YEAR ENDED 31 MARCH 2024

ACCA CHARITABLE FOUNDATION LIMITED

REPORTS AND FINANCIAL

STATEMENTS
CONTENTS

01 I Governors' Report

02 I Independent Auditor's Report

03 I Statement of Profit or Loss and other Comprehensive Income

04 I Statement of Financial Position

05 I Statement of Changes in Accumulated Fund

06 I Statement of Cash Flows

07 I Notes to The Financial Statements

 01
GOVERNORS' REPORT
The governors present their annual report together with the audited financial Governors' Material Interests in Transactions,
statements of ACCA Charitable Foundation Limited (the "Company") for the year Arrangements and Contracts of Significance
ended 31 March 2024.
None of the governors had a material interests in transaction, arrangements and
contracts of significance, whether directly or indirectly, subsisted at the end of the
Principal Activity year or at any time during the year.
The principal activity of the Company is raising funds for donations to charitable
organisations. Governors’ Interests
At no time during the year was the Company a party to any arrangements to
Results enable the governors to acquire benefits by means of the acquisition of shares
The Company's results for the year ended 31 March 2024 and the Company's in, or debentures of, the Company or any other body corporate.
financial position at that date are set out in the financial statements on pages 6
and 7. Permitted Indemnity Provisions
A permitting indemnity provision for the benefit of the governors of the
Business Review Company is currently in force throughout the year.
In accordance with section 388(3)(a) of the Hong Kong Companies Ordinance, the
Company falls within reporting exemption for the year. Accordingly, the Company Auditor
is exempted from preparing a business review.
A resolution will be submitted to the annual general meeting to re-appoint Aoba
CPA Limited as auditor of the Company.
Donations
During the year, the Company makes charitable donations of HK$421,750 On behalf of the Board
(2023: HK$629,800).

Governors
The governors of the Company who held office during the year and up to the
date of this report were:

So Ho Yan Christina (resigned on 27 September 2023)

Ki Wing Yee Winnie Po Chun Wong
Po Chun Wong Chairman
Ho Kar Fai (appointed on 27 September 2023) 15 July 2024

In accordance with the Company's articles of association, all existing governors

retire and, being eligible, offer themselves for re-election at the forthcoming annual
general meeting.

REPORTS AND FINANCIAL STATEMENTS PAGE 3

 02
INDEPENDENT AUDITOR'S REPORT
To the Board of Governors of ACCA Charitable Foundation Limited
(Incorporated in Hong Kong with limited by guarantee)

Opinion In connection with our audit of the financial statements, our responsibility is
We have audited the financial statements of ACCA Charitable Foundation to read the other information and, in doing so, consider whether the other
Limited (the "Company") set out on pages 6 to 20, which comprise the statement information is materially inconsistent with the financial statements or our
of financial position as at 31 March 2024, and the statement of profit or loss and knowledge obtained in the audit or otherwise appears to be materially
other comprehensive income, the statement of changes in accumulated fund misstated. If, based on the work we have performed, we conclude that there is
and statement of cash flows for the year then ended, and notes to the financial a material misstatement of this other information, we are required to report that
statements, including a summary of material accounting policy information. fact. We have nothing to report in this regards.

In our opinion, the financial statements give a true and fair view of the financial
position of the Company as at 31 March 2024, and of its financial performance
Responsibilities of Governors and Those Charged with
and its cash flows for the year then ended in accordance with the Hong Kong Governance for the Financial Statements
Financial Reporting Standards ("HKFRSs") issued by the Hong Kong Institute of The governors are responsible for the preparation of the financial statements
Certified Public Accountants ("HKICPA") and have been properly prepared in that give a true and fair view in accordance with HKFRSs issued by the HKICPA
compliance with the Hong Kong Companies Ordinance. and the Hong Kong Companies Ordinance, and for such internal control as
the governors determine is necessary to enable the preparation of financial
Basis for Opinion statements that are free from material misstatement, whether due to fraud or
We conducted our audit in accordance with Hong Kong Standards on Auditing error.
("HKSAs") issued by the HKICPA. Our responsibilities under those standards are
further described in the "Auditor's Responsibilities for the Audit of the Financial In preparing the financial statements, the governors are responsible for
Statements" section of our report. We are independent of the Company in assessing the Company's ability to continue as a going concern, disclosing, as
accordance with the HKICPA's Code of Ethics for Professional Accountants (the applicable, matters related to going concern and using the going concern basis
"Code"), and we have fulfilled our other ethical responsibilities in accordance of accounting unless the governors either intend to liquidate the Company or to
with the Code. We believe that the audit evidence we have obtained is sufficient cease operations, or have no realistic alternative but to do so.
and appropriate to provide a basis for our opinion
Those charged with governance are responsible for overseeing the Company's
Other Information financial reporting process.

The governors are responsible for the other information. The other information
comprises the information included in the governors' report, but does not
Auditor's Responsibilities for the Audit of the Financial
include the financial statements and our auditor's report thereon. Statements
Our objectives are to obtain reasonable assurance about whether the financial
Our opinion on the financial statements does not cover the other information statements as a whole are free from material misstatement, whether due to
and we do not express any form of assurance conclusion thereon. fraud or error, and to issue an auditor's report that includes our opinion. We
report our opinion solely to you, as a body, in accordance with section 405 of

REPORTS AND FINANCIAL STATEMENTS PAGE 4

02
INDEPENDENT AUDITOR'S REPORT
the Hong Kong Companies Ordinance, and for no other purpose. We do not assume However, future events or conditions may cause the Company to cease to
responsibility towards or accept liability to any other person for the contents of this continue as a going concern.
report. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with HKSAs will always detect a material Evaluate the overall presentation, structure and content of the financial
misstatement when it exists. Misstatements can arise from fraud or error and are statements, including the disclosures, and whether the financial statements
considered material if, individually or in the aggregate, they could reasonably be represent the underlying transactions and events in a manner that achieves fair
expected to influence the economic decisions of users taken on the basis of these presentation.
financial statements.
We communicate with the board of governors and those charged with governance
As part of an audit in accordance with HKSAs, we exercise professional judgment regarding, among other matters, the planned scope and timing of the audit and
and maintain professional skepticism throughout the audit. We also: significant audit findings, including any significant deficiencies in internal control that
we identify during our audit.
Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and appropriate to provide
a basis for our opinion. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
Aoba CPA Limited
Obtain an understanding of internal control relevant to the audit in order to Certified Public Accountants
design audit procedures that are appropriate in the circumstances, but not for the Hong Kong
purpose of expressing an opinion on the effectiveness of the Company's internal 15 July 2024
control.

Evaluate the appropriateness of accounting policies used and the

reasonableness of accounting estimates and related disclosures made by the
governors.

Conclude on the appropriateness of the governors' use of the going concern

basis of accounting and, based on the audit evidence obtained, whether
a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company's ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention
in our auditor's report to the related disclosures in the financial statements or,
if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor's report.

REPORTS AND FINANCIAL STATEMENTS PAGE 5

 03
STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
For the year ended 31 March 2024

2024 2023
Notes HKD HKD
Revenue
Net surplus from the ACCA Community Day 4 179,200 378,134
Rebate donations from affinity credit cards 5 42,948 42,438
Bank interest income 180 28

222,328 420,600

Expenditure
Accounting fee (12,000) (19,000)
Bank charges (1,021) (1,917)
Charitable donations 6 (421,750) (629,800)
Storage expenses (44,400) (44,400)
Sundry expenses (1,440) (1,940)
Company secretary expenses (1,167) (5,800)

Deficit before taxation 7 (259,450) (282,257)

Taxation 8 - -

Deficit and total comprehensive expense for the year (259,450) (282,257)

REPORTS AND FINANCIAL STATEMENTS PAGE 6

 04
STATEMENT OF FINANCIAL POSITION
At 31 March 2024

2024 2023
Notes HKD HKD
Current assets
Other receivables 9 26,672 47,742
Prepayments 833 -
Cash and bank balances 315,639 881,092

343,144 928,834

Current liability
Other payables and accruals 10 12,000 338,240

Net assets 331,144 590,594

Accumulated funds 331,144 590,594

The financial statements on pages 6 to 20 were approved and authorised for issue by the Board of Governors on 15 July 2024 and are signed on its behalf by:

Po Chun Wong So Ho Yan Christina

Governor Governor

REPORTS AND FINANCIAL STATEMENTS PAGE 7

 05
ACCUMULATED FUND
STATEMENT OF CHANGES IN

For the year ended 31 March 2024

Accumulated funds
HKD

Balance at 1 April 2022 872,851

Deficit and total comprehensive expense for the year (282,257)

Balance at 31 March 2023 590,594

Deficit and total comprehensive expense for the year (259,450)

Balance at 31 March 2024 331,144

REPORTS AND FINANCIAL STATEMENTS PAGE 8

 06
STATEMENT OF CASH FLOWS
For the year ended 31 March 2023

2024 2023
HKD HKD
Operating Activities:
Deficit before taxation (259,450) (282,257)
Adjustments for:
Bank interest income (180) (28)

Operating cash flows before movements in working capital (259,630) (282,285)

Decrease (increase) in other receivables and prepayments 20,237 (45,214)

Decrease in other payables and accruals (326,240) (276,560)

Net Cash Used in Operating Activities (565,633) (604,059)

Cash Generated From an Investing Activity

Bank interest received 180 28

Net (Decrease) increase in cash and cash equivalents (565,453) (604,031)

Cash and Cash Equivalents at Beginning of the Year 881,092 1,485,123

Cash and Cash Equivalents at End of the Year 315,639 881,092

Analysis of the Balance of Cash and Cash Equivalents:

Cash and bank balances 315,639 881,092

REPORTS AND FINANCIAL STATEMENTS PAGE 9

 07
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024 HKFRS 17 (including the October 2020 Insurance Contracts
and February 2022 Amendments to
HKFRS 17)
1. General
Amendments to HKAS 8 Definition of Accounting Estimates
ACCA Charitable Foundation Limited (the "Company") is a company
incorporated in Hong Kong and limited by guarantee and not having a share Amendments to HKAS 12 Deferred Tax related to Assets
capital. The liability of the members is limited to HK$100 per member in the and Liabilities arising from a Single
event of the Company being wound up, whilst they remain a member, or Transaction
within one year after they cease to be a member. The Company's registered Amendments to HKAS 12 International Tax Reform - Pillar Two
office and the principal place of business is located at Room 03-04, 30th model Rules
Floor, Oxford House, 979 King's Road, Quarry Bay, Hong Kong.
Amendments to HKAS 1 and Disclosure of Accounting Policies
The Company is a non-profit making organisation and the principal activity HKFRS Practice Statement 2
of the Company is raising funds for donations to charitable organisations.
The application of the amendments to HKFRSs in the current year has had
The financial statements are presented in Hong Kong dollars ("HK$"), which no material impact on the Company's financial positions and performance
is also functional currency of the Company. for the current and prior years and/or on the disclosures set out in these
financial statements.
2. Application of amendments to Hong Kong financial
reporting standards ('HKFRS(S)') Impacts on application of Amendments to HKAS 1 and HKFRS Practice
Amendments to HKFRSs that are mandatorily effective for the current Statement 2 "Disclosure of Accounting Policies"
year. The Company has applied the amendments for the first time in the current
In the current year, the Company has applied the following new and year. HKAS 1 "Presentation of Financial Statements" is amended to replace
amendments to HKFRSs issued by the Hong Kong Institute of Certified all instances of the term "significant accounting policies" with "material
Public Accountants ("HKICPA") for the first time, which are mandatorily accounting policy information". Accounting policy information is material
effective for the annual period beginning on or after 1 April 2023 for the if, when considered together with other information included in an entity's
preparation of the financial statements: financial statements, it can reasonably be expected to influence decisions
that the primary users of general purpose financial statements make on
the basis of those financial statements.

The amendments also clarify that accounting policy information may be

material because of the nature of the related transactions, other events or
conditions, even if the amounts are immaterial. However, not all accounting
policy information relating to material transactions, other events or
conditions is itself material. If an entity chooses to disclose immaterial
accounting policy information, such information must not obscure material
accounting policy information.

REPORTS AND FINANCIAL STATEMENTS PAGE 10

07
NOTES TO THE FINANCIAL STATEMENTS
HKFRS Practice Statement 2 "Making Materiality Judgements" (the "Practice for in accordance with HKFRS 16 "Leases", and measurements that have some
Statement") is also amended to illustrate how an entity applies the "four-step similarities to fair value but are not fair value, such as net realisable value in HKAS
materiality process" to accounting policy disclosures and to judge whether 2 "Inventories" or value in use in HKAS 36 "Impairment of Assets".
information about an accounting policy is material to its financial statements.
Guidance and examples are added to the Practice Statement. The material accounting policy information is set out below.

The application of the amendments has had no material impact on the Revenue
Company's financial positions and performance but has affected the disclosure Net surplus from ACCA Community Day is recognised on an accrual basis upon
of the Company's accounting policies set out in note 3 to the financial the completion of the ACCA Community Day.
statements.
Donations are recognised on an accrual basis when receipt thereof is certain.
New and amendments to HKFRSs in issue but not yet effective
The Company has not early applied any new or amendments to HKFRSs that Interest income is recognised as it accrues using the effective interest method.
have been issued but are not yet effective. The governors anticipate that
their application will have no material impact on the financial performance and Financial instruments
position of the Company. Financial assets and financial liabilities are recognised when an entity becomes
a party to the contractual provisions of the instrument. All regular way purchases
3. Basis of Preparation of Financial Statements and Material or sales of financial assets are recognised and derecognised on a trade date
Accounting Policy Information basis. Regular way purchases or sales are purchases or sales of financial assets
The financial statements have been prepared in accordance with the HKFRSs that require delivery of assets within the time frame established by regulation or
issued by the HKICPA and the Hong Kong Companies Ordinance. convention in the market place.

The financial statements have been prepared on the historical cost basis at the Financial assets and financial liabilities are initially measured at fair value except for
end of each reporting period, as explained in the accounting policies set out trade receivables arising from contracts with customers which are initially measured
below. Historical cost is generally based on the fair value of the consideration in accordance with HKFRS 15. Transaction costs that are directly attributable to
given in exchange for goods and services. the acquisition or issue of financial assets and financial liabilities are added to
or deducted from the fair value of the financial assets or financial liabilities, as
Fair value is the price that would be received to sell an asset or paid to transfer a appropriate, on initial recognition. Transaction costs directly attributable to the
liability in an orderly transaction between market participants at the measurement acquisition of financial assets or financial liabilities at fair value through profit or loss
date, regardless of whether that price is directly observable or estimated using are recognised immediately in profit or loss.
another valuation technique. In estimating the fair value of an asset or a liability,
the Company takes into account the characteristics of the asset or liability if The effective interest method is a method of calculating the amortised cost of a
market participants would take those characteristics into account when pricing financial asset or financial liability and of allocating interest income and interest
the asset or liability at the measurement date. Fair value for measurement and/ expense over the relevant period. The effective interest rate is the rate that exactly
or disclosure purposes in these financial statements is determined on such a discounts estimated future cash receipts and payments (including all fees paid or
basis, except for share-based payment transactions that are within the scope received that form an integral part of the effective interest rate, transaction costs
of HKFRS 2 "Share-based Payment", leasing transactions that are accounted and other premium or discounts) through the expected life of the financial asset or

REPORTS AND FINANCIAL STATEMENTS PAGE 11

07
NOTES TO THE FINANCIAL STATEMENTS
financial liability, or, where appropriate, a shorter period, to the net carrying amount ECL") represents the portion of lifetime ECL that is expected to result from default
on initial recognition events that are possible within 12 months after the reporting date. Assessments
are done based on the Company's historical credit loss experience, adjusted
Financial assets for factors that are specific to the debtors, general economic conditions and an
assessment of both the current conditions at the reporting date as well as the
Classification and subsequent measurement of financial assets
forecast of future conditions.

Financial assets that meet the following conditions are subsequently measured at
The Company always recognises lifetime ECL for trade receivables. For all other
amortised cost:
instruments, the Company measures the loss allowance equal to 12m ECL, unless
the financial asset is held within a business model whose objective is to when there has been a significant increase in credit risk since initial recognition,
collect contractual cash flows; and the Company recognises lifetime ECL. The assessment of whether lifetime ECL
the contractual terms give rise on specified dates to cash flows that are solely should be recognised is based on significant increases in the likelihood or risk of
payments of principal and interest on the principal amount outstanding. a default occurring since initial recognition.

All other financial assets are subsequently measured at fair value. (i) Significant increase in credit risk
In assessing whether the credit risk has increased significantly since initial
Amortised cost and interest income recognition, the Company compares the risk of a default occurring on
Interest income is recognised using the effective interest method for financial the financial instrument as at the reporting date with the risk of a default
assets measured subsequently at amortised cost. Interest income is calculated occurring on the financial instrument as at the date of initial recognition.
by applying the effective interest rate to the gross carrying amount of a financial In making this assessment, the Company considers both quantitative
asset, except for financial assets that have subsequently become credit- and qualitative information that is reasonable and supportable, including
impaired. For financial assets that have subsequently become credit-impaired, historical experience and forward-looking information that is available
interest income is recognised by applying the effective interest rate to the without undue cost or effort.
amortised cost of the financial asset from the next reporting period. If the credit In particular, the following information is taken into account when assessing
risk on the credit-impaired financial instrument improves so that the financial whether credit risk has increased significantly:
asset is no longer credit-impaired, interest income is recognised by applying the an actual or expected significant deterioration in the financial
effective interest rate to the gross carrying amount of the financial asset from instrument's external (if available) or internal credit rating;
the beginning of the reporting period following the determination that the asset significant deterioration in external market indicators of credit risk,
is no longer credit impaired. e.g. a significant increase in the credit spread, the credit default swap
prices for the debtor;
Impairment of financial assets existing or forecast adverse changes in business, financial or
The Company performs impairment assessment under expected credit loss economic conditions that are expected to cause a significant
("ECL") model on financial assets (including other receivables and bank balances) decrease in the debtor's ability to meet its debt obligations;
which are subject to impairment under HKFRS 9. The amount of ECL is updated at an actual or expected significant deterioration in the operating results
each reporting date to reflect changes in credit risk since initial recognition. of the debtor;
an actual or expected significant adverse change in the regulatory,
Lifetime ECL represents the ECL that will result from all possible default events economic, or technological environment of the debtor that results in a
over the expected life of the relevant instrument. In contrast, 12-month ECL ("12m significant decrease in the debtor's ability to meet its debt obligations.

REPORTS AND FINANCIAL STATEMENTS PAGE 12

07
NOTES TO THE FINANCIAL STATEMENTS
Irrespective of the outcome of the above assessment, the Company (iii) Credit-impaired financial assets
presumes that the credit risk has increased significantly since initial A financial asset is credit-impaired when one or more events of default that
recognition when contractual payments are more than 30 days past due, have a detrimental impact on the estimated future cash flows of that financial
unless the Company has reasonable and supportable information that asset have occurred. Evidence that a financial asset is credit impaired
demonstrates otherwise. includes observable data about the following events:
significant financial difficulty of the issuer or the borrower;
Despite the aforegoing, the Company assumes that the credit risk on a debt a breach of contract, such as a default or past due event;
instrument has not increased significantly since initial recognition if the debt the lender(s) of the borrower, for economic or contractual reasons
instrument is determined to have low credit risk at the reporting date. A relating to the borrower's financial difficulty, having granted to the
debt instrument is determined to have low credit risk if (i) it has a low risk of borrower a concession(s) that the lender(s) would not otherwise
default; (ii) the borrower has a strong capacity to meet its contractual cash consider; or
flow obligations in the near term and (iii) adverse changes in economic and it is becoming probable that the borrower will enter bankruptcy or other
business conditions in the longer term may, but will not necessarily, reduce financial reorganisation.
the ability of the borrower to fulfil its contractual cash flow obligations. The
Company considers a debt instrument to have low credit risk when it has (iv) Measurement and recognition of ECL
an internal or external credit rating of "investment grade" as per globally The measurement of ECL is a function of the probability of default, loss given
default (i.e. the magnitude of the loss if there is a default) and the exposure
understood definitions.
at default. The assessment of the probability of default and loss given
default is based on historical data adjusted by forward-looking information.
The Company regularly monitors the effectiveness of the criteria used to
Estimation of ECL reflects an unbiased and probability-weighted amount that
identify whether there has been a significant increase in credit risk and
is determined with the respective risks of default occurring as the weights.
revises them as appropriate to ensure that the criteria are capable of
identifying significant increase in credit risk before the amount becomes
Generally, the ECL is the difference between all contractual cash flows that
past due.
are due to the Company in accordance with the contract and the cash flows
that the Company expects to receive, discounted at the effective interest
(ii) Definition of default
rate determined at initial recognition.
For internal credit risk management, the Company considers an event of
default occurs when information developed internally or obtained from Where ECL is measured on a collective basis or cater for cases where
external sources indicates that the debtor is unlikely to pay its creditors, evidence at the individual instrument level may not yet be available, the
including the Company, in full (without taking into account any collaterals financial instruments are grouped on the following basis:
held by the Company). Nature of financial instruments;
Past-due status;
Irrespective of the above, the Company considers that default has occurred Nature, size and industry of debtors; and
when the instrument is more than 90 days past due unless the Company has External credit ratings where available.
reasonable and supportable information to demonstrate that a more lagging
default criterion is more appropriate. The grouping is regularly reviewed by management to ensure the
constituents of each group continue to share similar credit risk
characteristics.

REPORTS AND FINANCIAL STATEMENTS PAGE 13

07
NOTES TO THE FINANCIAL STATEMENTS
Interest income is calculated based on the gross carrying amount of the Financial liability at amortised cost
financial asset unless the financial asset is credit impaired, in which case Financial liability (including other payables and accruals) is subsequently
interest income is calculated based on amortised cost of the financial asset. measured at amortised cost, using the effective interest method.

The Company recognises an impairment gain or loss in profit or loss for all Derecognition of financial liabilities
The Company derecognises financial liabilities when, and only when, the
financial instruments by adjusting their carrying amount, with the exception
Company's obligations are discharged, cancelled or have expired. The difference
of trade debtors where the corresponding adjustment is recognised through
between the carrying amount of the financial liability derecognised and the
a loss allowance account.
consideration paid and payable is recognised in profit or loss.

Interest income is calculated based on the gross carrying amount of the Foreign currencies
financial asset unless the financial asset is credit impaired, in which case In preparing the financial statements of the Company, transactions in currencies
interest income is calculated based on amortised cost of the financial asset. other than the functional currency of the Company (foreign currencies)
are recognised at the rates of exchanges prevailing on the dates of the
The Company recognises an impairment gain or loss in profit or loss for all transactions. At the end of the reporting period, monetary items denominated
financial instruments by adjusting their carrying amount, with the exception in foreign currencies are retranslated at the rates prevailing at that date. Non-
of trade debtors where the corresponding adjustment is recognised through monetary items carried at fair value that are denominated in foreign currencies
a loss allowance account. are retranslated at the rates prevailing on the date when the fair value was
determined. Non-monetary items that are measured in terms of historical cost in a
foreign currency are not retranslated.
Derecognition of financial assets
The Company derecognises a financial asset only when the contractual rights to
Exchange differences arising on the settlement of monetary items, and on the
the cash flows from the asset expire, or when it transfers the financial asset and retranslation of monetary items, are recognised in profit or loss in the period in
substantially all the risks and rewards of ownership of the asset to another entity. which they arise.

On derecognition of a financial asset measured at amortised cost, the difference

4. Net surplus from the ACCA Community Day
between the asset's carrying amount and the sum of the consideration received
and receivable is recognised in profit or loss. 2024 203
HKD HKD
Financial liability and equity Income
Sponsorships 767,200 1,014,974
Classification as debt or equity
Debt and equity instruments are classified as either financial liabilities or as
equity in accordance with the substance of the contractual arrangements and the Expenditure
definitions of a financial liability and an equity instrument. Promotion fee 588,000 636,840

Equity instruments 179,200 378,134

An equity instrument is any contract that evidences a residual interest in the
assets of an entity after deducting all of its liabilities. Equity instruments issued by No public subscription permit was required for the Community Day held on
the Company are recognised at the proceeds received, net of direct issue costs. 14 January 2024 (2023: 26 February 2023).

REPORTS AND FINANCIAL STATEMENTS PAGE 14

07
NOTES TO THE FINANCIAL STATEMENTS
5. Rebate donations from affinity credit cards 9. Other Receivables
Under the agreement of the affinity credit card between Dah Sing Bank and 2024 2023
Association of Chartered Certified Accountants Hong Kong Branch, Dah Sing HKD HKD
Bank will rebate on, a monthly basis, from 0.15% to 0.25% on the amount of detail
spending by the affinity card holders to the Company. Donation receivables 20,000 40,000
Rebate receivables 6,672 7,742
6. Charitable Donations
2024 2023 26,672 47,742
HKD HKD

ImpactHK Limited 250,000 - 10. Other payables and accruals

Act Plus Education Foundation Limited - 235,800 Amounts mainly represent accrued accounting fee and event promotion fee.
Joyful Mental Health Foundation - 90,000
Standard Chartered Hong Kong Marathon 3,000 4,000 11. Capital risk management
The Hong Kong Council of Social Service 1,100 100 The Company's objectives when managing capital are to safeguard the Company's
ability to continue as a going concern in order to carry out its principal activities,
The Neighbourhood Advice-Action Council 5,000 -
i.e. raising funds for donations to charitable organisations. The Company's overall
Our Hands Green Association Limited 81,484 - strategy remains unchanged from prior years.
Hong Kong Playground Association 81,166 -
Healthy Hong Kong Limited - 299,900 The capital structure of the Company consists of accumulated funds. In order to
maintain or adjust the capital structure, the Company may appeal for donations
421,750 629,800 from the general public.

12. Financial instruments

7. Deficit Before Taxation
(a)
Categories of financial instruments
The governors of the Company received no remuneration for their services to the The carrying amounts of each of the categories of financial instrument at the
Company during both years. end of reporting date are as follows:
2024 2023
The audit of these financial statements has been performed on an honorary basis.
HKD HKD
Financial assets:
8. Taxation At amortised cost 342,311 928,834
The Company is a charitable organisation within the meaning of Section 88 of
the Inland Revenue Ordinance and accordingly is exempted from Hong Kong Financial liability:
Profits Tax. At amortised cost 12,000 338,240

REPORTS AND FINANCIAL STATEMENTS PAGE 15

07
NOTES TO THE FINANCIAL STATEMENTS
(b) Financial risk management objectives and policies work for the management of the Company's short, medium and long-term
The Company's financial instruments include other receivables, cash and bank funding and liquidity management requirements. The Company manages
balances, and other payables and accruals. Details of these financial instru- liquidity risk by matching the maturity profiles of financial assets and liabilities.
ments are disclosed in the respective notes. The risks associated with these As at 31 March 2024, the financial liability of the Company of HK$12,000
financial instruments and the policies on how to mitigate these risks are set (2023: HK$338,240) is interest-free and repayable on demand.
out below.
Interest rate risks
Management manages and monitors these exposures to ensure appropriate The Company was exposed to cash flow interest rate risk in relation to vari-
measures are implemented in a timely and effective manner. There has been able-rate bank balances. The Company manages its interest rate exposures
no significant change to the Company's exposure to these risks or the manner by assessing the potential impact arising from any interest rate movements
in which it manages and measures the risks. based on interest rate level and outlook. The management will review the
proportion in floating rate and ensure they are within reasonable range.
Credit risk and impairment assessment
As at 31 March 2024, the Company's maximum exposure to credit risk which The Company's management forecasted that the interest rate would not have
will cause a financial loss to the Company due to failure to discharge an significant fluctuation over the next year and the impact of interest rate risk on
obligation by the counterparties is arising from the carrying amounts of the the Company's income and operating cash flows will not be significant. The
analysis is performed on the same basis as for prior year.
respective recognised financial assets as stated in the statement of financial
position.
(c) Fair value measurements of financial instruments
The fair value of financial assets and financial liability are determined in ac-
Bank balances
cordance with generally accepted pricing models based on discounted cash
Credit risk on bank balances is limited because the counterparties are repu-
flow analysis.
table banks with high credit ratings assigned by international credit agencies.
The governors consider that the carrying amounts of financial assets and
Other receivables
financial liability measured at amortised cost in the financial statements ap-
The governors of the Company make periodic individual assessment on the
proximate to their fair values.
recoverability of other receivables based on historical settlement records,
past experience, and also quantitative and qualitative information that is
reasonable and supportive forward-looking information. The governors of
the Company believe that there are no significant increase in credit risk of
these amounts since initial recognition and the Company provided impair-
ment based on 12m ECL. For the years ended 31 March 2024 and 2023, the
Company assessed the ECL for other receivables were insignificant and thus
no loss allowance was recognised.

Liquidity risk
Ultimate responsibility for liquidity risk management rests with the board of
governors, which has built an appropriate liquidity risk management frame-

REPORTS AND FINANCIAL STATEMENTS PAGE 16

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