{"id":27448,"date":"2024-04-29T23:33:21","date_gmt":"2024-04-29T15:33:21","guid":{"rendered":"https:\/\/www.hkmu.edu.hk\/annual-review\/?page_id=27448"},"modified":"2024-05-06T10:16:40","modified_gmt":"2024-05-06T02:16:40","slug":"chapter-07","status":"publish","type":"page","link":"https:\/\/www.hkmu.edu.hk\/annual-review\/2022-23\/chapter-07\/","title":{"rendered":"2022-23 Chapter 07 Finance"},"content":{"rendered":"\t\t
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Chapter VII<\/span>
Finance<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Despite the continued impact of COVID-19 and external factors,\nsuch as inflation, rising interest rates, and geopolitics, on the\nUniversity's finances this past year, the University delivered a\nrobust financial performance in 2022\u201323 driven by income\ngrowth and control of costs. Consolidated net surplus increased\nfrom HK$213.8 million in 2021\u201322 to HK$513.4 million in 2022\u201323.\nA strong balance sheet was maintained, with consolidated net\nassets at HK$5,107.6 million and significant levels of cash and\ninvestments of HK$5,254.1 million being held.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Income\n<\/p>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Consolidated income for the year increased by 0.3%\nto HK$1,705.3 million (2021\u201222: HK$1,700.7 million).\nTuition income grew by 0.2% to HK$1,626.2 million\n(2021\u201222: HK$1,623.6 million), primarily because the\nincrease in tuition income from postgraduate\nprogrammes was roughly offset by the decrease in\ntuition income from distance-learning programmes.\nThe strong revenue streams strengthened the\nfinancial footing of the University, enabling us to\nkeep investing in people and in our strategic priorities.\n<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Total consolidated operating expenses rose by 12.8%\nto HK$1,342.5 million (2021\u201222: HK$1,190.2 million).\nThe majority of these expenses were personnel costs,\nwhich comprised 63.2% of the total operating expenses.\nOverall personnel costs increased by 11.2% to\nHK$848.9 million (2021\u201222: HK$763.2 million) as a\nresult of salary revision and increased headcount to\nsupport the growth in teaching and research\nactivities, partly offset by higher than average levels\nof position vacancies. The difficulty in hiring people\nwas a common problem across the industry this past\nyear. To enhance our competitiveness in the\nemployment market, the University engaged a\nconsultant to review and revise the pay packages for\nfull-time staff.<\/p>\n

Non-personnel expenses were impacted by the\nresumption of travel and the resurgence of\non-campus and other activities, as well as inflationary\neffects on expense categories such as utilities and\ncapital expenses. Premises-related expenses were\nHK$206.4 million (2021\u201222: HK$174.1 million), which\naccounted for 15.4% of total operating expenses,\nlargely reflecting higher depreciation from leased\nassets and fixed assets. Direct student costs and\nstudent activity expenses were HK$125.9 million\n(2021\u201222: HK$108.6 million), representing 9.4% of the\ntotal operating expenses.\n<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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Interest and investment income<\/p>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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As of 31 August 2023, 39% (2021\u201222: 43%) of the\nUniversity's investments were diversified portfolios of\nactively managed funds, and 61% (2021\u201222: 57%)\nwere self-managed cash invested in the deposit pool\naccording to guidelines on diversification, exposure\nand credit rating as agreed by the Finance Committee.\nThe portfolio investment is designed to optimise\nlong-term returns, dampen volatility and mitigate the\nrisk of permanent loss of capital via diversification\nand prudent financial management. The high cash\nallocation was a result of de-risking measures to\nsecure stable interest income in the global rate-hike\ncycle.\n<\/p>\n

During the year, the University made ongoing efforts\nto upgrade its investment firm roster to enhance\nperformance relative to benchmark results. Our\nefforts included building closer relationships with\npartners that demonstrate superior investment\njudgment, thorough processes, sound ethics, and a\nstrong alignment of interests with the University. In\naddition, the University is committed to prioritising\ninvestments aligned with environmental, social and\ncorporate governance (ESG) values without\ncompromising returns or diversification. The\nUniversity invested in an ESG fund which targets\ncompanies with sustainable returns, strong ESG\ncharacteristics and attractive valuations.<\/p>\n

Investment returns were higher than forecast, with\nthe value of investments recovering from a fall in\n2021\u201322 and showing strong gains in the year.\nConsolidated interest and investment income showed\na gain of HK$192.3 million in 2022\u201223 (2021\u201222:\n-HK$269.3 million). These results highlighted the\nvolatility of investment returns from one year to the\nnext against the backdrop of high interest rate and\ninflation, ongoing effects of Russia's invasion of\nUkraine and geopolitical tensions, US financial sector\nturmoil and government credit rating downgrade,\nand China's real estate crisis. The value of the total\nconsolidated cash and investments as of 31 August\n2023 was HK$5,254.1 million (2021\u201222: HK$4,618.7\nmillion).<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Donations and Government grants<\/p>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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The remarkable generosity of the University's alumni\nand friends \u2014 including individuals, corporations, and\nfoundations \u2014 provides essential funding for student\nfinancial aid, investments in research, and every aspect\nof the University's operations. In aggregate, a total of\nHK$124.9 million in donations and grants was recorded\nfor the year (2021\u201222: HK$121.9 million), with\nHK$32.2 million reflected as current year grants and\ndonations in support of operations, and an additional\nHK$92.7 million recorded as deferred income for\nfunding the University's long-term investment in\nphysical infrastructure and providing resources for\ncore activities for future generations.\n<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Results of the year<\/p>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Throughout the year, the University navigated\ncomplex markets to deliver a continued positive\nfinancial performance. The University ended the year\nwith a consolidated operating surplus of HK$321.1\nmillion (2021\u201222: HK$483.1 million), which is amongst\nthe best in the University's history. Consolidated\ninterest and investment income showed a gain of\nHK$192.3 million (2021\u201222:-HK$269.3 million), driven\nby strong performance in the financial markets.\nRobust operating and investment performance\ncontributed to growth in net assets of HK$513.4\nmillion, ending the year at a record HK$5,107.6\nmillion (2021\u201222: HK$4,594.2 million). Consolidated\nnet operating cash flow was a strong HK$649.3\nmillion (2021\u201222: HK$868.8 million), paving the way\nfor the University to meet investment commitments\nand embrace new investment opportunities.\n<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The University provides its staff with two retirement\nschemes, namely the Occupational Retirement Schemes\nOrdinance (ORSO) Scheme and the Mandatory Provident\nFund (MPF) Scheme. At year-end, the ORSO scheme\nhad 256 members and the MPF scheme had 1,700\nmembers. Their respective fund sizes were HK$215.9\nmillion and HK$120.1 million.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Way forward<\/p>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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The University will celebrate its 35th anniversary in\n2024. This will be a good opportunity for the\nUniversity to showcase its achievements, enhance its\nbrand and image, and inspire actions to support its\neducational and research mission. The University will\nhold a year-long series of celebratory activities, and\ninvite students, staff, alumni and local community to\ncelebrate with us.\n<\/p>\n

While the most significant impacts of COVID-19\nappear to be over, the world continues to face many\nchallenges, including high interest rates, sustained\ncost inflation, increasing risk of recession, the war in\nUkraine and other conflicts around the globe.\nNotwithstanding these uncertainties, the University\nhas a solid financial position and is well placed to\nmeet these challenges, weather uncertainties, and be\nfinancially able to drive forward our strategic\npriorities. We will look into opportunities to further\nenhance our quality of teaching, expand our teaching\nfacilities, and create a more conducive learning\nenvironment for our students in order to equip them\nwith the necessary skills to make valuable\ncontributions to society.\n<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t<\/i>\t\t\t<\/span>\n\t\t\t\t\t\tChapter VI<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\tAnnual Review 2022 - 2023<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Chapter VIIFinance Despite the continued impact of COVID-19 and external factors, such as inflation, rising interest rates, and geopolitics, on the University's finances this past year, the University delivered a robust financial performance in 2022\u201323 driven by income growth and control of costs. Consolidated net surplus increased from HK$213.8 million in 2021\u201322 to HK$513.4 million...<\/p>\n","protected":false},"author":320,"featured_media":0,"parent":25965,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"yoast_head":"\n2022-23 Chapter 07 Finance - Annual Review<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.hkmu.edu.hk\/annual-review\/2022-23\/chapter-07\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2022-23 Chapter 07 Finance\" \/>\n<meta property=\"og:description\" content=\"Chapter VIIFinance Despite the continued impact of COVID-19 and external factors, such as inflation, rising interest rates, and geopolitics, on the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.hkmu.edu.hk\/annual-review\/2022-23\/chapter-07\/\" \/>\n<meta property=\"og:site_name\" content=\"Annual Review\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-06T02:16:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.hkmu.edu.hk\/annual-review\/wp-content\/uploads\/sites\/44\/2024\/04\/HKMU_Annual_review_2023_website_chapter3-7_v02-82.png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"6 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"2022-23 Chapter 07 Finance - 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