Financial Report 2019

Notes to the Consolidated Financial Statements 合併財務報表附註 The University of Hong Kong 香港大學 87 Notes: – Cont’d a. Terms of Service III Staff Retirement Scheme – Cont’d Description of Scheme characteristics and associated risks The Scheme is a defined benefit scheme that provides lump sum benefits based on a multiple of a member’s final salary and years of service upon the member’s retirement, death, disability or leaving service. The Scheme is closed to new employees. The Scheme was established under a trust arrangement. It is registered under the Occupational Retirement Schemes Ordinance (“ORSO”), and has been granted with MPF Exemption by the Mandatory Provident Fund Schemes Authority. The University of Hong Kong is the sole employer participating in the Scheme. Based on the relevant clauses of the Trust Deed of the Scheme, the University may utilise the surplus of the Scheme to reduce future employer contributions as recommended by the Scheme’s Actuary. As a result, the asset ceiling under paragraph 64 of HKAS 19 and the minimum funding requirements of IFRIC 14 do not apply to the Scheme. The Scheme has six individual trustees. The key responsibilities of the trustees are to ensure that the Scheme is administered in accordance with the trust deed and rules and to act on behalf of all members impartially, prudently and in good faith. The Scheme typically exposes the University to the following key risks: Investment risk Strong investment returns tend to increase the fair value of Scheme assets and therefore improve the Scheme’s financial position as measured by the Defined Benefit Scheme net asset/liability, whilst poor or negative investment returns tend to weaken the position. The Scheme assets are invested in an unlisted unit trust comprised of a diversified portfolio of equities, bonds and cash, covering major geographical locations around the world. The diversification of asset classes and geographical locations helps to reduce the concentration of risk associated with the Scheme investments. Interest rate risk The Defined Benefit Obligations (“DBO”) are calculated using a discount rate based on market bond yields. A decrease in the bond yields will increase the DBO. Salary risk The DBO is calculated with reference to the future salaries of members because the Scheme’s benefits are salary-related. Salary increases that are higher than expected will increase the DBO. Determination of economic benefit available Determination of economic benefit available is not required because the asset ceiling under paragraphs 64 and 65 of HKAS 19 and the minimum funding requirements of IFRIC 14 do not apply to the Scheme. We are not aware of any reimbursement rights that should be recognised as an asset under paragraph 116 of HKAS 19. 22. DEFINED BENEFIT RETIREMENT SCHEME ASSETS – Cont’d 界定退休金計劃資產－續 附註：－續 a. 職工服務規例第三類僱員退休金計劃－續 說明計劃的特點和相關風險 本計劃為界定福利計劃，並根據計劃成員的最 後薪金，服務年期及其倍數，為成員的退休、 死亡、殘疾或離職給予一筆過的收益。本計劃 已不接受新的員工加入。 本計劃是根據信託安排而成立的。它是根據職 業退休計劃條例（「條例」）註冊，並已獲得強制 性公積金計劃管理局的強積金豁免。香港大學 是唯一的僱主參加本計劃。 根據本計劃之信託契約的相關條款，及依照精 算師的建議，大學可利用本計劃的盈餘，以減 少未來的僱主供款。因此，香港會計準則第 十九條第六十四段的資產上限及國際財務報告 準則解釋委員會第十四條的最低資金要求並不 適用於本計劃。 本計劃有六個獨立的信託人。信託人的主要職 責是保證本計劃的管理依照信託契約和規則， 並公正、審慎和真誠的代表全體成員。 本計劃為大學帶來以下主要風險： 投資風險 強勁的投資回報率會增加計劃的資產的公允價 值，從而改善本計劃由界定福利計劃淨資產 / 負 債計算出來的財政狀況，但若投資回報率較差 則會削弱計劃的財政狀況。 本計劃的資產投資於非上市單位信託基金的多 元化投資組合如股票，債券和現金，覆蓋全球 各主要地區。資產多元化和地理位置有助減低 集中投資為本計劃所帶來的風險。 利率風險 界定福利責任是採用市場的債券收益率的貼現 率計算。下調的債券收益率會增加界定利益責 任。 薪金風險 界定福利責任是參照成員的未來工資而計算 的，因為本計劃的利益是與工資掛勾的。若加 薪幅度高於預期則會增加界定福利責任。 決定可用的經濟利益 不需要決定可用的經濟利益是由於會計準則第 十九條第六十四及六十五段的資產上限及國際 財務報告準則解釋委員會第十四條的最低資金 要求並不適用於本計劃。我們並沒有察覺根據 會計準則第十九條第一百一十六段應為任何補 償權確認為資產。 Notes to the Consolidated Financial Statements 合併財務報表附註 2019 Financial Report 二零一九財務報告 88 22. DEFINED BENEFIT RETIREMENT SCHEME ASSETS – Cont’d 界定退休金計劃資產－續 Notes: – Cont’d a. Terms of Service III Staff Retirement Scheme – Cont’d Scheme asset information and description of asset-liability matching strategies The split of the Scheme’s assets as at 30 June 2019 and 30 June 2018 into different major asset classes (as a percentage of total assets) is as follows: Asset classes 資產類別 2019 2018 Equities 證券 Hong Kong/China 香港╱中國 23.67% 24.29% US 美國 14.68% 15.69% Europe 歐洲 14.78% 13.94% Japan 日本 8.70% 9.14% Others 其他 9.22% 9.33% Bonds 債券 Hong Kong 香港 3.11% 2.26% Global 環球 21.85% 19.08% Cash 現金 3.99% 6.27% Total 總計 100.00% 100.00% No assets of the Scheme were invested in the University’s own financial instruments or properties as at 30 June 2019. The Scheme assets are currently invested in Fidelity Advantage Portfolio Fund – Balanced Fund and US Dollar Money Fund. No asset – liability matching strategies were used by the Scheme or the University. Significant actuarial assumptions and sensitivity analysis The following table summarises the results of sensitivity analysis on the DBO as at 30 June 2019, based on reasonably possible changes in significant actuarial assumptions. Assumption Adopted rate Change to adopted rate Rate used in sensitivity analysis Effect on DBO Effect on DBO 假定 採用比率 採用比率之 變動 用於敏感性分析的 比率 界定福利責任的 影響 界定福利責任的 影響 % % HK$’000 % 港幣千元 2019 2018 2019 2018 2019 2018 2019 2018 Discount rate 1.50% 1.90% + 0.25% 1.75% 2.15% (144) (180) (0.5%) (0.5%) 貼現率 - 0.25% 1.25% 1.65% 146 184 0.5% 0.5% Long-term salary increase rate 3.50% 3.50% + 0.25% 3.75% 3.75% 180 180 0.5% 0.5% 長線的加薪幅度 - 0.25% 3.25% 3.25% (141) (177) (0.5%) (0.5%) The variations to the assumptions above are for illustration purpose only, and they are not in any case an indication of the maximum range of variations that may be exhibited by those parameters. Furthermore, interpolation and extrapolation of the above sensitivity results to estimate the effect of different variations to the parameters (other than those quoted above) may not be appropriate. 附註：－續 a. 職工服務規例第三類僱員退休金計劃－續 本計劃的資產內容和資產負債配對策略說明 截至二零一九年六月三十日和二零一八年六月 三十日計劃的資產分佈的主要資產類別（佔總資 產的比例）如下： 截至二零一九年六月三十日計劃的資產沒有投 資在任何大學本身的金融工具或物業。 本計劃的資產目前投資在富達優越投資組合基 金－平衡基金及美元貨幣基金。本計劃或大學 沒有應用任何資產－負債配對策略。 重要的精算假定和敏感性分析 下表總結了截至二零一九年六月三十日界定福 利責任的敏感性分析的結果，以重要的精算假 定在合理可能變動上為基礎。 上述變化的假定只是用於說明目的，並不表示 它們在任何情況下指示最大範圍的變化的可能。 此外，利用上述靈敏度的結果來估計不同的變 化的參數效果所帶來的影響（以上引述除外）可 能不適當。