As Hong Kong’s most transparent news outlet, HKFP is externally audited annually. With have no shareholders, and we do not answer to any business tycoon, mainland Chinese conglomerate or media mogul. HKFP is run by journalists and is a non-profit – we are answerable only to ourselves and our readers.
In 2022, our expansion led to rising costs, though our support base also shrank by around 10%, potentially related to the population exodus and waning interest in Hong Kong news. We invite our readers and supporters to examine our income and spending over the past year, as we look to return to sustainability in 2023. Check out our full Annual Report here.
HKFP Patrons in 2022: HKFP relies on a membership model. Small amounts of income from a large pool of Patrons help support our team, sustain our operations, and guarantee our newsroom’s independence and longevity. Our monthly income as of January 2023:
- The number of HKFP Patrons declined by about 10% in 2022 to 946, after rising by a fifth the year before. Income from Patrons also declined by around 10% to HK$183,350.
- 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, and help keep the site free-to-access for those who cannot afford to contribute.
HKFP is predicted to make a loss of up to HK$500K in 2023. Though we are able to reinvest our previous surplus, we will need to work on a return to sustainability and halt the fall in HKFP Patrons.
Our finalised, audited income during 2021, and our predicted income for 2022:
| Income | 2022* | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Direct contributions | HK$3,886,984 | HK$4,497,890 | HK$6,357,972 | HK$6,056,859 | HK$2,463,408 | HK$1,769,760 | HK$1,063,125 |
| Ads & content sales | HK$194,862 | HK$143,695 | HK$110,247 | HK$271,066 | HK$136,084 | HK$328,759 | HK$92,276 |
| Events | HK$0 | HK$0 | HK$0 | HK$263,361 | HK$24,390 | HK$0 | HK$8,352 |
| Bank interest, insurance claim | HK$0 | HK$3,932 | HK$10 | HK$226 | HK$21 | HK$1 | HK$12 |
| Gov’t Covid subsidy | HK$41,600 | HK$0 | HK$216,000 | HK$0 | HK$0 | HK$0 | HK$0 |
| Total: | HK$4,121,445 | HK$4,645,517 | HK$6,697,010 | HK$6,591,512 | HK$2,623,903 | HK$2,098,520 | HK$1,163,765 |
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, ProQuest, Dow Jones Factiva & Nordot.]
Surplus recycled: As a non-profit, with no shareholders or investors, any surplus is recycled back into the company for use in the following year. As of 2021, HKFP is also retaining a HK$1.5m legal defence fund in light of new challenges 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/tools and making full use of teamwork and automation to save on costs.
| 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 |
| 2020 total surplus: | HK$3,245,356 |
| 2021 total surplus: | HK$783,164 |
| 2022 predicted deficit: | -HK$777,330 |
Finalised expenditure for our latest audited year, 2021, & our predicted 2022 spending:
| Expenditure | 2022* | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Full-time staff payroll | HK$3,602,258 | HK$1,952,853 | HK$1.599m | HK$1.606m | HK$1.499m | HK$1.340m | HK$1.035m |
| Mandatory Provident Fund (pensions) | HK$130,661 | HK$76,662 | HK$72,221 | HK$68,123 | HK$69,234 | HK$66,180 | HK$50,942 |
| Web & software, newswire, commission | HK$228,462 | HK$138,532 | HK$132,269 | HK$80,038 | HK$129,543 | HK$58,693 | HK$33,083 |
| Office, sundry, recruitment/training, telecom | HK$460,375 | HK$273,244 | HK$109,289 | HK$164,256 | HK$110,414 | HK$57,565 | HK$25,801 |
| Meals/drinks for volunteers/staff/sources | HK$20,280 | HK$25,178 | HK$18,324 | HK$29,686 | HK$14,028 | HK$17,106 | HK$25,531 |
| Legal, professional, registration, audit | HK$82,143 | HK$37,365 | HK$96,505 | HK$12,340 | HK$7,385 | HK$45,231 | HK$10,845 |
| Travel & insurance | HK$134,722 | HK$67,513 | HK$72,391 | HK$50,615 | HK$78,067 | HK$8,169 | HK$8,267 |
| Stationery, merch, postage, printing | HK$30,518 | HK$207,392 | HK$208,544 | HK$42,311 | HK$11,827 | HK$686 | HK$17,124 |
| Bank charges, penalties & exchange losses | HK$2,940 | HK$4,232 | HK$13,752 | HK$4,240 | HK$1,705 | HK$1,170 | HK$2,218 |
| Freelancer payments & gear | HK$162,852 | HK$936,072 | HK$595,693 | HK$289,387 | HK$64,400 | HK$34,090 | HK$0 |
| Tax | TBC | HK$59,518 | HK$408,496 | HK$509,211 | HK$29,816 | HK$13,343 | HK$0 |
| Advertising | HK$37,527 | HK$78,745 | HK$6,914 | HK$36,597 | HK$34,371 | HK$10,261 | HK$0 |
| Membership, research/polls, repairs & other | HK$7,901 | HK$5,060 | HK$118,800 | – | – | – | – |
| Total: | HK$4,900,639 | HK$3.74m | HK$3.04m | HK$2.89m* | HK$2.04m | HK$1.65m | HK$1.20m |
To view our full audits, click here.
Support HKFP into 2023
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.
Donate online via card, PayPal, direct transfer to our HSBC account or via FPS:
One-off or monthly contributions can be made with your Visa, Mastercard, or Apple Pay/Google Pay via Stripe on our website: support.hongkongfp.com.
Donate by cheque
Cheques of amounts up to HK$50,000 may be made payable to Hong Kong Free Press Limited and posted – along with your full name and address to: HKFP, The Hive Kennedy Town, 6/F, Cheung Hing Industrial Building, 12P Smithfield Road, Kennedy Town, Hong Kong. [Contributions are confidential – a paper-trail is required for our internal accountancy records.]
Donate via HSBC PayMe
Scan our QR code to make an HSBC PayMe digital payment. Please include your full name and email address so we may accept your contribution.
Donate spare coins
Hoarding a jar of coins? Donate spare change at Coin Dragon machines around the city.
Buy HKFP merchandise
Show your support for press freedom with our range of HKFP merchandise. Made in Hong Kong, designed by artist Badiucao.
Donate gear or sponsor our operations
We welcome contributions of new computer or audio-visual equipment. We also welcome sponsorship of our ongoing operational costs – please get in touch if you can support us.
Buy HKFP merchandise
Show your support for press freedom with our range of HKFP merchandise. Made in Hong Kong, designed by artist Badiucao.
Advertise with us
Support us and promote your business or cause at the same time. Request our rate card and consider our affordable range of digital marketing solutions.
