Expenditure - Financial Statements for the Year Ended 30 June 1994

Salaries and Gratuities/Superannuation-Senior Staff Salaries and Gratuities/Superannuation-Support Staff Audit and Legal Fees

General Advertisements General Off ice Expenses Official Publications Postage

Vehicle Running Expenses Sub-total (I)

ACADEMIC DEPARTMENTS AND ACADEMIC SUPPORT CENTRES Academic Departments

Salaries and Gratuities/Superannuation-Senior Staff Salaries and Gratuities/Superannuation-Support Staff Equipment

Equipment Maintenance

General Off ice/Laboratory Expenses Library

Salaries and Gratuities/Superannuation-Senior Staff Salaries and Gratuities/Superannuation-Support Staff Book Binding

General Off ice Expenses Library Books and Periodicals Library Electronic Media

Centralised and Departmental Laboratories Deans’ Off ices

Educational Technology Centre Industrial Training Centre Language Centre

Materials Characterisation and Preparation Centre Microelectronics Fabrication Centre

Off ice of Contract and Grant Administration PVC(AA) Office

16. EXPENDITURE (Cont’d)

MAINTENANCE OF PREMISES AND GROUNDS Salaries and Gratuities/Superannuation-Senior Staff Salaries and Gratuities/Superannuation-Support Staff Cleaning Expenses

General Off ice Expenses Minor Works

Rates

Repairs and Maintenance Security Expenses Staff Uniforms and Laundry Utility Charges

Advisory Committees Meetings/Accreditation Consultancies

Contractual Passages

Duty Visits and Staff Development Examinations

Postgraduate Studentships

Subscriptions to International Education Associations Workshops and Seminars

Sub-total (IV)

STUDENT FACILITIES AND AMENITIES Grants to Student Bodies

Physical Education Facilities Student Affairs Office Student Health Home Purchase Scheme Housing Benefits Insurance Premiums Medical and Dental Benefits Official Entertainment

Outreach Programmes to Schools Publicity Expenses

Recruitment Expenses

Removal Expenses and Hire of Vehicles School Passages

Subsidies for Staff Buses Miscellaneous

THE HONG KONG UNIVERSITY OF SCIENCE AND TECHNOLOGY STAFF SUPERANNUATION SCHEME

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 1994

TRUSTEES’ REPORT

The Hong Kong University of Science and Technology Staff Superannuation Scheme (“the Scheme”) was introduced from 1 July 1992. The main purpose of the Scheme is to provide a lump-sum cash retirement benefit for staff members of The Hong Kong University of Science and Technology (“HKUST”) who are eligible to participate in the Scheme.

2. The Scheme has been constituted under a Deed of Trust and individual Trustees are appointed by the University Council. As at the end of the financial year there were seven Trustees who together formed a Board of Trustees:

Chairman: The Hon. LAU Wah-sum Members: Dr. CHENG Hon-kwan

Mr. LEE Hot-r-chiu Mr. PANG Tak-ming Mr. TAN Chuen-yan, Paul Dr. Raymond Sze-chung WONG Prof. WOO Chia-Wei

While Messrs. Lau Wah-sum, Cheng Hon-kwan, Lee Hon-chiu, Tan Chuen-yan, Paul and Prof.

Woo Chia-Wei were appointed directly by the University Council, the appointments of Mr. Pang Tak-ming and Dr. Raymond Sze-Chung Wong were made on the basis of the results of elections which were open to all eligible Scheme Members.

3. In the second year of operation of the Scheme, professionals appointed by the Trustees continued to provide various services to the Scheme. The investment managers were AEtna Investment Management (Hong Kong) Limited (“AEtna”) and Barclays de Zoete Wedd Investment Management (Hong Kong) Limited (“Barclays”). Their performance for the year had been satisfactory, with AEtna and Barclays achieving time-weighted returns of 25% and 15% respectively. The Scheme Administrator was Bermuda Trust (Far East) Limited. The Actuary, Towers Perrin, who was appointed by the University Council on the recommendation of the Trustees continued to serve the Scheme.

4. During the year, the Deed of Trust had been varied so as to accept transfer payments from the HKUST Ancillary Staff Superannuation Scheme. This took effect on 25 March 1994.

The Scheme had since then and up to 30 June 1994 accepted transfer payments from the HKUST Ancillary Staff Superannuation Scheme in respect of three ancillary staff members.

5. As at the end of the financial year, the total net assets of the Scheme was $51.92 million of which $48.76 million represented HKUST and Members’ Balances. The Scheme had a General Reserve of $3.16 million as at 30 June 1994. The total number of Scheme Members as at the end of the financial year stood at 1 ,018, a net increase of 326 Members when compared with the membership at 30 June 1993. Of the total number of Scheme Members, 30 and 988 were otherwise Terms A and Terms B staff members of HKUST respectively.

6. It is envisaged that both the assets of the Scheme and the number of Scheme Members will continue to grow in pace with the expansion of HKUST in 1994/95. It is also envisaged that more staff members who are gradually completing their two or three-year employment contracts will join the Superannuation Scheme.

7. The Board would like to take this opportunity to thank all parties involved in the management of the Scheme for their advice and contributions during the year.

Board of Trustees, 31 October 1994

AUDITORS’ REPORT

To: The Trustees of The Hong Kong University of Science and Technology Staff Superannuation Scheme

We have audited the financial statements of THE HONG KONG UNIVERSITY OF SCIENCE AND TECHNOLOGY STAFF SUPERANNUATION SCHEME in respect of the year ended 30 June 1994 on pages 42 to 45 in accordance with Auditing Standards.

In our opinion:

0)

Proper accounts and records have been kept during the year ended 30 June 1994 as regards the assets, liabilities and financial transactions of the Scheme.

(ii) The financial statements show a true and fair view of the disposition of the Scheme’s assets and liabilities at 30 June 1994 and of its financial transactions during the year then ended.

(iii) Contributions have been made during the year ended 30 June 1994 in accordance with the terms of the Scheme.

(iv>

As at 30 June 1994 none of the assets of the Scheme were subject to any assignment, charge, pledge or other encumbrance.

SIG~YED

Deioitte Touche Tohmatsu Certified Public Accountants Hong Kong

31 October 1994

1993 )IK%'OOO

15.004 INVESTMENTS ³

1,767 3,560

LESS : CURRENT LIABILITIES Accounts Payable

Benefits Payable 104

305

BALANCE SHEET AS AT 30 JUNE 1994

CURRENT ASSETS Accounts Receivable Bank Balances

1,663 NETCURRENTASSETS ^3,255

16.667 NET ASSETS ^51.916

12,004 HKUST BALANCE ^36,583

4,001 MEMBERS' BALANCE ^12,177

662 GENERAL RESERVE ^3.156

16.667 TOTALFUNDS ^51.916

Approved by the Board of Trustees on 31 October 1994

SIGNED SIGNED

Chairman, Secretary,

Board of Trustees Board of Trustees

!!!!2&

The accompanying notes are an integral part of the financial statements.

HK$'OOO HK%'OOO

48,661

r2-l

1993 CONTRIBUTIONS AND WITHDRAWALS

HKUST Contributions Members’ Contributions

Transfer in from HKUST Ancillary Staff Superannuation Scheme Interest Credited to HKUST Balance and Members’ Balance

24,987 8,329 50 2,060 35,426 Less: Withdrawals of Contributions and Interest on

Members Leaving Service of HKUST Forfeitures of Contributions and Interest on

Members Leaving Service of HKUST

2,671 Add: Claims on Insurance

Less: Payment of Benefit on Death and Permanent Incapacity in Employment NET AMOUNT TRANSFERRED TO HKUST BALANCE

AND MEMBERS’ BALANCE 32,755

INCOME ANG EXPENDITURE INCOME

Forfeitures of Contributions and Interest on Members Leaving Service of HKUST Interest Income

Investment Income

Profit on Sale of Investments

Unrealised Gain on Revaluation of Investments

5,653 LESS: EXPENDITURE

General Off ice Expenses Audit Fee

Actuary’s Fee

Scheme Administration Fee Other Professional Fees

Investment Managers Fee and Expenses Death and Disability Insurance Premium

Interest Credited to HKUST Balance and Members’ Balance Loss on Exchange EXCESS OF INCOME OVER EXPENDITURE TRANSFERRED

TO GENERAL RESERVE 2.494

INCREASE IN SCHEME FUND DURING THE YEAR 35.249

ADD : SCHEME FUND BALANCE BROUGHT FORWARD

FROM PREVIOUS YEAR 16,667

NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 1994

1. BACKGROUND

The Hong Kong University of Science and Technology Staff Superannuation Scheme (“the Scheme”) was established with effect from 1 July 1992 under a Deed of Trust.

The Scheme starts on a defined contribution basis and moves after six years of a Scheme Member’s service to become a defined benefit scheme, with both staff members and The Hong Kong University of Science and Technology (“HKUST”) contributing to the Scheme.

2. SIGNIFICANT ACCOUNTING POLICIES 2.1 Investments

Listed investments are stated at market value. All gains and losses arising from revaluation of investments are recorded in the Revenue Account.

2.2 Interest and Investment Income

Income from fixed interest investments and bank deposits is accounted for on the accrual basis. Dividend income is accounted for when declared.

2.3 Foreign Currencies

Foreign currency balances have been translated into Hong Kong dollars at the market rates of exchange ruling at the balance sheet date. Foreign currency transactions during the year were translated into Hong Kong dollars at the rates ruling at the transaction dates. Differences arising on transactions in and translation of foreign currencies are dealt with in the Revenue Account.

3. INVESTMENTS

AT COST, INCLUDING ACCUMULATED NET REALISED INCOME

AT MARKET VALUE Equities (Direct Investment)

Hong Kong

Bonds (Direct Investment) United States Europe

Bonds (Unit Trusts) Europe

FULL ACTUARIAL CERTIFICATE

Prepared pursuant to paragraph 2(a) of Part 3 of Schedule 1 in the Occupational Retirement Schemes Ordinance

Name of Scheme : THE HONG KONG UNIVERSITY OF SCIENCE &TECHNOLOGY STAFF SUPERANNUATION SCHEME

Date of Actuarial Certificate: 17 October 1994 Date of Actuarial Review : 30 June 1994

Representative Employer : The Hong Kong University of Science & Technology Relevant Employer(s) : The Hong Kong University of Science & Technology

I hereby certify that:-

The review included a valuation of the Scheme’s liabilities (including contingent and prospective liabilities) and the basis of the valuation, assumptions used, results and commentary on those results are detailed in a report dated October 1994.

As at the Date of Actuarial Review the Scheme’s assets were sufficient to meet the Scheme’s aggregate vested liability.

Following the review I have made recommendations as regards funding of the Scheme for the next three years as follows:-

Monthly For the period

regular contributions by

- members: 5% of salaries 1 July 1994 to 30 June 1997 - Relevant Employer: 15% of salaries 1 July 1994 to 30 June 1997

Following the review I have received a copy of a written undertaking by the Relevant

Employer of the Scheme to the administrator of the Scheme to contribute to the Scheme’s

funds in accordance with those recommendations.

(A) Provided the Scheme is funded in accordance with those recommendations, I would expect that the Scheme’s assets would continue to be sufficient to meet the Scheme’s aggregate vested liability throughout the period of 3 years from the Date of Actuarial Review; and

(B) As at the Date of Actuarial Review the Scheme’s assets were sufficient to meet the Scheme’s aggregate past service liability.

Signature : SIGNED Date : 17 October 1994

Name : Sydney Maurice Bone

Qualification : Fellow of The Institute of Actuaries of Australia Address : Towers Perrin

131 O-l 313 Two Pacific Place 88 Queensway

Hong Kong

THE HONG KONG UNIVERSITY OF SCIENCE AND TECHNOLOGY ANCILLARY STAFF SUPERANNUATION SCHEME

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 1994

TRUSTEES’ REPORT

The Hong Kong University of Science and Technology Ancillary Staff Superannuation Scheme (“the Scheme”) was introduced from 1 July 1992. The main purpose of the Scheme is to provide a lump-sum cash retirement benefit for staff members of The Hong Kong University of Science and Technology (“HKUST”) who are eligible to participate in the Scheme.

Chairman:

Members:

The Hon. LAU Wah-sum Dr. CHENG Hon-kwan Mr. LEE Hon-chiu Mr. LEUNG Tit-ming Mr. LIU Kew-kin

Mr. TAN Chuen-yan, Paul Prof. WOO Chia-Wei

While Messrs. Lau Wah-sum, Cheng Hon-kwan, Lee Hon-chiu, Tan Chuen-yan, Paul and Prof.

Woo Chia-Wei were appointed directly by the University Council, the appointments of Messrs.

Leung Tit-ming and Liu Kew-kin were made on the basis of the results of elections which were open to all eligible Scheme Members.

4. During the year, the Deed of Trust had been varied so that a Scheme Member, upon promotion and hence ceasing to be a Member of the Scheme, is permitted to transfer the entire accrued retirement benefits to the HKUST Staff Superannuation Scheme. This took effect on

25 March 1994 and three Scheme Members had benefited from this variation.

5. As at the end of the financial year, the total net assets of the Scheme was $3.66 million and the total number of Scheme Members was 173, all of whom were otherwise Terms C staff members of HKUST.

6. It is envisaged that both the assets of the Scheme and the number of Scheme Members will continue to grow, though at a relatively slower pace than the expansion of HKUST, in

1994195.

7. The Board would like to take this opportunity to thank all parties involved in the management of the Scheme for their advice and contributions during the year.

Board of Trustees, 31 October 1994

AUDITORS’ REPORT

To: The Trustees of The Hong Kong University of Science and Technology Ancillary Staff Superannuation Scheme

We have audited the financial statements of THE HONG KONG UNIVERSITY OF SCIENCE AND TECHNOLOGY ANCILLARY STAFF SUPERANNUATION SCHEME in respect of the year ended 30 June 1994 on pages 52 to 55 in accordance with Auditing Standards.

In our opinion:

0)

Proper accounts and records have been kept during the year ended 30 June 1994 as regards the assets, liabilities and financial transactions of the Scheme.

(ii) The financial statements show a true and fair view of the disposition of the Scheme’s assets and liabilities at 30 June 1994 and of its financial transactions during the year then ended.

(iii) Contributions have been made to the Scheme in accordance with actuarial recommendations dated 6 October 1993.

(iv>

As at 30 June 1994 none of the assets of the Scheme were subject to any assignment, charge, pledge or other encumbrance.

SIG NED

Deloitte Touche Tohmatsu Certified Public Accountants Hong Kong

31 October 1994

BALANCE SHEET AS AT 30 JUNE 1994

1993 HK$‘OOO

1,221 INVESTMENTS CURRENT ASSETS

q

146 Bank Balances

LESS : CURRENT LIABILITIES 13 Accounts Payable

133 NET CURRENT ASSETS 146

1,354 NET ASSETS 3,656

1,354 TOTAL FUNDS 3.656

Approved by the Board of Trustees on 31 October 1994

SIG NED SIGNED

Chairman, Secretary,

Board of Trustees Board of Trustees

The accompanying notes are an integral part of the financial statements.

Note HK$‘OOO HK$‘OOO

3 3,510

179

REVENUE ACCOUNT

Contributions Received from HKUST

Less: Transfer out to HKUST Staff Superannuation Scheme

38 EXCESS OF INCOME OVER EXPENDITURE 235

1,354

INCOME AND EXPENDITURE INCOME

Interest Income Investment Income

Profit on Sale of Investments

Unrealised Gain on Revaluation of Investments LESS: EXPENDITURE

General Off ice Expenses Audit Fee

Actuary’s Fee

Scheme Administration Fee Other Professional Fees

Investment Managers’ Fee and Expenses Loss on Exchange

INCREASE IN SCHEME FUND DURING THE YEAR 2,302

ADD : SCHEME FUND BALANCE BROUGHT FORWARD FROM PREVIOUS YEAR

HKVOOO HK$‘OOO

NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 1994

1. BACKGROUND

The Hong Kong University of Science and Technology Ancillary Staff Superannuation Scheme (“the Scheme”) was established with effect from 1 July 1992 under a Deed of Trust. The Scheme is a defined benefit scheme, with only The Hong Kong University of Science and Technology (“HKUST”) making contributions.

2. SIGNIFICANT ACCOUNTING POLICIES 2.1 Investments

Listed investments are stated at market value. All gains and losses revaluation of investments are recorded in the Revenue Account.

a rising from

2.2 Interest and Investment Income

Income from fixed interest investments and bank deposits is accounted for on the accrual basis. Dividend income is accounted for when declared.

2.3 Foreign Currencies

3 INVESTMENTS

AT COST, INCLUDING ACCUMULATED NET REALISED INCOME

AT MARKET VALUE Equities (Direct Investment)

Hong Kong Japan

South East Asia United States Australasia

Equities (Unit Trusts) Hong Kong Japan

South East Asia United States United Kingdom Europe Australasia

Bonds (Direct Investment) United States Europe

Bonds (Unit Trusts) Europe Global

Cash 236 157 393

Barclays AEtna de Zoete Wedd Investment Investment Management Management (Hong Kong) (Hong Kong)

Limited Limited Total

HK$‘OOO HK%‘OOO HK$‘OOO

1,816 1,631 3,447

1,152 0 1.152

166 1.286 1.452

/g: m /I

140 0 140

138 235 373

1,832 1,678 3,510

FULL ACTUARIAL CERTIFICATE

Prepared pursuant to paragraph 2(a) of Part 3 of Schedule 1 in the Occupational Retirement Schemes Ordinance

Name of Scheme : THE HONG KONG UNIVERSITY OF SCtENCE &TECHNOLOGY ANCILLARY STAFF SUPERANNUATION SCHEME

Date of Actuarial Certificate: 17 October 1994 Date of Actuarial Review : 30 June 1994

Representative Employer : The Hong Kong University of Science & Technology Relevant Employer(s) : The Hong Kong University of Science & Technology

I hereby certify that:-

As at the Date of Actuarial Review the Scheme’s assets were sufficient to meet the Scheme’s aggregate vested liability.

Following the review I have made recommendations as regards funding of the Scheme for the next three years as follows:-

(vi>

Monthly For the period

regular contributions by

- members: 0% 1 July 1994 to 30 June 1997

- Relevant Employer: 15% of salaries 1 July 1994 to 30 June 1997

Following the review I have received a copy of a written undertaking by the Relevant Employer of the Scheme to the administrator of the Scheme to contribute to the Scheme’s funds in accordance with those recommendations.

(vii! (A) Provided the Scheme is funded in accordance with those recommendations, I would expect that the Scheme’s assets would continue to be sufficient to meet the Scheme’s aggregate vested liability throughout the period of 3 years from the Date of Actuarial Review; and

(B)

As at the Date of Actuarial Review the Scheme’s assets were sufficient to meet the Scheme’s aggregate past service liability.

Signature : SlGNED Date : 17 October 1994

Name : Sydney Maurice Bone

Qualification : Fellow of The Institute of Actuaries of Australia Address : Towers Perrin

131 O-l 313 Two Pacific Place 88 Queensway

Hong Kong

在文檔中 Financial Statements for the Year Ended 30 June 1994 (頁 37-56)