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48 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July, 2004 10. PROPERTY AND EQUIPMENT (Continued) a. The net book value of leasehold land and buildings comprises: 2004 2003 HK$ HK$ Leasehold land in Hong Kong — Medium term leases 5,660,000 4,529,189 — Long leases 17,500,000 — 23,160,000 4,529,189 b. On 31 July, 2004, the leasehold land and buildings with net carrying value of HK$21,355,983 were revaluated to HK$23,160,000 by the Council members and Knight Frank, professional surveyor on the open market value basis. The surplus arising on revaluation of HK$1,804,017 was credited to leasehold land and building revaluation reserve. 11. INVESTMENTS IN SECURITIES 2004 2003 HK$ HK$ Trading securities, at market value Unlisted debt securities, Hong Kong 6,507,463 6,407,956 Unlisted equity securities, Hong Kong — 6,135,058 6,507,463 12,543,014 As at 31 July, 2004, investments represented funds set aside for investment by external professional fund managers on behalf of the Institute. 12. COMMITMENTS At the balance sheet date, the total future minimum lease payments under non-cancellable operating leases relating to properties are payable as follows: 2004 2003 HK$ HK$ Within one year 62,260 — THE HONG KONG INSTITUTE OF COMPANY SECRETARIES ANNUAL REPORT 2004
NOTES TO THE FINANCIAL STATEMENTS 49 For the year ended 31 July, 2004 13. POST BALANCE SHEET EVENTS On 29 July, 2004 the Institute agreed to sell its property in Causeway Bay which it bought for HK$8,492,229 on 26 November, 1991 for HK$5,660,000. The transaction was completed on 20 September, 2004. ANNUAL REPORT 2004 THE HONG KONG INSTITUTE OF COMPANY SECRETARIES
Page 2 and 3: The Hong Kong Institute of Company
Page 4 and 5: 02 PRESIDENT’S REPORT Neil M. McN
Page 6 and 7: 04 FINANCIAL HIGHLIGHTS 2003/04 Inc
Page 8 and 9: 06 REPORT OF COUNCIL The Council is
Page 10 and 11: 08 REPORT OF COUNCIL • Education
Page 12 and 13: 10 REPORT OF COUNCIL Association; L
Page 14 and 15: 12 CALENDAR OF SIGNIFICANT EVENTS N
Page 16 and 17: 14 THE INSTITUTE AND ITS MEMBERS Me
Page 18 and 19: 16 THE INSTITUTE AND ITS STUDENTS S
Page 20 and 21: 18 STUDENT PROFILE Employer Organis
Page 22 and 23: 20 THE INSTITUTE AND THE REGULATORS
Page 24 and 25: 22 THE INSTITUTE AND CHINA PRC Trai
Page 26 and 27: 24 THE INSTITUTE AND ICSA Internati
Page 28 and 29: 26 THE INSTITUTE AND OTHER PROFESSI
Page 30 and 31: 28 COUNCIL MEMBER BIOGRAPHIES Presi
Page 32 and 33: 30 COUNCIL MEMBER BIOGRAPHIES Glori
Page 34 and 35: 32 COMMITTEES OF COUNCIL Executive
Page 36 and 37: 34 COMMITTEES OF COUNCIL Company Se
Page 38 and 39: 36 INSTITUTE REPRESENTATION ON EXTE
Page 40 and 41: 38 INCOME STATEMENT For the year en
Page 42 and 43: 40 CASH FLOW STATEMENT For the year
Page 44 and 45: 42 NOTES TO THE FINANCIAL STATEMENT
Page 52 and 53: 50 IMPORTANT MILESTONES OVER THE PA
Page 54 and 55: 52 TRAINING FOR LIFE ENHANCED CONTI

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