HKU ENGINEERING ALUMNI ASSOCIATION LIMITED
COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL)
FINAL~CIAL STATEMENTS
YEAR ENDED 31ST MARCH 2010
tJ)~1tITW$~m CHENG YEUNG amp CO
CERrrFrEn PUBllC ACCOUNTANTS (pRACTISING) HONG KONG shy
Report of the Executive Committee
Independent Honorary Auditors Report
Statement of Comprehensive Income
Statement of Financial Position
Statement of Changes In Equity
Statement of Cash Flows
Notes to the Financial Statements
CONTENTS
1 - 2
3-4
5
6
7
8
9
(EXPRESSED IN HONG KONG DOLLARS)
HK U ENGINEERING ALUMNI ASSOCIATIONLIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) REPORT OF THE EXECUTIVE COMMITTEE FOR 2010 -- - - ~= - - - - - - -- ~-- - -- --- --
I~
The Executive Committee has pleasure in submitting their annual report together with the Association s audited accounts for year ended 31 st March 2010
PRINCIPAL ACTIVITIES The principal activities of the Association were to maintain and foster the bonds of friendship among graduates and former students of the Faculty of Engineering ofthe University of Hong Kong
RESULTS The results of the Associations operations during the year ended 31st March 2010 and the state of the Associations affairs at that date are set out in the fmancial statements on Pages 5 to 7 The cash flow statement of the Association for the year ended 31 st March 2010 is set out in the financial statements on Page 8
EXECUTIVE COMMITTEE The Executive Committee Members who held office during the year were as follows -
IrLAUTin Shing Adi (president) IrLEUNG KarYee Carrie (Vice-President) Mr TSE Man Leung Clement (Vice-President) Ms FUNG Wen Yee Joanna (Honorary Secretary) Ms LING Kok Man Carman (Assis tant Honorary Secretary) (elected on 17th July 2009) Ms TAM Yik Man Caric (Membership Convenor) Mr LAW Chun Fai Terry (Membership Convenor) Ms MAK Ka Ki Maggie (Honorary Treasurer) Ms LEUNG Yuen Hei Mrujory (Assistant Honorary Treasurer) (elected on 17th July 2009) Dr WONG Hin Cheong Henry (GMS Secretary) Mr CHUChun Keung Patrick (Assistant GMS Secretary) (elected on 17th July 2009) Ms CHAN Kit Ying Lucia (Assistant GMS Secretary) (elected on 17th July 2009) Ir CHEUNG Siu Wa Morris (Social Convenor) (elected on 17th July 2009) Ir CHENG Kwan Nang Clarence (Sustainable Development Convenor) Ir YEUNG Chin Ho Daniel (Asst Sustainable Development Convenor)
Ms LEE Hin Hsing Joyce (Asst Sustainable Development Convenor) (elected on 17th July 2009)
Dr LUNG Ka Kui Francois (Immediate Past president) Ir TANG Wai Leung (retired on 17th July 2009) Ir LAW Hoi Chee (retired on 17th July 2009) Ms LIN NgaPik (retired on 17th July 2009) Mr CHAN Wai Leung (retired on 17th July 2009) Mr LEE Chun Man (retired on 17th July 2009) Mr LEE Ming Yeung Dennis (retired on 17th July 2009)
Mr LEUNG Yuen Jarc Kevin (retired on 17th July 2009)
(to be contd) - 1 shy
BK U ENGINEERING ALUMNIASSOCIATIONLIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) REPORT OF THE EXECUTIVE COMMITTEE FOR 2010 CONTINUED _________ ______ _______--------
EXECUTIVE COMMITTEE (CONTINUED) With exception the Immediate Past Presidents of the Association all officers of the Executive Committee shall be elected at the Annual General Meeting in accordance with Article 11 of the Associations Articles of Association Retiring officers shall be eligible for re-election All officers shall hold office till the next Annual General Meeting
MANAGEMENT CONTRACTS No contracts concerning the management and administration of the whole or any substantial part of the business of the Association were entered into or existed during the year
INTERESTS OF EXECUTIVE COMMITTEE MEMBERS IN CONTRACTS All Executive Committee Members declared to the committee that they have no interest in any material contracts whether directly or indirectly entered into by the Association during the year
HONORARY AUDITORS The Honorary Auditors Messrs Cheng Yeung amp Co Certified Public Accountants (Practising) retire but being eligible offer themselves for re-appointment
ON BEHALF OF THE EXECUTIVE COMMlTTEE
President
Hong Kong 11th June 2010
- 2 shy
CHENG YEUNG amp CO PARTNERS 1HJA
CERTIFIED PUBLIC ACCOUNTANTS (PRACTISING) HONG KONG Philip S Cheng CPA(Practising) MPA ACA FCCA ACMA MIA ATIHK
~~ 1t-to t1rtt gp
Mandy SH Yeung CPA(Practising) MPA ACA FCCA ACIS ACS ATIHK
ffl ~]l hto t itt gp
ROOM 1001-2 101F CHOW TAl FOOK CENTRE NO 580 A-F NATHAN ROAD TELEPHONE ~ (852) 28517998 KOWLOON HONG KONG FAX 1$~ (852) 34262611 11 - 7l Ht 5Kl ft l 580 A-F ~ a] f m 1 l ~ 10 tt 1001 -2 pound
INDEPENDENT HONORARY AUDITORS REPORT TO THE MEMBERS OF HKU ENGINEERING ALUMNIASSOCIATIONLIMITED
TED IN HONG KONG WITH LIMITED
We have audited the financial statements of HKU Engineering Alumni Association Limited set out on pages 5 to 9 which comprise the Statement of Financial Position as at 31 st March 2010 and the Statement of Comprehensive Income Statement of Changes in Equity and Statement of Cash Flows for the year ended and a summary of significant accounting policies and other explanatory notes
EXECUTIVE COMMITTEE MEMBERS RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Members of the Executive Committee are responsible for the preparation and the true and fair presentation of these financial statements in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants and the Hong Kong Companies Ordinance This responsibility includes designing implementing and maintaining internal control relevant to the preparation and the true and fair presentation of financial statements that are free from material misstatement whether due to fraud and error selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances
AUDITORSRESPONSIBILITY
Our responsibility is to express an opinion on these financial statements based on our audit This report is made solely to you as a body in accordance with Section 141 of the Hong Kong Companies Ordinance and for no other purpose We do not assume responsibility towards or accept liability to any other person for the contents of this report We conducted our audit in accordance with Hong Kong Standards on Auditing issued by the Hong Kong Institute of Certified Public Accountants Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurances as to whether the financial statements are free from material misstatement
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements The procedures selected depend on the auditors judgment including the assessment of the risks of material misstatement of the financial statements whether due to fraud and error In making those risk assessments the auditor considers internal control relevant to the entitys preparation and true and fair presentation of the fmancial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entitys internal control An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Executive Committee Members as well as evaluating the overall presentation of the fmancial statements
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion
(to be contd)
- 3 shy
INDEPENDENT HONORARYAUDITORS REPORT TO THE MEMBERS OF HKU ENGINEERING ALUMNIASSOCIATION LIMITED (INCORPORATED IN HONG KONG WITH LIMITED LIABILITY) CONTINUED
OPINION
In our opinion the financial statements give a true and fair view of the state of the Associations affairs as at 31 st March 2010 and of its surplus and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in accordance with the Hong Kong Companies Ordinance
CHENG YEUNG amp CO Certified Public Accountants (Practising) Honorary Auditors Hong Kong 11th June 2010
CYHO 10IPCIPW
- 4 shy
HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST MARCH 2010
2010 2009 HK$ HK$ HK$
INCOME
Annual Ball 28729000 -
308000 40400
6356000
4505000 1851000
77100
28379000
Dance course 6 30000 GMS administrative fee 84000
GMS Mentor Night
SO Project 3604500
20082009 20092010
8000 35510500 32705500
EXPENDITURE
Annual Ball
Sundry income
21076160 30000
-290000
-
309320 1022990
19250 140790
--
400000 5905440
-
-
93300
65340 9560 4250
345190 80000
330000 22000
5835040
70400
nses istry
rship
21787920
Bank charges 30000
Boat trip expenses 103900
Business registration fee 45000
Dance course 630000
General meeting expenses 535160
GMS Inaug 779860
GMS Interview 18260
GMS other
HKUEAA scholarship 7500000
Paper weights 210000
Profession al fee 430000
SO Project 2752750
200812009
20092010 61600
Secretariat sub-committee expe Sec retarial fee
851300
Name card and Companies Reg
Purchase of cake for meeting
Postage and stamps
Brick campaign Graduation pins Promotion (Leaflet) for Membe
Sponsorship
Telephone (30143590) (35735750)
SURPLUS(DEFICIT) FOR THE YEAR $ 5366910 $ (3030250)
The notes on page 9 form an integral part of these financial statements
- 5 shy
HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF FINANCIAL POSITION AS AT 31ST MARCH 2010
----------- ----------------------------~----------~
Notes 2010
HK$
2009
HK$
CURRENT ASSETS
Cash at bank
Cash in hand
Deduct shy
37382397
10000
37392397
309594~871
30959487
CURRENT LIABILITIES
$ 37392397 $ 30959487
Representing shy
MEMBERS FUND 3 9193000 8127000
GENERAL RESERVE FUND 28199397 22832487
$ 37392397 $ 30959487
THE FINANCIAL STATEMENTS SET OUT ON PAGES 5 TO 9 WERE APPROVED AND AUTHORISED FOR ISSUE BY THE BOARD OF EXECUTIVE COMMITTEE ON 11 TH JUNE 2010
President
The notes on page 9 form an integral part of these financial statements
- 6 shy
HK U ENGINEERING ALUMNI ASSOCIA TION LIMITED fA COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF CHANGES IN EQUITY YEAR ENDED 31ST MARCH 2010
Members
Fund HK$
General Reserve
Fund
HK$
Total HK$
Balances as at 31st March 2008 7632000 24445037 32077037
Life membership and entrance fees
Tax refun ded
Deficit for the year Net changes in equ ity
Balances as at 3 I st March 2009
Life membership and entrance fees
Surplus for the year
Net changes in equity
Balances as at 31st March 20 I 0
495000
1417700
(3030250) 495000 (16 12550)
8127000 22832487
1066000
1066000
5366910
5366910
$ 91 93000 $ 28199397 $
495000
1417700
(3030250) (1117550)
30959487
1066000
5366910
6432910
37392397
The notes on page 9 fonn an integral part of these financial statements
- 7 shy
HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2010
2010 HK$
2009 HK$
OPERATrNG ACTIVITIES Surplus(Deficit) before taxation Increase in life membership and entrance fees
5366910 1066000
(3030250) 495000
OPERATrNG CASH rNFLOWI(OUTFLOW) BEFORE WORKING CAPITAL CHANGES 6432910 (2535250)
Decrease in accounts receivable Decrease in accounts payable
270000 (1320)
NET CASH GENERATED FROM(USED rN) OPERATrNG ACTIVITIES 6432910 (2266570)
rNVESTrNG ACTIVITIES Profits tax refunded(paid) 1417700
FrNANCrNG ACTIVITIES
NET rNCREASE(DECREASE) rN CASH AND CASH EQUIV ALENTS 6432910 (848870)
CASH AND CASH EQUIVALENTS AT THE BEGrNNrNG OF YEAR 30959487 31808357
CASH AND CASH EQUIVALENTS AT THE END OF YEAR $ 37392397 $ 30959487
ANALYSIS OF THE BALANCES OF CASH AND CASH EQUIVALENTS
Cash at bank Cash in hand
37382397 10000
30959487
$ 37392397 $ 30959487
The notes on page 9 form an integral part of these financial statements
- 8 shy
HKU ENGINEERING ALUMNI ASSOCIATIONLIMITED (A COMPANY LIMITED BY GURARANTEE WITHOUT A SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS 31ST MARCH 2010
1 LEGAL STATUS The Association is incorporated in Hong Kong as a company limited by guarantee and not having a share capital
2 PRINCIPAL ACCOUNTING POLICIES Revenue recognition Revenue is recognised when it is probable that the economic benefits will flow to the Association and when the revenue can be measured reliably on the following bases shy
(a) Revenue from activitiesfunctions income is recognised when the programmeevent has been concluded during the period and
(b) Revenue from bank interest income is recognised on time proportionate basis
3 MEMBERS FUND
2010 2009 HK$ HK$
Balances brought forward 81 27000 7632000 Membership fee received during the year 1066000 495000
Balances carried forward $ 9193000 $ 81 27000
4 TAXATION No provision for Hong Kong Profits Tax has been made for the current year as the Association is exempt under Section 24(1) of the Inland Revenue Ordinance
- 9 shy
Report of the Executive Committee
Independent Honorary Auditors Report
Statement of Comprehensive Income
Statement of Financial Position
Statement of Changes In Equity
Statement of Cash Flows
Notes to the Financial Statements
CONTENTS
1 - 2
3-4
5
6
7
8
9
(EXPRESSED IN HONG KONG DOLLARS)
HK U ENGINEERING ALUMNI ASSOCIATIONLIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) REPORT OF THE EXECUTIVE COMMITTEE FOR 2010 -- - - ~= - - - - - - -- ~-- - -- --- --
I~
The Executive Committee has pleasure in submitting their annual report together with the Association s audited accounts for year ended 31 st March 2010
PRINCIPAL ACTIVITIES The principal activities of the Association were to maintain and foster the bonds of friendship among graduates and former students of the Faculty of Engineering ofthe University of Hong Kong
RESULTS The results of the Associations operations during the year ended 31st March 2010 and the state of the Associations affairs at that date are set out in the fmancial statements on Pages 5 to 7 The cash flow statement of the Association for the year ended 31 st March 2010 is set out in the financial statements on Page 8
EXECUTIVE COMMITTEE The Executive Committee Members who held office during the year were as follows -
IrLAUTin Shing Adi (president) IrLEUNG KarYee Carrie (Vice-President) Mr TSE Man Leung Clement (Vice-President) Ms FUNG Wen Yee Joanna (Honorary Secretary) Ms LING Kok Man Carman (Assis tant Honorary Secretary) (elected on 17th July 2009) Ms TAM Yik Man Caric (Membership Convenor) Mr LAW Chun Fai Terry (Membership Convenor) Ms MAK Ka Ki Maggie (Honorary Treasurer) Ms LEUNG Yuen Hei Mrujory (Assistant Honorary Treasurer) (elected on 17th July 2009) Dr WONG Hin Cheong Henry (GMS Secretary) Mr CHUChun Keung Patrick (Assistant GMS Secretary) (elected on 17th July 2009) Ms CHAN Kit Ying Lucia (Assistant GMS Secretary) (elected on 17th July 2009) Ir CHEUNG Siu Wa Morris (Social Convenor) (elected on 17th July 2009) Ir CHENG Kwan Nang Clarence (Sustainable Development Convenor) Ir YEUNG Chin Ho Daniel (Asst Sustainable Development Convenor)
Ms LEE Hin Hsing Joyce (Asst Sustainable Development Convenor) (elected on 17th July 2009)
Dr LUNG Ka Kui Francois (Immediate Past president) Ir TANG Wai Leung (retired on 17th July 2009) Ir LAW Hoi Chee (retired on 17th July 2009) Ms LIN NgaPik (retired on 17th July 2009) Mr CHAN Wai Leung (retired on 17th July 2009) Mr LEE Chun Man (retired on 17th July 2009) Mr LEE Ming Yeung Dennis (retired on 17th July 2009)
Mr LEUNG Yuen Jarc Kevin (retired on 17th July 2009)
(to be contd) - 1 shy
BK U ENGINEERING ALUMNIASSOCIATIONLIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) REPORT OF THE EXECUTIVE COMMITTEE FOR 2010 CONTINUED _________ ______ _______--------
EXECUTIVE COMMITTEE (CONTINUED) With exception the Immediate Past Presidents of the Association all officers of the Executive Committee shall be elected at the Annual General Meeting in accordance with Article 11 of the Associations Articles of Association Retiring officers shall be eligible for re-election All officers shall hold office till the next Annual General Meeting
MANAGEMENT CONTRACTS No contracts concerning the management and administration of the whole or any substantial part of the business of the Association were entered into or existed during the year
INTERESTS OF EXECUTIVE COMMITTEE MEMBERS IN CONTRACTS All Executive Committee Members declared to the committee that they have no interest in any material contracts whether directly or indirectly entered into by the Association during the year
HONORARY AUDITORS The Honorary Auditors Messrs Cheng Yeung amp Co Certified Public Accountants (Practising) retire but being eligible offer themselves for re-appointment
ON BEHALF OF THE EXECUTIVE COMMlTTEE
President
Hong Kong 11th June 2010
- 2 shy
CHENG YEUNG amp CO PARTNERS 1HJA
CERTIFIED PUBLIC ACCOUNTANTS (PRACTISING) HONG KONG Philip S Cheng CPA(Practising) MPA ACA FCCA ACMA MIA ATIHK
~~ 1t-to t1rtt gp
Mandy SH Yeung CPA(Practising) MPA ACA FCCA ACIS ACS ATIHK
ffl ~]l hto t itt gp
ROOM 1001-2 101F CHOW TAl FOOK CENTRE NO 580 A-F NATHAN ROAD TELEPHONE ~ (852) 28517998 KOWLOON HONG KONG FAX 1$~ (852) 34262611 11 - 7l Ht 5Kl ft l 580 A-F ~ a] f m 1 l ~ 10 tt 1001 -2 pound
INDEPENDENT HONORARY AUDITORS REPORT TO THE MEMBERS OF HKU ENGINEERING ALUMNIASSOCIATIONLIMITED
TED IN HONG KONG WITH LIMITED
We have audited the financial statements of HKU Engineering Alumni Association Limited set out on pages 5 to 9 which comprise the Statement of Financial Position as at 31 st March 2010 and the Statement of Comprehensive Income Statement of Changes in Equity and Statement of Cash Flows for the year ended and a summary of significant accounting policies and other explanatory notes
EXECUTIVE COMMITTEE MEMBERS RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Members of the Executive Committee are responsible for the preparation and the true and fair presentation of these financial statements in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants and the Hong Kong Companies Ordinance This responsibility includes designing implementing and maintaining internal control relevant to the preparation and the true and fair presentation of financial statements that are free from material misstatement whether due to fraud and error selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances
AUDITORSRESPONSIBILITY
Our responsibility is to express an opinion on these financial statements based on our audit This report is made solely to you as a body in accordance with Section 141 of the Hong Kong Companies Ordinance and for no other purpose We do not assume responsibility towards or accept liability to any other person for the contents of this report We conducted our audit in accordance with Hong Kong Standards on Auditing issued by the Hong Kong Institute of Certified Public Accountants Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurances as to whether the financial statements are free from material misstatement
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements The procedures selected depend on the auditors judgment including the assessment of the risks of material misstatement of the financial statements whether due to fraud and error In making those risk assessments the auditor considers internal control relevant to the entitys preparation and true and fair presentation of the fmancial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entitys internal control An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Executive Committee Members as well as evaluating the overall presentation of the fmancial statements
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion
(to be contd)
- 3 shy
INDEPENDENT HONORARYAUDITORS REPORT TO THE MEMBERS OF HKU ENGINEERING ALUMNIASSOCIATION LIMITED (INCORPORATED IN HONG KONG WITH LIMITED LIABILITY) CONTINUED
OPINION
In our opinion the financial statements give a true and fair view of the state of the Associations affairs as at 31 st March 2010 and of its surplus and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in accordance with the Hong Kong Companies Ordinance
CHENG YEUNG amp CO Certified Public Accountants (Practising) Honorary Auditors Hong Kong 11th June 2010
CYHO 10IPCIPW
- 4 shy
HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST MARCH 2010
2010 2009 HK$ HK$ HK$
INCOME
Annual Ball 28729000 -
308000 40400
6356000
4505000 1851000
77100
28379000
Dance course 6 30000 GMS administrative fee 84000
GMS Mentor Night
SO Project 3604500
20082009 20092010
8000 35510500 32705500
EXPENDITURE
Annual Ball
Sundry income
21076160 30000
-290000
-
309320 1022990
19250 140790
--
400000 5905440
-
-
93300
65340 9560 4250
345190 80000
330000 22000
5835040
70400
nses istry
rship
21787920
Bank charges 30000
Boat trip expenses 103900
Business registration fee 45000
Dance course 630000
General meeting expenses 535160
GMS Inaug 779860
GMS Interview 18260
GMS other
HKUEAA scholarship 7500000
Paper weights 210000
Profession al fee 430000
SO Project 2752750
200812009
20092010 61600
Secretariat sub-committee expe Sec retarial fee
851300
Name card and Companies Reg
Purchase of cake for meeting
Postage and stamps
Brick campaign Graduation pins Promotion (Leaflet) for Membe
Sponsorship
Telephone (30143590) (35735750)
SURPLUS(DEFICIT) FOR THE YEAR $ 5366910 $ (3030250)
The notes on page 9 form an integral part of these financial statements
- 5 shy
HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF FINANCIAL POSITION AS AT 31ST MARCH 2010
----------- ----------------------------~----------~
Notes 2010
HK$
2009
HK$
CURRENT ASSETS
Cash at bank
Cash in hand
Deduct shy
37382397
10000
37392397
309594~871
30959487
CURRENT LIABILITIES
$ 37392397 $ 30959487
Representing shy
MEMBERS FUND 3 9193000 8127000
GENERAL RESERVE FUND 28199397 22832487
$ 37392397 $ 30959487
THE FINANCIAL STATEMENTS SET OUT ON PAGES 5 TO 9 WERE APPROVED AND AUTHORISED FOR ISSUE BY THE BOARD OF EXECUTIVE COMMITTEE ON 11 TH JUNE 2010
President
The notes on page 9 form an integral part of these financial statements
- 6 shy
HK U ENGINEERING ALUMNI ASSOCIA TION LIMITED fA COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF CHANGES IN EQUITY YEAR ENDED 31ST MARCH 2010
Members
Fund HK$
General Reserve
Fund
HK$
Total HK$
Balances as at 31st March 2008 7632000 24445037 32077037
Life membership and entrance fees
Tax refun ded
Deficit for the year Net changes in equ ity
Balances as at 3 I st March 2009
Life membership and entrance fees
Surplus for the year
Net changes in equity
Balances as at 31st March 20 I 0
495000
1417700
(3030250) 495000 (16 12550)
8127000 22832487
1066000
1066000
5366910
5366910
$ 91 93000 $ 28199397 $
495000
1417700
(3030250) (1117550)
30959487
1066000
5366910
6432910
37392397
The notes on page 9 fonn an integral part of these financial statements
- 7 shy
HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2010
2010 HK$
2009 HK$
OPERATrNG ACTIVITIES Surplus(Deficit) before taxation Increase in life membership and entrance fees
5366910 1066000
(3030250) 495000
OPERATrNG CASH rNFLOWI(OUTFLOW) BEFORE WORKING CAPITAL CHANGES 6432910 (2535250)
Decrease in accounts receivable Decrease in accounts payable
270000 (1320)
NET CASH GENERATED FROM(USED rN) OPERATrNG ACTIVITIES 6432910 (2266570)
rNVESTrNG ACTIVITIES Profits tax refunded(paid) 1417700
FrNANCrNG ACTIVITIES
NET rNCREASE(DECREASE) rN CASH AND CASH EQUIV ALENTS 6432910 (848870)
CASH AND CASH EQUIVALENTS AT THE BEGrNNrNG OF YEAR 30959487 31808357
CASH AND CASH EQUIVALENTS AT THE END OF YEAR $ 37392397 $ 30959487
ANALYSIS OF THE BALANCES OF CASH AND CASH EQUIVALENTS
Cash at bank Cash in hand
37382397 10000
30959487
$ 37392397 $ 30959487
The notes on page 9 form an integral part of these financial statements
- 8 shy
HKU ENGINEERING ALUMNI ASSOCIATIONLIMITED (A COMPANY LIMITED BY GURARANTEE WITHOUT A SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS 31ST MARCH 2010
1 LEGAL STATUS The Association is incorporated in Hong Kong as a company limited by guarantee and not having a share capital
2 PRINCIPAL ACCOUNTING POLICIES Revenue recognition Revenue is recognised when it is probable that the economic benefits will flow to the Association and when the revenue can be measured reliably on the following bases shy
(a) Revenue from activitiesfunctions income is recognised when the programmeevent has been concluded during the period and
(b) Revenue from bank interest income is recognised on time proportionate basis
3 MEMBERS FUND
2010 2009 HK$ HK$
Balances brought forward 81 27000 7632000 Membership fee received during the year 1066000 495000
Balances carried forward $ 9193000 $ 81 27000
4 TAXATION No provision for Hong Kong Profits Tax has been made for the current year as the Association is exempt under Section 24(1) of the Inland Revenue Ordinance
- 9 shy
HK U ENGINEERING ALUMNI ASSOCIATIONLIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) REPORT OF THE EXECUTIVE COMMITTEE FOR 2010 -- - - ~= - - - - - - -- ~-- - -- --- --
I~
The Executive Committee has pleasure in submitting their annual report together with the Association s audited accounts for year ended 31 st March 2010
PRINCIPAL ACTIVITIES The principal activities of the Association were to maintain and foster the bonds of friendship among graduates and former students of the Faculty of Engineering ofthe University of Hong Kong
RESULTS The results of the Associations operations during the year ended 31st March 2010 and the state of the Associations affairs at that date are set out in the fmancial statements on Pages 5 to 7 The cash flow statement of the Association for the year ended 31 st March 2010 is set out in the financial statements on Page 8
EXECUTIVE COMMITTEE The Executive Committee Members who held office during the year were as follows -
IrLAUTin Shing Adi (president) IrLEUNG KarYee Carrie (Vice-President) Mr TSE Man Leung Clement (Vice-President) Ms FUNG Wen Yee Joanna (Honorary Secretary) Ms LING Kok Man Carman (Assis tant Honorary Secretary) (elected on 17th July 2009) Ms TAM Yik Man Caric (Membership Convenor) Mr LAW Chun Fai Terry (Membership Convenor) Ms MAK Ka Ki Maggie (Honorary Treasurer) Ms LEUNG Yuen Hei Mrujory (Assistant Honorary Treasurer) (elected on 17th July 2009) Dr WONG Hin Cheong Henry (GMS Secretary) Mr CHUChun Keung Patrick (Assistant GMS Secretary) (elected on 17th July 2009) Ms CHAN Kit Ying Lucia (Assistant GMS Secretary) (elected on 17th July 2009) Ir CHEUNG Siu Wa Morris (Social Convenor) (elected on 17th July 2009) Ir CHENG Kwan Nang Clarence (Sustainable Development Convenor) Ir YEUNG Chin Ho Daniel (Asst Sustainable Development Convenor)
Ms LEE Hin Hsing Joyce (Asst Sustainable Development Convenor) (elected on 17th July 2009)
Dr LUNG Ka Kui Francois (Immediate Past president) Ir TANG Wai Leung (retired on 17th July 2009) Ir LAW Hoi Chee (retired on 17th July 2009) Ms LIN NgaPik (retired on 17th July 2009) Mr CHAN Wai Leung (retired on 17th July 2009) Mr LEE Chun Man (retired on 17th July 2009) Mr LEE Ming Yeung Dennis (retired on 17th July 2009)
Mr LEUNG Yuen Jarc Kevin (retired on 17th July 2009)
(to be contd) - 1 shy
BK U ENGINEERING ALUMNIASSOCIATIONLIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) REPORT OF THE EXECUTIVE COMMITTEE FOR 2010 CONTINUED _________ ______ _______--------
EXECUTIVE COMMITTEE (CONTINUED) With exception the Immediate Past Presidents of the Association all officers of the Executive Committee shall be elected at the Annual General Meeting in accordance with Article 11 of the Associations Articles of Association Retiring officers shall be eligible for re-election All officers shall hold office till the next Annual General Meeting
MANAGEMENT CONTRACTS No contracts concerning the management and administration of the whole or any substantial part of the business of the Association were entered into or existed during the year
INTERESTS OF EXECUTIVE COMMITTEE MEMBERS IN CONTRACTS All Executive Committee Members declared to the committee that they have no interest in any material contracts whether directly or indirectly entered into by the Association during the year
HONORARY AUDITORS The Honorary Auditors Messrs Cheng Yeung amp Co Certified Public Accountants (Practising) retire but being eligible offer themselves for re-appointment
ON BEHALF OF THE EXECUTIVE COMMlTTEE
President
Hong Kong 11th June 2010
- 2 shy
CHENG YEUNG amp CO PARTNERS 1HJA
CERTIFIED PUBLIC ACCOUNTANTS (PRACTISING) HONG KONG Philip S Cheng CPA(Practising) MPA ACA FCCA ACMA MIA ATIHK
~~ 1t-to t1rtt gp
Mandy SH Yeung CPA(Practising) MPA ACA FCCA ACIS ACS ATIHK
ffl ~]l hto t itt gp
ROOM 1001-2 101F CHOW TAl FOOK CENTRE NO 580 A-F NATHAN ROAD TELEPHONE ~ (852) 28517998 KOWLOON HONG KONG FAX 1$~ (852) 34262611 11 - 7l Ht 5Kl ft l 580 A-F ~ a] f m 1 l ~ 10 tt 1001 -2 pound
INDEPENDENT HONORARY AUDITORS REPORT TO THE MEMBERS OF HKU ENGINEERING ALUMNIASSOCIATIONLIMITED
TED IN HONG KONG WITH LIMITED
We have audited the financial statements of HKU Engineering Alumni Association Limited set out on pages 5 to 9 which comprise the Statement of Financial Position as at 31 st March 2010 and the Statement of Comprehensive Income Statement of Changes in Equity and Statement of Cash Flows for the year ended and a summary of significant accounting policies and other explanatory notes
EXECUTIVE COMMITTEE MEMBERS RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Members of the Executive Committee are responsible for the preparation and the true and fair presentation of these financial statements in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants and the Hong Kong Companies Ordinance This responsibility includes designing implementing and maintaining internal control relevant to the preparation and the true and fair presentation of financial statements that are free from material misstatement whether due to fraud and error selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances
AUDITORSRESPONSIBILITY
Our responsibility is to express an opinion on these financial statements based on our audit This report is made solely to you as a body in accordance with Section 141 of the Hong Kong Companies Ordinance and for no other purpose We do not assume responsibility towards or accept liability to any other person for the contents of this report We conducted our audit in accordance with Hong Kong Standards on Auditing issued by the Hong Kong Institute of Certified Public Accountants Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurances as to whether the financial statements are free from material misstatement
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements The procedures selected depend on the auditors judgment including the assessment of the risks of material misstatement of the financial statements whether due to fraud and error In making those risk assessments the auditor considers internal control relevant to the entitys preparation and true and fair presentation of the fmancial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entitys internal control An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Executive Committee Members as well as evaluating the overall presentation of the fmancial statements
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion
(to be contd)
- 3 shy
INDEPENDENT HONORARYAUDITORS REPORT TO THE MEMBERS OF HKU ENGINEERING ALUMNIASSOCIATION LIMITED (INCORPORATED IN HONG KONG WITH LIMITED LIABILITY) CONTINUED
OPINION
In our opinion the financial statements give a true and fair view of the state of the Associations affairs as at 31 st March 2010 and of its surplus and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in accordance with the Hong Kong Companies Ordinance
CHENG YEUNG amp CO Certified Public Accountants (Practising) Honorary Auditors Hong Kong 11th June 2010
CYHO 10IPCIPW
- 4 shy
HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST MARCH 2010
2010 2009 HK$ HK$ HK$
INCOME
Annual Ball 28729000 -
308000 40400
6356000
4505000 1851000
77100
28379000
Dance course 6 30000 GMS administrative fee 84000
GMS Mentor Night
SO Project 3604500
20082009 20092010
8000 35510500 32705500
EXPENDITURE
Annual Ball
Sundry income
21076160 30000
-290000
-
309320 1022990
19250 140790
--
400000 5905440
-
-
93300
65340 9560 4250
345190 80000
330000 22000
5835040
70400
nses istry
rship
21787920
Bank charges 30000
Boat trip expenses 103900
Business registration fee 45000
Dance course 630000
General meeting expenses 535160
GMS Inaug 779860
GMS Interview 18260
GMS other
HKUEAA scholarship 7500000
Paper weights 210000
Profession al fee 430000
SO Project 2752750
200812009
20092010 61600
Secretariat sub-committee expe Sec retarial fee
851300
Name card and Companies Reg
Purchase of cake for meeting
Postage and stamps
Brick campaign Graduation pins Promotion (Leaflet) for Membe
Sponsorship
Telephone (30143590) (35735750)
SURPLUS(DEFICIT) FOR THE YEAR $ 5366910 $ (3030250)
The notes on page 9 form an integral part of these financial statements
- 5 shy
HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF FINANCIAL POSITION AS AT 31ST MARCH 2010
----------- ----------------------------~----------~
Notes 2010
HK$
2009
HK$
CURRENT ASSETS
Cash at bank
Cash in hand
Deduct shy
37382397
10000
37392397
309594~871
30959487
CURRENT LIABILITIES
$ 37392397 $ 30959487
Representing shy
MEMBERS FUND 3 9193000 8127000
GENERAL RESERVE FUND 28199397 22832487
$ 37392397 $ 30959487
THE FINANCIAL STATEMENTS SET OUT ON PAGES 5 TO 9 WERE APPROVED AND AUTHORISED FOR ISSUE BY THE BOARD OF EXECUTIVE COMMITTEE ON 11 TH JUNE 2010
President
The notes on page 9 form an integral part of these financial statements
- 6 shy
HK U ENGINEERING ALUMNI ASSOCIA TION LIMITED fA COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF CHANGES IN EQUITY YEAR ENDED 31ST MARCH 2010
Members
Fund HK$
General Reserve
Fund
HK$
Total HK$
Balances as at 31st March 2008 7632000 24445037 32077037
Life membership and entrance fees
Tax refun ded
Deficit for the year Net changes in equ ity
Balances as at 3 I st March 2009
Life membership and entrance fees
Surplus for the year
Net changes in equity
Balances as at 31st March 20 I 0
495000
1417700
(3030250) 495000 (16 12550)
8127000 22832487
1066000
1066000
5366910
5366910
$ 91 93000 $ 28199397 $
495000
1417700
(3030250) (1117550)
30959487
1066000
5366910
6432910
37392397
The notes on page 9 fonn an integral part of these financial statements
- 7 shy
HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2010
2010 HK$
2009 HK$
OPERATrNG ACTIVITIES Surplus(Deficit) before taxation Increase in life membership and entrance fees
5366910 1066000
(3030250) 495000
OPERATrNG CASH rNFLOWI(OUTFLOW) BEFORE WORKING CAPITAL CHANGES 6432910 (2535250)
Decrease in accounts receivable Decrease in accounts payable
270000 (1320)
NET CASH GENERATED FROM(USED rN) OPERATrNG ACTIVITIES 6432910 (2266570)
rNVESTrNG ACTIVITIES Profits tax refunded(paid) 1417700
FrNANCrNG ACTIVITIES
NET rNCREASE(DECREASE) rN CASH AND CASH EQUIV ALENTS 6432910 (848870)
CASH AND CASH EQUIVALENTS AT THE BEGrNNrNG OF YEAR 30959487 31808357
CASH AND CASH EQUIVALENTS AT THE END OF YEAR $ 37392397 $ 30959487
ANALYSIS OF THE BALANCES OF CASH AND CASH EQUIVALENTS
Cash at bank Cash in hand
37382397 10000
30959487
$ 37392397 $ 30959487
The notes on page 9 form an integral part of these financial statements
- 8 shy
HKU ENGINEERING ALUMNI ASSOCIATIONLIMITED (A COMPANY LIMITED BY GURARANTEE WITHOUT A SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS 31ST MARCH 2010
1 LEGAL STATUS The Association is incorporated in Hong Kong as a company limited by guarantee and not having a share capital
2 PRINCIPAL ACCOUNTING POLICIES Revenue recognition Revenue is recognised when it is probable that the economic benefits will flow to the Association and when the revenue can be measured reliably on the following bases shy
(a) Revenue from activitiesfunctions income is recognised when the programmeevent has been concluded during the period and
(b) Revenue from bank interest income is recognised on time proportionate basis
3 MEMBERS FUND
2010 2009 HK$ HK$
Balances brought forward 81 27000 7632000 Membership fee received during the year 1066000 495000
Balances carried forward $ 9193000 $ 81 27000
4 TAXATION No provision for Hong Kong Profits Tax has been made for the current year as the Association is exempt under Section 24(1) of the Inland Revenue Ordinance
- 9 shy
BK U ENGINEERING ALUMNIASSOCIATIONLIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) REPORT OF THE EXECUTIVE COMMITTEE FOR 2010 CONTINUED _________ ______ _______--------
EXECUTIVE COMMITTEE (CONTINUED) With exception the Immediate Past Presidents of the Association all officers of the Executive Committee shall be elected at the Annual General Meeting in accordance with Article 11 of the Associations Articles of Association Retiring officers shall be eligible for re-election All officers shall hold office till the next Annual General Meeting
MANAGEMENT CONTRACTS No contracts concerning the management and administration of the whole or any substantial part of the business of the Association were entered into or existed during the year
INTERESTS OF EXECUTIVE COMMITTEE MEMBERS IN CONTRACTS All Executive Committee Members declared to the committee that they have no interest in any material contracts whether directly or indirectly entered into by the Association during the year
HONORARY AUDITORS The Honorary Auditors Messrs Cheng Yeung amp Co Certified Public Accountants (Practising) retire but being eligible offer themselves for re-appointment
ON BEHALF OF THE EXECUTIVE COMMlTTEE
President
Hong Kong 11th June 2010
- 2 shy
CHENG YEUNG amp CO PARTNERS 1HJA
CERTIFIED PUBLIC ACCOUNTANTS (PRACTISING) HONG KONG Philip S Cheng CPA(Practising) MPA ACA FCCA ACMA MIA ATIHK
~~ 1t-to t1rtt gp
Mandy SH Yeung CPA(Practising) MPA ACA FCCA ACIS ACS ATIHK
ffl ~]l hto t itt gp
ROOM 1001-2 101F CHOW TAl FOOK CENTRE NO 580 A-F NATHAN ROAD TELEPHONE ~ (852) 28517998 KOWLOON HONG KONG FAX 1$~ (852) 34262611 11 - 7l Ht 5Kl ft l 580 A-F ~ a] f m 1 l ~ 10 tt 1001 -2 pound
INDEPENDENT HONORARY AUDITORS REPORT TO THE MEMBERS OF HKU ENGINEERING ALUMNIASSOCIATIONLIMITED
TED IN HONG KONG WITH LIMITED
We have audited the financial statements of HKU Engineering Alumni Association Limited set out on pages 5 to 9 which comprise the Statement of Financial Position as at 31 st March 2010 and the Statement of Comprehensive Income Statement of Changes in Equity and Statement of Cash Flows for the year ended and a summary of significant accounting policies and other explanatory notes
EXECUTIVE COMMITTEE MEMBERS RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Members of the Executive Committee are responsible for the preparation and the true and fair presentation of these financial statements in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants and the Hong Kong Companies Ordinance This responsibility includes designing implementing and maintaining internal control relevant to the preparation and the true and fair presentation of financial statements that are free from material misstatement whether due to fraud and error selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances
AUDITORSRESPONSIBILITY
Our responsibility is to express an opinion on these financial statements based on our audit This report is made solely to you as a body in accordance with Section 141 of the Hong Kong Companies Ordinance and for no other purpose We do not assume responsibility towards or accept liability to any other person for the contents of this report We conducted our audit in accordance with Hong Kong Standards on Auditing issued by the Hong Kong Institute of Certified Public Accountants Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurances as to whether the financial statements are free from material misstatement
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements The procedures selected depend on the auditors judgment including the assessment of the risks of material misstatement of the financial statements whether due to fraud and error In making those risk assessments the auditor considers internal control relevant to the entitys preparation and true and fair presentation of the fmancial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entitys internal control An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Executive Committee Members as well as evaluating the overall presentation of the fmancial statements
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion
(to be contd)
- 3 shy
INDEPENDENT HONORARYAUDITORS REPORT TO THE MEMBERS OF HKU ENGINEERING ALUMNIASSOCIATION LIMITED (INCORPORATED IN HONG KONG WITH LIMITED LIABILITY) CONTINUED
OPINION
In our opinion the financial statements give a true and fair view of the state of the Associations affairs as at 31 st March 2010 and of its surplus and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in accordance with the Hong Kong Companies Ordinance
CHENG YEUNG amp CO Certified Public Accountants (Practising) Honorary Auditors Hong Kong 11th June 2010
CYHO 10IPCIPW
- 4 shy
HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST MARCH 2010
2010 2009 HK$ HK$ HK$
INCOME
Annual Ball 28729000 -
308000 40400
6356000
4505000 1851000
77100
28379000
Dance course 6 30000 GMS administrative fee 84000
GMS Mentor Night
SO Project 3604500
20082009 20092010
8000 35510500 32705500
EXPENDITURE
Annual Ball
Sundry income
21076160 30000
-290000
-
309320 1022990
19250 140790
--
400000 5905440
-
-
93300
65340 9560 4250
345190 80000
330000 22000
5835040
70400
nses istry
rship
21787920
Bank charges 30000
Boat trip expenses 103900
Business registration fee 45000
Dance course 630000
General meeting expenses 535160
GMS Inaug 779860
GMS Interview 18260
GMS other
HKUEAA scholarship 7500000
Paper weights 210000
Profession al fee 430000
SO Project 2752750
200812009
20092010 61600
Secretariat sub-committee expe Sec retarial fee
851300
Name card and Companies Reg
Purchase of cake for meeting
Postage and stamps
Brick campaign Graduation pins Promotion (Leaflet) for Membe
Sponsorship
Telephone (30143590) (35735750)
SURPLUS(DEFICIT) FOR THE YEAR $ 5366910 $ (3030250)
The notes on page 9 form an integral part of these financial statements
- 5 shy
HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF FINANCIAL POSITION AS AT 31ST MARCH 2010
----------- ----------------------------~----------~
Notes 2010
HK$
2009
HK$
CURRENT ASSETS
Cash at bank
Cash in hand
Deduct shy
37382397
10000
37392397
309594~871
30959487
CURRENT LIABILITIES
$ 37392397 $ 30959487
Representing shy
MEMBERS FUND 3 9193000 8127000
GENERAL RESERVE FUND 28199397 22832487
$ 37392397 $ 30959487
THE FINANCIAL STATEMENTS SET OUT ON PAGES 5 TO 9 WERE APPROVED AND AUTHORISED FOR ISSUE BY THE BOARD OF EXECUTIVE COMMITTEE ON 11 TH JUNE 2010
President
The notes on page 9 form an integral part of these financial statements
- 6 shy
HK U ENGINEERING ALUMNI ASSOCIA TION LIMITED fA COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF CHANGES IN EQUITY YEAR ENDED 31ST MARCH 2010
Members
Fund HK$
General Reserve
Fund
HK$
Total HK$
Balances as at 31st March 2008 7632000 24445037 32077037
Life membership and entrance fees
Tax refun ded
Deficit for the year Net changes in equ ity
Balances as at 3 I st March 2009
Life membership and entrance fees
Surplus for the year
Net changes in equity
Balances as at 31st March 20 I 0
495000
1417700
(3030250) 495000 (16 12550)
8127000 22832487
1066000
1066000
5366910
5366910
$ 91 93000 $ 28199397 $
495000
1417700
(3030250) (1117550)
30959487
1066000
5366910
6432910
37392397
The notes on page 9 fonn an integral part of these financial statements
- 7 shy
HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2010
2010 HK$
2009 HK$
OPERATrNG ACTIVITIES Surplus(Deficit) before taxation Increase in life membership and entrance fees
5366910 1066000
(3030250) 495000
OPERATrNG CASH rNFLOWI(OUTFLOW) BEFORE WORKING CAPITAL CHANGES 6432910 (2535250)
Decrease in accounts receivable Decrease in accounts payable
270000 (1320)
NET CASH GENERATED FROM(USED rN) OPERATrNG ACTIVITIES 6432910 (2266570)
rNVESTrNG ACTIVITIES Profits tax refunded(paid) 1417700
FrNANCrNG ACTIVITIES
NET rNCREASE(DECREASE) rN CASH AND CASH EQUIV ALENTS 6432910 (848870)
CASH AND CASH EQUIVALENTS AT THE BEGrNNrNG OF YEAR 30959487 31808357
CASH AND CASH EQUIVALENTS AT THE END OF YEAR $ 37392397 $ 30959487
ANALYSIS OF THE BALANCES OF CASH AND CASH EQUIVALENTS
Cash at bank Cash in hand
37382397 10000
30959487
$ 37392397 $ 30959487
The notes on page 9 form an integral part of these financial statements
- 8 shy
HKU ENGINEERING ALUMNI ASSOCIATIONLIMITED (A COMPANY LIMITED BY GURARANTEE WITHOUT A SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS 31ST MARCH 2010
1 LEGAL STATUS The Association is incorporated in Hong Kong as a company limited by guarantee and not having a share capital
2 PRINCIPAL ACCOUNTING POLICIES Revenue recognition Revenue is recognised when it is probable that the economic benefits will flow to the Association and when the revenue can be measured reliably on the following bases shy
(a) Revenue from activitiesfunctions income is recognised when the programmeevent has been concluded during the period and
(b) Revenue from bank interest income is recognised on time proportionate basis
3 MEMBERS FUND
2010 2009 HK$ HK$
Balances brought forward 81 27000 7632000 Membership fee received during the year 1066000 495000
Balances carried forward $ 9193000 $ 81 27000
4 TAXATION No provision for Hong Kong Profits Tax has been made for the current year as the Association is exempt under Section 24(1) of the Inland Revenue Ordinance
- 9 shy
CHENG YEUNG amp CO PARTNERS 1HJA
CERTIFIED PUBLIC ACCOUNTANTS (PRACTISING) HONG KONG Philip S Cheng CPA(Practising) MPA ACA FCCA ACMA MIA ATIHK
~~ 1t-to t1rtt gp
Mandy SH Yeung CPA(Practising) MPA ACA FCCA ACIS ACS ATIHK
ffl ~]l hto t itt gp
ROOM 1001-2 101F CHOW TAl FOOK CENTRE NO 580 A-F NATHAN ROAD TELEPHONE ~ (852) 28517998 KOWLOON HONG KONG FAX 1$~ (852) 34262611 11 - 7l Ht 5Kl ft l 580 A-F ~ a] f m 1 l ~ 10 tt 1001 -2 pound
INDEPENDENT HONORARY AUDITORS REPORT TO THE MEMBERS OF HKU ENGINEERING ALUMNIASSOCIATIONLIMITED
TED IN HONG KONG WITH LIMITED
We have audited the financial statements of HKU Engineering Alumni Association Limited set out on pages 5 to 9 which comprise the Statement of Financial Position as at 31 st March 2010 and the Statement of Comprehensive Income Statement of Changes in Equity and Statement of Cash Flows for the year ended and a summary of significant accounting policies and other explanatory notes
EXECUTIVE COMMITTEE MEMBERS RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Members of the Executive Committee are responsible for the preparation and the true and fair presentation of these financial statements in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants and the Hong Kong Companies Ordinance This responsibility includes designing implementing and maintaining internal control relevant to the preparation and the true and fair presentation of financial statements that are free from material misstatement whether due to fraud and error selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances
AUDITORSRESPONSIBILITY
Our responsibility is to express an opinion on these financial statements based on our audit This report is made solely to you as a body in accordance with Section 141 of the Hong Kong Companies Ordinance and for no other purpose We do not assume responsibility towards or accept liability to any other person for the contents of this report We conducted our audit in accordance with Hong Kong Standards on Auditing issued by the Hong Kong Institute of Certified Public Accountants Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurances as to whether the financial statements are free from material misstatement
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements The procedures selected depend on the auditors judgment including the assessment of the risks of material misstatement of the financial statements whether due to fraud and error In making those risk assessments the auditor considers internal control relevant to the entitys preparation and true and fair presentation of the fmancial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entitys internal control An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Executive Committee Members as well as evaluating the overall presentation of the fmancial statements
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion
(to be contd)
- 3 shy
INDEPENDENT HONORARYAUDITORS REPORT TO THE MEMBERS OF HKU ENGINEERING ALUMNIASSOCIATION LIMITED (INCORPORATED IN HONG KONG WITH LIMITED LIABILITY) CONTINUED
OPINION
In our opinion the financial statements give a true and fair view of the state of the Associations affairs as at 31 st March 2010 and of its surplus and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in accordance with the Hong Kong Companies Ordinance
CHENG YEUNG amp CO Certified Public Accountants (Practising) Honorary Auditors Hong Kong 11th June 2010
CYHO 10IPCIPW
- 4 shy
HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST MARCH 2010
2010 2009 HK$ HK$ HK$
INCOME
Annual Ball 28729000 -
308000 40400
6356000
4505000 1851000
77100
28379000
Dance course 6 30000 GMS administrative fee 84000
GMS Mentor Night
SO Project 3604500
20082009 20092010
8000 35510500 32705500
EXPENDITURE
Annual Ball
Sundry income
21076160 30000
-290000
-
309320 1022990
19250 140790
--
400000 5905440
-
-
93300
65340 9560 4250
345190 80000
330000 22000
5835040
70400
nses istry
rship
21787920
Bank charges 30000
Boat trip expenses 103900
Business registration fee 45000
Dance course 630000
General meeting expenses 535160
GMS Inaug 779860
GMS Interview 18260
GMS other
HKUEAA scholarship 7500000
Paper weights 210000
Profession al fee 430000
SO Project 2752750
200812009
20092010 61600
Secretariat sub-committee expe Sec retarial fee
851300
Name card and Companies Reg
Purchase of cake for meeting
Postage and stamps
Brick campaign Graduation pins Promotion (Leaflet) for Membe
Sponsorship
Telephone (30143590) (35735750)
SURPLUS(DEFICIT) FOR THE YEAR $ 5366910 $ (3030250)
The notes on page 9 form an integral part of these financial statements
- 5 shy
HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF FINANCIAL POSITION AS AT 31ST MARCH 2010
----------- ----------------------------~----------~
Notes 2010
HK$
2009
HK$
CURRENT ASSETS
Cash at bank
Cash in hand
Deduct shy
37382397
10000
37392397
309594~871
30959487
CURRENT LIABILITIES
$ 37392397 $ 30959487
Representing shy
MEMBERS FUND 3 9193000 8127000
GENERAL RESERVE FUND 28199397 22832487
$ 37392397 $ 30959487
THE FINANCIAL STATEMENTS SET OUT ON PAGES 5 TO 9 WERE APPROVED AND AUTHORISED FOR ISSUE BY THE BOARD OF EXECUTIVE COMMITTEE ON 11 TH JUNE 2010
President
The notes on page 9 form an integral part of these financial statements
- 6 shy
HK U ENGINEERING ALUMNI ASSOCIA TION LIMITED fA COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF CHANGES IN EQUITY YEAR ENDED 31ST MARCH 2010
Members
Fund HK$
General Reserve
Fund
HK$
Total HK$
Balances as at 31st March 2008 7632000 24445037 32077037
Life membership and entrance fees
Tax refun ded
Deficit for the year Net changes in equ ity
Balances as at 3 I st March 2009
Life membership and entrance fees
Surplus for the year
Net changes in equity
Balances as at 31st March 20 I 0
495000
1417700
(3030250) 495000 (16 12550)
8127000 22832487
1066000
1066000
5366910
5366910
$ 91 93000 $ 28199397 $
495000
1417700
(3030250) (1117550)
30959487
1066000
5366910
6432910
37392397
The notes on page 9 fonn an integral part of these financial statements
- 7 shy
HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2010
2010 HK$
2009 HK$
OPERATrNG ACTIVITIES Surplus(Deficit) before taxation Increase in life membership and entrance fees
5366910 1066000
(3030250) 495000
OPERATrNG CASH rNFLOWI(OUTFLOW) BEFORE WORKING CAPITAL CHANGES 6432910 (2535250)
Decrease in accounts receivable Decrease in accounts payable
270000 (1320)
NET CASH GENERATED FROM(USED rN) OPERATrNG ACTIVITIES 6432910 (2266570)
rNVESTrNG ACTIVITIES Profits tax refunded(paid) 1417700
FrNANCrNG ACTIVITIES
NET rNCREASE(DECREASE) rN CASH AND CASH EQUIV ALENTS 6432910 (848870)
CASH AND CASH EQUIVALENTS AT THE BEGrNNrNG OF YEAR 30959487 31808357
CASH AND CASH EQUIVALENTS AT THE END OF YEAR $ 37392397 $ 30959487
ANALYSIS OF THE BALANCES OF CASH AND CASH EQUIVALENTS
Cash at bank Cash in hand
37382397 10000
30959487
$ 37392397 $ 30959487
The notes on page 9 form an integral part of these financial statements
- 8 shy
HKU ENGINEERING ALUMNI ASSOCIATIONLIMITED (A COMPANY LIMITED BY GURARANTEE WITHOUT A SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS 31ST MARCH 2010
1 LEGAL STATUS The Association is incorporated in Hong Kong as a company limited by guarantee and not having a share capital
2 PRINCIPAL ACCOUNTING POLICIES Revenue recognition Revenue is recognised when it is probable that the economic benefits will flow to the Association and when the revenue can be measured reliably on the following bases shy
(a) Revenue from activitiesfunctions income is recognised when the programmeevent has been concluded during the period and
(b) Revenue from bank interest income is recognised on time proportionate basis
3 MEMBERS FUND
2010 2009 HK$ HK$
Balances brought forward 81 27000 7632000 Membership fee received during the year 1066000 495000
Balances carried forward $ 9193000 $ 81 27000
4 TAXATION No provision for Hong Kong Profits Tax has been made for the current year as the Association is exempt under Section 24(1) of the Inland Revenue Ordinance
- 9 shy
INDEPENDENT HONORARYAUDITORS REPORT TO THE MEMBERS OF HKU ENGINEERING ALUMNIASSOCIATION LIMITED (INCORPORATED IN HONG KONG WITH LIMITED LIABILITY) CONTINUED
OPINION
In our opinion the financial statements give a true and fair view of the state of the Associations affairs as at 31 st March 2010 and of its surplus and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in accordance with the Hong Kong Companies Ordinance
CHENG YEUNG amp CO Certified Public Accountants (Practising) Honorary Auditors Hong Kong 11th June 2010
CYHO 10IPCIPW
- 4 shy
HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST MARCH 2010
2010 2009 HK$ HK$ HK$
INCOME
Annual Ball 28729000 -
308000 40400
6356000
4505000 1851000
77100
28379000
Dance course 6 30000 GMS administrative fee 84000
GMS Mentor Night
SO Project 3604500
20082009 20092010
8000 35510500 32705500
EXPENDITURE
Annual Ball
Sundry income
21076160 30000
-290000
-
309320 1022990
19250 140790
--
400000 5905440
-
-
93300
65340 9560 4250
345190 80000
330000 22000
5835040
70400
nses istry
rship
21787920
Bank charges 30000
Boat trip expenses 103900
Business registration fee 45000
Dance course 630000
General meeting expenses 535160
GMS Inaug 779860
GMS Interview 18260
GMS other
HKUEAA scholarship 7500000
Paper weights 210000
Profession al fee 430000
SO Project 2752750
200812009
20092010 61600
Secretariat sub-committee expe Sec retarial fee
851300
Name card and Companies Reg
Purchase of cake for meeting
Postage and stamps
Brick campaign Graduation pins Promotion (Leaflet) for Membe
Sponsorship
Telephone (30143590) (35735750)
SURPLUS(DEFICIT) FOR THE YEAR $ 5366910 $ (3030250)
The notes on page 9 form an integral part of these financial statements
- 5 shy
HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF FINANCIAL POSITION AS AT 31ST MARCH 2010
----------- ----------------------------~----------~
Notes 2010
HK$
2009
HK$
CURRENT ASSETS
Cash at bank
Cash in hand
Deduct shy
37382397
10000
37392397
309594~871
30959487
CURRENT LIABILITIES
$ 37392397 $ 30959487
Representing shy
MEMBERS FUND 3 9193000 8127000
GENERAL RESERVE FUND 28199397 22832487
$ 37392397 $ 30959487
THE FINANCIAL STATEMENTS SET OUT ON PAGES 5 TO 9 WERE APPROVED AND AUTHORISED FOR ISSUE BY THE BOARD OF EXECUTIVE COMMITTEE ON 11 TH JUNE 2010
President
The notes on page 9 form an integral part of these financial statements
- 6 shy
HK U ENGINEERING ALUMNI ASSOCIA TION LIMITED fA COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF CHANGES IN EQUITY YEAR ENDED 31ST MARCH 2010
Members
Fund HK$
General Reserve
Fund
HK$
Total HK$
Balances as at 31st March 2008 7632000 24445037 32077037
Life membership and entrance fees
Tax refun ded
Deficit for the year Net changes in equ ity
Balances as at 3 I st March 2009
Life membership and entrance fees
Surplus for the year
Net changes in equity
Balances as at 31st March 20 I 0
495000
1417700
(3030250) 495000 (16 12550)
8127000 22832487
1066000
1066000
5366910
5366910
$ 91 93000 $ 28199397 $
495000
1417700
(3030250) (1117550)
30959487
1066000
5366910
6432910
37392397
The notes on page 9 fonn an integral part of these financial statements
- 7 shy
HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2010
2010 HK$
2009 HK$
OPERATrNG ACTIVITIES Surplus(Deficit) before taxation Increase in life membership and entrance fees
5366910 1066000
(3030250) 495000
OPERATrNG CASH rNFLOWI(OUTFLOW) BEFORE WORKING CAPITAL CHANGES 6432910 (2535250)
Decrease in accounts receivable Decrease in accounts payable
270000 (1320)
NET CASH GENERATED FROM(USED rN) OPERATrNG ACTIVITIES 6432910 (2266570)
rNVESTrNG ACTIVITIES Profits tax refunded(paid) 1417700
FrNANCrNG ACTIVITIES
NET rNCREASE(DECREASE) rN CASH AND CASH EQUIV ALENTS 6432910 (848870)
CASH AND CASH EQUIVALENTS AT THE BEGrNNrNG OF YEAR 30959487 31808357
CASH AND CASH EQUIVALENTS AT THE END OF YEAR $ 37392397 $ 30959487
ANALYSIS OF THE BALANCES OF CASH AND CASH EQUIVALENTS
Cash at bank Cash in hand
37382397 10000
30959487
$ 37392397 $ 30959487
The notes on page 9 form an integral part of these financial statements
- 8 shy
HKU ENGINEERING ALUMNI ASSOCIATIONLIMITED (A COMPANY LIMITED BY GURARANTEE WITHOUT A SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS 31ST MARCH 2010
1 LEGAL STATUS The Association is incorporated in Hong Kong as a company limited by guarantee and not having a share capital
2 PRINCIPAL ACCOUNTING POLICIES Revenue recognition Revenue is recognised when it is probable that the economic benefits will flow to the Association and when the revenue can be measured reliably on the following bases shy
(a) Revenue from activitiesfunctions income is recognised when the programmeevent has been concluded during the period and
(b) Revenue from bank interest income is recognised on time proportionate basis
3 MEMBERS FUND
2010 2009 HK$ HK$
Balances brought forward 81 27000 7632000 Membership fee received during the year 1066000 495000
Balances carried forward $ 9193000 $ 81 27000
4 TAXATION No provision for Hong Kong Profits Tax has been made for the current year as the Association is exempt under Section 24(1) of the Inland Revenue Ordinance
- 9 shy
HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST MARCH 2010
2010 2009 HK$ HK$ HK$
INCOME
Annual Ball 28729000 -
308000 40400
6356000
4505000 1851000
77100
28379000
Dance course 6 30000 GMS administrative fee 84000
GMS Mentor Night
SO Project 3604500
20082009 20092010
8000 35510500 32705500
EXPENDITURE
Annual Ball
Sundry income
21076160 30000
-290000
-
309320 1022990
19250 140790
--
400000 5905440
-
-
93300
65340 9560 4250
345190 80000
330000 22000
5835040
70400
nses istry
rship
21787920
Bank charges 30000
Boat trip expenses 103900
Business registration fee 45000
Dance course 630000
General meeting expenses 535160
GMS Inaug 779860
GMS Interview 18260
GMS other
HKUEAA scholarship 7500000
Paper weights 210000
Profession al fee 430000
SO Project 2752750
200812009
20092010 61600
Secretariat sub-committee expe Sec retarial fee
851300
Name card and Companies Reg
Purchase of cake for meeting
Postage and stamps
Brick campaign Graduation pins Promotion (Leaflet) for Membe
Sponsorship
Telephone (30143590) (35735750)
SURPLUS(DEFICIT) FOR THE YEAR $ 5366910 $ (3030250)
The notes on page 9 form an integral part of these financial statements
- 5 shy
HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF FINANCIAL POSITION AS AT 31ST MARCH 2010
----------- ----------------------------~----------~
Notes 2010
HK$
2009
HK$
CURRENT ASSETS
Cash at bank
Cash in hand
Deduct shy
37382397
10000
37392397
309594~871
30959487
CURRENT LIABILITIES
$ 37392397 $ 30959487
Representing shy
MEMBERS FUND 3 9193000 8127000
GENERAL RESERVE FUND 28199397 22832487
$ 37392397 $ 30959487
THE FINANCIAL STATEMENTS SET OUT ON PAGES 5 TO 9 WERE APPROVED AND AUTHORISED FOR ISSUE BY THE BOARD OF EXECUTIVE COMMITTEE ON 11 TH JUNE 2010
President
The notes on page 9 form an integral part of these financial statements
- 6 shy
HK U ENGINEERING ALUMNI ASSOCIA TION LIMITED fA COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF CHANGES IN EQUITY YEAR ENDED 31ST MARCH 2010
Members
Fund HK$
General Reserve
Fund
HK$
Total HK$
Balances as at 31st March 2008 7632000 24445037 32077037
Life membership and entrance fees
Tax refun ded
Deficit for the year Net changes in equ ity
Balances as at 3 I st March 2009
Life membership and entrance fees
Surplus for the year
Net changes in equity
Balances as at 31st March 20 I 0
495000
1417700
(3030250) 495000 (16 12550)
8127000 22832487
1066000
1066000
5366910
5366910
$ 91 93000 $ 28199397 $
495000
1417700
(3030250) (1117550)
30959487
1066000
5366910
6432910
37392397
The notes on page 9 fonn an integral part of these financial statements
- 7 shy
HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2010
2010 HK$
2009 HK$
OPERATrNG ACTIVITIES Surplus(Deficit) before taxation Increase in life membership and entrance fees
5366910 1066000
(3030250) 495000
OPERATrNG CASH rNFLOWI(OUTFLOW) BEFORE WORKING CAPITAL CHANGES 6432910 (2535250)
Decrease in accounts receivable Decrease in accounts payable
270000 (1320)
NET CASH GENERATED FROM(USED rN) OPERATrNG ACTIVITIES 6432910 (2266570)
rNVESTrNG ACTIVITIES Profits tax refunded(paid) 1417700
FrNANCrNG ACTIVITIES
NET rNCREASE(DECREASE) rN CASH AND CASH EQUIV ALENTS 6432910 (848870)
CASH AND CASH EQUIVALENTS AT THE BEGrNNrNG OF YEAR 30959487 31808357
CASH AND CASH EQUIVALENTS AT THE END OF YEAR $ 37392397 $ 30959487
ANALYSIS OF THE BALANCES OF CASH AND CASH EQUIVALENTS
Cash at bank Cash in hand
37382397 10000
30959487
$ 37392397 $ 30959487
The notes on page 9 form an integral part of these financial statements
- 8 shy
HKU ENGINEERING ALUMNI ASSOCIATIONLIMITED (A COMPANY LIMITED BY GURARANTEE WITHOUT A SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS 31ST MARCH 2010
1 LEGAL STATUS The Association is incorporated in Hong Kong as a company limited by guarantee and not having a share capital
2 PRINCIPAL ACCOUNTING POLICIES Revenue recognition Revenue is recognised when it is probable that the economic benefits will flow to the Association and when the revenue can be measured reliably on the following bases shy
(a) Revenue from activitiesfunctions income is recognised when the programmeevent has been concluded during the period and
(b) Revenue from bank interest income is recognised on time proportionate basis
3 MEMBERS FUND
2010 2009 HK$ HK$
Balances brought forward 81 27000 7632000 Membership fee received during the year 1066000 495000
Balances carried forward $ 9193000 $ 81 27000
4 TAXATION No provision for Hong Kong Profits Tax has been made for the current year as the Association is exempt under Section 24(1) of the Inland Revenue Ordinance
- 9 shy
HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF FINANCIAL POSITION AS AT 31ST MARCH 2010
----------- ----------------------------~----------~
Notes 2010
HK$
2009
HK$
CURRENT ASSETS
Cash at bank
Cash in hand
Deduct shy
37382397
10000
37392397
309594~871
30959487
CURRENT LIABILITIES
$ 37392397 $ 30959487
Representing shy
MEMBERS FUND 3 9193000 8127000
GENERAL RESERVE FUND 28199397 22832487
$ 37392397 $ 30959487
THE FINANCIAL STATEMENTS SET OUT ON PAGES 5 TO 9 WERE APPROVED AND AUTHORISED FOR ISSUE BY THE BOARD OF EXECUTIVE COMMITTEE ON 11 TH JUNE 2010
President
The notes on page 9 form an integral part of these financial statements
- 6 shy
HK U ENGINEERING ALUMNI ASSOCIA TION LIMITED fA COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF CHANGES IN EQUITY YEAR ENDED 31ST MARCH 2010
Members
Fund HK$
General Reserve
Fund
HK$
Total HK$
Balances as at 31st March 2008 7632000 24445037 32077037
Life membership and entrance fees
Tax refun ded
Deficit for the year Net changes in equ ity
Balances as at 3 I st March 2009
Life membership and entrance fees
Surplus for the year
Net changes in equity
Balances as at 31st March 20 I 0
495000
1417700
(3030250) 495000 (16 12550)
8127000 22832487
1066000
1066000
5366910
5366910
$ 91 93000 $ 28199397 $
495000
1417700
(3030250) (1117550)
30959487
1066000
5366910
6432910
37392397
The notes on page 9 fonn an integral part of these financial statements
- 7 shy
HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2010
2010 HK$
2009 HK$
OPERATrNG ACTIVITIES Surplus(Deficit) before taxation Increase in life membership and entrance fees
5366910 1066000
(3030250) 495000
OPERATrNG CASH rNFLOWI(OUTFLOW) BEFORE WORKING CAPITAL CHANGES 6432910 (2535250)
Decrease in accounts receivable Decrease in accounts payable
270000 (1320)
NET CASH GENERATED FROM(USED rN) OPERATrNG ACTIVITIES 6432910 (2266570)
rNVESTrNG ACTIVITIES Profits tax refunded(paid) 1417700
FrNANCrNG ACTIVITIES
NET rNCREASE(DECREASE) rN CASH AND CASH EQUIV ALENTS 6432910 (848870)
CASH AND CASH EQUIVALENTS AT THE BEGrNNrNG OF YEAR 30959487 31808357
CASH AND CASH EQUIVALENTS AT THE END OF YEAR $ 37392397 $ 30959487
ANALYSIS OF THE BALANCES OF CASH AND CASH EQUIVALENTS
Cash at bank Cash in hand
37382397 10000
30959487
$ 37392397 $ 30959487
The notes on page 9 form an integral part of these financial statements
- 8 shy
HKU ENGINEERING ALUMNI ASSOCIATIONLIMITED (A COMPANY LIMITED BY GURARANTEE WITHOUT A SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS 31ST MARCH 2010
1 LEGAL STATUS The Association is incorporated in Hong Kong as a company limited by guarantee and not having a share capital
2 PRINCIPAL ACCOUNTING POLICIES Revenue recognition Revenue is recognised when it is probable that the economic benefits will flow to the Association and when the revenue can be measured reliably on the following bases shy
(a) Revenue from activitiesfunctions income is recognised when the programmeevent has been concluded during the period and
(b) Revenue from bank interest income is recognised on time proportionate basis
3 MEMBERS FUND
2010 2009 HK$ HK$
Balances brought forward 81 27000 7632000 Membership fee received during the year 1066000 495000
Balances carried forward $ 9193000 $ 81 27000
4 TAXATION No provision for Hong Kong Profits Tax has been made for the current year as the Association is exempt under Section 24(1) of the Inland Revenue Ordinance
- 9 shy
HK U ENGINEERING ALUMNI ASSOCIA TION LIMITED fA COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF CHANGES IN EQUITY YEAR ENDED 31ST MARCH 2010
Members
Fund HK$
General Reserve
Fund
HK$
Total HK$
Balances as at 31st March 2008 7632000 24445037 32077037
Life membership and entrance fees
Tax refun ded
Deficit for the year Net changes in equ ity
Balances as at 3 I st March 2009
Life membership and entrance fees
Surplus for the year
Net changes in equity
Balances as at 31st March 20 I 0
495000
1417700
(3030250) 495000 (16 12550)
8127000 22832487
1066000
1066000
5366910
5366910
$ 91 93000 $ 28199397 $
495000
1417700
(3030250) (1117550)
30959487
1066000
5366910
6432910
37392397
The notes on page 9 fonn an integral part of these financial statements
- 7 shy
HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2010
2010 HK$
2009 HK$
OPERATrNG ACTIVITIES Surplus(Deficit) before taxation Increase in life membership and entrance fees
5366910 1066000
(3030250) 495000
OPERATrNG CASH rNFLOWI(OUTFLOW) BEFORE WORKING CAPITAL CHANGES 6432910 (2535250)
Decrease in accounts receivable Decrease in accounts payable
270000 (1320)
NET CASH GENERATED FROM(USED rN) OPERATrNG ACTIVITIES 6432910 (2266570)
rNVESTrNG ACTIVITIES Profits tax refunded(paid) 1417700
FrNANCrNG ACTIVITIES
NET rNCREASE(DECREASE) rN CASH AND CASH EQUIV ALENTS 6432910 (848870)
CASH AND CASH EQUIVALENTS AT THE BEGrNNrNG OF YEAR 30959487 31808357
CASH AND CASH EQUIVALENTS AT THE END OF YEAR $ 37392397 $ 30959487
ANALYSIS OF THE BALANCES OF CASH AND CASH EQUIVALENTS
Cash at bank Cash in hand
37382397 10000
30959487
$ 37392397 $ 30959487
The notes on page 9 form an integral part of these financial statements
- 8 shy
HKU ENGINEERING ALUMNI ASSOCIATIONLIMITED (A COMPANY LIMITED BY GURARANTEE WITHOUT A SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS 31ST MARCH 2010
1 LEGAL STATUS The Association is incorporated in Hong Kong as a company limited by guarantee and not having a share capital
2 PRINCIPAL ACCOUNTING POLICIES Revenue recognition Revenue is recognised when it is probable that the economic benefits will flow to the Association and when the revenue can be measured reliably on the following bases shy
(a) Revenue from activitiesfunctions income is recognised when the programmeevent has been concluded during the period and
(b) Revenue from bank interest income is recognised on time proportionate basis
3 MEMBERS FUND
2010 2009 HK$ HK$
Balances brought forward 81 27000 7632000 Membership fee received during the year 1066000 495000
Balances carried forward $ 9193000 $ 81 27000
4 TAXATION No provision for Hong Kong Profits Tax has been made for the current year as the Association is exempt under Section 24(1) of the Inland Revenue Ordinance
- 9 shy
HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2010
2010 HK$
2009 HK$
OPERATrNG ACTIVITIES Surplus(Deficit) before taxation Increase in life membership and entrance fees
5366910 1066000
(3030250) 495000
OPERATrNG CASH rNFLOWI(OUTFLOW) BEFORE WORKING CAPITAL CHANGES 6432910 (2535250)
Decrease in accounts receivable Decrease in accounts payable
270000 (1320)
NET CASH GENERATED FROM(USED rN) OPERATrNG ACTIVITIES 6432910 (2266570)
rNVESTrNG ACTIVITIES Profits tax refunded(paid) 1417700
FrNANCrNG ACTIVITIES
NET rNCREASE(DECREASE) rN CASH AND CASH EQUIV ALENTS 6432910 (848870)
CASH AND CASH EQUIVALENTS AT THE BEGrNNrNG OF YEAR 30959487 31808357
CASH AND CASH EQUIVALENTS AT THE END OF YEAR $ 37392397 $ 30959487
ANALYSIS OF THE BALANCES OF CASH AND CASH EQUIVALENTS
Cash at bank Cash in hand
37382397 10000
30959487
$ 37392397 $ 30959487
The notes on page 9 form an integral part of these financial statements
- 8 shy
HKU ENGINEERING ALUMNI ASSOCIATIONLIMITED (A COMPANY LIMITED BY GURARANTEE WITHOUT A SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS 31ST MARCH 2010
1 LEGAL STATUS The Association is incorporated in Hong Kong as a company limited by guarantee and not having a share capital
2 PRINCIPAL ACCOUNTING POLICIES Revenue recognition Revenue is recognised when it is probable that the economic benefits will flow to the Association and when the revenue can be measured reliably on the following bases shy
(a) Revenue from activitiesfunctions income is recognised when the programmeevent has been concluded during the period and
(b) Revenue from bank interest income is recognised on time proportionate basis
3 MEMBERS FUND
2010 2009 HK$ HK$
Balances brought forward 81 27000 7632000 Membership fee received during the year 1066000 495000
Balances carried forward $ 9193000 $ 81 27000
4 TAXATION No provision for Hong Kong Profits Tax has been made for the current year as the Association is exempt under Section 24(1) of the Inland Revenue Ordinance
- 9 shy
HKU ENGINEERING ALUMNI ASSOCIATIONLIMITED (A COMPANY LIMITED BY GURARANTEE WITHOUT A SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS 31ST MARCH 2010
1 LEGAL STATUS The Association is incorporated in Hong Kong as a company limited by guarantee and not having a share capital
2 PRINCIPAL ACCOUNTING POLICIES Revenue recognition Revenue is recognised when it is probable that the economic benefits will flow to the Association and when the revenue can be measured reliably on the following bases shy
(a) Revenue from activitiesfunctions income is recognised when the programmeevent has been concluded during the period and
(b) Revenue from bank interest income is recognised on time proportionate basis
3 MEMBERS FUND
2010 2009 HK$ HK$
Balances brought forward 81 27000 7632000 Membership fee received during the year 1066000 495000
Balances carried forward $ 9193000 $ 81 27000
4 TAXATION No provision for Hong Kong Profits Tax has been made for the current year as the Association is exempt under Section 24(1) of the Inland Revenue Ordinance
- 9 shy
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