HKSI Institute AR2019

113 香港證券及投資學會 二零一九年年報 18 Commitments At 31 March 2019, the total future minimum lease payments under non-cancellable operating leases on properties are payable as follows: 2019 2018 Within 1 year 一年內 $ 7,179,815 $ 5,948,973 After 1 year but within 5 years 一年後但五年內 15,518,444 1,143,753 $ 22,698,259 $ 7,092,726 The Institute has no commitment (2018: HK$734,840) for the Learning Management System enhancement services within one year. 19 Contingent liability A part of the grants received by the Institute from the SFC is subject to a repayment clause. HKSI is required to repay HK$5 million or the total grant received, whichever is lower, to the SFC in any given year upon the HKSI’s attainment of a reserve (i.e. the General Fund of the Institute) amounting to the higher of (a) HK$50 million or (b) two years of operating expenses, as reflected in the Institute’s annual accounts. Based on a 5 year forecast regarding the financial performance of the Institute, the management do not believe it probable that the Institute will attain the level of reserve that will trigger the repayment clause in the foreseeable future. No provision has therefore been made in respect of the repayment. 20 Material related party transactions Apart from the balances disclosed elsewhere in these financial statements, the Institute received annual membership fees of HK$20,700 (2018: HK$21,240) from the directors of the Institute during the year. 18 承擔 於二零一九年三月三十一日，根據不可 解除的經營租賃在日後應付的最低租賃 付款總額如下： 本會還承諾於一年內就學習管理系統的 改善服務支付港幣零元（二零一八年： 港幣 734,840 元）。 19 或有負債 作為本會收到香港證監會的撥款的一部 分，該撥款受償還條款的約束。如果香 港證券及投資會任一年度的儲備（即本 會的普通基金）達到高於其年度報表所 列示的港幣五千萬元或兩年的營業費 用，香港證券及投資會按要求應向香港 證監會償還港幣五百萬元或獲得的撥款 總額（以孰低者為準）。基於本會財務業 績的五年預測，管理層認為本會在可預 見的未來內不太可能達到履行償還條款 的水準。因此，本會沒有就這項還款提 撥任何準備。 20 重大關聯方交易 本財務報表他處披露的待結款項外，本 會收到源自本會董事為數港幣 20,700 元 的會員年費（二零一八年：港幣 21,240 元）。