| 2022/23 | 2021/22 | |
|---|---|---|
| HK$ million | HK$ million | |
| Total Income |
847.1
|
823.8
|
| Total Expenditure |
894.8
|
769.7
|
| (Deficit) Surplus |
(
47.7
|
54.1
|
Income
The allocation from the Elite Athletes Development Fund (“EADF”) is the HKSI’s main source of income. Total EADF allocation received by the HKSI in 2022/23 was HK$737.0 million (2021/22: HK$737.0 million), of which HK$151.7 million (2021/22: HK$151.7 million) is designated to “Direct Financial Support to Athletes”, and the balance of HK$585.3 million (2021/22: HK$585.3 million) is the funding for Elite Training Programme and the HKSI’s operations. Total income increased from HK$823.8 million in 2021/22 to HK$847.1 million in 2022/23 was mainly due to the funding received during the year from the Sports Science and Research Funding Scheme (“SSRFS”) to strengthen and intensify support in sports science and sports medicine.
Expenditure
Total expenditure in 2022/23 was HK$894.8 million (2021/22: HK$769.7 million) which was higher than 2021/22 expenditure by 16%; mainly on Elite Training Programme to enhance the competitiveness of athletes and help them better prepare for the upcoming major international sports events, including the Hangzhou 2022 Asian Games and Asian Para Games, the Paris 2024 Olympics and Paralympics and the 15th National Games in 2025, and expenditure funded out for the SSRFS as mentioned above.
Operating results for the year
In the 2022/23 budget, it was planned to use HK$90.8 million from the General Reserve, which had accumulated to HK$314.0 million, to fund part of the 2022/23 operating expenditure. By allocating resources strategically and taking a prudence approach to expenditure spending, the HKSI achieved a much lower operating deficit of HK$47.7 million for the year. Thus, the amount of drawdown from the General Reserve is lesser than the budget.
Analysis of Income and Expenditure
For the financial year ended 31 March 2023
