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2021-12-31-accounts

Direclors:
ClaraMaryWEATHEMLL,Chairman
DemingCHEN
ChristineMengSangFANG (resigned on1sth March2022)
Francine Wing Ting FU KWONG
Kathryn Mary GREENBERG
Stacey Anne HILDEBRANDT
lvor Cosimo JENCKS
Lily Clare JENCKS
Benjamin William KESWICK
Clare Jane KESWICK
Martha KESWICK
ChristopheKin Ping LEE
Stephen Charles Ll
Neil Michael MCNAMARA
Evelyn Lee HoughPARR
Marcus Joytak SHAW (resigned on1sth March2022)
Angelina WoonKiYUEN TSANG
Michael Yuen-jen YAO

Unrestricted Permanent Total Tolal
Funds Endowment Funds Funds
Fund
2021 2021 2421 2020
Note HK$ HK$ HK$ HK$
Donations 225,000 225,000 225,000
lnvestment income 3 34,222,447 34,222,467 34,100,504
lnterest income 129,291 129,291 311,788
Total income 34,576,758 34,576,758 u,703,29?
Expenditureon:
Charitable activities 4 (23,556,448) (23,556,448) (26,957,939)
Other:Bankcharges (1o,044) (10,044) (6,800)
Auditfee (225,o00) (225,000) (22s,000)
Totalexpenditure (23,791,492)(27,189,739)
Total 10,785,266 10,785,266 7,513,553
Netforeign exchangegain 386,752 386,752 137,815
Netrevaluation(loss)/gainonlnvestments 11 (13,109,717) (1s,109,717) 3,414,779
Net(expenditure/income (13.109.717|(1,937,699)11,066,147
Netmovementinfunds 11,172,018 (13,109,717) (1,937,699) 11,066,147
Fund balancesbroughtforward 49,951,740 1,112,291,425 1,162,243,165 I,151,177,018
Fundbalances carried forward 61,123,758 1,099,181,708 1,160,305,466 1,162,243,165
2021 2020
HK$ HK$
Total income 34,576,758 34.7og,2g2
Cosi of generating funds (10,044) (6,800)
Costof grant making
Governance costs		 (23,556,448)
(22s,000)		 (26,957,s3e)

(225,009)
.---€-3,29L,19?l___L%l_8-gJ_1eJ
Netforeign exchange gain 386,752 137,815
Netsurplusoftheyear 1#r2,013 7,651,368

2021 2020
Note HK$ HK$
11 1,099,180,32'1 1.,11_??9_0,_0_3_8
12 1,380,160 578,229
59,773,638 49,476,88,t
61,153,798 50,055,1 10
13 (28,653) (101,983)
61,125,145
49,953,127
1,160,305,466 1,162,243,165
__1J99,305,466_ _1162,243J65
14 15,370,847 15,370,847
15 1,083,810,861 1,096,920,578
1,099,18 t,708 1,112,291,425
16 .t,,to2 1,102
17
17		 20,876,051
15,952,366
40,246,60533,998,272
.__gLrl_2_3.r!_5-8_4e.j:e_51_{4-q
18 1,160,305,466 1,162,243,165

2021 2020
HK$ HK$
Cashflovtsfrom operating activities
Netlncome 1't,'t72,0't8 7,651,368
Exchangegain (386,752) (137,815)
lnvestmentincome (34,222,467) (34,166,504)
lnterest income (129,2s1) (311 ,7BB)
lncreaseinother receivables
Decrease inpayables		 (810,636)
(73,330)		 (s57,618)
(8e,068)
Netcash usedinoperating activities .-----J1a.,1-5-0..,1-5-8)----!?!r91J.'!?-5)-
Cashflowsfrominvesting activities
Dividends received 34,222,467 34,166,504
lnterest received 137,996 404,301
Netcash providedbyinvesting activilies 34,360,463 34,570,805
Change in cashand cashequivalents due toexchange ratemovements 386,752 137,815
Change in cashand cashequivalents in the reporting period 10,296,757 7,097,195
Cashand cash equivahntsatthe beginning of the reporting period 49,476,881 42,379,686
Gashand cash equivalentsat the endof the reporting period 59,773,638 49,476,881

INVESTMENT INCOME
2021 2020
HK$ HK$
Dividend from Jardine Matheson HoldingsLimited 34,222,467 34,166,504
CHARITABLEACTIV]TIES
202'l 2020
Note HK$ HK$
Grantspaid 5 24,833,482 24,169,633
Supportcosts 6 2,722,966 2,788,306
23,556.448 26,957,939

Grants paid are payments made to specific charitable projects as approved by theDirectors.The following
Yeari		 is alistofgrants pa id during the
2021 2o2o
Nameof recioient(eachrecipientbelowreceivedonegrantexceptwheredetailed): HK$ HK$
Caritas HongKong
Children's HeartFoundation
ChinaCoastCommunity
- OccupationalTherapyServices
Christian Family ServiceCentre
Ebenezer NewHopeSchool
Evangel Children'sHome
-Counselling ServicesScheme
Fullness Social Enterprises SocietyLtd
Home CareforGirls
-Counselling ServicesScheme
Hong ChiAssociation
HongKongChristianServices
-Counselling SeruicesScheme
Hong Kong SocialWorkersAssociation
JustFeelLimited		 485,957
248,800
7O,2OO
-
699,M0
405,943
656,000
211,387'
615,909
414,359
1,343,200
143,733		 1,129j70
165,900
70,2OO
607,077
1,068,834
454,005
456,997
288,822
459,988
1,403,9S4
Maggie'sCancer CaringCentre 880,600 880,500
MethodistHK 228,333
MotheasChoice
Mother'sChoice
-ProjectBridge
PMAMusic FoundationLtd		 547,500
189,050
144,872		 182,500
Rainlily
RecognitionAward
RunHongKongLtd
Sister oftheGoodShepherd
- ClinicalPsychological
TheABMHKSwatowBaptistChurch
-LifeEnrichment
-School-basedConsultation		 693,647
90,000
250,000
-
-		 U6,267
50,000
250,000
686,447
247AOO
TheBoys'&Girls'Clubs Association ofHK-Counselling ServicesScheme
- Developing SustainableServices		 410,151
-		 456,997
596,840
The HongKongCouncilofSocialService- Championfor ChangeAward
-StairClimbingServices
The HongKongCounciloftheChurchof ChristinChina
The Hong Kong FederationofYouthGroupr-ProjectlSmarter
- PsychologicalServices
The Society for Community Organisation
The University of HongKong
- Centreon BehavlouralHealth
-csRP		 -
-
-
-
-
737,385
385,673
1,601,601		 28,125
953,036
532,467
758,911
227,490
452,589
598,095
1,263,540
-DSWSAPetProiect 455,392
- Dept of SocialWork
-Developing TeamWork		 217,315
109,606		 869,215
373,006
Uplifters
World Vision China FoundationLtd		 166,807
357,527		 298,144
YangMemorial Methodist Social Service Mongkok lntegratedFamilyServiceCentre
Champion forChangeAward
-Caritas HongKong
-ChristianFamilyService
-CNECLui MingChoi PrimarySchool
-TheHongKongCouncilofSocialService
-TheBoys' &Girls'ClubsAssociationofHongKong
-The Church of United BrethreninChristSocialService		 1,240,258
-
50,000
100,000
83,500
-
-		 934,894
165,595
49,927
200,000
100,000
't67,000
2OO,00O
-TheSalvationArmy Hong Kong East lntegratedService
- Yan OiTong
CASWE
- 3yearProJects
China Social Work Project FundI		 -
-
394,989
-		 201,300
'167,000
16,840
57,895
ChinaSocialWork Project Fundll
China Social Work Project Fundlll
-Projects
- MonitoringExpenses
The Hong KongPo$echnicUniversity-Dept ofRehabilitationSciences
-NewGeneration ofSocialWorkTeachers		 -
1,162,224
110,721
492,660
2140325		 2,238,864
1,227,812
1,273,413
YangAi
ShaanxiJiaYuenHuiSocial Work ServiceCentre		 465'096
167,750		 371'720
169,429
Short-termfunds(7projects)
Chinashort-termfunds		 -
-		 704'656
174,337
Covid-19 Project Fund(Roundll)
Refundofunusedamountfrom completedprojects		 1'810'761
(145,383)		 (707,605)
20,833,482 24,169,633

SUPPORTCOSTS
2021 2020
Note HK$ HK$
Staffcosts 7 2,5il,474 2,5'16,236
Printingand stationery 3,258 10,28S
Website 2,876 17,716
Office equipment expensed 16,200 67,534
Travelling expenses 6,894 3,813
40th Anniversary Book '13,864
Sundryexpenses 131,864 158,854
2,722,966 2,788,306
STAFF COSTS
2021 2020
HK$ HK$
Wages and salaries 2,346,045 2,353,250
Othgrpensioncosts 215,829 162,986
2,561,874 2,516,236

lnvestments represent sharesinJardine Matheson HoldingsLimited ("J MH"), acompanylisted ontheLondonStock Exchange.
2421 2020
Movements fortheyear: HK$ HK$
At1stJanuary 1,112,290,O38 1,108,875,259
Net revaluation (loss)/gain (13,109,717) 3,414,779
At 31st December '1,099,180,321 1,112,290,038
Historical cost asat31st December 15,369,46015,369,460
Revaluation gainsat31stDecember 1,083,810,861 1,096,920,578

12 The above unrealisedgainrelates to the endowment fund. The Directors be
underlyingnetassets.
OTHER RECEIVABLES		 lieve that the carrying valueofthe investment is supp ortedby its
2021
HK$		 2020
HK$
lnterestreceivable
Cashadvances		 11,082
1,369,078		 19,787
558,442
1,380,160 578,229
13 ACCRUALS AND OTHER PAYABLES
2021 2020
HK$ HK$
Specialbonus 73,000
Employefs contribution ofMPFexpenses 28,653 28,983
28,653 101,983

15 thisinvestment asafund toprovideincome for the charitablepurposeofth
reserves.
REVALUATION RESERVE		 ecompany and this amounthastherefore been cr edited tocapital
202',1 2020
HK$ HK$
At1January2021 1,096,920,578 1,093,505,799
Net revaluation(loss)/gainduring theyear (13,109,717) 3,414,779
At 31st December2021 1,083,810,861 1,096,920,578
16 SHARE CAPITAL
Authorlsed, alloftedandfullypaid:		 2021
HK$
2020
HK$
10O(2020:100)ordinaryshares of e1each 1,102 1,102

2021 2020
Desiqnated funds HK$ HK$
At1stJanuary 15,952,366 28,187,309
Designaiions 25,757,167 11,934,690
Utilisedduring the year (2o,833,482) (24,169,633)
At 31si December 20,876,O51 15,952,366
2021 2020
Othercharitable funds HK$ HK$
At1stJanuary 33.998,272 14,111,961
Netincoming resourcesbeforerevaluations and grantspaid 32,005,500 31,821,001
Designations (25,757,167) (11,934,6e0)
At 31st December 40,246,605 33,998,272

18 Netincoming resourcesbeforerevaluations and gran
Designations
At 31st December
ANALYSIS OFNETASSETS BETWEEN FUNDS		 tspaid 32,005,500
(25,757,167)
40,246,605		 31,821,001
(11,934,6e0)
33,998,272
Permanent
Unreslricted endowment Tolal
funds funds funds
2021 2021 202'.1
HK$ HK$ HK$
lnvestmentrs 1,099,180,321 1,099,180,321
Current assets 61,152,411 1,387 61,153,798
Current liabilities (28,653) (28,653)
Netassets 61,123,758 1,099,181,708 1,160,305,466
2020 2020 2020
HK$ HK$ HK$
lnvestmentrs 1,112,290,O38 1,112,290,038
Current assets 50,053,723 1,387 50,055,110
Current liabilities (101,983) (101,e83)
Netassets 49,951,74Q 1,112,291,425 1,162,243,165
19 COMMITMENTS
2021 2020
HK$ HK$
Payable within oneyear 20,876,051 15,952,366
Payable between oneandfiveyears 22,506,189 5,018,266
43,382,240 20,970,632