24th November 2022
During the period under review, we resolved to change the financial year end date from calendar year end to 30th June in order to be co-terminus with that of the Ying Wa College Old Boys’ Association. Accordingly, the Profit & Loss Statement reflects transactions for the 18-month period.
During the period, non-recurring income/expenditures included:
a) Sportsman Relief Fund set up initially for Ho Siu Lun with balance of $1.1 million remaining at period end after payment of Siu Lun’s surgery expenses of over $0.7 million.
b) Prof Chan Yiu Nam’s Reading Room installation – $350,000
c) One to One iPad project to YWPS – $445,000
Recurring activities during the period included:
a) Walkathon income for 2021 was around $0.5 million. The 2022 walkathon was held in the summer. Due to the cut-off at June 2022, much of the donation would fall through to the next financial year.
b) Scholarships to YWC for retaining the talented primary graduates to study in YWC. Over $200,000 was incurred for this purpose during the period.
As of30th June 2022, the amount of funds in the Foundation was approximately HK$7.6 million. Together with the $3 million of funds held by the Ying Wa College Old Boys’ Association Charity Trust Fund, the aggregation amount of funds at our disposal is now in excess of HK$10 million.
As the pandemic hopefully will soon be behind us, the Foundation is committed to working out a plan so that in due course our fund size would be substantially increased.
Thanks to the support of the members of the Foundation. Thanks also to all our committee members who worked hard through the pandemic in the best interest of the School.
KWAN KAI CHEONG