OBJECTIVES AND POLICIES

The Group's and the University's major financial instruments include accounts receivable, bank deposits, investments (including held-to-maturity financial assets and available-for-sale financial assets), cash and cash equivalents and accounts payable. Details of these financial instruments are disclosed in the respective notes. The risks associated with these financial instruments and the policies on how to mitigate these risks are set out below. The management manages and monitors these exposures to ensure appropriate measures are implemented on a timely and effective manner.

Price risk

The Group and the University are exposed to equity price risk mainly for its investments in equity funds managed by fund managers. This risk is monitored and managed by overall asset allocation.

Foreign currency risk

The Group and the University are exposed to foreign currency risks primarily arising from its United States dollars ("USD") equity and fixed income investments that are managed by fund managers. As USD is pegged to the Hong Kong dollars (" HKD "), the Group and the University considers risk of movements in exchange rates between the HKD and USD to be insignificant.

In respect of investment and bank balances denominated in other currencies, the fund managers monitor and manage foreign currency exposure by entering into forward foreign currency contracts to reduce exposure where necessary.

As at 30 June 2009, the percentage of financial assets denominated in currencies other than HKD and USD to total assets is 1 % (2008: 1 %).

Interest rate risk

The Group and the University are exposed to fair value interest rate risk in relation to its fixed deposits and fixed income investments. As the fixed deposits usually mature within three to six months, the risk exposure is considered not material. For fixed income investments, the fund manager employs a relative value strategy to determine the tradeoff between risk and return and monitors the risks by maintaining the portfolio's duration within a narrow band to the benchmark.

31. 金融工具(續)

31(b) 財務風險管理自標及政策

本集團及大學之主要金融工具包括應收眼 款、定期付款、投資(包括持至到期及可 快出售資產)、現金及等同現金和應付帳 項。該等金融工具之詳情披露於有關附 註。與這些金融工具相關之風險以及有關 減低該等風險之政策載於下丈。管理層監 管該等風臉，確保能及時和有效採取適當 措施。

買辦2協會

集團及大學面對之價格風險主要來自基金 經理管理之股票基金投資的入市價風險。

此風險是以資產分配限制來監管。

你虛局在會

集團及大學面對之外幢風險主要來自基金 經理所投資於以美元計值之股票及固定收 益組合。但因美元與港元掛鉤，集團及大 學預期美元與港元揖率變化不大。

而有關以其他外幣計值之投資，則由基金 經理負責監察及管理外幣風險，並在有需 要時訂立遠期外腫合約以減低風險。

於2009年6 月 30 日，以港元或美元以外計 值的金融資產值約佔總資產值的問(2008 年為1%) 。

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集團及大學需承受由定期存款及關定收入 投資所崖生的公允值利率風險。國定期存 款通常在三個月至六個月內到期，所以其 風險不高。而固定收益投資方間，基金經 理採用相對價值策略以決定風險及回報之 間的取捨。同時，亦會把組合的投資時段 維持於墓準範圍之內，只容許些微偏差。

31. FINANCIAL INSTRUMENTS (Cont'd)

31(b) FINANCIAL RISK MANAGEMENT

OBJECTIVES AND POLICIES

The Group's and th巴 University's major financia1 instruments include accounts rec巴ivab1e， bank deposits, investments (including held-to-maturity financial ass巴ts

and available-for-sale financial assets), cash and cash equivalents and accounts payable. Details of these financial instruments are disc10sed in the respective notes. The risks associated with these financial instruments and the policies on how to mitigate th巴se

risks are set out below. The manag巳mentmanages and monitors thes巴 exposures to ensure appropriate measures are implemented on a timely and effective manner.

Price risk

The Group and the Univ巴rsityar巴巴xpos巴dto equi勾rprice

risk mainly for its investments in 巴quityfunds managed by fund managers. This risk is monitored and managed by overall asset allocation.

Foreign currency risk

The Group and th巴 University ar巴巴xposed to foreign

cu叮ency risks primarily arising from its United Stat的

dollars (“USD") equity and fixed income investments that are managed by fund managers. As USD is pegged to the Hong Kong dollars (“HKD "), the Group and the University considers risk of movements in 巴xchangerates

b巴tweenthe HKD and USD to be insignificant.

In respect of investment and bank balanc巳s d巴nornínated

in other currenci郎， the fund managers monitor and manage foreign curr巴ncy exposure by entering into forward foreign currency contracts to reduce exposur巴 wherenec巴ssary.

As at 30 June 2009, the percentage of financial assets denominated in currencies other than HKD and USD to total assets is 1 % (2008: 1 %).

Interest rate risk

The Group and the University are exposed to fair value

inter巴strate risk in relation to its fixed deposits and fixed income investments. As the fixed deposits usually mature within three to six months, the risk 巴xposureis considered not material. For fixed incom巴 investments，

the fund manager employs a relative value strat巴gy to determine th巳 tradeoff between risk and return and monitors the risks by maintaining the portfolio's duration within a narrow band to the b巴nchmark.

31.

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31. FINANCIAL INSTRUMENTS (Cont'd) Sensitvity analysis

The sensitivity analysis below have been determined based on the Group's and the University's exposure to interest rates for its fixed deposits and fixed income investments at the balance sheet date.

If interest rates had been 50 basic points higher / lower, with all other variables were held constant:

• the Group's and the University's surplus for the year ended 30 June 2009 would increase / decrease by approximately $15.4 million and $15.1 million respectively (2008: $15.4 million and $15.2 million).

This is mainly attributable to the Group's and the University's exposure to interest rates on its fixed deposits; and

• the Group's and the University's investment revaluation reserve would increase / decrease by approximately $18.5 million (2008: $18.3 million), mainly as a result of the changes in the fair value of available-for-sale fixed income investments.

Credit risk

The Group's and the University's principal financial assets are cash and cash equivalents, bank deposits, accounts receivable, held-to-maturity financial assets and available-for-sale financial assets, which represent the Group's and the University's maximum exposure to credit risk in relation to financial assets.

The Group's and the University's credit risk are primarily attributable to its accounts receivable. The amounts represented in the consolidated balance sheet are net of allowances for doubtful receivables, estimated by the Group's and the University's management based on past experience and their assessment of the current economy.

The credit risk on cash and cash equivalents and bank deposits is limited because the counterparties are banks with high ratings assigned by international credit-ratings agencies. All held-to-maturity financial assets and available-for-sale financial assets are of investment grade and investments are managed by experienced fund managers who are selected and monitored by the Finance Committee.

The Group and the University have no significant concentration of credit risk, with exposure spread over a large number of counterparties.

31. 金融工具(續)

級癌晨三步功于

下列敏感度分析是根據集團及大學於結算 日就定期存款及固定收益投資所面對之利 率風險來計算的。

假設其他可變動項目保持不變，倘利率上 升或下跌50個基點:

.

集團及大學之 2009年6 月 30 日止年度 盈餘會因定期存款利率變動而增加/

減少分別約 15，400，000 元及 15，100，000 元 (2008 年為的，400，000 元及時，200，000 元) ;及

.

集團及大學之投資重估儲備亦會因可 f共出售固定收入投資之公允個變動而 增加/減少約 18，500，000 元 (2008 年為 18，3∞，000元)。

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集團及大學之主要財務資產為現金及等同 現金、定期存款、應收眼款、持至到期日 財務資產及其他投資，該等為集團及大學 所承受最大幅度之信貸風險。

集團及大學之借貸風險主要來自應收眼 款。結算日金額為呆脹準備後淨額，由集 團及大學管理層根據過往經驗及經濟現況

作出評估。

國對手均為國際信貸機構給予高評級之銀 行，所以現金及等同現金和定期存款之信 貸風險有限。持至到期日財務資產及可供 出售財務資產均為投資級別，而其他投資

，經由財務委員會挑選及監察之下具豐富 經驗之投資經理所管理。

集團及大學並無過度集中借貸風險，因擁 有多名對手，可分散風險。

31. FINANCIAL INSTRUMENTS (Cont'd) Sensitvity analysis

Th巴 sensitivity analysis b巴low have been determined based on the Group's and the Univ巴rsity's exposure to

inter巴st rates for its fixed deposits and fixed incom巴

investments at the balanc巴 sheetdate.

If interest rat巴shad been 50 basic points higher / low巴L

with all other variables w位巴 he1dconstant:

• the Group's and the University's surplus for th巴 year 巳nded 30 Jun巳 2009 would increase / decreas巴 by

approximately $15.4 million and $15.1 million respectively (2008: $15.4 million and $15.2 million).

This is mainly attributable to the Group's and the

Univ巴rsity's exposure to interest rat巴s on its fixed deposits; and

.

the Group's and the University's investment

r巴valuation res巴rve would increase / decreas巴 by

approximately $18.5 million (2008: $18.3 million) , mainly as a result of the changes in the fair value of available-for-sale fixed income investments.

Credit risk

The Group's and the University's principal financial

ass巴ts are cash and cash equivalents, bank deposits, accounts receivable, he1d四to-maturityfinancial assets and avai1able-for-sale financial assets, which represent the Group's and the University's maximum exposure to credit risk in relation to financial assets.

The Group's and the University's credit risk are primarily attributable to its accounts receivable. The amounts represented in the consolidated balance sheet are net of allowances for doubtful receivables, estimated by the Group's and the Univ巴rsity's management based on past

experi巴nceand their assessment of th巳 currenteconomy.

The credit risk on cash and cash equivalents and bank

d巴posits is limited because th巴 counterparties are banks with high credit-ratings assigned by int巴rnational credit開

ratings agenci的. Allheld.也o-maturityfinancial assets and

available四for-salefinancial assets are of investment grad巴

and investments are managed by experienced fund managers who are selected and monitored by the Finance

Committ巴巴.

Th巴 Group and the University have no significant concentration of credit risk, with exposure spread ov巳r a large number of counterparti巴s.

31.

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31(c)

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31. FINANCIAL INSTRUMENTS (Cont'd) Liquidity risk

The Council considers that liquidity risk is limited as the Group's and the University's liabilities are within six months from respective balance sheet dates. To manage the liquidity risk, the Group and the University monitor and maintain a level of cash and cash equivalent to fulfill the normal liquidity needs.

31(c) FAIR VALUE

The fair value of financial assets and financial liabilities are determined as follows:

•

the fair value of financial assets with standard terms and conditions and traded on active liquid markets are determined with reference to quoted market bid prices; and

• the fair value of other financial assets and financial liabilities are determined in accordance with generally accepted pricing models based on discounted cash flow analysis or using prices from observable current market transactions.

The Council considers that the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the financial statements approximate their fair value.

31. 金融工具(續)

游戲貫主金周互會

本集團及大學的負債到期日為結算日後半 年內，故此校蓋會認為流動資金風險僅屬 有限。管理流動資金風險方面，本集團及 大學會監察及維持現金及現金等值項目於 管理層視為充足的水平，以應付日常營運 所需，並可減少現金流量波動之影響。

31(c) 公允值

金融資產及金融負債的公允值之贊定基準 如下:

.

符合規條而叉於活躍流通市場買賣之 金融資產的公允值，乃參考市場報價 釐定;及

.

其他金融資產租金融負債的公允值，

乃按貼現現金流量之定價模式或依據 觀察所得之現行市場交易價格釐定。

校蓋會認為，按攤銷成本在綜合財務報表 記眼之金融資產及金融負債的眼面值與其 公允值相若。

31. FINANCIAL INSTRUMENTS (Cont'd) Liquidity risk

The Council consid巳rsthat liquidity risk is limited as the Group's and the University's liabiliti巴s are within six months from respective balanc巴 sheet dates. To manage the liquidity risk, the Group and the University monitor and maintain a level of cash and cash equivalent to fulfill the normalliquidity needs.

31(c) FAIR VALUE

The fair value of financial assets and financial liabiliti巳s

are determined as follows:

• the fair value of financial ass巳tswith standard terms and conditions and traded on active liquid markets are det巴rminedwith reference to quoted market bid prices; and

• the fair value of other financial assets and tinancial

liabiliti巴s are determined in accordance with generally accepted pricing mode1s based on discounted cash flow analysis or using prices from observable current market transactions.

The Council considers that the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the financial statements approximate their fair value.

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在文檔中 Financial Statements for the Year Ended 30 June 2009 (頁 83-87)