HAVEN OF HOPE CHRISTIAN SERVICE (LIMITED BY GUARANTEE) REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2007

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1 REPORTS AND FINANCIAL STATEMENTS

2 CONTENTS PAGE Report of the Directors 1-2 Report of the Independent Auditors 3-4 Income and Expenditure Account 5 Balance Sheet 6-7 Statement of Changes in Funds and Reserves 8-9 Cash Flow Statement 10 Notes to the Financial Statements (EXPRESSED IN THE NEAREST HONG KONG DOLLARS)

3 REPORT OF THE DIRECTORS The directors submit their annual report together with the audited financial statements for the year ended March 31, PRINCIPAL ACTIVITIES The principal activities of Haven of Hope Christian Service ( the Organisation ) are the provision of health and social services to the public including medical, educational and social care activities in a Christian environment. FINANCIAL RESULTS The results of the Organisation for the year ended March 31, 2007 are set out in the income and expenditure account on page 5. The state of affairs of the Organisation as at March 31, 2007 is set out in the balance sheet on pages 6 and 7. The changes in funds and reserves of the Organistaion are set out on pages 8 and 9. The cash flows of the Organisation are set out in the cash flow statement on page 10. FIXED ASSETS Details of the movement in fixed assets are set out in note 7 to the financial statements. DIRECTORS The directors during the financial year were:- Dr. Cheng Hon-kwan, Chairman Mr. Chiu Chung-yee, Charles, Vice Chairman and Honorary Legal Adviser Mr. Wong Kai-man, Honorary Treasurer Mrs. Chan Hui Dor-lam, Doreen Mr. Chan Kar-lok, Walter Dr. Chan Sze-tong, Thomas Mr. Chen Seng-tek, Stuart Mrs. Cheung Wong Ting-yin, Shirley Ms. Chong Ming-wah, Clara Rev. Chu Leung-kee, Lawrence Dr. Fong Chi-hung, Robert Dr. Ho Wai-ip 1

4 DIRECTORS (Continued) Dr. Lam Sing-kwong, Simon Mr. Lour Tsang-tsay, Lawrence Mrs. Ng Chu Lai-fong Mr. Wong Chun-kow, Peter Mrs. Wong Lee Yuk-ping, Agnes Mr. Yau Chung-wan Dr. Kwan Kai-cho, Joseph Dr. Lo Tak-lam, William Mr. Chien Yik-bong Dr. Nip Kam-fan Mr. Chau Kwok-woon, Albert (from November 30, 2006) Ms. Lam Yee-wah, Evelyn (from November 30, 2006) In accordance with articles 31, 32 and 33 of the Organisation s Articles of Association, the following directors retire from the board by rotation and are eligible for re-election:- Mr. Chan Kar-lok, Walter Rev. Chu Leung-kee, Lawrence Dr. Kwan Kai-cho, Joseph Dr. Lo Tak-lam, William Mrs. Ng Chu Lai-fong Mr. Wong Chun-kow, Peter Mr. Wong Kai-man Mrs. Wong Lee Yuk-ping, Agnes DIRECTORS INTERESTS IN CONTRACTS No contracts of significance in relation to the Organisation's business to which the Organisation was a party and in which a director had a material interest subsisted at the end of the year or at any time during the year. At no time during the year was the Organisation a party to any arrangements to enable the directors of the Organisation to acquire benefits by means of acquisition of shares in, or debentures of, the Organisation or any other body corporate. AUDITORS Philip Poon & Partners CPA Limited are the Organisation s retiring auditors who, being eligible, offer themselves for re-appointment. FOR AND ON BEHALF OF THE BOARD Hong Kong July 13, 2007 Wong Kwok-fai Secretary 2

5 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HAVEN OF HOPE CHRISTIAN SERVICE (Incorporated in Hong Kong and limited by guarantee) We have audited the financial statements of Haven of Hope Christian Service set out on pages 5 to 26, which comprise the balance sheet as at March 31, 2007 and the income and expenditure account, statement of changes in funds and reserves and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes. Directors responsibility for the financial statements The directors 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 or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditors responsibility Our responsibility is to express an opinion on these financial statements based on our audit and report our opinion 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 assurance 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 judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity s preparation and true and fair presentation of the financial 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 entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements..../to be continued 3

6 /continued REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HAVEN OF HOPE CHRISTIAN SERVICE (Incorporated in Hong Kong and limited by guarantee) Auditors responsibility (continued) We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the state of the company s affairs as at March 31, 2007 and of its financial results 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. Certified Public Accountants Hong Kong July 13, 2007 Philip Poon & Partners CPA Limited Mr. Poon Chin Chung, Philip Practising Certificate No.: P

7 INCOME AND EXPENDITURE ACCOUNT NOTE $ $ INCOME Subvention and grant from: Government 127,876, ,955,686 Community Chest 1,026,900 1,026,900 The Hong Kong Jockey Club Charities Trust 776, ,200 Lotteries Fund block grant 702, ,004 Non-recurrent grant income 2(k)(iii) 4,540,048 11,204,920 Fundraising 1,534,723 1,459,960 Other grants and donation 11,604,977 7,030,918 Operation income 88,592,559 91,287,382 Investment income 6,785,128 5,530,984 Miscellaneous income 4,651,465 8,161,940 Transfer from capital project funds 2(k)(v) 19,748,455 16,050,177 Transfer from non-recurrent grant deferred income 2(k)(iii) 549, , ,389, ,347, EXPENDITURE Personal emoluments 174,217, ,942,298 Operating expenses 55,455,557 84,186,730 Contract out services 232, ,987 Operating lease payments - property rental 5,717,004 5,080,560 Non-recurrent grant expenses 4,540,048 11,204,920 Auditors remuneration 86,000 88,000 Lotteries Fund block grant expenses 578, ,005 Depreciation - land and buildings 18,325,066 16,061,847 - motor vehicles 123, ,397 - furniture, fixtures and equipment 2,349, , ,625, ,191, Income net of expenditure 6,764,220 10,155,839 Transfer to/from funds and reserves Net (surplus)/deficit of Government subvention recoverable from Government (3,263) 549,225 Transfer to Government subvention reserve (1,348,313) (376,597) Net income raised for designated purpose (10,019,013) (10,467,035) Net income earned for HOHCS Teh Chi Khun Elderly Grace Charitable Fund (2,666,830) (2,514,469) Transfer to Lotteries Fund block grant reserve (123,464) (131,999) Transfer from capital assets reserve 119,155 80,561 Deficit transferred to general funds (7,277,508) (2,704,475) ========= ========= The net proceeds for Flag Day of amount $802, have been accounted for in the fundraising income The notes on pages 11 to 26 form part of these financial statements. 5

8 BALANCE SHEET AT MARCH 31, 2007 NOTE $ $ NON-CURRENT ASSETS Fixed assets 7 792,766, ,901,352 Available-for-sale financial assets 8 77,424,778 71,095,546 Capital projects ,959, ,191, ,956, CURRENT ASSETS Inventories ,992 4,542,673 Accounts receivable 5,123,953 11,769,960 Utility deposits 649, ,344 Non-recurrent grants receivable 1,327, Time deposits, bank balances and cash 140,994, ,813, ,400, ,654, CURRENT LIABILITIES Accounts and other payable 7,411,547 16,128,896 Non-recurrent grants received in advance -- 4,888,822 Non-recurrent grants deferred income 1,815,231 1,537,587 9,226,778 22,555, NET CURRENT ASSETS 139,173, ,099, TOTAL ASSETS LESS CURRENT LIABILITIES 1,009,365, ,055,566 NON-CURRENT LIABILITIES Capital projects payable 11 3,829, NET ASSETS 1,005,535, ,055,566 ========== =========./to be continued 6

9 BALANCE SHEET AT MARCH 31, 2007./Continued NOTE $ $ FINANCED BY General funds 18,423,404 22,640,238 Designated funds 124,146, ,302,930 HOHCS Teh Chi Khun Elderly Grace Charitable Fund 57,365,169 54,698,339 Capital project funds 774,948, ,911,318 Lotteries Fund block grant reserve 352, ,057 Government subvention reserve 24,999,219 23,650,906 Investment fair value reserve 4,904,269 1,222,534 Capital assets reserve 396, ,244 1,005,535, ,055,566 ========== ========= Approved and authorised for issue by the board of directors on July 13, 2007 Wong Kai-man Honorary Treasurer Wong Lee Yuk-ping, Agnes Director The notes on pages 11 to 26 form part of these financial statements. The funds and reserves movements are set out in the statement of changes in funds and reserves on pages 8 and 9. 7

10 STATEMENT OF CHANGES IN FUNDS AND RESERVES HOHCS Teh Chi Khun Lotteries Government Investment Capital Designated Elderly Grace Capital Fund Block Subvention Fair Value Assets General Funds Funds Charitable Fund Project Funds Grant Reserve Reserve Reserve Reserve $ $ $ $ $ $ $ $ Balance at April 1, as previously reported 21,949,362 83,418,522 52,183, ,781, ,393 23,274, opening adjustment for the adoption of HKAS , Reclassification -- 27,145, (27,145,065) Deficit for the year (2,704,475) Net income raised/earned for designated purpose -- 10,467,035 2,514, Other donation ,324, Virement recovered from Government 10, Transfer of specific allocation approved by Board to designated funds for non-subvented services and administrative support 3,385,222 (3,385,222) Transfer (to)/from Income and Expenditure Account (16,050,177) 131, , (80,561) Available-for-sale financial assets - change in fair value , Transfer to Capital Assets Reserve -- (342,470) (60,335) ,805 Balance at March 31, ,640, ,302,930 54,698, ,911, ,057 23,650,906 1,222, ,244 ======== ========= ======== ========= ====== ======== ======= ======= /to be continued 8

11 STATEMENT OF CHANGES IN FUNDS AND RESERVES HOHCS Teh Chi Khun Lotteries Government Investment Capital Designated Elderly Grace Capital Fund Block Subvention Fair Value Assets General Funds Funds Charitable Fund Project Funds Grant Reserve Reserve Reserve Reserve $ $ $ $ $ $ $ $ Balance at April 1, ,640, ,302,930 54,698, ,911, ,057 23,650,906 1,222, ,244 Deficit for the year (7,277,508) Net income raised for designated purpose -- 10,019,013 2,666, Other donation ,785, Transfer of specific allocation approved by Board from designated funds for non-subvented services and administrative support 3,060,674 (3,060,674) Transfer (to)/from Income and Expenditure Account (19,748,455) 123,464 1,348, (119,155) Available-for-sale financial assets - change in fair value ,681, Transfer to Capital Assets Reserve -- (115,056) (77,914) ,970 Balance at March 31, ,423, ,146,213 57,365, ,948, ,607 24,999,219 4,904, ,059 ======== ========= ======== ========= ====== ======== ======= ======= The notes on pages 11 to 26 form part of these financial statements. 9

12 CASH FLOWS STATEMENT NOTE $ $ NET CASH INFLOW FROM OPERATING ACTIVITIES 14 46,294,419 24,843, CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of fixed assets (7,525,149) (4,866,411) Additions to capital projects (26,201,877) (36,475,950) Sales of investment securities 12,166,434 9,133,955 Purchase of investment securities (14,552,742) (16,225,934) Net cash used in investing activities (36,113,334) (48,434,340) NETINCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 10,181,085 (23,591,025) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 130,813, ,404,446 CASH AND CASH EQUIVALENTS AT END OF YEAR 140,994, ,813,421 ========= ========= ANALYSIS OF THE BALANCES OF CASH AND CASH EQUIVALENTS Time deposits, bank balances and cash 140,994, ,813,421 ========= ========= The notes on pages 11 to 26 form part of these financial statements. 10

13 1. GENERAL INFORMATION Haven of Hope Christian Service ( the Organisation ) is a company incorporated in Hong Kong under Companies Ordinance with liabilities limited by guarantee. The address of its registered office is 7 Haven of Hope Road, Tseung Kwan O, Hong Kong. The principal activities of the Organisation are the provision of health and social services to the public including medical, educational and social care activities in a Christian environment. The financial statements are presented to the nearest Hong Kong dollars, which is the Organisation s functional and presentation currency. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards ( HKFRS ) issued by the Hong Kong Institute of Certified Public Accountants ( HKICPA ). They have been prepared under the historical cost convention, as modified by the revaluation of financial assets as disclosed in the accounting policies below. (a) Adoption of new and revised HKFRS (i) Standards and interpretations not yet effective At the date of authorisation of these financial statements, the following Standards and Interpretations were in issue but not yet effective: 11 Effective for accounting periods commenced on or after HKAS 1 (Amendment) Presentation of Financial January 1, 2007 Statements: Capital Disclosures HKAS 23 (Revised) Borrowing Costs January 1, 2009 HKFRS 7 Financial Instruments: January 1, 2007 Disclosures HKFRS 8 Operating Segments January 1, 2009 HK(IFRIC) Int 8 Scope of HKFRS 2 May 1, 2006

14 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (a) Adoption of new and revised HKFRS (continued) (i) Standards and interpretations not yet effective (continued) (b) Fixed assets Effective for accounting periods commenced on or after HK(IFRIC) Int 9 Reassessment of Embedded June 1, 2006 Derivatives HK(IFRIC) Int 10 Interim Financial Reporting November 1, 2006 and Impairment HK(IFRIC) Int 11 HKFRS 2 Group and Treasury March 1, 2007 Share Transactions HK(IFRIC) Int 12 Service Concession Arrangements January 1, 2008 The directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact on the financial statements of the Organisation. Fixed assets are stated at cost less accumulated depreciation and impairment losses. Depreciation is provided to write off the cost of fixed assets over their estimated useful lives and after taking into account their estimated residual value, using the straight line method, at the following rates per annum: Leasehold land and buildings 2% Furniture, fixtures and equipment 20% Motor vehicles 20% Most leasehold land used by the Organisation is granted by Hong Kong Government and deemed as nil value to the Organisation. For the carrying costs of other leasehold land and building, as the amount involved is insignificant, the entire lease is classified as finance lease and accounted for under HKAS 16 Property, Plant and Equipment. According to HKAS 16, the assets are stated at costs less accumulated depreciation and impairment losses. 12

15 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (c) Operating leases Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rental applicable to such operating leases are charged or credited to the income and expenditure account on the straight-line basis over the period of the lease. (d) Impairment At each balance sheet date, the Organisation reviews the carrying amounts of its assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. An impairment loss is recognised for the amount by which the asset s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset s fair value less costs to sell and value in use. Assets that have an indefinite useful life are not subject to amortisation, which are at least tested annually for impairment and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. (e) Investments Available-for-sale financial assets Available-for-sale financial assets are non-derivatives that are either designated in this category or not classified in any of the other categories. They are included in non-current assets unless management intends to dispose of the investment within 12 months of the balance sheet date. Available-for-sale financial assets are measured at subsequent reporting dates at fair value. Any gains and losses arising from changes in fair value are recognised directly in reserves, until the security is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognised in reserves is included in the income and expenditure account for the period. Impairment losses recognised in the income and expenditure account for equity investments classified as available-for-sale are not subsequently reversed through the income and expenditure account. Impairment losses recognised in the income and expenditure account for debt instruments classified as available-for-sale are subsequently reversed if an increase in the fair value of the instrument can be objectively related to an event occurring after the recognition of the impairment loss. The fair values of quoted investments are based on current bid prices. The fair values of other financial instruments that are not traded in an active market are determined by using valuation techniques. 13

16 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (f) Inventories Inventories are stated at the lower of cost and net realisable value. Cost is determined on weighted average basis and includes all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. (g) Account and other receivables Account and other receivables are initially recognised at fair value and thereafter stated at amortised cost less impairment losses for bad and doubtful debts except where the receivables are interest-free loans made to related parties without any fixed repayment terms or the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. (h) Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits at banks, net of short-term bank loans and bank overdrafts which are repayable on demand. (i) Account and other payables Account and other payables are initially recognised at fair value and thereafter stated at amortised cost unless the effect of discounting would be immaterial, in such cases, they are stated at cost. (j) Provisions Provisions are recognised when the Organisation has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligations, and a reliable estimate of the amount can be made. Where the Organisation expects a provision to be reimbursed, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. 14

17 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (k) Revenue recognition (i) Subvention from the Government, Community Chest and the Hong Kong Jockey Club Charities Trust are recognised when they are granted. (ii) General donations are recognised as income upon receipt except for grants received for capital projects. (iii) Non-recurrent grants are funding received on one-off basis for procurement of furniture and equipment, leasehold improvements and other programmes sponsorship. Non-recurrent grants relating to the purchase of fixed assets are included in current liabilities and are credited to the income and expenditure account on a straight line basis over the same periods in which the related assets are depreciated. Non-recurrent grants relating to the operating expenditure are recognised as income over the periods necessary to match the grants with the related costs which they are intended to compensate, on a systemic basis. (iv) Operation income is recognised when services are rendered including fee income of clinics, hospital and residential homes. (v) Donations, grants and subvention for capital projects are recognised as income to match depreciation on the related fixed assets. (vi) Interests income are recognised on a time proportion basis by referring to the principal amounts outstanding and the interest rates applicable. 15

18 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (l) Foreign currency translation Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income and expenditure account. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the date of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. When a gain or loss on a non-monetary item is recognised directly in equity, any exchange component of that gain or loss shall be recognised directly in equity. Conversely, when a gain or loss on a non-monetary item is recognised in the income and expenditure account, any exchange component of that gain or loss shall be recognised in the income and expenditure account. (m) Borrowing costs All borrowing costs are charged to the income and expenditure account in the year in which they are incurred. (n) Designated funds The designated funds are held to account for funds and related income raised for designated purposes. (o) HOHCS The Chi Khun Elderly Grace Charitable Fund This charitable fund was set up within the accounts of the Organisation. The purpose of the fund is to provide financial assistance to the elderly in need. The capital of the fund is invested, but should not be utilised without the consent of the donors. (p) Capital project funds The capital project funds represent the unamortised balances of funds with respect to those depreciable land and buildings as well as capital projects, which are still in progress. 16

19 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (q) Lotteries Fund block grant reserve Surpluses arising from activities covered by the Lotteries Fund block grant are transferred to this reserve. This block grant must be used on activities under the Lotteries Fund Manual from the Social Welfare Department. (r) Government subvention reserve Surpluses arising from activities covered by the Lump Sum Grant Subvention from the Social Welfare Department are transferred to this reserve. The reserve must be used on activities in relation to the Funding Service Agreement and the related support services. (s) Investment fair value reserve As stated in note 2(e), any gains and losses arising from changes in fair value with respect to those available-for-sale financial assets are recognised in this reserve. (t) Capital assets reserve The capital assets reserve represents the unamortised balances of funds with respect to those depreciable assets acquired by the Organisation s designated funds. (u) Employee benefits (i) Salaries, annual bonuses, paid annual leave, and the cost of non-monetary benefits are accrued in the year in which the associated services are renered by employees. Where payment or settlement is deferred and the effect would be material, these amounts are stated at their present values. Provision is made in respect of paid leave entitlement accumulated during the year, which can be carried forward into future periods for compensated absence or payment in lieu of the employee leaves employments. (ii) Contributions to Mandatory Provident Funds as required under the Hong Kong Mandatory Provident Fund Schemes Ordinance, are recognised as an expense in the Income and Expenditure Account. 17

20 3. CRITICAL ACCOUNTING JUDGEMENT With effect from March 16, 2007, the Hospital Chief Executive of the Haven of Hope Hospital began to be appointed by the Hospital Authority. Pursuant thereto, the directors do not consider the Organisation exercise significant management control over the Hospital. The activities of the subvented services of the Hospital were therefore excluded from the financial statements of the Organisation for the current year. The activities of the non-subvented services of the Hospital including Haven of Hope Store, Hospice Care and Community Medical Service were still included in these financial statements. An analysis in respect of the financial results is shown below Subvented Hospital s Services Hospital s Services Total Non- Subvented Hospital s Other excluding Subvented Hospital s Non- Other Services Services Services Subvented subvented Services $ $ $ $ $ $ $ $ Total including Hospital s Services Income 259,567,127 8,369, ,019, ,389, ,646,448 8,632, ,068, ,347,468 Expenditure 258,665,101 10,353, ,272, ,625, ,234,695 11,600, ,356, ,191,629 Income Net of Expenditure 902,026 ========= (1,983,521) ======== 8,747,741 ========= 6,764,220 ========= (588,247) ========= (2,968,056) ========= 13,712,142 ========= 10,155,839 ========= 18

21 4. DIRECTORS REMUNERATION Remuneration of the directors disclosed pursuant to Section 161 of the Companies Ordinance is as follows: $ $ Fees Other emoluments ==== ==== 5. STAFF COSTS $ $ Personal emoluments 174,217, ,942,298 Staff costs included in non-recurrent grant expenses 2,345,293 2,200, ,563, ,142,557 ========= ========= 6. TAXATION No provision for Hong Kong Profits Tax is made in the financial statements as the Organisation is exempted from taxation under section 88 of the Inland Revenue Ordinance. 19

22 7. FIXED ASSETS Land and Furniture, fixtures Motor buildings and equipment vehicles Total $ $ $ $ Cost: At April 1, ,212,745 86,404,414 8,439, ,056,713 Additions -- 4,249, ,987 4,866,411 Disposals -- (2,015,972) -- (2,015,972) At March 31, ,212,745 88,637,866 9,056, ,907,152 At April 1, ,212,745 88,637,866 9,056, ,907,152 Transfer from capital projects 113,161, ,161,452 Additions -- 7,525, ,525,149 Disposals -- (641,575) -- (641,575) Elimination of Hospital s assets -- (44,018,063) (2,079,210) (46,097,273) At March 31, ,374,197 51,503,377 6,977, ,854, Accumulated depreciation and impairment: At April 1, ,142,675 86,404,414 8,439, ,986,643 Depreciation charge for the year 16,061, , ,397 17,035,129 Eliminated on disposals -- (2,015,972) -- (2,015,972) At March 31, ,204,522 85,238,327 8,562, ,005,800 At April 1, ,204,522 85,238,327 8,562, ,005,800 Depreciation charge for the year 18,325,066 2,349, ,397 20,797,493 Eliminated on disposals -- (641,575) -- (641,575) Elimination of Hospital s assets -- (43,994,526) (2,079,210) (46,073,736) At March 31, ,529,588 42,951,256 6,607, ,087, Net book value: At April 1, ,070, ,070,070 ========= ========= ======== ========= At March 31, ,008,223 3,399, , ,901,352 ========= ========= ======== ========= At April 1, ,008,223 3,399, , ,901,352 ========= ========= ======== ========= At March 31, ,844,609 8,552, , ,766,923 ========= ========= ======== ========= Except a self-owned property with net book value $4,783,000 (2006: $4,899,659), all other land used by the Organisation is granted by Hong Kong Government and deemed as nil value to the Organisation. 20

23 8. AVAILABLE-FOR-SALE FINANCIAL ASSETS $ $ Listed securities, in Hong Kong: Equity securities 555,421 1,050,885 Listed securities, outside Hong Kong: Equity securities 4,870,886 4,273,697 Debt securities 22,397,575 23,941,380 Others 37,213,630 31,172,694 65,037,512 60,438,656 Unlisted securities: Debt securities 12,387,266 10,656,890 77,424,778 71,095,546 ======== ======== Market value of listed securities 65,037,512 60,438,656 ======== ======== At the balance sheet date, the Organisation has fixed deposits and cash at bank in the amount of $19,936,750 (2006: $17,838,150), which form part of the Organisation s investment portfolio and have been included in the time deposits, bank balances and cash. 9. CAPITAL PROJECTS Holistic Sister Sunnyside Care Annie Skau School Centre Nursing Improvement Capital Home Capital Project Project Project Total Total $ $ $ $ $ Balance at April 1 23,778,387 35,799,852 27,381,336 86,959,575 50,483,625 Additions 1,740,378 22,809,579 1,651,920 26,201,877 36,475,950 Transfer to fixed assets (25,518,765) (58,609,431) (29,033,256) (113,161,452) -- Balance at March ,959,575 ======== ======== ======== ========= ======== The construction works of the Organisation s capital projects have been completed during the year. As such, the capital projects were reclassified to fixed assets as shown in note 7 to the financial statements. In addition, since the final settlement accounts were still under negotiation with the contractors at the balance sheet date, the directors anticipated that the final payments were approximately $3,829,798 which have already been accounted for in the financial statements as capital projects payable. 21

24 10. INVENTORIES $ $ Consumables 57,812 4,314,703 Goods for resale 246, , ,992 4,542,673 ====== ======= 11. CAPITAL PROJECTS PAYABLE The amounts were estimated by the directors and represented the construction costs of the completed capital projects, which were payable at the year end date. 12. DONATIONS FROM COMMUNITY CHEST, LOTTERIES FUND AND THE HONG KONG JOCKEY CLUB CHARITIES TRUST AND CWM/NETHERSOLE FUND For the year, the Organisation has received donations from Community Chest, Lotteries Fund, The Hong Kong Jockey Club Charities Trust and CWM/Nethersole Fund as follows: $ $ Community Chest Service administration 129, ,000 Haven of Hope Bradbury King Lam Community Health Development Centre 897, , ,026,900 1,026,900 ======= ======= Lotteries Fund Block Grant 699, ,000 Haven of Hope Po Lam Day Activity Centre cum Hostel ,781 Haven of Hope Ming Tak Day Activity Centre cum Hostel ,502 Haven of Hope Tsui Lam Hostel ,191 Improve the Equipment of Residential Homes for People with Disabilities ,584 Haven of Hope On the Job Training Programme for Young People with Disabilities -- 17,749 Haven of Hope Integrated Vocational Rehabilitation Services Centre -- 3,621 Procurement of Furniture and Equipment for Extended Care Programme 59, ,464 3,079,428 ======= =======

25 12. DONATIONS FROM COMMUNITY CHEST, LOTTERIES FUND, THE HONG KONG JOCKEY CLUB CHARITIES TRUST AND CWM/NETHERSOLE FUND (CONTINUED) $ $ The Hong Kong Jockey Club Charities Trust Haven of Hope Bradbury Po Lam Community Health Development Centre 776, ,200 Haven of Hope Sister Annie Skau Nursing Home 1,087,557 1,667,682 Haven of Hope Hoslistic Care Centre 20,091, ,955,257 2,443,882 ======== ======== CWM/Nethersole Fund Hope and Peace : Spiritual Care for the End-of-Life Home Care Patients ,000 ======= ======= 13. LOTTERIES FUND BLOCK GRANT RESERVE $ $ Balance at April 1 307, ,393 Block grant received during the year 699, ,000 Interest income received 3,320 1,004 1,009, ,397 Expenditure during the year - Minor works projects (283,351) (276,835) - Furniture and equipment (316,621) (121,385) - Vehicle overhauling (56,798) (8,120) Balance at March , ,057 ======= ====== 23

26 14. RECONCILIATION OF DEFICIT FOR THE YEAR TO NET CASH FROM OPERATING ACTIVITIES $ $ Deficit for the year transferred to general funds (7,277,508) (2,704,475) Adjustments for: Gains on disposal of investment (261,189) (3,430,141) Transfer from capital project funds (19,748,455) (16,050,177) Transfer from non-recurrent grant deferred income (549,907) (384,397) Transfer from capital assets reserve (119,155) (80,561) Depreciation 20,797,493 17,035,129 Loss on disposal of fixed assets 23, Subvention, grants and donations received for capital projects 38,785,655 12,324,852 Grants and donations received for fixed assets 827,551 1,921,984 Investment income (6,523,939) (2,100,843) Net income raised for designated purpose 10,019,013 10,467,035 Net income earned for HOHCS Teh Chi Khun Elderly Grace Charitable Fund 2,666,830 2,514,469 Virement recovered from government -- 10,129 Surplus before working capital changes 38,639,926 19,523,004 Decrease/(Increase) in inventories 4,238,681 (263,152) Decrease/(Increase) in accounts receivable 6,646,007 (1,704,517) Increase in utility deposits (121,630) (132,366) Decrease/(Increase) in non-recurrent grants receivable (1,327,908) 2,002,516 Decrease in accounts and other payable (8,717,349) (2,080,431) (Decrease)/Increase in non-recurrent grants received in advance (4,888,822) 4,888,822 Increase in government subvention reserve 1,348, ,597 Increase in Lotteries Fund block grant reserve 123, ,999 Increase in capital projects payable 3,829, Cash generated from operations 39,770,480 22,742,472 Investment income 6,523,939 2,100,843 Net cash inflow from operating activities 46,294,419 24,843,315 ========= ========= 24

27 15. OPERATING LEASE COMMITMENTS At March 31, 2007, the Organisation had commitments for future minimum lease payments in respect of land and buildings under non-cancellable operating leases which fall due as follows: $ $ Within 1 year 1,023,180 4,747,020 After 1 year but within 5 years 1,773, ,796,540 4,747,020 ======= ======= 16. FINANCIAL RISK MANAGEMENT The Organisation s activities are exposed to a variety of financial risks as summarised below: (a) Interest rate risk As the Organisation has no significant interest-bearing liabilities, it exposes to interest rates risks primarily to the banks deposits and investment securities. In the opinion of directors, the interest rate risk is minimal. (b) Foreign exchange risk The Organisation has minimal exposure to foreign exchange risk as most of its transactions, assets and liabilities are principally denominated in Hong Kong Dollars and United States Dollars. Therefore, the foreign exchange risk is not significant. (c) Credit risk The Organisation s exposure to credit risk is minimal as the exposure spreads over a number of counterparties and receivable balances are monitored by the management on an ongoing basis. 25

28 16. FINANCIAL RISK MANAGEMENT (CONTINUED) (d) Liquidity risk The Organisation has policies to maintain continuity of funding to meet its liabilities. In the opinion of directors, the Organisation has a solid financial position and the exposure to liquidity risk is minimal. (e) Price risk The Organisation s available-for-sale financial assets are measured at fair value at each balance sheet date. Management has closely managed the price risk exposure by implementing policy to maintain a portfolio of investments with different risk profiles. 26

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