Page 93 - 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

9. PROPERTY, PLANT AND EQUIPMENT (Continued)

The Academy entered into an agreement with the Hong Kong Special Administrative Region
Government for grant by Private Treaty of Aberdeen Inland Lot No. 414 for a term of 50 years less 3
days with effect from 1 July 1997 and on which the headquarters of the Academy were built. The
Academy is required to pay an amount equal to 3% of the rateable value per annum, which has been
charged to the income and expenditure account.

10. INTEREST IN A SPECIAL PURPOSE ENTITY

Details of the special purpose entity are as follows:

Proportion
Place of of ownership
Form of incorporation interest
Name of the special business and Principal held by
purpose entity structure operation activity Academy

The Hong Kong Incorporated Hong Kong Fund raising and 100%
Academy of Medicine investment
Foundation Fund management

11. INVESTMENTS IN EQUITY INSTRUMENTS DESIGNATED AT FAIR VALUE THROUGH OTHER
COMPREHENSIVE INCOME

2023 2022
HK$ HK$

Investments designated at FVTOCI:
- Equity securities listed in Hong Kong 4,261,842 4,483,002

At 31 December 2023, the amounts comprise equity securities listed in Hong Kong of HK$4,261,842
(2022: HK$4,483,002) that are carried at fair value. These investments are not held for trading,
instead, they are held for long-term strategic purposes. The council members have elected to
designate these investments in equity instruments as at FVTOCI as they believe that recognising
short-term fluctuations in these investments’ fair value in profit or loss would not be consistent with
the Academy’s strategy of holding these investments for long-term purposes and realising their
performance potential in the long run.

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香港醫學專科學院 2024 年度報告