Page 91 - Annual Report

HONG KONG ACADEMY OF MEDICINE
院
學
港
專
學
醫
科
香 香港醫學專科學院
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8. DEFICIT FOR THE YEAR

Deficit for the year is arrived at after charging:

2022 2021
HK$ HK$

a) Staff costs

Contributions to defined contribution retirement plans 1,753,324 1,726,675
Salaries, wages and other benefits 27,091,242 27,128,057

28,844,566 28,854,732

b) Other items

Auditor’s remuneration 180,000 172,000
Depreciation 9,332,261 12,814,545
Net foreign exchange loss 4,160 -

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 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
and 1 January 2022 4,861,410 14,898,338 30,715,481 100,528,397 3,335,832 154,339,458 - 154,339,458
Additions 544,218 2,680 943,976 3,465,317 - 4,956,191 - 4,956,191
Disposals (159,331) (276,608) (518,979) (15,919) - (970,837) - (970,837)

At 31 December 2022 5,246,297 14,624,410 31,140,478 103,977,795 3,335,832 158,324,812 - 158,324,812

Accumulated depreciation

At 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
and 1 January 2022 4,259,594 14,783,845 28,681,577 81,824,226 2,136,912 131,686,154 - 131,686,154
Charge for the year 315,067 78,150 625,229 8,178,382 135,433 9,332,261 - 9,332,261
Write back on disposals (159,331) (276,608) (518,979) (15,919) - (970,837) - (970,837)

At 31 December 2022 4,415,330 14,585,387 28,787,827 89,986,689 2,272,345 140,047,578 - 140,047,578

Carrying amount

At 31 December 2022 830,967 39,023 2,352,651 13,991,106 1,063,487 18,277,234 - 18,277,234

At 31 December 2021 601,816 114,493 2,033,904 18,704,171 1,198,920 22,653,304 - 22,653,304
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香港醫學專科學院 2023 年度報告 89