Page 84 - Annual Report
P. 84
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
17. CAPITAL MANAGEMENT
The Group defined all components of reserve and funds as “capital”. On this basis, the
amount of capital employed at 31 December 2020 was HK$106,132,505 (2019:
HK$123,454,004).
The Group’s primary objectives when managing capital are to safeguard the Group’s ability to
continue as a going concern.
The Group’s capital structure is regularly reviewed and managed. Adjustments are made to
the capital structure in light of changes in economic conditions affecting the Group, to the
extent that these do not conflict with the Council’s fiduciary duties towards the Group or the
requirements of the Hong Kong Academy of Medicine Ordinance.
The Group was not subject to externally imposed capital requirements in either the current or
prior year.
18. COMMITMENTS
a) Capital commitments outstanding at 31 December 2020 not provided for in the financial
statements were as follows:
2020 2019
HK$ HK$
Contract for 1,750,645 12,808,763
b) Lease commitment
The Academy as lessor
The Academy’s total future minimum lease payments under non-cancellable operating
leases are receivable as follows:
2020 2019
HK$ HK$
Within 1 year 486,000 378,000
After 1 year but within 5 years 463,500 67,500
949,500 445,500
The Academy leases out certain areas of its headquarter under operating leases. None
of the leases includes contingent rentals.
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