HKU ANNUAL REPORT 2017-18

NOTES TO THE FINANCIAL STATEMENTS 財務報表附註 HKU FOUNDATION ANNUAL REPORT 2017/18 81 80 NOTES TO THE FINANCIAL STATEMENTS 財務報表附註 1. GENERAL The University of Hong Kong Foundation for Educational Development and Research (the “Foundation”) was incorporated on 7 March 1995 under the Hong Kong Companies Ordinance as a company limited by guarantee. The principal activity of the Foundation is that of fund-raising to enhance The University of Hong Kong’s standard of excellence in both teaching and research. Under the provisions of the Foundation’s Articles of Association, every member shall, in the event of the Foundation being wound up, contribute to the assets of the Foundation to the extent of HK$100 as may be required. At 30 June 2017, the Foundation had 3,327 members. The address of its registered office is G/F., Hung Hing Ying Building, The University of Hong Kong, Pokfulam Road, Hong Kong. 2. PRINCIPAL ACCOUNTING POLICIES The principal accounting policies applied in the preparation of the financial statements of the Foundation are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. a) Basis of preparation The financial statements of the Foundation have been prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRS”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”). The financial statements have been prepared in accordance with HKFRS under the historical cost convention, as modified by the revaluation of donated property and financial assets at fair value through profit or loss. The preparation of 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 Foundation’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in Note 5. i) The adoption of new, revised and amendments to existing standards and interpretations The Foundation has adopted the following amendments to standards which are relevant to the Foundation’s operations and are mandatory for the financial year ended 30 June 2017: HKICPA’s Annual Improvements to HKFRSs 2012-2014 cycle HKAS 1 (Amendments) Disclosure Initiative ii) New, revised and amendments to existing standards and interpretations that are not yet effective The Foundation has not early applied the following new, revised and amendments to existing standards and interpretation that have been issued but are not yet effective. Effective for accounting periods beginning on or after HKAS 1 (Amendment) Disclosure Initiative 1 January 2016 HKAS 7 (Amendments) Statement of cash flows 1 January 2017 HKFRS 15 and HKFRS 15 (Amendments) Revenue from contract with customers 1 January 2018 HKFRS 9 Financial Instruments 1 January 2018 HKICPA’s Annual Improvements to HKFRSs 2012-2016 cycle 1 January 2017 or 1 January 2018 (if applicable) 1. 總覽 香港大學教研發展基金 ( 以下簡稱「基金」 ) 於一九九五年三月七 日按照香港公司條例成立為擔保有限公司。其主要活動是為香 港大學籌募經費，用以提升其教學及研究之優越水平。 根據基金公司組織章程內之規定，如基金被清盤或結束，如有 需要，每名會員須繳付最多港幣一百元入基金資產。截至二零 一七年六月三十日止，基金會員人數為三千三百二十七名。 註冊辦公室的地址是香港薄扶林，香港大學孔慶熒樓地下。 2. 主要會計政策 除另有說明外，主要會計政策在所列報的所有年度內貫徹應 用。基金於編製財務報表時所採用之主要會計政策載列如下： a) 編製基準 本財務報表乃按照香港會計師公會頒佈之香港財務報告準 則 ( 「財務準則」 ) 編製。 本財務報表乃按照香港財務報告準則，並依據歷史成本法 編製，並就獲捐贈樓宇以及按公平值計入損益賬的財務資 產之公平值重估而作出修訂。 編製符合財務準則的財務報表需要使用若干重要的會計估 計，亦需要管理層在應用基金會計政策的過程中運用其判 斷力。有關涉及高度的判斷或高度複雜性的範疇，又或財 務報表中極需作重要假設及估計的範疇，詳見附註五。 i) 採納新訂 / 已修改財務報告準則及詮釋 在二零一七年六月三十日年度，基金採納下列與其業務 相關之已修改財務報告準則： 香港會計師公會公佈對財務報告準則 2012–2014 週期年 度改進 香港會計準則第 1 號 ( 修訂 ) 披露計劃 ii) 尚未生效的會計準則和現有會計準則之修訂及改進 基金並未提前採用以下與基金有關並於二零一六年七月 一日或以後生效的新公佈之準則及現有準則之修訂及改 進： 於下列日期或 以後之會計 年度生效 香港會計準則第 1 號 ( 修訂 ) 披露計劃 二零一六年一月一日 香港會計準則第 7 號 ( 修訂 ) 現金流量表 二零一七年一月一日 香港財務報告準則 第 15 號 基於客戶合同的 收入確認 二零一八年一月一日 香港財務報告準則第 9 號 金融工具 二零一八年一月一日 香港會計師公會公佈對財務報告準則 2012-2016 週期之年度改進 二零一七年一月一日或 二零一八年一月一日 ( 如適用 ) Management is currently assessing the impact of the above new standards, amendments and improvements to existing standards on the Foundation’s financial statements and is not yet in a position to state whether substantial changes in accounting policies and presentation of the financial statements will result. b) Donated property Donated property is an investment property held for long-term rental yields and is not occupied by the Foundation. Investment property is carried at fair value, representing estimated open market value determined at each reporting date by the Directors with reference to independent qualified valuer’s valuation. The market value of the donated property is derived using the income captialisation method. Changes in fair values are recorded in the statement of comprehensive income. Subsequent expenditure is charged to the asset’s carrying amount only when it is probable that future economic benefits associated with the item will flow to the Foundation and the cost of the item can be measured reliably. All other repairs and maintenance costs are expensed in the statement of comprehensive income during the financial period in which they are incurred. c) Financial assets The Foundation classifies its financial assets in the following categories: loans and receivables, held-to-maturity investments and financial assets at fair value through profit or loss. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition. i) Loans and receivables 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 the amounts that are settled or expected to be settled more than twelve 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 with original maturity over three months” and “cash and cash equivalents” in the balance sheet. ii) Held-to-maturity investments Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturities that the Foundation’s management has the positive intention and ability to hold to maturity. If the Foundation were to sell other than an insignificant amount of held-to-maturity investments, the whole category would be tainted and reclassified as available for sale. Held- to-maturity investments are included in non-current assets, except for those with maturities less than 12 months from the end of the reporting period, which are classified as current assets. iii) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short term or designated at fair value through profit or loss at inception. Assets in this category are classified as current assets if expected to be settled within 12 months; otherwise, they are classified as non-current assets. 管理層現正就以上新公佈之準則、現有準則之修訂及改 進對基金財務報表之影響作出評估，但現階段未能就上 述修訂會否對現有會計政策和財務報表的呈報有重大轉 變而作結論。 b) 獲捐贈樓宇 獲捐贈樓宇為投資物業。投資物業指基金為獲得長期租金 收益而持有，但並不佔用之物業。投資物業按公平價值列 賬，並於每個報告日期由董事根據獨立合資格估值師的估 值作一次評估。獲捐贈樓宇的公平價值以收益資本化法得 出。公平價值之變動於綜合收益表內確認。 僅於資產相關之未來經濟利益可能流入基金，且該項目之 成本能可靠計算之情況下，其後開支方於資產之賬面值扣 除。所有其他維修保養成本均於其產生之財政期間在綜合 收益表內列作開支。 c) 財務資產 基金將其財務資產投資分類如下：貸款及應收款、持至到 期日投資及按公平值計入損益賬的財務資產。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。 i) 貸款及應收款 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，但預期將於報告期末起計超過十二個月結算的數 額，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「原到期日超過三個月的銀行存款」或「現金 及等同現金」名義列賬。 ii) 持至到期日投資 持至到期日投資為有固定或可釐定付款以及固定到期日 的非衍生金融資產，而基金管理層有明確意向及能力持 有至到期。如基金將出售持至到期日投資非微不足道的 數額，整個類別將被重分類為可供出售。除了到期由報 告期末起計不足 12 個月的持至到期日投資分類為流動資 產外，此等資產列入非流動資產內。 iii) 按公平值計入損益賬的財務資產 按公平值計入損益賬的財務資產指持有作買賣用途的財 務資產。財務資產若在購入時主要用作在短期內出售或 開始時指定公平值計入損益賬，則分類為此類別。在此 類別的資產若預期將於結算日後十二個月內變現，則分 類為流動資產。否則分類為非流動資產。