HKSI Institute AR2023

HKSI Institute Annual Report 2023 72 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) (Expressed in Hong Kong dollars unless otherwise indicated) 16 LEASE LIABILITIES The following table shows the remaining contractual maturities of the Group’s lease liabilities at the end of the current and previous reporting periods: 31 March 2023 31 March 2022 Present value of the lease payments Total lease payments Present value of the lease payments Total lease payments Within 1 year $ 2,963,596 $ 4,151,640 $ 3,152,368 $ 4,459,005 After 1 year but within 2 years $ 3,152,822 $ 4,219,300 $ 2,963,596 $ 4,151,640 After 2 years but within 5 years 11,376,207 13,710,860 18,948,153 22,802,400 After 5 years 13,008,364 13,804,680 8,589,241 8,932,440 $ 27,537,393 $ 31,734,840 $ 30,500,990 $ 35,886,480 $ 30,500,989 $ 33,653,358 Less: total future interest expenses $ 5,385,464 $ 6,692,127 Present value of lease liabilities $ 30,500,989 $ 33,653,358 17 GENERAL FUND AND EXCHANGE RESERVE (a) General fund The Group The Institute 2023 2022 2023 2022 General fund as at 1 April $ 27,896,634 $ 29,574,484 $ 23,058,537 $ 27,612,345 Deficit for the year transferred from the consolidated statement of profit or loss and comprehensive income (406,688) (1,677,850) (817,147) (4,553,808) General fund at 31 March $ 27,489,946 $ 27,896,634 $ 22,241,390 $ 23,058,537 The SFC provided funding of HK$2 million, HK$3 million and HK$10 million to the Institute in the years ended 31 March 2000, 31 March 1999 and 31 March 1998 respectively. As at 31 March 2023, the total funding from the SFC amounted to HK$15 million (2022: HK$15 million). This funding is non-refundable, non-interest bearing, and repayable only in the event that the Institute is wound up. Deficits are transferred to or from the statement of profit or loss and other comprehensive income in accordance with the memorandum and articles of association and shall be applied solely towards the promotion of the objects of the Institute as set forth in the memorandum and articles of association.