Hong Kong Free Press Transparency Report 2020-21

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.

Income:

Our finalised, audited income during 2020, and our predicted income for 2021:

Income	2021*	2020	2019	2018	2017	2016
Reader contributors	HK$4,164,565	HK$6,357,972**	HK$6,056,859**	HK$2,463,408	HK$1,769,760	HK$1,063,125
Ads & content sales	HK$198,983	HK$110,247	HK$271,066	HK$136,084	HK$328,759	HK$92,276
Events	HK$0	HK$0	HK$263,361	HK$24,390	HK$0	HK$8,352
Bank interest	HK$25	HK$10	HK$226	HK$21	HK$1	HK$12
Gov’t Covid subsidy	HK$0	HK$216,000	HK$0	HK$0	HK$0	HK$0
Total:	HK$4,340,489†	HK$6,697,010	HK$6,591,512	HK$2,623,903	HK$2,098,520	HK$1,163,765

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.

Spending:

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:

Expenditure	2021*	2020	2019	2018	2017	2016
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
Tax	HK$52,304	HK$408,496	HK$509,211	HK$29,816	HK$13,343	HK$0
Advertising	HK$78,745	HK$6,914	HK$36,597	HK$34,371	HK$10,261	HK$0
Membership, research/polls, repairs & other	HK$25,070	HK$118,800	–	–	–	–
Total:	HK$3.79m†	HK$3.04m*	HK$2.89m*	HK$2.04m	HK$1.65m	HK$1.20m

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.