Financial Highlights

Financial Items	2023/24 HK$ million	2022/23 HK$ million
Total Income	1,000.7	800.0
Total Expenditure	1,000.2	800.0
Elite Training System	800.0	700.0
Hong Kong Sports Institute’s operation	100.0	100.0
Surplus (Deficit)	20.0	(40.0)

Income

Total income, including an allocation of HK$863.0 million (2022/23: HK$737.0 million) received from the Elite Athletes Development Fund (“EADF”) in 2023/24, was HK$1,027 million; of which HK$822.9 million (82%) was allocated to the Elite Training System, while HK$181.3 million (18%) was spent on the institute’s operation expenses.

The allocation of HK$822.9 million to the Elite Training System included HK$176 million in payments to athletes under the “Direct Financial Support Scheme” and HK$646.9 million for athletes’ training programmes (including training programmes for Tier A and Tier B sports, Team sports, and Para sports), sports science & medicine support, lifestyle provisions and education subsidies for the athletes.

Expenditure

Total expenditure in 2023/24 was HK$1,004.2 million (2022/23: HK$894.8 million), representing an increase of 12% compared to the 2022/23 expenditure. This increase was primarily due to higher sponsorships for athletes and increased expenditure under the Elite Training System, aimed at enhancing the competitiveness of athletes and helping them better prepare for the Hangzhou 2022 Asian Games, the Asian Para Games, and the upcoming major international sports events including the Paris 2024 Olympics and Paralympics Games, as well as the 15th National Games in 2025.

Operating Result for the Year

In the 2023/24 budget, it was planned to use HK$33.0 million from the General Reserve, which had accumulated to HK$266.3 million, to fund part of the 2023/24 operating expenditure. By allocating resources strategically and taking a prudent approach to spending, the HKSI achieved an operating surplus of HK$23.5 million for the year.