Page 83 - 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

15. ACCRUALS AND OTHER PAYABLES (Continued)

All accruals and other payables are expected to be settled within one year or are repayable
on demand.

16. RESERVE AND FUNDS

Movements in components of reserve and funds

The reconciliation between the opening and closing balances of each component of the
Group’s consolidated reserve and funds is set out in the consolidated statement of changes in
reserve and funds. Details of the changes in the Academy’s individual components of reserve
and funds between the beginning and the end of the year are set out below:

The Academy
Fair value General
reserve fund Total
HK$ HK$ HK$

At 1 January 2019 3,449,565 109,444,107 112,893,672

Deficit for the year - (5,560,229) (5,560,229)
Other comprehensive loss
Investments in equity instruments
designated at fair value through other
comprehensive income:
Changes in fair value 1,427,981 - 1,427,981

Total comprehensive income/(loss) for the
year 1,427,981 (5,560,229) (4,132,248)
Transfer to general fund 2,589,708 (2,589,708) -

At 31 December 2019 and 1 January 2020 7,467,254 101,294,170 108,761,424

Deficit for the year - (11,188,633) (11,188,633)
Other comprehensive income
Investments in equity instruments
designated at fair value through other
comprehensive income:
Changes in fair value (6,306,965) - (6,306,965)

Total comprehensive loss for the year (6,306,965) (11,188,633) (17,495,598)
Transfer to general fund (2,389,559) 2,389,559 -

At 31 December 2020 (1,229,270) 92,495,096 91,265,826

Fair value reserve comprises the cumulative net change in the fair value of equity instruments
designated at FVTOCI held at the end of the reporting period and is dealt with in accordance
with the accounting policy in note 3(h). Funds received are accounted for in the Foundation
fund which is used exclusively for the establishment and use of the Academy at such time as
the Academy shall direct. General fund represents the cumulative surplus of the Academy.

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香港醫學專科學院 2021 年度報告 81