HKU ENGINEERING ALUMNI ASSOCIATION LIMITED

COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL)

FINAL~CIAL STATEMENTS

YEAR ENDED 31ST MARCH 2010

tJ)~1tITW$~m CHENG YEUNG amp CO

CERrrFrEn PUBllC ACCOUNTANTS (pRACTISING) HONG KONG shy

Report of the Executive Committee

Independent Honorary Auditors Report

Statement of Comprehensive Income

Statement of Financial Position

Statement of Changes In Equity

Statement of Cash Flows

Notes to the Financial Statements

CONTENTS

1 - 2

3-4

5

6

7

8

9

(EXPRESSED IN HONG KONG DOLLARS)

HK U ENGINEERING ALUMNI ASSOCIATIONLIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) REPORT OF THE EXECUTIVE COMMITTEE FOR 2010 -- - - ~= - - - - - - -- ~-- - -- --- --

I~

The Executive Committee has pleasure in submitting their annual report together with the Association s audited accounts for year ended 31 st March 2010

PRINCIPAL ACTIVITIES The principal activities of the Association were to maintain and foster the bonds of friendship among graduates and former students of the Faculty of Engineering ofthe University of Hong Kong

RESULTS The results of the Associations operations during the year ended 31st March 2010 and the state of the Associations affairs at that date are set out in the fmancial statements on Pages 5 to 7 The cash flow statement of the Association for the year ended 31 st March 2010 is set out in the financial statements on Page 8

EXECUTIVE COMMITTEE The Executive Committee Members who held office during the year were as follows -

IrLAUTin Shing Adi (president) IrLEUNG KarYee Carrie (Vice-President) Mr TSE Man Leung Clement (Vice-President) Ms FUNG Wen Yee Joanna (Honorary Secretary) Ms LING Kok Man Carman (Assis tant Honorary Secretary) (elected on 17th July 2009) Ms TAM Yik Man Caric (Membership Convenor) Mr LAW Chun Fai Terry (Membership Convenor) Ms MAK Ka Ki Maggie (Honorary Treasurer) Ms LEUNG Yuen Hei Mrujory (Assistant Honorary Treasurer) (elected on 17th July 2009) Dr WONG Hin Cheong Henry (GMS Secretary) Mr CHUChun Keung Patrick (Assistant GMS Secretary) (elected on 17th July 2009) Ms CHAN Kit Ying Lucia (Assistant GMS Secretary) (elected on 17th July 2009) Ir CHEUNG Siu Wa Morris (Social Convenor) (elected on 17th July 2009) Ir CHENG Kwan Nang Clarence (Sustainable Development Convenor) Ir YEUNG Chin Ho Daniel (Asst Sustainable Development Convenor)

Ms LEE Hin Hsing Joyce (Asst Sustainable Development Convenor) (elected on 17th July 2009)

Dr LUNG Ka Kui Francois (Immediate Past president) Ir TANG Wai Leung (retired on 17th July 2009) Ir LAW Hoi Chee (retired on 17th July 2009) Ms LIN NgaPik (retired on 17th July 2009) Mr CHAN Wai Leung (retired on 17th July 2009) Mr LEE Chun Man (retired on 17th July 2009) Mr LEE Ming Yeung Dennis (retired on 17th July 2009)

Mr LEUNG Yuen Jarc Kevin (retired on 17th July 2009)

(to be contd) - 1 shy

BK U ENGINEERING ALUMNIASSOCIATIONLIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) REPORT OF THE EXECUTIVE COMMITTEE FOR 2010 CONTINUED _________ ______ _______--------

EXECUTIVE COMMITTEE (CONTINUED) With exception the Immediate Past Presidents of the Association all officers of the Executive Committee shall be elected at the Annual General Meeting in accordance with Article 11 of the Associations Articles of Association Retiring officers shall be eligible for re-election All officers shall hold office till the next Annual General Meeting

MANAGEMENT CONTRACTS No contracts concerning the management and administration of the whole or any substantial part of the business of the Association were entered into or existed during the year

INTERESTS OF EXECUTIVE COMMITTEE MEMBERS IN CONTRACTS All Executive Committee Members declared to the committee that they have no interest in any material contracts whether directly or indirectly entered into by the Association during the year

HONORARY AUDITORS The Honorary Auditors Messrs Cheng Yeung amp Co Certified Public Accountants (Practising) retire but being eligible offer themselves for re-appointment

ON BEHALF OF THE EXECUTIVE COMMlTTEE

President

Hong Kong 11th June 2010

- 2 shy

CHENG YEUNG amp CO PARTNERS 1HJA

CERTIFIED PUBLIC ACCOUNTANTS (PRACTISING) HONG KONG Philip S Cheng CPA(Practising) MPA ACA FCCA ACMA MIA ATIHK

~~ 1t-to t1rtt gp

Mandy SH Yeung CPA(Practising) MPA ACA FCCA ACIS ACS ATIHK

ffl ~]l hto t itt gp

ROOM 1001-2 101F CHOW TAl FOOK CENTRE NO 580 A-F NATHAN ROAD TELEPHONE ~ (852) 28517998 KOWLOON HONG KONG FAX 1$~ (852) 34262611 11 - 7l Ht 5Kl ft l 580 A-F ~ a] f m 1 l ~ 10 tt 1001 -2 pound

INDEPENDENT HONORARY AUDITORS REPORT TO THE MEMBERS OF HKU ENGINEERING ALUMNIASSOCIATIONLIMITED

TED IN HONG KONG WITH LIMITED

We have audited the financial statements of HKU Engineering Alumni Association Limited set out on pages 5 to 9 which comprise the Statement of Financial Position as at 31 st March 2010 and the Statement of Comprehensive Income Statement of Changes in Equity and Statement of Cash Flows for the year ended and a summary of significant accounting policies and other explanatory notes

EXECUTIVE COMMITTEE MEMBERS RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Members of the Executive Committee are responsible for the preparation and the true and fair presentation of these financial statements in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants and the Hong Kong Companies Ordinance This responsibility includes designing implementing and maintaining internal control relevant to the preparation and the true and fair presentation of financial statements that are free from material misstatement whether due to fraud and error selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances

AUDITORSRESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit This report is made solely to you as a body in accordance with Section 141 of the Hong Kong Companies Ordinance and for no other purpose We do not assume responsibility towards or accept liability to any other person for the contents of this report We conducted our audit in accordance with Hong Kong Standards on Auditing issued by the Hong Kong Institute of Certified Public Accountants Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurances as to whether the financial statements are free from material misstatement

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements The procedures selected depend on the auditors judgment including the assessment of the risks of material misstatement of the financial statements whether due to fraud and error In making those risk assessments the auditor considers internal control relevant to the entitys preparation and true and fair presentation of the fmancial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entitys internal control An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Executive Committee Members as well as evaluating the overall presentation of the fmancial statements

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion

(to be contd)

- 3 shy

INDEPENDENT HONORARYAUDITORS REPORT TO THE MEMBERS OF HKU ENGINEERING ALUMNIASSOCIATION LIMITED (INCORPORATED IN HONG KONG WITH LIMITED LIABILITY) CONTINUED

OPINION

In our opinion the financial statements give a true and fair view of the state of the Associations affairs as at 31 st March 2010 and of its surplus and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in accordance with the Hong Kong Companies Ordinance

CHENG YEUNG amp CO Certified Public Accountants (Practising) Honorary Auditors Hong Kong 11th June 2010

CYHO 10IPCIPW

- 4 shy

HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST MARCH 2010

2010 2009 HK$ HK$ HK$

INCOME

Annual Ball 28729000 -

308000 40400

6356000

4505000 1851000

77100

28379000

Dance course 6 30000 GMS administrative fee 84000

GMS Mentor Night

SO Project 3604500

20082009 20092010

8000 35510500 32705500

EXPENDITURE

Annual Ball

Sundry income

21076160 30000

-290000

-

309320 1022990

19250 140790

--

400000 5905440

-

-

93300

65340 9560 4250

345190 80000

330000 22000

5835040

70400

nses istry

rship

21787920

Bank charges 30000

Boat trip expenses 103900

Business registration fee 45000

Dance course 630000

General meeting expenses 535160

GMS Inaug 779860

GMS Interview 18260

GMS other

HKUEAA scholarship 7500000

Paper weights 210000

Profession al fee 430000

SO Project 2752750

200812009

20092010 61600

Secretariat sub-committee expe Sec retarial fee

851300

Name card and Companies Reg

Purchase of cake for meeting

Postage and stamps

Brick campaign Graduation pins Promotion (Leaflet) for Membe

Sponsorship

Telephone (30143590) (35735750)

SURPLUS(DEFICIT) FOR THE YEAR $ 5366910 $ (3030250)

The notes on page 9 form an integral part of these financial statements

- 5 shy

Report of the Executive Committee

Independent Honorary Auditors Report

Statement of Comprehensive Income

Statement of Financial Position

Statement of Changes In Equity

Statement of Cash Flows

Notes to the Financial Statements

CONTENTS

1 - 2

3-4

5

6

7

8

9

(EXPRESSED IN HONG KONG DOLLARS)

HK U ENGINEERING ALUMNI ASSOCIATIONLIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) REPORT OF THE EXECUTIVE COMMITTEE FOR 2010 -- - - ~= - - - - - - -- ~-- - -- --- --

I~

The Executive Committee has pleasure in submitting their annual report together with the Association s audited accounts for year ended 31 st March 2010

PRINCIPAL ACTIVITIES The principal activities of the Association were to maintain and foster the bonds of friendship among graduates and former students of the Faculty of Engineering ofthe University of Hong Kong

RESULTS The results of the Associations operations during the year ended 31st March 2010 and the state of the Associations affairs at that date are set out in the fmancial statements on Pages 5 to 7 The cash flow statement of the Association for the year ended 31 st March 2010 is set out in the financial statements on Page 8

EXECUTIVE COMMITTEE The Executive Committee Members who held office during the year were as follows -

IrLAUTin Shing Adi (president) IrLEUNG KarYee Carrie (Vice-President) Mr TSE Man Leung Clement (Vice-President) Ms FUNG Wen Yee Joanna (Honorary Secretary) Ms LING Kok Man Carman (Assis tant Honorary Secretary) (elected on 17th July 2009) Ms TAM Yik Man Caric (Membership Convenor) Mr LAW Chun Fai Terry (Membership Convenor) Ms MAK Ka Ki Maggie (Honorary Treasurer) Ms LEUNG Yuen Hei Mrujory (Assistant Honorary Treasurer) (elected on 17th July 2009) Dr WONG Hin Cheong Henry (GMS Secretary) Mr CHUChun Keung Patrick (Assistant GMS Secretary) (elected on 17th July 2009) Ms CHAN Kit Ying Lucia (Assistant GMS Secretary) (elected on 17th July 2009) Ir CHEUNG Siu Wa Morris (Social Convenor) (elected on 17th July 2009) Ir CHENG Kwan Nang Clarence (Sustainable Development Convenor) Ir YEUNG Chin Ho Daniel (Asst Sustainable Development Convenor)

Ms LEE Hin Hsing Joyce (Asst Sustainable Development Convenor) (elected on 17th July 2009)

Dr LUNG Ka Kui Francois (Immediate Past president) Ir TANG Wai Leung (retired on 17th July 2009) Ir LAW Hoi Chee (retired on 17th July 2009) Ms LIN NgaPik (retired on 17th July 2009) Mr CHAN Wai Leung (retired on 17th July 2009) Mr LEE Chun Man (retired on 17th July 2009) Mr LEE Ming Yeung Dennis (retired on 17th July 2009)

Mr LEUNG Yuen Jarc Kevin (retired on 17th July 2009)

(to be contd) - 1 shy

BK U ENGINEERING ALUMNIASSOCIATIONLIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) REPORT OF THE EXECUTIVE COMMITTEE FOR 2010 CONTINUED _________ ______ _______--------

EXECUTIVE COMMITTEE (CONTINUED) With exception the Immediate Past Presidents of the Association all officers of the Executive Committee shall be elected at the Annual General Meeting in accordance with Article 11 of the Associations Articles of Association Retiring officers shall be eligible for re-election All officers shall hold office till the next Annual General Meeting

MANAGEMENT CONTRACTS No contracts concerning the management and administration of the whole or any substantial part of the business of the Association were entered into or existed during the year

INTERESTS OF EXECUTIVE COMMITTEE MEMBERS IN CONTRACTS All Executive Committee Members declared to the committee that they have no interest in any material contracts whether directly or indirectly entered into by the Association during the year

HONORARY AUDITORS The Honorary Auditors Messrs Cheng Yeung amp Co Certified Public Accountants (Practising) retire but being eligible offer themselves for re-appointment

ON BEHALF OF THE EXECUTIVE COMMlTTEE

President

Hong Kong 11th June 2010

- 2 shy

CHENG YEUNG amp CO PARTNERS 1HJA

CERTIFIED PUBLIC ACCOUNTANTS (PRACTISING) HONG KONG Philip S Cheng CPA(Practising) MPA ACA FCCA ACMA MIA ATIHK

~~ 1t-to t1rtt gp

Mandy SH Yeung CPA(Practising) MPA ACA FCCA ACIS ACS ATIHK

ffl ~]l hto t itt gp

ROOM 1001-2 101F CHOW TAl FOOK CENTRE NO 580 A-F NATHAN ROAD TELEPHONE ~ (852) 28517998 KOWLOON HONG KONG FAX 1$~ (852) 34262611 11 - 7l Ht 5Kl ft l 580 A-F ~ a] f m 1 l ~ 10 tt 1001 -2 pound

INDEPENDENT HONORARY AUDITORS REPORT TO THE MEMBERS OF HKU ENGINEERING ALUMNIASSOCIATIONLIMITED

TED IN HONG KONG WITH LIMITED

We have audited the financial statements of HKU Engineering Alumni Association Limited set out on pages 5 to 9 which comprise the Statement of Financial Position as at 31 st March 2010 and the Statement of Comprehensive Income Statement of Changes in Equity and Statement of Cash Flows for the year ended and a summary of significant accounting policies and other explanatory notes

EXECUTIVE COMMITTEE MEMBERS RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Members of the Executive Committee are responsible for the preparation and the true and fair presentation of these financial statements in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants and the Hong Kong Companies Ordinance This responsibility includes designing implementing and maintaining internal control relevant to the preparation and the true and fair presentation of financial statements that are free from material misstatement whether due to fraud and error selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances

AUDITORSRESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit This report is made solely to you as a body in accordance with Section 141 of the Hong Kong Companies Ordinance and for no other purpose We do not assume responsibility towards or accept liability to any other person for the contents of this report We conducted our audit in accordance with Hong Kong Standards on Auditing issued by the Hong Kong Institute of Certified Public Accountants Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurances as to whether the financial statements are free from material misstatement

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements The procedures selected depend on the auditors judgment including the assessment of the risks of material misstatement of the financial statements whether due to fraud and error In making those risk assessments the auditor considers internal control relevant to the entitys preparation and true and fair presentation of the fmancial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entitys internal control An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Executive Committee Members as well as evaluating the overall presentation of the fmancial statements

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion

(to be contd)

- 3 shy

INDEPENDENT HONORARYAUDITORS REPORT TO THE MEMBERS OF HKU ENGINEERING ALUMNIASSOCIATION LIMITED (INCORPORATED IN HONG KONG WITH LIMITED LIABILITY) CONTINUED

OPINION

In our opinion the financial statements give a true and fair view of the state of the Associations affairs as at 31 st March 2010 and of its surplus and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in accordance with the Hong Kong Companies Ordinance

CHENG YEUNG amp CO Certified Public Accountants (Practising) Honorary Auditors Hong Kong 11th June 2010

CYHO 10IPCIPW

- 4 shy

HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST MARCH 2010

2010 2009 HK$ HK$ HK$

INCOME

Annual Ball 28729000 -

308000 40400

6356000

4505000 1851000

77100

28379000

Dance course 6 30000 GMS administrative fee 84000

GMS Mentor Night

SO Project 3604500

20082009 20092010

8000 35510500 32705500

EXPENDITURE

Annual Ball

Sundry income

21076160 30000

-290000

-

309320 1022990

19250 140790

--

400000 5905440

-

-

93300

65340 9560 4250

345190 80000

330000 22000

5835040

70400

nses istry

rship

21787920

Bank charges 30000

Boat trip expenses 103900

Business registration fee 45000

Dance course 630000

General meeting expenses 535160

GMS Inaug 779860

GMS Interview 18260

GMS other

HKUEAA scholarship 7500000

Paper weights 210000

Profession al fee 430000

SO Project 2752750

200812009

20092010 61600

Secretariat sub-committee expe Sec retarial fee

851300

Name card and Companies Reg

Purchase of cake for meeting

Postage and stamps

Brick campaign Graduation pins Promotion (Leaflet) for Membe

Sponsorship

Telephone (30143590) (35735750)

SURPLUS(DEFICIT) FOR THE YEAR $ 5366910 $ (3030250)

The notes on page 9 form an integral part of these financial statements

- 5 shy

HK U ENGINEERING ALUMNI ASSOCIATIONLIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) REPORT OF THE EXECUTIVE COMMITTEE FOR 2010 -- - - ~= - - - - - - -- ~-- - -- --- --

I~

The Executive Committee has pleasure in submitting their annual report together with the Association s audited accounts for year ended 31 st March 2010

PRINCIPAL ACTIVITIES The principal activities of the Association were to maintain and foster the bonds of friendship among graduates and former students of the Faculty of Engineering ofthe University of Hong Kong

RESULTS The results of the Associations operations during the year ended 31st March 2010 and the state of the Associations affairs at that date are set out in the fmancial statements on Pages 5 to 7 The cash flow statement of the Association for the year ended 31 st March 2010 is set out in the financial statements on Page 8

EXECUTIVE COMMITTEE The Executive Committee Members who held office during the year were as follows -

IrLAUTin Shing Adi (president) IrLEUNG KarYee Carrie (Vice-President) Mr TSE Man Leung Clement (Vice-President) Ms FUNG Wen Yee Joanna (Honorary Secretary) Ms LING Kok Man Carman (Assis tant Honorary Secretary) (elected on 17th July 2009) Ms TAM Yik Man Caric (Membership Convenor) Mr LAW Chun Fai Terry (Membership Convenor) Ms MAK Ka Ki Maggie (Honorary Treasurer) Ms LEUNG Yuen Hei Mrujory (Assistant Honorary Treasurer) (elected on 17th July 2009) Dr WONG Hin Cheong Henry (GMS Secretary) Mr CHUChun Keung Patrick (Assistant GMS Secretary) (elected on 17th July 2009) Ms CHAN Kit Ying Lucia (Assistant GMS Secretary) (elected on 17th July 2009) Ir CHEUNG Siu Wa Morris (Social Convenor) (elected on 17th July 2009) Ir CHENG Kwan Nang Clarence (Sustainable Development Convenor) Ir YEUNG Chin Ho Daniel (Asst Sustainable Development Convenor)

Ms LEE Hin Hsing Joyce (Asst Sustainable Development Convenor) (elected on 17th July 2009)

Dr LUNG Ka Kui Francois (Immediate Past president) Ir TANG Wai Leung (retired on 17th July 2009) Ir LAW Hoi Chee (retired on 17th July 2009) Ms LIN NgaPik (retired on 17th July 2009) Mr CHAN Wai Leung (retired on 17th July 2009) Mr LEE Chun Man (retired on 17th July 2009) Mr LEE Ming Yeung Dennis (retired on 17th July 2009)

Mr LEUNG Yuen Jarc Kevin (retired on 17th July 2009)

(to be contd) - 1 shy

BK U ENGINEERING ALUMNIASSOCIATIONLIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) REPORT OF THE EXECUTIVE COMMITTEE FOR 2010 CONTINUED _________ ______ _______--------

EXECUTIVE COMMITTEE (CONTINUED) With exception the Immediate Past Presidents of the Association all officers of the Executive Committee shall be elected at the Annual General Meeting in accordance with Article 11 of the Associations Articles of Association Retiring officers shall be eligible for re-election All officers shall hold office till the next Annual General Meeting

MANAGEMENT CONTRACTS No contracts concerning the management and administration of the whole or any substantial part of the business of the Association were entered into or existed during the year

INTERESTS OF EXECUTIVE COMMITTEE MEMBERS IN CONTRACTS All Executive Committee Members declared to the committee that they have no interest in any material contracts whether directly or indirectly entered into by the Association during the year

HONORARY AUDITORS The Honorary Auditors Messrs Cheng Yeung amp Co Certified Public Accountants (Practising) retire but being eligible offer themselves for re-appointment

ON BEHALF OF THE EXECUTIVE COMMlTTEE

President

Hong Kong 11th June 2010

- 2 shy

CHENG YEUNG amp CO PARTNERS 1HJA

CERTIFIED PUBLIC ACCOUNTANTS (PRACTISING) HONG KONG Philip S Cheng CPA(Practising) MPA ACA FCCA ACMA MIA ATIHK

~~ 1t-to t1rtt gp

Mandy SH Yeung CPA(Practising) MPA ACA FCCA ACIS ACS ATIHK

ffl ~]l hto t itt gp

ROOM 1001-2 101F CHOW TAl FOOK CENTRE NO 580 A-F NATHAN ROAD TELEPHONE ~ (852) 28517998 KOWLOON HONG KONG FAX 1$~ (852) 34262611 11 - 7l Ht 5Kl ft l 580 A-F ~ a] f m 1 l ~ 10 tt 1001 -2 pound

INDEPENDENT HONORARY AUDITORS REPORT TO THE MEMBERS OF HKU ENGINEERING ALUMNIASSOCIATIONLIMITED

TED IN HONG KONG WITH LIMITED

We have audited the financial statements of HKU Engineering Alumni Association Limited set out on pages 5 to 9 which comprise the Statement of Financial Position as at 31 st March 2010 and the Statement of Comprehensive Income Statement of Changes in Equity and Statement of Cash Flows for the year ended and a summary of significant accounting policies and other explanatory notes

EXECUTIVE COMMITTEE MEMBERS RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Members of the Executive Committee are responsible for the preparation and the true and fair presentation of these financial statements in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants and the Hong Kong Companies Ordinance This responsibility includes designing implementing and maintaining internal control relevant to the preparation and the true and fair presentation of financial statements that are free from material misstatement whether due to fraud and error selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances

AUDITORSRESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit This report is made solely to you as a body in accordance with Section 141 of the Hong Kong Companies Ordinance and for no other purpose We do not assume responsibility towards or accept liability to any other person for the contents of this report We conducted our audit in accordance with Hong Kong Standards on Auditing issued by the Hong Kong Institute of Certified Public Accountants Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurances as to whether the financial statements are free from material misstatement

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements The procedures selected depend on the auditors judgment including the assessment of the risks of material misstatement of the financial statements whether due to fraud and error In making those risk assessments the auditor considers internal control relevant to the entitys preparation and true and fair presentation of the fmancial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entitys internal control An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Executive Committee Members as well as evaluating the overall presentation of the fmancial statements

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion

(to be contd)

- 3 shy

INDEPENDENT HONORARYAUDITORS REPORT TO THE MEMBERS OF HKU ENGINEERING ALUMNIASSOCIATION LIMITED (INCORPORATED IN HONG KONG WITH LIMITED LIABILITY) CONTINUED

OPINION

In our opinion the financial statements give a true and fair view of the state of the Associations affairs as at 31 st March 2010 and of its surplus and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in accordance with the Hong Kong Companies Ordinance

CHENG YEUNG amp CO Certified Public Accountants (Practising) Honorary Auditors Hong Kong 11th June 2010

CYHO 10IPCIPW

- 4 shy

HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST MARCH 2010

2010 2009 HK$ HK$ HK$

INCOME

Annual Ball 28729000 -

308000 40400

6356000

4505000 1851000

77100

28379000

Dance course 6 30000 GMS administrative fee 84000

GMS Mentor Night

SO Project 3604500

20082009 20092010

8000 35510500 32705500

EXPENDITURE

Annual Ball

Sundry income

21076160 30000

-290000

-

309320 1022990

19250 140790

--

400000 5905440

-

-

93300

65340 9560 4250

345190 80000

330000 22000

5835040

70400

nses istry

rship

21787920

Bank charges 30000

Boat trip expenses 103900

Business registration fee 45000

Dance course 630000

General meeting expenses 535160

GMS Inaug 779860

GMS Interview 18260

GMS other

HKUEAA scholarship 7500000

Paper weights 210000

Profession al fee 430000

SO Project 2752750

200812009

20092010 61600

Secretariat sub-committee expe Sec retarial fee

851300

Name card and Companies Reg

Purchase of cake for meeting

Postage and stamps

Brick campaign Graduation pins Promotion (Leaflet) for Membe

Sponsorship

Telephone (30143590) (35735750)

SURPLUS(DEFICIT) FOR THE YEAR $ 5366910 $ (3030250)

The notes on page 9 form an integral part of these financial statements

- 5 shy

BK U ENGINEERING ALUMNIASSOCIATIONLIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) REPORT OF THE EXECUTIVE COMMITTEE FOR 2010 CONTINUED _________ ______ _______--------

EXECUTIVE COMMITTEE (CONTINUED) With exception the Immediate Past Presidents of the Association all officers of the Executive Committee shall be elected at the Annual General Meeting in accordance with Article 11 of the Associations Articles of Association Retiring officers shall be eligible for re-election All officers shall hold office till the next Annual General Meeting

MANAGEMENT CONTRACTS No contracts concerning the management and administration of the whole or any substantial part of the business of the Association were entered into or existed during the year

INTERESTS OF EXECUTIVE COMMITTEE MEMBERS IN CONTRACTS All Executive Committee Members declared to the committee that they have no interest in any material contracts whether directly or indirectly entered into by the Association during the year

HONORARY AUDITORS The Honorary Auditors Messrs Cheng Yeung amp Co Certified Public Accountants (Practising) retire but being eligible offer themselves for re-appointment

ON BEHALF OF THE EXECUTIVE COMMlTTEE

President

Hong Kong 11th June 2010

- 2 shy

CHENG YEUNG amp CO PARTNERS 1HJA

CERTIFIED PUBLIC ACCOUNTANTS (PRACTISING) HONG KONG Philip S Cheng CPA(Practising) MPA ACA FCCA ACMA MIA ATIHK

~~ 1t-to t1rtt gp

Mandy SH Yeung CPA(Practising) MPA ACA FCCA ACIS ACS ATIHK

ffl ~]l hto t itt gp

ROOM 1001-2 101F CHOW TAl FOOK CENTRE NO 580 A-F NATHAN ROAD TELEPHONE ~ (852) 28517998 KOWLOON HONG KONG FAX 1$~ (852) 34262611 11 - 7l Ht 5Kl ft l 580 A-F ~ a] f m 1 l ~ 10 tt 1001 -2 pound

INDEPENDENT HONORARY AUDITORS REPORT TO THE MEMBERS OF HKU ENGINEERING ALUMNIASSOCIATIONLIMITED

TED IN HONG KONG WITH LIMITED

We have audited the financial statements of HKU Engineering Alumni Association Limited set out on pages 5 to 9 which comprise the Statement of Financial Position as at 31 st March 2010 and the Statement of Comprehensive Income Statement of Changes in Equity and Statement of Cash Flows for the year ended and a summary of significant accounting policies and other explanatory notes

EXECUTIVE COMMITTEE MEMBERS RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Members of the Executive Committee are responsible for the preparation and the true and fair presentation of these financial statements in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants and the Hong Kong Companies Ordinance This responsibility includes designing implementing and maintaining internal control relevant to the preparation and the true and fair presentation of financial statements that are free from material misstatement whether due to fraud and error selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances

AUDITORSRESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit This report is made solely to you as a body in accordance with Section 141 of the Hong Kong Companies Ordinance and for no other purpose We do not assume responsibility towards or accept liability to any other person for the contents of this report We conducted our audit in accordance with Hong Kong Standards on Auditing issued by the Hong Kong Institute of Certified Public Accountants Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurances as to whether the financial statements are free from material misstatement

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements The procedures selected depend on the auditors judgment including the assessment of the risks of material misstatement of the financial statements whether due to fraud and error In making those risk assessments the auditor considers internal control relevant to the entitys preparation and true and fair presentation of the fmancial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entitys internal control An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Executive Committee Members as well as evaluating the overall presentation of the fmancial statements

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion

(to be contd)

- 3 shy

INDEPENDENT HONORARYAUDITORS REPORT TO THE MEMBERS OF HKU ENGINEERING ALUMNIASSOCIATION LIMITED (INCORPORATED IN HONG KONG WITH LIMITED LIABILITY) CONTINUED

OPINION

In our opinion the financial statements give a true and fair view of the state of the Associations affairs as at 31 st March 2010 and of its surplus and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in accordance with the Hong Kong Companies Ordinance

CHENG YEUNG amp CO Certified Public Accountants (Practising) Honorary Auditors Hong Kong 11th June 2010

CYHO 10IPCIPW

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HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST MARCH 2010

2010 2009 HK$ HK$ HK$

INCOME

Annual Ball 28729000 -

308000 40400

6356000

4505000 1851000

77100

28379000

Dance course 6 30000 GMS administrative fee 84000

GMS Mentor Night

SO Project 3604500

20082009 20092010

8000 35510500 32705500

EXPENDITURE

Annual Ball

Sundry income

21076160 30000

-290000

-

309320 1022990

19250 140790

--

400000 5905440

-

-

93300

65340 9560 4250

345190 80000

330000 22000

5835040

70400

nses istry

rship

21787920

Bank charges 30000

Boat trip expenses 103900

Business registration fee 45000

Dance course 630000

General meeting expenses 535160

GMS Inaug 779860

GMS Interview 18260

GMS other

HKUEAA scholarship 7500000

Paper weights 210000

Profession al fee 430000

SO Project 2752750

200812009

20092010 61600

Secretariat sub-committee expe Sec retarial fee

851300

Name card and Companies Reg

Purchase of cake for meeting

Postage and stamps

Brick campaign Graduation pins Promotion (Leaflet) for Membe

Sponsorship

Telephone (30143590) (35735750)

SURPLUS(DEFICIT) FOR THE YEAR $ 5366910 $ (3030250)

The notes on page 9 form an integral part of these financial statements

- 5 shy

CHENG YEUNG amp CO PARTNERS 1HJA

CERTIFIED PUBLIC ACCOUNTANTS (PRACTISING) HONG KONG Philip S Cheng CPA(Practising) MPA ACA FCCA ACMA MIA ATIHK

~~ 1t-to t1rtt gp

Mandy SH Yeung CPA(Practising) MPA ACA FCCA ACIS ACS ATIHK

ffl ~]l hto t itt gp

ROOM 1001-2 101F CHOW TAl FOOK CENTRE NO 580 A-F NATHAN ROAD TELEPHONE ~ (852) 28517998 KOWLOON HONG KONG FAX 1$~ (852) 34262611 11 - 7l Ht 5Kl ft l 580 A-F ~ a] f m 1 l ~ 10 tt 1001 -2 pound

INDEPENDENT HONORARY AUDITORS REPORT TO THE MEMBERS OF HKU ENGINEERING ALUMNIASSOCIATIONLIMITED

TED IN HONG KONG WITH LIMITED

We have audited the financial statements of HKU Engineering Alumni Association Limited set out on pages 5 to 9 which comprise the Statement of Financial Position as at 31 st March 2010 and the Statement of Comprehensive Income Statement of Changes in Equity and Statement of Cash Flows for the year ended and a summary of significant accounting policies and other explanatory notes

EXECUTIVE COMMITTEE MEMBERS RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Members of the Executive Committee are responsible for the preparation and the true and fair presentation of these financial statements in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants and the Hong Kong Companies Ordinance This responsibility includes designing implementing and maintaining internal control relevant to the preparation and the true and fair presentation of financial statements that are free from material misstatement whether due to fraud and error selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances

AUDITORSRESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit This report is made solely to you as a body in accordance with Section 141 of the Hong Kong Companies Ordinance and for no other purpose We do not assume responsibility towards or accept liability to any other person for the contents of this report We conducted our audit in accordance with Hong Kong Standards on Auditing issued by the Hong Kong Institute of Certified Public Accountants Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurances as to whether the financial statements are free from material misstatement

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements The procedures selected depend on the auditors judgment including the assessment of the risks of material misstatement of the financial statements whether due to fraud and error In making those risk assessments the auditor considers internal control relevant to the entitys preparation and true and fair presentation of the fmancial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entitys internal control An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Executive Committee Members as well as evaluating the overall presentation of the fmancial statements

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion

(to be contd)

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INDEPENDENT HONORARYAUDITORS REPORT TO THE MEMBERS OF HKU ENGINEERING ALUMNIASSOCIATION LIMITED (INCORPORATED IN HONG KONG WITH LIMITED LIABILITY) CONTINUED

OPINION

In our opinion the financial statements give a true and fair view of the state of the Associations affairs as at 31 st March 2010 and of its surplus and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in accordance with the Hong Kong Companies Ordinance

CHENG YEUNG amp CO Certified Public Accountants (Practising) Honorary Auditors Hong Kong 11th June 2010

CYHO 10IPCIPW

- 4 shy

HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST MARCH 2010

2010 2009 HK$ HK$ HK$

INCOME

Annual Ball 28729000 -

308000 40400

6356000

4505000 1851000

77100

28379000

Dance course 6 30000 GMS administrative fee 84000

GMS Mentor Night

SO Project 3604500

20082009 20092010

8000 35510500 32705500

EXPENDITURE

Annual Ball

Sundry income

21076160 30000

-290000

-

309320 1022990

19250 140790

--

400000 5905440

-

-

93300

65340 9560 4250

345190 80000

330000 22000

5835040

70400

nses istry

rship

21787920

Bank charges 30000

Boat trip expenses 103900

Business registration fee 45000

Dance course 630000

General meeting expenses 535160

GMS Inaug 779860

GMS Interview 18260

GMS other

HKUEAA scholarship 7500000

Paper weights 210000

Profession al fee 430000

SO Project 2752750

200812009

20092010 61600

Secretariat sub-committee expe Sec retarial fee

851300

Name card and Companies Reg

Purchase of cake for meeting

Postage and stamps

Brick campaign Graduation pins Promotion (Leaflet) for Membe

Sponsorship

Telephone (30143590) (35735750)

SURPLUS(DEFICIT) FOR THE YEAR $ 5366910 $ (3030250)

The notes on page 9 form an integral part of these financial statements

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INDEPENDENT HONORARYAUDITORS REPORT TO THE MEMBERS OF HKU ENGINEERING ALUMNIASSOCIATION LIMITED (INCORPORATED IN HONG KONG WITH LIMITED LIABILITY) CONTINUED

OPINION

In our opinion the financial statements give a true and fair view of the state of the Associations affairs as at 31 st March 2010 and of its surplus and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in accordance with the Hong Kong Companies Ordinance

CHENG YEUNG amp CO Certified Public Accountants (Practising) Honorary Auditors Hong Kong 11th June 2010

CYHO 10IPCIPW

- 4 shy

HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST MARCH 2010

2010 2009 HK$ HK$ HK$

INCOME

Annual Ball 28729000 -

308000 40400

6356000

4505000 1851000

77100

28379000

Dance course 6 30000 GMS administrative fee 84000

GMS Mentor Night

SO Project 3604500

20082009 20092010

8000 35510500 32705500

EXPENDITURE

Annual Ball

Sundry income

21076160 30000

-290000

-

309320 1022990

19250 140790

--

400000 5905440

-

-

93300

65340 9560 4250

345190 80000

330000 22000

5835040

70400

nses istry

rship

21787920

Bank charges 30000

Boat trip expenses 103900

Business registration fee 45000

Dance course 630000

General meeting expenses 535160

GMS Inaug 779860

GMS Interview 18260

GMS other

HKUEAA scholarship 7500000

Paper weights 210000

Profession al fee 430000

SO Project 2752750

200812009

20092010 61600

Secretariat sub-committee expe Sec retarial fee

851300

Name card and Companies Reg

Purchase of cake for meeting

Postage and stamps

Brick campaign Graduation pins Promotion (Leaflet) for Membe

Sponsorship

Telephone (30143590) (35735750)

SURPLUS(DEFICIT) FOR THE YEAR $ 5366910 $ (3030250)

The notes on page 9 form an integral part of these financial statements

- 5 shy

HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST MARCH 2010

2010 2009 HK$ HK$ HK$

INCOME

Annual Ball 28729000 -

308000 40400

6356000

4505000 1851000

77100

28379000

Dance course 6 30000 GMS administrative fee 84000

GMS Mentor Night

SO Project 3604500

20082009 20092010

8000 35510500 32705500

EXPENDITURE

Annual Ball

Sundry income

21076160 30000

-290000

-

309320 1022990

19250 140790

--

400000 5905440

-

-

93300

65340 9560 4250

345190 80000

330000 22000

5835040

70400

nses istry

rship

21787920

Bank charges 30000

Boat trip expenses 103900

Business registration fee 45000

Dance course 630000

General meeting expenses 535160

GMS Inaug 779860

GMS Interview 18260

GMS other

HKUEAA scholarship 7500000

Paper weights 210000

Profession al fee 430000

SO Project 2752750

200812009

20092010 61600

Secretariat sub-committee expe Sec retarial fee

851300

Name card and Companies Reg

Purchase of cake for meeting

Postage and stamps

Brick campaign Graduation pins Promotion (Leaflet) for Membe

Sponsorship

Telephone (30143590) (35735750)

SURPLUS(DEFICIT) FOR THE YEAR $ 5366910 $ (3030250)

The notes on page 9 form an integral part of these financial statements

- 5 shy

HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF FINANCIAL POSITION AS AT 31ST MARCH 2010

----------- ----------------------------~----------~

Notes 2010

HK$

2009

HK$

CURRENT ASSETS

Cash at bank

Cash in hand

Deduct shy

37382397

10000

37392397

309594~871

30959487

CURRENT LIABILITIES

$ 37392397 $ 30959487

Representing shy

MEMBERS FUND 3 9193000 8127000

GENERAL RESERVE FUND 28199397 22832487

$ 37392397 $ 30959487

THE FINANCIAL STATEMENTS SET OUT ON PAGES 5 TO 9 WERE APPROVED AND AUTHORISED FOR ISSUE BY THE BOARD OF EXECUTIVE COMMITTEE ON 11 TH JUNE 2010

President

The notes on page 9 form an integral part of these financial statements

- 6 shy

HK U ENGINEERING ALUMNI ASSOCIA TION LIMITED fA COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF CHANGES IN EQUITY YEAR ENDED 31ST MARCH 2010

Members

Fund HK$

General Reserve

Fund

HK$

Total HK$

Balances as at 31st March 2008 7632000 24445037 32077037

Life membership and entrance fees

Tax refun ded

Deficit for the year Net changes in equ ity

Balances as at 3 I st March 2009

Life membership and entrance fees

Surplus for the year

Net changes in equity

Balances as at 31st March 20 I 0

495000

1417700

(3030250) 495000 (16 12550)

8127000 22832487

1066000

1066000

5366910

5366910

$ 91 93000 $ 28199397 $

495000

1417700

(3030250) (1117550)

30959487

1066000

5366910

6432910

37392397

The notes on page 9 fonn an integral part of these financial statements

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HK U ENGINEERING ALUMNI ASSOCIA TION LIMITED fA COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF CHANGES IN EQUITY YEAR ENDED 31ST MARCH 2010

Members

Fund HK$

General Reserve

Fund

HK$

Total HK$

Balances as at 31st March 2008 7632000 24445037 32077037

Life membership and entrance fees

Tax refun ded

Deficit for the year Net changes in equ ity

Balances as at 3 I st March 2009

Life membership and entrance fees

Surplus for the year

Net changes in equity

Balances as at 31st March 20 I 0

495000

1417700

(3030250) 495000 (16 12550)

8127000 22832487

1066000

1066000

5366910

5366910

$ 91 93000 $ 28199397 $

495000

1417700

(3030250) (1117550)

30959487

1066000

5366910

6432910

37392397

The notes on page 9 fonn an integral part of these financial statements

- 7 shy

HKU ENGINEERING ALUMNI ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2010

2010 HK$

2009 HK$

OPERATrNG ACTIVITIES Surplus(Deficit) before taxation Increase in life membership and entrance fees

5366910 1066000

(3030250) 495000

OPERATrNG CASH rNFLOWI(OUTFLOW) BEFORE WORKING CAPITAL CHANGES 6432910 (2535250)

Decrease in accounts receivable Decrease in accounts payable

270000 (1320)

NET CASH GENERATED FROM(USED rN) OPERATrNG ACTIVITIES 6432910 (2266570)

rNVESTrNG ACTIVITIES Profits tax refunded(paid) 1417700

FrNANCrNG ACTIVITIES

NET rNCREASE(DECREASE) rN CASH AND CASH EQUIV ALENTS 6432910 (848870)

CASH AND CASH EQUIVALENTS AT THE BEGrNNrNG OF YEAR 30959487 31808357

CASH AND CASH EQUIVALENTS AT THE END OF YEAR $ 37392397 $ 30959487

ANALYSIS OF THE BALANCES OF CASH AND CASH EQUIVALENTS

Cash at bank Cash in hand

37382397 10000

30959487

$ 37392397 $ 30959487

The notes on page 9 form an integral part of these financial statements

- 8 shy

HKU ENGINEERING ALUMNI ASSOCIATIONLIMITED (A COMPANY LIMITED BY GURARANTEE WITHOUT A SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS 31ST MARCH 2010

1 LEGAL STATUS The Association is incorporated in Hong Kong as a company limited by guarantee and not having a share capital

2 PRINCIPAL ACCOUNTING POLICIES Revenue recognition Revenue is recognised when it is probable that the economic benefits will flow to the Association and when the revenue can be measured reliably on the following bases shy

(a) Revenue from activitiesfunctions income is recognised when the programmeevent has been concluded during the period and

(b) Revenue from bank interest income is recognised on time proportionate basis

3 MEMBERS FUND

2010 2009 HK$ HK$

Balances brought forward 81 27000 7632000 Membership fee received during the year 1066000 495000

Balances carried forward $ 9193000 $ 81 27000

4 TAXATION No provision for Hong Kong Profits Tax has been made for the current year as the Association is exempt under Section 24(1) of the Inland Revenue Ordinance

- 9 shy

HKU ENGINEERING ALUMNI ASSOCIATIONLIMITED (A COMPANY LIMITED BY GURARANTEE WITHOUT A SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS 31ST MARCH 2010

1 LEGAL STATUS The Association is incorporated in Hong Kong as a company limited by guarantee and not having a share capital

2 PRINCIPAL ACCOUNTING POLICIES Revenue recognition Revenue is recognised when it is probable that the economic benefits will flow to the Association and when the revenue can be measured reliably on the following bases shy

(a) Revenue from activitiesfunctions income is recognised when the programmeevent has been concluded during the period and

(b) Revenue from bank interest income is recognised on time proportionate basis

3 MEMBERS FUND

2010 2009 HK$ HK$

Balances brought forward 81 27000 7632000 Membership fee received during the year 1066000 495000

Balances carried forward $ 9193000 $ 81 27000

4 TAXATION No provision for Hong Kong Profits Tax has been made for the current year as the Association is exempt under Section 24(1) of the Inland Revenue Ordinance

- 9 shy