Balance Sheets (as at 31 March 2003)
Expressed in Hong Kong dollars
 
 
  Group The University
 
 
 
As restated
 
 
2003
$’000
2002
$’000
2003
$’000
2002
$’000
 
 
 
 
FIXED ASSETS
14,950
195
--
--
 
INVESTMENTS IN SUBSIDIARIES
--
--
688
968
 
INVESTMENTS WITH
  INVESTMENT MANAGERS
376,312
321,623
376,312
321,623
 
 
 
CURRENT ASSETS
 

Stock of Course Materials
Rental and Sundry Deposits
Student Loan Receivables
Other Receivables and Prepayments
Short Term Investments
Cash and Deposits with Banks
6,438
6,596
6,438
6,596
1,370
1,792
1,300
1,293
34,987
38,710
34,987
38,710
22,037
18,902
19,787
18,277
125,000
--
125,000
--
443,080
665,869
436,590
657,844
 
 
 
632,912
731,869
624,102
722,720
 
 
 
CURRENT LIABILITIES
 

Fee Income Receipt in Advance
Accounts Payables and Accrued Expenses
Provisions and Commitments
Gratuities Provision
Taxation Provision
Current Portion of Bank Loan
297,182
314,506
293,925
311,274
63,450
66,567
62,734
66,001
19,903
26,171
19,903
26,171
8,116
7,061
8,116
7,061
187
229
--
--
808
--
--
--
 
 
 
389,646
414,534
384,678
410,507
 
 
 
NET CURRENT ASSETS
243,266
317,335
239,424
312,213
 
 
 
 
TOTAL ASSETS LESS
  CURRENT LIABILITIES
634,528
639,153
616,424
634,804
 
 
 
LONG TERM LIABILITIES
 

Gratuities Provision
Bank Loan
4,938
4,998
4,938
4,998
9,169
--
--
--
 
 
 
14,107
4,998
4,938
4,998
 
 
TOTAL NET ASSETS
620,421
634,155
611,486
629,806
 
 
 
REPRESENTED BY
 
 
FUNDS AND RESERVES
 
General Funds
Capital Project Funds
Specific Funds
Recurrent Account
Exchange Reserve
2,039
6,558
611,125
698
1
2,391
9,264
621,893
604
3
2,039
6,558
602,550
339
--
2,391
9,264
617,818
333
--
 
 
TOTAL FUNDS
620,421
634,155
611,486
629,806
 
 
 
 
 
 
Income and Expenditure Statements (for the year ended 31 March 2003)
Expressed in Hong Kong dollars
 
  Group The University
 
 
 
As restated
 
 
2003
$’000
2002
$’000
2003
$’000
2002
$’000
 
 
 
 
OPERATING ACTIVITIES
 
 
OPERATING INCOME
 

Fee Income
Consultancy Fee Income
Interest and Investment Income
Miscellaneous Income
486,024
507,823
486,024
507,823
10,730
8,596
--
--
5,258
10,241
5,165
10,158
8,048
4,470
8,251
5,560
 
 
Total Operating Income
510,060
531,130
499,440
523,541
 
 
 
OPERATING EXPENDITURE
 
Academic Expenditure
 

Course Materials
Tutors' Costs
Direct Student Costs
Staff Costs
Recoup to Academic Development Reserve
Research and Development
General Expenses
28,192
27,306
25,434
26,091
70,971
71,091
70,971
71,091
22,747
21,128
22,281
20,929
126,024
126,650
126,024
126,650
30,519
31,789
30,519
31,789
6,500
13,000
6,500
13,000
2,550
2,301
2,550
2,301
287,503
293,265
284,279
291,851
 
 
Administrative Expenditure
 

Staff Costs
General Expenses
153,579
151,685
153,290
151,492
67,782
76,536
66,246
75,30
221,361
228,221
219,536
226,792
 
 

Total Operating Expenditure
Less: Overhead Recovery
508,864
521,486
503,815
518,643
(12,949)
(13,603)
(12,949)
(13,603)
 
 
Net Operating Expenditure
495,915
507,883
490,866
505,040
 
 
 
OPERATING RESULT BEFORE FINANCE
  COST AND CAPITAL COST
  EXPENDITURE
14,145
23,247
8,574
18,501
INTEREST ON BANK LOAN
(170)
--
--
--
CAPITAL COST EXPENDITURE
(3,568)
(6,992)
(3,568)
(6,992)
 
 
OPERATING RESULT AFTER FINANCE
  COST AND CAPITAL COST
  EXPENDITURE BEFORE TAXATION
10,407
16,255
5,006
11,509
TAXATION
(813)
(716)
--
--
 
 
OPERATING RESULT AFTER TAXATION
9,594
15,539
5,006
11,509
 
 
 
DONATIONS AND BENEFACTIONS
 
 
INCOME
 

Endowment Funds and Donations
Interest and Investment Income
12,946
12,221
12,946
12,221
6,438
9,226
6,438
9,226
19,384
21,447
19,384
21,447
 
 
EXPENDITURE
 

Expenditure on Capital Projects
Expenditure Met from Donations and
  Benefactions
1,969
6,686
1,969
6,686

57,240

69,183

57,240

69,183
59,209
75,869
59,209
75,869
 
 
DEFICIT NOT MET FROM
  DONATIONS AND BENEFACTIONS
(39,825)
(54,422)
(39,825)
(54,422)
 
 
 
DEFICIT BEFORE TRANSFER
(30,231)
(38,883)
(34,819)
(42,913)
 
 
 
TRANSFER FROM / (TO)
 

General Fund
Capital Project Funds
Specific Funds
Statutory Reserve Fund
General Reserve
68
(50)
68
(50)
595
3,326
595
3,326
39,162
51,146
39,162
51,146
--
(422)
--
--
(9,500)
(14,971)
(5,000)
(11,371)
 
 
 
30,325
39,029
34,825
43,051
 
 
NET SURPLUS TRANSFERRED TO
  RECURRENT ACCOUNT
94
146
6
138
 
 
 
 
 
 
Income Allocation for 2002/2003
 
 
Expenditure Allocation for 2002/2003
 
 
 
Audited Accounts
The accounts of the University and the Group have been audited by PricewaterhouseCoopers. In the opinion of the Auditors, the accounts give a true and fair view of the state of affairs of the University and of the Group as at 31 March 2003 and of income and expenditure of the University and of the Group for the year then ended and have been properly prepared in accordance with accounting policies generally adopted by higher educational institutions in Hong Kong.
 
 
 
 
2002-2003 OUHK Annual report