We are proud to be Hong Kong’s most transparent news outlet and, as a non-profit company, HKFP is externally audited every year. Be assured that, when you donate to HKFP, every cent is put to careful use and goes directly towards frontline journalism and original reporting. Download a copy of our latest Annual Report.
Our expenditure for our latest audited year – 1/1/2019 to 31/12/2019 – was as follows:
|Full-time staff payroll||HK$1,606,352||HK$1,499,071||HK$1,340,230||HK$1,035,523|
|Mandatory Provident Fund (pensions)||HK$68,123||HK$69,234||HK$66,180||HK$50,942|
|Website, newswire text/photo, software||HK$80,038||HK$129,543||HK$58,693||HK$33,083|
|Office, sundry, recruitment/training, telecom||HK$164,256||HK$110,414||HK$57,565||HK$25,801|
|Meals/drinks for volunteers & staff||HK$29,686||HK$14,028||HK$17,106||HK$25,531|
|Legal, professional, registration, audit fees||HK$12,340||HK$7,385||HK$45,231||HK$10,845|
|Travel & insurance||HK$50,615||HK$78,067||HK$8,169||HK$8,267|
|Stationery/merch, postage, printing||HK$42,311||HK$11,827||HK$686||HK$17,124|
|Bank charges & exchange losses||HK$4,240||HK$1,705||HK$1,170||HK$2,218|
|Freelancer payments & gear||HK$289,387||HK$64,400||HK$34,090||HK$0|
Our income during 2019 – our latest audited year – was as follows:
|Ads & content sales||HK$271,066||HK$136,084||HK$328,759||HK$92,276|
Our current revenue streams:
- All donations: includes one-off & monthly Patron contributions by cheque/transfer, cash PayPal & card, as well as merch sales profit & shopping referral links. HKFP also retains 2.51 Bitcoin, as of 2020.
- Ads & content sales: includes ad income from display ads; Apple News & Facebook ads, directly purchased rate card ads & content sales [from media outlets, institutions and syndication partner LexisNexis, Dow Jones Factiva & Nordot.
Surplus carried forward:
|2015 total surplus:||HK$91,654|
|2016 total deficit:||-HK$45,569|
|2017 total surplus:||HK$445,796|
|2018 total surplus:||HK$574,042|
|2019 total surplus:||HK$3,698,358|
- Surplus recycled: As a non-profit, with no shareholders or investors, HKFP’s surplus was recycled back into the company for use in 2020. As of 2021, HKFP is retaining a HK$1.5m legal defence fund in light of the national security law and new threats to press freedom – we will also see greater costs owing to a recruitment drive and move to a private, secure office.
- Efficiency: 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 and making full use of teamwork and automation to save on costs.
- Staffing: During 2019, we employed 4-5 full-time staff members and expanded our pool of freelancers to cover the city-wide protests and unrest. Before tax, we spent 82% of donations on paying our hard-working staff and freelancers.
HKFP Patrons in 2020: HKFP has shifted towards a membership model. Small amounts of income from a large pool of Patrons helps support our team, sustain our operations with more security, and guarantee our independence. Our monthly income as of January 2021:
- The number of HKFP Patrons rose by 10% in 2020, whilst income from Patrons rose 16% to HK$172,966. Most Patrons are from Hong Kong, though we also have backers in the US, UK, Australia and China. Growth has slowed since the 539% increase in Patrons we saw in 2019, but income is steady.
- In addition to the above, we receive at least HK$10,000 per month from donors who contribute via cheque, transfer or by coin donation via CoinDragon.
- Patrons are given priority and/or free entry to HKFP events, merch and our Annual Report.
Support HKFP into 2021
Not-for-profit, run by journalists and completely independent, the HKFP team relies on readers to keep us going and to help safeguard press freedom.