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 89 Notes: – Cont’d a. Terms of Service III Staff Retirement Scheme – Cont’d Description of funding arrangements and policies The costs of benefits are funded by the University. The University’s contributions are determined with reference to the funding valuation carried out by the Scheme’s Actuary in accordance with the ORSO requirements. The last funding valuation of the Scheme was carried out as at 30 June 2019. Expected contributions Due to the Scheme’s financial position and solvency level, the University has adopted the Scheme Actuary’s recommendation and continued a “contribution holiday” effective from 1 January 2008 until 30 June 2022. Hence the expected employer contributions by the University for the year 2019-20 are nil (2018: nil). Maturity profile of DBO The weighted average duration of the DBO as at 30 June 2019 is 2.1 years (2018: 2.2 years). To further illustrate the maturity profile of the DBO, the following table sets out the expected benefit payments (including benefits attributable to estimated future employee service and salary) from the Scheme based on the adopted actuarial assumptions: Number of years after valuation date Expected benefit payments 估值日之後的年數 預計福利支出 HK$’000 港幣千元 1 9,475 2 5,499 3 3,319 4 6,112 5 792 6 to 10 3,028 11 years and over 1,226 b. The University of Hong Kong Staff Terminal Benefits Scheme (1988) (the “STBS”) The STBS was restructured on 30 September 1995 whereby it became “self-balancing”. Over time, liabilities would automatically equal assets, much akin to a defined contribution retirement scheme. The restructuring has limited the University’s liability to the sum of Aggregate Guaranteed Amounts (i.e. pre-October 1995 benefits) and Aggregate Minimum Amounts (i.e. the sum of each member’s Minimum Amount, which is an amount equal to final month’s salary x 0.77 x years of superannuable service from 1 October 1995). No additional cash injection to the STBS by the University is required unless the market value of the fund assets is lower than such liability. The STBS is funded by contributions from the University and members at fixed percentages of members’ basic salaries. An actuarial valuation was undertaken at 30 June 2019 by Towers Watson Hong Kong Limited, the appointed Actuary to the STBS. The valuation indicated that the assets of the STBS at the valuation date were sufficient to provide all members in service with the leaving service benefits to which they would have been entitled under the Rules of the STBS had employment been terminated at the valuation date. As at 30 June 2019, the net assets amounting to $358 million (2018: $449 million) were sufficient to cover the Aggregate Guaranteed Amounts and the Aggregate Minimum Amounts of $34 million (2018: $50 million) and $70 million (2018: $84 million) respectively. 附註：－續 a. 職工服務規例第三類僱員退休金計劃－續 資金安排和政策說明 福利的費用由大學資助。本大學的供款是參照 計劃的精算師根據條例的要求而作出的資金估 值。本計劃上一次的資金估值已在二零一九年 六月三十日進行。 預計供款 根據本計劃之財政狀況及資產償還比率，大學 採納精算師之建議並從二零零八年一月一日至 二零二二年六月三十日暫緩對信託資產作出之 每月供款。因此大學預計在下年度將毋需供款 （二零一八年為零元）。 界定福利責任的到期日 截至二零一九年六月三十日界定福利責任的加 權平均期限為二點一年（二零一八年為二點二 年）。 為了進一步說明到期日的界定福利責任，下表 根據採用精算的假設，列出了本計劃預期福利 的支出（包括應佔估計未來員工服務年資和工 資）： 22. DEFINED BENEFIT RETIREMENT SCHEME ASSETS – Cont’d 界定退休金計劃資產－續 b. 香港大學僱員退職公積金計劃（一九八八） （「 STBS 」） STBS 已於一九九五年九月三十日作出修訂， 成為能自動調節負債之計劃。當中的負債能自 動相等於資產，與界定供款計劃相似。該修 訂把大學的承擔限於總保證數額（即各成員於 一九九五年十月前正常離職之利益）與最低保證 利益總額（即各成員之最低保證利益，相等於 0.77x 最後月薪 x 一九九五年十月一日後退休金 年資 ) 之總和。除非退休金資產之市場價值低於 其負債，否則大學無須為 STBS 注入額外資金。 STBS 乃由大學及成員就有關成員的底薪分別 作出固定百分比的供款。委任的精算師韜睿惠 悅香港有限公司於二零一九年六月三十日在其 獨立精算審核報告內指出，若 STBS 全體在職 成員於精算估價值當日離職，退休金資產足以 按其規條支付所有成員所應享的離職福利。 截至二零一九年六月三十日止，資產淨值為 三億五千八百萬元（二零一八年為四億四千九百 萬元），足夠應付三千四百萬元（二零一八年為 五千萬元）的總保證數額及七千萬元（二零一八 年為八千四百萬元）的最低保證利益總額。 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 90 23. CASH AND CASH EQUIVALENTS 現金及等同現金 (Expressed in thousands of Hong Kong dollars) （以港幣千元列賬） 2019 2018 Group 機構 Cash at banks and in hand 現金及銀行結餘 348,172 397,326 Short-term bank deposits 短期存款 833,591 2,362,760 1,181,763 2,760,086 University 大學 Cash at banks and in hand 現金及銀行結餘 66,088 86,809 Short-term bank deposits 短期存款 688,737 2,116,073 754,825 2,202,882 24. ASSETS CLASSIFIED AS HELD FOR SALE 持有待售的資產 (Expressed in thousands of Hong Kong dollars) （以港幣千元列賬） 2019 2018 Group 機構 HKU SPACE Global College, Suzhou 蘇州港大思培科技職業學院 1,512 1,575 Kowloon West Campus 九龍西教學中心 – 38,181 1,512 39,756 The assets classified as held for sale are held by HKU School of Professional and Continuing Education (“HKU SPACE”). The Directors of HKU SPACE intend to dispose its remaining 10% interest in HKU SPACE Global College, Suzhou. The investment in HKU SPACE Global College, Suzhou was presented as “Assets classified as held for sale” in the consolidated statement of financial position as at 30 June 2018 and 30 June 2019. HKU SPACE completed the sales of the Kowloon West Campus at a consideration of HK$324 million on 20 December 2018. The net book value of the leasehold land, buildings and leasehold improvements of Kowloon West Campus was reclassified as “Assets classified as held for sale” in the consolidated statement of financial position as at 30 June 2018. 持有待售的資產由香港大學專業進修學院（「學 院」）持有。 學院的董事有計劃將蘇州港大思培科技職業學 院餘下的百分之十權益出售。在蘇州港大思培 科技職業學院的投資於二零一八年六月三十日 及二零一九年六月三十日的合併財務狀況表中 呈列為「持有待售的資產」。 學院已於二零一八年十二月二十日完成出 售九龍西教學中心之交易，代價為港幣 三億二千四百萬。九龍西教學中心之租賃土 地、校舍及租賃物業裝修的賬面淨值於二零 一八年六月三十日的合併財務狀況表中呈列為 「持有待售的資產」。