Page 80 - Annual Report

HONG KONG ACADEMY OF MEDICINE
香港醫學專科學院
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

8. DEFICIT FOR THE YEAR

Deficit for the year is arrived at after charging/(crediting):

2020 2019
HK$ HK$

a) Staff costs

Contributions to defined contribution retirement plans 1,578,852 1,454,783
Salaries, wages and other benefits 25,817,223 25,138,826

27,396,075 26,593,609

b) Other items

Auditor’s remuneration 167,000 174,500
Depreciation 13,636,940 20,435,419
Net foreign exchange loss 13,608 22,648

9. TAXATION

No provision has been made for Hong Kong Profits Tax as the Group is exempted from
taxation under the provision of section 88 of the Hong Kong Inland Revenue Ordinance.

10. PROPERTY, PLANT AND EQUIPMENT

Furniture Training & Leasehold Construction
Computer and office Leasehold land and in
equipment fixtures equipment improvements buildings Total progress Total
HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$

Cost

At 1 January 2019 4,297,976 15,711,126 33,945,959 82,936,975 3,335,832 140,227,868 - 140,227,868
Additions 360,176 29,400 344,970 229,300 - 963,846 6,168,404 7,132,250
Disposals (94,712) (505,160) (5,320,085) (12,000) - (5,931,957) - (5,931,957)

At 31 December 2019
and 1 January 2020 4,563,440 15,235,366 28,970,844 83,154,275 3,335,832 135,259,757 6,168,404 141,428,161
Additions 149,438 30,297 36,150 402,773 - 618,658 10,467,078 11,085,736
Disposals - (116,690) (148,926) - - (265,616) - (265,616)

At 31 December 2020 4,712,878 15,148,973 28,858,068 83,557,048 3,335,832 135,612,799 16,635,482 152,248,281

Accumulated depreciation

At 1 January 2019
2,791,956 11,601,482 30,182,816 45,572,825 1,734,632 91,883,711 - 91,883,711
Charge for the year
769,975 2,425,633 2,296,066 14,810,311 133,434 20,435,419 - 20,435,419
Write back on disposals (94,712) (505,160) (5,320,085) (12,000) - (5,931,957) - (5,931,957)

At 31 December 2019
and 1 January 2020 3,467,219 13,521,955 27,158,797 60,371,136 1,868,066 106,387,173 - 106,387,173
Charge for the year 546,165 1,444,777 1,368,408 10,144,157 133,433 13,636,940 - 13,636,940
Write back on disposals - (116,690) (148,926) - - (265,616) - (265,616)

At 31 December 2020 4,013,384 14,850,042 28,378,279 70,515,293 2,001,499 119,758,497 - 119,758,497

Carrying amount

At 31 December 2020 699,494 298,931 479,789 13,041,755 1,334,333 15,854,302 16,635,482 32,489,784

At 31 December 2019 1,096,221 1,713,411 1,812,047 22,783,139 1,467,766 28,872,584 6,168,404 35,040,988
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78 HKAM Annual Report 2021