AN EXTRACT FROM THE UNIVERSITY’S ANNUAL ACCOUNTS 2021-22 61 60 HKU ANNUAL REPORT 2022 AN EXTRACT FROM THE UNIVERSITY’S ANNUAL ACCOUNTS 2021-22 SPACE OVERVIEW DISTRIBUTION OF SPACE BY CATEGORIES BASED ON TOTAL GROSS COVERED FLOOR AREA As of June 2022 In sq.m. HALLS AND STUDENT RESIDENCES As of June 2022 Existing 6,450 Places Planned 2,200 Places HKU SPACE GROSS COVERED FLOOR AREA As of June 2022 40,553 sq.m. LAND HOLDINGS As of June 2022 In hectares Main Campus 17.7 Kadoorie Centre 9.6 Medical Campus 4.2 Other Sites on Pokfulam 23.3 Total Area 54.8 The financial year 2021–22 was the last year of the 2019–22 triennium. In face of the persistence of the COVID-19 pandemic locally and globally, the University adopted measures to maintain a safe and healthy environment on campus. With outstanding contributions from its members, the University also provided a range of support to help society combat COVID-19. This included the turning of the historic Loke Yew Hall into the HKU LYH Community Vaccination Centre to provide BioNTech vaccinations to citizens. This centre was staffed by a team of volunteer doctors from the University, and retired doctors and nurses. The Group demonstrated its commitment to provide worldclass education and research, and delivered impact through internationalisation, innovation and interdisciplinarity. In preparing the consolidated financial statements, the Group has adopted certain new / revised Hong Kong Financial Reporting Standards (HKFRS) issued by the Hong Kong Institute of Certified Public Accountants which are relevant and applicable to the Group’s operation and comply with the Statement of Recommended Practice for the University Grants Committee (UGC)-Funded Institutions. During the financial year, the Group recorded a deficit of HK$979 million, largely due to the negative return on investments resulting from the challenging financial markets. Investment performance retreated as inflation and interest rates globally reversed course and started to climb, thus leading to corrections in almost all asset classes, including bonds and equities. FINANCIAL OUTLOOK The financial year 2021–22 concluded the triennium of 2019–22. The University has a strong commitment to intellectual freedom, liberty and diversity. For the pursuit of the University’s education mission, the University will continue to invest in human resources, infrastructure and technology upgrades in order to bring high calibre professors and attract top-scoring students. The University has kick-started a number of capital projects like the Tech Landmark at University Drive, building an innovative science and engineering hub of research and technology; the iconic academic, cultural and sports facilities complex at Pokfield Road site; and various student hostels. The University will remain prudent and yet flexible in financial management and will continue to ride on its successes to take it to the next level and fulfilling its commitment to be Asia’s leading global university. The University’s Annual Accounts can be found at www.feo.hku.hk/finance/. Any correspondence or feedback on this extract or the accounts should be emailed to finance-mail@hku.hk. The consolidated income for the year 2021–22 was HK$10,628 million, a decrease of HK$4,021 million from last year. This was mainly due to investment losses incurred during the year. The consolidated expenditure increased slightly by 3% to HK$11,610 million (2020–21: HK$11,251 million), of which HK$8,614 million (2020–21: HK$8,358 million) was expended on the Group’s teaching, learning and research activities. RESULTS OF THE YEAR The Group’s consolidated results for the year ended 30 June, 2022 are summarised as follows: Total Gross Covered Floor Area 708,115 Academic Space 329,976 46.6% Central Libraries 44,733 6.3% Central Administration and Maintenance 27,838 3.9% Student and Staff Amenities 31,713 4.5% Sports Facilities 11,571 1.6% Student Halls of Residence and Staff Quarters 255,730 36.1% Others (Including HKU Museum and HKU Press) 6,554 0.9% (Deficit) / Surplus from Operations Share of Surplus of Joint Ventures and Associates 2022 Income Expenditure Total Comprehensive (Loss) / Income (Deficit) / Surplus for the Year Other Comprehensive (Loss) / Income 14,649 (11,251) 10,628 (11,610) 3,398 19 3,417 22 (968) (11) (982) 14 3,439 (979) 2021 HK$ (in million) HK$ (in million)
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