HKSI Institute AR2020

NOTES TO THE FINANCIAL STATEMENTS 財務報表附註 (Expressed in Hong Kong dollars unless otherwise indicated) （除非另有註明，否則均以港幣列示） 110 Hong Kong Securities and Investment Institute Annual Report 2020 18 金融風險管理和公允價值 （續） (e) 公允價值 所有金融工具按與其於二零二零年 和二零一九年三月三十一日的公允 價值數額分別不大的金額入賬。 19 承擔 於二零二零年三月三十一日，根據不可 解除的合約在日後應付的最低付款總額 如下： 本集團為租賃物業的承租人，該租賃物 業先前根據《香港會計準則》第 17 號歸類 為經營租賃。本集團已通過經修訂的追 溯法初始採用了《香港財務報告準則》第 16 號。在此方法下，本集團調整了二零 一九年四月一日的期初餘額，以確認與 這些租賃有關的租賃負債（參閱附註 3) 。 自二零一九年四月一日起，根據附註 2(g) 規定的政策，未來租賃付款在財務 狀況表中確認為租賃負債，有關本集團 未來租賃付款的詳情於附註 16 中披露。 20 或有負債 作為本會收到香港證監會的撥款的一部 分，該撥款遵循償還條款。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撥 備。 21 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 19,020 元 的會員年費（二零一九年：港幣 20,700 元）。 18 Financial risk management and fair values (continued) (e) Fair value All financial instruments are carried at amounts not materially different from their fair values as at 31 March 2020 and 2019. 19 Commitments At 31 March 2020, the total future minimum payments under non- cancellable contracts are payable as follows: 2020 2019 Within 1 year 一年內 $ 565,500 $ 7,179,815 After 1 year but within 5 years 一年後但五年內 – 15,518,444 $ 565,500 $ 22,698,259 The Group is the lessee in respect of a number of properties held under leases which were previously classified as operating leases under HKAS 17. The Group has initially applied HKFRS 16 using the modified retrospective approach. Under this approach, the Group adjusted the opening balances at 1 April 2019 to recognise lease liabilities relating to these leases (see note 3). From 1 April 2019 onwards, future lease payments are recognised as lease liabilities in the statement of financial position in accordance with the policies set out in note 2(g), and the details regarding the Group’s future lease payments are disclosed in note 16. 20 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. 21 Material related party transactions Apart from the balances disclosed elsewhere in these financial statements, the Institute received annual membership fees of HK$19,020 (2019: HK$20,700) from the directors of the Institute during the year.