DEFERRED CAPITAL FUNDS
RISKS ARISING FROM FINANCIAL INSTRUMENTS (Cont'd)
Market risk represents the risk that the value of financial assets will decrease as a result of movements in market variables such as foreign currency exchange rates, interest rates and stock prices. The Group is exposed to market risk mainly through the investment funds it holds. The Group's investments comprise equities, debt securities, real assets investment funds, hedged funds, private investments and fixed deposits.
The investment strategy of the Group is to invest prudently in order to preserve capital and achieve optimal risk diversification while generating a stable return over the long term and the required liquidity.
The Group employs external advisors and investment managers to manage a portion of its investments, and delegates to the Finance Office of the University to manage fixed deposits and some of the fixed income instruments.
18. 財務風險管理(續) 18. FINANCIAL RISK MANAGEMENT (Cont'd)
18.2 金融工具產生之風險(續) 18.2
(a) 市場風險(續) (a) Market risk (Cont'd)
(iii)價格風險 (iii) Price risk
(b) 信貸風險 (b) Credit risk
(c) 流動資金風險 (c) Liquidity risk
本集團的大部份負債到期日為結算日後半年內。管理 流動資金風險方面，本集團會監察及維持現金及現金 等值項目於充足的水平，以應付日常營運所需。
Most of the Group's liabilities are due within six months from the respective balance sheet date. To manage the liquidity risk, the Group monitors and maintains a level of cash and cash equivalents to fulfill the normal liquidity needs.
現金及等同現金和定期存款，均存放於獲國際信貸機 構給予投資級別或以上信貸評級之對手方。按攤銷成 本計量之財務資產、按公平價值透過其他全面收益列 賬之財務資產及按公平值透過收支記賬財務資產均評 為投資級別或以上。
Cash and cash equivalents and bank deposits are placed with counterparties with credit-ratings of investment grade or above assigned by international credit-ratings agencies. Financial assets at amortised cost, financial assets at fair value through other comprehensive income and financial assets at fair value through income and expenditure are rated investment grade or above.
集團並無過度集中信貸風險，因擁有多名對手方，可 分散風險。
The Group has no significant concentration of credit risk, with exposure spread over a number of counterparties.
倘訂約各方於結算日未能履行有關各類已確認金融資 產之責任，則本集團之信貸風險最高為於綜合資產負 債表所示資產的賬面值。
The Group's maximum exposure to credit risk in the event of the counterparties' failure to perform their obligations as at balance sheet date in relation to each class of recognised financial assets is the carrying amount of those assets as stated in the Consolidated Balance Sheet.
集團之主要財務資產為現金及等同現金、定期存款、
應收賬款、按攤銷成本計量之財務資產、按公平價值 透過其他全面收益列賬之財務資產及按公平值透過收 支記賬財務資產。
The Group's principal financial assets are cash and cash equivalents, bank deposits, accounts receivable, financial assets at amortised cost, financial assets at fair value through other comprehensive income and financial assets at fair value through income and expenditure.
集團之信貸風險主要來自應收賬款。於綜合資產負債 表內之金額為扣除呆賬準備後淨額，由集團管理層根 據過往經驗及經濟現況作出評估。
The Group's credit risk is primarily attributable to its accounts receivable. The amounts represented in the Consolidated Balance Sheet are net of allowances for doubtful receivable, estimated by the Group's management based on past experience and their assessment of the current economy.
RISKS ARISING FROM FINANCIAL INSTRUMENTS (Cont'd)
The Group is mainly exposed to securities price risk from its investments managed by investment managers. Securities price risk is managed by diversification of investments in different markets, sectors and assets types. At 30 June 2019, if the prices of the respective investments had been 5%
higher / lower, with all other variables held constant, the Group's surplus for the year ended 30 June 2019 would increase/decrease by approximately $353.5 million (2018: $338.8 million).
18. 財務風險管理(續)
FINANCIAL RISK MANAGEMENT (Cont'd) 18.3 資本管理
CAPITAL MANAGEMENT
本集團因應經濟情況的變化和其活動風險特徵來管理其資本結構並作出相應調整。
18.4 公平值估算
FAIR VALUE ESTIMATION
(a) 以公允價值列賬的金融資產 Financial assets carried at fair value
以下列表提供於綜合資產負債表按公平值計量之本集團金融工具之分析，按下列公平值計量等級歸類：
相同資產或負債在活躍市場之報價(第一等級)
Quoted prices in active markets for identical assets or liabilities (level 1)
除了第一等級所包括之報價外，該資產和負債之可觀察資料，可為直接或間接(第二等級）
資產和負債並非依據可觀察市場數據之資料(第三等級）
Inputs for the asset or liability that are not based on observable market data (level 3)
第一等級 第二等級 第三等級 總計
Level 1 Level 2 Level 3 Total
百萬元 百萬元 百萬元 百萬元
$million $million $million $million 於2019年6月30日
As at 30 June 2019
按公平值透過收支記賬之財務資產 4,253 1,913 427 6,593
Financial Assets at Fair Value through Income and Expenditure
按公平價值透過其他全面收益列賬之財務資產 24 0 453 477
Financial Assets at Fair Value through Other Comprehensive Income
4,277 1,913 880 7,070
於2018年6月30日 As at 30 June 2018
按公平值透過收支記賬之財務資產 4,996 1,176 182 6,354
Financial Assets at Fair Value through Income and Expenditure
可供出售財務資產 24 0 396 420
Available-for-Sale Financial Assets
5,020 1,176 578 6,774
集團的資金由教資會基金、限制性基金及其他基金組成，該等基金是為著各樣指定目的而設立，並詳列於附註16內。集團的目標是保持足夠 資金以配合集團現在及將來營運支出需要。集團的整體策略如往年一樣維持不變。
The Group's funds consist of UGC Funds, Restricted Funds and Other Funds, which are set up for various designated purposes as described in note 16. It is the Group's objective to maintain sufficient funds to support the Group's current and future operating expenditure requirements.
The Group's overall strategy remains unchanged from prior years.
The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of its activities.
The tables below provide an analysis of the Group's financial instruments that are measured at fair value in the Consolidated Balance Sheet, grouped by level of the following fair value measurement:
Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly (level 2)
18. 財務風險管理(續)
FINANCIAL RISK MANAGEMENT (Cont'd) 18.4 公平值估算(續)
FAIR VALUE ESTIMATION (Cont'd)
屬於第二等級財務工具的公允價值乃參考投資經理所提供之報告日價格而釐定, 並使用報告期末之匯率折算。
第三等級財務工具包括本集團及其投資經理所持有的非上市公司投資。
按公允值計算之第三等級財務工具於年內之變動如下：
The movements of the Level 3 financial instruments measured at fair value during the year are as follows:
2019 2018
百萬元 百萬元
$million $million
如先前呈列的6月30日之結餘 578 467
Balance as at 30 June as originally reported
會計政策變動之影響(附註26) 57 0
Effect on change in accounting policy (Note 26)
重列的7月1日之結餘 635 467
Balance as at 1 July as restated
購入 214 95
Acquisitions
撇減 0 (2)
Disposals
已計入綜合全面收益表內淨盈利總額 31 18
Net gains recognised in Consolidated Statement of Comprehensive Income
6月30日之結餘 880 578
Balance as at 30 June
已計入綜合全面收益表內其他全面收益之淨(虧絀) / 盈利總額 (1) (2)
已計入綜合全面收益表內利息及投資收入之淨盈利總額 32 18
(b) 不以公允價值列賬的金融資產
Financial assets carried at other than fair value 賬面金額
Carrying 公允價值 第一等級 第二等級 第三等級 amount Fair value Level 1 Level 2 Level 3
百萬元 百萬元 百萬元 百萬元 百萬元
$million $million $million $million $million 於2019年6月30日
At 30 June 2019
按攤銷成本計量之財務資產 106 109 42 67 0
Financial Assets at Amortised cost 於2018年6月30日
At 30 June 2018
持有至到期日債務證券 69 73 2 71 0
Held-to-maturity debt securities
可供出售財務資產 1
Available-for-Sale Financial Assets
屬於第二級證券的公允價值乃參考知名金融市場資料提供者所提供之報告日價格而釐定，並使用報告期末之匯率折算。
The fair value of the financial instruments under Level 2 is determined by reference to the prices at the reporting date provided by the investment managers and have been translated using the foreign currency at the end of the reporting period where appropriate.
未能提供
Fair value measurements
Not available
The fair value of the securities under Level 2 is determined by reference to the prices at the reporting date provided by a well-known financial market data provider and have been translated using the foreign currency at the end of the reporting period where appropriate.
屬於第三等級財務工具的公允價值乃參考最近的交易價格以及參照類似實體市場價值並以現金流量折讓分析、盈利倍數和浄權益方法的金 融模型而釐定。
The fair value of the financial instruments under Level 3 is determined by reference to the recent transaction price, and financial models based on discounted cash flow analysis, earning multiple and net equity method with reference to market valuations for similar entities.
Level 3 financial instruments includes investments in unlisted companies by the Group and its investment managers.
Net (losses) /gains for the year included in Consolidated Statement of Comprehensive Income, under Other Comprehensive Income
Net gains for the year included in Consolidated Statement of Comprehensive Income, under Interest and Investment Income
按公允價值計量
19.
承擔COMMITMENTS
2019 2018
百萬元 百萬元
$million $million (a) 資本承擔
Capital Commitments
(i) 以下為未於財務報表作出準備之有關物業、機器及設備未履行的資本承擔：
已簽約 894 867
Contracted for
已獲授權但尚未簽約 3,128 2,838
Authorised but not contracted for
4,022 3,705
(ii) 以下為未於財務報表作出準備之有關財務資產未履行的資本承擔：
已簽約 599 305
Contracted for 上述未履行承擔的資本來源：
Funding support for the above outstanding capital commitments:
2019 2018
百萬元 百萬元
$million $million 源自集團其他資本之金額
─ 已確認為收入並留存於教資會基金之金額 628 444
Amounts recognised as Income and retained in UGC Funds
─ 將會從限制性基金或其他基金中分配之金額 2,417 1,953
Other amounts representing Restricted Funds or Other Funds to be allocated
已收取並反映於遞延收益於6月30日之金額 1,063 69
Amounts received and reflected as Deferred Income as at 30 June
教資會已批准但未收到之撥款金額 75 1,011
Amounts in respect of UGC Grants approved but not yet received
捐獻者承諾之金額 438 533
Amounts pledged by donors
4,621 4,010
2019 2018
百萬元 百萬元
$million $million
(b) 營運租約之承擔
Operating Lease Commitments (i)
一年內 15 14
In one year
第二至第五年內 8 16
In the second to fifth years inclusive
23 30
(ii) 於6月30日，集團擁有不可撤銷營運租賃之日後最低租賃收入合共如下：
一年內 1 1
In one year
As at 30 June, the Group had future aggregate minimum lease income under non-cancellable operating leases as follows:
As at 30 June, the Group had future aggregate minimum lease payments under non-cancellable operating leases payable as follows:
Amounts to be financed by the Group's Resources
於6月30日，集團於不可撤銷營運租約之條款下所簽定之日後最低租賃付款合共如下：
Outstanding capital commitments in respect of Property, Plant and Equipment not provided for in the financial statements were as follows:
Outstanding capital commitments in respect of financial assets not provided for in the financial statements were as follows:
20. 大學校董會成員及校董會委員會成員於重要合約之權益及關聯方交易
20.1 重要合約