Investments - Financial Statements for the Year Ended 30 June 1996

4,572 5,480

311

LESS: CURRENT LIABILITIES

Accounts Payable 384

4.261 NET CURRENT ASSETS 5,096

102,634 NET ASSETS 185,128

BALANCE SHEET AS AT 30 JUNE 1996

CURRENT ASSETS Accounts Receivable Bank Balances

73,048 HKUST BALANCE

24,318 MEMBERS’ BALANCE

5,268 GENERAL RESERVE

102,634 TOTAL FUNDS 185,128

Approved by the Board of Trustees on 12 November 1996

SIGNED SIGNED

Chairman, Secretary,

Board of Trustees Board of Trustees

The accompanying notes are an integral part of the finsnc/a/ statements

Note H K$‘OOO H K$‘OOO

124,740

41,495

18,893

The Hong Kong Unwersity of Science and Technology Staff Superannuation Scheme 41

REVENUE ACCOUNT

CONTRIBUTIONS AND WITHDRAWALS HKUST Contributions

Members’ Contributions

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

Less: Withdrawals of Contributions and Interest on Members Leaving Service of HKUST Forfeitures of Contributions and Interest on

Members Leaving Service of HKUST

NET AMOUNT TRANSFERRED TO HKUST BALANCE AND MEMBERS’ BALANCE

INCOME AND EXPENDITURE INCOME

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

Investment Income

Profit/(Loss) on Sale of Investments Gain/(Loss) on Exchange

Unrealised Gain on Revaluation of Investments

LESS: EXPENDITURE

General Office Expenses Audit Fee

Actuary’s Fee

Scheme Administration Fee

Investment Managers’ Fee and Expenses Custodian Fee

Other Professional Fees

Death and Disability Insurance Premium Miscellaneous Financial Charges

Interest Credited to HKUST Balance and Members’ Balance

NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 1996

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.

The Hong Kong Unlverslty of Science and Technology Staff Superannuation Scheme 43

3. INVESTMENTS

AT COST, INCLUDING ACCUMULATED NET REALISED INCOME

AT MARKET VALUE

Equities (Direct Investment)

Hong Kong

Equities (Pooled Funds)

Hong Kong 17,482

Bonds (Direct Investment)

Hong Kong

FULL ACTUARIAL CERTIFICATE

Prepared pursuant to Part 1 of Schedule 2 in the Occupational Retirement Schemes Ordinance

Registration Number Name of Scheme

Date of Actuarial Certificate Date of Actuarial Review Representative Employer Relevant Employer

: R002225(9)

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

: 25 October 1996

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

Regular contributions by

- Members: 5% of salaries 1 July 1996 to 30 June 1999

- Relevant Employer: 15% of salaries 1 July 1996 to 30 June 1999

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 :

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

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 1996

TRUSTEES’ REPORT

Introduction

The Hong Kong University of Science and Technology Ancillary Staff Superannuatron Scheme (“the Scheme”) was established on 1 July 1992. The main purpose of the Scheme is to provide a lump-sum cash retirement benefit for the ancillary staff members of The Hong Kong University of Science and Technology (“HKUST”) who are eligible to participate in the Scheme. The Scheme was registered with the Office of the Registrar of Occupational Retirement Schemes on 27 March 1995.

The Trustees

The Scheme has been constituted under a Deed of Trust and individual Trustees are appointed by the HKUST Council.

During this financial year which ended on 30 June 1996, Trustees who together formed a Board of Trustees were:

Chairman: Mr. LAU Wah-sum

Members: Mr. CHAN Kam-wing (from 1 February 1996) Dr. CHENG Hon-kwan

Dr. LEE Hon-chiu

Mr. LEUNG Tit-ming (until 30 April 1996) Mr. LIU Kew-kin (until 31 January 1996) Mr. TAN Chuen-yan Paul

Ms. WAN Yuk-kan (from 1 May 1996) 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 HKUST Council, the appointments of Messrs. Chan Kam-wing, Leung Tit-ming, Liu Kew-kin and Ms. Wan Yuk-kan were made by the HKUST Council based on the results of elections which were open to all eligible Scheme Members.

Membership of the Scheme

The total number of Scheme Members as at the end of the financial year stood at 196, representing a net increase of 2 Members when compared with the membership at 30 June 1995. All the Members were otherwise Terms C staff members of HKUST.

Assets of the Scheme

As expected, there was growth in the assets of the Scheme during the year. As at the end of the financial year, the total net assets of the Scheme were $10.55 million. This represented an increase of $4.08 million when compared with the amount of net assets at the end of the last financial year. The increase was attributable largely to net contributions amounting to

$2.92 million during the year.

Professional Advisers

The Board engaged professional advisers to help in the management of the Scheme. The professional advisers appointed by Trustees for the previous year continued to provide various services to the Scheme during the year. The investment managers were BZW Investment Management Hong Kong Limited (“BZW”) and INVESCO Asia Limited (“INVESCO”, previously known as AEtna Investment Management (Hong Kong) Limited). The Scheme Administrator was Bermuda Trust (Far East) Limited. Towers Perrin, who was appointed by the HKUST Council, continued to serve as the Actuary to the Scheme. The auditors of the Scheme were Messrs. Deloitte Touche Tohmatsu.

The Hong Kong Univewty of Science and Technology Ancillary Staff Superannuation Scheme 47

Investment Performance

For the year ended 30 June 1996, BZW achieved a return of 13.0% (1994/95: 8.8%) and INVESCO achieved a return of 19.2% (1994/95: 1.4%). The median return as measured by the Wyatt Measurement of Investment Performance Survey for Hong Kong Retirement Schemes was 15.0% for the same year while the median return as measured by the Towers Perrin Investment Monitoring Service was 15.4%. The cumulative performance achieved over a three-year period was 42.0% for BZW and 51.4% for INVESCO. The Wyatt median over the same period was 43.2%. These were satisfactory returns.

Actuarial Valuation

An actuarial valuation as at 30 June 1996 was performed by the Actuary on the funding position of the Scheme. The funding position was assessed by two ratios: the solvency ratio and the adequacy ratio. The solvency ratio compares the total net assets of the Scheme to the aggregate vested benefits payable if all Members were to leave the Scheme at the valuation date. The adequacy ratio, on the other hand, compares the net assets of the Scheme to the aggregate present value of future benefits which all Members would reasonably be entitled to receive from the Scheme. According to the actuarial valuation performed on 30 June 1996, the adequacy ratio of the Scheme was 200%. The solvency ratio was not determined as none of the Members had attained five years or more of Scheme service and hence none was entitled to any benefits as at 30 June 1996.

Outlook for 1996/97

It is envisaged that the assets of the Scheme will continue to grow in 1996/97 albeit relatively slowly. The number of Scheme Members has already reached a steady state and is expected to remain at the present level.

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, 12 November 1996

AUDITORS’ REPORT

To: The Trustees of

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

(Registered under the Occupational Retirement Schemes Ordinance)

We have audited the financial statements on pages 51 to 54 which have been prepared in accordance with accounting policies set out on page 53.

Respective Responsibilities of the Trustees and Auditors

The Trustees are responsible for the preparation of financial statements which give a true and fair view. In preparing financial statements which give a true and fair view it is fundamental that appropriate accounting policies are selected and applied consistently.

It is our responsibility to form an independent opinion, based on our audit, on those financial statements and on certain other matters (“Specific Matters”) relating to the Scheme as specified in Section 20(3) of the Ordinance, and to report our opinion to you.

Basis of Opinion

We conducted our audit in accordance with Statements of Auditing Standards issued by the Hong Kong Society of Accountants. An audit includes examination on a test basis, of evidence relevant to the amounts and disclosures in the financial statements and to the compliance of the Scheme with the Specific Matters. It also includes an assessment of the significant estimates and judgments made by the Trustees in the preparation of the financial statements, and of whether the accounting policies are appropriate to the Scheme’s circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance as to whether the financial statements are free from material misstatement and as to whether the Scheme complied with the Specific Matters. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements. We believe that our audit provides a reasonable basis for our opinion.

Opinion In our opinion:

0)

Proper accounts and records have been kept during the year ended 30 June 1996 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 1996 and of its financial transactions during the year then ended.

(iii) The relevant undertaking in respect of the actuarial certificate dated 19 September 1995 has been complied with during the year ended 30 June 1996.

The Hong Kong University of Science and Technology Anctllary Staff Superannuation Scheme 49

(iv)

As at 30 June 1996 none of the assets of the Scheme were subject to any assignment, charge, pledge or other encumbrance.

(v>

The investment requirement of Section 27(2) of the Ordinance has been complied with as regards the Scheme as at 31 December 1995,31 March 1996 and 30 June 1996.

SIGNED

Deloitte Touche Tohmatsu Certified Public Accountants Hong Kong

12 November 1996

1995 H K$‘OOO

6,285

L!

222 ³⁵ 187

INVESTMENTS

BALANCE SHEET AS AT 30 JUNE 1996

CURRENT ASSETS Bank Balances

LESS: CURRENT LIABILITIES Accounts Payable

NET CURRENT ASSETS

6,472 NET ASSETS

6,472 TOTAL FUNDS

Approved by the Board of Trustees on 12 November 1996

SIGNED Chairman, Board of Trustees

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

Note H K$‘OOO

247

SIGNED Secretary, Board of Trustees

K$‘OOO H

10,348

202

10,550

The Hong Kong University of Science and Technology Ancillary Staff Superannuation Scheme 51

1995

Contributions Received from HKUST 3,064

Less: Transfer out to HKUST Staff Superannuation Scheme 147 2,602

INCOME AND EXPENDITURE INCOME

Interest Income Investment Income

ProfitQLoss) on Sale of Investments Gain/(Loss) on Exchange

Unrealised Gain on Revaluation of Investments

General Office Expenses Audit Fee

Actuary’s Fee

Scheme Administration Fee

Investment Managers’ Fee and Expenses Custodian Fee

Other Professional Fees Miscellaneous Financial Charges

INCREASE IN SCHEME FUND DURING THE YEAR

NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 1996

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 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

The Hong Kong Unwersity of Science and Technology Ancillary Staff Superannuation Scheme 53

3. INVESTMENTS

AT COST, INCLUDING ACCUMULATED

NET REALISED INCOME -- 4,671 4,989 9,660

AT MARKET VALUE

Equities (Direct Investment)

Hong Kong

Equities (Pooled Funds)

0 Bonds (Direct Investment)

115

FULL ACTUARIAL CERTIFICATE

Prepared pursuant to Part 1 of Schedule 2 in the Occupational Retirement Schemes Ordinance

Registration Number Name of Scheme

Date of Actuarial Certificate Date of Actuarial Review Representative Employer Relevant Employer

: R002646(7)

: THE HONG KONG UNIVERSITY OF SCIENCE & TECHNOLOGY ANCILLARY STAFF SUPERANNUATION SCHEME

: 25 October 1996

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

Regular contributions by

- Members: 0% of salaries 1 July 1996 to 30 June 1999

- Relevant Employer: 15% of salaries 1 July 1996 to 30 June 1999

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

Signature :

The Hong Kong Unwersity of Science and Technology Ancillary Staff Superannuation Scheme 55

在文檔中 Financial Statements for the Year Ended 30 June 1996 (頁 45-60)