Lump Sum Grant - Annual Financial Report
"This Annual Financial Report ("AFR”) is not specified financial statements as defined in Section 436 of the Hong Kong Companies Ordinance. The AFR is prepared on cash basis, in accordance with the requirements set out in Lump Sum Grant Manual issued by the Social Welfare Department of the Government of the Hong Kong Special Administrative Region, which is different from the financial reporting standards issued by the Hong Kong Institute of Certified Public Accountants normally adopted in statutory annual financial statements.
The specified financial statements for the financial year with which this AFR purports to deal were delivered to the Registrar of Companies.
Our auditor reported on those specified financial statements. The auditor's report on the specified financial statements for the year ended 31st March 2017 (i) was not qualified, (ii) did not refer to any matter to which the auditor drew attention by way of emphasis without qualifying the report, and (iii) did not contain a statement under Section 406(2) or 407(2) or (3) of the Hong Kong Companies Ordinance.”
For 2016/17, the Lump Sum Grant Reserve will be used for payment of salary and emergency repair cost.
For 2015/16, the Lump Sum Grant Reserve will be used for payment of salary.