Financial Report 2022

Treasurer’s Report 司庫報告書 (Expressed in Hong Kong dollars) （以港幣列賬） The University of Hong Kong 香港大學 1 OVERVIEW The financial year 2021-22 was the last year of the 2019-22 triennium. In face of the persistence of the COVID-19 pandemic locally and globally, the University adopted measures to maintain a safe and healthy environment on campus. With outstanding contributions from its members, the University also provided a range of support to help society combat COVID-19. This included the turning of the historic Loke Yew Hall into the HKU LYH Community Vaccination Centre to provide BioNTech vaccinations to citizens. This centre was staffed by a team of volunteer doctors from the University, and retired doctors and nurses. The Group demonstrated its commitment to provide world-class e d u c a t i o n a n d r e s e a r c h , a n d d e l i v e r e d i mp a c t t h r o u g h internationalisation, innovation and interdisciplinarity. In preparing the consolidated financial statements, the Group has adopted certain new/revised Hong Kong Financial Reporting Standards (“HKFRS”) issued by the Hong Kong Institute of Certified Public Accountants which are relevant and applicable to the Group’s operation and comply with the Statement of Recommended Practice for the University Grants Committee (“UGC”) – Funded Institutions. During the financial year, the Group recorded a deficit of $979 million, largely due to the negative return on investments resulting from the challenging financial markets. Investment performance retreated as inflation and interest rates globally reversed course and started to climb, thus leading to corrections in almost all asset classes, including bonds and equities. RESULTS FOR THE YEAR The Group’s consolidated results for the year ended 30 June 2022 are summarised as follows: 2022 2021 $ million $ million 百萬元 百萬元 Income 收入 10,628 14,649 Expenditure 支出 (11,610) (11,251) (Deficit)/Surplus from Operations 營運（虧損）╱盈餘 (982) 3,398 Share of Surplus of Joint Ventures and Associates 應佔合營企業及聯營公司盈餘 14 19 (Deficit)/Surplus for the Year 本年度（虧損）╱盈餘 (968) 3,417 Other Comprehensive (Loss)/Income 其他綜合（虧損）╱收益 (11) 22 Total Comprehensive (Loss)/Income 綜合（虧損）╱收益總額 (979) 3,439 The consolidated income for the year 2021-22 was $10,628 million, a decrease of $4,021 million from last year. This was mainly due to investment losses incurred during the year. 總覽 二零二一╱二二年度是二零一九╱二二年撥款期的最 後一年。 面對持續的新型冠狀病毒病全球大流行對本地和全球 的威脅，大學採取了抗疫措施來維持校園的安全和健 康。與此同時，大學致力服務和回饋社會，港大師生 和校友利用自己的專業知識協助社會對抗新冠疫情， 貢獻良多。大學於本部大樓陸佑堂設立社區疫苗接種 中心，為市民提供復必泰疫苗接種服務。疫苗接種中 心由專業的醫護人員負責營運和管理，包括港大的醫 生義工、退休醫生和護士等。 本機構致力提供世界級的教學與研究，並透過國際 化、創新及跨學科合作發揮其影響力。 本機構編製合併財務報表時，採納了由香港會計師公 會頒佈的相關和適用於本機構運作的若干新訂╱經修 訂「香港財務報告準則」及大學教育資助委員會（「教資 會」）資助院校適用的建議準則。 本機構於本年度錄得九億七千九百萬元的虧損，主要 由於環球經濟環境持續具挑戰，以致投資回報錄得虧 損。全球通脹及利率由回落轉為攀升，各類資產包括 債券和股票的投資回報亦隨之出現調整及回落。 年度結算 截至二零二二年六月三十日止年度，本機構的合併結 算概述如下： 二零二一╱二二年度的合併收益合共為一百零 六億二千八百萬元，比上年度減少四十億二千一百萬 元，主要由於投資虧損。 Treasurer’s Report 司庫報告書 (Expressed in Hong Kong dollars) （以港幣列賬） 2022 Financial Report 二零二二財務報告 2 The consolidated expenditure increased slightly by 3% to $11,610 million (2020-21: $11,251 million), of which $8,614 million (2020-21: $8,358 million) was expended on the Group’s teaching, learning and research activities. INVESTMENTS The investment objective of the Group is to preserve purchasing power while aiming to grow the portfolio over the long-term. As such, investment assets are managed in a prudent, diversified and long-term manner. During 2021-22, investment performance retreated as inflation and interest rates globally reversed course and started to climb, thus leading to corrections in almost all asset classes, including bonds and equities. Going forward, we remain committed to achieving our long-term investment objectives, while being aware of short-term market volatility. Value of the Group’s investment as of 30 June 2022 was $28,252 million (2020-21: $29,894 million), with an overall investment loss of $2,162 million (2020-21: gain of $3,302 million). RESEARCH GRANTS In addition to funding basic research infrastructure through the block grant, the UGC also provides earmarked grants via the Research Grants Council (“RGC”) under various funding schemes for bidding by individual principal investigators or institutions. A total of $321 million (2020-21: $299 million) of RGC grants was recognised as income by the University during the year. Also, the University’s research funding included those from the UGC’s Research Matching Grant Scheme and has been presented under deferred income. Other than the grants from the UGC, the Group also received grants from various local and non-local government agencies and related organisations for research purposes. For the financial year 2021-22, $311 million (2020-21: $342 million) was recorded as income in the consolidated statement of comprehensive income. DONATIONS Dona t i ons t o t a l i ng $1 , 018 mi l l i on ( 2020-21 : $580 mi l l i on ) were recorded as income in the consolidated statement of comprehensive income, of which $501 million (2020-21: $365 million) was for research; $220 million (2020-21: $41 million) for capital building and alterations, additions and improvement projects; $56 million (2020-21: $72 million) for scholarships, bursaries, prizes and loans; and $241 million (2020-21: $102 million) for various other purposes. 本 年 度 的 合 併 支 出 較 去 年 輕 微 增 加 約 百 分 之 三 ， 合 共 為 一 百 一 十 六 億 一 千 萬 元（ 上 年 度 為 一百一十二億五千一百萬元），其中八十六億一千四百 萬元（上年度為八十三億五千八百萬元）用於本機構的 各項教學及研究活動。 投資 本機構的投資目標是對抗通脹，同時在投資組合錄得 持續盈利增長。因此，投資資產以審慎、多元化和長 期的方式進行管理。在二零二一╱二二年期間，全球 通脹及利率由回落轉為攀升，各類資產包括債券和股 票的投資回報亦隨之出現調整及回落。展望未來，我 們將繼續致力實現我們的長期投資目標，同時密切留 意短期市場波動。 以二零二二年六月三十日市值計算，本機構投 資總值為二百八十二億五千二百萬元（上年度為 二 百 九 十 八 億 九 千 四 百 萬 元 ）， 總 投 資 虧 損 為 二十一億六千二百萬元（上年度收益為三十三億零二百 萬元）。 科研補助金 教資會除了運用「整體撥款」資助基礎研究基建項目 外，亦透過研究資助局（「研資局」）推出不同資助計 劃，提供指定補助金，讓首席研究員或院校透過競逐 撥款方式，爭取款項以支持研究。本年度大學獲得研 資局的補助金撥款合共三億二千一百萬元（上年度為 二億九千九百萬元）。 此外，大學的研究撥款亦包括從教資會研究配對補助 金計劃所獲之配對補助金，此撥款亦呈報在遞延收益 內。 除了教資會的資助外，本機構還從不同的本地及非本 地政府機構和相關組織獲得研究用途補助金。本年度 合共獲得三億一千一百萬元（上年度為三億四千二百萬 元），在合併綜合收益表中以收益入賬。 捐助 合併綜合收益表中的捐助總數為十億一千八百萬元（上 年度為五億八千萬元），其中五億零一百萬元（上年度 為三億六千五百萬元）用於研究；二億二千萬元（上 年度為四千一百萬元）用於校舍基建與改建、加建及 改善工程等項目；五千六百萬元（上年度為七千二百 萬元）用作獎學金、助學金、獎金及貸款；以及 二億四千一百萬元（上年度為一億零二百萬元）用於其 他用途。