World Vision Hong Kong expresses its heartfelt thanks to all donors for their trust and support. In the Financial Year of 2022, we received over HK$600 million and helped the needy across 36 countries. To ensure that every cent is well accounted for, we continue to keep costs at the minimum. During this past year, 3.1% and 4.7% of our total income was spent on administration and fundraising, while 90.4% was allocated to global relief and community development programmes, and reserves, and 1.8% was used for public education.
To help you understand how donations are effectively and efficiently used, we have prepared and made available the Financial Highlights of 2022, Corporate Governance and Frequently Asked Questions on our use of funds. We hope that by increasing our transparency, you will join hands with us in helping more needy children and families in developing countries.
Remarks: Certain of these financial highlights are extracted from World Vision Hong Kong's financial statements for the year ended 30 September 2022, which have been audited by the Organisation’s independent auditor, KPMG. Full set of the audited financial statements are available for public access on the Organisation's website, www.worldvision.org.hk/en. The auditor's report was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its report; and did not contain a statement under sections 406(2), 407(2) or (3) of the Hong Kong Companies Ordinance.
For a full set of audited financial statements, please download here.
World Vision Hong Kong (WVHK) is a member of World Vision International (WVI), which operates as a federal partnership. Through the Covenant of Partnership, WVHK agrees to align with WVI policies, standards and core documents that bind the Partnership together, with adaptations to the local context and supplemented by our own policies. Mutual accountability is enabled by regular peer reviews that evaluate the above alignment.
As a company incorporated with limited liability in Hong Kong, WVHK holds the tax exemption status granted under section 88 of the Inland Revenue Ordinance. Our local Board comprising 12 independent, unremunerated, non-executive Directors is committed to maintain sound governance. Important governance work is carried out by its 5 Committees: Audit & Risk Committee, Governance Committee, Strategy Committee, Human Resources & Administration Committee and Executive Committee.
WVHK is committed to ensuring the proper and effective use of fund entrusted by donors. All projects are appraised, managed and monitored according to standard policies and procedures. Expenditures are carefully managed by strict cost control policies and audits. We provide Annual Report to our donors while the audited financial statements are also available on our website for access.
For the Financial Year 2022, 3.1% was spent on administration, 4.7% on fundraising, while 90.4% was allocated to global relief and community development programmes, and reserves, and 1.8% was used for public education.
WVI has internal governance mechanisms monitoring the implementation of controls and risk management practices by project offices, providing feedback loops or escalating compliance issues or risk as appropriate. It also issues annual report for public access.
WVHK’s risk management framework aligns with that of WVI. Key risks are identified annually, analysed, evaluated and treated in a proactive manner. We manage risks systematically according to our risk management policy approved by the Board of Directors and in response to changes within the internal and external environment. The Board has delegated regular scrutiny of risk management to the Audit & Risk Committee comprising Board Members Mr. Edmond Chan (as Committee Chair), Mr. Daniel Lo, Rev. Benjamin Yeung and Ms. Eirene Yeung.
WVI has a Global Internal Audit (GIA) function to regularly provide audit and assurance on its worldwide operations, including those to which WVHK provides funding. It aims at ensuring ministry quality and the proper use of funds, and that internal monitoring mechanisms are adequate and effective. GIA also monitors and reports quarterly on the remediation of audit findings.
Meanwhile, WVHK’s local internal audit function independently evaluates and improves the effectiveness of our risk management, internal controls and governance processes. It reports to the Audit & Risk Committee which meets at least twice a year to provide risk management oversight, monitor the use of funds, evaluate internal control system, review financial statements and appoint external auditors.
In the Financial Year 2022, KPMG was appointed as the statutory auditors of WVHK to perform audit of its annual financial statements. Various fundraising activities and relief projects funded by government grants were also audited by other external auditors as required by the HKSAR Government.
World Vision Hong Kong is committed to ensuring the proper and effective use of fund entrusted by donors. All projects are appraised, managed and monitored according to standard policies and procedures. Expenditures are carefully managed by strict cost control policies and audits. We provide Annual Report to our donors while the audited financial statements are also available on our website for access.
Being or becoming a Christian is never a prerequisite for receiving help. World Vision is committed to helping the needy in developing countries, regardless of religion, race, ethnicity or gender.