Page 95 - Annual Report

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

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 2022 was HK$88,943,580 (2021:
HK$98,632,595).

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

Lease commitment

The Academy as lessor

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

2022 2021
HK$ HK$

Within 1 year 445,500 463,500
After 1 year but within 5 years 486,000 337,500

931,500 801,000

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

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香港醫學專科學院 2023 年度報告 93