The Hong Kong Academy Annual Report 2025

www.hkacademy.edu.hk

A YEAR IN REVIEW 2
CONTENTS
LOOKING FORWARD 3
SUSTAINABLE BY DESIGN 4
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 hkacademy.edu.hk to
find out more about what makes HKA special.
ADDING VALUE, MEASURING SUCCESS 5
A YEAR OF GIVING 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.
1 HONG KONG ACADEMY
While 2024 focussed on the leadership transition
and new school-wide strategy, the past year has
been defined by the enthusiastic work of our entire
community in moving those plans to profound,
tangible action. This success was made possible by the
continued expertise and dedication of the leadership
teams, faculty and staff, and the unwavering
commitment of the HKA Board of Trustees.
The successful execution of our updated strategic
priorities built substantial momentum and provided
clear focus for my second year as Head of School,
deeply amplifying my sense that Hong Kong Academy
is a truly special place. For 25 years, HKA has
maintained an unwavering dedication to excellence
through inclusion, holding the clear-eyed view that a
focus on belonging and inquiry amplifies, rather than
replaces, rigour. This year, we defined what excellence
means for the future by successfully completing and
rolling out our new Portrait of a Graduate. To ensure
this Portrait drives genuine student growth, we
partnered with the University of Melbourne and CIS
to pioneer the New Metrics in International Schools
programme. This forward-looking collaboration
will enable us to measure and showcase essential
attributes our students need to thrive, beyond
traditional transcripts. Our unwavering dedication to
excellence was also recognised externally, with HKA
proudly named All-Through School of the Year at the
Ritzy Hong Kong Education Awards.
Our strategic focus this year ensured this dedication
to inclusion and rigour was embedded directly
in the student experience. We strengthened the
foundational culture of belonging by launching a
school-wide framework of Restorative Practices,
a neuroscience-informed approach to conflict
resolution and community building. Furthermore, our
commitment to providing innovative and challenging
education was reinforced as HKA served as a hub for
international dialogue, hosting major conferences
including the UDL weekend workshop and the
“Kaleidoscope of Inquiry” conference, directly
supporting our faculty in delivering the highest
standards of teaching. The ultimate reflection of this
dedication is our students’ success; we celebrated
the Class of 2025, who earned a record number of
Global Citizen Diplomas and Global Citizen Diplomas
with Distinction.
This dynamic blend of defining our mission, building
staff capacity, and supporting every child’s success
is rare to find in any international school and truly
unique in the context of Hong Kong. As we enter
2026 and continue to celebrate our 25th Anniversary,
I am proud of our community’s ability to execute,
adapt and grow, and am honoured to be part of these
efforts; I hope you are as well!
Annual Report 2025
2

LOOKING
FORWARD
SUSTAINABLE
BY DESIGN
Tom van der Lee
Board Chair
As I write my first message as Chair of the Board of
Trustees, I am filled with gratitude and excitement for
the journey ahead. I want to begin by thanking Adrian
Valenzuela, who served as Board Chair for the past
eight years with exceptional dedication and vision.
Adrian’s leadership was instrumental in shaping
HKA’s trajectory, and I am grateful that he continues
to serve our community as Board Vice-Chair, ensuring
continuity as we navigate this transition together.
This year marks a truly special milestone: HKA’s 25th
anniversary. Since our legal incorporation on 5th July
2000, we have grown from a small primary school
on Stubbs Road into a thriving all-through school
with world-class teachers, an exceptional campus
in Sai Kung and a vibrant, supportive and diverse
community. As we celebrate this achievement,
we must also prepare for the next 25 years by
ensuring that our community—former, current and
prospective—truly understands what makes HKA
extraordinary.
At the heart of HKA’s identity is our commitment to
inclusion. Over the last 25 years HKA has built an
impressive reputation for delivering a high quality,
student centered education which empowers each
child to learn, thrive and reach their full potential.
We do not select only high-achieving students at the
gate, nor do we bar students from taking IB exams
to artificially inflate scores. Instead, we meet every
student where they are and add value by cultivating a
culture of belonging that inspires students to become
intellectually curious, intrinsically motivated, and
interculturally minded global citizens. This approach
not only maximises each child’s growth but also
instills a love of learning and durable skills that last a
lifetime.
I witness this philosophy’s impact firsthand through
my own daughter, who began her education at
HKA in Pre-K and five years later is flourishing—
confident, curious and unafraid to take risks. This is
the transformative education we offer, and we must
share this message more widely.
The Board is pleased to see increasing enrollment in
our secondary school, a testament to HKA’s quality
and reputation. However, we recognise significant
opportunity for growth in our primary school. To
address this, we are committed to investing in
strategic communication to further promote Hong
Kong Academy and Sai Kung as an exceptional place
for families to build their lives.
As we embark on our next quarter-century, the Board
remains dedicated to safeguarding our Mission,
supporting our Head of School, and ensuring HKA’s
financial sustainability. Together, we will honour our
legacy while boldly shaping our future.
Over the last year, HKA has significantly advanced
its commitment to creating a greener, more resilient
campus. We established a formal Sustainability
Policy, Environmental Management Plan with defined
targets, a Green Procurement Policy, and submitted
our application for the comprehensive Green School
BEAM+ assessment framework, ensuring both
curricular and operational connections.
Our Environmental Footprint
We completed our first Carbon Audit, confirming
HKA’s total annual emissions of 680.19t CO2e (23kg
CO2 per square metre & 106kg CO2 per person)
which fall within the lowest carbon emission group
for comparable buildings in Hong Kong.
Furthermore, an independent Energy Audit
benchmarked our campus energy efficiency within
the top 10% of similar Hong Kong facilities, validating
our strong operational management. This translates
to an energy use intensity (EUI) of 276.18MJ/m 2 /
year resulting in an estimated annual operational
energy reduction of 10.3% from efficiency measures
alone, with the solar array contributing to 0.6% of
our total electricity use.
A Campus Connected to Nature
Our commitment to environmental sustainability
has also been visible in the successful rejuvenation
of the central courtyard. This project introduced
over 20 new plant species to boost biodiversity,
utilised porous surfaces to manage rainwater, and
incorporated green space and light-coloured flooring
resulting in a significant reduction in the surface
temperature of up to 20 degrees C compared to
neighbouring outdoor facilities. Design features
including our island bench, hexagonal rock stepping
stones and the KOMPAN ‘Wave’ echo the features of
Sai Kung’s outlying islands and remind us of the vital
role they play as a sanctuary for numerous species,
including flora, migratory birds and marine creatures.
Looking Ahead
As we embark on the Green Schools BEAM+
assessment framework, we will summarise curricular
and operational sustainability success to date and
set targets for further improvement in our energy,
waste, education, biodiversity and procurement
practices. Success in achieving these targets will rely
on the active involvement of our entire community.
For more information visit the sustainability pages
of the parent portal and school website or contact
operations@hkacademy.edu.hk
Read more about
sustainability at HKA
3 HONG KONG ACADEMY
Annual Report 2025
4

ADDING
VALUE,
MEASURING
SUCCESS
The Vision: Defining Success for a Global Citizen
As Hong Kong Academy continues its mission to
inspire students to become intellectually curious,
intrinsically motivated, and interculturally minded
global citizens, we recognise that the metrics
of tomorrow’s success are changing. In a world
increasingly defined by complexity, agility and crosscultural
collaboration, the traditional transcript,
while essential, captures just some of the vital skills
our students acquire during their time at HKA.
This understanding has driven our most exciting
strategic initiative for 2025: a deep, collaborative
journey to not only define the attributes of an HKA
graduate but to create the systems to measure, embed
and credential these complex competencies. This
effort is the culmination of years of strategic planning,
emerging through our most recent reaccreditation
cycle with the Council of International Schools
(CIS) and now accelerating through an innovative
international partnership.
Our core strategic priority is clear: to strengthen
student identity as global citizens by creating,
implementing, and assessing our Portrait of an HKA
Graduate through the lens of intellectual curiosity,
intrinsic motivation, and intercultural mindedness. We
are not just talking about the future of education; we
are actively building it, ensuring HKA graduates are
truly prepared to thrive in any context.
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Annual Report 2025
6

The University of Melbourne’s “Melbourne Metrics”
team has spent nearly a decade pioneering a tool to
measure eight core complex competencies—skills
vital for success in the 21st-century workforce, such
as Collaboration, Active Citizenship, and Agency in
Learning.
By joining the NMIS consortium, HKA is seeking
to transform our 4 C’s into tangible, measurable
targets. We have effectively “nested” the Melbourne
Metrics competencies beneath our four profile
attributes. For example, the “Capable” graduate
now clearly aligns with the competency of Agency in
Learning and Collaboration; the “Creative” graduate
with Quality Thinking and Navigating Complexity.
This alignment ensures that every component of
our students’ experience, from classroom projects
to service activities, is purposefully contributing to
the development of these mission-critical skills.
schools to award this credential alongside our
traditional reports.
This is HKA “walking the talk” in terms of holistic
education as we work to ensure the critical skills
and dispositions of our Portrait of a Graduate are
not simply words on a page, but tangible, measured
and accredited outcomes of an HKA education. By
leveraging the scale of the Council of International
Schools, the expertise of the University of
Melbourne, and our years of experience as part of
the Global Citizen Diploma (GCD) consortium, we
are positioning Hong Kong Academy at the forefront
of innovative international education; ensuring
our students leave our doors not only with strong
academic foundations but as demonstrably Capable,
Confident, Compassionate and Creative global
citizens ready to lead the future.
The Foundation: An 18-Month Community
Commitment
The first critical step to solidify this initiative was a
comprehensive 18-month community-wide process
to articulate exactly who an HKA graduate is. This
was not a top-down mandate but a true wholeschool
effort, involving faculty, students, alumni,
parents and staff, all participating in an iterative
process inspired by the IDEO Design Thinking
framework.
This deep engagement resulted in the articulation of
our “4 C’s”—the four key attributes that collectively
define the HKA graduate: Capable, Confident,
Compassionate and Creative.
These attributes are deeply rooted in our Mission:
• Capable graduates are intrinsically motivated,
knowing what they need to learn and how to
learn it.
• Confident graduates are interculturally minded,
guided by strong moral principles and effectively
communicating their ideas.
• Compassionate graduates nurture belonging,
contributing to the wellbeing of their community.
• Creative graduates are intellectually curious,
thinking things through in ways that achieve
better outcomes and offering innovative
solutions to complex challenges.
While HKA’s curriculum has always fostered these
skills—as an IB Continuum School, many are inherent
in the Learner Profile—our strategic commitment
moved us from aspiration to assessment. The
challenge then became: how do we measure
something as complex as Compassion or Creativity
with the same rigour we apply to mathematics or
language acquisition?
The Next Frontier: Partnering for New Metrics
To answer this challenge, HKA has entered into a
groundbreaking collaboration as part of the New
Metrics in International Schools (NMIS) consortium.
This partnership connects us with like-minded
international schools, leveraging the combined
academic power of the Council of International
Schools (CIS) and the University of Melbourne.
This strategic partnership provides both the
framework and the evidence-based toolset we
need to move deeper into the implementation
and assessment stage, ensuring our teaching
and learning practices genuinely strengthen the
student’s identity as a global citizen.
Implementation and Impact
The implementation phase is now underway and
represents an exciting step toward reimagining
student assessment. Central to this effort is the use
of the Ruby assessment platform, developed by the
University of Melbourne. This easy-to-use digital
tool will allow educators across all grade levels to
systematically track and assess student progress in
complex competencies. The platform is designed to
build a rich, comprehensive picture of competence
by allowing observations from any adult who
interacts with the student—teachers, coaches and
mentors alike. This multi-rater approach reinforces
our belief that learning is pervasive and happens
everywhere, building a more informed view of a
student’s growth.
A Next-Generation Credential
Looking forward, the ultimate goal of this initiative
is to build toward a next-generation credential.
Working alongside like-minded educational leaders
and world-class universities who are looking
for better systems to measure success, we are
positioning HKA to be among the first international
7 HONG KONG ACADEMY
Annual Report 2025
8

community can learn, share and build connections for years to
come.
Culture of Philanthropy
A YEAR OF
GIVING
HKA was founded in 2000 with a mission to provide
exceptional educational opportunities for all learners.
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 its founding HKA has gratefully received
more than HK$60 million in donations. Over the
years donations have helped support capital projects
not covered by tuition fees and the operational
budget, subsidised the costs of our learning support
programme, and provided financial assistance and
scholarships. In the 2024-25 financial year the school
received HK$3.1 million in donations with HK$2.2
million going to the Diversity Fund and more families
contributing to the Legacy Club.
The 2024-25 crowdfunding campaign saw strong
community engagement, including 100% support
from the board, and broad community participation
in support of our theatre. Crowdfunding donations
and messages of encouragement came in from
alumni, former and current families, grandparents,
faculty and staff and we raised HK$391,188 from 108
contributions. This represented a 10% increase in the
number of donations year on year and helped the
school accelerate the implementation of necessary
upgrades to the HKA theatre’s lighting systems. The
performing arts team was also thrilled to introduce
a new harp instrumental programme made possible
with the support of the Lina Foundation and former
HKA parent Carole Vischer. In the programme’s first
year five students benefitted from weekly tutor
sessions and proudly shared their skills at the end of
year recital.
The summer of 2025 also saw the completion of our
multi-phase Courtyard Rejuvenation project with the
installation of new seating and landscaping updates
including sensory planting and a multi-purpose
performance deck complementing the muchloved
KOMPAN wave. The final result is a vibrant,
comfortable and sustainable space where the HKA
As a school we also build connections with many dedicated
individuals and organisations to promote sustainable development
and purposeful action beyond our campus. One example of our
ongoing partnerships is HKA’s relationship with the Sai Kung
District Community Center. For many years our students have
connected with elderly buddies from the center and we were
honoured when the Community Investment and Inclusion Fund
recognised this ongoing partnership by giving HKA the Social
Capital Builder award.
Furthermore our students took action to support a multitude
of projects by generating and donating funds of more than
HK$58,000 to programmes within Hong Kong and beyond.
Through Casual Dress Days inspired by Units of Inquiry, reada-thons,
bake sales, whole-school concerts, art auctions, Crafts
for Cause initiatives and impact projects they championed
organisations with an inclusive vision, helping provide access to
art, music, sports, mental health, literacy programmes and more;
giving opportunities to the vulnerable and disadvantaged to
build skills, find connection and nurture a more hopeful future.
They also helped steward the natural environment by supporting
habitats and animal life on land and sea.
HKA’s vibrant community has been at the heart of HKA for
25 years, creating a supportive environment where students,
faculty, staff and families from around the world can learn, thrive
and build meaningful connections. We are proud of our history
and many achievements and remain committed to nurturing the
potential within every student, empowering them to become
capable, confident, compassionate and creative global citizens.
Total donation amount
Household participation
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.
9 HONG KONG ACADEMY
Annual Report 2025
10

ALUMNI
STORIES
ALUMNI
STORIES
Gabe Hunt
Class of 2021
Bianca De Leon
Class of 2019
As an HKA alumnus and current co-teacher, my
story has been profoundly shaped by this school. I
spent 14 years as an HKA student—from Pre-K2 to
graduation—and now have returned to begin my
career as an educator.
There were many formative moments during my time
as an HKA student. Reflecting upon those I see a
clear pathway connected by sport; raising funds for
a pizza and football party for refugees during Grade
5 exhibition, my Grade 10 Personal Project focussed
on teaching people how to train as runners, and being
a member of the Volleyball, Football, Basketball,
Ultimate Frisbee, Cross Country and Track teams
where I discovered my ability for long-distance
running. While COVID-19 made sports participation
difficult during my final years at HKA, it prompted a
pivot toward coaching and tutoring younger children
in my community, igniting my passion for early
childhood education.
Before graduating from HKA, I was accepted to Cornell
College, Iowa. Transitioning to college, I learned to
navigate life independently while focusing heavily on
cross country, which became akin to a full-time job
with morning lifting sessions and afternoon runs. This
commitment transformed me into a more disciplined
athlete and student. During my time at Cornell, my
team won three NCAA Midwest Conference titles,
and I set two school records for the track programme,
including a 4:18 mile—the fastest recorded time by a
Hong Kong resident.
While in college, I also formed a close relationship with
an education mentor who inspired me to recognise
the impact I could make as an early education teacher.
She taught me the importance of nurturing individual
learners and equipping them with the skills to become
responsible problem solvers; echoing my experience
as an HKA student. Encouraged by her guidance, I put
in the work academically and upon graduation was
awarded the Elizabeth Hutton-Thompson Passionate
About Teaching Award for academic excellence.
Now back in Hong Kong, teaching at HKA is a fullcircle
moment—I still vividly remember walking up
the steep steps and through the beautiful red doors of
HKA’s original Stubbs Road campus. I am fortunate to
have found my passion in teaching 1st Grade and am
continuously inspired by my amazing colleagues and
students. I also coach the same teams of Volleyball,
Cross Country and Track in which I once excelled,
applying my NCAA experience to coaching at HKA.
Looking forward, I plan to start training semiprofessionally
with the Hong Kong Asics Elite Team,
enroll in a Master’s programme in education, and
pursue an international counselling certificate. My
deep commitment to HKA drives my desire to remain
part of this incredible community, hopefully leading
to a future where I can teach and inspire the next
generation of educators.
I began my journey at Hong Kong Academy in Grade 6
and graduated from the IB Diploma Programme in 2019.
After HKA, I earned a BSc (Hons) in Biomedical Sciences
with Mandarin from the University of Manchester and
recently completed an MSc in Immunology at Imperial
College London. I now work as a Research Associate
for In Vitro Pharmacology at UCB, one of the world’s
top 30 biopharmaceutical companies.
My time at HKA instilled in me the importance of
academic rigor and helped me develop a strong
work ethic. To this day, I still attest my high level of
performance in the laboratory to the critical analysis
and reflective skills that I learned in Biology classes
with Ms. Shaffery.
Whilst I was a very academically driven student,
HKA was an environment where I was encouraged
to explore diverse interests. I was involved in many
different organisations throughout my time at HKA.
I participated in football, basketball, and volleyball,
served on the PR & Media team, Student Council and
HKA Ambassador programme, and contributed to the
theatre department’s Tech team. I also organised and
produced HKA’s Coffeehouse performances. Having
the opportunity to participate and engage in various
groups gave me a chance to learn important and
necessary skills through ways other than academics
alone.
HKA puts a focus on nurturing well-rounded,
multi-disciplinary individuals who excel on multiple
different platforms. The opportunities that I had
at HKA provided experiences that had a lasting
impact. I continued playing volleyball at university
and leveraged my photography and videography
skills to produce promotional videos for UCB’s
UK research departments. Apart from my work in
science, I have also co-founded a theatre company
which is dedicated to platforming new artists and
telling diverse, emotionally resonant stories. Our first
original show, which I co-wrote and directed, debuted
at the Lambeth Fringe Festival in 2025.
When I was at HKA, I was always encouraged to pursue
my passions – all my passions, and I had the confidence
to do so because I had a community of people who
supported me and believed wholeheartedly in my
pursuits. These experiences were integral in shaping
who I am today and who I strive to be.
Read more
alumni stories here
11
HONG KONG ACADEMY
Annual Report 2025 12

FINANCIALS
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 2024-2025 academic year HKA experienced growth in
enrollment, ending the year with 497 students. The school achieved a
modest operating surplus of $4.0M, 3.4% of our annual budget and the
accumulated deficit in the operating fund reduced to -$15.0M. These
results reflect our diligent financial management and strategic efforts to
ensure the long-term viability of our educational mission.
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.
Capital Expenditure Summary and 5 year Facility Projects Plan
HKA’s current 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 loan repayment, we are also strategically investing in the
areas that matter most to our community. This includes HK$4,478,623 towards learning space development,
of which was $3,569,454 spent on the Playscape, HK$1,033,606 in technology upgrades and HK$381,678 for
structural and service amendments during the 2024-25 school year. These investments reflect the school’s
commitment to providing a modern and effective learning environment. Given our projected forecast of
HK$2.7 million cash balance in the facilities fund in 2027-28, we will manage our spending very carefully over
the next 3-4 years to ensure the school’s financial stability.
Looking ahead, with over 540 students enrolled for the 2025-26 school year, we expect increased revenue
from debenture transfers and capital levies, enabling further investment in our facilities. Once the loan is
fully repaid, we will direct our efforts towards meeting our long-term strategic goals, such as building up a
$15 million reserve, approximately 3% of our total assets, to provide a financial safety net for contingency
expenses or campus emergencies.
We value your partnership and support as we strive to provide the best possible learning environment for
our students.
Income and Expenditure Statement (Expressed in HK$ millions)
Academic Operations Fund 1 2024-25 2023-24
Income
Tuition and Fees 115.9 96.9% 100.9 94.4%
Other Income 2.9 2.4% 2.3 2.2%
Fundraising and Donations 0.8 0.7% 3.6 3.4%
119.6 100.0% 106.8 100.0%
Expenses
Salaries 94.5 81.8% 89.4 81.3%
Other Expenses 21.0 18.2% 20.6 18.7%
115.5 100.0% 110.0 100.0%
Net Surplus / (Deficit) 4 (3.1)
+ Transfer from
Diversity Fund
1.0 1.1
Year-end Fund Balance (15.0) (20.0)
Diversity Fund 2 2024-25 2023-24
Income 6.2 1.1
- Expense 0.0 0.0
- Transfer to Academic
Operations Fund
(1.0) (1.1)
Net Surplus / (Deficit) 5.2 0.0
Year-end Fund Balance 29.6 24.4
Extracts from the audited accounts of The Hong Kong Academy Educational Foundation Limited for the year ended 31st July 2025. Audited accounts
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 2024-25 2023-24
Income 17.6 16.3
- Expense (17.5) (16.9)
Net Surplus / (Deficit) (0.1) (0.6)
Year-end Fund Balance 356.9 356.8
Balance Sheet 31 July 2025 31 July 2024
Assets
Cash and bank balances 96.6 19.6% 82.7 16.9%%
Receivables 15.2 3.1% 13.1 2.7%
Deposits and Inventories 8.0 1.6% 9.3 1.9%
Non-current assets 373.9 75.7% 383.5 78.5%
Liabilities and Reserves
Fees Received in Advance 69.7 14.1% 59.0 12.1%
Accrued Expenses and Payables 4.4 0.9% 4.9 1.0%
Government Loan 47.3 9.6% 63.1 12.9%
Provision for long service
payment
493.7 100.0% 488.6 100.0%
0.8 0.2% 0.4 0.0%
Funds and Reserves 371.5 75.2% 361.2 74.0%
493.7 100.0% 488.6 100.0%
Capital Expenditure Summary and 5 Year Facility Projects Plan
Income 24-25 25-26 26-27 27-28 28-29 29-30
Annual capital levy $9,533,000 $10,331,500 $10,112,000 $10,144,000 HK$10,304,000 $10,208,000
Debenture transfer fees $4,874,500 $3,400,958 $3,003,258 $2,938,845 $3,487,759 $3,155,591
Interest income $827,358 $633,431 $488,763 $292,183 $61,578 $148,221
Transfer from Operating Fund* $1,489,591 $1,519,383 $1,549,770 $1,580,766 $1,612,381 $1,644,629
Total Income $16,724,449 $15,885,272 $15,153,791 $14,955,794 $15,465,718 $15,156,441
Expenditure
Learning Space Development $4,478,623 $3,300,000 $2,856,080 $4,400,000 $6,600,000 $7,650,000
Technology $1,033,606 $1,600,000 $1,487,480 $1,200,000 $1,300,000 $1,400,000
Structural & Service Amendments $381,678 $1,000,000 $2,353,000 $2,500,000 $3,500,000 $1,850,000
Design & Consultancy $145,000 HK$0 $300,000 $300,000 $600,000 $300,000
Repayment of the Government Loan $15,772,000 $15,772,000 $15,772,000 $15,772,000 $0 $0
Large Scale Emergency Fund $0 $0 $0 $0 $3,000,000 $3,000,000
Total Expenditure $21,810,907 $21,672,000 $22,768,560 $24,172,000 $15,000,000 $14,200,000
Surplus / (deficit) -$5,086,458 -$5,786,728 -$7,614,769 -$9,216,206 $465,718 $956,441
Facility Fund Cash Projection
Brought Forward from Previous Year $30,423,715 $25,337,257 $19,550,529 $11,935,760 $2,719,554 $3,185,272
Emergency Reserve $0 $0 $0 $0 $3,000,000 $6,000,000
Projected Total Cash Reserve $25,337,257 $19,550,529 $11,935,760 $2,719,554 $6,185,272 $10,141,713
* All fixed assets are purchased through the Facility Fund. Depreciation on operating assets are charged to the Operating Fund.
1. Academic Operations Fund which includes tuition, fees and expenses related to the school’s academic operations.
2. Facility Fund which includes debenture income, capital levy income, interest and expenses. Accumulated fund amounts are designated for capital
expenditures and loan repayment.
3. Diversity Fund which includes diversity debenture and interest income. This fund is intended for expenditure to develop and maintain diversity at HKA.
13
HONG KONG ACADEMY
Annual Report 2025 14

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