Page 82 - Annual Report

HONG KONG ACADEMY OF MEDICINE
香港醫學專科學院
科
學
醫
港
香
院
專
學
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

8. DEFICIT FOR THE YEAR

Deficit for the year is arrived at after charging:

2021 2020
HK$ HK$

a) Staff costs

Contributions to defined contribution retirement plans 1,726,675 1,578,852
Salaries, wages and other benefits 27,128,057 25,817,223

28,854,732 27,396,075

b) Other items

Auditor’s remuneration 172,000 167,000
Depreciation 12,814,545 13,636,940
Net foreign exchange loss - 13,608

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 Sub-total progress Total
HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$

Cost

At 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
and 1 January 2021 4,712,878 15,148,973 28,858,068 83,557,048 3,335,832 135,612,799 16,635,482 152,248,281
Additions 279,425 12,200 2,071,183 240,000 - 2,602,808 375,257 2,978,065
Transfer - - - 17,010,739 - 17,010,739 (17,010,739) -
Disposals (130,893) (262,835) (213,770) (279,390) - (886,888) - (886,888)

At 31 December 2021 4,861,410 14,898,338 30,715,481 100,528,397 3,335,832 154,339,458 - 154,339,458

Accumulated depreciation

At 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
and 1 January 2021 4,013,384 14,850,042 28,378,279 70,515,293 2,001,499 119,758,497 - 119,758,497
Charge for the year 377,103 196,638 517,068 11,588,323 135,413 12,814,545 - 12,814,545
Write back on disposals (130,893) (262,835) (213,770) (279,390) - (886,888) - (886,888)

At 31 December 2021 4,259,594 14,783,845 28,681,577 81,824,226 2,136,912 131,686,154 - 131,686,154

Carrying amount

At 31 December 2021 601,816 114,493 2,033,904 18,704,171 1,198,920 22,653,304 - 22,653,304

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
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80 HKAM Annual Report 2022