The Hong Kong Academy Annual Report 2024

ANNUAL REPORT 2024
www.hkacademy.edu.hk

A YEAR IN REVIEW 2
CONTENTS
LOOKING FORWARD 3
SUSTAINABLE BY DESIGN 4
SCHOOL-WIDE STRATEGY 5
The Hong Kong Academy Annual Report
provides an overview of the past year.
Information regarding our financial audit,
culture of philanthropy, alumni stories and
strategic initiatives is featured alongside
statements from our Head of School and
Board Chair. Visit our website at www.
hkacademy.edu.hk to find out more about
what makes HKA special.
A YEAR OF GIVING 7
PROFESSIONAL LEARNING 9
ALUMNI STORIES 11
FINANCIALS 13
A YEAR
IN REVIEW
Kasson Bratton
Head of School
Hong Kong Academy nurtures a
culture of belonging that inspires
students to become intellectually
curious, intrinsically motivated, and
interculturally minded global citizens.
Hong Kong Academy’s mission statement guides our shared purpose to provide exceptional
educational opportunities for all learners.
HKA prides itself on being an agile and adaptive
organisation. Perhaps one of the biggest changes
the school has experienced in recent years was the
transition from Stephen Dare to myself as Head of
School. This transition spanned the whole of the
2023-24 academic year with multiple campus visits,
professional learning events, and governance work
with the HKA Board of Trustees. Of particular focus
throughout was the creation of our new schoolwide
strategy and updated strategic priorities which
have helped to both chart the course of HKA’s next
stage of development and given me, as a new Head
of School, areas of strategic focus to work towards in
meaningful ways.
2024 was a year of success for HKA that would not
have been possible without Stephen’s leadership
and transition support. The Board’s commitment
to nurturing and supporting my efforts as incoming
Head, as well as the expertise of the leadership
teams, faculty and staff have also been invaluable.
Additionally I have been struck by the warm,
enthusiastic and supportive welcome that my family
and I have received from students, parents and the
entire HKA community.
Even before I accepted this role, I knew Hong Kong
Academy was a special place. Now, having experienced
it as an educator and parent that feeling has solidified
and it is clear to me what sets our school apart. For
nearly 25 years, HKA has maintained an unwavering
dedication to excellence through inclusion, a steadfast
commitment to challenge and support for every child,
and a clear-eyed view that a focus on belonging and
inquiry does not replace rigour, it amplifies it. This
is rare to find in any international school and truly
unique in the context of Hong Kong. As we enter
2025, I am proud of our community’s ability to reflect,
adapt and grow and am honoured to be part of these
efforts; I hope you are as well!
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Annual Report 2024
2

LOOKING
FORWARD
SUSTAINABLE
BY DESIGN
Adrian Valenzuela
Board Chair
As we reflect upon 2024, it is clear that this has
been a period of transition and renewal for Hong
Kong Academy. The Board of Trustees has remained
steadfast in fulfilling its core responsibilities:
safeguarding the integrity of our Mission, supporting
the professional development of the Head of School,
and ensuring the financial sustainability of our
school’s operational model. These pillars guide our
work as we embrace change and set the stage for an
even brighter future for HKA.
This year, we welcomed Kasson as our new Head of
School. With his leadership, we launched a renewed
school-wide strategy that both reaffirms our
founding values - inclusion, educational leadership,
and cultivating responsible, empowered learners -
and pushes us to evolve as an innovative and adaptive
organization. Kasson brings a fresh perspective,
deep expertise, and a commitment to nurturing our
community, all of which have been invaluable in this
pivotal year and will serve us well as we move forward.
Signs of growth and stability are evident across
our community. Enrolment continues to increase, a
reflection of the strong reputation HKA has built in
Hong Kong and beyond. As we adapt to a changing
world and seize new opportunities, we remain
true to who we are: a school that values belonging,
intellectual curiosity and intercultural understanding.
These enduring principles are the foundation of
our unique identity and have guided us since HKA’s
inception nearly 25 years ago.
When reflecting on the question, “What defines
success at HKA?” I am reminded of the connections
and continuity within our community. My own
journey with HKA spans 13 years, during which
both of my daughters graduated and moved on to
university studies in the UK. Their stories are just
two of many and we now have more than 300 alumni
living, studying and working around the world. Their
achievements, relationships and global impact are
a testament to the ethos and education that HKA
instills.
Looking forward, we are excited to celebrate HKA’s
25th anniversary next year. This milestone offers an
opportunity to honor our past, celebrate our present
and envision our future. Together, we will continue to
build on our legacy as a place where students flourish
as intellectually curious, intrinsically motivated and
interculturally minded global citizens.
HKA’s vision for sustainability is to cultivate
a responsible and ethical community through
innovative practices and continuous learning.
Through operational and educational initiatives,
HKA aims to create a greener campus and curriculum
thereby reducing our carbon footprint and inspiring
the next generation of environmentally conscious
leaders.
Lasting impact requires long term commitment
and the Hong Kong Energy Charter and BEAM Plus
framework continue to guide our decision making.
Notable actions in the last 12 months include:
• Retaining and promoting awareness for
biodiversity and native species while rejecting
petrochemical fertilisers and pesticides in our
built environment through our Grade 3 garden
ambassador curriculum, community gardening
ASA, Growing Fresh Air initiative and Courtyard
Rejuvenation project.
• In addition to our 10kW solar installation, which
generated over 18,000kWh during 2023-24,
HKA partnered again with the GreenSchools
2.0 Initiative to convert over 4000 existing
fluorescent light bulbs to LEDs. This initiative aims
to reduce energy consumption by 3% compared
to the original design.
• Grade 9 students worked with CarbonCare
Innolab, contributing to environmental design
initiatives that help individuals and communities
respond to climate and ecological emergencies.
In 2020 HKA’s campus was the first, and continues
to be the only whole-school facility to have been
awarded Gold BEAM+ status by the Green Buildings
Council of Hong Kong. We are now embarking on
BEAM Plus Existing School Version 1.0 (2022.10)
certification. This comprehensive approach focuses
on:
Sustainable Leadership and Learning: Fostering a
culture of sustainability.
Efficient Use of Resources: Optimising energy
and water consumption.
Sustainable Campus Environment: Creating a
green and healthy campus.
Health, Comfort, and Happiness: Prioritising
well-being.
Innovation and Additions: Continuously
improving our practices.
Initial steps will include HKA’s first school-wide
carbon audit, research into further energy efficiency
and environmental grants, and integration of the
BEAM+ framework within the curriculum.
Read more about
sustainability at HKA
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Annual Report 2024
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SCHOOL-WIDE
STRATEGY
If the HKA Mission is our North Star, our strategy is
what we do to move purposefully in that direction.
Through the dual processes of our most recent IB
authorisation and CIS/WASC accreditation the
HKA community engaged in a two year cycle of data
gathering, reflection and analysis. From this work the
board, Head of School and leadership team identified
three strategic priorities which will shape our growth
over the next several years.
Student Identity: The Portrait of an HKA Graduate
We are committed to nurturing students who
embody the values and competencies of true global
citizens. As attested to by HKA’s leadership of
and participation in the Global Citizen Diploma
programme, we know that our students are so much
more than numbers. The Portrait of an HKA Graduate
is a collaborative initiative through which we hope
to articulate the core attributes and values which
define an HKA education and prepare our learners
to thrive in a global landscape.
To bring this vision to life, a dedicated task force
worked to capture the voices of students, parents,
faculty and staff. Drawing on extensive research and
exemplars from leading educational institutions, we
are developing prototypes which will be shared with
our community for thoughtful feedback, reflecting
our commitment to an iterative and participatory
process.
The Portrait of an HKA Graduate will serve as
both a compass and a catalyst for our educational
journey. This portrait will empower students to see
themselves as intellectually curious and intrinsically
motivated global citizens, equipped to navigate an
interconnected world with a deep sense of purpose.
Community Culture of Belonging through IDEA
At HKA we strive to foster a culture where every
individual feels a profound sense of belonging.
Grounded in our commitment to Inclusion through
Diversity, Equity and Access to learning (IDEA),
we believe that a strong community culture of
belonging is essential for personal growth, shared
understanding and collective success. By ensuring
that all physical and virtual spaces are inclusive,
secure and accessible, we aim to create an
environment where every voice is valued and every
individual can contribute meaningfully.
In 2024, HKA made significant strides in advancing
its IDEA efforts. Our ongoing Universal Design for
Learning (UDL) journey underscores our dedication to
removing barriers and enhancing educational access
for all learners. Collaborating with UDL thoughtleader
Beth Stark, we engaged in an intensive week
of on-campus learning and sustained professional
development sessions, equipping our faculty with
innovative strategies to support diverse learning
needs. Additionally, we hosted a “Parenting in the
Digital World” workshop, equipping our community
with the knowledge to create safe and inclusive
virtual spaces for all. This is a programme we aim to
expand in 2025.
To amplify our culture of belonging, HKA updated
its Community Code of Conduct, clearly articulating
the shared values and expectations that unite our
community. Through the formation of an IDEA task
force and the facilitation of listening circles with
students and faculty, we deepened our understanding
of how different groups experience belonging, using
these insights to shape actionable steps which will
enhance intercultural understanding and inclusivity.
Looking ahead, HKA is committed to embedding
Restorative Justice practices within our daily
interactions, offering a framework for fostering
empathy, accountability, and connection among
community members.
Sustaining Innovation in Learning and Teaching
HKA is steadfast in its mission to be a hub of
innovative learning, ensuring its sustainability across
environmental, programmatic and financial dimensions.
This commitment to innovation and excellence drives
our efforts to foster a culture of continuous learning
and to create a dynamic educational ecosystem.
In 2024, HKA solidified its position as a center
for professional and educational innovation.
By partnering with thought leaders in AI, IDEA,
Universal Design for Learning, multilingual learning
and collaborative practices, we not only advanced
our own practices but also contributed to the broader
educational community. Furthermore, dozens of HKA
faculty and staff showcased their expertise on global
platforms by leading workshops and training sessions,
and HKA supported more than 100 professional
learning opportunities for faculty and staff.
Looking ahead, HKA is committed to leveraging its
partnerships, expertise, and campus to remain at
the forefront of educational innovation and enable
us to continuously grow as a beacon for local and
global talent. This ongoing journey underscores
our unwavering dedication to sustainability and
excellence, ensuring HKA’s lasting impact on the
world of learning.
In Pursuit of our Mission
Our strategy will continue to guide us as we work to
remove barriers and enhance access for all learners,
equip our community with knowledge, deepen our
intercultural understanding and clearly articulate
our shared values. Having belonging at the heart
of our Mission sets HKA apart as a school and as a
community.
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Annual Report 2024
6

A YEAR OF
GIVING
As a mission-driven, independent, non-profit school
we put student interests at the forefront of everything
we do. All donations to Hong Kong Academy help
elevate the learning experience of students and
support our educational programmes both today and
for the future. Since we opened the doors to our Sai
Kung campus HKA has benefited from over HK$50
million in donations, with almost HK$4million being
contributed in the 2023-24 financial year.
In 2023-24 the school benefitted from 100%
board support, generous major donor giving, and
exceptional community participation through the
crowdfunding campaign and Legacy Club. Founded
in 2022 in recognition of the lasting impact which
an HKA education has on every student, the Legacy
wall is growing as a symbol of our shared purpose and
pride as a community school.
During this, the 11th year of HKA’s purpose-built
campus in Sai Kung, our crowdfunding campaign
helped reinvigorate the courtyard gardens, providing
a valuable space for learning and community. This
is a multi-phase project with Phase 1 involving
the retention and relocation of native species,
remodelling of planted areas and installation of The
Wave requiring extensive ground works with multiple
contractors involved. Donations came in from alumni,
former students and families, grandparents, current
families, faculty and staff. We logged 99 contributions,
a 40% growth in participation year-on-year and were
also very fortunate to have the support of HKA parent
and landscape architect Yao Ko as we finessed design
details and worked on technical specifications.
With HKA’s ongoing strategic focus on sustainability
we continue to pursue funding and grant opportunities
to reduce the school’s carbon footprint and keep us at the
forefront of sustainable building design. The summer holiday saw
the installation of over 4,000 LED lights which last an average of
3 times longer than fluorescent tube lights and also consume less
energy. And, in its first full year of operation, the rooftop Solar
Panel array provided clean energy for the grid and generated a
HK$31,000 rebate to the school which will be invested in further
sustainability initiatives.
In line with HKA’s Culture of Philanthropy, students have also
been seeking opportunities to make an impact both in school
and beyond. Within the school, student initiatives renewed our
library collections, greened our classrooms, elevated the sailing
programme, provided period products and nurtured belonging.
Beyond our walls, student initiatives supported deserving
and refugee communities in Hong Kong and overseas through
donations to sports, music and literacy programmes, as well as
protecting our natural environment on land and sea. From wholeschool
events such as the RISE festival, Community Fair, Casual
Dress Days and Global Citizens Week, to bake sales, art auctions,
food drives and clothing collections, students raised and donated
just over HK$100,000 as well as much needed resources, whilst
expanding their global understanding and practicing meaningful
community engagement.
As a non-profit school, community support of HKA’s Culture of
Philanthropy helps to shape who we are and how we operate. As
we look forward to celebrating our 25th anniversary we are proud
of what we have built and excited for what comes next!
Total donation amount
Household participation
Culture of Philanthropy
Hong Kong Academy’s Culture of
Philanthropy celebrates all gifts
to the school, whether of time,
talent or financial support. The
school’s founders were the first
to personally contribute to HKA,
and through the years community
donations have helped to
advance our vision and mission
and support our strategic goals.
Through volunteering in the arts,
sports and classrooms, serving on
committees, mentoring studentled
initiatives and making financial
donations, HKA parents help our
programmes thrive and grow.
We also greatly appreciate the
support extended by members of
our alumni community and friends
of HKA, whose contributions
enrich the learning experiences
we provide to our students each
day.
Donate to the Annual Fund
Contributing to the Annual Fund
is a powerful way to support
creative ideas and initiatives that
help bring HKA’s mission to life.
7 HONG KONG ACADEMY 8
Annual Report 2024

PROFESSIONAL
LEARNING
efforts in 2024 have helped to build both a stronger
foundation for this work and an impetus for action in
2025.
UDL for Improved Access
Making learning more accessible results in greater
achievement for all students. This has been at the core
of HKA’s approach to instruction since its inception.
This year marked an important step forward in this
regard with the introduction of Universal Design for
Learning (UDL) principals. UDL provides a framework
that puts educators in the role of learning designers
who create multiple avenues of engagement,
representation, action and expression to help all
students achieve firm curricular goals. To support
these efforts HKA engaged thought leader Beth Stark,
who provided a week of on-site support, framing and
instructional coaching. UDL will continue to be an
area of sustained professional learning at HKA as
we move from understanding the opportunities to
embedding best practice.
Multilingualism for Improved Access
Multilingualism is also a critical component of access
to the curriculum. 2024 saw the introduction of HKA’s
first all-school English as an Additional Language
Coordinator to support these efforts. The school
also partnered with the renowned Multilingual
Learning Resource Centre (MLRC) to conduct action
research that will best inform how we support our
multilingual learners into the future. This included
HKAs participation in the 2024 MLRC Symposium
on multilingual learning and a range of HKA faculty
participating in an on-site course designed to help us
support all learners in multilingual classrooms. These
efforts also directly align with our strategic priority
to strengthen and support multilingualism to elevate
community engagement.
Alignment of Strategy for Success
In addition to our focus on belonging and access, HKA
is working on internal initiatives around; artificial
intelligence, cognitive coaching, mathematics
instruction and student wellbeing. The dual priorities
of equity and access are also informing our approach
to ongoing IB-related professional development and
guiding our decision making as we participate and
take the lead in local, regional and global educational
networks and conferences. It is through the alignment
of strategy and practice that we have the greatest
impact on the academic and holistic success of all our
learners.
We know that teachers matter more to student
achievement than any other aspect of schooling. One
of our key strategic priorities is: to sustain HKA as an
innovative learning hub with an ongoing commitment
to professional development that attracts, develops,
and retains world class faculty and staff. This strategic
priority is designed to ensure that HKA elevates its
practice and reputation as an educational leader
whose faculty and staff are trained and supported to
ensure the best possible education for every student.
Over the past year, HKA has developed a roadmap
for professional learning that focuses on improving
equity (through a culture of belonging) and access
(by identifying barriers to learning) for all students.
These goals are directly aligned with our other
strategic priorities and serve as a guide to how
we allocate time, personnel and resources to best
support Mission-aligned learning.
Equity through Belonging
Learning at HKA is an active process of developing
ideas, character and competencies that result in
the ability to apply what is learned in different
contexts. This type of higher order thinking requires
intellectual risk-taking that can only be achieved in
an environment where students feel safe, supported,
and known as learners and human beings. This is why
nurturing a culture of belonging is so important to the
kind of learning we are trying to achieve.
2024 saw HKA build belonging through professional
learning that focused on Inclusion via Diversity,
Equity, and Access (IDEA). This included guidance
from external consultants, enhanced leadership
capacity through the creation of an IDEA Change
Champions Taskforce, and the addition of tools and
resources to address social justice issues in our
community. In fact, just over 50% of the professional
learning opportunities taken by our faculty and staff
focused on skillbuilding in this area. The sum of these
9 HONG KONG ACADEMY
Annual Report 2024
10

appreciated the way they allowed and encouraged me
to be creative within guiding boundaries, and took care
to use my teachers’ knowledge and expertise as a tool
to help me develop my own skills. Each new artistic
technique I learned opened a new door for creativity.
I was born in Ireland to South African parents and
when I was nine years old we moved to Hong Kong. I
joined HKA in Grade 9 and graduated in 2018.
Upon graduating I was unsure of my direction.
Deciding that my first step was to find a job, I began
working as a junior cleaning technician for an air
conditioning company. I then worked at a language
centre but as Covid hit that business I went back to
air conditioning. After becoming the right-hand-man
at the company after two years, I had mastered the
technical skills and felt I had a good handle on client
management and basic business. In mid 2021 I cofounded
Breathe-Easy HK, my own air conditioning
service company, out of my bedroom in my shared
apartment. After building up the business over the
next year and a half, we moved into our Kwun Tong
office in 2023 where we now employ 13 staff and
service all across Hong Kong.
Being a small business owner is fast-paced and a big
financial responsibility. As a young founder I had to
ALUMNI
STORIES
Josh Boshoff
Class of 2018
rapidly learn and apply leadership and training skills,
as well as managing the administrative side of the
business. I pride myself in leading by example and I
never expect others to do anything that I wouldn’t do
myself. Working in a team needs to be reciprocal. We
want our team to feel part of something and therefore
focus on creating a friendly, team-oriented working
environment where we not only challenge our team
to grow, but also give them the support and training
to do so.
At HKA, I studied and engaged alongside people
from many backgrounds. This helped me understand
how to connect and build rapport with my now very
diverse set of clients and staff. Many of our initial
clients were HKA families which really helped us
get off the ground and spread the word. Even today,
despite running ads and having a marketing team,
word of mouth is still king!
Like myself, many people may not know where they
are going as they leave school. In that case my advice
is to just get a job and get moving. Nothing gets
achieved without hard work and things don’t happen
by accident. Don’t be afraid to try different things
out. Believe in yourself, keep your eyes and ears open,
and you will find something that you enjoy which will
support and fulfil you.
ALUMNI
STORIES
Hannah Feren
Class of 2023
I spent 5 years at HKA, starting in 8th grade. Before this
I spent my whole life living abroad in Dhaka, Manila, and
Caracas. Attending international schools of varying sizes
in each of these locations, I developed a real appreciation
for the diverse communities that international schools
like HKA provide.
During my time at HKA I enjoyed the broad range
of rigorous classes I was able to take, and valued the
specific skill sets I developed in each one. Over the years
I found myself particularly enjoying visual art classes. I
When the time came to consider what to do after
graduation, I found that my range of interests, fed by
my breadth of classes, made it difficult to decide on a
particular course that would be enjoyable, challenging,
and rewarding to study for 3 or 4 years. My connection
to the richly diverse and tight-knit community of HKA
helped me to narrow down my research to universities
that provided a similar sense of community.
My IB Diploma set me up to apply to a broad range
of courses from Liberal Arts to Fine Art. I eventually
realised that the most exciting path to me was to study
something that would allow me to be creative. In uni,
and ideally beyond that. As such, among applications in
the US, the UK and the Netherlands, I applied to study
Fine Art at the University of Oxford, and received an
offer to study there starting October 2023.
I am now in my second year of the course, enjoying the
space and facilities it provides, exploring my artistic
practice and developing my skills in a range of media. In
my first year, I won an illustration contest at my college,
resulting in my drawing being on the invitations to the
Rector’s Farewell Formal Dinner. In this course I have
also been able to learn directly from practicing artists
in 1-on-1 tutorials, seminars and visiting speaker talks.
HKA directly provided me with the tools that I have
used to excel in my Fine Art course. My uni course
is mainly studio-based, but it does include History
and Theory modules. At HKA I was encouraged to
be curious and look into things that interested me. I
learned to be self-guided and motivated, which has set
me up for success in my independent studio practice.
I also learned valuable essay-writing and research
skills, which I continue to use regularly, and have
contributed to my success at uni. HKA also provided
me with a supportive environment, which has given
me the confidence and skills to seek out what I need, to
form lasting connections, and use the resources I have
available to me to produce work that I am proud of.
11 HONG KONG ACADEMY
Annual Report 2024 12

FINANCIALS
Academic Operations Fund 1 2023-24 2022-23
Income
Tuition and Fees 100.9 94.4% 88.6 91.1%
Other Income 2.3 2.2% 2.2 2.3%
Fundraising and Donations 3.6 3.4% 6.4 6.6%
106.8 100.0% 97.2 100.0%
Expenses
Salaries 89.4 81.3% 95.8 83.2%
Other Expenses 20.6 18.7% 19.4 16.8%
110.0 100.0% 115.2 100.0%
Net Surplus / (Deficit) (3.1) (18.1)
+ Transfer from
Diversity Fund
1.1 0.7
Year-end Fund Balance (20.0) (18.0)
Diversity Fund 2 2023-24 2022-23
Income 1.1 0.7
- Expense 0.0 0.0
- Transfer to Academic
(1.1) (0.7)
Operations Fund
Net Surplus / (Deficit) 0.0 0.0
Year-end Fund Balance 24.4 24.4
Hong Kong Academy is an independent, non-profit foundation and
entirely self-funded except for the land and capital loan provided by the
Hong Kong government. We are not part of an international network,
have no private equity ties nor international government affiliation. HKA
is proud of being a diverse and inclusive community and offers a range of
scholarships and financial assistance.
During the 2023-2024 academic year HKA experienced a rebound in
enrollment, ending the year with 456 students. Coupled with responsible
financial management this resulted in a significantly reduced operating
deficit of HK$3.1 million. While navigating a competitive market and
the lingering effects of the pandemic on the business environment,
HKA maintained its commitment to academic excellence and a strong
community culture. We project a return to a sustainable financial position
and a modest surplus in 2024-25.
HKA is registered by and operates within the terms of Hong Kong’s
Education Ordinance. Within the legal framework required to construct
and operate a school in Sai Kung, HKA committed to the terms of three
agreements with the Hong Kong government, namely a Private Treaty
Land Grant, a Service Agreement and a Loan Deed. The HKA Board and
Leadership collaborate to ensure the school complies with all terms and
conditions pertaining to these agreements and all relevant sections of
Hong Kong’s Education Ordinance.
Extracts from the audited accounts of the Hong Kong Academy Educational Foundation Limited for the year ended 31st July 2024. Audited accounts
are produced by KPMG. All figures are expressed in HK$millions, the full audit is available for member review.
HKA’s finances are managed in three separate funds:
Facility Fund 3 2023-24 2022-23
Income 16.3 6.1
- Expense (16.9) (17.6)
Net Surplus / (Deficit) (0.6) (11.5)
Year-end Fund Balance 356.8 357.4
Balance Sheet 31 July 2024 31 July 2023
Assets
Cash and bank balances 82.7 16.9% 70.4 14.5%
Receivables 13.1 2.7% 13.0 2.7%
Deposits and Inventories 9.3 1.9% 9.0 1.8%
Non-current assets 383.5 78.5% 393.6 81.0%
488.6 100.0% 486.0 100.0%
Liabilities and Reserves
Fees Received in Advance 59.0 12.1% 47.9 9.9%
Accrued Expenses and Payables 4.9 1.0% 8.4 1.7%
Government Loan 63.1 12.9% 65.7 13.5%
Provision for long service
0.4 0.0% 0.2 0.0%
payment
Funds and Reserves 361.2 74.0% 363.8 74.9%
488.6 100.0% 486.0 100.0%
Capital Expenditure Summary and Year Budget Plan
HKA’s Capital Expenditure priority is repaying the government loan which we took out to support the building
of our award-winning sustainable campus. This is a significant financial commitment and crucial for our
long-term financial health. While we prioritise the loan repayment, we are also strategically investing in the
areas that matter most to our community. This includes HK$600,956 towards learning space development,
HK$1,038,785 in technology upgrades and HK$1,661,654 for structural and service amendments in the
2023-24 school year. We also invested HK$2,052,782 on the Poon Chi Keung Community Center as a special
capital project. These investments reflect the school’s commitment to providing a modern and effective
learning environment. With close to 500 students enrolled for the 2024-25 school year, we expect increased
revenue from debenture transfers and capital levies, enabling further investment in our facilities.
The government loan will be fully repaid by the end of the 2027-28 academic year. Given our projected
forecast of HK$8.2 million cash balance in the facilities fund in 2027-28, we will manage our spending very
carefully over the next five years to ensure the school’s financial stability. Once the loan is fully repaid, we
will direct our efforts to rebuilding a cash reserve of at least 3% of total assets to provide a financial safety
net for contingency expenses or emergencies, and continue to renew the campus and facilities in line with the
evolving needs of our students.
Capital Expenditure Summary and 5 Year Facility Projects Plan
Income 23-24 24-25 25-26 26-27 27-28 28-29
Annual capital levy $8,068,893 $8,896,000 $9,408,000 $10,213,500 $10,510,500 $11,101,000
Debenture transfer fees $4,357,750 $3,524,501 $3,724,735 $3,853,083 $3,675,777 $3,739,951
Interest income $825,278 $857,938 $727,338 $591,926 $423,989 $223,206
Family debentures $0 $0 $0 $0 $0 $0
Other debentures $0 $0 $0 $0 $0 $0
Transfer from Operating Fund* $1,637,666 $1,398,000 $1,425,960 $1,454,479 $1,483,569 $1,513,240
Total Income $14,889,587 $14,676,439 $15,286,033 $16,112,987 $16,093,835 $16,577,397
Expenditure
Learning Space Development $600,956 $4,701,860 $3,400,000 $2,720,000 $3,620,000 $5,300,000
Technology $1,038,785 $900,000 $1,300,000 $1,100,000 $1,200,000 $1,300,000
Structural & Service Amendments $1,661,654 $590,000 $1,000,000 $3,180,000 $3,280,000 $6,000,000
Special Capital Projects $2,052,782 $0 $0 $0 $0 $0
Design & Consultancy $125,800 $0 $0 $300,000 $300,000 $0
Repayment of the Government Loan $2,628,667 $15,772,000 $15,772,000 $15,772,000 $15,772,000 $0
Large Scale Emergency Fund $0 $0 $0 $0 $0 $3,000,000
Total Expenditure $8,108,644 $21,963,860 $21,472,000 $23,072,000 $24,172,000 $15,600,000
Surplus / (deficit) $6,780,943 -$7,287,421 -$6,185,967 -$6,959,013 -$8,078,165 $977,397
Facility Fund Cash Projection
Brought Forward from Previous Year $29,881,045 $36,661,988 $29,374,567 $23,188,599 $16,229,587 $8,151,422
Emergency Reserve $0 $0 $0 $0 $0 $3,000,000
Projected Total Cash Reserve $36,661,988 $29,374,567 $23,188,599 $16,229,587 $8,151,422 $12,128,819
* All fixed assets are purchased through the Facility Fund. Depreciation on operating assets are charged to the Operating Fund.
1. Academic Operations Fund includes tuition, fees and expenses related to the school’s academic operations.
2. Diversity Fund includes diversity debenture and interest income. This fund is intended for expenditure to develop and maintain diversity at HKA.
3. Facility Fund includes debenture income, capital levy income, interest and expenses. Accumulated fund amounts are designated for capital
expenditures and loan repayment.
13 HONG KONG ACADEMY
Annual Report 2024 14

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