報表附註，包括主要會計政策概要。 我們的意見Our opinion 意見的基礎Basis for Opinion the consolidated statement of changes in fund balances for the year then ended; 香港科技大學（以下簡稱「大學」）及其附屬 公司（以下統稱「貴集團」）列載於第8至61頁 的綜合財務報表，包括 ： 獨立核數師報告 INDEPENDENT AUDITOR'S REPORT The consolidated financial statements of The Hong Kong University of Science and Technology (the "University") and its subsidiaries (the "Group") set out on pages 8 to 61, which comprise: the consolidated statement of comprehensive income for the year then ended; The Council of The Hong Kong University of Science and Technology the consolidated statement of cash flows for the year then ended; and the notes to the consolidated financial statements, which include a summary of significant accounting policies. In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 30 June 2019, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards ("HKFRSs") issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"). We conducted our audit in accordance with Hong Kong Standards on Auditing ("HKSAs") issued by the HKICPA. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 我們認為，該等綜合財務報表已根據香港會計 師公會頒布的《香港財務報告準則》真實而中 肯地反映了貴集團於2019年6月30日的綜合財 務狀況及其截至該日止年度的綜合財務表現及 綜合現金流量。 我們已根據香港會計師公會頒布的《香港審計 準則》進行審計。我們在該等準則下承擔的責 任已在本報告「核數師就審計綜合財務報表承 擔的責任」部分中作進一步闡述。 我們相信，我們所獲得的審計憑證能充足及適 當地為我們的審計意見提供基礎。 4 獨立性Independence 其他信息 Other Information 大學校董會須負責根據香港會計師公會頒布的 《香港財務報告準則》擬備真實而中肯的綜合 財務報表，並對其認為為使綜合財務報表的擬 備不存在由於欺詐或錯誤而導致的重大錯誤陳 述所需的內部控制負責。 在擬備綜合財務報表時，校董會負責評估貴集 團持續經營的能力，並在適用情況下披露與持 續經營有關的事項，以及使用持續經營為會計 基礎，除非校董會有意將貴集團清盤或停止經 營，或別無其他實際的替代方案。 In preparing the consolidated financial statements, the Council is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Council either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. The Council of the University is responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance with HKFRSs issued by the HKICPA, and for such internal control as the Council determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. We are independent of the Group in accordance with the HKICPA's Code of Ethics for Professional Accountants ("the Code"), and we have fulfilled our other ethical responsibilities in accordance with the Code. The Council of the University is responsible for the other information. The other information comprises the information included in the treasurer's report, but does not include the consolidated financial statements and our auditor's report thereon. Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 根據香港會計師公會頒布的《專業會計師道德 守則》（以下簡稱「守則」），我們獨立於貴 集團，並已履行守則中的其他專業道德責任。 Responsibilities of the Council and the Audit Committee of the University for the Consolidated Financial Statements 大學校董會須對其他信息負責。其他信息包括 司庫報告內的信息，但不包括綜合財務報表及 我們的核數師報告。 我們對綜合財務報表的意見並不涵蓋其他信息 ，我們亦不對該等其他信息發表任何形式的鑒 證結論。 結合我們對綜合財務報表的審計，我們的責任 是閱讀其他信息，在此過程中，考慮其他信息 是否與綜合財務報表或我們在審計過程中所了 解的情況存在重大抵觸或者似乎存在重大錯誤 陳述的情況。 基於我們已執行的工作，如果我們認為其他信 息存在重大錯誤陳述，我們需要報告該事實。 在這方面，我們沒有任何報告。 大學校董會及審核委員會就綜合財務報表須承 擔的責任 5 審核委員會須負責監督貴集團的財務報告過程。 核數師就審計綜合財務報表承擔的責任

我們的目標，是對綜合財務報表整體是否不存 在由於欺詐或錯誤而導致的重大錯誤陳述取得 合理保證，並出具包括我們意見的核數師報 告。我們僅按照香港科技大學條例向校董會（ 作為整體）報告我們的意見，除此之外本報告 別無其他目的。我們不會就本報告的內容向任 何其他人士負上或承擔任何責任。合理保證是 高水平的保證，但不能保證按照《香港審計準 則》進行的審計，在某一重大錯誤陳述存在時 總能發現。錯誤陳述可以由欺詐或錯誤引起， 如果合理預期它們單獨或滙總起來可能影響綜 合財務報表使用者依賴綜合財務報表所作出的 經濟決定，則有關的錯誤陳述可被視作重大。 Auditor's Responsibilities for the Audit of the Consolidated Financial Statements As part of an audit in accordance with HKSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Council. The Audit Committee is responsible for overseeing the Group's financial reporting process. Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. We report our opinion solely to you, as a body, in accordance with The Hong Kong University of Science and Technology Ordinance and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. 在根據《香港審計準則》進行審計的過程中， 我們運用了專業判斷，保持了專業懷疑態度。 我們亦： 識別和評估由於欺詐或錯誤而導致綜合財務 報表存在重大錯誤陳述的風險，設計及執行 審計程序以應對這些風險，以及獲取充足和 適當的審計憑證，作為我們意見的基礎。由 於欺詐可能涉及串謀、偽造、蓄意遺漏、虛 假陳述，或凌駕於內部控制之上，因此未能 發現因欺詐而導致的重大錯誤陳述的風險高 於未能發現因錯誤而導致的重大錯誤陳述的 風險。 了解與審計相關的內部控制，以設計適當的 審計程序，但目的並非對貴集團內部控制的 有效性發表意見。 評價校董會所採用會計政策的恰當性及作出 會計估計和相關披露的合理性。 6       羅兵咸永道會計師事務所PricewaterhouseCoopers 執業會計師Certified Public Accountants 香港，2019年10月17日Hong Kong, 17 October 2019 Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with the Audit Committee of the University regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Conclude on the appropriateness of the Council's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 除其他事項外，我們與大學審核委員會溝通了 計劃的審計範圍、時間安排、重大審計發現等 ，包括我們在審計中識別出內部控制的任何重 大缺陷。 對校董會採用持續經營會計基礎的恰當性作 出結論。根據所獲取的審計憑證，確定是否 存在與事項或情況有關的重大不確定性，從 而可能導致對貴集團的持續經營能力產生重 大疑慮。如果我們認為存在重大不確定性， 則有必要在核數師報告中提請使用者注意綜 合財務報表中的相關披露。假若有關的披露 不足，則我們應當發表非無保留意見。我們 的結論是基於核數師報告日止所取得的審計 憑證。然而，未來事項或情況可能導致貴集 團不能持續經營。 評價綜合財務報表的整體列報方式、結構和 內容，包括披露，以及綜合財務報表是否中 肯反映交易和事項。 就貴集團內實體或業務活動的財務信息獲取 充足、適當的審計憑證，以便對綜合財務報 表發表意見。我們負責貴集團審計的方向、 監督和執行。我們為審計意見承擔全部責 任。 7 2019 2018 附註百萬元百萬元 Notes $million $million 收入 Income 政府資助及撥款3.1 2,632 2,550 Government Subventions and Grants 學費、課程及其他收費1,384 1,246 Tuition, Programs and Other Fees 利息及投資收入3.2 348 554 Interest and Investment Income 外界捐款62 60 Donations and Benefactions 輔助服務及其他收入3.3 449 416 Auxiliary Services and Other Income 轉撥自遞延資本基金15 / 24.13 257 235 Transfers from Deferred Capital Funds 5,132 5,061 開支3.4 Expenditure 教學、學術及研究 Teaching, Learning and Research 教學及研究2,994 2,836 Teaching and Research 圖書館124 113 Library 中央電腦設備140 126 Central Computing Facilities 其他教學服務104 98 Other Academic Services 3,362 3,173 校務支援 Institutional Support 管理及一般事務386 333 Management and General 校舍及有關費用706 663 Premises and Related Expenses 學生及一般教育服務300 293 Student and General Education Services 其他活動37 34 Other Activities 1,429 1,323 4,791 4,496 本年度營運盈餘341 565 Surplus from operation for the year 綜合全面收益表 截至2019年6月30日止年度 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2019 8 2019 2018 附註百萬元百萬元 Notes $million $million 所佔聯營公司的經營業績9 4 5 Share of Result of an Associate 本年度稅前盈餘345 570 Surplus for the year before taxation 稅項5 (2) (2) Taxation 本年度稅後盈餘343 568 Surplus for the year after taxation 年內之其他全面收益 Other comprehensive income for the year 其後或循環至收入及開支的項目： 於可供出售財務資產未實現之盈利24.6(d) 0 2 Unrealised gain on Available-for-Sale Financial Assets 出售可供出售財務資產時撥回過往於其他基金內的盈利0 (2) 外幣換算之差額24.17(b) (8) 5 Exchange differences arising from translation (8) 5 不會循環至收入及開支的項目： Items that will not be reclassified to income and expenditure: 按公平價值透過其他全面收益列賬的股權證券未實現之虧絀(1) 0 (9) 5 年內全面收益總額334 573 Total comprehensive income for the year 轉撥至： Transfers to: 教資會基金(26) 76 UGC Funds 限制性基金(6) 55 Restricted Funds 其他基金366 442 Other Funds 334 573 Items that may be reclassified subsequently to income and expenditure: CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (CONT'D) FOR THE YEAR ENDED 30 JUNE 2019 Gain previously in Other Funds released on sale of Available-for-Sale Financial Assets Unrealised loss on equity securities at Fair Value through other Comprehensive income 截至2019年6月30日止年度 綜合全面收益表(續) 9 2019 2018 附註百萬元百萬元 Notes $million $million 非流動資產 Non-Current Assets 物業、機器及設備6 5,338 5,157 Property, Plant and Equipment 無形資產7 13 11 Intangible Assets 持至到期日財務資產 8 0 65 Held-to-Maturity Financial Assets 按攤銷成本計量之財務資產 8 105 0 Financial Assets at Amortised cost 可供出售財務資產 8 0 421 Available-for-Sale Financial Assets 按公平價值透過其他全面收益列賬之財務資產 8 477 0 Financial Assets at Fair Value through Other Comprehensive Income 按公平值透過收支記賬之財務資產8 6,593 6,354 Financial Assets at Fair Value through Income and Expenditure 於聯營公司權益9 83 83 Interest in an Associate 原到期日超過一年之定期存款385 0 Bank Deposits with Original Maturity over One Year 12,994 12,091 流動資產 Current Assets 持至到期日財務資產8 0 4 Held-to-Maturity Financial Assets 按攤銷成本計量之財務資產8 1 0 Financial Assets at Amortised cost 存貨1 1 Inventories 應收賬款及預付款項10 411 255 Accounts Receivable and Prepayments 原到期日超過三個月之定期存款1,776 1,412 Bank Deposits with Original Maturity over Three Months 現金及等同現金11 656 257 Cash and Cash Equivalents 2,845 1,929 流動負債 Current Liabilities 應付賬款及應計費用12 1,153 793 Accounts Payable and Accruals 教職員福利撥備13 185 180 Provision for Staff Benefits 遞延收益14 868 719 Deferred Income 應付稅項2 1 Tax Payable 2,208 1,693 流動資產淨值637 236 Net Current Assets 資產總值減流動負債13,631 12,327 Total Assets Less Current Liabilities 綜合資產負債表 CONSOLIDATED BALANCE SHEET 2019年6月30日 AS AT 30 JUNE 2019 10 2019 2018 附註百萬元百萬元 Notes $million $million 非流動負債 Non-Current Liabilities 教職員福利撥備13 36 27 Provision for Staff Benefits 遞延收益14 768 0 Deferred Income 遞延資本基金15 4,086 3,950 Deferred Capital Funds 4,890 3,977 資產淨值8,741 8,350 NET ASSETS 教資會基金16 2,591 2,617 UGC Funds 限制性基金16 1,248 1,253 Restricted Funds 其他基金16 4,902 4,480 Other Funds 資金總額8,741 8,350 TOTAL FUNDS 校董會於2019年10月17日核准本財務報表 Approved by the Council on 17 October 2019 大學司庫 Patrick K.C. YEUNG Treasurer of the University 2019年6月30日 CONSOLIDATED BALANCE SHEET (CONT'D) AS AT 30 JUNE 2019 綜合資產負債表(續) 楊佳錩史維 校長 Administration and Business Wei SHYY President 賀致信 副校長(行政) Mark HODGSON Vice-President for 11 限制性基金 教資會基金其他基金資金總額 UGC Funds Other Funds Total Funds 百萬元百萬元百萬元百萬元 $million $million $million $million (附註16) (附註16) (附註16) (Note 16) (Note 16) (Note 16) 2017年7月1日之結餘2,541 1,197 4,039 7,777 Balance as at 1 July 2017 年內全面收益 / (虧絀)總額 Total comprehensive income / (loss) for the year 本年度稅後盈餘76 55 437 568 Surplus for the year after taxation 其他全面收益 / (虧絀) Other comprehensive income / (loss) 於可供出售財務資產未實現之盈利0 0 2 2 Unrealised gain on Available-for-Sale Financial Assets 出售可供出售財務資產時撥回過往於其他基金內的盈利0 0 (2) (2) 外幣換算之差額0 0 5 5 Exchange differences arising from translation 76 55 442 573 其他基金轉撥0 1 (1) 0 Other inter-fund transfer 如先前呈列的2018年6月30日之結餘2,617 1,253 4,480 8,350 Balance as at 30 June 2018 as originally reported 會計政策變動之影響(附註26) 0 0 57 57 Effect on change in accounting policies (Note 26) 重列的2018年7月1日之結餘2,617 1,253 4,537 8,407 Balance as at 1 July 2018 as restated 年內全面收益 / (虧絀)總額 Total comprehensive income / (loss) for the year 本年度稅後盈餘 / (虧損) (26) (6) 375 343 Surplus / (deficit) for the year after taxation 其他全面收益 / (虧絀) Other comprehensive income / (loss) 按公平價值透過其他全面收益列賬的股權證券未實現之虧絀0 0 (1) (1) 外幣換算之差額0 0 (8) (8) Exchange differences arising from translation (26) (6) 366 334 其他資金轉撥0 1 (1) 0 Other inter-fund transfer 2019年6月30日之結餘2,591 1,248 4,902 8,741 Balance as at 30 June 2019 Unrealised loss on equity securities at Fair Value through other Comprehensive income Gain previously in Other Funds released on sale of Available-for-Sale Financial Assets Restricted Funds 綜合基金變動表 CONSOLIDATED STATEMENT OF CHANGES IN FUND BALANCES FOR THE YEAR ENDED 30 JUNE 2019 截至2019年6月30日止年度 12 2019 2018 百萬元百萬元 $million $million 營運活動之現金流量 Cash Flows from Operating Activities 本年度稅前盈餘345 570 Surplus for the year before taxation 調整: Adjustments for: 折舊及攤銷311 293 Depreciation and Amortisation 利息及投資收入(348) (554) Interest and Investment Income 所佔聯營公司的經營業績(4) (5) Share of results of an Associate 轉撥自遞延資本基金(257) (235) Transfers from Deferred Capital Funds 未計運作資本之變動前之營運現金流量47 69 Operating cash flow before movements in working capital 應收賬款及預付款項之增加(153) (45) Increase in Accounts Receivable and Prepayments 應付賬款及應計費用之增加331 110 Increase in Accounts Payable and Accruals 遞延收益之增加 / (減少) 1 (6) Increase / (Decrease) in Deferred Income 教職員福利撥備之增加14 0 Increase in Provision for Staff Benefits 營運活動之現金流入240 128 Cash Generated from Operating Activities 支付中國企業所得稅(2) (1) China Corporate Income tax paid 營運活動淨現金流入238 127 Net Cash Generated from Operating Activities 綜合現金流動表 截至2019年6月30日止年度 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2019 13 2019 2018 百萬元百萬元 $million $million 投資活動之現金流量 Cash Flows from Investing Activities 購買物業、機器及設備(465) (413) Payment for purchase of Property, Plant and Equipment 購買無形資產(7) (9) Payment for purchase of Intangible Assets 原到期日超過三個月之定期存款之增加(749) (605) Increase in Bank Deposits with Original Maturity over Three Months 購買按攤銷成本計量之財務資產(41) 0 Purchase of Financial Assets at Amortised cost 購買按公平值透過收支記賬之財務資產(1,160) (1,356) Purchase of Financial Assets at Fair Value through Income and Expenditure 從按攤銷成本計量之財務資產所得之贖回收入4 0 Proceeds from redemption of Financial Assets at Amortised cost 從持至到期日財務資產所得之贖回收入0 2 Proceeds from redemption of Held-to-Maturity Financial Assets 出售按公平值透過收支記賬之財務資產之收入1,226 1,395 已收取之利息及投資收入45 24 Interest and investment income received 投資活動淨現金流出(1,147) (962) Net Cash Used in Investing Activities 融資活動之現金流量 Cash Flows from Financing Activities 用以購買物業、機器及設備及無形資產之資助及撥款及捐款收入1,309 294 Subventions and Grants and donations received for purchase of Property, Plant and Equipment and Intangible Assets 融資活動淨現金流入1,309 294 Net Cash Generated from Financing Activities 現金及等同現金之淨增加 / (減少) 400 (541) Net Increase / (Decrease) in Cash and Cash Equivalents 年初之現金及等同現金257 798 Cash and Cash Equivalents at the Beginning of the Year 匯兌變動之影響(1) 0 Effect of Foreign Exchange Rate Changes 年終之現金及等同現金656 257 Cash and Cash Equivalents at the End of the Year Proceeds from sale of Financial Assets at Fair Value through Income and Expenditure CONSOLIDATED STATEMENT OF CASH FLOWS (Cont'd) FOR THE YEAR ENDED 30 JUNE 2019 綜合現金流動表(續) 截至2019年6月30日止年度 14 1. 一般資料1. GENERAL INFORMATION 2. 編製基準2. BASIS OF PREPARATION ─ - ─ - ─ - ─ - 大學之財務報表已另外編製。 These consolidated financial statements are presented in Hong Kong dollars ("HKD"), which is the Group's presentation currency. These consolidated financial statements were approved for issue by the Council on 17 October 2019. The consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRS") issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"), and the Statement of Recommended Practice ("SORP") for institutions funded by the University Grants Committee ("UGC") in Hong Kong. 大學之註冊地址及主要營運地點為香港清水 灣。 綜合財務報表以港元呈覽，港元亦為本集團之 呈報貨幣。本大學校董會於2019年10月17日核 准此綜合財務報表刊發。 綜合財務報表乃依據香港會計師公會頒佈之香 港財務報告準則以及教育資助委員會(「教資 會」)資助院校的建議準則(「建議準則」) 所編 製。 綜合財務報表附註 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 香港科技大學是在香港科技大學條例(香港法例 第一一四一章)下成立，為一間科學技術的大學 ，專注促進學習及學術，並特別在學術研究、 研究生教育方面加以重視，以及與商業和工業 界緊密合作。大學的附屬公司的主要活動及其 他事項詳列於附註21內。 The Hong Kong University of Science and Technology is incorporated under The Hong Kong University of Science and Technology Ordinance (Chapter 1141, Laws of Hong Kong) as a technological university dedicated to the advancement of learning and scholarship, with special emphasis on research, postgraduate education, and close collaboration with business and industry. The principal activities and other particulars of the University's subsidiaries are set out in note 21. The University's registered address and principal place of operation is Clear Water Bay, Hong Kong. Institutions are required to follow the cost allocation practices and methods set out in the Cost Allocation Guidelines for UGC-funded and non-UGC-funded Activities ("the Guidelines") issued by the UGC in devising their cost allocation models and for incorporation of the Guidelines requirements in their financial statements for the accounting period commencing 1 July 2018. No comparative information is required to be restated. The impact of the adoption of the Guidelines is not material. 除以下資產按公平價值列賬外，綜合財務報表 乃按持續經營之基準和歷史成本法編製: The consolidated financial statements have been prepared on a going concern basis under the historical cost convention, except for the following assets which are stated at fair value: 按公平值透過收支記賬之財務資產 院校須遵照教資會頒佈之《教資會資助與非教 資會資助活動的成本分攤指引》(「成本分攤指 引」)中的成本分攤做法及方法，以製訂其成本 分攤模式，並將成本分攤指引的要求納入其自 2018年7月1日起的財務報表中。比較資料並不 需要重列。採納「成本分攤指引」的影響並不 重大。 financial assets at fair value through income and expenditure 按公平價值透過其他全面收益列賬之財務 資產 financial assets at fair value through other comprehensive income 編製符合香港財務報告準則的綜合財務報表需 要使用若干關鍵的會計估算，亦需要管理層在 應用集團會計政策的過程中運用其判斷。有關 涉及高度的判斷或高度複雜性的範疇，又或綜 合財務報表中需作重要假設及估算的範疇，已 於附註23中披露。 The preparation of consolidated financial statements in conformity with HKFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in note 23. Financial statements for the University have been prepared separately. 15 3. 分部收入及開支 INCOME AND EXPENDITURE BY SEGMENT (a) 綜合分部收支(按用途) Consolidated Segment Income and Expenditure (By function) 分部間之分部間之 教資會交易抵銷教資會交易抵銷 資助活動資助活動 淨總計淨總計 Net Total Net Total 自負盈虧之持續自負盈虧之持續 進修教育活動科研活動所得捐款活動其他活動進修教育活動科研活動所得捐款活動其他活動 小計小計 Sub-total Sub-total 百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元 $million $million $million $million $million $million $million $million $million $million $million $million $million $million $million $million (註) (註) (Note) (Note) 收入 Income 政府資助及撥款(附註3.1) 2,552 0 63 0 17 80 0 2,632 2,342 0 185 0 23 208 0 2,550 Government Subventions and Grants (Note 3.1) 學費、課程及其他收費659 725 0 0 0 725 0 1,384 624 622 0 0 0 622 0 1,246 Tuition, Programs and Other Fees 利息及投資收入(附註3.2) 148 0 0 86 114 200 0 348 245 0 2 159 148 309 0 554 Interest and Investment Income (Note 3.2) 外界捐款0 0 0 62 0 62 0 62 0 0 0 60 0 60 0 60 Donations and Benefactions 輔助服務及其他收入(附註3.3) 104 22 98 6 316 442 (97) 449 133 21 137 4 400 562 (279) 416 Auxiliary Services and Other Income (Note 3.3) 轉撥自遞延資本基金205 0 7 45 0 52 0 257 176 0 15 44 0 59 0 235 Transfers from Deferred Capital Funds 3,668 747 168 199 447 1,561 (97) 5,132 3,520 643 339 267 571 1,820 (279) 5,061 開支(附註3.4) Expenditure (Note 3.4) 教學、學術及研究 Teaching, Learning and Research 教學及研究2,373 384 149 75 99 707 (86) 2,994 2,170 469 327 52 92 940 (274) 2,836 Teaching and Research 圖書館102 20 0 2 0 22 0 124 113 0 0 0 0 0 0 113 Library 中央電腦設備132 8 0 0 0 8 0 140 126 0 0 0 0 0 0 126 Central Computing Facilities 其他教學服務89 7 0 4 5 16 (1) 104 90 2 0 2 5 9 (1) 98 Other Academic Services 校務支援 Institutional Support 管理及一般事務288 14 1 15 74 104 (6) 386 266 0 0 13 55 68 (1) 333 Management and General 校舍及有關費用556 23 2 59 66 150 0 706 537 0 0 58 68 126 0 663 Premises and Related Expenses 學生及一般教育服務154 4 0 23 123 150 (4) 300 142 1 0 26 127 154 (3) 293 Student and General Education Services 其他活動0 0 0 0 37 37 0 37 0 0 0 0 34 34 0 34 Other Activities 3,694 460 152 178 404 1,194 (97) 4,791 3,444 472 327 151 381 1,331 (279) 4,496 本年度營運盈餘(26) 287 16 21 43 367 0 341 76 171 12 116 190 489 0 565 Surplus from operation for the year 所佔聯營公司的經營業績0 0 0 0 4 4 0 4 0 0 0 0 5 5 0 5 Share of Result of an Associate 稅項0 0 0 0 (2) (2) 0 (2) 0 0 0 0 (2) (2) 0 (2) Taxation 本年度盈餘 / (虧損) (26) 287 16 21 45 369 0 343 76 171 12 116 193 492 0 568 Surplus / (Deficit) for the year 本年度盈餘 / (虧損)轉撥至: Surplus / (Deficit) for the year transferred to: 教資會基金(26) 0 0 0 0 0 0 (26) 76 0 0 0 0 0 0 76 UGC Funds 限制性基金0 0 0 (6) 0 (6) 0 (6) 0 0 0 55 0 55 0 55 Restricted Funds 其他基金0 287 16 27 45 375 0 375 0 171 12 61 193 437 0 437 Other Funds (26) 287 16 21 45 369 0 343 76 171 12 116 193 492 0 568 Self-financing CPEP Activities Donation Activities 2019 非教資會資助活動 Non-UGC Funded Activities Self-financing CPEP Activities Research Activities Donation Activities Other Activities UGC-Funded Activities UGC-Funded Activities Inter-segment Transaction Elimination Inter-segment Transaction Elimination 2018 Research Activities 非教資會資助活動 Non-UGC Funded Activities Other Activities 16 3. 分部收入及開支(續) INCOME AND EXPENDITURE BY SEGMENT (CONT'D) (b) 綜合分部開支(按會計性質) Consolidated Segment Expenditure (By accounting nature) 分部間之分部間之 教資會交易抵銷教資會交易抵銷 資助活動資助活動 淨總計淨總計 Net Total Net Total 自負盈虧之持續自負盈虧之持續 進修教育活動科研活動所得捐款活動其他活動進修教育活動科研活動所得捐款活動其他活動 小計小計 Sub-total Sub-total 百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元 $million $million $million $million $million $million $million $million $million $million $million $million $million $million $million $million (註) (註) (Note) (Note) 開支(附註3.4) Expenditure (Note 3.4) 薪金及福利2,366 237 56 40 105 438 (3) 2,801 2,203 149 125 30 132 436 (20) 2,619 Salaries and Benefits 其他營運支出1,129 217 86 78 263 644 (94) 1,679 1,065 322 183 62 211 778 (259) 1,584 Other Operating Expenses 折舊及攤銷199 6 10 60 36 112 0 311 176 1 19 59 38 117 0 293 Depreciation and Amortisation 總開支3,694 460 152 178 404 1,194 (97) 4,791 3,444 472 327 151 381 1,331 (279) 4,496 Total Expenditure 註： 分部間之交易主要包括內部租金交易項目。 Note: Inter-segment transactions mainly included internal rental transactions. 備註：  有關分部報告之披露乃按教資會資助院校的建議準則要求並不完全按照香港財務報告準則笫8號「營運分部」之規定而編製。 Remarks: Disclosures regarding segment reporting are included as a requirement of the Statement of Recommended Practice for the UGC-Funded Institutions and are not designed to fully comply with the requirements of HKFRS 8 'Operating Segments'.  教資會資助與非教資會資助活動的成本分攤指引(「成本分攤指引」) Cost Allocation Guidelines for UGC-funded and non-UGC-funded activities ("the Guidelines") 集團遵循教資會頒佈之「成本分攤指引」來分配成本，概述如下： The Group follows the Guidelines issued by the UGC to allocate their costs, which is summarised as follows: ─ 以防教資會給予之資源被攤薄及與私營行業有不公平競爭，不該有任何隱藏之補貼； There should be no hidden subsidy to avoid dilution of UGC-funded resources and unfair competition with the private sector; ─ 所有直接用於特定活動的費用概由該等活動全數承擔； All direct costs which can be separately attributable to specific activities should be fully taken up and borne by such activities; ─ 所有不能分開歸屬於特定活動的間接費用(如中央設施、行政及輔助服務)，將視作共享活動的成本，根據「成本分攤指引」中的成本攤分法，分配到教資會與非教資會分部。 All indirect costs, such as centrally provided facilities, administrative and support services, which cannot be separately attributable to specific activities, are allocated as shared costs to UGC and non-UGC segments based on cost allocation methodologies set out in the Guidelines. Other Activities 2019 非教資會資助活動 Non-UGC Funded Activities Research Activities Donation Activities Other Activities 2018 Donation Activities Research Activities Self-financing CPEP Activities 非教資會資助活動 Non-UGC Funded Activities Inter-segment Transaction Elimination UGC-Funded Activities UGC-Funded Activities Inter-segment Transaction Elimination Self-financing CPEP Activities 17 3.1 政府資助及撥款 GOVERNMENT SUBVENTIONS AND GRANTS 2019 2018 百萬元百萬元 $million $million 教資會整筆經常撥款及指定撥款(附註14) 2,155 2,068 教資會指定撥款(附註14) 211 227 UGC Earmarked Grants (Note 14) 政府有關機構指定撥款(附註14) 215 202 Earmarked Grants from Government Agencies (Note 14) 配對撥款及其他政府補貼(附註) 4 6 Matching Grants and Other Government Subsidies (Note) 退還差餉及地租47 47 Rates and Government Rent Refunds 2,632 2,550 附註 : Note : 於年內，沒有配對撥款及其他政府補貼來自教資會資助活動(2018年：無)。 3.2 利息及投資收入 INTEREST AND INVESTMENT INCOME 2019 2018 百萬元百萬元 $million $million 利息收入42 22 Interest income 按公平值透過收支記賬之財務資產之公平值變動305 528 Change in fair value of Financial Assets at Fair Value through Income and Expenditure 按公平價值透過其他全面收益列賬之財務資產之投資收入1 0 可供出售財務資產之投資收入0 4 Investment income on Available-for-Sale Financial Assets 348 554 3.3 輔助服務及其他收入 AUXILIARY SERVICES AND OTHER INCOME 2019 2018 百萬元百萬元 $million $million 研究合約94 98 Research Contracts 學生宿舍131 117 Student Hostels 租金收入44 42 Rental Income 教職員繳納之租金47 45 Rental Contribution from Staff 服務收費、項目收入及其他贊助 61 54 Services Fees, Workshop Income and Other Sponsorships 項目贊助(附註14) 52 39 Project Sponsorships (Note 14) 雜項收入20 21 Miscellaneous 449 416 UGC Recurrent Block Grant (Note 14) No matching grants and other government subsidies arised from UGC funded activities during the year (2018: Nil). Investment income on Financial Assets at Fair Value through Other Comprehensive Income 18 3.4 開支 EXPENDITURE 薪酬及福利其他營運支出折舊及攤銷 Depreciation and 總計 Amortisation Total 百萬元百萬元百萬元百萬元 $million $million $million $million 年度 / Year 2019 教學、學術及研究 Teaching, Learning and Research 教學及研究1,997 886 111 2,994 Teaching and Research 圖書館70 53 1 124 Library 中央電腦設備93 37 10 140 Central Computing Facilities 其他教學服務84 20 0 104 Other Academic Services 小計2,244 996 122 3,362 Sub-total 校務支援 Institutional Support 管理及一般事務256 126 4 386 Management and General 校舍及有關費用193 329 184 706 Premises and Related Expenses 學生及一般教育服務106 193 1 300 Student and General Education Services 其他活動2 35 0 37 Other Activities 小計557 683 189 1,429 Sub-total 總開支2,801 1,679 311 4,791 Total Expenditure 年度 / Year 2018 教學、學術及研究 Teaching, Learning and Research 教學及研究1,908 835 93 2,836 Teaching and Research 圖書館64 48 1 113 Library 中央電腦設備85 32 9 126 Central Computing Facilities 其他教學服務76 21 1 98 Other Academic Services 小計2,133 936 104 3,173 Sub-total 校務支援 Institutional Support 管理及一般事務217 113 3 333 Management and General 校舍及有關費用167 311 185 663 Premises and Related Expenses 學生及一般教育服務101 191 1 293 Student and General Education Services 其他活動1 33 0 34 Other Activities 小計486 648 189 1,323 Sub-total 總開支2,619 1,584 293 4,496 Total Expenditure 薪金及福利包括集團為界定供款退休金計劃所支付之供款共二億零三百萬元(2018年：一億九千七百萬元)。 Salaries and Benefits Included in Salaries and Benefits was a total sum of $203 million (2018: $197 million) representing the Group's contributions towards defined contribution retirement benefits schemes. Other Operating Expenses 19 4. 高收入員工薪酬 REMUNERATION OF HIGHER PAID STAFF 2019 2018 年薪等值 Annual Equivalent Remuneration HK$ 1,800,001 - 1,950,000 68 55 HK$ 1,950,001 - 2,100,000 51 57 HK$ 2,100,001 - 2,250,000 52 47 HK$ 2,250,001 - 2,400,000 41 30 HK$ 2,400,001 - 2,550,000 26 32 HK$ 2,550,001 - 2,700,000 32 18 HK$ 2,700,001 - 2,850,000 19 20 HK$ 2,850,001 - 3,000,000 19 13 HK$ 3,000,001 - 3,150,000 10 14 HK$ 3,150,001 - 3,300,000 4 7 HK$ 3,300,001 - 3,450,000 8 9 HK$ 3,450,001 - 3,600,000 11 4 HK$ 3,600,001 - 3,750,000 6 3 HK$ 3,750,001 - 3,900,000 0 5 HK$ 3,900,001 - 4,050,000 3 1 HK$ 4,050,001 - 4,200,000 2 4 HK$ 4,200,001 - 4,350,000 6 0 HK$ 4,350,001 - 4,500,000 1 1 HK$ 4,500,001 - 4,650,000 1 0 HK$ 4,800,001 - 4,950,000 0 1 HK$ 4,950,001 - 5,100,000 1 0 HK$ 6,750,001 - 6,900,000 0 1 HK$ 7,050,001 - 7,200,000 0 1 HK$ 7,650,001 - 7,800,000 1 0 Number of Employees 員工數目 Remuneration includes salary, gratuity, contribution to retirement schemes, consultancy fees paid by the Group, housing and other benefits. For staff who are provided with quarters, their housing benefits are calculated by reference to the rateable values assessed by the Rating and Valuation Department of the Government of The Hong Kong Special Administrative Region. 薪俸包括薪金、約滿酬金、退休金計劃供款、集團所支付之顧問費用、房屋及其他津貼。獲大學提 供宿舍者，其房屋福利以香港特別行政區政府差餉物業估價署評估其宿舍之應課差餉租值計算。 20 5. 稅項 TAXATION 綜合全面收益表內的所得稅為： Income tax in the consolidated statement of comprehensive income represents: 2019 2018 百萬元百萬元 $million $million 香港利得稅0 1 Hong Kong Profit tax 中國企業所得稅2 1 China Corporate Income tax 2 2 本集團有關利得稅之計算稅項有別於採用集團本年度營運盈餘計算之稅率分析如下： 2019 2018 百萬元百萬元 $million $million 本年度營運盈餘341 565 Surplus from operation for the year 按稅率16.5% (2018：16.5%) 計算之稅項56 93 Tax calculated at a tax rate of 16.5% (2018: 16.5%) 無需課稅收入的稅務影響(815) (804) Tax effect of non-taxable income 不可扣減支出的稅務影響761 713 Tax effect of non-deductible expenses 稅項2 2 Taxation charge 集團的香港附屬公司乃按香港利得稅以應評稅率計算。香港附屬公司以16.5% (2018年：16.5%) 的稅率計算香港利得 稅。集團的中國附屬公司乃按中國所得稅及有關條例以應評稅率計算。 Deferred income tax assets are recognised for tax losses carried forward to the extent that the realisation of the related tax benefit through future taxable profits is probable. The PRC subsidiaries of the Group have not recognised deferred income tax assets of approximately $26.1 million (2018: $25.2 million) in respect of cumulative losses amounting to approximately $105.4 million (2018: $102.7 million). The tax losses for the PRC subsidiaries will expire on various dates up to 2024. The unrecognised tax loss of approximately $65.3 million for a Hong Kong subsidiary (2018: $65.1 million) has no expiry date. 大學根據稅務條例第88條之規定獲豁免繳付稅項，因此不需作出撥備。 Hong Kong subsidiaries of the Group are subject to Hong Kong Profits Tax. The provision for Hong Kong Profits Tax is calculated at 16.5% (2018: 16.5%) of the estimated assessable profits of these subsidiaries for the year. Taxation for the PRC subsidiaries of the Group is charged at the appropriate prevailing rates of taxation in the PRC. The tax on the surplus from operation for the year differs from the theoretical amount that would arise using the tax rate applicable to the surplus of the Group as follows: 當累積稅項虧損有可能經未來應課稅盈利而帶來利益，集團才確認遞延稅項資產。本集團之中國附屬公司未有確 認之遞延稅項資產為約二千六百一十萬元(2018年：二千五百二十萬元)，其來自累積虧損約一億五百四十萬元(2018 年：一億二百七十萬元)。該筆中國附屬公司稅項虧損將逐步於2024年前期間到期。一間香港附屬公司之未確認稅 項虧損為約六千五百三十萬元(2018年：六千五百一十萬元)並沒有期限。 No taxation is provided for the operation of the University, which is exempt from taxation by virtue of Section 88 of the Inland Revenue Ordinance. 21 6. 物業、機器及設備 PROPERTY, PLANT AND EQUIPMENT 在建工程傢具及設備 樓宇總計 Buildings Total 百萬元百萬元百萬元百萬元百萬元 $million $million $million $million $million 成本 COST 2017年6月30日之結餘6,470 53 679 2,050 9,252 Balance as at 30 June 2017 添置(附註) (12) 115 107 155 365 Additions (Note) 撇減0 0 0 (53) (53) Disposals 匯兌差額2 0 0 1 3 Exchange translation difference 2018年6月30日之結餘6,460 168 786 2,153 9,567 Balance as at 30 June 2018 添置0 317 26 149 492 Additions 轉撥63 (152) 89 0 0 Transfers 撇減0 0 0 (67) (67) Disposals 匯兌差額(4) 0 0 (1) (5) Exchange translation difference 2019年6月30日之結餘6,519 333 901 2,234 9,987 Balance as at 30 June 2019 累積折舊 ACCUMULATED DEPRECIATION 2017年6月30日之結餘2,272 0 68 1,834 4,174 Balance as at 30 June 2017 本年度計算之折舊130 0 39 120 289 Charge for the year 撇減0 0 0 (53) (53) Disposals 2018年6月30日之結餘2,402 0 107 1,901 4,410 Balance as at 30 June 2018 本年度計算之折舊131 0 45 130 306 Charge for the year 撇減0 0 0 (67) (67) Disposals 2019年6月30日之結餘2,533 0 152 1,964 4,649 Balance as at 30 June 2019 賬面淨值 NET BOOK VALUE 2019年6月30日之結餘3,986 333 749 270 5,338 Balance as at 30 June 2019 2018年6月30日之結餘4,058 168 679 252 5,157 Balance as at 30 June 2018 附註 : Note : 根據工料測量師的決算賬戶，在2017/18年度回撥了一筆二千九百萬元於早年已確認的或有撥備，因此「樓宇」項下出現添置負值數。 Construction in progress Fixtures and equipment 樓宇裝修、大型設備 及設備系統 Building improvements, major equipment and services systems Based on the statement of final account from the quantity surveyor, a lump sum contingency provision of $29 million made in previous year was written back in 2017/18, hence, resulting in a negative amount of addition against "Building". 22 6. 物業、機器及設備(續) PROPERTY, PLANT AND EQUIPMENT (CONT'D) 以上之物業、機器及設備按直線法依照下列年率計算折舊： 樓宇裝修、大型設備及設備系統每年5% Building improvements, major equipment and services systems 5% per annum 傢具及設備每年20% - 25% Fixtures and equipment 20% - 25% per annum The above items of property, plant and equipment are depreciated on a straight-line basis at the following rates per annum: 大學校舍座落於西貢約六十公頃之土地，由香港特別行政區政府(「香港特區政府」)按名義租金批出，為期五十八年， 至2047年6月30日止。校園樓宇按直線法依照每年2%計算折舊。 The University campus is situated on approximately 60 hectares of land in Sai Kung under lease from the Government of The Hong Kong Special Administrative Region ("HKSAR") at a nominal rent for 58 years through 30 June 2047. The campus buildings are depreciated on a straight-line basis at 2% per annum. 深圳市政府按名義租金批予集團其中一間附屬公司─ 港科大研究開發(深圳)有限公司一幅位於深圳約七千四百三十七平 方米之土地作為興建產學研基地之用，為期五十年，至2057年6月28日止。該等樓宇按餘下租約年期計算折舊。 A piece of land situated at Shenzhen of approximately 7,437 square metres was granted at a nominal amount to HKUST R&D Corporation (Shenzhen) Limited, a subsidiary of the Group, by the Shenzhen Municipal Government for the construction of an Industry-Education-Research base for 50 years through 28 June 2057. The respective building is depreciated over the remaining lease term. 在2012年12月21日，香港特區政府按名義租金及以370：150之比例批予大學及香港浸會大學(「浸大」)一幅位於將軍澳約 三千四百九十平方米之土地作為興建一座合辦學生宿舍之用，為期五十年，至2062年12月20日止。根據兩位受批者於 2015年4月23日所簽下的撤銷合同中，浸大退出該項合建項目，以及雙方同意以無代價轉讓及分配由浸大所持有該土地的 所有權利、產權及權益給大學。大學於以上提及的合同簽訂日起已被視作為獨自擁有該項物業之所有權益。 On 21 December 2012, a piece of land situated in Tseung Kwan O of approximately 3,490 square metres was granted to the University and The Hong Kong Baptist University ("BU") in the proportion of 370:150 by the Government of the HKSAR at a nominal rent for the construction of a joint student hostel for a lease of 50 years up to 20 December 2062. Pursuant to the Cancellation Agreement signed by both grantees on 23 April 2015, BU withdrew from the joint construction project and both parties agreed the transfer and assignment of all the rights, title and interest in the land held by BU to the University at nil consideration. The University is deemed to have possession of the sole ownership of the property with effect from the aforesaid agreement signing date. 23 電腦軟件 Computer Software 百萬元 $million 成本 COST 2017年6月30日之結餘109 Balance as at 30 June 2017 添置9 Additions 撇減(7) Disposals 2018年6月30日之結餘111 Balance as at 30 June 2018 添置7 Additions 撇減(5) Disposals 2019年6月30日之結餘113 Balance as at 30 June 2019 攤銷 AMORTISATION 2017年6月30日之結餘103 Balance as at 30 June 2017 本年度計算之攤銷4 Amortisation charge for the year 撇減(7) Disposals 2018年6月30日之結餘100 Balance as at 30 June 2018 本年度計算之攤銷5 Amortisation charge for the year 撇減(5) Disposals 2019年6月30日之結餘100 Balance as at 30 June 2019 賬面淨值 NET BOOK VALUE 2019年6月30日之結餘13 Balance as at 30 June 2019 2018年6月30日之結餘11 Balance as at 30 June 2018 電腦軟件資產按直線法每年25%計算攤銷。 Computer software is amortised on a straight-line basis at 25% per annum. 24 7. 無形資產 INTANGIBLE ASSETS 8. 財務資產 FINANCIAL ASSETS 2019 2018 百萬元百萬元 $million $million 按攤銷成本計量的債券 Bond securities, at amortised cost 上市42 2 Listed 非上市64 67 Unlisted 106 69 於一年內到期1 4 Maturing within one year 於一年後到期105 65 Maturing after one year 106 69 於綜合資產負債表內呈列 Presentation in the consolidated balance sheet 持至到期日財務資產0 69 Held-to-Maturity Financial Assets 按攤銷成本計量之財務資產106 0 Financial Assets at Amortised cost 106 69 股權證券 Equity securities 非上市股權證券，按成本0 1 Unlisted Equity Securities, at cost 上市股權證券，按市值22 24 Listed Equity Securities, at market value 非上市股權證券，按公平值(附註a) 455 396 Unlisted Equity Securities, at fair value (Note a) 477 421 於綜合資產負債表內呈列 Presentation in the consolidated balance sheet 可供出售財務資產0 421 Available-for-Sale Financial Assets 按公平價值透過其他全面收益列賬之財務資產477 0 Financial Assets at Fair Value through Other Comprehensive income 477 421 按公平值透過收支記賬之財務資產(附註b) Financial Assets at Fair Value through Income and Expenditure (Note b) 上市股權基金948 1,260 Listed Equity Funds 非上市股權基金1,757 1,654 Unlisted Equity Funds 上市固定收入基金471 332 Listed Fixed Income Funds 非上市固定收入基金1,654 1,550 Unlisted Fixed Income Funds 非上市實物基金512 525 Unlisted Real Assets Funds 非上市對沖基金988 901 Unlisted Hedge Funds 非上市私人投資263 132 Unlisted Private Investments 6,593 6,354 財務資產主要以港元及美元為單位。 Financial assets are mainly denominated in Hong Kong dollars and United States dollars. 附註 : Notes : (a) (b) 公平值乃參考活躍市場或基金經理報價釐定。 The fair value was determined by reference to bid prices quoted in active markets or by fund managers. 公平值乃參考最近的交易價格以及參照類似實體市場價值並以現金流量折讓分析、盈利倍數和淨權益方法的金融模型而釐定。 The fair value was determined by reference to the recent transaction price, and financial models based on discounted cash flow analysis, earning multiple and net equity method with reference to market valuations for similar entities. 25 9. 於聯營公司權益 INTEREST IN AN ASSOCIATE 2019 2018 百萬元百萬元 $million $million 所佔淨資產83 83 Share of net assets 擁有權益 業務Proportion of 架構模式Nominal Value of Form of Issued Capital 持有股本類別 Business Held by Class of 主要活動 Structure the Group Shares Held Principal Activity 深港產學研基地事業法人單位33% 注入資本 2019 2018 百萬元百萬元 $million $million 下文載列為聯營公司之財務資料概要： The summarised financial information in respect of the associate is set out below: 總資產267 272 Total assets 總負債(17) (20) Total liabilities 資產淨值250 252 Net assets 集團應佔聯營公司之資產淨值83 83 Group's share of net assets of the associate 營業額47 43 Turnover 本年度溢利13 15 Profit for the year 集團年內應佔聯營公司業績4 5 Group's share of results of the associate for the year 對賬至所佔資產淨值： Reconciliation to share of net assets: 於7月1日252 237 As at 1 July 本年度溢利13 15 Profit for the year 基金分配(5) (5) Funds distributed 匯兌差額(10) 5 Exchange translation difference 於6月30日250 252 As at 30 June 集團應佔% 33% 33% Group's share in % 集團應佔聯營公司之資產淨值83 83 Group's share of net assets of the associate To engage in technology commercialization, incubation of start-up companies, provision of research and technology management services, training of senior management and administrative executives. Capital Contribution Place of 致力於科技商業化，培育新公司 ，提供研究和技術管理服務，培 訓高級管理人員及行政專才。 Incorporation and Operation 中華人民共和國 People's Republic of 註冊及營運地點 China Institutional Organization 聯營公司名稱 PKU-HKUST Shenzhen-Hong Kong Institution Name of Associate 26 10. 應收賬款及預付款項 ACCOUNTS RECEIVABLE AND PREPAYMENTS 2019 2018 百萬元百萬元 $million $million 預付款項及按金105 40 Prepayments and Deposits 應收賬款306 215 Accounts Receivable 411 255  應收賬款於發出通知後須立即償還。 Accounts receivable are repayable on demand.     應收賬款主要以港元為單位。 The accounts receivable are mainly denominated in Hong Kong dollars. 為計量預期信貸虧損，應收賬款已按共同信貸風險特徵及逾期日數作分組。預期虧損率乃根據過 往的相應信貸虧損估算，並就宏觀經濟因素的當前與前瞻性資料之間的預期變動進行調整（倘屬 重大）。於2019年6月30日，鑑於預期虧損並不重大，校董會認為無需就應收賬款作減值撥備，本 集團並無就該等結餘持有任何抵押。 To measure the expected credit losses, account receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are estimated based on the corresponding historical credit losses experienced, adjusted with the expected change between current and forward looking information on macroeconomic factors, if material. As at 30 June 2019, the Council believes that there is no impairment provision required on these accounts receivable as the expected credit losses are immaterial. The Group does not hold any collateral over these balances. 大部份的應收賬款均無固定還款期，並預期可於一年內收回。預付款項亦預期可於一年內確認為 開支。 The majority of accounts receivable are with no fixed terms of repayment and are expected to be recoverable within one year. Prepayments are expected to be recognised as expenses within one year. 本集團應用香港財務報告準則第9號的簡化方法，以應收賬款的全期預期虧損計量虧損撥備。 The Group applies the HKFRS 9 simplified approach to measure loss allowance using a lifetime expected loss allowance of accounts receivables. 27 11. 現金及等同現金 CASH AND CASH EQUIVALENTS 2019 2018 百萬元百萬元 $million $million 原到期日為三個月或以下之定期存款218 65 Bank Deposits with Original Maturity within Three Months 現金及銀行結餘(附註a) 438 192 Cash at Banks and in Hand (Note a) 656 257 現金及等同現金以下列貨幣為單位： Cash and Cash Equivalents are denominated in the following currencies: Hong Kong Dollars 港元175 78 United States Dollars 美元109 16 Renminbi 人民幣323 153 Euro 歐元40 9 Pounds Sterling 英鎊7 1 Others 其他2 0 656 257 附註 : Note : (a) 12. 應付賬款及應計費用 ACCOUNTS PAYABLE AND ACCRUALS 2019 2018 百萬元百萬元 $million $million 合約負債(附註a) 481 0 Contract Liabilities (Note a) 應付賬款及應計費用(附註b) 672 793 Accounts Payable and Accruals (Note b) 1,153 793 應付賬款及應計費用主要以港元為單位。 The accounts payable and accruals are mainly denominated in Hong Kong dollars. 附註 : Note : (a) 由於首次應用香港財務報告準則第15號，合約負債於2019年6月30日已分開呈列[見附註26(b)]。合約負債(包括： 預收款、遞延收入及客戶按金)乃於履約責任達成的期間確認為收益。2018年7月1日計入合約負債結餘的三億六 千七百萬元已於本年度確認為收益。集團預計在2019年6月30日分配至未履行之合約有四億七千七百五十萬元將 於一年內確認為收益，另有三百五十萬元則在一年後確認為收益。 As a result of initial application of HKFRS 15, contract liabilities as at 30 June 2019 were separately presented [see Note 26(b)]. The contract liability for receipt in advance, deferred revenue and customers' deposits is recognised as revenue in the period when the performance obligations are fulfilled. $367 million was recognised as revenue during the year that was included in the contract liabilities balance as at 1 July 2018. The Group expects that $477.5 million allocated to the unsatisified contracts as at 30 June 2019 will be recognised as revenue within one year and $3.5 million will be recognised as revenue after one year. 於2019年6月30日，包括在現金及銀行結餘中的人民幣一億四千九百八十萬元(約港幣一億七千一百三十萬元)來 自廣州市人民政府，資金將用於支持香港科技大學（廣州）（「港科大（廣州）」）的初始啟動成本。[見附註 12(b)]。 As at 30 June 2019, included in cash at banks and in hand is RMB149.8 million (approximately HK$171.3 million) of funding received from the Guangzhou Municipal Government to fund the initial start-up cost of Hong Kong University of Science and Technology (Guangzhou) ("HKUST (GZ)"). [See Note 12(b).] 28 12. 應付賬款及應計費用(續) ACCOUNTS PAYABLE AND ACCRUALS (CONT'D) 附註 : Note : (b) 13. 教職員福利撥備 PROVISION FOR STAFF BENEFITS 2019 2018 百萬元百萬元 $million $million 約滿酬金105 100 Gratuities 代假期金及其他116 107 Leave Pay and Others 221 207 應付於： Payable: 一年內185 180 Within 1 year 一年後36 27 After 1 year 221 207 於2018年12月21日，大學與廣州市人民政府和廣州大學簽署協議，籌建香港科技大學（廣州）（ 「港科大（廣 州）」）。於2019年9月19日，國家教育部批准籌備設立香港科技大學（廣州）(籌)。籌備設立期限為三年。大學 與廣州大學之間的合作安排與合作經營相似，雙方將就其港科大（廣州）的權益確認相關的資產、負債、收入和 開支，而並非採用權益會計法。根據協議條款，除下列項目外，大學將不會持有港科大（廣州）的任何資產或承 擔其任何債務，和相關的收入和開支。因此，與港科大（廣州）的安排對大學的財務狀況不會造成影響。 On 21 December 2018, the University signed agreements with the Guangzhou Municipal Government and Guangzhou University ("GZU") to establish Hong Kong University of Science and Technology (Guangzhou) ("HKUST (GZ)"). On 19 September 2019, The State Ministry of Education approved the application for proceeding to establish HKUST (GZ) in three years' time by officially granting the legal preparatory status. The arrangement between the University and GZU is similar to a joint operation, where both parties would account for their own assets, liabilities, revenues and expenses relating to its interest in HKUST (GZ) as opposed to applying equity accounting. Under the terms of the agreements, the University will not hold any assets or incur any liabilities, revenues or expenses related to HKUST (GZ) with the exception of the items noted below. Consequently, the arrangement with HKUST (GZ) has no impact on the financial results of the University. The funding for the establishment of HKUST (GZ) campus will come from Guangzhou Municipal Government. No financial commitment is required from the University to fund the HKUST (GZ) campus. On 31 May 2019, Guangzhou Municipal Government transferred RMB149.9 million (approximately HK$171.4 million) to Guangzhou HKUST Fok Ying Tung Research Institute ("FYTRI"), a wholly owned subsidiary of the University, via GZU. The funding will be used to support the initial start-up cost of HKUST (GZ). Before the legal entity of HKUST (GZ) is established, FYTRI acts as an agent of HKUST (GZ) to prepare for the start-up of the campus. The funding is recorded as "Payables" in FYTRI's balance sheet and there are no income and expenditure impact to FYTRI. Once the legal entity of HKUST (GZ) is established, the remaining funding balance will be transferred back to HKUST (GZ). As at 30 June 2019, the ending balance of the funding (net off with spending) was RMB149.8 million (approximately HK$171.3 million) and was recorded as "Accounts Payable and Accruals" in the consolidated balance sheet. 建立港科大（廣州）的資金將來自廣州人民政府。大學不需為港科大（廣州）校園提供資金承諾。於2019年5月 31日，廣州人民政府通過廣州大學，將人民幣一億四千九百九十萬元（約港幣一億七千一百四十萬元）轉給大學 的全資附屬公司- 廣州市香港科大霍英東研究院（「霍英東硏究院」）。資金將用於支持港科大（廣州）的初始 啟動成本。在港科大（廣州）的法人實體成立之前，霍英東研究院充當港科大（廣州）的代理人，為啟動校園作 準備，資金在霍英東研究院的資產負債表中記錄為“應付賬款”，對其的收入和支出不會造成影響。一旦港科大 （廣州）的法人實體成立，剩餘的資金餘額將轉回港科大（廣州）。 於2019年6月30日，資金餘額（扣除支出）為人民幣一億四千九百八十萬元（約港幣一億七千一百三十萬元），並 在綜合資產負債表中記錄為“應付賬款及應計費用”。 29 14. 遞延收益 DEFERRED INCOME 政府有關機構 教資會指定撥款 教資會指定撥款 整筆撥款項目贊助 捐款總計 Donation Total 百萬元百萬元百萬元百萬元百萬元百萬元 $million $million $million $million $million $million 2017年6月30日之結餘0 480 129 42 74 725 Balance as at 30 June 2017 已收 / 應收之款項2,244 266 216 50 87 2,863 Amount received / receivable (註) (Note) 計入綜合全面收益表(附註3.1 / 3.3 / 17) (2,068) (227) (202) (39) (41) (2,577) 轉至遞延資本基金(附註15) (176) (72) (7) (6) (34) (295) Transfer to Deferred Capital Funds (Note 15) 外幣換算之差額0 0 3 0 0 3 Exchange differences arising from retranslation 2018年6月30日之結餘0 447 139 47 86 719 Balance as at 30 June 2018 已收 / 應收之款項2,360 1,260 225 56 105 4,006 Amount received / receivable (註) (Note) 計入綜合全面收益表(附註3.1 / 3.3 / 17) (2,155) (211) (215) (52) (59) (2,692) 轉至遞延資本基金(附註15) (205) (105) (2) (3) (78) (393) Transfer to Deferred Capital Funds (Note 15) 外幣換算之差額0 0 (4) 0 0 (4) Exchange differences arising from retranslation 2019年6月30日之結餘0 1,391 143 48 54 1,636 Balance as at 30 June 2019 將確認在 To be recognised 2018年6月30日之結餘 Balance as at 30 June 2018 一年內0 447 139 47 86 719 In one year 2019年6月30日之結餘 Balance as at 30 June 2019 一年內0 623 143 48 54 868 In one year 一年後0 768 0 0 0 768 After one year 0 1,391 143 48 54 1,636 註： 款項源於承諾捐款(附註17)。 Note: The amounts were from pledged donations (Note 17). Project Sponsorships Credited to Consolidated Statement of Comprehensive Income (Notes 3.1 / 3.3 / 17) Credited to Consolidated Statement of Comprehensive Income (Notes 3.1 / 3.3 / 17) Earmarked Grants from Government Agencies UGC Earmarked Grants UGC Block Grant 30 15. 遞延資本基金 DEFERRED CAPITAL FUNDS 百萬元 $million 2017年7月1日之結餘3,890 Balance as at 1 July 2017 相當於添置物業、機器及設備及電腦軟件之款項轉撥自遞延收益(附註14) 295 相當於折舊及攤銷之款項轉撥至綜合全面收益表(235) 2018年6月30日之結餘3,950 Balance as at 30 June 2018 相當於添置物業、機器及設備及電腦軟件之款項轉撥自遞延收益(附註14) 393 相當於折舊及攤銷之款項轉撥至綜合全面收益表(257) 2019年6月30日之結餘4,086 Balance as at 30 June 2019 Amounts equivalent to additions to Property, Plant and Equipment and Computer Software transferred from Deferred Income (Note 14) Amounts equivalent to additions to Property, Plant and Equipment and Computer Software transferred from Deferred Income (Note 14) Amounts equivalent to depreciation and amortisation charges transferred to Consolidated Statement of Comprehensive Income Amounts equivalent to depreciation and amortisation charges transferred to Consolidated Statement of Comprehensive Income 31 16. 教資會基金、限制性基金及其他基金 UGC FUNDS, RESTRICTED FUNDS AND OTHER FUNDS 一般及發展儲備研究項目及其他 指定捐款資本基金非指定捐款資本基金 留本基金其他小計留本基金小計其他小計總計 Endowments Others Sub-total Endowments Sub-total Others Sub-total Total 百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元百萬元 $million $million $million $million $million $million $million $million $million $million $million $million $million $million $million $million 2017年6月30日之結餘1,320 88 448 685 2,541 1,078 106 13 1,197 581 407 0 1,182 1,869 4,039 7,777 Balance as at 30 June 2017 本年度稅後盈餘 / (虧損) 79 (43) 25 15 76 80 (25) 0 55 60 0 0 0 377 437 568 Surplus / (Deficit) for the year after taxation 於可供出售財務資產未實現之盈利0 0 0 0 0 0 0 0 0 0 2 0 0 0 2 2 Unrealised gain on Available-for-Sale Financial Assets 出售可供出售財務資產時撥回過往於其他基金內的盈利0 0 0 0 0 0 0 0 0 0 (2) 0 0 0 (2) (2) 外幣換算之差額0 0 0 0 0 0 0 0 0 0 0 0 3 2 5 5 Exchange difference arising from translation 轉撥自 / (至)資本基金0 0 0 0 0 0 4 (4) 0 17 0 0 24 (41) 0 0 Transfer from / (to) Capital Funds 其他資金轉撥(50) 50 6 (6) 0 1 0 0 1 (1) 0 0 0 0 (1) 0 Other inter-fund transfer 如先前呈列的2018年6月30日之結餘1,349 95 479 694 2,617 1,159 85 9 1,253 657 407 0 1,209 2,207 4,480 8,350 Balance as at 30 June 2018 as originally reported 會計政策變動之影響(附註26) 0 0 0 0 0 0 0 0 0 0 (407) 460 0 4 57 57 Effect on change in accounting policy (Note 26) 重列的2018年7月1日之結餘1,349 95 479 694 2,617 1,159 85 9 1,253 657 0 460 1,209 2,211 4,537 8,407 Balance as at 1 July 2018 as restated 本年度稅後盈餘 / (虧損) 26 (42) 3 (13) (26) 10 (16) 0 (6) 27 0 0 0 348 375 343 Surplus / (Deficit) for the year after taxation 按公平價值透過其他全面收益列賬的股權證券未實現之虧絀0 0 0 0 0 0 0 0 0 0 0 (1) 0 0 (1) (1) 外幣換算之差額0 0 0 0 0 0 0 0 0 0 0 0 (4) (4) (8) (8) Exchange difference arising from translation 轉撥自 / (至)資本基金0 0 0 0 0 1 2 (3) 0 (82) 0 0 54 28 0 0 Transfer from / (to) Capital Funds 其他資金轉撥(94) 94 (22) 22 0 (35) 36 0 1 (1) 0 0 0 0 (1) 0 Other inter-fund transfer 2019年6月30日之結餘1,281 147 460 703 2,591 1,135 107 6 1,248 601 0 459 1,259 2,583 4,902 8,741 Balance as at 30 June 2019 附註： Notes: (a) 一般及發展儲備基金為未動用之教資會整筆撥款。於某撥款期(通常為三年期)結束時可調撥到下一個撥款期的一般及發展儲備基金結餘以本校獲批核之整筆撥款的20%為限。倘若一般及發展儲備基金於撥款期結束時之結餘超過撥款期核准上限，超出部分須退還予教資會。 (b) 研究項目及其他為轉撥自教資會整筆撥款的個別科研項目專用基金。 Research Projects and Others represent UGC Block Grant set aside for individual research projects. (c) 配對撥款為教資會配對撥款計劃之基金結餘。根據教資會頒布的條例，此基金需用於教資會範疇內之活動。 Matching Grants represent unspent funds from UGC's Matching Grant Schemes. According to the rules and regulations promulgated by the UGC, these funds have to be used for activities within UGC ambit. (d) 留本基金是本大學根據捐贈者的意願保持本金不動的基金並只以其產生的收入去支持大學特定活動。 Endowments represent the funds which the University would, according to the wishes of the donors, keep the principal intact and only use income generated from the fund to support designated activities of the University. (e) 指定捐款是指明用於本大學特定活動、課程或項目(樓宇建築除外)的捐贈基金。 Designated Donations represent funds earmarked for specific activities, programs or projects of the University, other than for construction of buildings. (f) 資本基金反映物業、機器及設備及電腦軟件之賬面淨值，購自滾存於基金結餘內已確認但未使用的政府撥款或捐款或其他收入。 Capital Funds represent the net book value of property, plant and equipment as well as computer software which are acquired with recognised but unspent Government grants or donations or other income retained in the fund balances. (g) 非指定捐款為無指定用途的捐贈基金。 Unspecified Donations represent general donations without donor-specified purposes. (h) 可供出售財務資產重估儲備 / 按公平價值透過其他全面收益列賬的財務資產重估儲備是可供出售財務資產/按公平價值於其他全面收益內列賬的財務資產之公平值變動產生之未變現盈虧。 Available-for-Sale ("AFS") Financial Assets Revaluation Reserve / Financial Assets at Fair Value through Other Comprehensive Income ("FVOCI") Revaluation Reserve represents the fair value gain or loss of AFS Financial Assets / Financial Assets at FVOCI. (i) 其他基金來於自負盈虧的活動。 Other Funds represent funds generated from self-financing activities. 其他基金 Other Funds Capital Funds Gain previously in Other Funds released on sale of Available-for- Sale Financial Assets UGC Funds Restricted Funds 教資會基金限制性基金 General and Development Reserve Fund represents the unspent UGC Block Grants. The balance of the GDRF at the end of a funding period (usually a triennium) that can be carried over to the next funding period is limited to a maximum of 20% of the University's approved Block Grants for that funding period. Should the balance of the GDRF at the end of the funding period exceed the ceiling allowed, the excess amount is refundable to the UGC. 按公平價值透過其他 全面收益列賬之財務 資產重估儲備 可供出售財務資 產重估儲備 配對撥款AFS Financial Assets Revaluation Reserve Financial Assets at FVOCI Revaluation Reserve General and Development Reserve Research Projects and Others Matching Grants Designated Donations Capital Funds Unspecified Donations Unrealised loss on equity securities at Fair Value through other Comprehensive income 32 17. 承諾捐款 PLEDGED DONATIONS 資本項目其他活動 之所得捐款之所得捐款 總計 Total 百萬元百萬元百萬元 $million $million $million 於2017年6月30日未兌現之款額514 172 686 Outstanding amount as at 30 June 2017 新增之承諾捐款0 275 275 New pledges 在本年度已收之捐款並於綜合全面收益表確認(附註a) 0 (19) (19) 在本年度已收之捐款並記入遞延收益賬項(附註14) (26) (61) (87) Amounts received during the year credited to Deferred Income (Note 14) 在本年度已收之捐款(26) (80) (106) Total amount received during the year 不需動用的承諾捐款0 (3) (3) Excess pledges not utilised 於2018年6月30日未兌現之款額(附註b) 488 364 852 Outstanding amount as at 30 June 2018 (Note b) 新增之承諾捐款50 1,005 1,055 New pledges 在本年度已收之捐款並於綜合全面收益表確認(附註a) 0 (3) (3) 在本年度已收之捐款並記入遞延收益賬項(附註14) (72) (33) (105) Amounts received during the year credited to Deferred Income (Note 14) 在本年度已收之捐款(72) (36) (108) Total amount received during the year 不需動用的承諾捐款0 0 0 Excess pledges not utilised 於2019年6月30日未兌現之款額466 1,333 1,799 Outstanding amount as at 30 June 2019 附註(a)： Note (a): 2019 2018 捐款收入百萬元百萬元 Donation Income $million $million 在本年度已收並於綜合全面收益表直接確認之承諾捐款 3 19 59 41 在本年度綜合全面收益表確認之捐款收入(第8頁) 62 60 附註(b)： Note (b): 於2018年6月30日，未兌現之款額中包括一筆一億五千萬元的捐款為興建一個仍待校董會批准的建設項目。 As at 30 June 2018, outstanding pledge included a donation of $150 million for a construction project pending approval by the Council. Total donation income recognised in Consolidated Statement of Comprehensive Income during the year (page 8) Amount of pledged donations received during the year and recognised directly in Consolidated Statement of Comprehensive Income Amount of pledged donations initially credited to Deferred Income and subsequently recognised in Consolidated Statement of Comprehensive Income during the year (Note 14) Donations for Other Activities Donations for Capital Projects Amount received during the year recognised in Consolidated Statement of Comprehensive Income (Note a) Amount received during the year recognised in Consolidated Statement of Comprehensive Income (Note a) 先記入遞延收益賬項並其後於本年度綜合全面收益表確認之承諾捐款(附註14) 33 18. 財務風險管理 FINANCIAL RISK MANAGEMENT 18.1 金融工具分類 CATEGORIES OF FINANCIAL INSTRUMENTS 2019 2018 百萬元百萬元 $million $million 財務資產 Financial Assets 貸款及應收款 Loans and Receivables 應收賬款及按金311 220 Accounts Receivable and Deposits 原到期日超過三個月之定期存款1,776 1,412 Bank Deposits with Original Maturity over Three Months 原到期日超過一年之定期存款385 0 Bank Deposits with Original Maturity over One Year 現金及等同現金656 257 Cash and Cash Equivalents 可供出售財務資產0 421 Available-for-Sale Financial Assets 按公平價值透過其他全面收益列賬之財務資產477 0 Financial Assets at Fair Value through Other Comprehensive income 按公平值透過收支記賬之財務資產6,593 6,354 Financial Assets at Fair Value through Income and Expenditure 持至到期日財務資產0 69 Held-to-Maturity Financial Assets 按攤銷成本計量之財務資產106 0 Financial Assets at Amortised cost 10,304 8,733 財務負債 Financial Liabilities 其他按攤銷成本入賬之財務負債 Other Financial Liabilities at Amortised Cost 應付賬款及應計費用640 342 Accounts Payable and Accruals 18.2 金融工具產生之風險18.2 RISKS ARISING FROM FINANCIAL INSTRUMENTS 集團活動承受各種財務風險：如市場風險(包括外匯 風險、利率風險及價格風險)、信貸風險及流動資金 風險。集團風險管理著重於控制因財務市場的不能預 計因素而引起的影響與及從外委聘專業顧問以求對本 集團財務表現的潛在負面影響減至最低。行政部門會 肩負起日常風險管理責任及定期監察集團面對的風 險。 The Group's activities expose it to a variety of financial risks: market risk (including foreign currency risk, interest rate risk and price risk), credit risk and liquidity risk. The Group's overall risk management focuses on controlling the impact arising from unpredictability of financial markets and seeks to minimise potential adverse effects on the Group's financial performance by engaging external professional advisors. The Administration assumes the day-to-day risk management responsibility and monitors regularly the risk exposures of the Group. 34 18. 財務風險管理(續) 18. FINANCIAL RISK MANAGEMENT (Cont'd) 18.2 金融工具產生之風險(續) 18.2 (a) 市場風險(a) Market risk (i) 外匯風險(i) Foreign currency risk (ii) 利率風險(ii) Interest rate risk The Group is exposed to foreign currency risks primarily arising from its United States dollars ("USD") denominated investments that are managed by investment managers. As HKD is pegged to the USD, the Group considers the risk from movements in exchange rates between the HKD and USD to be insignificant. 預期長遠而言貨幣波動對投資組合表現的影響較 少，因此正常情況下不會安排非美元貨幣的對 沖。我們將會定期對現有的貨幣風險管理政策進 行檢討，必要時或會進行對沖安排。 Since currency movements tend to have a much smaller impact on portfolio performance in the long run, no hedging for non-USD currency exposure will be arranged under normal circumstances. Such currency exposure management policy is subject to periodic review and hedging may be arranged when situation warrants. 於2019年6月30日，以港元、美元、人民幣及其 他幣值計值的金融資產值約分別佔總金融資產值 的26.1%(2018 年為19.7%) 、69.1%(2018 年為 77.4%) 、4.1%(2018 年為2.7%) 及0.7%(2018 年為 0.2%)。 As at 30 June 2019, the percentages of financial assets denominated in HKD, USD, RMB and other currencies to total financial assets were 26.1% (2018: 19.7%), 69.1% (2018: 77.4%), 4.1% (2018: 2.7%) and 0.7% (2018: 0.2%), respectively. 集團需承受由定期存款所產生的利率風險。因定 期存款通常在三個月至六個月內到期，所以其風 險不高。假設其他可變動項目保持不變，倘利率 上升或下跌五十個基點，集團截至2019年6月30 日止年度的盈餘會增加/ 減少約一千一百九十萬 元(2018年為七百四十萬元)。 The Group is exposed to interest rate risk in relation to its fixed deposits. As the fixed deposits usually mature within three to six months, the risk exposure is considered not material. If interest rates had been 50 basis points higher / lower, with all other variables held constant, the Group's surplus for the year ended 30 June 2019 would increase / decrease by approximately $11.9 million (2018: $7.4 million). 集團面對之外匯風險主要來自投資經理管理之美 元計值投資。但由於港元與美元掛鈎，集團預期 因港元與美元匯率變化而產生之風險不大。 RISKS ARISING FROM FINANCIAL INSTRUMENTS (Cont'd) 市場風險是因匯率、利率及股票價格等市場變數出現 變動而引致財務資產出現虧損的風險。本集團承受的 市場風險主要來自其持有的投資資金。本集團的投資 包括股本證券、債券、實物投資基金、對沖基金、私 人投資及定期存款。本集團的投資策略是審慎地投資 以保障本金及實現適當分散風險，同時在長遠期間取 得穩定回報及流動資金。本集團從外委聘顧問和投資 經理管理部分投資，也授權財務處管理定期存款及其 中一些定息工具。 Market risk represents the risk that the value of financial assets will decrease as a result of movements in market variables such as foreign currency exchange rates, interest rates and stock prices. The Group is exposed to market risk mainly through the investment funds it holds. The Group's investments comprise equities, debt securities, real assets investment funds, hedged funds, private investments and fixed deposits. The investment strategy of the Group is to invest prudently in order to preserve capital and achieve optimal risk diversification while generating a stable return over the long term and the required liquidity. The Group employs external advisors and investment managers to manage a portion of its investments, and delegates to the Finance Office of the University to manage fixed deposits and some of the fixed income instruments. 35 18. 財務風險管理(續) 18. FINANCIAL RISK MANAGEMENT (Cont'd) 18.2 金融工具產生之風險(續) 18.2 (a) 市場風險(續) (a) Market risk (Cont'd) (iii) 價格風險(iii) Price risk (b) 信貸風險(b) Credit risk (c) 流動資金風險(c) Liquidity risk 本集團的大部份負債到期日為結算日後半年內。管理 流動資金風險方面，本集團會監察及維持現金及現金 等值項目於充足的水平，以應付日常營運所需。 Most of the Group's liabilities are due within six months from the respective balance sheet date. To manage the liquidity risk, the Group monitors and maintains a level of cash and cash equivalents to fulfill the normal liquidity needs. 現金及等同現金和定期存款，均存放於獲國際信貸機 構給予投資級別或以上信貸評級之對手方。按攤銷成 本計量之財務資產、按公平價值透過其他全面收益列 賬之財務資產及按公平值透過收支記賬財務資產均評 為投資級別或以上。 Cash and cash equivalents and bank deposits are placed with counterparties with credit-ratings of investment grade or above assigned by international credit-ratings agencies. Financial assets at amortised cost, financial assets at fair value through other comprehensive income and financial assets at fair value through income and expenditure are rated investment grade or above. 集團並無過度集中信貸風險，因擁有多名對手方，可 分散風險。 The Group has no significant concentration of credit risk, with exposure spread over a number of counterparties. 倘訂約各方於結算日未能履行有關各類已確認金融資 產之責任，則本集團之信貸風險最高為於綜合資產負 債表所示資產的賬面值。 The Group's maximum exposure to credit risk in the event of the counterparties' failure to perform their obligations as at balance sheet date in relation to each class of recognised financial assets is the carrying amount of those assets as stated in the Consolidated Balance Sheet. 集團之主要財務資產為現金及等同現金、定期存款、 應收賬款、按攤銷成本計量之財務資產、按公平價值 透過其他全面收益列賬之財務資產及按公平值透過收 支記賬財務資產。 The Group's principal financial assets are cash and cash equivalents, bank deposits, accounts receivable, financial assets at amortised cost, financial assets at fair value through other comprehensive income and financial assets at fair value through income and expenditure. 集團之信貸風險主要來自應收賬款。於綜合資產負債 表內之金額為扣除呆賬準備後淨額，由集團管理層根 據過往經驗及經濟現況作出評估。 The Group's credit risk is primarily attributable to its accounts receivable. The amounts represented in the Consolidated Balance Sheet are net of allowances for doubtful receivable, estimated by the Group's management based on past experience and their assessment of the current economy. RISKS ARISING FROM FINANCIAL INSTRUMENTS (Cont'd) 集團面對之證券價格風險主要來自由投資經理所 管理的投資基金。證券價格風險會於不同市場、 行業及資產類別設定分散投資的方法來管理。於 2019年6月30日，若價格上升/ 下跌5%，在其他 所有變數維持不變的情況下，本集團截至2019年 6月30日止年度的盈餘將增加/ 減少約三億五千 三百五十萬元（2018年為三億三千八百八十萬 元）。 The Group is mainly exposed to securities price risk from its investments managed by investment managers. Securities price risk is managed by diversification of investments in different markets, sectors and assets types. At 30 June 2019, if the prices of the respective investments had been 5% higher / lower, with all other variables held constant, the Group's surplus for the year ended 30 June 2019 would increase/decrease by approximately $353.5 million (2018: $338.8 million). 36 18. 財務風險管理(續) FINANCIAL RISK MANAGEMENT (Cont'd) 18.3 資本管理 CAPITAL MANAGEMENT 本集團因應經濟情況的變化和其活動風險特徵來管理其資本結構並作出相應調整。 18.4 公平值估算 FAIR VALUE ESTIMATION (a) 以公允價值列賬的金融資產 Financial assets carried at fair value 以下列表提供於綜合資產負債表按公平值計量之本集團金融工具之分析，按下列公平值計量等級歸類：  相同資產或負債在活躍市場之報價(第一等級) Quoted prices in active markets for identical assets or liabilities (level 1)  除了第一等級所包括之報價外，該資產和負債之可觀察資料，可為直接或間接(第二等級）  資產和負債並非依據可觀察市場數據之資料(第三等級） Inputs for the asset or liability that are not based on observable market data (level 3) 第一等級第二等級第三等級總計 Level 1 Level 2 Level 3 Total 百萬元百萬元百萬元百萬元 $million $million $million $million 於2019年6月30日 As at 30 June 2019 按公平值透過收支記賬之財務資產4,253 1,913 427 6,593 Financial Assets at Fair Value through Income and Expenditure 按公平價值透過其他全面收益列賬之財務資產24 0 453 477 Financial Assets at Fair Value through Other Comprehensive Income 4,277 1,913 880 7,070 於2018年6月30日 As at 30 June 2018 按公平值透過收支記賬之財務資產4,996 1,176 182 6,354 Financial Assets at Fair Value through Income and Expenditure 可供出售財務資產24 0 396 420 Available-for-Sale Financial Assets 5,020 1,176 578 6,774 集團的資金由教資會基金、限制性基金及其他基金組成，該等基金是為著各樣指定目的而設立，並詳列於附註16內。集團的目標是保持足夠 資金以配合集團現在及將來營運支出需要。集團的整體策略如往年一樣維持不變。 The Group's funds consist of UGC Funds, Restricted Funds and Other Funds, which are set up for various designated purposes as described in note 16. It is the Group's objective to maintain sufficient funds to support the Group's current and future operating expenditure requirements. The Group's overall strategy remains unchanged from prior years. The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of its activities. The tables below provide an analysis of the Group's financial instruments that are measured at fair value in the Consolidated Balance Sheet, grouped by level of the following fair value measurement: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly (level 2) 37 18. 財務風險管理(續) FINANCIAL RISK MANAGEMENT (Cont'd) 18.4 公平值估算(續) FAIR VALUE ESTIMATION (Cont'd) 屬於第二等級財務工具的公允價值乃參考投資經理所提供之報告日價格而釐定, 並使用報告期末之匯率折算。 第三等級財務工具包括本集團及其投資經理所持有的非上市公司投資。 按公允值計算之第三等級財務工具於年內之變動如下： The movements of the Level 3 financial instruments measured at fair value during the year are as follows: 2019 2018 百萬元百萬元 $million $million 如先前呈列的6月30日之結餘578 467 Balance as at 30 June as originally reported 會計政策變動之影響(附註26) 57 0 Effect on change in accounting policy (Note 26) 重列的7月1日之結餘635 467 Balance as at 1 July as restated 購入214 95 Acquisitions 撇減0 (2) Disposals 已計入綜合全面收益表內淨盈利總額31 18 Net gains recognised in Consolidated Statement of Comprehensive Income 6月30日之結餘880 578 Balance as at 30 June 已計入綜合全面收益表內其他全面收益之淨(虧絀) / 盈利總額(1) (2) 已計入綜合全面收益表內利息及投資收入之淨盈利總額32 18 (b) 不以公允價值列賬的金融資產 Financial assets carried at other than fair value 賬面金額 Carrying 公允價值第一等級第二等級第三等級 amount Fair value Level 1 Level 2 Level 3 百萬元百萬元百萬元百萬元百萬元 $million $million $million $million $million 於2019年6月30日 At 30 June 2019 按攤銷成本計量之財務資產106 109 42 67 0 Financial Assets at Amortised cost 於2018年6月30日 At 30 June 2018 持有至到期日債務證券69 73 2 71 0 Held-to-maturity debt securities 可供出售財務資產1 Available-for-Sale Financial Assets 屬於第二級證券的公允價值乃參考知名金融市場資料提供者所提供之報告日價格而釐定，並使用報告期末之匯率折算。 The fair value of the financial instruments under Level 2 is determined by reference to the prices at the reporting date provided by the investment managers and have been translated using the foreign currency at the end of the reporting period where appropriate. 未能提供 Fair value measurements Not available The fair value of the securities under Level 2 is determined by reference to the prices at the reporting date provided by a well-known financial market data provider and have been translated using the foreign currency at the end of the reporting period where appropriate. 屬於第三等級財務工具的公允價值乃參考最近的交易價格以及參照類似實體市場價值並以現金流量折讓分析、盈利倍數和浄權益方法的金 融模型而釐定。 The fair value of the financial instruments under Level 3 is determined by reference to the recent transaction price, and financial models based on discounted cash flow analysis, earning multiple and net equity method with reference to market valuations for similar entities. Level 3 financial instruments includes investments in unlisted companies by the Group and its investment managers. Net (losses) /gains for the year included in Consolidated Statement of Comprehensive Income, under Other Comprehensive Income Net gains for the year included in Consolidated Statement of Comprehensive Income, under Interest and Investment Income 按公允價值計量 38 19. 承擔 COMMITMENTS 2019 2018 百萬元百萬元 $million $million (a) 資本承擔 Capital Commitments (i) 以下為未於財務報表作出準備之有關物業、機器及設備未履行的資本承擔： 已簽約894 867 Contracted for 已獲授權但尚未簽約3,128 2,838 Authorised but not contracted for 4,022 3,705 (ii) 以下為未於財務報表作出準備之有關財務資產未履行的資本承擔： 已簽約599 305 Contracted for 上述未履行承擔的資本來源： Funding support for the above outstanding capital commitments: 2019 2018 百萬元百萬元 $million $million 源自集團其他資本之金額 ─ 已確認為收入並留存於教資會基金之金額628 444 Amounts recognised as Income and retained in UGC Funds ─ 將會從限制性基金或其他基金中分配之金額2,417 1,953 Other amounts representing Restricted Funds or Other Funds to be allocated 已收取並反映於遞延收益於6月30日之金額1,063 69 Amounts received and reflected as Deferred Income as at 30 June 教資會已批准但未收到之撥款金額75 1,011 Amounts in respect of UGC Grants approved but not yet received 捐獻者承諾之金額438 533 Amounts pledged by donors 4,621 4,010 2019 2018 百萬元百萬元 $million $million (b) 營運租約之承擔 Operating Lease Commitments (i) 一年內15 14 In one year 第二至第五年內8 16 In the second to fifth years inclusive 23 30 (ii) 於6月30日，集團擁有不可撤銷營運租賃之日後最低租賃收入合共如下： 一年內1 1 In one year As at 30 June, the Group had future aggregate minimum lease income under non-cancellable operating leases as follows: As at 30 June, the Group had future aggregate minimum lease payments under non-cancellable operating leases payable as follows: Amounts to be financed by the Group's Resources 於6月30日，集團於不可撤銷營運租約之條款下所簽定之日後最低租賃付款合共如下： Outstanding capital commitments in respect of Property, Plant and Equipment not provided for in the financial statements were as follows: Outstanding capital commitments in respect of financial assets not provided for in the financial statements were as follows: 39 20. 大學校董會成員及校董會委員會成員於重要合約之權益及關聯方交易 20.1 重要合約 CONTRACTS OF SIGNIFICANCE 20.2 關聯方交易 RELATED PARTY TRANSACTIONS 於本年度內，本集團進行了下列重大關聯方交易： During the year, the Group entered into the following material related parties transactions: (a) 主要管理人員之酬金(註) Compensation of key management personnel (Note) 已包括在附註四 ─ 高收入員工薪酬內的主要管理人員之酬金如下： 2019 2018 百萬元百萬元 $million $million 薪金及其他短期僱員福利68 74 Salaries and other short-term employee benefits 離職後福利6 5 Post employment benefits 74 79 註： Note: (b) UNIVERSITY COUNCIL AND COUNCIL COMMITTEES MEMBERS' INTERESTS IN CONTRACTS OF SIGNIFICANCE AND RELATED PARTY TRANSACTIONS Below is the compensation of the key management personnel who have also been included in Note 4 - Remuneration of Higher Paid Staff: No contract of significance to which the University or any of its subsidiaries was a party and in which a Council member or a Council Committee member was materially interested, whether directly or indirectly, subsisted at the end of the year or at any time during the year. 校董會成員或校董會委員會成員概無在大學或其任何附屬公司於年結日或年度內任何時間仍然生效之 任何重大合約中直接或間接擁有重大權益。 No remunerations, fees or other emoluments were paid to or receivable by any Council members or Council Committees members (other than those executive members and elected staff members) in respect of their services to the Group during the year (2018: Nil). 主要管理人員為大學高級管理層，其主要職責包括檢討及審批對大學運作有影響的重要 行政政策，以及大學長遠發展的計劃及策略。 於年內，除行政成員及員工代表外，本集團並無就任何校董會成員或校董會委員會成員所提供 的服務而向其支付或彼等亦沒有為該等服務而有應收取之薪酬、袍金或其他酬金(2018年：無)。 Key management personnel represent senior management of the University whose primary responsibilities include the review and approval of major administrative policies affecting the University's operations, and long-term plans and strategies for the development of the University. 40 21. 附屬公司 SUBSIDIARIES 於2019年6月30日，大學之附屬公司如下： At 30 June 2019, the University's subsidiaries were as follows: 註冊地點 / 國家 Place / Country of Incorporation 直接持有間接持有 Direct Indirect 香港100% - 不活動 Hong Kong Dormant 香港科大地產有限公司香港100% - 不活動 HKUST Properties Limited Hong Kong Dormant 香港科大研究開發有限公司香港100% - Hong Kong 中華人民共和國- 100% HKUST R and D Corporation (Guangzhou) Limited 中華人民共和國- 100% 中華人民共和國- 100% 中華人民共和國100% - The HKUST Shenzhen Research Institute 香港- 100% Biotechnology Research Corporation Limited (Note) 附註： Note: 該公司正在進行自願清盤。 To engage in technology commercialisation including industrial contracting, licensing, incubation of start-up companies, property management and research and technical services, especially in Hong Kong and the Pearl River Delta Area. 生物科技研究有限公司(附註) 致力於生物科技研究和發展，及把 Hong Kong 生物科技結果商業化。 To engage in biotechnology research and development and commercialisation of biotechnology results. Station in Shenzhen, to facilitate the University's education, training, research, technology development and entrepreneurship activities in the Mainland. 香港科技大學深圳研究院立足深圳，協助大學在內地的教 育、培訓、研究、科技開發及創業 等。 People's Republic of China Station in Guangzhou (Nansha), to engage in technology innovation and development as well as entrepreneurship activities including startup incubation, and commercialisation of technologies developed in Clear Water Bay and Nansha campuses, as well as training of management and technology personnel. 廣州香港科大研究開發有限公司 People's Republic of China 擁有股權 附屬公司 of Issued / Registered Capital Nominal Value Proportion of The company is in the process of voluntary liquidation. Hong Kong University of Science and Technology R and D Corporation Limited 主要活動 Principal Activity 廣州市香港科大霍英東研究院 香港科技大學持續進修學院有限公司 著重於香港及珠江三角洲地區，致 力於科技的商業化：包括工業合 同、技術授權、新公司孵化，物業 管理以及其它研究及技術服務。 HKUST College of Lifelong Learning Limited Subsidiary Held by the University 港科大研究開發(深圳)有限公司 立足廣州南沙，致力於科技創新及 開發，以及各項創業活動：包括新 公司孵化、將大學於清水灣校區與 南沙校區內所開發的科技商業化， 以及管理人員和科技人才的培訓。 Guangzhou HKUST Fok Ying Tung Research Institute People's Republic of China People's Republic of China HKUST R and D Corporation (Shenzhen) Limited To provide To provide provide 41 22. 結算日後事項 POST BALANCE SHEET EVENT After the year end, the Group received donations totalling $1,147 million and $600 million from the Government's Eighth Matching Grant Scheme. The Group also secured over $500 million in new pledges. 集團於年底之後收到總額為十一億四千七百萬元的捐款及從政府第八期配對補助金計劃中獲得六億元款項。集團還獲得了超過五億元的 新增承諾捐款。 42 23. 主要會計估計及判斷23. 物業、機器及設備之折舊及電腦軟件之攤銷 投資估值 The fair values of financial instruments traded in active markets are based on quoted bid prices at the balance sheet date. The fair values of financial instruments that are not traded in an active market are determined using established valuation techniques. The Group uses its judgement to select valuation methods and pricing sources to make assumptions that are mainly based on market conditions existing at the end of each reporting period. 在活躍市場買賣的金融工具之公平值根據結算 日的市場報價列賬。沒有活躍市場買賣的金融 工具，其公平值根據既定的估值技術釐定。本 集團利用判斷選取估值方法及定價來源，並主 要根據每個報告期末當時的市場情況作出假 設。 Depreciation of property, plant and equipment and amortisation of computer software 本集團以預計使用年限計算物業、機器及設備 之折舊及電腦軟件之攤銷。如原先估計之使用 年限未能與事實相符，管理層會修訂其折舊或 攤銷率。 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In determining the carrying amounts of some assets and liabilities, the Group makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. These estimates involve assumptions about such items as risk adjustment to cash flows or discount rates used, future changes in salaries and future changes in prices affecting other costs. The Group's estimates and assumptions are based on historical experience and expectations of future events and are reviewed periodically. In addition to assumptions and estimations of future events, judgements are also made during the process of applying the Group's accounting policies. The Group determines the estimated useful lives for related depreciation charges for property, plant and equipment and amortisation of computer software. Management will revise the depreciation or amortisation charges where useful lives are different to previously estimated. 在釐定部分資產和負債的賬面金額時，集團就 不確定的未來事件對於資產負債表日該等資產 和負債的影響作出了假設。這些估計涉及對現 金流量風險調整或貼現率、未來薪金變動和影 響其他成本的價格未來變動的假設。集團根據 過去的經驗和對未來事件的預計作出估計和假 設，並定期覆檢。除對未來事件的假設和估計 外，集團採用會計政策時亦需要作出判斷。 Valuation of investments 43 24. 主要會計政策24. PRINCIPAL ACCOUNTING POLICIES 24.1 採納新訂 / 經修訂香港財務報告準則24.1 Adoption of new / revised HKFRS ─ 金融工具─ HKFRS 9 ─ ─ HKFRS 15 截至2019年6月30日止年度，本集團已採用所 有經已於2018年1月1日或以後開始之年度期間 生效及與本集團營運有關之新訂及經修訂準 則及修訂。 For the year ended 30 June 2019, the Group has adopted all the new and revised standards and amendments to HKFRS that are effective for the accounting periods beginning on or after 1 January 2018 and relevant to the operations of the Group. 本集團已評估採納上述修訂後之影響，認為 無論對集團之業績及財務狀況或會計政策及 財務報表的呈列，均無任何重大影響，除下 列準則外: The Group has assessed the impact of the adoption of these amendments and considered that there was no significant impact on the Group's results and financial position nor any substantial changes to the Group's accounting policies and presentation of the financial statements, except for the following standards: 香港財務報告準則第9號Financial Instruments 採納此兩項準則之影響已列於附註26。The effect on adoption of these two standards is summarised in note 26. 本集團於編製財務報表時所採用之主要會計 政策載列如下。除另有說明外，該等政策於 所有呈列之年度內一直貫徹採用。 The principal accounting policies applied in the preparation of the financial statements of the Group are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. 香港財務報告準則第15號Revenue from Contracts with Customers 客戶合同收 入 44 24. 主要會計政策(續) 24. 24.2 綜合基準24.2 Basis of Consolidation 24.3 於聯營公司及合營安排之權益24.3 PRINCIPAL ACCOUNTING POLICIES (CONT'D) 本集團與其聯營公司之間交易的未實現收益 按集團在聯營公司權益的數額對銷。除非交 易提供所轉讓資產減值之憑證，否則未實現 虧損亦予以對銷。聯營公司的會計政策已按 需要作出改變，以確保與本集團採用的政策 符合一致。 Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group's interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. 綜合財務報表包括截至每年6月30日大學及受 大學控制之個體的財務報表。 The consolidated financial statements include the financial statements of the University and entities controlled by the University made up to 30 June each year. 附屬公司指本集團對其具有控制權的所有主 體(包括結構性主體)。當本集團因為參與該主 體而承擔可變回報的風險或享有可變回報的 權益，並有能力透過其對該主體的權力影響 此等回報時， 本集團即控制該主體。附屬公 司在控制權轉移至本集團之日起合併入賬。 附屬公司在控制權終止之日起停止合併入 賬。 A subsidiary is an entity (including a structured entity) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. 如有需要，會對附屬公司的財務報表作出調 整，使其會計政策與集團其他成員公司所使 用的會計政策保持一致。 Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by other members of the Group. 集團內部所有重大交易及結餘均在綜合賬內 抵銷。 All significant intercompany transactions and balances within the group are eliminated on consolidation. 聯營公司指本集團可對其政策決定作重要影 響之機構，而該機構又不屬於集團之附屬公 司或於合資企業權益。 An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. 聯營公司之業績、資產及負債以權益會計法 列入綜合財務報表。聯營公司權益按成本值 列入綜合資產負債表，其後會就收購後集團 應佔聯營公司之淨資產作出調整，並扣除投 資減值虧損入賬。 The results and assets and liabilities of an associate are incorporated in the consolidated financial statements using the equity method of accounting. Interest in an associate is carried in the Consolidated Balance Sheet at cost as adjusted by post-acquisition changes in the Group's share of the net assets of the associate, less any impairment loss. Interest in an Associate and a Joint Arrangement 45 24 主要會計政策(續) 24 24.3 於聯營公司及合營安排之權益(續) 24.3 24.4 物業、機器及設備24.4 Property, Plant and Equipment 24.5 無形資產24.5 Intangible Assets 電腦軟件Computer software 所購入電腦軟件之成本按購入及使用該特定軟件 所產生的成本為基準資本化，並按成本減累計攤 銷於綜合資產負債表列賬。 Computer software costs are capitalised on the basis of the costs incurred to acquire and bring to use the specific software and are stated in the Consolidated Balance Sheet at cost less accumulated amortisation. 物業、機器及設備項目會在出售後或預期繼續使 用該資產將不會帶來未來經濟利益時刪除確認。 從資產刪除產生之收益或虧損，相當於所得收款 與該資產賬面值的差額於綜合全面收益表內確 認。 除在建工程外，物業、機器及設備的折舊乃根據 其成本扣除剩餘估值後，按估計可使用年期以直 線折舊方法計算。折舊從資產可供使用的月份起 計提。 Depreciation of property, plant and equipment, other than construction in progress, is calculated using the straight-line method to allocate their costs, net of the residual values, if any, over the estimated useful lives. Depreciation is charged from the month when the asset is ready for use. Amortisation of computer software is charged to the Consolidated Statement of Comprehensive Income on a straightline basis over the assets' estimated useful lives. Amortisation is charged from the month when the asset is ready for use. 開發中的電腦軟件在備用前並不計算攤銷。Computer software under development is not amortised until ready for use. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising from derecognition of an asset, representing the difference between the sales proceeds and the carrying amount of that asset is recognised in the Consolidated Statement of Comprehensive Income. 電腦軟件之攤銷乃以直線法按資產估計可使用年 期於綜合全面收益表中扣除。攤銷從資產可供使 用的月份起計提。 在建工程按成本值減去任何已確認之減值虧損入 賬及至工程完竣後才攤銷折舊。完竣工程成本將 轉撥至適當之物業、機器及設備分類。 Construction in progress is stated at cost less any identified impairment loss and is not depreciated until completion of construction. Cost of completed construction works is transferred to appropriate categories of property, plant and equipment. PRINCIPAL ACCOUNTING POLICIES (CONT'D) Interest in an Associate and a Joint Arrangement (Cont'd) A joint arrangement is an arrangement of which two or more parties have joint control and over which none of the participating parties has unilateral control. Investments in joint arrangements are classified either as joint ventures or joint operations, depending on the contractual rights and obligations each party has. Joint ventures arise where the participating parties have rights to the net assets of the arrangement. A joint venture partner accounts for an investment in such an arrangement using the equity method. The equity method records the initial investment at cost which is adjusted periodically to reflect the changes in value due to the share of the joint venture's performance. Joint operations arise where the participating parties have specific rights and obligations under the arrangement to the assets and liabilities of an arrangement. Each participating party accounts for the assets, liabilities, revenues and expenses relating to its own rights and obligations to the joint operation in accordance with the HKFRSs applicable to the particular assets, liabilities, revenues and expenses. 除在建工程外，物業、機器及設備按成本值減累 積折舊及累積減值後入賬。 Property, plant and equipment, other than construction in progress, are stated at cost less accumulated depreciation and accumulated impairment losses. 合營安排乃兩個或以上合作方聯合控制之一項安 排，參與各方均無單方面控制權。合營安排之投 資，以每位參與者擁有之合約權益與責任分類為 合資企業或合作經營。若參與各方於一項安排中 擁有其資產淨值之權利，則構成合資企業。合資 企業夥伴使用權益會計法確認該安排之投資。權 益會計法按成本記錄初始投資，並定期調整以反 映因合營企業業績而產生的相關價值變動。若參 與各方於一項安排中擁有其資產之特定權利及其 負債之特定責任，則構成合作經營。每位參與者 根據適用於特定資產、負債、收入及開支的香港 財務報告準則確認其合作經營權益有關的資產、 負債、收入及開支。 46 24. 主要會計政策(續) 24. PRINCIPAL ACCOUNTING POLICIES (CONT'D) 24.6 財務資產24.6 Financial Assets Policies applied from 1 July 2018 － see note 26(a)(ii) Policies applied prior to 1 July 2018: (a) 貸款及應收款(a) Loans and receivables (b) 持至到期日投資(b) Held-to-maturity investments 於其後報表日，集團計劃及有能力持至 到期日的債務證券(持至到期日的債務證 券)，是按攤銷成本以實際利率法釐定， 減去減值虧損所代表之不可收回值。倘 有客觀證據顯示資產出現減值虧損則於 綜合全面收益表中確認。獲確認之減值 乃根據投資之賬面金額與按於初步確認 時計算之實際利率折算之估計未來現金 流量現值之間的差額而釐定。如其後出 現已確認減值之投資可收回升值金額， 則將予以回撥，惟回撥後之賬面金額不 能多於此減值虧損之前已確認攤銷之成 本值。 At subsequent reporting dates, debt securities that the Group has the intention and ability to hold to maturity (held-to-maturity debt securities) are measured at amortised cost using the effective interest rate method, less any impairment loss recognised to reflect irrecoverable amounts. An impairment loss is recognised in the Consolidated Statement of Comprehensive Income when there is objective evidence that the asset is impaired, and is measured as the difference between the investment's carrying amount and the present value of estimated future cash flows discounted at the effective interest rate at initial recognition. Impairment losses are reversed in subsequent periods when an increase in the investment's recoverable amount can be related objectively to an event occurring after the recognition of the impairment loss, subject to the restriction that the carrying amount of the investment at the date the impairment is reversed shall not exceed what the amortised cost would have been had the impairment not been recognised. Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturities where the Group has the positive intention and ability to hold to maturity. They are included in noncurrent assets unless they mature within 12 months from the balance sheet date. 自2018年7月1日起應用之政策－ 參見附 註26(a)(ii) Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the balance sheet date, which are classified as non-current assets. Bank deposits are treated as loans and receivables and are disclosed as bank deposits or cash and cash equivalents. Loans and receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. 持至到期日投資為有固定或可釐定付款 以及固定到期日的非衍生財務資產，而 集團有明確意向及能力持有至到期日。 除非該項投資在結算日後十二個月內到 期，否則此等資產列在非流動資產內。 於2018年7月1日前應用之政策： 本集團將其財務資產投資分類如下：貸 款及應收款、持至到期日投資、按公平 值透過收支記賬之財務資產及可供出售 財務資產。分類方式視乎購入投資目的 而定。管理層在初步確認時釐定其投資 的分類，並於每個報告日期重新評估有 關指定。 The Group classifies its financial assets in the following categories: loans and receivables, held-to-maturity investments, financial assets at fair value through income and expenditure and available-for-sale financial assets. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition and re-evaluates this designation at every reporting date. 貸款及應收款為有固定或可釐定付款且 沒有在活躍市場上報價的非衍生財務資 產。此等款項包括在流動資產內，但到 期日由結算日起計超過十二個月者，則 分類為非流動資產。銀行存款視作貸款 及應收款項處理，以銀行存款或現金及 等同現金項目名義列賬。貸款及應收款 初始按公允價值確認其後利用實際利率 法按攤銷成本剔除減值列賬。 47 24. 主要會計政策(續) 24. PRINCIPAL ACCOUNTING POLICIES (CONT'D) 24.6 財務資產(續) 24.6 Financial Assets (Cont'd) (c) (c) (d) 可供出售財務資產(d) Available-for-sale financial assets 常規投資買賣於交易日確認 ─ 交易日指 本集團承諾買賣該資產之日期。按公平 值透過收支記賬的財務資產初步按公平 值確認，而交易費用則在綜合全面收益 表支銷。所有其他財務資產初步按公平 值加交易費用確認。可供出售財務資產 其後按公平值列賬。 Regular way purchases and sales of investments are recognised on the trade-date – the date on which the Group commits to purchase or sell the financial assets. Financial assets carried at fair value through income and expenditure are initially recognised at fair value and transaction costs are expensed in the Consolidated Statement of Comprehensive Income. All other financial assets are initially recognised at fair value plus transaction costs. Available-for-sale financial assets are subsequently carried at fair value. 此類別為開始時指定按公平值透過收支 記賬之財務資產，包括上市及非上市股 權證券及債券。在首次確認後之每個結 算日，此等金融資產按公平價值列賬。 而其因公允值變動引致的收益或虧損列 入當期之綜合全面收益表中。除非管理 層有意在結算日後十二個月內出售該項 投資，否則此等資產列在非流動資產 內。 This category comprises financial assets designated at fair value through income and expenditure at inception. Assets in this category include listed and unlisted equity securities and debt securities. At the end of the reporting period subsequent to initial recognition, these financial assets are carried at fair value. Gains and losses arising from changes in fair value are recognised in the Consolidated Statement of Comprehensive Income. They are included in noncurrent assets unless management intends to dispose of the investments within 12 months from the balance sheet date. 可供出售財務資產為被指定為此類別或 並無分類為任何其他財務資產類別的非 衍生工具。除非管理層有意在結算日後 十二個月內出售該項投資，否則此等資 產列在非流動資產內。 Available-for-sale financial assets are non-derivatives that are either designated in this category or not classified under other financial assets categories. They are included in noncurrent assets unless management intends to dispose of the investments within 12 months from the balance sheet date. Unrealised gains and losses arising from changes in the fair value of available-for-sale financial assets are recognised in equity. When investments classified as available-for-sale are sold or impaired, the accumulated fair value adjustments are included in the Consolidated Statement of Comprehensive Income as gains and losses from investment. 可供出售財務資產之公平值變動產生之 未變現盈虧，於權益中確認。倘分類為 可供出售之證券售出或減值時，累計公 平值調整列入綜合全面收益表作為投資 證券的盈虧。 按公平值透過收支記賬之財務資 產 Financial assets at fair value through income and expenditure 48 24. 主要會計政策(續) 24. PRINCIPAL ACCOUNTING POLICIES (CONT'D) 24.6 財務資產(續) 24.6 Financial Assets (Cont'd) (d) 可供出售財務資產 (續) (d) Available-for-sale financial assets (Cont'd) 24.7 應收賬款24.7 24.8 存貨24.8 Inventories Accounts receivable Accounts receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less allowances for expected credit losses. The Group measured the loss allowance for its accounts receivables at an amount equal to the lifetime expected credit losses. Appropriate allowance for estimated irrecoverable amounts are recognised in the Consolidated Statement of Comprehensive Income when there is objective evidence that the asset is impaired. 應收賬款初始按公平值確認，其後採用 實際利率法按攤銷成本計量，並減去預 期信用損失準備。本集團按其等於終身 預期信用損失的金額計量其應收賬款的 損失準備。當有客觀證據表明資產已減 值時，估計不可收回金額的適當撥備在 綜合全面收益表中確認。 自籌資金業務持作轉售之存貨按成本或 可變現淨值兩者較低者入賬。成本以加 權平均法計算。 Inventories held for resale in respect of self-financing operations are valued at the lower of cost and net realisable value. Cost is calculated using the weighted average method. 本集團在每個結算日評估是否有客觀證 據證明某項財務資產或某組財務資產經 已減值。對於分類為可供出售的股權證 券，在釐定證券是否已經減值時，會考 慮證券公平值有否大幅或長期跌至低於 其成本值。若可供出售財務資產存在此 等證據，累計虧損 ─ 計算為購買成本與 當時公平值的差額減去該財務資產之前 在綜合全面收益表確認的任何減值虧損 ─ 從自權益中剔除並在綜合全面收益表 記賬。在綜合全面收益表確認的股權工 具減值虧損不會透過綜合全面收益表撥 回。 The Group assesses at each balance sheet date whether there is objective evidence that a financial asset or a group of financial assets is impaired. In the case of equity securities classified as available-for-sale, a significant or prolonged decline in the fair value of the security below its cost is considered an indicator that the securities are impaired. If any such evidence exists for available-for-sale financial assets, the cumulative loss – measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial assets previously recognised in the Consolidated Statement of Comprehensive Income – is removed from equity and recognised in the Consolidated Statement of Comprehensive Income. Impairment losses recognised in the Consolidated Statement of Comprehensive Income on equity instruments are not reversed through the Consolidated Statement of Comprehensive Income. 49 24. 主要會計政策(續) 24. PRINCIPAL ACCOUNTING POLICIES (CONT'D) 24.9 現金及等同現金24.9 Cash and cash equivalents 24.10 24.10 24.11 撥備24.11 Provisions 集團因過往事件招致現行責任，可能需 要償還債務。在此情況下，集團需要撥 備確認負債。撥備款額由管理層於結算 日對責任所需作出最適當估計。倘屬重 大影響，以貼現現值計算。 Provisions are recognised when the Group has a present obligation as a result of a past event, and it is probable that the Group will be required to settle that obligation. Provisions are measured at management's best estimate of the expenditure required to settle the obligation at the balance sheet date, and are discounted to present value where the effect is material. Contract liabilities primarily relate to the advance consideration received from customers, where the Group has the unconditional right to considerations before the goods or services are delivered. They are released and revenues are recognised when the performance obligations are satisfied upon transferring of goods and services to customers. 應付賬款,應計費用,遞延收益及合約負 債 Accounts payable, accruals, deferred income and contract liabilities 應付賬款及應計費用及遞延收益初步按 公平值計算，日後按使用實際利率法計 算的已攤銷成本列賬。 Accounts payable and accruals and deferred income are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method. 合約負債主要與從客戶收取的預付代價 有關，而本集團在商品或服務交付前擁 有無條件的代價權。它們被釋放，並且 在向客戶轉移商品和服務時履行履約義 務時確認收入。 現金及等同現金包括存於銀行之手頭現 金及原到期日為三個月或以下之活期存 款。 Cash and cash equivalents comprise cash on hand and deposits available on demand with an original maturity of 3 months or less. 50 24. 主要會計政策(續) 24. 24.12 減值24.12 Impairment 24.13 遞延資本基金24.13 Deferred Capital Funds PRINCIPAL ACCOUNTING POLICIES (CONT'D) Deferred Capital Funds represent funds from subventions and grants or donations spent by the Group on the purchase of property, plant and equipment as well as intangible assets. These funds are recognised as income in the Consolidated Statement of Comprehensive Income to match against the depreciation charges of the related asset items over their estimated useful lives. 遞延資本基金為本集團用於購置物業、 機器和設備以及無形資產之資助及撥款 或捐款款項。此資本基金於有關資產的 估計可使用年期內按每年折舊支出額入 賬於綜合全面收益表。 在每年結算日，集團會審查資產的賬面 值，確定資產有沒有出現減值虧損跡 象。若估計資產的可收回金額較賬面值 為低，則須將賬面值調低至可收回金 額。而所產生的減值虧損會即時確認在 綜合全面收益表。 At each balance sheet date, the Group reviews the carrying amounts of its assets to determine whether there is any indication that those assets have suffered an impairment loss. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised in the Consolidated Statement of Comprehensive Income immediately. 倘若所作出的減值虧損於其後撥回，資 產的賬面值會調高至重估的可收回金額 ，惟調高後之可收回金額不可多於資產 於以前年度未有減值虧損的賬面值。所 回撥的減值虧損會即時確認為收入。 Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, such that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. 51 24. 主要會計政策(續) 24. 24.14 收入確認24.14 Recognition of Income (a) 政府資助及撥款(a) Government subventions and grants (b) 捐款(b) (c) 學費、課程及其他收費(c) (d) 利息收入(d) Interest income PRINCIPAL ACCOUNTING POLICIES (CONT'D) Subvention and grants spent on capital expenditure are initially recorded as Deferred Capital Funds and recognised as income to match against the depreciation charges of the related asset items over their estimated useful lives. Tuition, programmes and other fees 學費、課程及其他收費於提供服務，及 於學生同時收取及享用集團提供之利益 時隨時間確認。學費、課程及其他收費 按應計制確認。預繳學費包括在合約負 債內。 Tuition, programmes and other fees are recognised over time when the services are rendered and the Group's performance provides the benefits received and consumed simultaneously by the students. Tuition, programmes and other fees recognised on an accrual basis and unearned fees are included in contract liabilities. 財務資產的利息收入以時間基準按結存 金額及適用利率計算。適用利率即按財 務資產預計於可使用年期內收取之估計 未來現金款項折算至該資產賬面淨值之 利率。 Interest income from a financial asset is accrued on a time basis, by reference to the principal outstanding and at the interest rate applicable, which is the rate that exactly discount the estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount. 有指定用途的撥款會按於報告期間內所 產生之開支確認為收入。 Grants earmarked for specific purposes are recognised as income to the extent of the related expenses are incurred during the reporting period. 指定用途之捐款按於報告期間內所產生 之開支確認為收入。 Donations received with a specific purpose are recognised as income to the extent of the related expenditure incurred during the reporting period. Donations 無條件的現金捐款或等同現金之捐款或 其他投資工具捐贈於收取或應收取時確 認為收入。除非本集團能確立捐贈人有 法定義務實現所許下的承諾，否則未兌 現的承諾捐獻不會確認為收入。 Donations without conditions in cash or cash equivalents or other investment instruments are recognised as income when received or receivable. Outstanding pledges are not recognised as income unless a legal obligation on the donor can be established by the Group. 當本集團能合理地確定將會收取到政府 之資助及撥款和可遵守其所附帶之條件 時，就會在綜合全面收益表確認入賬。 Government subventions and grants are recognised in the Consolidated Statement of Comprehensive Income when there is reasonable assurance that the Group will comply with the conditions attaching to them; and that the subventions and grants will be received. 用於資本性開支的資助及撥款最初會記 錄在遞延資本基金賬下，然後於有關資 產的估計可使用年期內按每年折舊支出 額入賬於綜合全面收益表。 52 24. 主要會計政策(續) 24. 24.14 收入確認(續) 24.14 Recognition of Income (Cont'd) (e) 研究合約收入(e) Research contract income (f) 特許權收入(f) Licensing income PRINCIPAL ACCOUNTING POLICIES (CONT'D) Licencing income is recognised upon assignment of the licence / patent or on a straight line basis over the period of the licence / patent granted. From 1 July 2018, licensing income is recognised on a straight line basis over the contract period when a customer is granted with a right to access the patents as it exists throughout the licence period. Alternatively, licensing income is recognised at a single point in time upon delivery of the patents when a customer is provided with a right to use the patents as it exists at the point in time at which the licence is granted. 自2018年7月1日起，當客戶獲授予權利 於專利權利存在的整段許可期間取用有 關專利權利時，特許權收入即於合約期 間以直線法計算確認入賬。另一方面， 當客戶獲提供權利使用於授予許可的單 一時點存在的專利權利時，特許權收入 即於交付專利的有關時點入賬。 當研究合約的結果可被準確預測，其收 益將基於已完成的百分比確認入賬；當 其結果不能被準確預測，直至在項目完 成及當阻礙準確預測項目結果的不確定 因素不再存在前，其收益將按已發生而 預期可收回的支出數額確認入賬。 Income from contract research, whose outcome can be reliably estimated, is recognised based on the percentage of completion. Where the outcome of the contract research projects cannot be reliably estimated, project income is recognised to the extent of the expenses incurred that are expected to be recoverable until the completion of projects when the uncertainties that prevent reliable estimation of the outcome of the projects no longer exist. 自2018年7月1日起，研究合約的收益需 參考履行履約責任的進展於合同期間確 認。履行履約責任的進展乃根據本集團 的努力或履行履約責任的投入，並參考 截至報告期末所產生的開支佔每份合約 估計總成本的百分比來計量。 From 1 July 2018, income from contract research is recognised over the period of the contract by reference to the progress towards complete satisifaction of that performance obiligation. The progress towards complete satisfaction of the performance obligation is measured based on the Group's efforts or inputs to the satisfaction of the performance obligation, by reference to the expenses incurred up to the end of reporting period as a percentage of total estimated costs for each contract. 特許權收入則在簽署特許權 / 專利時或 在特許權 / 專利生效期間以直線法計算 確認入賬。 53 24. 主要會計政策(續) 24. PRINCIPAL ACCOUNTING POLICIES (CONT'D) 24.15 營運租約24.15 Operating Leases (a) 集團為出租者(a) The Group as lessor (b) 集團為承租者(b) The Group as lessee 24.16 退休福利開支24.16 Retirement Benefits Costs 24.17 外幣24.17 Foreign Currencies (a) (a) 來自營運租約的租金收入在有關租約年 期內按直線基準確認。 根據營運租約應付之租金以直線基準按 有關租約之年期於綜合全面收益表內列 賬。作為訂立營運租約誘因之已收及應 收利益，亦按直線基準於有關租約年期 分攤。 Rentals payable under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight-line basis over the term of the relevant lease. Benefits received and receivable as an incentive to enter into an operating lease are also spread on a straight-line basis over the lease term. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Consolidated Statement of Comprehensive Income. 外幣交易乃按交易當日的現行匯 率換算為功能貨幣。因上述交易 結算而產生的匯兌損益，以及因 按年終匯率兌換以外幣列值的貨 幣資產及負債而產生的匯兌損益 ， 一概於綜合全面收益表內確 認。 為界定供款退休計劃所支付之款項，於 僱員作出供款所須之服務後列入綜合全 面收益表。 Payments to defined contribution retirement benefit plans are recognised in the Consolidated Statement of Comprehensive Income when employees have rendered service entitling them to the contribution. 本集團各實體的財務報表內所包括的項 目，乃按該實體經營所在的主要經濟環 境的貨幣(「功能貨幣」)計算。本綜合 財務報表以港幣呈列，而本集團的呈報 貨幣均為港幣。 Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates ("the functional currency"). The consolidated financial statements are presented in Hong Kong dollars, which is the Group's presentation currency. 54 Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. 24. 主要會計政策(續) 24. PRINCIPAL ACCOUNTING POLICIES (CONT'D) 24.17 外幣(續) 24.17 Foreign Currencies (Cont'd) (b) (b)     24.18 分部報告內的教資會資助及非教資會資 24.18 助活動的成本分攤 編制分部報告以符合2018年7月1日起生 效的《教資會資助與非教資會資助活動 的成本分攤指引》（ 「成本分攤指 引」），有關教資會活動、非教資會活 動或共享活動的成本已被確定。可直接 歸於教資會或非教資會活動的成本不會 進行成本分攤，而共享活動的成本將按 照活動類別分攤至教資會及非教資會分 部。為了達致分攤成本的目的，共享活 動的成本將使用適當的成本驅動因素來 分攤至教資會和非教資會分部，此等成 本驅動因素包括使用教資會和非教資會 課程的學分，相當於全日制學生人數及 建築面積等。有關捐款資助的成本，會 被視為直接成本，並歸納於非教資會分 部。 Cost Allocation for UGC-funded and non-UGC funded activities for segment reporting In compiling the segment reporting for compliance with the Cost Allocation Guidelines for UGC-funded and non-UGC-funded Activities ( “ the Guidelines ” ) effective from 1 July 2018, costs associated with UGC activities, non-UGC activities or shared activities are identified. Costs directly attributable to UGC or non-UGC activities are not subject to cost allocation. Shared costs are allocated to UGC and non-UGC segments using appropriate cost drivers including teaching credits of UGC and non-UGC programmes, the number of student Full Time Equivalents (FTE), floor area, etc.. Costs funded by donations are regarded as direct costs and reported under the Non-UGC Segment. 各全面收益表內的收入及開支均 按平均匯率換算(除非該平均匯率 並非交易當日現行匯率累計影響 的合理估計，遇有這種情況，收 入及開支概於交易當日的匯率換 算)；及所有因此而產生的匯兌差 額確認為個別組成部分之權益。 Income and expenditure for each Statement of Comprehensive Income are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at exchange rates at the dates of the transactions); and all resulting exchange differences are recognised as a separate component of equity. 於各結算日在各資產負債表內呈 列的資產及負債均按該結算日的 收市匯率換算。 Assets and liabilities for each Balance Sheet presented are translated at the closing rate at the date of that Balance Sheet. The results and financial position of all Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: 所有功能貨幣與呈報貨幣不一的 集團實體(各實體均無極高通賬經 濟地區的貨幣)，其業績及財務狀 況均以下列方式換算為呈報貨 幣： 55 25. 香港會計準則第1號及香港會計準則第8號(修訂) 重大的定義2 Amendments to HKAS 1 and HKAS 8 香港會計準則第28號(修訂) 於聯營和合營企業的長期權益1 Amendments to HKAS 28 香港(國際財務報告解釋公告)第23號 所得稅處理的不確定性1 HK (IFRIC) 23 香港財務報告準則第9號(修訂) 帶有負補償特性之預付款項1 Amendments to HKFRS 9 香港財務報告準則第16號租賃1 HKFRS 16 投資者與其聯營或合營企業之間的資產出售或注資3 香港財務報告準則之改進1 1 於2019年1月1日或以後開始之年度期間生效。 Effective for accounting periods beginning on or after 1 January 2019. 2 於2020年1月1日或以後開始之年度期間生效。 Effective for accounting periods beginning on or after 1 January 2020. 3 生效日期待定。 Effective date to be determined. 香港財務報告準則第16號「租賃」 HKFRS 16, “Leases” Improvements to HKFRSs1 管理層現正就以上新公佈之準則、修訂及詮釋對集團之影響作出評估，其中對香港財務報告準則第16號初步的評估詳 情如下。 Management is currently assessing the impact of the above new standards, amendments and interpretations on the Group's financial statements, in which the preliminary assessment of HKFRS 16 is detailed below. Uncertainty over Income Tax Treatments1 香港財務報告準則第16號對集團於2019年7月1日或以後開始之年度之財務報表屬強制性。集團現時計劃由2019年7月1 日起採納此新準則。 HKFRS 16 is mandatory for the Group's financial statements for accounting periods beginning on or after 1 July 2019. The Group currently plans to adopt this new standard from 1 July 2019. POSSIBLE IMPACT OF NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS PUBLISHED THAT ARE NOT YET EFFECTIVE 本集團於此財務報表並無提早應用以下已頒佈但尚未生效，並與其運作有關之新訂及經修訂準則、修訂及詮釋。 The Group has not early adopted the following new standards, amendments, and interpretations which have been issued and are relevant to its operations but are not yet effective, in these financial statements:- Definition of Material2 Long-term Interests in associates and joint venture1 Prepayment Features with Negative Compensation1 Leases1 香港財務報告準則第10號及香港會計準則第28號 (修訂) Amendments to HKFRS 10 and HKAS 28 Sale and Contribution of Assets between an Investor and its Associate or Joint Venture3 2015至2017年週期年度改進 Annual Improvements 2015-2017 Cycle 56 已公佈但尚未生效的新準則、修訂和詮釋的潛在影響 25. 除此，並沒有已頒布但尚未生效，且預期於首次應用後會對集團之財務狀況及 / 或財務表現有重大影響之其他準則。 於2019年6月30日，集團擁有不可撤銷營運租約之承擔金額為二千三百萬元[見附註19(b)(i)] 。一旦採納香港財務報告 準則第16號，該等款項部分可能須確認為租賃負債，並確認相應的有使用權之資產。集團正在評估此等變動將導致確 認一項資產及就未來付款之一項負債的程度，以及採納香港財務報告準則第16號將如何影響集團之盈餘及現金流之分 類。 As at 30 June 2019, the Group has non-cancellable operating lease commitments of $23 million [see Note 19(b)(i)]. Some of these amounts may need to be recognised as lease liabilities, with corresponding right-of use assets, once HKFRS 16 is adopted. The Group is in the process of assessing to what extent these operating lease commitments will result in the recognition of an asset and a liability for future payments and how this will affect the Group's surplus and classification of cash flows. There are no other standards that have been issued but are not yet effective and upon their initial application that would be expected to have a material impact on the financial position and / or financial performance of the Group. 因作為經營租賃與融資租賃之區分已被刪除，香港財務報告準則第16號要求近乎所有租賃由承租人於資產負債表上確 認。根據香港財務報告準則第16號，一項資產（使用租賃項目之權利）以及支付租金之財務負債乃予以確認。惟一例 外之情況是少於12個月的短期租賃及低價值租賃。此外，與該等租賃有關的開支性質將會變更，因為香港財務報告準 則第16號以有使用權之資產之折舊支出及租賃負債之利息開支，取代平均等額經營租賃開支。有使用權之資產的直線 折舊法及應用於租賃負債的實際利率法兩者之組合，將導致於租約初期在全面收益表的總開支較高，及於租約後期的 開支逐漸減少。 HKFRS 16 requires almost all leases being recognised by the lessee on the balance sheet, as the distinction between operating and finance leases is removed. Under HKFRS 16, an asset (the right to use the leased item) and a financial liability to pay rentals are recognised. The only exceptions are short-term leases of less than twelve months and leases of low-value assets. In addition, the nature of expenses related to those leases will now change as HKFRS 16 replaces the straight-line operating expense with a depreciation charge for right-of-use assets and interest expense on lease liabilities. The combination of a straight-line depreciation of the right-of-use asset and the effective interest rate method applied to the lease liability will result in a higher expenses charge to statement of comprehensive income in the initial years of the lease, and decreasing expenses during the latter part of the lease term. POSSIBLE IMPACT OF NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS PUBLISHED THAT ARE NOT YET EFFECTIVE (CONT'D) 57 已公佈但尚未生效的新準則、修訂和詮釋的潛在影響(續) 26. (a) 香港財務報告準則第9號 HKFRS 9 (i) 採納的影響 Impact of adoption Accordingly, available-for-sale ("AFS") financial assets with carrying amount of $421 million were reclassified to financial assets at FVOCI according to the Group's business model, and the nature and contractual cash flow characteristics of the financial instruments on 1 July 2018. Such reclassification also changed the measurement of certain AFS financial assets which were originally measured at cost. Under HKFRS 9, these financial assets have to be measured at fair value. 由於採納此項新指引，本集團權益總額之期初結餘增加五千三百萬元以及相應累計公平價值收益四億六千萬元於2018年7月1 日由可供出售財務資產重估儲備轉撥至按公平價值透過其他全面收益列賬之財務資產重估儲備。 As a result of adopting this new guidance, the opening balance of the Group's total equity has been increased by $53 million and the corresponding accumulated fair value gains of $460 million were transferred from AFS financial assets revaluation reserve to financial assets at FVOCI revaluation reserve on 1 July 2018. 本集團按攤銷成本分類的債務財務資產及於香港財務報告準則第15號下的合約資產，均須遵照新的預期信貸虧損模式進行減 值評估。於2018年7月1日採用新減值模式的結果並未對本集團的財務資產的賬面值產生重大影響。 The Group's debt financial assets classified at amortised cost and contract assets under HKFRS 15 are subject to the new expected credit loss model for impairment assessment. The results of the adopted new impairment model as at 1 July 2018 have not resulted in material impact on the carrying amount of the Group's financial assets. 因此，根據本集團的業務模式，財務工具的性質及其合約現金流特徵，賬面值為四億二千一百萬元的可供出售財務資產於 2018年7月1日重新分類為按公平價值透過其他全面收益列賬之財務資產。有關重新分類亦改變了若干最初按成本計量的可供 出售財務資產的計量。根據香港財務報告準則第9號,這些財務資產必須按公允價值計量。 主要會計政策之變動 CHANGE IN SIGNIFICANT ACCOUNTING POLICIES 本集團因採納香港財務報告準則第9號及香港財務報告準則第15號，已自2018年7月1日起更改其會計政策，採納此兩項準則之影響概述如 下。 The Group had to change its accounting policies with effect from 1 July 2018 as a result of adopting HKFRS 9 and HKFRS 15. The effect on adoption of these two standards is summarised below. 本集團已於2018年7月1日起採納香港財務報告準則第9號，此舉導致對會計政策作出變更，以及對已於綜合財務報表確認的金 額作出調整。根據過渡條文，本集團追溯採納香港財務報告準則第9號，並於2018年7月1日確認就初次應用香港財務報告準則 第9號作出重新分類及調整，比較資料並無重列。 The Group has adopted HKFRS 9 from 1 July 2018 which resulted in changes in accounting policies and adjustments to the amounts recognised in the consolidated financial statements. In accordance with the transition provisions, the Group has adopted HKFRS 9 retrospectively with the reclassification and adjustment arising from initially applying HKFRS 9 recognised on 1 July 2018, with no restatements on the comparative information. 香港財務報告準則第9號取代與確認、分類及計量財務資產及財務負債、終止確認財務工具、財務資產減值及對沖會計處理有 關的香港會計準則第39號。 HKFRS 9 replaces the provisions of HKAS 39 that relate to the recognition, classification and measurement of financial assets and financial liabilities, derecognition of financial instruments, impairment of financial assets and hedge accounting. 於2018年7月1日(初次應用香港財務報告準則第9號當日)，本集團管理層已評估集團對各項財務工具的業務管理模式及其合約 現金流特徵，並已將其分類至香港財務報告準則第9號下的適當類別。 On 1 July 2018 (the date of initial application of HKFRS 9), the Group's management has assessed the Group's business models of management, and the contractual cash flow characteristics, of each of the Group's financial instruments, and has classified them into the appropriate categories under HKFRS 9. 58 26. 主要會計政策之變動(續) CHANGE IN SIGNIFICANT ACCOUNTING POLICIES (CONT'D) (ii) 自2018年7月1日起應用的會計政策 Accounting policies applied from 1 July 2018 分類 Classification 本集團按以下類別對財務資產進行分類： The Group classifies its financial assets in the following categories: ─ 其後以公平價值計量且其變動（不論計入其他全面收益或計入收支）的財務資產，及 ─ 以攤銷成本計量的財務資產。 those to be measured at amortised cost. 該分類取決於實體管理金融資產的業務模式以及現金流量的合約條款。 僅當管理該等資產的業務模式發生變化時，本集團才對債務投資進行重新分類。 The Group reclassifies debt investments when and only when its business model for managing those assets changes. 計量 Measurement ─ 對於包含嵌入式衍生工具的財務資產，於釐定其現金流量是否僅代表支付本金和利息時乃以整體考慮。 Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. 債務投資 Debt investments 債務工具的其後計量取決於本集團管理該資產的業務模式以及該資產的合約現金流量特徵。本集團將債務工具分類為以下三 種計量類別： Subsequent measurement of debt instruments depends on the Group's business model for managing the asset and the contractual cash flow characteristics of the asset. There are three measurement categories into which the Group classifies its debt instruments: 以攤銷成本計量：對於持有以收取合約現金流量的資產，倘該資產的現金流量僅代表支付本金和利息，則該資產以攤 銷成本計量。其後按攤銷成本計量的債務工具的收益或虧損於該資產終止確認或減值時在綜合全面收益表中確認。該 等財務資產的利息收入按實際利息法計入為利息及投資收入。 Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. A gain or loss on a debt instrument that is subsequently measured at amortised cost is recognised in the Consolidated Statement of Comprehensive Income when the asset is derecognised or impaired. Interest income from these financial assets is included in interest and investment income using the effective interest rate method. The classification depends on the entity's business model for managing the financial assets and the contractual terms of the cash flows. 對於以公平價值計量的資產，其盈虧將計入收支或其他全面收益中。對於非持作買賣的股權工具投資，其盈虧將取決於本集 團在初始確認時是否作出不可撤銷的選擇 而將股權投資指定為以公平價值計量且其變動計入其他全面收益中。 For assets measured at fair value, gains and losses will either be recorded in income and expenditure or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at FVOCI. 於初始確認時，本集團以公平價值計量財務資產加上（倘金融資產並非以公平價值計量且其變動計入收支）可直接歸屬於獲 得該項財務資產的交易成本。以公平價值計量且其變動計入收支的財務資產的交易成本於綜合全面收益表支銷。 At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through income and expenditure ("FVIE"), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVIE are expensed in the Consolidated Statement of Comprehensive Income. those to be measured subsequently at fair value (either through other comprehensive income ("OCI") or through income and expenditure), and 59 26. 主要會計政策之變動(續) CHANGE IN SIGNIFICANT ACCOUNTING POLICIES (CONT'D) ─ ─ For debt instruments at amortised cost and FVOCI at 1 July 2018, the Group applies 12 months expected credit losses permitted by HKFRS 9. No resulted loss allowance were recognised on 1 July 2018. 自2018年7月1日起，對於以攤銷成本計量和以公平價值計量且其變動計入其他全面收益的債務工具，本集團按前瞻性基準評 估其預期信用損失。採用的減值方法 取決於信用風險有否顯著增加。 From 1 July 2018, the Group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. 對於貿易應收款，本集團採用香港財務報告準則第9號允許的簡化方法，在初始確認應收款時確認整個存續期的預期損失。 For trade receivables, the Group applies the simplified approach permitted by HKFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. 對於以攤銷成本計量和以2018年7月1日的公平價值計量且其變動計入其他全面收益的債務工具，本集團採用香港財務報告準 則第9號允許的12個月預期信用損失。此舉並無造成於2018年7月1日確認減值撥備。 以公平價值計量且其變動計入收支：不符合以攤銷成本計量或按公平價值計量且其變動計入其他全面收益標準的資產 ，將以公平價值計量且其變動計入收支。其後以公平價值誌入收支賬計量的債務工具的收益或虧損，會於產生期間在 綜合全面收益表的利息及投資收入中確認及呈列。 FVIE: Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVIE. A gain or loss on a debt investment that is subsequently measured at FVIE is recognised and presented in the Consolidated Statement of Comprehensive Income within interest and investment income in the period in which it arises. 股權工具 Equity instruments 減值 Impairment 本集團其後會按公平價值計量所有股本工具。倘本集團管理層已於初步確認時作出不可撤銷選擇，於其他全面收益呈列股本 工具的公平價值收益及虧損，則終止確認投資後不會將公平價值收益及虧損重新分類至收支，而該等股本投資於其他全面收 益的任何結餘會以資金變動重新分類至其他資金。當本集團收取款項的權利確立時，有關投資的股息會繼續於綜合全面收益 表中確認。 The Group subsequently measures all equity investments at fair value. Where the Group's management has made an irrevocable election at initial recognition to present fair value gains and losses on equity investments in other comprehensive income, on derecognition of the investment, there is no subsequent reclassification of fair value gains and losses to income and expenditure and any balance within other comprehensive income for these equity investments is reclassified to other funds as a fund movement. Dividends from such investments continue to be recognised in the Consolidated Statement of Comprehensive Income when the Group's right to receive payments is established. 以公平價值計量且其變動計入收支的金融資產，其公平價值變動於綜合全面收益表的利息及投資收入中確認（如適用）。以 公平價值計量且其變動計入其他全面收益的股權投資的減值虧損（及減值虧損回撥）不與其他公平價值變動分開呈報。 Changes in the fair value of financial assets at FVIE are recognised and presented in the Consolidated Statement of Comprehensive Income within interest and investment income as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value. FVOCI: Assets that are held for collection of contractual cash flows and for sale, where the assets' cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through other comprehensive income, except for the recognition of impairment losses, interest income using the effective interest rate method and foreign exchange gains and losses which are recognised in the Consolidated Statement of Comprehensive Income. When the financial asset is derecognised, the cumulative gain or loss previously recognised in other comprehensive income is reclassified from equity to the Consolidated Statement of Comprehensive Income and recognised in interest and investment income. 以公平價值計量且其變動計入其他全面收益：對持作收取合約現金流量及出售的資產，其現金流量僅為支付本金和利 息，則該等資產以公平價值計量且其變動計入其他全面收益。賬面值變動計入其他全面收益，惟減值虧損、按實際利 息法的利息收入及匯兌收益及虧損於綜合全面收益表中確認除外。終止確認財務資產時，先前於其他全面收益確認的 累計收益或虧損會由權益重新分類至綜合全面收益表的利息及投資收入中確認。 60 26. 主要會計政策之變動(續) CHANGE IN SIGNIFICANT ACCOUNTING POLICIES (CONT'D) (b) 香港財務報告準則第15號 HKFRS 15 (i) 採納的影響 Impact of adoption 此外，因採納香港財務報告準則第15號，於本年度來自客戶合約之收益分類分析如下： Revenue from contracts with customers 於某一時點確認隨時間確認來自其他來源收益 總額 Total 百萬元百萬元百萬元百萬元 $million $million $million $million 政府資助及撥款0 0 2,632 2,632 Government Subventions and Grants 學費、課程及其他收費0 1,384 0 1,384 Tuition, Programs and Other Fees 利息及投資收入0 0 348 348 Interest and Investment Income 外界捐款0 0 62 62 Donations and Benefactions 輔助服務及其他收入28 322 99 449 Auxiliary Services and Other Income 轉撥自遞延資本基金0 0 257 257 Transfers from Deferred Capital Funds 28 1,706 3,398 5,132 本集團已於2018年7月1日起採納香港財務報告準則第15號，並採用經修改追溯法以過渡至新的收益準則，即採納的累計影響已於 2018年7月1日的基金結餘確認，而比較資料將不予重列。集團只會對於在2018年7月1日尚未完成之合約應用此新指引。根據香港 財務報告準則第15號，本集團確認收益的時間及會計政策與先前報告期間並無重大差異。 The Group has adopted HKFRS 15 from 1 July 2018 and elected to apply the modified retrospective approach for transition to the new revenue standard, which means that the cumulative impact of the adoption has been recognised in fund balance as of 1 July 2018 and that comparatives have not been restated. The Group applies the new guidance only to contracts that are not yet completed as of 1 July 2018. The timing of revenue recognition and accounting policies under HKFRS 15 for the Group is not materially different from the prior reporting periods. recognised at a point in time recognised over time Revenue from other sources 合約負債乃在本集團履約前，於客戶支付代價，或本集團無條件擁有一項代價金額的權利時確認。由於採納香港財務報告準則第 15號，為於呈列的資料中反映有關變動，於2018年7月1日及2019年6月30日的合約負債（包括若干預收款、遞延收入及客戶按金） 分別為四億零八百萬元及四億八千一百萬元，現時乃於應付賑款及應計費用下分開呈列。詳情請參閱附註12。 A contract liability is recognised when a customer pays consideration, or the Group has a right to an amount of consideration that is unconditional, preceding the Group's performance. To reflect this change in presentation, contract liabilities, including certain receipts in advance, deferred revenue and customers' deposits, with amount of $408 million and $481 million are now separately presented under accounts payable and accruals as at 1 July 2018 and 30 June 2019 respectively, as a result of the adoption of HKFRS 15. Refer to Note 12 for details. In addition, as a result of the adoption of HKFRS 15, the disaggregation of revenue from contracts with customers during the year is analysed as follows: 客戶合約收益 61