Page 94 - 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

12. PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES
2023 2022
HK$ HK$

Bank interest receivables 1,066,190 334,307
Deposits 56,603 56,603
Deposit paid to building management company 700,000 800,000
Function fee receivable 5,031,091 5,633,527
Prepaid expenses 1,323,699 1,251,892
Receivable from associations, government authorities and
independent third parties arising from academic functions 1,200,864 2,423,037

9,378,447 10,499,366

Except for deposits of HK$756,603 (2022: HK$856,603), all of the prepayments, deposits and other
receivables are expected to be recovered within one year.

The Group’s credit policy is set out in note 19(a).

13. TIME DEPOSITS AND CASH AND CASH EQUIVALENTS
2023 2022
HK$ HK$

Time deposits with original maturity of three months or less 13,147,800 36,219,081
Cash at bank and on hand 15,886,467 8,614,271

29,034,267 44,833,352

Time deposits with original maturity
- Over three months 58,790,707 23,762,077

Included in cash and cash equivalents are the following amounts denominated in a currency other
than the functional currency of the entity to which they relate:

2023 2022

United States Dollars 513,204 491,308
Renminbi 304,172 302,723

14. ACCRUALS AND OTHER PAYABLES
2023 2022
HK$ HK$

Accrued expenses payable to building management company (2,089,729) (1,375,244)
Other accrued expenses (8,892,009) (6,131,181)

(10,981,738) (7,506,425)

All accruals and other payables are expected to be settled within one year or are repayable on
demand.

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92 HKAM Annual Report 2024