AN EXTRACT FROM THE UNIVERSITY’S ANNUAL ACCOUNTS 2023–24 OVERVIEW The financial year 2023–24 was the second year of the 2022–25 triennium. 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 surplus of HK$3,918 million. Compared to the previous year, the surplus further increased in 2023–24 as a result of improvement in investment performance and increases in government subventions and tuition fees. 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. 45,577sq.m. Total Gross Covered Floor Area 725,988 Academic Space 329,976 45.5% Central Libraries 44,733 6.2% Central Administration and Maintenance 27,838 3.8% Others (Including HKU Museum and HKU Press) 6,554 0.9% Sports Facilities 4,331 0.6% FINANCIAL OUTLOOK As the financial year 2023–24 ends, the University has entered into the third year of the triennium of 2022–25. The University continues its strong commitment to intellectual freedom, liberty and diversity. To fulfil its education mission, the University will continue to recruit top scholars as well as young researchers; admit top talented students with diverse backgrounds; and upgrade its infrastructure and technology, including student amenities, teaching and research facilities. The University will remain prudent and yet flexible in financial management in its pursuit to continue being an Asia’s leading global university. The consolidated income for the year 2023–24 was HK$16,892 million, an increase of HK$2,732 million from last year. This was mainly due to improvement in investment performance and increases in government subventions and tuition fees. The consolidated expenditure increased by 6% to HK$12,996 million (2022–23: HK$12,204 million), of which HK$9,615 million (2022–23: HK$8,877 million) was expended on the Group’s teaching, learning and research activities. RESULTS FOR THE YEAR The Group’s consolidated results for the year ended June 30, 2024 are summarised as follows: 2024 2023 HK$ (in million) HK$ (in million) Income 16,892 14,160 Expenditure (12,996) (12,204) Surplus from Operations 3,896 1,956 Others 22 5 Total Comprehensive Income 3,918 1,961 DISTRIBUTION OF SPACE BY CATEGORIES BASED ON TOTAL GROSS COVERED FLOOR AREA HKU SPACE GROSS COVERED FLOOR AREA HALLS AND STUDENT RESIDENCES As of June 2024 In sq.m. As of June 2024 As of June 2024 SPACE Existing 7,800 Places Planned 950 Places LAND HOLDINGS As of June 2024 In hectares Main Campus 17.7 Kadoorie Centre 9.6 Medical Campus 4.2 Other Sites on Pokfulam 23.3 Total Area 54.8 Student and Staff Amenities 31,713 4.4% Student Halls of Residence and Staff Quarters 280,843 38.7% 53 AN EXTRACT FROM THE UNIVERSITY’S ANNUAL ACCOUNTS 2023–24 52 HKU ANNUAL REPORT 2024
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