Page 92 - Annual Report

HONG KONG ACADEMY OF MEDICINE
香 港 醫 學 專 科 學 院
香港醫學專科學院
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7. SURPLUS/(DEFICIT) FOR THE YEAR

Surplus/(deficit) for the year is arrived at after charging:

2023 2022
HK$ HK$
a) Staff costs

Contributions to defined contribution retirement plans 1,780,786 1,753,324
Salaries, wages and other benefits 26,180,406 27,091,242

27,961,192 28,844,566

b) Other items

Auditor’s remuneration 176,000 180,000
Depreciation 5,579,105 9,332,261
Net foreign exchange loss 12,488 4,160

8. 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.

9. PROPERTY, PLANT AND EQUIPMENT

Furniture Training & Leasehold
Computer and office Leasehold land and
equipment fixtures equipment improvements buildings Total
HK$ HK$ HK$ HK$ HK$ HK$
Cost

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

At 31 December 2022 and
1 January 2023 5,246,297 14,624,410 31,140,478 103,977,795 3,335,832 158,324,812
Additions 273,530 18,000 296,073 326,650 - 914,253
Disposals (24,995) - (154,622) (755,147) - (934,764)

At 31 December 2023 5,494,832 14,642,410 31,281,929 103,549,298 3,335,832 158,304,301

Accumulated depreciation

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

At 31 December 2022 and
1 January 2023 4,415,330 14,585,387 28,787,827 89,986,689 2,272,345 140,047,578
Charge for the year 304,747 23,072 712,620 4,403,233 135,433 5,579,105
Write back on disposals (24,995) - (154,622) (755,147) - (934,764)

At 31 December 2023 4,695,082 14,608,459 29,345,825 93,634,775 2,407,778 144,691,919

Carrying amount

At 31 December 2023 799,750 33,951 1,936,104 9,914,523 928,054 13,612,382

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

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90 HKAM Annual Report 2024