Page 112 - Urban Renewal Authority 2023-24 Annual Report
P. 112
REPORT OF THE MEMBERS OF THE BOARD
The members of the Board submit their report together with the audited financial statements for the year ended
31 March 2024.
BOARD MEMBERS
Members of the Board for the year and up to the date of this report are set out on page 94.
PRINCIPAL ACTIVITIES
The principal activities of the Urban Renewal Authority (the “Authority”) and its subsidiaries (together, the
“Group”) have been to promote urban renewal in Hong Kong by way of redevelopment, rehabilitation,
retrofitting, preservation and revitalisation. As a result of the Urban Renewal Strategy promulgated on
24 February 2011, the Group is to focus on redevelopment and rehabilitation as its core business.
CONSOLIDATED FINANCIAL STATEMENTS
The results of the Group for the year ended 31 March 2024 and the financial position of the Group and of the
Authority at that date are set out in the consolidated financial statements on pages 114 to 161.
PROPERTY, PLANT AND EQUIPMENT
Movements in property, plant and equipment during the year are set out in Note 8 to the consolidated financial
statements.
WORKING CAPITAL
At 31 March 2024, the working capital of the Group was mainly financed by the Government’s equity injection,
accumulated surplus and debt securities issued.
BOARD MEMBERS’ INTERESTS IN TRANSACTIONS, ARRANGEMENTS
OR CONTRACTS AND RIGHTS OF ACQUISITION OF SHARES
No contract of significance, to which the Authority or any of its subsidiaries was a party and in which a member
of the Board had a material interest, subsisted at the end of the year or at any time during the year other than
Note 21 to the consolidated financial statements.
At no time during the year was the Authority or any of its subsidiaries a party to any arrangement to enable the
members of the Board to acquire benefits by means of the acquisition of shares in or debentures of any body
corporate.
AUDITOR
The financial statements have been audited by KPMG who retire and, being eligible, offer themselves for re-
appointment.
By order of the Board
CHOW Chung-kong
Chairman
Hong Kong, 13 June 2024
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