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 contribute 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 finalised, audited income during 2020, and our predicted income for 2021:
|Ads & content sales||HK$198,983||HK$110,247||HK$271,066||HK$136,084||HK$328,759||HK$92,276|
|Gov’t Covid subsidy||HK$0||HK$216,000||HK$0||HK$0||HK$0||HK$0|
Income: HKFP is predicted to make a monthly loss of up to HK$100K in 2022, but is able to reinvest its previous surplus.
Our current revenue streams:
- Reader contributions: includes one-off & monthly Patron contributions by cheque/transfer, cash, PayPal & card, as well as merch sales profit & shopping referral links.
- Ads & content sales: includes ad income from display ads; Apple News & Facebook ads, Google/YouTube ads, directly purchased rate card ads & content sales [from media outlets, institutions and syndication partners LexisNexis, Dow Jones Factiva & Nordot.]
Surplus recycled: As a non-profit, with no shareholders or investors, HKFP’s surplus was recycled back into the company for use in 2021. As of 2021, HKFP is retaining a HK$1.5m legal defence fund in light of new threats to press freedom.
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 2020, we employed 5-6 full-time staff members and expanded our pool of freelancers. We spent 72% of our income on paying our hard-working staff and freelancers.
HKFP Patrons in 2021: HKFP relies on 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 2022:
- The number of HKFP Patrons rose by 20.4% in 2021, whilst income from Patrons rose almost 16% to HK$204,063. Most Patrons are from Hong Kong, though we also have backers in the US, UK, Australia and China.
- In addition to the above, we receive at least HK$10,000 per month from offline donors who contribute via cheque, transfer/FPS or by coin donation via CoinDragon.
- Patrons are given priority and/or free entry to HKFP events, merch and our Annual Report.
Finalised expenditure for our latest audited year, 2020, & our predicted 2021 spending:
|Full-time staff payroll||HK$1,952,852||HK$1.599m||HK$1.606m||HK$1.499m||HK$1.340m||HK$1.035m|
|Mandatory Provident Fund (pensions)||HK$76,442||HK$72,221||HK$68,123||HK$69,234||HK$66,180||HK$50,942|
|Web & software, newswire, commission||HK$140,992||HK$132,269||HK$80,038||HK$129,543||HK$58,693||HK$33,083|
|Office, sundry, recruitment/training, telecom||HK$198,116||HK$109,289||HK$164,256||HK$110,414||HK$57,565||HK$25,801|
|Meals/drinks for volunteers/staff/sources||HK$18,554||HK$18,324||HK$29,686||HK$14,028||HK$17,106||HK$25,531|
|Legal, professional, registration, audit||HK$35,422||HK$96,505||HK$12,340||HK$7,385||HK$45,231||HK$10,845|
|Travel & insurance||HK$4,069||HK$72,391||HK$50,615||HK$78,067||HK$8,169||HK$8,267|
|Stationery, merch, postage, printing||HK$201,534||HK$208,544||HK$42,311||HK$11,827||HK$686||HK$17,124|
|Bank charges, penalties & exchange losses||HK$3,335||HK$13,752||HK$4,240||HK$1,705||HK$1,170||HK$2,218|
|Freelancer payments & gear||HK$934,621||HK$595,693||HK$289,387||HK$64,400||HK$34,090||HK$0|
|Membership, research/polls, repairs & other||HK$25,070||HK$118,800||–||–||–||–|
Support HKFP into 2022
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.