Hong Kong Free Press Editorial: Our new Transparency Report

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. 

Income for our latest audited year – 1/1/2018 to 31/12/2018 – was as follows:



Income
2018
2017
2016


All donations
HK$2,463,408
HK$1,769,760
HK$1,063,125


Ads & content sales
HK$136,084
HK$328,759
HK$92,276


Events
HK$24,390
HK$0
HK$8,352


Bank interest
HK$21
HK$1
HK$12


Total:
HK$2,623,903
HK$2,098,520
HK$1,163,765




Our 2018-2020 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 1.97 Bitcoin, as of 2020.
Ads & content sales: includes income from Google/YouTube display ads; Apple News & Facebook ads, directly purchased rate card ads & content sales [from media outlets, institutions and Dow Jones Factiva/Nordot re-syndication].

HKFP Patrons: 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 guarantees our independence. Our monthly income as of January 2020 :


The number of HKFP Patrons rose by 539% in 2019, and our monthly income from Patrons rose by 358%.
Patrons are overwhelmingly 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 [US$1,276] 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, merchandise and a hard copy of our Annual Report. We aim to surpass 1,000 patrons in 2020.


Expenditure for our latest audited year – 1/1/2018 to 31/12/2018 – was as follows:

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 teamwork and automation to save on labour costs.
During 2018, we employed 4-5 full-time staff members and several freelancers.




Expenditure
2018
2017
2016


Full-time staff payroll
HK$1,499,071
HK$1,340,230
HK$1,035,523


Mandatory Provident Fund (pensions)
HK$69,234
HK$66,180
HK$50,942


Website, newswire text/photo, software
HK$129,543
HK$58,693
HK$33,083


Office, sundry, recruitment/training, telecom
HK$110,414
HK$57,565
HK$25,801


Meals/drinks for volunteers & staff
HK$14,028
HK$17,106
HK$25,531


Legal, professional, registration, audit fees
HK$7,385
HK$45,231
HK$10,845


Travel & insurance
HK$78,067
HK$8,169
HK$8,267


Stationery/merch, postage, printing
HK$11,827
HK$686
HK$17,124


Bank charges & exchange losses
HK$1,705
HK$1,170
HK$2,218


Freelancer payments & gear
HK$64,400
HK$34,090
HK$0


Tax
HK$29,816
HK$13,343
HK$0


Advertising
HK$34,371
HK$10,261
HK$0


Total:
HK$ 2,049,861
HK$1,652,724
HK$1,209,334





As a non-profit, with no shareholders or investors, HKFP’s surplus was recycled back into the company in 2019.
73% of all spending goes directly towards supporting our hard-working full-time news team.


In 2019, HKFP went through a legal examination to be recognised as the equivalent of a US charity. Hong Kong law does not allow media outlets to register as tax-exempt charities, thus HKFP is a limited by guarantee company – a non-profit, answerable to readers not shareholders.

As of January, 2020, we are now certified by NGO Source.  Whilst this does not mean we are tax-exempt, it can be of some assurance to donors and grant-making bodies that we meet the same standards of a US public charity in terms of our structure, accountability and governance.

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.  HK$ Donation Amount: Choose Your Donation Amount: HK$88 HK$100 HK$150 HK$200 HK$250 HK$500 HK$888 HK$1000 HK$2500 HK$5000 HK$10000 HK$20000 HK$50000 Give any amount Make this donation monthly Contribute to HKFP
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The post Hong Kong Free Press Editorial: Our new Transparency Report appeared first on Hong Kong Free Press HKFP . Author: Hong Kong Free Press .

2020-01-25 | HKFP Editorials, Hong Kong, Hong Kong Free Press | English |