4 4 4 5 The financial year 2018–19 was the final year of the 2016–19 triennium. The Group has demonstrated its commitment to provide world-class education and research and delivered the impact through internationalisation, innovation and interdisciplinarity. A surplus of $677 million was recorded in the Group’s consolidated financial results, primarily driven by increase in tuition fee and gain from disposal of assets. 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. The Group’s consolidated results for the year ended June 30, 2019 are summarised as follows: 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 financial year 2018–19 concluded the triennium of 2016–19 with a solid financial performance and remarkable achievement in all aspects of teaching, learning, research and knowledge exchange. Looking ahead, the University is very excited to embark on a new arena with a number of capital projects including the science and engineering hub, the expansion of the Medical Campus, the student hostel projects and other major projects to provide state-of-the-art teaching and research facilities. The University is prepared to make substantial and long-term investments in human resources, infrastructure and technology upgrades for the pursuit of the education mission. The achievement of these missions would rely on philanthropy support. Two Government Matching Grant Schemes have been launched in July 2019 and August 2019, respectively, and these are good opportunities to help the University secure additional funding for its work. Amidst all the challenging opportunities, the University shall maintain a conservative, yet creative and flexible profile in the financial management, that can continue to build on our success and bring the University to the next level of accommodating our commitments to be the Asia’s leading global university. The consolidated income for the year 2018–19 was $10,670 million, a decrease of $176 million from last year. This was impacted by a decrease in investment income along with less donations and benefactions received during the year. The consolidated expenditure increased by 9% to $10,279 million (2017–18: $9,455 million), of which $7,504 million (2017–18: $6,891 million) was expended on the Group’s teaching, learning and research activities. Overview Results for the Year Financial Outlook 2019 $million 2018 $ million Income 10,670 10,846 Expenditure (10,279) (9,455) Surplus from Operations 391 1,391 Share of Surplus of Joint Ventures and Associates 11 11 Gain on Disposal of Asset Held for Sale 282Surplus for the Year 684 1,402 Other Comprehensive (Loss) / Income (7) 7 Total Comprehensive Income 677 1,409 An Extract from the University’s Annual Accounts 2018–19 1. No Poverty The total amount of donations for scholarships, bursaries, prizes and loans is $52 million. Over 700 students and staff participated in the Edible Spaces initiative which promotes innovative and sustainable farming on campus and supports local farmers and agriculture through various activities. 19% of HKU students graduated in health professions including graduates of all academic levels. 2. Zero Hunger 3. Good Health and Well-being The percentage of international first-degree students from developing nations to all international students starting their first degree is 16%. The Smart Living, Smart Generation initiative in the Jockey Club Student Village III, which accommodates 1,800 students, has resulted in a 14% reduction in energy consumption and savings of $458k. HKU appointed a new waste management service contractor to handle and reduce waste. Total municipal solid waste disposal has reduced by 12.3%, and diversion from landfills has increased by 88.7%. 10. Reduced Inequalities 11. Sustainable Cities and Communities 12. Responsible Consumption and Production 52% of HKU students are the first in their families to attend university. The proportion of first- degree graduates who were female by subject: All subject areas 54%; STEM 32%; Medicine 62%; Arts and Humanities / Social Sciences 66%. The proportion of women in senior academic positions is 21%. Potable water consumption increased by 2.6%. 4. Quality Education 5. Gender Equality 6. Clean Water and Sanitation Total greenhouse gas emissions dropped by 1.1%. Since the policies on disposable plastic water bottles and straws were implemented, HKU saved an estimated 1 million water bottles and 1 million straws per year. The Disposable Plastic Free Campus Policy will be implemented in September 2020. In 2019, the Lung Fu Shan Environmental Education Centre organised the HKU BioBlitz to enhance the public‘s awareness on nature and biodiversity, with 400 people attending and 156 species found. 13. Climate Action 14. Life belowWater 15. Life on Land The amount of renewable energy generated on campus increased by 5.3%. In 2018–19, iDendron, HKU’s innovation and entrepreneurship hub supported 52 start-up projects and companies. Projects related to Sustainable Development Goals include Chinese Medicine in Sports, EmployMe, Clearbot and Pola Mola. Through technology transfer, HKU is committed to sharing research results to benefit society. 208 patent applications related to discoveries at HKU have been filed in the past year. 7. Affordable and Clean Energy 8. Decent Work and Economic Growth 9. Industry, Innovation and Infrastructure Sustainability A cross-disciplinary task force has begun the groundwork for developing a campus-wide sustainability strategy based on the Sustainable Development Goals identified by the United Nations with an effective and accountable governance structure. The Hong Kong Sustainable Campus Consortium was convened by HKU in 2019 to strategically promote sustainability leadership through collaborations with other local universities on target-setting, curriculum design and awareness campaigns. 16. Peace, Justice and Strong Institutions 17. Partnerships for the Goals These 17 Sustainable Development Goals (SDGs) were identified by the United Nations as the blueprint to achieve a better and more sustainable future by 2030. To learn more about HKU’s sustainability initiatives, please visit www.sustainability.hku.hk. Any correspondence or feedback should be emailed to sustainability@hku.hk. The University Profile The Review 2019
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