As a non-profit company, HKFP is externally audited every year. We publish as much information as contractually possible so our readers can understand how we put their donations to use. Our income and expenditure for our latest audited year – 1/1/2016 to 31/12/2016 – was as follows:
|Mandatory Provident Fund (pensions)||HK$50,942|
|Website, newswire text/photo, software||HK$33,083|
|Office, sundry and recruitment expenses||HK$25,801|
|Meals/drinks for volunteers and staff||HK$25,531|
|Legal, professional and audit fees||HK$10,845|
|Merchandise and delivery expenses||HK$10,500|
|Stationery and printing||HK$6,624|
Our balance as of the end of the year was a deficit of HK$45,569.
- In comparison, HKFP ended 2015 with a surplus of HK91,654 after tax.
- We are on target to end 2017 with a surplus.
- As a non-profit, any surplus is recycled back into the company.
- HKFP is run as efficiently and prudently as possible, in order to maximise the impact of our donors’ generosity. We make savings by partnering with other media outlets, using free software wherever possible and making full use of automation to save on labour costs. In 2016, we also enjoyed free rent at our office courtesy of D100 Radio.
- During 2016, HKFP employed 5-6 full-time staff members.
86% of all spending goes directly towards supporting our hard-working 24/7 news team
- Our income streams in 2016 included: Donations, Google/YouTube display ads; directly purchased rate card ads; events; content sales; and merchandise sales.
- Our expenses in 2016 included: AFP news wire service; accountancy costs; reporting equipment; audit and tax services; company secretarial services; accountancy and security software; Google Suite tools; web hosting and domains; employee insurance; travel and transport; postage/stationery; and meals/drinks for staff and volunteers.
- HKFP will shift towards a monthly donor model after our 2018 annual fundraiser. As of the end of 2017, we already have a total of 99 HKFP Patrons. We need around 500 patrons in order to become fully self-sustaining.
- Through Fringebacker/PayPal, 59 monthly donors give an average of HK$268 – totaling HK$13,535/month. Through our self-hosted Stripe payment system, we have 40 patrons giving an average of HK$152 – totalling HK$6,232/month.
- We receive HK$19,767 from patrons each month, excluding those who donate by cheque/transfer. Donors are overwhelmingly from Hong Kong, though we also have backers in the US, UK, Australia and China.