Page 86 - Annual Report

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

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 2021 was HK$98,632,595 (2020:
HK$106,132,505).

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 2021 not provided for in the financial
statements were as follows:

2021 2020
HK$ HK$

Contract for - 1,750,645

b) Lease commitment

The Academy as lessor

The Academy’s total future minimum lease payments under non-cancellable operating
leases are receivable as follows:

2021 2020
HK$ HK$

Within 1 year 463,500 486,000
After 1 year but within 5 years 337,500 463,500

801,000 949,500

The Academy leases out certain areas of its headquarter under operating leases. None
of the leases includes contingent rentals.

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84 HKAM Annual Report 2022