ZO Future Group - Annual Report 2021

==> picture [174 x 173] intentionally omitted <==

==> picture [71 x 112] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) (Stock Code 股份代號 : 2309)

CORPORATE INFORMATION ABBREVIATIONS CHAIRMAN’S STATEMENT MANAGEMENT DISCUSSION AND ANALYSIS BIOGRAPHICAL DETAILS OF DIRECTORS REPORT OF THE DIRECTORS CORPORATE GOVERNANCE REPORT INDEPENDENT AUDITOR’S REPORT

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONSOLIDATED STATEMENT OF CASH FLOWS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FIVE-YEAR FINANCIAL SUMMARY SCHEDULE OF PRINCIPAL PROPERTIES

公司資料	2
簡稱	4
主席報告	5
管理層討論及分析	8
董事履歷	24
董事會報告	28
企業管治報告	46
獨立核數師報告	62
綜合損益及其他全面收益表	68
綜合財務狀況表	70
綜合權益變動表	72
綜合現金流量表	73
綜合財務報表附註	76
五年財務概要	166
主要物業附表	167

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

CORPORATE INFORMATION

BOARD OF DIRECTORS

Executive Directors

Mr. Zhao Wenqing (Chairman) Mr. Huang Dongfeng (Chief Executive Officer)

Mr. Yiu Chun Kong Mr. Hsiao Charng Geng

Dr. Guo Honglin

Non-executive Director

Mr. Sue Ka Lok

Independent Non-executive Directors

Mr. Pun Chi Ping Ms. Leung Pik Har, Christine Mr. Yeung Chi Tat

COMPANY SECRETARY

Mr. Yam Pui Hung, Robert

AUDIT COMMITTEE

Mr. Yeung Chi Tat (Chairman) Mr. Pun Chi Ping Ms. Leung Pik Har, Christine

REMUNERATION COMMITTEE

Mr. Pun Chi Ping (Chairman) Ms. Leung Pik Har, Christine Mr. Yeung Chi Tat

NOMINATION COMMITTEE

Ms. Leung Pik Har, Christine (Chairlady) Mr. Pun Chi Ping Mr. Yeung Chi Tat

PRINCIPAL PLACE OF BUSINESS IN HONG KONG

31/F., Vertical Sq, No. 28 Heung Yip Road, Wong Chuk Hang, Hong Kong

REGISTERED OFFICE

4th Floor, Harbour Place, 103 South Church Street, George Town, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands

==> picture [104 x 101] intentionally omitted <==

公司資料

董事會

執行董事

趙文清先生（主席）黃東風先生（行政總裁）姚震港先生蕭長庚先生郭洪林博士

非執行董事

蘇家樂先生

獨立非執行董事

潘治平先生梁碧霞女士楊志達先生

公司秘書

任佩雄先生

審核委員會

楊志達先生（主席）潘治平先生梁碧霞女士

薪酬委員會

潘治平先生（主席）梁碧霞女士楊志達先生

提名委員會

梁碧霞女士（主席）潘治平先生楊志達先生

香港主要營業地點

香港黃竹坑香葉道28號嘉尚匯31樓

註冊辦事處

4th Floor, Harbour Place, 103 South Church Street, George Town, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

CORPORATE INFORMATION

(Continued)

SHARE REGISTRARS

Principal share registrar and transfer office

Harneys Fiduciary (Cayman) Limited 4th Floor, Harbour Place, 103 South Church Street, George Town, P. O. Box 10240, Grand Cayman KY1-1002, Cayman Islands

Hong Kong branch share registrar and transfer office

Tricor Tengis Limited Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong

AUDITOR

ZHONGHUI ANDA CPA Limited Certified Public Accountants

LEGAL ADVISERS

As to Hong Kong law

Loeb & Loeb LLP

As to Cayman Islands law

Harney Westwood & Riegels

PRINCIPAL BANKERS

Bank of Communications Co., Ltd., Hong Kong Branch Bank of Communications (Hong Kong) Limited HSBC UK Bank Plc

STOCK CODE

The Stock Exchange of Hong Kong Limited: 2309

COMPANY WEBSITE

www.bshl.com.hk

公司資料

（續）

股份登記處

股份過戶登記總處

Harneys Fiduciary (Cayman) Limited 4th Floor, Harbour Place, 103 South Church Street, George Town, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands

香港股份過戶登記分處

卓佳登捷時有限公司香港皇后大道東183號合和中心54樓

核數師

中匯安達會計師事務所有限公司執業會計師

法律顧問

有關香港法律

樂博律師事務所有限法律責任合夥

有關開曼群島法律

衡力斯律師事務所

主要往來銀行

交通銀行股份有限公司香港分行交通銀行（香港）有限公司英國匯豐銀行

股份代號

香港聯合交易所有限公司：2309

公司網站

www.bshl.com.hk

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

ABBREVIATIONS

簡稱

In this annual report, the following abbreviations have the following meanings unless otherwise specified: 於本年報內，除文義另有所指外，下列簡稱具有以下涵義：

“BCFC” or “Club” Birmingham City Football Club PLC, the principal subsidiary of the Group 「BCFC」或「球會」 Birmingham City Football Club PLC，本集團之主要附屬公司 “Board” the Board of Directors of the Company 「董事會」本公司之董事會 “Cambodia” the Kingdom of Cambodia 「柬埔寨」柬埔寨王國 “Company” Birmingham Sports Holdings Limited 「本公司」伯明翰體育控股有限公司 “Director(s)” the director(s) of the Company 「董事」本公司之董事 “Group” the Company and its subsidiaries 「本集團」本公司及其附屬公司 “Hong Kong” the Hong Kong Special Administrative Region of the PRC 「香港」中國香港特別行政區

“Hong Kong Companies Ordinance” Companies Ordinance (Chapter 622 of the Laws of Hong Kong) 「香港公司條例」香港法例第622章《公司條例》 “Listing Rules” the Rules Governing the Listing of Securities on the Stock Exchange 「上市規則」聯交所證券上市規則 “PRC” or “China” the People’s Republic of China 「中國」中華人民共和國 “SFO” the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) 「證券及期貨條例」香港法例第571章《證券及期貨條例》

“Share(s)” 「股份」

“Shareholder(s)” 「股東」

ordinary share(s) of HK$0.01 each in the share capital of the Company 本公司股本中每股面值0.01港元之普通股 the holder(s) of the Shares 股份之持有人

“Stock Exchange”

「聯交所」

The Stock Exchange of Hong Kong Limited 香港聯合交易所有限公司

“UK” the United Kingdom of Great Britain and Northern Ireland 「英國」大不列顛及北愛爾蘭聯合王國

==> picture [104 x 101] intentionally omitted <==

----- Start of picture text -----

「英國」
----- End of picture text -----

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

CHAIRMAN’S STATEMENT

I am pleased to take this opportunity to present to the Shareholders the annual report of the Group for the year ended 30 June 2021.

PERFORMANCE AND RESULTS

The Group’s revenue for the year ended 30 June 2021 was approximately HK$165.0 million (2020: approximately HK$231.5 million), representing a decrease of approximately 28.7% as compared with the corresponding period in the previous year. The loss attributable to owners of the Company for the year ended 30 June 2021 was approximately HK$74.2 million (2020: approximately HK$260.5 million).

BUSINESS PROSPECT AND LOOKING FORWARD

During the year ended 30 June 2021, the Group in principal engaged in four business segments, namely (i) operation of a professional football club in the UK; (ii) investment in properties; (iii) provision of lottery system and online payment system service solutions (“System Service Solutions”); and (iv) healthcare and medical related business.

(i) Football club

Following a finish at the 20th position in the English Football League Championship Division for the season 2019/20, the Club continued to play in the highly competitive Championship Division in the season 2020/21. It was the 10th season in which the Club was playing in the Championship Division and was finished at the 18th position. The results of the Club were far from management’s expectation in recent years. During the year under review, the Group disposed of approximately 21.64% of the Club and all its interests in the football stadium. After the disposals, the Group continues to maintain 75% interests in the Club and can consolidate its resources and focus on improving the overall game play performance of the Club. The Group will continue to provide support to the Club with an aim to achieve better ranking in the league in the season 2021/22.

主席報告

本人藉此機會欣然向股東呈報本集團截至 2021年6月30日止年度之年報。

表現及業績

本集團於截至 2021 年 6 月 30 日止年度錄得收益約165,000,000港元（ 2020年：約 231,500,000港元），較去年同期減少約 28.7%。截至2021年6月30日止年度之本公司擁有人應佔虧損為約74,200,000港元（2020年：約260,500,000港元）。

業務前景及未來展望

於截至2021年6月30日止年度期間，本集團主要從事四項可呈報業務分部，分別為(i)於英國經營職業足球球會；(ii)物業投資；(iii)提供彩票系統及在線付款系統解決方案（「系統服務解決方案」）；及(iv)保健及醫療相關業務。

(i) 足球球會

繼以第20位完成英格蘭冠軍足球聯賽 2019/20賽季後，球會繼續於2020/21 賽季在競爭激烈之冠軍聯賽組別參賽。這已是球會第10個賽季於冠軍聯賽參賽，並以第18位完成賽季。於近年，球會之成績遠遜於管理層之預期。於回顧年度內，本集團出售球會之約21.64% 權益及其於足球場之全部權益。於出售後，本集團繼續持有球會之75%權益，並可整合資源及致力改善球會之整體比賽表現。本集團將繼續為球會提供支援，務求於2021/22賽季取得更佳之聯賽排名。

==> picture [455 x 200] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

主席報告 （續）

==> picture [63 x 63] intentionally omitted <==

CHAIRMAN’S STATEMENT (Continued)

BUSINESS PROSPECT AND LOOKING FORWARD (Continued)

(ii) Investment in properties

The Group has invested in certain residential and commercial properties in Phnom Penh, Cambodia. The investment of properties secured a stable stream of income for the Group. Though the real estate market in Phnom Penh was adversely impacted by the outbreak of the novel coronavirus (COVID-19) pandemic (the “Outbreak”), the management is optimistic to upcoming recovery in local economy and believes the longterm appreciation in value of the investment properties can bring values to the Company and the Shareholders as a whole. The management will continue to explore investment potential opportunities in properties-related business segment.

(iii) Provision of System Service Solutions

The Group acquired this System Service Solutions business in 2019 with an aim to promote such business in PRC and South East Asia countries. However, the slowdown of business activities around the world caused by the Outbreak adversely affects the growth of the business segment. The performance of the business failed to meet the target of the Group. In June 2021, the Board has decided to cease the business and disposed of the operating units to an independent third party. After the disposal, the Group will focus on the promotion and development of its other business segments.

業務前景及未來展望 （續）

(ii) 物業投資

本集團已投資柬埔寨金邊之若干住宅及商用物業。物業投資為本集團帶來穩定之收入來源。儘管金邊之房地產市場受到爆發新型冠狀病毒(COVID-19)疫情（「疫情」）之不利影響，管理層對當地經濟即將復甦持樂觀態度，並相信投資物業之長遠升值整體而言可為本公司及股東帶來價值。管理層將繼續探索物業相關業務分部之潛在投資機會。

(iii) 提供系統服務解決方案

本集團於2019年收購此系統服務解決方案業務，旨在於中國及東南亞國家推廣此業務。然而，疫情導致全球業務活動放緩，對業務分部之增長造成不利影響。業務表現未能達到本集團之目標。於2021年6月，董事會決定停止業務並出售業務單位予獨立第三方。於出售後，本集團將專注於其他業務分部之推廣及發展。

==> picture [455 x 313] intentionally omitted <==

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

CHAIRMAN’S STATEMENT

(Continued)

BUSINESS PROSPECT AND LOOKING FORWARD (Continued)

(iv) Healthcare and medical related business

During the year under review, the Group acquired a medical service group in Japan. The medical service group principally comprises the provision of medical consultation and healthcare and wellness referral related services in Japan. With the impact of China’s growing aging population becoming more pronounced and the proportion of middle-class families in China increases, the market demand for high-end medical products and services will set to arise. The Group believes that there is enormous potential for future growth in the medical services market. The management is keen on gradually building a new medical service segment in the future based on medical industry resources, supported by high-end medical services, and with its own technologies and talents as the core, and bring favourable returns to the Shareholders with reputable business.

Since early 2020, the Outbreak has created significant disruption and uncertainty to the business operations and livelihood of people throughout the world. The Outbreak has resulted in government authorities implementing various precaution measures, including travel restrictions, quarantines, lock-down orders, business limitations and shutdowns. These measures have negatively impacted business activities generally, and have significantly contributed to deteriorating macroeconomic conditions. The Outbreak has had a negative impact on our businesses during the year ended 30 June 2021.

Looking forward to 2021/22, it is expected that the Outbreak will continue to pose a major challenge to the global economy as the emergence of the coronavirus variants and the new wave of Outbreak in some countries may add new uncertainties to the pandemic and its impact to the world economy. With rapid implementation of contingency measures and the availability of vaccines, it is hoped that the Outbreak will in due course cease to be a significant health risk. The Group will review the situation and adopt flexible, effective countermeasures as needed. On the basis of protecting the physical and mental health of all employees, the Group will strive to maintain stable work and operation so as to attend to both smooth operation and epidemic prevention.

The management will continue to look for investment opportunities in around the world so as to expand the development portfolio of the Group in the future. In this regard, investment opportunities which offer satisfactory returns to the Shareholders within the acceptable risk profile of the Group and expected return will be considered. As a result, the Group will strive to identify suitable projects with potential for development and satisfactory returns across various sectors.

APPRECIATION

On behalf of the Board, I would like to take this opportunity to thank all Shareholders, investors, bankers and business partners for their continuing trust and support. I would also like to express my sincerest gratitude to my fellow Directors, the management team and all staff members for their strenuous efforts and contribution during the past year.

主席報告 （續）

業務前景及未來展望（續）

(iv) 保健及醫療相關業務

於回顧年度期間，本集團收購於日本之醫療服務集團。醫療服務集團主要包括於日本提供醫療諮詢以及保健及健康轉介相關服務。隨著中國人口日益老化之影響越趨明顯，加上中國之中產階級家庭比例增加，市場對高端醫療產品及服務之需求將會上升。本集團認為，醫療服務市場之未來增長潛力龐大。管理層目標致力在未來逐步建立一個全新以醫療產業資源為基礎、高端醫療服務為支持、自有技術及人才為核心的醫療服務板塊，打造信譽良好之業務，為股東帶來可觀回報。

自2020年初起，爆發疫情令全球業務經營及市民生計遭受重大阻礙及不確定因素。政府當局已就疫情實施旅遊限制、隔離檢疫、封鎖令、營業限制及停業等防範措施。該等措施整體上對業務活動造成負面影響，並很大程度引致宏觀經濟環境低迷。於截至2021年 6月30日止年度，疫情對我們的業務造成負面影響。

展望2021/22年，因出現變種新冠病毒及部份國家爆發新一波疫情而增加疫情及對世界經濟影響的不確定性，預計疫情將繼續對全球經濟構成重大挑戰。隨著即時實施應急措施及疫苗普及化，日後有望疫情不再成為重大健康風險。本集團將檢討有關情況，並適時採取靈活有效對策。在保障全體僱員身心健康的基礎上，本集團將致力維持穩定工作及營運，以確保運作順暢及做好防疫工作。

管理層將於日後繼續尋求環球投資機遇，以擴大本集團投資發展項目組合。就此，本集團將在可承受風險及預期回報範圍內尋求可為股東帶來理想回報之投資機會。因此，本集團將致力在不同的領域尋找具發展潛力及理想回報的合適項目。

致謝

本人謹代表董事會藉此機會感謝全體股東、投資者、往來銀行家及業務夥伴對我們的長期信任及支持。本人亦謹此由衷感激董事仝人、管理層團隊及全體員工於過去一年所付出的不懈努力及貢獻。

==> picture [104 x 101] intentionally omitted <==

主席 趙文清 香港，2021年9月30日

Zhao Wenqing Chairman Hong Kong, 30 September 2021

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

MANAGEMENT DISCUSSION AND ANALYSIS

PERFORMANCE AND RESULTS

For the year ended 30 June 2021, the revenue of the Group was approximately HK$165.0 million (2020: approximately HK$231.5 million), representing a decrease of approximately 28.7% as compared with that for the year ended 30 June 2020.

The Group recorded a loss attributable to owners of the Company of approximately HK$74.2 million for the year ended 30 June 2021, representing a decrease of approximately 71.5% as compared to the loss of approximately HK$260.5 million for the year ended 30 June 2020. The decrease in loss was mainly due to (i) the profit arising from transfer activities of players which amounted to approximately HK$276.9 million for the year ended 30 June 2021 (2020: approximately HK$115.5 million); and (ii) the Group disposed of the football stadium in the UK and the business of provision of System Service Solutions from which a gain in aggregate of approximately HK$74.2 million was recorded (2020: nil).

The basic loss per share was approximately HK0.40 cent (2020: approximately HK1.47 cents).

BUSINESS REVIEW AND PROSPECT

During the year ended 30 June 2021, the Group was principally engaged in four reportable business segments, namely (i) operation of a professional football club in the UK; (ii) investment in properties; (iii) provision of System Service Solutions; and (iv) healthcare and medical related business. Pursuant to a sale and purchase agreement dated 4 June 2021 entered into between the Company and an independent third party, the Group disposed of its entire equity interest in Power Super Limited (“Power Super”) and the total amount of loan outstanding and owing by Power Super to the Company at a total consideration of approximately HK$4.6 million. Upon the completion of disposal of Power Super on 18 June 2021, the Board decided to cease the business of provision of System Service Solutions in June 2021.

管理層討論及分析

表現及業績

截至 2021 年 6 月 30 日止年度，本集團錄得收益約165,000,000港元（ 2020年：約 231,500,000港元），較截至2020年6月30日止年度減少約28.7%。

截至2021年6月30日止年度，本集團錄得本公司擁有人應佔虧損約74,200,000港元，較截至2020年6月30日止年度之虧損約 260,500,000港元減少約71.5%。虧損減少主要由於(i)截至2021年6月30日止年度球員之轉會活動所產生溢利約276,900,000港元（ 2020年：約115,500,000港元）；及(ii)本集團已出售位於英國之足球場及提供系統服務解決方案之業務，從中錄得收益合共約 74,200,000港元（2020年：無）。

每股基本虧損約0.40港仙（2020年：約1.47 港仙）。

業務回顧及前景

於截至2021年6月30日止年度期間，本集團主要從事四項可呈報業務分部，分別為(i)於英國經營職業足球球會；(ii)物業投資；(iii)提供系統服務解決方案；及(iv)保健及醫療相關業務。根據本公司與一名獨立第三方所訂立日期為2021年6月4日之買賣協議，本集團已出售其於Power Super Limited（「Power Super」）之全部股權以及Power Super未償還及結欠本公司之貸款總額，總代價約為 4,600,000港元。於2021年6月18日完成出售Power Super後，董事會決定於2021年6 月終止提供系統服務解決方案之業務。

==> picture [455 x 285] intentionally omitted <==

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

MANAGEMENT DISCUSSION AND ANALYSIS (Continued)

BUSINESS REVIEW AND PROSPECT (Continued)

During the year ended 30 June 2021, the Group encountered a very challenging business environment. Since early 2020, in contemplation of curbing the Outbreak, governments around the world imposed stringent measures, including travel restrictions, quarantines, lock-down orders, business limitations and shutdowns. These measures negatively impacted business activities generally, and have significantly contributed to deteriorating macroeconomic conditions, which caused a different degree of impact across the Group’s business during the year ended 30 June 2021.

(i) Football club

The Group operates Birmingham City Football Club (i.e. BCFC or the Club) in the UK. Revenue streams of BCFC comprised (i) match day receipts which consisted of season and match day tickets; (ii) broadcasting income, including distributions of broadcasting revenue from the English Football League (the “EFL”), cup competitions, solidarity payment from the Premier League and revenue from the media; and (iii) commercial income which comprised sponsorship income, corporate hospitality, merchandising, conferences and events and other sundry income.

During the season 2020/21, the Club continued to play in the EFL Championship Division and finished at the 18th position.

管理層討論及分析 （續）

業務回顧及前景（續）

於截至2021年6月30日止年度期間，本集團身處之經營環境極為艱困。自2020年初以來，為遏制疫情，各國政府採取嚴格措施，包括旅遊限制、隔離檢疫、封鎖令、營業限制及停業。該等措施整體上對業務活動造成負面影響，並很大程度引致宏觀經濟環境低迷，於截至2021年6月30日止年度期間對本集團各項業務造成不同程度之影響。

(i) 足球球會

本集團營運位於英國的伯明翰城足球球會（即「BCFC」或「球會」）。BCFC之收入來源包括(i)賽季及比賽日門票之球賽日收入；(ii)廣播收入，包括來自英格蘭足球聯賽（「英格蘭足球聯賽」）及杯賽廣播收入之分派、來自英格蘭超級足球聯賽之補償付款及來自媒體之收入；及(iii)商業收入，包括贊助收入、公司款待、商品銷售、會議及活動，以及其他雜項收入。

於2020/21賽季，球會繼續在英格蘭冠軍足球聯賽組別參賽，並以第18位完成賽季。

==> picture [455 x 285] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

管理層討論及分析 （續）

MANAGEMENT DISCUSSION AND ANALYSIS (Continued)

業務回顧及前景 （續）

BUSINESS REVIEW AND PROSPECT (Continued)

(i) 足球球會（續）

(i) Football club (Continued)

自疫情爆發後，英國政府已實施公共衛生措施及多項嚴厲行動，以緩和疫情擴散。於2020/21賽季，所有足球賽事均須閉門作賽。BCFC之銷售業績（尤其是球賽日收入及商業收入）因而蒙受不利影響。隨著COVID-19疫苗推出，疫情受控有望，預期全球經濟將迎來穩步復甦。於2021年7月19日，英國政府宣佈解除多項有關冠狀病毒之限制，球迷於2021/22賽季可入場觀看足球比賽。管理層積極改善球會之整體比賽表現，並將繼續為球會提供全力支援，務求於 2021/22賽季取得更高之聯賽排名。

Since the Outbreak, the UK government has implemented public health measures and taken various drastic actions in order to slow down the spread of the Outbreak. All football matches were required to be carried out behind closed doors during the season 2020/21. The sales performance of BCFC, match day receipts and commercial income in particular, was adversely affected as a consequence. With the commencement of the use of vaccines for COVID-19, the Outbreak is expected to be under control, and the global economy is expected to recover steadily. On 19 July 2021, the UK government announced lifting a number of coronavirus related restrictions. Fans are allowed to attend football matches in the season 2021/22. The management is keen to improve the overall game play performance of the Club and will continue to provide support to the Club with an aim to achieve higher ranking in the league in the season 2021/22.

於2021/22賽季，伯明翰城足球學院（「學院」）已獲取在精英球員表現計劃中營運第一組別學院之資格。學院目標清晰，旨在透過頂級訓練環境為所有在其系統中註冊之年輕球員提供追求成功並實現理想的地方。憑藉明確策略、深厚文化以及針對不同年齡層的訓練課程，學院員工將善用一切所得資源，在各發展階段推動球員不斷進步並助其達成目標。

The Birmingham City Football Academy (the “Academy”) has been awarded to operate at Category 1 Academy for season 2021/22 under the Elite Player Performance Plan. The Academy has a clear aim of providing a place to pursue and achieve success through a first class coaching environment for all the young players registered in its system. Through a clearly defined strategy, strong culture and age specific coaching curriculum, the Academy staff will utilise all available resources to progress players through the development phases and meet the goal.

==> picture [455 x 256] intentionally omitted <==

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

管理層討論及分析 （續）

MANAGEMENT DISCUSSION AND ANALYSIS (Continued)

業務回顧及前景（續）

BUSINESS REVIEW AND PROSPECT (Continued)

(ii) 物業投資

(ii) Investment in properties

本集團於柬埔寨金邊持有若干住宅公寓及商用物業。所有物業均已租出，為本集團帶來穩定之收入來源。於截至2021年6月30日止年度期間，本集團錄得來自投資物業之租金收入約 28,200,000港元。

The Group holds certain residential apartments and commercial properties in Phnom Penh, Cambodia. All the properties are leased out to secure a stable stream of income for the Group. During the year ended 30 June 2021, the Group recorded rental income of approximately HK$28.2 million from the investment properties.

疫情及各國封關持續對多國（包括柬埔寨）造成影響，而柬埔寨之房地產市場有所放緩。於截至2021年6月30日止年度期間，本集團錄得投資物業公平值變動所產生之虧損約48,700,000港元。未變現公平值變動為非現金項目，其不會對本集團之現金流造成影響。

The Outbreak and the global lockdown continued to affect many nations including Cambodia, and its real estate market has been slowed down. During the year ended 30 June 2021, the Group recorded a loss arising from changes in fair value on its investment properties of approximately HK$48.7 million. The unrealised fair value change is a non-cash item and will not affect the cash flow of the Group.

於2021年6月30日，本集團之投資物業以公平值列示及金額約482,000,000港元（2020年：約530,600,000港元），佔本集團資產總額約44.8%（2020年：約 50.0%）。

As at 30 June 2021, the Group’s investment properties were stated at fair value and amounted to approximately HK$482.0 million (2020: approximately HK$530.6 million) representing approximately 44.8% (2020: approximately 50.0%) of the Group’s total assets.

==> picture [455 x 327] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

管理層討論及分析 （續）

MANAGEMENT DISCUSSION AND ANALYSIS (Continued)

業務回顧及前景（續）

BUSINESS REVIEW AND PROSPECT (Continued)

(ii) 物業投資（續）

(ii) Investment in properties (Continued)

於2021年4月21日，本公司一間附屬公司與主要股東訂立補充協議，就將本集團位於柬埔寨之物業出租予後者重續總租賃協議，由2021年7月1日起為期三年。有關詳情，請參閱本公司日期為 2021年4月21日之公告及本公司日期為 2021年5月28日之通函。

On 21 April 2021, a subsidiary of the Company entered into a supplemental agreement with a substantial Shareholder renewing a master lease agreement leasing the properties of the Group in Cambodia to the latter for a term of three years commencing from 1 July 2021. For details, please refer to the announcement of the Company dated 21 April 2021 and the circular of the Company dated 28 May 2021.

(iii) 提供系統服務解決方案

(iii) Provision of System Service Solutions

本集團營運系統服務解決方案業務，主要向從事彩票及第三方支付行業之客戶提供系統及管理支援。於截至2021 年6月30日止年度期間，本集團錄得來自系統服務解決方案業務之服務收入約 3,500,000港元。疫情導致全球業務活動放緩，對業務分部之增長造成不利影響。於2021年6月，本集團決定出售其於Power Super之全部股權（詳情請見下文），並終止有關業務。

The Group operates a system service solutions business which primarily provides system and management support to lottery and third-party payment industry players. During the year ended 30 June 2021, the Group recorded service income of approximately HK$3.5 million from the System Service Solutions business. The slowdown of business activities around the world caused by the Outbreak adversely affects the growth of the business segment. In June 2021, the Group decided to dispose of its entire equity interest in Power Super as detailed below and ceased the involvement in such business.

==> picture [454 x 285] intentionally omitted <==

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

管理層討論及分析 （續）

MANAGEMENT DISCUSSION AND ANALYSIS (Continued)

業務回顧及前景 （續）

BUSINESS REVIEW AND PROSPECT (Continued)

(iv) 保健及醫療相關業務

(iv) Healthcare and medical related business

於截至2021年6月30日止年度期間，本集團收購於日本之醫療服務業務。醫療服務業務主要包括於日本提供醫療諮詢以及保健及健康轉介相關服務。客戶主要來自海外地區，於日本尋求健康檢查、醫療診斷及治療等醫療服務。有關詳情，請參閱本公司日期為2020年7月 31日之公告。於截至2021年6月30日止年度期間，本集團錄得來自此業務分部之收入約5,900,000港元。

During the year ended 30 June 2021, the Group acquired a medical services business in Japan. The medical services business principally comprises the provision of medical consultation and healthcare and wellness referral related services in Japan. Customers are mainly from oversea seeking medical services such as health checks, medical diagnosis and treatments in Japan. For details, please refer to the announcement of the Company dated 31 July 2020. During the year ended 30 June 2021, the Group recorded income of approximately HK$5.9 million from this business segment.

出售附屬公司之權益

Disposal of interest in subsidiaries

於2020年10月9日，本公司與東霓投資有限公司（「東霓」）訂立買賣協議，內容有關向東霓出售Birmingham City PLC（「BCP」）已發行股本總數約21.64%、Birmingham City Stadium Ltd（「BCSL」）（於買賣協議日期為本公司之全資附屬公司）已發行股本總數之 25%以及向其轉讓BCP於買賣完成時未償還及結欠本公司之股東貸款約21.64%（「出售事項」）。東霓由主要股東Vong Pech先生全資實益擁有，因此為本公司之關連人士，根據上市規則，買賣協議項下擬進行之交易構成本公司之關連交易。買賣協議已於2020年 12月8日獲獨立股東批准，而出售事項已於 2020年12月31日完成。有關出售事項之詳情載於本公司日期為2020年11月17日之通函以及本公司日期為2020年10月9日及2020 年12月31日之公告內。

On 9 October 2020, the Company and Oriental Rainbow Investments Limited (“Oriental Rainbow”) entered into a sale and purchase agreement in relation to the disposal to Oriental Rainbow of approximately 21.64% of the total issued capital of Birmingham City PLC (“BCP”), 25% of the total issued capital of Birmingham City Stadium Ltd (“BCSL”), a wholly-owned subsidiary of the Company as at the date of sale and purchase agreement, and the assignment of approximately 21.64% of the shareholder’s loan outstanding and owing by BCP to the Company as at the completion of which (the “Disposal”). Oriental Rainbow is beneficially wholly-owned by Mr. Vong Pech, a substantial Shareholder and hence a connected person of the Company, and the transactions contemplated thereunder constituted connected transactions of the Company under the Listing Rules. The sale and purchase agreement was approved by the independent Shareholders on 8 December 2020 and the Disposal was completed on 31 December 2020. Details of the Disposal are set out in the circular of the Company dated 17 November 2020 and announcements of the Company dated 9 October 2020 and 31 December 2020.

==> picture [454 x 285] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

MANAGEMENT DISCUSSION AND ANALYSIS (Continued)

BUSINESS REVIEW AND PROSPECT (Continued)

Disposal of interest in subsidiaries (Continued)

On 31 March 2021, the Company and Achiever Global Group Limited, an independent third party of the Company, entered into a sale and purchase agreement in relation to the disposal of 75% of the total issued capital of BCSL and the amount of loan outstanding and owing by BCSL to the Company as at the completion of which (the “BCSL Disposal”). BCSL is the owner of St. Andrew’s Trillion Trophy Stadium (the “Stadium”) in the UK. Upon completion of the BCSL Disposal, the Stadium continues to be leased to the Club as its football stadium. The completion of the BCSL Disposal took place on 7 June 2021. The BCSL Disposal by the Group resulted in loss of control of BCSL by the Group. Following the completion of the BCSL Disposal, the financial results of BCSL is deconsolidated from the Group. The Company no longer hold any interest in the shares of BCSL upon the completion. Details of the BCSL Disposal are set out in the announcements of the Company dated 31 March 2021 and 7 June 2021.

On 4 June 2021, the Company and an independent third party of the Company, entered into a sale and purchase agreement in relation to the disposal of Power Super and the total amount of loan outstanding and owing by Power Super to the Company. Following the completion of the disposal on 18 June 2021, the financial results of Power Super and its subsidiaries (collectively “Power Super Group”) is deconsolidated from the Group. The Company no longer hold any interest in the shares of Power Super upon completion. The Board has decided to cease the business of provision of System Service Solutions in June 2021.

管理層討論及分析 （續）

業務回顧及前景（續）

出售附屬公司之權益（續）

於2021年3月31日，本公司與勝者環球集團有限公司（本公司之獨立第三方）訂立買賣協議，內容有關出售BCSL已發行股本總數之 75%及BCSL於買賣完成時未償還及結欠本公司之貸款金額（「BCSL出售事項」）。BCSL 為英國聖安德魯斯球場(St. Andrew’s Trillion Trophy Stadium)（「球場」）之業主。於BCSL 出售事項完成後，球場繼續租予球會用作其足球場。BCSL出售事項已於2021年6月7日完成。本集團進行BCSL出售事項導致其失去對BCSL之控制權，而BCSL之財務業績於 BCSL出售事項完成後不再併入本集團。於完成後，本公司不再持有BCSL之任何股份權益。有關BCSL出售事項之詳情載於本公司日期為2021年3月31日及2021年6月7日之公告內。

於2021年6月4日，本公司與一名本公司之獨立第三方訂立買賣協議，內容有關出售 Power Super以及Power Super未償還及結欠本公司之貸款總額。於2021年6月18日完成出售事項後，Power Super及其附屬公司（統稱「Power Super集團」）之財務業績不再併入本集團。於完成後，本公司不再持有 Power Super之任何股份權益。董事會已決定於2021年6月終止提供系統服務解決方案之業務。

==> picture [454 x 285] intentionally omitted <==

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

管理層討論及分析 （續）

MANAGEMENT DISCUSSION AND ANALYSIS (Continued)

FINANCIAL REVIEW

Revenue

The revenue of the Group for the year ended 30 June 2021 was approximately HK$165.0 million (2020: approximately HK$231.5 million), representing a decrease of approximately 28.7% over the corresponding period last year.

財務回顧

收益

截至 2021 年 6 月 30 日止年度，本集團之收益約 165,000,000 港元（ 2020 年：約 231,500,000港元），較去年同期減少約 28.7%。

The revenue from the Club for the year ended 30 June 2021 was approximately HK$127.4 million (2020: approximately HK$204.4 million), representing a decrease of approximately 37.7% compared with the corresponding period in 2020. The decrease was due to a significant reduction in match day receipts and commercial income as a result of the Outbreak and the lockdown in the UK.

截至 2021 年 6 月 30 日止年度，來自球會之收益約127,400,000港元（ 2020年：約 204,400,000港元），較2020年同期減少約 37.7%，乃由於英國疫情及封關導致球賽日收入及商業收入大幅減少所致。

The revenue derived from the investment properties for the year ended 30 June 2021 was approximately HK$28.2 million (2020: approximately HK$24.8 million), all of which was the rental income from the premises of the Group.

截至2021年6月30日止年度，來自投資物業之收益約28,200,000港元（ 2020年：約 24,800,000港元），全部來自本集團物業之租金收入。

The revenue derived from the provision of System Service Solutions business for the year ended 30 June 2021 was approximately HK$3.5 million (2020: approximately HK$2.3 million).

截至2021年6月30日止年度，提供系統服務解決方案業務之收益約3,500,000港元（2020 年：約2,300,000港元）。

The revenue derived from the healthcare and medical related business for the year ended 30 June 2021 was approximately HK$5.9 million (2020: nil).

截至2021年6月30日止年度，保健及醫療相關業務之收益約5,900,000港元（ 2020年：無）。

Operating Expenses

Operating expenses incurred during the year ended 30 June 2021 were approximately HK$427.1 million (2020: approximately HK$449.9 million), representing a decrease of approximately 5.1% over the same period last year.

經營開支

於截至2021年6月30日止年度期間，產生之經營開支約427,100,000港元（ 2020年：約449,900,000港元），較去年同期減少約 5.1%。

The decrease in operating expenses was mainly attributable to lower operating expenses of the Club. Due to the Outbreak and the lockdown in the UK, business activities were much reduced during the year ended 30 June 2021. The overall decrease in operating expenses of the Club was partially offset by the additional operating expenses of the healthcare and medical related business segment consolidated by the Group as the business was acquired in July 2020.

經營開支減少主要由於球會之經營開支減少所致。於截至2021年6月30日止年度期間，業務活動因英國疫情及封關而大幅減少。由於本集團於2020年7月收購保健及醫療相關業務，併入該分部之額外經營開支抵銷球會經營開支之部分減幅。

Other Income

Other income during the year ended 30 June 2021 was approximately HK$16.3 million (2020: approximately HK$14.6 million) which was approximately 11.4% higher than that during the year ended 30 June 2020. The increase mainly represented government subsidies received by the Group’s various operating units.

其他收入

於截至 2021 年 6 月 30 日止年度期間之其他收入約 16,300,000 港元（ 2020 年：約 14,600,000港元），較於截至2020年6月30 日止年度期間增加約11.4%，主要為本集團各經營單位所收取之政府補助。

==> picture [99 x 96] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

MANAGEMENT DISCUSSION AND ANALYSIS (Continued)

FINANCIAL REVIEW (Continued)

Other Gains and Losses, Net

Other gains and losses for the year ended 30 June 2021 recorded a loss of approximately HK$3.7 million (2020: loss of approximately HK$19.4 million). The loss mainly represented (i) loss arising on changes in fair value of investment properties; and (ii) loss on extinguishing financial liabilities with equity instruments; but partially offset by gain on disposal of subsidiaries.

Profit on Sales of Players’ Registration

Profit on sales of players’ registration for the year ended 30 June 2021 was approximately HK$276.9 million (2020: approximately HK$115.5 million). The increase was mainly because higher revenue from sales of players were generated during the year ended 30 June 2021.

Administrative and Other Expenses

Administrative and other expenses for the year ended 30 June 2021, which included mainly depreciation charges, professional fees, staff costs and office overheads, decreased by approximately 7.8% to approximately HK$50.1 million (2020: approximately HK$54.4 million) as compared to that of the corresponding period in the previous year. The management will continue to adopt stringent measures on control and management so as to maintain the administrative and other expenses at a reasonable level.

Finance Costs

During the year ended 30 June 2021, the Group incurred finance costs of approximately HK$30.7 million (2020: approximately HK$33.2 million), representing a decrease of approximately 7.6% as compared to the corresponding period in the previous year. The decrease was primarily due to the decrease in average balance of borrowings as compared to the corresponding period last year.

Contingent Liabilities

Other than disclosed in note 46 to the consolidated financial statements of this report, the Group did not have any material contingent liabilities as at 30 June 2021.

Capital Commitments

As at 30 June 2021, the Group had no significant capital commitment (2020: nil).

管理層討論及分析 （續）

財務回顧（續）

其他收益及虧損，淨額

截至2021年6月30日止年度，其他收益及虧損錄得虧損約3,700,000港元（2020年：虧損約19,400,000港元）。該虧損主要為(i)投資物業公平值變動所產生之虧損；及(ii)以股本工具抵銷金融負債之虧損，惟部分由出售附屬公司之收益所抵銷。

出售球員註冊之溢利

截至2021年6月30日止年度，出售球員註冊之溢利約276,900,000港元（ 2020年：約 115,500,000港元），錄得增加主要是由於截至2021年6月30日止年度期間所產生出售球員之收益增加所致。

行政及其他開支

截至2021年6月30日止年度之行政及其他開支較去年同期減少約7.8%至約50,100,000港元（2020年：約54,400,000港元），當中主要包括折舊支出、專業費用、員工成本及辦公室開支。管理層將繼續採取嚴謹的控制及管理措施，以將行政及其他開支維持於合理水平。

融資成本

於截至2021年6月30日止年度期間，本集團產生融資成本約30,700,000港元（2020年：約33,200,000港元），較去年同期減少約 7.6%，主要由於貸款平均結餘較去年同期減少所致。

或然負債

除本報告之綜合財務報表附註46所披露者外，於2021年6月30日，本集團並無任何重大或然負債。

資本承擔

於2021年6月30日，本集團並無重大資本承擔（2020年：無）。

==> picture [104 x 101] intentionally omitted <==

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

MANAGEMENT DISCUSSION AND ANALYSIS (Continued)

LIQUIDITY, FINANCIAL RESOURCES AND CAPITAL STRUCTURE

Financial Ratios

As at 30 June 2021, the Group’s current ratio (calculated as current assets divided by current liabilities) was approximately 51.2% (2020: approximately 16.3%) and the gearing ratio (calculated as total borrowings divided by equity attributable to owners of the Company plus total borrowings) was approximately 35.4% (2020: approximately 59.9%). The ratio of total liabilities to total assets of the Group was 71.7% (2020: approximately 71.7%).

Financial Resources

The Group generally finances its operations with internally generated cash flows, bank borrowings, loans from substantial Shareholders and from independent third parties, and through the capital market available to listed companies in Hong Kong. As at 30 June 2021, the Group’s bank balances and cash (including bank deposits, pledged bank deposits, and cash and cash equivalents) were approximately HK$44.8 million (2020: approximately HK$38.8 million), which were principally denominated in Hong Kong dollars, Pound Sterling, Renminbi and Japanese Yen. As at 30 June 2021, the Group had total borrowings of approximately HK$293.8 million (2020: approximately HK$487.4 million), with approximately HK$184.4 million repayable within one year or on demand, approximately HK$80.2 million repayable after one year and within two years, approximately HK$29.0 million repayable after two years and within five years and approximately HK$0.2 million repayable after five years. About 16.7%, 80.0%, 2.9% and 0.4% of the Group’s borrowings were denominated in Hong Kong dollars, Pound Sterling, Renminbi and Japanese Yen, respectively. All borrowings were at fixed interest rates.

The management endeavours to enhance the Group’s financial strengths so as to pave the way for future business development. Cost control measures have already been put in place to monitor the day-to-day operational and administrative expenses.

The management closely reviews the Group’s financial resources in a cautious manner and continues to explore opportunities in external financing and equity funding. The Company will take proactive actions to improve the liquidity and financial position of the Group by way of equity fund raising exercises. The Company will closely monitor the market situation and take prompt actions when such opportunities arise.

管理層討論及分析 （續）

流動資金、財務資源及資本架構

財務比率

於2021年6月30日，本集團之流動比率（按流動資產除以流動負債計算）為約51.2% （2020年：約16.3%），資本負債比率（按貸款總額除以本公司擁有人應佔權益及貸款總額計算）為約35.4%（2020年：約59.9%）。本集團之負債總額對資產總額之比率為 71.7%（2020年：約71.7%）。

財務資源

本集團一般透過內部產生的現金流、銀行貸款、向主要股東及獨立第三方貸款及香港上市公司可參與之資本市場為其營運提供資金。於2021年6月30日，本集團之銀行結餘及現金（包括銀行存款、已抵押銀行存款及現金及現金等值項目）約為44,800,000 港元（ 2020年：約38,800,000港元），主要以港元、英鎊、人民幣及日圓計值。於 2021年6月30日，本集團之貸款總額約為 293,800,000港元（2020年：約487,400,000 港元），當中約184,400,000港元須於一年內或須按要求償還、約80,200,000港元須於一年後但兩年內償還、約29,000,000港元須於兩年後但五年內償還及約200,000港元須於五年後償還。本集團之貸款約16.7%、 80.0%、2.9%及0.4%分別以港元、英鎊、人民幣及日圓計值。所有貸款均按固定利率計息。

管理層致力提升本集團之財政實力為未來業務發展作好準備。本集團已制定成本控制措施以監控日常營運及行政開支。

管理層密切審慎地檢討本集團之財務資源及繼續開拓外部融資及股權融資之機遇。本公司將積極透過股本集資活動以改善本集團之流動資金及財務狀況。本公司將密切監察市場形勢及於機會出現時及時採取行動。

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

管理層討論及分析 （續）

MANAGEMENT DISCUSSION AND ANALYSIS (Continued)

流動資金、財務資源及資本架構（續）

LIQUIDITY, FINANCIAL RESOURCES AND CAPITAL STRUCTURE

(Continued)

==> picture [63 x 61] intentionally omitted <==

Directors’ Opinion on Sufficiency of Working Capital

As at 30 June 2021, the current liabilities of the Group exceeded current assets by approximately HK$267.0 million (2020: approximately HK$573.5 million). The Group’s ability to continue as a going concern depends on the financial resources presently available to the Group. Taking into account the expected financial performance, net cash expected to be generated from the operation of the Group and the available loan facilities, the Directors believe that the Group is able to fully meet its liabilities as and when they fall due and to carry on its business without a significant curtailment of operations for the foreseeable future.

Foreign Exchange Exposure

The Group’s exposure to foreign currency risk mainly relates to the Group’s operation in the UK, the PRC and Japan and its investment in Cambodia, in which transactions, assets and liabilities are mostly denominated in Pound Sterling, Renminbi, Japanese Yen and US dollars. The Group does not use derivative financial instruments to hedge its foreign currency risks. The management will continue to monitor its foreign exchange exposure and take appropriate measures if needed.

Pledge of Assets

As at 30 June 2021, certain bank credit facilities made available to BCFC were secured by a fixed charge over a specific bank deposit account of BCFC held with the bank. The balance on this bank deposit account was GBP0.8 million (equivalent to approximately HK$8.6 million) (2020: GBP0.8 million which was equivalent to approximately HK$7.6 million). In addition, the Group’s transfer fee receivables from other football clubs with a carrying amount of GBP15.0 million (equivalent to approximately HK$161.3 million) as at 30 June 2021 (2020: nil) were pledged to secure bank borrowings of the Group.

Save for the above, the Group had not charged other assets to secure its borrowings.

Capital Structure

On 22 December 2020, for the purpose of raising additional funding for the business operations of the Group, strengthening the Group’s financial position, and enlarging shareholders’ base of the Company which may in turn establish and strengthen the existing and future business of the Group, enhance the liquidity of the shares, and provide working capital to the Group, the Company completed the placing of 516,400,000 ordinary shares (the “Placing Share(s)”) of aggregate nominal value of HK$5,164,000 under the general mandate at the placing price of HK$0.135 per share to not less than six placees who are either an individual, professional or an institutional investor procured by the placing agent (the “Placing”). The closing price of each Placing Shares as quoted on the Stock Exchange on the date of the placing agreement (i.e. 8 December 2020) was HK$0.162 and the maximum net price per Placing Share was approximately HK$0.133. For details of the Placing and the completion of which, please refer to the announcements of the Company dated 8 December 2020 and 22 December 2020.

董事對營運資金足夠性之意見

於2021年6月30日，本集團之流動負債超過流動資產約267,000,000港元（ 2020年：約 573,500,000港元）。本集團之持續經營能力取決於本集團目前可獲得之財務資源。考慮到預期財務表現、預期從本集團營運將產生之淨現金及可動用之貸款融資，董事相信，本集團於可見將來能夠於並無重大縮減營運之情況下悉數償付到期債項及進行業務。

外匯風險

本集團之外匯風險主要關於本集團於英國、中國及日本之營運，以及其於柬埔寨之投資，有關交易、資產及負債大部分以英鎊、人民幣、日圓及美元為單位。本集團並無使用衍生金融工具對沖其外匯風險。管理層將持續監察其外匯風險並於有需要時採取適當措施。

資產質押

於2021年6月30日，BCFC之若干銀行授信額度乃以BCFC於銀行的特定銀行存款賬戶的固定押記作為抵押。該銀行存款賬戶餘額為800,000英鎊（相等於約8,600,000港元）（2020年：800,000英鎊（相等於約7,600,000 港元））。此外，本集團銀行貸款乃以本集團於2021年6月30日之應收其他足球球會轉會費之賬面值15,000,000英鎊（相等於約 161,300,000港元）（2020年：無）作為抵押。

除以上所述者外，本集團並無質押其他資產以取得其貸款。

資本架構

於2020年12月22日，為就本集團之業務營運籌集額外資金，加強本集團之財務狀況及壯大本公司之股東基礎，從而建立及加強本集團之現有及未來的業務、提升股份之流通性及為本集團提供營運資金，本公司根據一般授權完成配售總面值為5,164,000港元之516,400,000股普通股（「配售股份」）予不少於六名承配人，彼等為由配售代理促使之個人、專業或機構投資者，配售價為每股 0.135港元（「配售事項」）。於配售協議日期（即2020年12月8日）在聯交所所報之每股配售股份收市價為0.162港元，每股配售股份之最高淨價格約為0.133港元。有關配售事項及完成配售事項之詳情，請參閱本公司日期為2020年12月8日及2020年12月22日之公告。

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

MANAGEMENT DISCUSSION AND ANALYSIS (Continued)

LIQUIDITY, FINANCIAL RESOURCES AND CAPITAL STRUCTURE (Continued)

Capital Structure (Continued)

On 21 January 2021, pursuant to the two share subscription agreements (the “Subscription Agreements”) entered into between the Company and (i) Global Mineral Resources Holdings Ltd (“Global Mineral”) and (ii) Join Surplus International Ltd. (“Join Surplus”) respectively dated 15 January 2021 and under the general mandate granted by the Shareholders at the annual general meeting of the Company on 30 December 2020, the Company allotted and issued in aggregate 1,062,576,000 ordinary shares of aggregate nominal value of HK$10,625,760 at HK$0.13175 per share (the “Subscription”) to Global Mineral and Join Surplus to offset the outstanding loan due to Global Mineral and Join Surplus, including interest, which as at the date of the Subscription Agreements amounted to approximately HK$140 million in aggregate. The closing price of each share as quoted on the Stock Exchange on the date of the Subscription Agreements was HK$0.14 and the net subscription price per share was approximately HK$0.13164. The fair value of the Shares on 21 January 2021 was HK$0.157 per share. The completion of the Subscription took place on 21 January 2021. For details of the Subscription, please refer to the announcements of the Company dated 15 January 2021 and 21 January 2021.

As at 30 June 2021, the Company had an issued capital of 19,288,998,508 shares of HK$0.01 each in issue (2020: 17,710,022,508 shares).

Use of proceeds

(i) On 22 December 2020, the Company completed the Placing and the total funds raised are approximately HK$69.7 million. The net proceeds from the Placing are approximately HK$68.5 million. Approximately HK$61.7 million, or 90.0% of the net proceeds, was planned for repayment of external debts and the remaining balance of approximately HK$6.8 million, or 10.0% of the net proceeds, was planned as general working capital of the Group. As at the date of this report, the proceeds from the Placing were fully utilised and were applied in accordance with the planned use as disclosed in the announcements of the Company dated 8 December 2020 and 22 December 2020.

管理層討論及分析 （續）

流動資金、財務資源及資本架構（續）

資本架構（續）

於2021年1月21日，根據由本公司分別與 (i) Global Mineral Resources Holdings Ltd （「Global Mineral」）及(ii)縉盈國際有限公司（「縉盈」）訂立日期為2021年1月15日之兩份股份認購協議（「該等認購協議」）及股東於2020年12月30日舉行之本公司股東週年大會上授出之一般授權，本公司按每股 0.13175港元配發及發行合共1,062,576,000 股總面值為10,625,760港元之普通股（「認購事項」）予Global Mineral及縉盈，以抵銷應付 Global Mineral及縉盈之未償還貸款（包括利息），有關款項於該等認購協議日期合共約為140,000,000港元。有關股份於該等認購協議日期在聯交所所報之收市價為每股0.14 港元，而每股淨認購價約為0.13164港元。該等股份於2021年1月21日之公平值為每股 0.157港元。認購事項已於2021年1月21日完成。有關認購事項之詳情，請參閱本公司日期為2021年1月15日及2021年1月21日之公告。

於 2 0 2 1 年 6 月 3 0 日，本公司有 19,288,998,508股每股面值0.01港元之已發行股本（2020年：17,710,022,508股）。

所得款項用途

(i) 於2020年12月22日，本公司完成配售事項，所籌集資金總額約為69,700,000 港元。配售事項所得款項淨額約為 68,500,000 港元。本公司擬將約 61,700,000港元或所得款項淨額之 90.0%用作償還外部債務，而剩下結餘約6,800,000港元或所得款項淨額之 10.0%則用作本集團一般營運資金。於本報告日期，配售事項所得款項已獲悉數動用，並已按本公司日期為2020年 12月8日及2020年12月22日之公告所披露之計劃用途運用。

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

管理層討論及分析 （續）

MANAGEMENT DISCUSSION AND ANALYSIS (Continued)

LIQUIDITY, FINANCIAL RESOURCES AND CAPITAL STRUCTURE

流動資金、財務資源及資本架構（續）

(Continued)

Use of proceeds (Continued)

(ii) On 31 December 2020, the Company completed the Disposal. The net proceeds from the Disposal were approximately HK$52.7 million, of which (i) approximately HK$31.7 million, or 60.0% of the net proceeds, was planned for repayment of external debts; (ii) approximately HK$10.5 million, or 20.0% of the net proceeds, was planned as general working capital of the Group; and (iii) approximately HK$10.5 million, or 20.0% of the net proceeds, was planned for future investment.

所得款項用途（續）

(ii) 於2020年12月31日，本公司完成出售事項。出售事項所得款項淨額約為 52,700,000 港元，本公司擬將當中(i)約31,700,000港元或所得款項淨額之60.0%用作償還外部債務；(ii)約 10,500,000港元或所得款項淨額之 20.0%用作本集團一般營運資金；及(iii) 約10,500,000港元或所得款項淨額之 20.0%用作未來投資。

On 12 May 2021, the Company resolved to change the use of the unutilised net proceeds of approximately HK$10.5 million for repayment of debts. For details, please refer to the announcement of the Company dated 12 May 2021. The net proceeds had been fully utilised as follows:

於2021年5月12日，本公司決議將未動用所得款項淨額約10,500,000港元改為用於償還債務。有關詳情，請參閱本公司日期為2021年5月12日之公告。所得款項淨額已按下表所述獲悉數動用：

		Reallocation during the year ended 30 June 2021 Actual usage for the year ended 30 June 2021 截至2021年 6月30日止年度期間之實際用途 Planned use of proceeds 所得款項之擬定用途於截至 2021年 6月30日止年度期間重新分配 HK$’million HK$’million HK$’million
		百萬港元百萬港元百萬港元
		31.7 10.5 42.2 10.5 – 10.5 10.5 (10.5) – 52.7 – 52.7
Repayment of external debts General working capital Future investment	償還外部債務一般營運資金未來投資
Total	總計

(iii) On 21 January 2021, pursuant to the Subscription Agreements and under the general mandate granted by the Shareholders at the annual general meeting of the Company on 30 December 2020, the Company allotted and issued in aggregate 1,062,576,000 ordinary shares at HK$0.13175 per share to offset against the outstanding loan due to Global Mineral and Join Surplus, including interest, which as at the date of the Subscription Agreements amounted to approximately HK$140 million in aggregate. No proceeds arose from the Subscription as the aggregate subscription price payable were offset by the outstanding loan amounts upon completion of the Subscription.

==> picture [99 x 96] intentionally omitted <==

(iii) 於2021年1月21日，根據該等認購協議及股東於2020年12月30日舉行之本公司股東週年大會上授出之一般授權，本公司按每股0.13175港元配發及發行合共1,062,576,000股普通股，以抵銷應付Global Mineral及縉盈之未償還貸款
（包括利息），有關款項於該等認購協議日期合共約為140,000,000港元。由於應付總認購價於完成認購事項後被未償還貸款金額所抵銷，因此有關認購事項並無產生任何所得款項。

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

管理層討論及分析 （續）

MANAGEMENT DISCUSSION AND ANALYSIS (Continued)

LIQUIDITY, FINANCIAL RESOURCES AND CAPITAL STRUCTURE

流動資金、財務資源及資本架構（續）

(Continued)

Use of proceeds (Continued)

(iv) On 7 June 2021, the Company completed the BCSL Disposal. The net proceeds from the BCSL Disposal were approximately HK$116.0 million. Approximately HK$92.8 million, or 80.0% of the net proceeds, was planned for repayment of external debts and the remaining balance of approximately HK$23.2 million, or 20.0% of the net proceeds, was planned as general working capital of the Group. As at 30 June 2021, details of the use of the net proceeds from the BCSL Disposal are as follows:

所得款項用途（續）

(iv) 於2021年6月7日，本公司完成BCSL 出售事項。BCSL出售事項所得款項淨額約為116,000,000港元。約 92,800,000港元或所得款項淨額之 80.0%擬用作償還外界債務，而剩下結餘約23,200,000港元或所得款項淨額之20.0%則擬用作本集團之一般營運資金。於2021年6月30日，BCSL 出售事項所得款項淨額用途之詳情載列如下：

		Planned use of proceeds 所得款項之擬定用途 HK$’million 百萬港元	Actual usage for the year ended 30 June 2021 於截至 2021年 6月30日止年度期間之實際用途 HK$’million 百萬港元	Amount unutilised 尚未動用金額 HK$’million 百萬港元	Amount unutilised as at the date of this report 於本報告日期尚未動用金額 HK$’million 百萬港元
Repayment of external debts	償還外部債務	92.8	92.8	–	–
General working capital	一般營運資金	23.2	10.7	12.5	–
Total	總計	116.0	103.5	12.5	–

As at the date of this report, the net proceeds from the BCSL Disposal were fully utilised and were applied in accordance with the planned use as disclosed in the announcement of the Company dated 7 June 2021.

於本報告日期，BCSL出售事項所得款項淨額已獲悉數動用，並已根據本公司日期為2021年6月7日之公告所披露之擬定用途動用。

HUMAN RESOURCES AND REMUNERATION POLICY

During the year ended 30 June 2021, the Group employed on average approximately 320 full time employees and approximately 60 temporary staff members in Hong Kong, the PRC, the UK and Japan (2020: approximately 340 full time employees and approximately 470 temporary staff members). The Group recognises the importance of high calibre and competent staff and continues to provide remuneration packages to employees mainly based on industry practices and individual performance. In addition, the Group provides other employee benefits including medical insurance, training subsidy, discretionary bonus and participation in the Company’s share option scheme.

人力資源及薪酬政策

於截至2021年6月30日止年度期間，本集團於香港、中國、英國及日本平均僱用約320 名全職僱員及約60名臨時僱員（2020年：約 340名全職僱員及約470名臨時僱員）。本集團了解幹練和具備實力僱員之重要性，仍主要參考行業慣例及個人表現向僱員提供薪酬待遇。此外，本集團提供其他僱員福利，包括醫療保險、培訓津貼、酌情花紅及參與本公司之購股權計劃。

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

MANAGEMENT DISCUSSION AND ANALYSIS (Continued)

PRINCIPAL RISK AND UNCERTAINTIES

The Group is principally engaged in the operation of a football club in the UK, properties investment in Cambodia and healthcare and medical related business in Japan. The management has identified the following factors that could affect the result of the Group’s business. In addition to those shown below, there may be other risks which are not known to the Group or which may not be material now but could turn out to be material in the future.

Outbreak of Novel Coronavirus (COVID-19)

Due to the Outbreak, many countries have imposed travel restrictions, public health measures, quarantine requirement of travellers and even “lockdown” policies in order to contain the Outbreak which resulted in weakened consumer sentiment in the world. The lingering the Outbreak have brought uncertainties in the Group’s operating environment and might impact the Group operations and financial position.

Business Risk

The Group is exposed to the change in global economic conditions as well as the industrial and geographical markets in which it operates. As a result, the Group’s financial condition and results of operations may be influenced by the fluctuation of the global economy or a specific market or economy. Any significant adverse change in the economy in the global or regional or a specific economy could materially affect the Group’s financial condition or results of operations.

Financial Risk

The Group is exposed to financial risks relating to interest rate, foreign currency, credit and liquidity risk in its ordinary course of business. Moreover, the Group is also exposed to potential impact of currency fluctuations on translation of its principal operating units’ results which are denominated in currencies different to the Group’s reporting currency. For further details of such risks, please refer to note 6 to the notes to the consolidated financial statements of this report.

管理層討論及分析（續）

主要風險及不確定因素

本集團主要從事經營一家英國足球球會、於柬埔寨從事物業投資及於日本從事保健及醫療相關業務。管理層辨識到下列因素，可影響到本集團業務之業績。除下文所列示者外，或有本集團尚未得悉之其他風險，或可能現時尚未重大，惟可能於日後變得重大者。

新型冠狀病毒(COVID-19)疫情

由於疫情，多個國家已實施出行限制、公共衛生措施、旅客檢疫規定以及「封關」政策，以控制疫情，導致全球消費氣氛減弱。持續的疫情給本集團的經營環境帶來了不確定因素，並可能影響本集團的營運及財務狀況。

業務風險

本集團正面對全球經濟狀況及經營所在行業及地區市場之變化。因此，本集團之財務狀況及經營業績或會受到全球經濟或個別市場或經濟體不穩之影響。全球或地區或個別經濟體之經濟如有任何重大不利變動，均可能會對本集團之財務狀況或經營業績造成重大影響。

財務風險

本集團在日常業務過程中正面臨與利率、外幣、信貸及流動資金風險等方面有關之財務風險。另外，本集團亦面對因將主要營運單位業績（其貨幣單位與本集團報告貨幣不同）換算所產生有關幣值波動之潛在影響。有關此項風險之詳情，請參閱本報告之綜合財務報表附註之附註6。

==> picture [104 x 101] intentionally omitted <==

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

MANAGEMENT DISCUSSION AND ANALYSIS (Continued)

PRINCIPAL RISK AND UNCERTAINTIES (Continued)

Liquidity Risk

Liquidity risk is the potential that our Group will be unable to meet obligations of the loan agreements. Any failure to comply with the terms and conditions of the loan agreements may constitute events of default. If an event of default occurs, lenders may declare any commitment under the loan agreements to be cancelled and/ or declare all outstanding amounts together with interest accrued thereon and all others sums to be immediately due and payable or payable on demand. To reduce the risk, (i) the Group pays attention and monitors closely to ensure the compliance of the terms and conditions of the loan agreements; and (ii) actively monitors cash flows and ensures sufficient cash level is in place to meet operation needs and commitment.

COMPLIANCE WITH THE RELEVANT LAWS AND REGULATIONS

As far as the Board and management are aware, the Group has complied in all material respects with the relevant laws and regulations that have a significant impact on the business and operation of the Group. During the year ended 30 June 2021, there was no material breach of or non-compliance with the applicable laws and regulations by the Group.

RELATIONSHIP WITH EMPLOYEES, CUSTOMERS AND SUPPLIERS

The Group understands the importance of maintaining a good relationship with its employees, customers and suppliers to meet its immediate and long-term business goals. During the year ended 30 June 2021, there had been no significant dispute between the Group and its employees, customers and suppliers.

ENVIRONMENTAL POLICIES AND PERFORMANCE

The Group is committed to the long-term sustainability of the environment and communities in which it operates. In order to reduce the degree of environmental damage when developing the Group’s business, the Group strictly complies with the local laws, rules and guidance in relation to environmental protection.

EVENT AFTER THE REPORTING PERIOD

The Group had the following significant event subsequent to 30 June 2021 and up to the date of this report:

In July 2021, a subsidiary of the Group lodged a claim for losses arising on business interruption caused by COVID-19. In August 2021, the insurer confirmed that the Group shall be entitled a compensation of approximately HK$26,875,000 (equivalent to approximately GBP2,500,000) in relation to such business interruption.

管理層討論及分析 （續）

主要風險及不確定因素（續）

流動資金風險

流動資金風險指本集團可能無法履行貸款協議責任之風險。未能遵守貸款協議之條款及條件或會構成違約事件。一旦發生違約事件，貸款人均可能宣佈貸款協議項下之任何承擔取消及╱或宣佈所有未償還款項連同其應計利息及所有其他款項即時到期支付或須按要求支付。為降低有關風險 (i)本集團會密切注視及監察，以確保貸款協議之條款及條件得以遵守；及(ii)積極監察現金流量及確保有充足現金水平應付營運需求及承擔。

遵守相關法律法規

就董事會及管理層所知，本集團在各重大方面已遵守對本集團業務及營運有重大影響的相關法律法規。於截至2021年6月30日止年度，概無出現本集團重大違反或未有遵守適用法律法規的情況。

與僱員、客戶及供應商的關係

本集團明白與僱員、客戶及供應商維持良好關係，對達到其即時及長期業務目標的重要性。於截至2021年6月30日止年度，本集團與其僱員、客戶及供應商概無重大糾紛。

環境政策及表現

本集團承諾保持營商所在環境和社區的長期可持續性。為了減低發展業務時對環境所造成之破壞，本集團嚴格遵守當地有關環保的法律、規則和指引。

報告期後事項

於2021年6月30日後及直至本報告日期，本集團有下列重大事件：

於 2021 年 7 月，本集團一間附屬公司就 COVID-19導致業務中斷所產生之虧損提出索償。於2021年8月，保險公司確認本集團有權就相關業務中斷獲取約26,875,000港元（相等於約2,500,000英鎊）之賠償。

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

BIOGRAPHICAL DETAILS OF DIRECTORS

The biographical details of Directors as at the date of this annual report, are set out below:

Mr. Zhao Wenqing

Executive Director and Chairman of the Board

Mr. Zhao, aged 54, joined the Company as an Executive Director on 15 October 2016 and is the Chairman of the Board. He is also a director of certain subsidiaries of the Company. Mr. Zhao holds a Bachelor of Engineering degree from Beijing University of Iron and Steel Technology (now known as “University of Science and Technology Beijing”) and a Master of Engineering degree from University of Science and Technology Beijing in the PRC. Mr. Zhao had worked as the head of risk management department and the chief accountant in Beijing Centergate Technologies (Holding) Co., Ltd. ( 北京中關村科技發展（控股）股份有限公司 ) (Shenzhen stock code: 000931), the shares of which are listed on the Shenzhen Stock Exchange.

Mr. Huang Dongfeng

Executive Director and Chief Executive Officer

Mr. Huang, aged 62, joined the Company as an Executive Director and the Chief Executive Officer on 27 January 2017. Mr. Huang graduated with a major in management engineering from the Central South University of Technology ( 中南工業大學 ) (now known as “Central South University”) in the PRC and is a senior economist. Prior to joining the Company, Mr. Huang was the company secretary (deputy general manager) of Jiangxi Copper Company Limited (Hong Kong stock code: 358), the shares of which are listed on the Main Board of the Stock Exchange, and was the director and general manager of its group companies. Mr. Huang has extensive experience in corporate management, corporate finance, merger and acquisition as well as strategies formulation, and has been awarded the Gold Medal Board Secretary Award ( 金牌董秘 ) by New Fortune Magazine ( 新財富雜誌 ).

Mr. Yiu Chun Kong

Executive Director

Mr. Yiu, aged 36, joined the Company as an Executive Director on 15 October 2016. He is also a director of certain subsidiaries of the Company. Mr. Yiu holds a Bachelor of Business Administration in Accountancy degree from The Hong Kong Polytechnic University and is a certified public accountant of the Hong Kong Institute of Certified Public Accountants. He has rich experience in auditing, accounting and finance.

Mr. Yiu is an executive director of EPI (Holdings) Limited (“EPI”) (Hong Kong stock code: 689), the shares of which are listed on the Main Board of the Stock Exchange.

==> picture [104 x 101] intentionally omitted <==

董事履歷

於本年報日期董事之履歷載列如下：

趙文清先生

執行董事兼董事會主席

趙先生，54歲，於2016年10月15日加入本公司出任執行董事，並為董事會主席。彼同時為本公司若干附屬公司之董事。趙先生持有北京鋼鐵學院（現稱為「北京科技大學」）工學學士學位及中國北京科技大學工學碩士學位。趙先生曾任北京中關村科技發展（控股）股份有限公司（該公司股份於深圳證券交易所上市，深圳股份代號：000931）風險管理部總監及總會計師。

黃東風先生

執行董事兼行政總裁

黃先生，62歲，於2017年1月27日加入本公司出任執行董事兼行政總裁。黃先生畢業於中國中南工業大學（現稱「中南大學」）管理工程專業並為高級經濟師。於加入本公司前，黃先生曾任江西銅業股份有限公司（該公司股份於聯交所主板上市，香港股份代號： 358）之公司秘書（副總經理），並在該公司旗下之公司擔任董事及總經理等職務，黃先生於企業管理、企業融資、合併收購投資及戰略制定具有豐富經驗，並獲新財富雜誌頒發「金牌董秘」獎項。

姚震港先生

執行董事

姚先生，36歲，於2016年10月15日加入本公司出任執行董事，彼同時為本公司若干附屬公司之董事。姚先生持有香港理工大學之會計學工商管理學士學位並為香港會計師公會之註冊會計師。彼於審計、會計及財務方面擁有豐富經驗。

姚先生現為長盈集團（控股）有限公司（「長盈」）（香港股份代號：689）之執行董事，該公司股份於聯交所主板上市。

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

BIOGRAPHICAL DETAILS OF DIRECTORS (Continued)

Mr. Hsiao Charng Geng

Executive Director

Mr. Hsiao, aged 58, joined the Company as an Executive Director on 14 June 2017. Mr. Hsiao graduated from the Tamkang University in Taiwan with a Bachelor of Business degree in Banking and Finance. Prior to joining the Company, Mr. Hsiao held senior management positions in certain commercial banks. Mr. Hsiao has extensive experience in strategies formulation, corporate management, risk control and internal control in multinational corporations, and in financial institutions in particular.

Dr. Guo Honglin

Executive Director

Dr. Guo, aged 53, joined the Company as an Executive Director on 3 May 2019. Dr. Guo graduated from Renmin University of China in the PRC and holds a Doctorate in Economics degree. Dr. Guo has served as the assistant lecturer, lecturer, associate professor and tutor of postgraduate of master degree in Renmin University of China and has been engaged as the assistant to the Principal and the chief of the office of human resources management, and the executive vice president of the School of Education of Renmin University of China. Before joining the Company, Dr. Guo was a parttime professor of the School of Education of Renmin University of China. Dr. Guo possesses extensive knowledge in education sector and has over 20 years of experience in institutional management, strategic development and human resources management. Dr. Guo is an independent director of Metro Land Corporation Ltd. (Shanghai stock code: 600683), the shares of which are listed on the Shanghai Stock Exchange.

Mr. Sue Ka Lok

Non-executive Director

Mr. Sue, aged 56, joined the Company as an Executive Director on 15 October 2016 and was re-designated as a Non-executive Director with effect from 1 May 2017. Mr. Sue holds a Bachelor of Economics degree from The University of Sydney in Australia and a Master of Science in Finance degree from the City University of Hong Kong. Mr. Sue is a fellow of the Hong Kong Institute of Certified Public Accountants, a certified practising accountant of the CPA Australia, a fellow of the Hong Kong Securities and Investment Institute, and a chartered secretary, a chartered governance professional and a fellow of both The Hong Kong Chartered Governance Institute (formerly known as “The Hong Kong Institute of Chartered Secretaries”) and The Chartered Governance Institute. He has extensive experience in corporate management, finance, accounting and company secretarial practice. Mr. Sue is a director of certain subsidiaries of the Company and a director of Trillion Trophy Asia Limited, a substantial Shareholder.

Mr. Sue is an executive director and the chief executive officer of China Strategic Holdings Limited (Hong Kong stock code: 235); and an executive director of EPI. Both of the aforementioned companies are listed on the Main Board of the Stock Exchange.

董事履歷 （續）

蕭長庚先生

執行董事

蕭先生，58歲，於2017年6月14日加入本公司出任執行董事。蕭先生畢業於台灣淡江大學，持有財務金融學系商學學士學位。於加入本公司前，蕭先生曾於若干商業銀行擔任高級管理層職務。蕭先生於跨國企業尤其是金融機構的策略制定、企業管理、風險控制及內部控制方面擁有豐富經驗。

郭洪林博士

執行董事

郭博士，53歲，於2019年5月3日加入本公司出任執行董事。郭博士畢業於中國中國人民大學，持有經濟學博士學位。郭博士在中國人民大學先後任職助教、教師、副教授及碩士研究生導師，曾擔任中國人民大學校長助理兼人事處處長及教育學院常務副院長。於加入本公司前，郭博士為中國人民大學教育學院兼職教授。郭博士在教育領域具有豐富認識，並在組織管理、戰略發展及人力資源管理等方面擁有超過20年經驗。郭博士為京投發展股份有限公司（該公司股份於上海證券交易所上市，上海股份代號：600683）之獨立董事。

蘇家樂先生

非執行董事

蘇先生，56歲，於2016年10月15日加入本公司出任執行董事，其後於2017年5月1日調任為非執行董事。蘇先生持有澳洲悉尼大學經濟學學士學位及香港城市大學金融學理學碩士學位。蘇先生為香港會計師公會之資深會員、澳洲會計師公會之註冊會計師、香港證券及投資學會之資深會員，以及香港公司治理公會（前稱「香港特許秘書公會」）及英國特許公司治理公會之特許秘書、特許企業管治專業人士及資深會員。彼於企業管理、財務、會計及公司秘書實務方面具有豐富經驗。蘇先生現為本公司若干附屬公司之董事及主要股東Trillion Trophy Asia Limited之董事。

蘇先生現為中策集團有限公司（香港股份代號：235）之執行董事兼行政總裁；及長盈之執行董事。上述兩間公司均於聯交所主板上市。

==> picture [64 x 61] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

BIOGRAPHICAL DETAILS OF DIRECTORS (Continued)

Mr. Pun Chi Ping

Independent Non-executive Director

Mr. Pun, aged 54, joined the Company as an Independent Nonexecutive Director on 15 October 2016, and is the Chairman of the Remuneration Committee and a member of the Audit Committee and the Nomination Committee. Mr. Pun holds a Master of Science in Finance degree from the City University of Hong Kong and a Bachelor of Arts in Accountancy degree from the City Polytechnic of Hong Kong (now known as the “City University of Hong Kong”). Mr. Pun is a fellow of the Association of Chartered Certified Accountants and a certified public accountant of the Hong Kong Institute of Certified Public Accountants. Mr. Pun has extensive experience in corporate finance, accounting and auditing.

Mr. Pun is an independent non-executive director of EPI and China Huajun Group Limited (formerly known as “Huajun International Group Limited”) (Hong Kong stock code: 377). He is also the financial controller of Poly Property Group Co., Limited (Hong Kong stock code: 119). All the aforementioned companies are listed on the Main Board of the Stock Exchange.

Ms. Leung Pik Har, Christine

Independent Non-executive Director

Ms. Leung, aged 52, joined the Company as an Independent Non-executive Director on 15 October 2016, the Chairlady of the Nomination Committee and a member of the Audit Committee and the Remuneration Committee. Ms. Leung holds a Bachelor of Business Administration degree from The Chinese University of Hong Kong. Ms. Leung has extensive experience in banking and financial services industries and had worked at several international financial institutions including Citibank, N.A. Hong Kong, Bank of America, Industrial and Commercial Bank of China (Asia) Limited and Fubon Bank (Hong Kong) Limited.

Ms. Leung is an independent non-executive director of EPI, the shares of which are listed on the Main Board of the Stock Exchange.

董事履歷（續）

潘治平先生

獨立非執行董事

潘先生，54歲，於2016年10月15日加入本公司出任獨立非執行董事、薪酬委員會主席以及審核委員會及提名委員會成員。潘先生持有香港城市大學金融學理學碩士及香港城市理工學院（現稱為「香港城市大學」）會計學文學士學位。潘先生現為英國特許公認會計師公會之資深會員及香港會計師公會之會計師。潘先生於企業融資、會計及審計擁有豐富經驗。

潘先生為長盈及中國華君集團有限公司（前稱「華君國際集團有限公司」）（香港股份代號：377）之獨立非執行董事，彼亦為保利置業集團有限公司（香港股份代號：119）之財務總監。上述公司均於聯交所主板上市。

梁碧霞女士

獨立非執行董事

梁女士，52歲，於2016年10月15日加入本公司出任獨立非執行董事、提名委員會主席以及審核委員會及薪酬委員會成員。梁女士持有香港中文大學工商管理學學士學位，梁女士於銀行及金融服務業擁有豐富經驗並曾於若干國際金融機構任職，包括花旗銀行（香港）、美國銀行、中國工商銀行（亞洲）有限公司及富邦銀行（香港）有限公司。

梁女士為長盈（該公司股份於聯交所主板上市）之獨立非執行董事。

==> picture [104 x 101] intentionally omitted <==

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

BIOGRAPHICAL DETAILS OF DIRECTORS (Continued)

Mr. Yeung Chi Tat

Independent Non-executive Director

Mr. Yeung, aged 51, joined the Company as an Independent Nonexecutive Director, the Chairman of the Audit Committee and a member of the Nomination Committee and the Remuneration Committee on 8 November 2019. Mr. Yeung holds a Master’s degree in Professional Accounting with distinction from The Hong Kong Polytechnic University and a Bachelor’s degree in Business Administration from The University of Hong Kong. He is a fellow of The Institute of Chartered Accountants in England and Wales, the Hong Kong Institute of Certified Public Accountants and the Association of Chartered Certified Accountants and a Senior International Finance Manager of the International Financial Management Association. Mr. Yeung worked at a major international accounting firm for over 10 years and then worked for various Hong Kong listed companies as vice president, chief financial officer, financial controller and/or company secretary. He possesses extensive experience in auditing, corporate restructuring and corporate finance. Mr. Yeung is currently the Deputy President of the Hong Kong Independent Non-executive Director Association and a Certified Public Accountant (Practising) in Hong Kong.

Mr. Yeung is an independent non-executive director of Sitoy Group Holdings Limited (Hong Kong stock code: 1023) and Guodian Technology & Environment Group Corporation Limited (Hong Kong stock code: 1296), and an independent director of New Hope Dairy Co., Ltd. (Shenzhen stock code: 002946). All aforementioned companies with Hong Kong stock code are listed on the Main Board of the Stock Exchange, and New Hope Dairy Co., Ltd. is listed on the Shenzhen Stock Exchange. Mr. Yeung was an independent non-executive director of ANTA Sports Products Limited (Hong Kong stock code: 2020) from February 2007 to June 2018 and an independent non-executive director of Boer Power Holdings Limited (Hong Kong stock code: 1685) from September 2010 to June 2020.

董事履歷（續）

楊志達先生

獨立非執行董事

楊先生，51歲，於2019年11月8日加入本公司擔任獨立非執行董事、審核委員會主席以及提名委員會及薪酬委員會成員。楊先生持有香港理工大學專業會計碩士學位（甲級）及香港大學工商管理學士學位。彼為英格蘭及威爾斯特許會計師公會、香港會計師公會及英國特許公認會計師公會資深會員及國際財務管理協會之高級國際財務管理師。楊先生於一間主要國際會計師行任職超逾十年，其後曾任多間香港上市公司之副總裁、首席財務官、財務總監及╱或公司秘書。彼於核數、企業重組及企業融資方面擁有豐富經驗。楊先生現為香港獨立非執行董事協會之常務副會長及香港執業會計師。

楊先生現時為時代集團控股有限公司（香港股份代號：1023）及國電科技環保集團股份有限公司（香港股份代號：1296）之獨立非執行董事，以及新希望乳業股份有限公司（深圳股份代號：002946）之獨立董事。上述全部附有香港股份代號之公司均於聯交所主板上市，而新希望乳業股份有限公司於深圳證券交易所上市。楊先生自2007年2月至2018 年6月擔任安踏體育用品有限公司（香港股份代號：2020）的獨立非執行董事及自2010年 9月至2020年6月擔任博耳電力控股有限公司（香港股份代號：1685）的獨立非執行董事。

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

==> picture [63 x 61] intentionally omitted <==

REPORT OF THE DIRECTORS

The Directors are pleased to submit their report together with the audited consolidated financial statements of the Group for the year ended 30 June 2021.

PRINCIPAL ACTIVITIES AND BUSINESS REVIEW

The Company acts as an investment holding company. The principal activities of its major subsidiaries are the operation of a professional football club in the UK, properties investment in Cambodia, provision of System Service Solutions and healthcare and medical related business.

Further discussion and analysis of the Group’s activities as required by Schedule 5 to the Hong Kong Companies Ordinance, including a discussion of the principal risks and uncertainties facing the Group, particulars of important events affecting the Group that have occurred since the end of the financial year and an indication of likely future developments in the Group’s business, can be found in the sections headed “Chairman’s Statement” and “Management Discussion and Analysis” set out on pages 5 to 23 of this annual report, which form part of this directors’ report.

RESULTS AND DIVIDEND

The results of the Group for the year ended 30 June 2021 are set out in the consolidated statement of profit or loss and other comprehensive income on pages 68 to 69.

The Board does not recommend the payment of a final dividend for the year ended 30 June 2021 (2020: nil).

PROPERTY, PLANT AND EQUIPMENT

Details of the movements in property, plant and equipment of the Group during the year are set out in note 19 to the consolidated financial statements.

INVESTMENT PROPERTIES

Details of movements in investment properties of the Group during the year are set out in note 23 to the consolidated financial statements and summary of the principal properties of the Group is set out on pages 167 to 168.

SHARE CAPITAL AND SHARE OPTIONS

Details of movements in the share capital of the Company and share options during the year are set out in notes 37 and 38 to the consolidated financial statements, respectively.

RESERVES

Details of movements in the reserves of the Group and the Company during the year are set out in the consolidated statement of changes in equity on page 72 and note 37 to the consolidated financial statements, respectively.

董事會報告

董事欣然提呈截至2021年6月30日止年度之董事會報告連同本集團之經審核綜合財務報表。

主要業務及業務回顧

本公司為一間投資控股公司。其主要附屬公司之主要業務為從事英國職業球會營運、於柬埔寨從事物業投資及提供系統服務解決方案及保健及醫療相關業務。

按照香港公司條例附表5所規定有關本集團之業務之進一步討論及分析，包括本集團所面對之主要風險及不明朗因素，自財政年度結算日起所發生對本集團造成影響之重要事件詳情以及本集團業務未來之發展方針，詳情載於本年報第5頁至23頁之「主席報告」及「管理層討論及分析」的章節內。上述章節構成本董事會報告的一部分。

業績及股息

本集團截至2021年6月30日止年度之業績載於第68頁至69頁之綜合損益及其他全面收益表。

董事會不建議派發截至2021年6月30日止年度之末期股息（2020年：無）。

物業、廠房及設備

於年內，本集團物業、廠房及設備之變動詳情載於綜合財務報表附註19。

投資物業

本集團之投資物業於本年度之變動詳情載於綜合財務報表附註23及本集團之主要物業概要刊載於第167頁至168頁。

股本及購股權

本公司於年內之股本及購股權之變動詳情分別載於綜合財務報表附註37及38。

儲備

本集團及本公司於年內之儲備變動詳情分別載於第72頁之綜合權益變動表及綜合財務報表附註37。

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

REPORT OF THE DIRECTORS

(Continued)

DISTRIBUTABLE RESERVES

The Company’s reserves available for distribution as at 30 June 2021 amounted to approximately HK$193,562,000 (2020: approximately HK$127,240,000).

FIVE-YEAR FINANCIAL SUMMARY

A summary of the results and assets and liabilities of the Group for the last five financial years, as extracted from the audited consolidated financial statements of the Company, is set out on page 166. This summary does not form part of the audited consolidated financial statements.

MAJOR CUSTOMERS AND SUPPLIERS

During the year ended 30 June 2021, the Group’s sales to the five largest customers accounted for less than 30% of total revenue.

During the year ended 30 June 2021, the Group’s purchases from the five largest suppliers accounted for approximately 75.7% of total purchases and purchases from the largest supplier accounted for approximately 20.1%.

None of the Directors or any of their close associates or any Shareholders (which, to the best knowledge of the Directors, own more than 5% of the Company’s issued shares) had any beneficial interest in the Group’s five largest customers or suppliers during the year 30 June 2021.

PRE-EMPTIVE RIGHTS

There are no provisions for pre-emptive rights under the Company’s Articles of Association or the laws of the Cayman Islands, being the jurisdiction in which the Company was incorporated, which would oblige the Company to offer new shares on a pro-rata basis to its existing shareholders.

董事會報告（續）

可分派儲備

於2021年6月30日，本公司可供分派的儲備金額約為193,562,000港元（ 2020年：約 127,240,000港元）。

五年財務概要

摘錄自本公司之經審核綜合財務報表之本集團過去五個財政年度之業績及資產與負債概要載於第166頁。此概要並不構成經審核綜合財務報表之一部份。

主要客戶及供應商

於截至2021年6月30日止年度，本集團向五大客戶銷售佔收益總額不足30%。

於截至2021年6月30日止年度，本集團向五大供應商採購佔採購總額約75.7%，而最大供應商佔採購總額約20.1%。

董事或其任何緊密聯繫人士或據董事所知擁有本公司已發行股份逾5%之任何股東，於截至2021年6月30日止年度概無持有本集團五大客戶或供應商之任何實質權益。

優先購股權

本公司之組織章程細則或開曼群島（本公司註冊成立所在之司法權區）法例概無載列有關本公司須按比例向其現有股東提呈發售新股份之優先購買權規定。

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

REPORT OF THE DIRECTORS

(Continued)

DIRECTORS

The directors of the Company during the financial year ended 30 June 2021 and up to the date of this report were:

Executive Directors

Mr. Zhao Wenqing (Chairman)

Mr. Huang Dongfeng (Chief Executive Officer)

Mr. Yiu Chun Kong

Mr. Hsiao Charng Geng

Dr. Guo Honglin

Non-executive Director

Mr. Sue Ka Lok

Independent Non-executive Directors

Mr. Pun Chi Ping Ms. Leung Pik Har, Christine Mr. Yeung Chi Tat

Biographical details of the current Directors are set out on pages 24 to 27 of this annual report.

In accordance with Articles 87(1) and 87(2) of the Company’s Articles of Association, Mr. Hsiao Charng Geng, Dr. Guo Honglin and Mr. Pun Chi Ping will retire at the forthcoming annual general meeting (the “2021 AGM”) of the Company by rotation and, being eligible, will offer themselves for re-election in the 2021 AGM.

DIRECTORS’ SERVICE CONTRACTS

None of the Directors being proposed for re-election at the 2021 AGM has a service contract with the Company or any of its subsidiaries which is not determinable by the Group within one year without payment of compensation, other than statutory compensation.

DIRECTORS’ INTERESTS IN TRANSACTIONS, ARRANGEMENTS OR CONTRACTS OF SIGNIFICANCE

As at 30 June 2021, to the best knowledge of the Directors, no transactions, arrangements or contracts of significance to which the Company or any of its subsidiaries was a party and in which a Director and the Director’s connected entity had a material interest, whether directly or indirectly, subsisted as at 30 June 2021 or at any time during the year ended 30 June 2021.

董事會報告 （續）

董事

於截至2021年6月30日止財政年度內及截至本報告日期，本公司之董事如下：

執行董事

趙文清先生（主席）黃東風先生（行政總裁）姚震港先生蕭長庚先生郭洪林博士

非執行董事

蘇家樂先生

獨立非執行董事

潘治平先生梁碧霞女士楊志達先生

現任董事之履歷詳情載於本年報第24至27 頁。

根據本公司之組織章程細則第87(1)及87(2)條蕭長庚先生、郭洪林博士及潘治平先生將於本公司應屆股東週年大會（「2021年股東週年大會」）輪席退任，惟彼等符合資格並願意於2021年股東週年大會上膺選連任。

董事之服務合約

概無擬於2021年股東週年大會上膺選連任之董事，與本公司或其任何附屬公司訂有一年內由本集團不作補償（法定補償除外）之情況下終止之服務合約。

董事於重大交易、安排或合約之權益

於2021年6月30日，就董事所深知，於2021 年6月30日或截至2021年6月30日止年度任何時間，董事及董事之關連實體概無直接或間接在本公司或任何附屬公司所訂立之重大交易、安排或合約擁有重大權益。

==> picture [104 x 101] intentionally omitted <==

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

REPORT OF THE DIRECTORS (Continued)

PERMITTED INDEMNITY PROVISION

Pursuant to the Company’s Articles of Association, subject to the statutes, every Director shall be indemnified out of the assets of the Company against all losses and liabilities which he/she may sustain or incur in or about the execution of his/her office or otherwise in relation thereto. The Company has arranged appropriate directors and officers liability insurance coverage for the Directors and other officers of the Company during the year.

DIRECTORS’ REMUNERATION

Details of the Directors’ emoluments are set out in note 15 to the consolidated financial statements.

UPDATES ON DIRECTORS’ INFORMATION

The following is updated information of the Directors required to be disclosed pursuant to Rule 13.51B(1) of the Listing Rules:

Mr. Sue Ka Lok resigned as executive director of PT International Development Corporation Limited (Hong Kong stock code: 372), the shares of which are listed on the Main Board of the Stock Exchange, with effect from 6 July 2021.

DIRECTORS’ INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES

As at 30 June 2021, the interests and short positions of the Directors and chief executive of the Company in the shares, underlying shares and debentures of the Company or its associated corporations (within the meaning of Part XV of the SFO) as recorded in the register required to be kept by the Company under the section 352 of the SFO, or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”) set out in Appendix 10 to the Listing Rules were as follows:

董事會報告 （續）

獲允許彌償條文

根據本公司之組織章程細則，按照法規，各董事將就其於履行職務或另外相關可能承受或招致之一切損失及負債可獲得本公司資產彌償。年內，本公司已為董事及本公司之其他高級管理人員購買適當的董事及高級職員責任保險作為保障。

董事酬金

董事酬金之詳情載於綜合財務報表附註15。

董事資料更新

下列為根據上市規則第13.51B(1)條之規定須予披露有關董事之更新資料：

蘇家樂先生於2021年7月6日已辭任保德國際發展企業有限公司（香港股份代號：372）之執行董事，該公司股份於聯交所主板上市。

董事於股份、相關股份及債權證之權益及淡倉

於2021年6月30日，本公司之董事及最高行政人員於本公司或其相聯法團（定義見證劵及期貨條例第XV部）之股份、相關股份及債權證中，擁有本公司根據證券及期貨條例第 352條須存置之登記冊內所記錄之權益及淡倉，或根據上市規則附錄十所載之《上市發行人董事進行證券交易的標準守則》（「標準守則」）之規定而須知會本公司及聯交所之權益及淡倉如下：

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

REPORT OF THE DIRECTORS

(Continued)

董事會報告 （續）

DIRECTORS’ INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES (Continued)

Long positions in the shares and the underlying shares of the Company:

董事於股份、相關股份及債權證之權益及淡倉 （續）

於本公司股份及相關股份的好倉：

				Approximate
				percentage of the
				Company’s issued
				share capital
				*(Note (i))*
		Number of		佔本公司
		underlying		已發行
	Capacity and	shares held		股本之
Name of director	nature of interest	所持相關	Note	概約百分比
董事名稱	身份及權益性質	股份數目	附註	（附註(i)）
Mr. Zhao Wenqing	Beneficial owner	66,804,124	(ii)	0.35%
趙文清先生	實益擁有人
Mr. Huang Dongfeng	Beneficial owner	66,804,124	(ii)	0.35%
黃東風先生	實益擁有人

Notes:

附註：

(i) The approximate percentage of the Company’s issued share capital was calculated on the basis of 19,288,998,508 shares in issue as at 30 June 2021.
(i) 佔本公司已發行股本之概約百分比乃基於 2021年6月30日之19,288,998,508股已發行股份計算。
(ii) This represented the interest in the underlying shares which may be issued upon the exercise of the share options granted by the Company to the Directors on 6 December 2018 pursuant to the share option scheme adopted by the Shareholders on 30 December 2016 (the “Share Option Scheme”). The consideration paid by each Director on acceptance of the share options granted was HK$1.00. The exercise price of the share options was HK$0.1084 per share. The share options shall be vested and exercisable in three tranches in accordance with the following dates: (1) approximately one third of the share options granted was vested on the date of grant and exercisable within the period of five years thereafter, i.e., from 6 December 2018 to 5 December 2023 (both dates inclusive); (2) approximately one third of the share options granted shall be vested on the first anniversary of the date of grant and exercisable within the period of four years after being vested, i.e., from 6 December 2019 to 5 December 2023 (both dates inclusive); and (3) the remaining one third of the share options granted shall be vested on the second anniversary of the date of grant and exercisable within the period of three years after being vested, i.e. 6 December 2020 to 5 December 2023 (both dates inclusive).
(ii) 此為根據本公司於2018年12月6日根據股東於2016年12月30日所採納的購股權計劃（「購股權計劃」）授予董事之購股權獲行使而可能發行之相關股份的權益。各董事於接納已授出購股權時已支付之代價為 1.00港元。購股權之行使價為每股0.1084 港元。購股權將按下列日期分三個批次歸屬及行使：(1)已授出購股權其中約三分之一的購股權已於授出日期起歸屬及於其後五年內可行使，即自2018年12月6日至2023年12月5日（包括首尾兩天）；(2)已授出購股權其中約三分之一的購股權將於授出日期首週年起歸屬及歸屬後四年內可行使，即自2019年12月6日至2023年 12月5日（包括首尾兩天）；及(3)已授出購股權其餘三分之一的購股權將於授出日期兩週年起歸屬及歸屬後三年內可行使，即自2020年12月6日至2023年12月5日（包括首尾兩天）。

Upon completion of the rights issue on 23 April 2019, the number of share options owned by each of Mr. Zhao Wenqing and Mr. Huang Dongfeng was adjusted to 66,804,124 to subscribe for 66,804,124 shares, exercisable at an adjusted price of HK$0.09736 per share.

==> picture [104 x 101] intentionally omitted <==

於2019年4月23日完成供股後，趙文清先生及黃東風先生擁有之購股權數目已分別調整為66,804,124份購股權，按每股股份 0.09736港元之經調整價格行使，可認購 66,804,124股股份。

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

REPORT OF THE DIRECTORS (Continued)

董事會報告（續）

DIRECTORS’ INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES (Continued)

Save as disclosed above, as at 30 June 2021, none of the Directors or chief executive of the Company had registered an interest or short positions in the shares, underlying shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) that was required to be recorded pursuant to section 352 of the SFO, or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code.

董事於股份、相關股份及債權證之權益及淡倉 （續）

除上文所披露者外，於2021年6月30日，本公司之董事或最高行政人員概無於本公司或其任何相聯法團（定義見證劵及期貨條例第 XV部）之股份、相關股份及債權證中擁有根據證券及期貨條例第352條之權益或淡倉，或根據標準守則之規定而須知會本公司及聯交所之權益或淡倉。

INTERESTS AND SHORT POSITIONS OF SHAREHOLDERS DISCLOSEABLE UNDER THE SFO

As at 30 June 2021, so far as is known to the Directors, the following person or corporation (other than a Director or chief executive of the Company) had, or were deemed to have an interest or short positions in the shares or underlying shares of the Company as recorded in the register required to be kept by the Company pursuant to section 336 of the SFO:

根據證券及期貨條例須予披露之股東權益及淡倉

於2021年6月30日，就董事所知，以下人士或法團（除董事或本公司的高級行政人員外）於本公司之股份或相關股份中擁有或被視作擁有本公司須根據證券及期貨條例第336條規定存置的登記冊所記錄的權益或淡倉：

				Approximate
		Number of		percentage of the
		Shares		Company’s issued
		interested in		share capital
		*(Note (i))*		*(Note (v))*
	Capacity and	擁有權益		佔本公司已發行
Name of shareholder	nature of interest	之股份數目	Notes	股本之概約百分比
股東名稱	身份及權益性質	（附註(i)）	附註	（附註(v)）
Trillion Trophy Asia Limited (“Trillion	Beneficial owner	5,425,000,000	(ii)	28.12%
Trophy”)	實益擁有人
Wealthy Associates International Limited	Interest of controlled corporation	5,425,000,000	(ii)	28.12%
(“Wealthy Associates”)	受控制法團權益
Mr. Suen Cho Hung, Paul (“Mr. Suen”)	Interest of controlled corporation	5,425,000,000	(ii)	28.12%
孫粗洪先生（「孫先生」）	受控制法團權益
Ever Depot Limited (“Ever Depot”)	Beneficial owner	4,539,161,000	(iii)	23.53%
永聚有限公司（「永聚」）	實益擁有人
Graticity Real Estate Development	Interest of controlled corporation	4,539,161,000	(iii)	23.53%
Co., Ltd (“GRED”)	受控制法團權益
Mr. Vong Pech	Interest of controlled corporation	4,539,161,000	(iii)	23.53%
Vong Pech先生	受控制法團權益
Dragon Villa Limited (“Dragon Villa”)	Beneficial owner	3,294,366,000	(iv)	17.08%
宏龍有限公司（「宏龍」）	實益擁有人
Mr. Lei Sutong	Interest of controlled corporation	3,294,366,000	(iv)	17.08%
雷素同先生	受控制法團權益
	33

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

==> picture [63 x 61] intentionally omitted <==

REPORT OF THE DIRECTORS

(Continued)

INTERESTS AND SHORT POSITIONS OF SHAREHOLDERS DISCLOSEABLE UNDER THE SFO (Continued)

Notes:

(i) All the above interests in the shares were long positions.
(ii) Trillion Trophy is a wholly-owned subsidiary of Wealthy Associates which in turn is wholly-owned by Mr. Suen. Accordingly, Wealthy Associates and Mr. Suen are deemed to be interested in the 5,425,000,000 shares held through Trillion Trophy under the SFO.
(iii) Ever Depot is a wholly-owned subsidiary of GRED which in turn is wholly-owned by Mr. Vong Pech. Accordingly, GRED and Mr. Vong Pech are deemed to be interested in the 4,539,161,000 shares held through Ever Depot under the SFO.
(iv) Dragon Villa is wholly-owned by Mr. Lei Sutong. Accordingly, Mr. Lei Sutong is deemed to be interested in the 3,294,366,000 shares held through Dragon Villa under the SFO.
(v) The approximate percentage of the Company’s issued share capital was calculated on the basis of 19,288,998,508 shares in issue as at 30 June 2021.

Save as disclosed above, the Company had not been notified of any other relevant interests or short positions in the Company’s shares or underlying shares as at 30 June 2021 as required pursuant to section 336 of the SFO.

SHARE OPTION SCHEME

The Share Option Scheme was adopted by the Company at the annual general meeting of the Company held on 30 December 2016. Unless otherwise cancelled or amended, the Share Option Scheme will be valid and effective for a period of ten years commencing on the date of adoption. As at the date of this report, the remaining life of the Share Option Scheme is approximately five years. The purpose of the Share Option Scheme is to enable the Company to provide participants with the opportunity to acquire proprietary interests in the Company and to encourage participants to work towards enhancing the value of the Company and its shares for the benefit of the Company and its shareholders as a whole. Participants of the Share Option Scheme comprise of Directors, employees of the Group; and any advisors, consultants, business partners, agents, customers, suppliers, service providers, contractors of any member of the Group or any company or other entity in which the Group or any member of it has a shareholding interest, who, in the sole discretion of the Board, has contributed or may contribute to the Group or any member of it. The offer of a grant of share options may be accepted until the 30th day inclusive of, and from, the date of grant, provided that no such offer shall be open for acceptance after the expiry of the period of ten years commencing on the adoption date of the Share Option Scheme or after the Share Option Scheme has been terminated. The amount payable by each grantee of options to the Company on acceptance of the offer for the grant of options is HK$1.00.

董事會報告

（續）

根據證券及期貨條例須予披露之股東權益及淡倉（續）

附註：

(i) 所有上述之股份權益均為好倉。
(ii) Trillion Trophy為Wealthy Associates之全資附屬公司，而Wealthy Associates 則由孫先生全資擁有。因此，Wealthy A s s o c i a t e s 及孫先生根據證券及期貨條例被視為透過 Trillion Trophy 於 5,425,000,000股股份中擁有權益。
(iii) 永聚為GRED之全資附屬公司，而GRED 則由Vong Pech先生全資擁有。因此， GRED及Vong Pech先生根據證券及期貨條例被視為透過永聚於4,539,161,000股股份中擁有權益。
(iv) 宏龍由雷素同先生全資擁有。因此，雷素同先生根據證券及期貨條例被視為透過宏龍於3,294,366,000股股份中擁有權益。
(v) 佔本公司已發行股本之概約百分比乃基於 2021年6月30日之19,288,998,508股已發行股份計算。

除上文所披露者外，於2021年6月30日，本公司並無獲知會根據證券及期貨條例第336 條之規定須予披露之本公司股份或相關股份之任何其他相關權益或淡倉。

購股權計劃

本公司於2016年12月30日舉行之股東週年大會上採納購股權計劃。除非被註銷或修訂，否則購股權計劃將由採納日期起計十年期間有效及生效。於本報告日期，購股權計劃之剩餘年期約為五年。購股權計劃之目的旨在向參與人士提供獲得本公司所有權權益的機會，並鼓勵參與人士為本公司及股東之整體利益努力提升本公司及其股份的價值。購股權計劃之參與人士包括董事；本集團僱員；及董事會全權認為對本集團或其任何成員公司作出貢獻或可能作出貢獻之本集團任何成員公司或本集團或其任何成員公司擁有股權之任何公司或其他實體之任何顧問、諮詢人、業務夥伴、代理、客戶、供應商、服務供應商、承辦商。授出購股權之要約可自授出日期（包括該日）起直至第三十日內接納，惟有關授出於購股權計劃採納日期起計十年期限屆滿後或購股權計劃被終止後不得接納。每名購股權承授人就接納授出購股權之要約應付本公司之金額1.00港元。

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

REPORT OF THE DIRECTORS (Continued)

SHARE OPTION SCHEME (Continued)

The subscription price for the shares on the exercise of options under the Share Option Scheme shall be a price as determined by the Board in its absolute discretion at the time of the grant of the relevant option (and shall be stated in the letter containing the offer of the grant of the option) but in any case the subscription price shall not be less than the higher of (i) the closing price of the Shares as stated in the Stock Exchange’s daily quotations sheet on the date of grant, which must be a business day; (ii) the average closing price of the Shares as stated in the Stock Exchange’s daily quotations sheets for the five business days immediately preceding the date of grant; and (iii) the nominal value of the Shares (if any) on the date of grant. The exercise period of the share options granted is determinable by the Board but in any event, not longer than ten years from the date of grant. At the time of grant of the options, the Company may specify a minimum period for which an option must be held before it can be exercised.

The maximum number of shares issued and to be issued upon exercise of the options granted to each participant under the Share Option Scheme and any other share option scheme(s) of the Company in any 12-month period up to the proposed date of grant (including exercised and outstanding options) shall not exceed 1% of the total number of the shares of the Company in issue as at the proposed date of grant. Any further grant of options to a participant in excess of the 1% limit shall be subject to the Shareholders’ approval with such participant and his/her close associates (or associates if the participant is a connected person) abstaining from voting.

The limit on the total number of shares of the Company which may be issued upon exercise of all options granted and yet to be exercised under the Share Option Scheme and any other share option scheme(s) of the Company (excluding lapsed and cancelled options) must not exceed 30% of the total number of the shares of the Company in issue from time to time. In addition, the total number of the shares of the Company which may be issued upon exercise of all options to be granted under the Share Option Scheme, together with all options to be granted under any other share option scheme(s) of the Company (excluding lapsed options), must not represent more than 10% of the total number of the shares of the Company in issue as at the date of adoption of the Share Option Scheme (the “Scheme Mandate Limit”) or as at the date of the approval of the refreshed Scheme Mandate Limit as the case maybe.

董事會報告 （續）

購股權計劃（續）

行使購股權計劃項下購股權時就股份支付之認購價將為董事會於授出有關購股權時全權酌情釐定之價格（並須於載有授出購股權要約之函件中列明），惟於任何情況下，認購價須至少為下列各項之最高者(i)授出日期（必須為營業日）在聯交所每日報價表所載之股份收市價；(ii)緊接授出日期日前五個營業日在聯交所每日報價表所載之股份平均收市價；及(iii)股份於授出當日之面值（如有）。已授出之購股權之行使期可由董事會釐定，但無論如何不得超過由授出日期起計之十年期間。本公司於授出認股權時或會訂明認股權可行使前須持有之最短期限。

於緊接建議授出日期前十二個月期間內，根據購股權計劃及本公司任何其他購股權計劃授予各參與者之購股權獲行使而已發行及將予發行之本公司股份總數（包括已行使及尚未行使之購股權）上限不得超過於建議授出日期本公司已發行股份總數之1%。凡向參與者進一步授出超過1%限額之購股權，須待股東批准方可作實，而該參與者及其密切聯繫人士（若該參與者為關連人士，則聯繫人士）須放棄投票。

所有根據購股權計劃及本公司任何其他購股權計劃已授出但尚未行使之購股權（不包括已失效及已註銷之購股權）獲行使而可能發行之本公司股份總數限額合共不得超過不時本公司已發行股份總數之30%。此外，因行使購股權計劃連同根據本公司任何其他購股權計劃將予授出之所有購股權（不包括已失效之購股權）而可能發行之本公司股份總數，不得超過採納購股權計劃當日（「計劃授權限額」）或批准更新計劃授權限額當日（視情況而定）本公司已發行股份總數之10%。

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

REPORT OF THE DIRECTORS

(Continued)

董事會報告 （續）

SHARE OPTION SCHEME (Continued)

As at the date of this report, a total of 1,771,002,250 shares (representing approximately 9.18% of the existing issued Shares), as refreshed by the Shareholders at the annual general meeting held on 31 December 2019, may be granted under the Share Option Scheme and a total of 278,350,515 shares (representing approximately 1.44% of the existing issued Shares) may be issued upon exercise of all options which had been granted and yet to be exercised under the Share Option Scheme.

購股權計劃（續）

於本報告日期，根據購股權計劃可授出總計 1,771,002,250股股份（相當於本公司之現有已發行股份約9.18%，經股東於2019年12月 31日舉行之股東週年大會上更新），而倘根據購股權計劃已授出但尚未行使之購股權獲行使，則可發行合共278,350,515股股份（相等於現有已發行股份約1.44%）。

As at the date of this report, a total of 2,049,352,765 shares, representing approximately 10.62% of the issued Shares at the date of this report, were available for issue under the Share Option Scheme.

於本報告日期，根據購股權計劃可供發行合共2,049,352,765股股份，相當於本報告日期之已發行股份約10.62%。

Details of movements in the number of share options during the year ended 30 June 2021 under the Share Option Scheme are as follows:

截至2021年6月30日止年度期間，購股權計劃項下購股權之數目變動詳情如下：

	Name or category of participant 參與者姓名或類別 Date of grant 授出日期 Exercisable period (both dates inclusive) 行使期（包括首尾兩天） Exercise price per share 每股行使價 HK$ 港元	Number of share options outstanding as at 1 July 2020 Number of share options outstanding as at 30 June 2021 於2020年 7月1日尚未行使之購股權數目於2021年 6月30日尚未行使之購股權數目
		22,268,042 22,268,042 22,268,041 22,268,041 22,268,041 22,268,041 22,268,042 22,268,042 22,268,041 22,268,041 22,268,041 22,268,041
		133,608,248 133,608,248
		66,804,123 66,804,123 66,804,124 66,804,124 66,804,123 66,804,123
		200,412,370 200,412,370
		334,020,618 334,020,618

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

REPORT OF THE DIRECTORS

(Continued)

SHARE OPTION SCHEME (Continued)

Notes:

(i) The vesting period of the share options is from the date of grant until the commencement date of the exercise period.
(ii) During the year 30 June 2021, no options were granted, exercised, lapsed or cancelled under the Share Option Scheme.
(iii) As a result of the rights issue which was completed on 23 April 2019, the exercise price of the share options was adjusted from HK$0.1084 to HK$0.09736 under the Share Option Scheme and the supplementary guidance regarding adjustment of share options under Rule 17.03(13) of the Listing Rules. The number of shares of the Company that will fall to be issued upon exercise of the outstanding share options were also adjusted accordingly.

Additional information in relation to the Share Option Scheme are set out in note 38 to the consolidated financial statements.

DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR DEBENTURES OF THE COMPANY AND ASSOCIATED CORPORATION

Save as disclosed in the sections headed “DIRECTORS’ INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES” above and the “SHARE OPTION SCHEME” disclosure in note 38 to the consolidated financial statements, at no time during the year ended 30 June 2021 was the Company or any of its subsidiaries a party to any arrangements to enable to the Directors to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate, and none of the Directors or their spouse or minor children had any rights to subscribe for the securities of the Company, or had exercised any such rights during the year ended 30 June 2021.

EQUITY-LINKED AGREEMENTS

Save for the Share Option Scheme as disclosed in note 38 to the consolidated financial statements, no equity-linked agreements were entered into by the Group, or existed during the year ended 30 June 2021.

MANAGEMENT CONTRACTS

During the year ended 30 June 2021, the Company had not entered into any contract in respect of the management or administration of any business of the Company.

PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIES

During the year ended 30 June 2021, to the best knowledge of the Directors, neither the Company nor any of its subsidiaries had purchased, sold or redeemed any of the Company’s listed securities.

董事會報告

（續）

購股權計劃（續）

附註：

(i) 購股權之歸屬期乃由授出日期起直至行使期開始當日為止。
(ii) 截至 2021 年 6 月 30 日止年度，概無購股權根據購股權計劃授出、行使、失效或註銷。
(iii) 由於供股已於 2019 年 4 月 23 日完成，購股權之行使價已根據購股權計劃及上市規則第 17.03(13) 條有關調整購股權之補充指引由 0.1084 港元調整至 0.09736 港元。未行使購股權獲行使後將予發行之本公司股份數目亦已作出相應調整。

購股權計劃的進一步資料載於綜合財務報表附註38。

董事購入本公司及相聯法團股份或債權證之權利

除上文「董事於股份、相關股份及債權證之權益及淡倉」一節中及綜合財務報表附註38 「購股權計劃」中所披露之事項外，截至2021 年6月30日止年度任何時間，本公司或任何其附屬公司概無訂立任何安排，致使董事可藉購買本公司或任何其他法人團體之股份或債權證而獲取利益，亦無董事或彼等之配偶或未成年子女有權認購本公司證券，或於截至2021年6月30日止年度行使任何該等權利。

股票掛鈎協議

除於綜合財務報表附註38所披露之購股權計劃外，截至2021年6月30日止年度本集團概無訂立亦不存在任何股票掛鈎協議。

管理合約

於截至2021年6月30日止年度，本公司並無就本公司任何業務的管理或行政工作簽訂任何合約。

購買、出售或贖回本公司之上市證券

就董事所深知，於截至2021年6月30日止年度，本公司或其任何附屬公司概無購買、出售或贖回本公司任何上市證券。

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

REPORT OF THE DIRECTORS (Continued)

DIRECTORS’ INTEREST IN COMPETING BUSINESS

During the year ended 30 June 2021 and up to the date of this report, none of the Directors, or any of their respective associates (as defined in the Listing Rules) had any material interest in any business that competes or may compete with the business of the Group.

CORPORATE GOVERNANCE

The Company’s corporate governance practices are set out in the “Corporate Governance Report” on pages 46 to 61 of this annual report.

CONNECTED TRANSACTIONS AND CONTINUING CONNECTED TRANSACTIONS

During the year, the Group entered into the following connected transaction and continuing connected transactions with connected persons (as defined in the Listing Rules):

(a) Connected Transaction

Disposal of 21.64% interest in BCP and 25% interest of BCSL

On 9 October 2020, the Company, as vendor, entered into a sale and purchase agreement (the “Sale and Purchase Agreement”) with Oriental Rainbow, a company wholly-owned by Mr. Vong Pech, a substantial Shareholder interested in approximately 25.63% of issued share capital of the Company through a controlled company, Ever Depot, as at the date of the Sale and Purchase Agreement. Pursuant to the Sale and Purchase Agreement, (i) the Company agreed to sell and Oriental Rainbow agreed to acquire approximately 21.64% of issued share capital of BCP; (ii) the Company agreed to sell and Oriental Rainbow agreed to acquire 25% of issued share capital of BCSL; and (iii) the Company agreed to assign and Oriental Rainbow agreed to accept the assignment of a loan, representing approximately 21.64% of the total amount of the shareholder’s loan outstanding and owing by BCP to the Company at the date of completion. The total final consideration of the Disposal was approximately GBP5.4 million.

董事會報告 （續）

董事於競爭性業務之權益

於截至2021年6月30日止年度及直至本報告日期，董事或任何彼等各自之聯繫人士（定義見上市規則），概無於與本集團業務構成或可能構成競爭之業務中擁有任何重大權益。

企業管治

本公司之企業管治常規載於本年報第46至61 頁「企業管治報告」內。

關連交易及持續關連交易

年內，本集團與關連人士（定義見上市規則）訂有以下關連交易及持續關連交易：

(a) 關連交易出售BCP之21.64%權益及BCSL之 25%權益

於2020年10月9日，本公司（作為賣方）與東霓訂立買賣協議（「買賣協議」），東霓為一間由主要股東Vong Pech先生全資擁有的公司，而Vong Pech先生透過一間受控公司（永聚）於買賣協議日期擁有本公司已發行股本約25.63%。根據買賣協議，(i)本公司同意出售而東霓同意收購BCP已發行股本約21.64%；(ii) 本公司同意出售而東霓同意收購BCSL 已發行股本之25%；及(iii)本公司同意轉讓而東霓同意接受轉讓貸款，相當於完成日期BCP未償還及結欠本公司之股東貸款之總額約21.64%。出售事項的最終總代價約為5,400,000英鎊。

==> picture [104 x 101] intentionally omitted <==

年報 ANNUAL REPORT 2021

董事會報告 （續）

==> picture [64 x 63] intentionally omitted <==

REPORT OF THE DIRECTORS

(Continued)

CONNECTED TRANSACTIONS AND CONTINUING CONNECTED TRANSACTIONS (Continued)

(a) Connected Transaction (Continued)

Disposal of 21.64% interest in BCP and 25% interest of BCSL (Continued)

As Oriental Rainbow is wholly-owned by Mr. Vong Pech, a substantial Shareholder and hence a connected person of the Company under the Listing Rules, the Disposal therefore constituted a connected transaction of the Company and is subject to the reporting, announcement and independent shareholders’ approval requirements under the Listing Rules. The transaction was approved by the independent Shareholders at an extraordinary general meeting held on 8 December 2020 and was completed on 31 December 2020.

Details of the above transaction were disclosed in the announcements of the Company dated 9 October 2020 and 31 December 2020 and the circular of the Company dated 17 November 2020.

(b) Continuing Connected Transactions

Exempt Continuing Connected Transactions

During the year ended 30 June 2021, the Group had entered into the following continuing connected transactions which are exempt from the reporting, announcement, annual review and independent shareholders’ approval requirements under Chapter 14A of the Listing Rules, the disclosure of which is on a voluntary basis in order to enhance the transparency of the Group’s transactions:

Revolving loan facility from Trillion Trophy

On 21 December 2016, the Company and Trillion Trophy entered into a revolving loan facility (as supplemented by supplemental facility agreements dated 21 December 2018 and 31 December 2020 respectively) pursuant to which Trillion Trophy provided a revolving loan facility up to HK$250,000,000 to the Company at an interest rate of 4.5% per annum (collectively the “Trillion Trophy Facility”). As at the date of this report, Trillion Trophy is a substantial Shareholder holding approximately 28.12% interest of the Company and hence a connected person of the Company. The transactions contemplated under the Trillion Trophy Facility constitute financial assistance for the Company under the Listing Rules. Pursuant to Rule 14A.90 of the Listing Rules, such financial assistance received by the Company from Trillion Trophy is fully exempt from the reporting, announcement and independent shareholders’ approval requirements under Chapter 14A to the Listing Rules as it is conducted on normal commercial terms or better and it is not secured by the assets of the Group. As at 30 June 2021, a total of approximately HK$49,200,000 had been drawn from the Trillion Trophy Facility.

關連交易及持續關連交易（續）

(a) 關連交易（續）出售BCP之21.64%權益及BCSL之 25%權益（續）

由於東霓由主要股東Vong Pech先生全資擁有，因此根據上市規則為本公司之關連人士，故出售事項構成本公司之關聯交易，並須遵守上市規則之申報、公告及獨立股東批准之規定。該交易於 2020年12月8日舉行之股東特別大會上獲獨立股東批准，並於2020年12月31 日完成。

上述交易之詳情載於本公司日期為 2020年10月9日及2020年12月31日之公告及本公司日期為2020年11月17日之通函內。

(b) 持續關連交易

獲豁免持續關連交易

於截至2021年6月30日止年度，本集團已訂立下列持續關連交易，獲豁免遵守上市規則第14A章有關申報、公告、年度審核及獨立股東批准的規定，該等交易的披露屬自願性質，目的為提升本集團交易的透明度：

從Trillion Trophy取得之循環貸款融資

於2016年12月21日，本公司與Trillion Trophy訂立循環貸款融資（經日期分別為2018年12月21日及2020年12月31 日之補充融資協議所補充），據此， Trillion Trophy向本公司提供循環貸款融資最多250,000,000港元，並按年利率4.5%計息（統稱「Trillion Trophy融資」）。於本報告日期，Trillion Trophy 為持有本公司約28.12%權益之主要股東，並因此為本公司之關連人士。根據上市規則，Trillion Trophy融資項下擬進行之交易構成本公司之財務資助。根據上市規則第14A.90條，由於本公司按一般商業條款或更佳條款收取Trillion Trophy之財務資助，且毋須以本集團資產提供抵押，因此有關財務資助獲全面豁免遵守上市規則第14A章之申報、公告及獨立股東批准之規定。於2021年 6月30日，已從Trillion Trophy融資提取合共約49,200,000港元。

==> picture [104 x 101] intentionally omitted <==

----- Start of picture text -----

融資提取
----- End of picture text -----

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

REPORT OF THE DIRECTORS (Continued)

CONNECTED TRANSACTIONS AND CONTINUING CONNECTED TRANSACTIONS (Continued)

(b) Continuing Connected Transactions (Continued)

Exempt Continuing Connected Transactions (Continued) Long-term lease agreement with GRED

On 30 June 2017, Celestial Fame Investment (Cambodia) Co., Ltd. (“Celestial Fame Cambodia”), currently a whollyowned subsidiary of the Group, entered into a long-term lease agreement with GRED to lease the right of use of a piece of land at Phnom Penh, Cambodia for an initial term of 50 years. At the sole option of Celestial Fame Cambodia, the term may be extended for another 50 years. The rent payable for the total lease term shall be US$3,000,000 which shall be paid by 50 equal instalments each year during the initial term. As at the date of this report, GRED is a substantial Shareholder holding approximately 23.53% interest in the Company through a controlled company, Ever Depot, and hence a connected person of the Company. The transactions contemplated under the long-term lease agreement constitute a continuing connected transaction of the Company under Chapter 14A to the Listing Rules. As all the percentage ratios (other than the profits ratio) are less than 5% and the annual lease payment for the lease is less than HK$3,000,000, pursuant to Rule 14A.76(1) of the Listing Rules, the long-term lease agreement is fully exempt from reporting, announcement and independent shareholders’ approval requirements under Chapter 14A to the Listing Rules. During the year under review, the total amount paid to GRED under the transactions was approximately HK$468,000 (equivalent to US$60,000).

Revolving loan facility from Oriental Rainbow

On 31 December 2020, the Company and Oriental Rainbow entered into a revolving loan facility pursuant to which Oriental Rainbow provided a revolving loan facility up to HK$300,000,000 to the Company at an interest rate of 4.5% per annum (the “Oriental Rainbow Facility”). As at the date of this report, Oriental Rainbow is wholly-owned by Mr. Vong Pech, a substantial Shareholder who indirectly holds approximately 23.53% interest in the Company and hence a connected person of the Company. The transactions contemplated under the Oriental Rainbow Facility constitute financial assistance for the Company under the Listing Rules. Pursuant to Rule 14A.90 of the Listing Rules, such financial assistance received by the Company from Oriental Rainbow is fully exempt from the reporting, announcement and independent shareholders’ approval requirements under Chapter 14A to the Listing Rules as it is conducted on normal commercial terms or better and it is not secured by the assets of the Group. As at 30 June 2021, there was no outstanding principal amount under the Oriental Rainbow Facility.

==> picture [104 x 101] intentionally omitted <==

董事會報告 （續）

關連交易及持續關連交易（續）

(b) 持續關連交易（續）獲豁免持續關連交易（續）

與GRED訂立之長期租賃協議

於2017年6月30日，Celestial Fame Investment（ Cambodia) Co., Ltd. （「Celestial Fame Cambodia」，一間目前為本集團之全資附屬公司）與GRED 訂立長期租賃協議，以租用一幅位於柬埔寨金邊之土地之使用權，初始期為50 年。在Celestial Fame Cambodia全權決定之情況下，租期可再延長50年。整個租賃期間之應付租金為3,000,000美元，將於初始年期內按50期每年等額支付。於本報告日期，GRED透過一間受控公司（永聚）為持有本公司約23.53% 權益之主要股東，並因此為本公司之關連人士。根據上市規則第14A章，該長期租賃協議擬進行之交易構成本公司之持續關連交易。根據上市規則第 14A.76(1)條，由於所有百分比率（盈利比率除外）均低於5%及租賃之年度租賃款項亦低於3,000,000港元，長期租賃協議獲全面豁免遵守上市規則第 14A章有關申報、公告及獨立股東批准之規定。於回顧年度，已向GRED支付之交易總額約為468,000港元（相等於 60,000美元）。

從東霓取得之循環貸款融資

於2020年12月31日，本公司與東霓訂立循環貸款融資，據此，東霓向本公司提供循環貸款融資最多300,000,000 港元，並按年利率4.5%計息（「東霓融資」）。於本報告日期，東霓由主要股東 Vong Pech 先生（其間接持有本公司約 23.53%權益）全資持有，並因此為本公司之關連人士。根據上市規則，東霓融資項下擬進行之交易構成本公司之財務資助。根據上市規則第14A.90條，由於本公司按一般商業條款或更佳條款收取東霓之財務資助，且毋須以本集團資產提供抵押，因此有關財務資助獲全面豁免遵守上市規則第14A章之申報、公告及獨立股東批准之規定。於2021年6月 30日，東霓融資並無未償還本金貸款。

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

REPORT OF THE DIRECTORS

(Continued)

CONNECTED TRANSACTIONS AND CONTINUING CONNECTED TRANSACTIONS (Continued)

(b) Continuing Connected Transactions (Continued)

Non-exempt Continuing Connected Transactions

Pursuant to Chapter 14A of the Listing Rules, details of the nonexempt continuing connected transactions for the year ended 30 June 2021 required to be disclosed in the annual report are as follows:

Master lease agreement with Ever Depot

On 28 August 2018, Celestial Fame Investments Limited (“Celestial Fame BVI”), a subsidiary of the Group, entered into a master lease agreement (the “Master Lease Agreement”) with Ever Depot, a substantial Shareholder and a whollyowned subsidiary of GRED, to lease certain of its properties in Cambodia to Ever Depot at a rent of US$15 per s.q.m. per month, to regulate the terms of proposed continuing connected transactions and their respective proposed caps of the transactions and thereunder for the period commencing from 1 December 2018 to 30 June 2021. The transactions contemplated under the Master Lease Agreement constitute continuing connected transactions of the Company under Chapter 14A to the Listing Rules. The Master Lease Agreement was approved by the independent Shareholders on 6 December 2018. The approved annual cap of the continuing connected transactions under the Master Lease Agreement for the year ended 30 June 2021 was US$3,613,000. During the year under review, the Group recorded rental income under the Master Lease Agreement of approximately US$3,613,000 (equivalent to approximately HK$28,179,000). Details of the transactions were disclosed in the announcement of the Company dated 28 August 2018 and the circular of the Company dated 19 November 2018.

On 21 April 2021, Celestial Fame BVI entered into a supplemental agreement with Ever Depot, pursuant to which Celestial Fame BVI and Ever Depot conditionally agreed to renew the Master Lease Agreement for a term of three years in relation to the above properties at a rent of US$15 per s.q.m. per month commencing from 1 July 2021. The proposed annual caps for the years ending 30 June 2022, 2023 and 2024 of US$3,613,000 were approved by the independent Shareholders at an extraordinary general meeting of the Company held on 23 June 2021. Details of the transactions were set out in the announcement of the Company dated 21 April 2021 and the circular of the Company dated 28 May 2021.

董事會報告 （續）

關連交易及持續關連交易（續）

(b) 持續關連交易 （續）

非豁免持續關連交易

截至2021年6月30日止年度，根據上市規則第14A章須於年報內披露的非豁免持續關連交易詳情如下：

與永聚訂立之總租賃協議

於2018年8月28日，本集團附屬公司 Celestial Fame Investments Limited （「Celestial Fame BVI」）與永聚（其為主要股東及GRED的全資附屬公司）訂立總租賃協議（「總租賃協議」），以將位於柬埔寨之若干物業以每月每平方米 15美元之租金出租予永聚，以規管自 2018年12月1日至2021年6月30日止期間之建議持續關連交易之條款，及其各自項下交易建議上限。根據總租賃協議擬進行的交易構成本公司根據上市規則第14A章的持續關連交易。總租賃協議於2018年12月6日獲獨立股東批准。截至2021年6月30日止年度，總租賃協議項下的持續關連交易的核准年度上限為 3,613,000美元。於回顧年度內，本集團根據總租賃協議錄得租金收入約為 3,613,000美元（相等於約28,179,000 港元）。有關交易之詳情載於本公司日期為2018年8月28日之公告及本公司日期為2018年11月19日之通函。

於2021年4月21日，Celestial Fame BVI與永聚訂立一份補充協議，據此， Celestial Fame BVI及永聚有條件同意就上述物業以每月每平方米15美元之租金重續總租賃協議，由2021年7月1 日起為期三年。截至2022年、2023年及2024年6月30日止年度之建議年度上限3,613,000美元已於2021年6月23日舉行之本公司股東特別大會獲獨立股東批准。有關交易之詳情載於本公司日期為2021年4月21日之公告及本公司日期為2021年5月28日之通函。

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

REPORT OF THE DIRECTORS (Continued)

CONNECTED TRANSACTIONS AND CONTINUING CONNECTED TRANSACTIONS (Continued)

(b) Continuing Connected Transactions (Continued)

Non-exempt Continuing Connected Transactions (Continued)

Shareholders’ agreement with Oriental Rainbow

On 9 October 2020, the Company and Oriental Rainbow entered into a shareholders’ agreement (the “Shareholders’ Agreement”) which provides the rights and duties and further regulates the respective responsibilities of the Company and Oriental Rainbow towards the management of the business and affairs of BCP and its subsidiaries. The transaction contemplated thereunder constituted a continuing connected transaction of the Company and is subject to the reporting, announcement and independent shareholders’ approval requirements under the Listing Rules. The transaction contemplated under the Shareholders’ Agreement was approved by the independent Shareholders at an extraordinary general meeting held on 8 December 2020 and was completed on 31 December 2020. The approved annual cap in respect of the compensation of the continuing connected transaction under the Shareholders’ Agreement for the year ended 30 June 2021 and the years ending 30 June 2022 and 2023 are GBP25,000,000 while the approved annual caps in respect of the bonus are GBP30,000,000 for the years ending 30 June 2022 to 2024. For the year ended 30 June 2021, there was no compensation amount receivable/received by the Group from Oriental Rainbow under the Shareholders’ Agreement. Details of the Shareholders’ Agreement were disclosed in the announcements of the Company dated 9 October 2020 and 31 December 2020 and the circular of the Company dated 17 November 2020.

董事會報告 （續）

關連交易及持續關連交易（續）

(b) 持續關連交易（續）

非豁免持續關連交易（續）

與東霓訂立之股東協議

於2020年10月9日，本公司與東霓訂立股東協議（「股東協議」），以訂明本公司及東霓對管理BCP及其附屬公司之業務及事務之權利及職責，並進一步監管各自之責任。股東協議項下擬進行之交易構成本公司之持續關連交易，並須遵守上市規則之申報、公告及獨立股東批准之規定。股東協議項下擬進行之交易於2020年12月8日舉行之股東特別大會上獲獨立股東批准，並於2020年12 月31日完成。截至2021年6月30日止年度以及截至2022年及2023年6月30日止年度，就股東協議項下持續關連交易之補償之獲批准年度上限為25,000,000 英鎊，而截至2022年至2024年6月30 日止年度就花紅之獲批准年度上限為 30,000,000英鎊。截至2021年6月30日止年度，本集團根據股東協議並無應收╱已收東霓之補償金額。股東協議之詳情於本公司日期為2020年10月9日及 2020年12月31日之公告及本公司日期為2020年11月17日之通函內披露。

==> picture [104 x 101] intentionally omitted <==

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

REPORT OF THE DIRECTORS (Continued)

CONNECTED TRANSACTIONS AND CONTINUING CONNECTED TRANSACTIONS (Continued)

(b) Continuing Connected Transactions (Continued)

Non-exempt Continuing Connected Transactions (Continued) Varied lease agreement with BCSL and BCFC

On 31 December 2020, the Company, BCSL and BCFC, a subsidiary of the Company, entered into a deed of variation to vary certain terms of the lease agreement dated 31 May 2019 (the “Varied Lease Agreement”) in relation to the lease of St. Andrew’s Trillion Trophy Stadium including the variation of the term and the release and discharge of the Company’s guarantee in the lease agreement dated 31 May 2019. The Stadium is used as the football stadium and for ancillary uses of BCFC. Following completion of the Disposal, BCSL became a connected subsidiary of the Company under Rule 14A.16 of the Listing Rules by virtue of Oriental Rainbow being a connected person of the Company and its 25% shareholding in BCSL. Accordingly, the Varied Lease Agreement and the transactions contemplated thereunder will constitute continuing connected transactions of the Company. The transactions were approved by the independent Shareholders at an extraordinary general meeting held on 8 December 2020. Details of the Varied Lease Agreement were disclosed in the announcements of the Company dated 9 October 2020 and 31 December 2020 and the circular of the Company dated 17 November 2020. The approved annual cap of the continuing connected transactions under the Varied Lease Agreement for the year ended 30 June 2021 was GBP840,000.

On 31 March 2021, the Company and Achiever Global Group Limited, an independent third party of the Company, entered into a sale and purchase agreement in relation to the disposal of 75% of the total issued capital of BCSL (i.e. BCSL Disposal). BCSL is the owner of the Stadium. The Stadium is leased to BCFC as its football stadium. Following the completion of the BCSL Disposal, which took place on 7 June 2021, BCSL ceased to be a subsidiary of the Company and its financial results also is deconsolidated from the Group. Upon completion of BCSL Disposal, BCSL ceased to be a connected subsidiary of the Company. Accordingly, the transaction contemplated under the Varied Lease Agreement no longer constitutes continuing connected transaction for the Company. Upon completion, BCSL and BCFC entered into a new deed of variation to vary certain terms of the Varied Lease Agreement in relation to the lease of the Stadium. Pursuant to the Varied Lease Agreement as varied by the new deed of variation, BCSL (as landlord) shall continue to lease the Stadium to BCFC (as tenant) for a term of twelve years commencing from 31 May 2019 for use as the football stadium and for ancillary uses by BCFC. Details of BCSL Disposal and completion of BCSL Disposal were set out in the announcements of the Company dated 31 March 2021 and 7 June 2021.

董事會報告 （續）

關連交易及持續關連交易（續）

(b) 持續關連交易（續）非豁免持續關連交易（續）

與BCSL及BCFC訂立之經變更租賃協議

於2020年12月31日，本公司、BCSL 及本公司之附屬公司BCFC訂立變更契據，以更改有關租賃聖安德魯斯球場 (St. Andrew’s Trillion Trophy Stadium) 日期為2019年5月31日之租賃協議（「經變更租賃協議」）之若干條款，包括變更日期為2019年5月31日之租賃協議之租期以及釋放及解除有關本公司之擔保。球場由BCFC用作足球場及配套用途。於出售事項完成後，由於東霓為本公司之關連人士，而其於BCSL擁有25%股權，根據上市規則第14A.16條，BCSL 成為本公司之關連附屬公司。因此，經變更租賃協議及據此擬進行之交易將構成本公司之持續關連交易。該等交易已於2020年12月8日舉行之股東特別大會上獲獨立股東批准。經變更租賃協議之詳情於本公司日期為2020年10月9日及 2020年12月31日之公告及本公司日期為2020年11月17日之通函內披露。截至2021年6月30日止年度，經變更租賃協議項下之持續關連交易之獲批准年度上限為840,000英鎊。

於2021年3月31日，本公司與勝者環球集團有限公司（本公司之獨立第三方）訂立買賣協議，內容有關出售BCSL已發行股本總數之75%（即BCSL出售事項）。BCSL為球場之業主，而球場乃出租予BCFC用作其足球場。於2021年6 月7日BCSL出售事項完成後，BCSL不再成為本公司之附屬公司，而其財務業績亦不再併入本集團。於BCSL出售事項完成後，BCSL不再為本公司之關連附屬公司。因此，經變更租賃協議項下擬進行之交易不再構成本公司之持續關連交易。於完成後，BCSL及BCFC已訂立新變更契據以更改有關租賃球場之經變更租賃協議之若干條款。根據經新變更契據更改之經變更租賃協議，BCSL （作為業主）須繼續將球場租予BCFC （作為租戶），以用作BCFC之足球場及配套用途，由2019年5月31日起計十二年。BCSL出售事項之詳情及完成BCSL 出售事項載於本公司日期為2021年3月 31日及2021年6月7日之公告內。

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

REPORT OF THE DIRECTORS (Continued)

CONNECTED TRANSACTIONS AND CONTINUING CONNECTED TRANSACTIONS (Continued)

(b) Continuing Connected Transactions (Continued)

Non-exempt Continuing Connected Transactions (Continued)

During the year ended 30 June 2021, the total amount payable/paid to BCSL under the Varied Lease Agreement was approximately GBP542,000 (equivalent to approximately HK$5,657,000).

Pursuant to Rule 14A.56 of the Listing Rules, the Directors engaged the auditor of the Company to report on the Group’s continuing connected transactions in accordance with Hong Kong Standard on Assurance Engagements 3000 (Revised) “Assurance Engagements Other Than Audits or Reviews of Historical Financial Information” and with reference to Practice Note 740 “Auditor’s Letter on Continuing Connected Transactions under the Hong Kong Listing Rules” issued by the Hong Kong Institute of Certified Public Accountants. The auditor has issued an unqualified letter containing their findings and conclusions in respect of the continuing connected transactions in accordance with the Listing Rules. The letter states that nothing has come to their attention that causes them to believe that the continuing connected transactions have not been approved by the Board, were not, in all material respects, in accordance with the pricing policies of the Group, were not entered into, in all material respects, in accordance with the relevant agreement governing the transactions, and have exceeded the respective annual cap amounts. The Company provided a copy of such letter to the Stock Exchange. The Independent Non-executive Directors have reviewed the continuing connected transactions and the unqualified letter from the auditor and are in the opinion that the continuing connected transactions entered into by the Group were in the ordinary and usual course of its business, on normal commercial terms or better, and according to the terms of the agreement governing such transactions that are fair and reasonable and in the interests of the Shareholders as a whole and within their respective annual cap amounts.

In relation to the connected transaction and the continuing connected transactions of the Group, the Company has complied with the disclosure requirements in accordance with Chapter 14A of the Listing Rules.

Save as aforesaid, there were no other discloseable non-exempted connected transaction or non-exempted continuing connected transaction under the Listing Rules during the year ended 30 June 2021.

==> picture [104 x 101] intentionally omitted <==

----- Start of picture text -----

2021.
----- End of picture text -----

董事會報告 （續）

關連交易及持續關連交易（續）

(b) 持續關連交易（續）

非豁免持續關連交易（續）

於截至2021年6月30日止年度內，根據經變更租賃協議應付╱已付BCSL 之總金額約為542,000英鎊（相等於約 5,657,000港元）。

根據上市規則第14A.56條，董事委聘本公司核數師，按照香港核證委聘準則第 3000號（經修訂）「審核或審閱過往財務資料以外之核證委聘」及參照香港會計師公會頒佈之實務說明第740號「關於香港上巿規則所述持續關連交易的核數師函件」就本集團之持續關連交易作出報告。按照上市規則，核數師已對持續關連交易之審查結果及結論，發出載有其無保留意見之函件。函件中指出，彼等並無發現任何事情致使彼等認為持續關連交易並未取得董事會批准、於所有重大方面並無按照本集團之定價政策進行、於所有重大方面並無根據監管交易之相關協議進行，及已超過各自之年度上限金額。本公司已將該函件的副本呈交聯交所。獨立非執行董事已審閱持續關連交易及核數師之無保留意見函件，並認為本集團所進行持續關連交易乃於日常及一般業務過程中按正常商務條款或更佳條款，遵照規管該等交易之協議之條款（有關條款屬公平合理並符合股東整體利益）進行，而所涉及之金額並無超出該等交易各自之年度上限金額。

就本集團之關連交易及持續關連交易而言，本公司已遵守上市規則第14A章之披露規定。

除上文所述外，根據上市規則，本公司於截至2021年6月30日止年度內，概無其他須予披露之非豁免關連交易或非豁免持續關連交易。

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

REPORT OF THE DIRECTORS (Continued)

RELATED PARTY TRANSACTIONS

The Group entered into certain transactions with parties regarded as “related parties” under the applicable accounting standards. Save for the connected transaction and continuing connected transactions disclosed under the section headed “CONNECTED TRANSACTIONS AND CONTINUING CONNECTED TRANSACTIONS” above, the other related party disclosures as disclosed in note 47 to the consolidated financial statements did not constitute connected transactions under Chapter 14A of the Listing Rules.

REMUNERATION POLICY

The Group remunerates its employees based on their competence, performance, experience and prevailing market terms. Other employee benefits included provident fund scheme, medical insurance, share option scheme as well as discretionary bonus.

SUFFICIENCY OF PUBLIC FLOAT

Based on the information that is publicly available to the Company and within the knowledge of the Directors, the Company has confirmed that it has maintained a sufficient public float in the market as at the date of this report.

AUDIT COMMITTEE

The Audit Committee has reviewed together with the management and the external auditor, ZHONGHUI ANDA CPA Limited (“ZHONGHUI ANDA”), the audited consolidated financial statements for the year ended 30 June 2021.

AUDITOR

The consolidated financial statements of the Company for the year ended 30 June 2021 have been audited by ZHONGHUI ANDA.

A resolution will be proposed at the 2021 AGM to re-appoint ZHONGHUI ANDA as auditor of the Company.

On behalf of the Board

Zhao Wenqing

Chairman

Hong Kong, 30 September 2021

董事會報告 （續）

關連人士交易

本集團與適用會計準則視為「關連人士」者訂立了若干交易。除上文之「關連交易及持續關連交易」一節所披露之關連交易及持續關連交易外，綜合財務報表附註47所披露之其他關連人士披露並不構成上市規則第14A章項下之關連交易。

薪酬政策

本集團按其僱員之能力、表現、經驗及現行巿場情況釐訂其薪酬。其他僱員福利包括公積金計劃、醫療保險、購股權計劃及酌情花紅。

足夠公眾持股量

根據本公司所知悉的公開資料及就董事所知，本公司確認其股份於本報告日期在市場上已經有足夠的公眾持股量。

審核委員會

審核委員會已與管理層和外部核數師（中匯安達會計師事務所有限公司（「中匯安達」））審閱截至2021年6月30日止年度之經審核綜合財務報表。

核數師

截至2021年6月30日止年度之綜合財務報表已由中匯安達審核。

2021年股東週年大會上將提呈一項決議案續聘中匯安達為本公司之核數師。

代表董事會

主席

趙文清

香港，2021年9月30日

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

CORPORATE GOVERNANCE REPORT

The Board believes that good corporate governance is crucial to improve the efficiency and performance of the Group and to safeguard the interests of the Shareholders. The Company aims to achieve good standard of corporate governance.

CORPORATE GOVERNANCE PRACTICES

The Company had complied with all the applicable provisions of the Corporate Governance Code (the “CG Code”) as set out in Appendix 14 to the Listing Rules for the year ended 30 June 2021.

The Company’s Environmental, Social and Governance Report will be available no later than five months after the year ended 30 June 2021, on the websites of both the Company (www.bshl.com.hk) and the Stock Exchange.

The following sections set out how the principles in the CG Code have been complied with by the Company.

DIRECTORS’ SECURITIES TRANSACTIONS

The Company has adopted the Model Code as the code of conduct for securities transactions by the Directors. Having made specific enquiry with the existing Directors, all of them confirmed that they have complied with the required standards set out in the Model Code during the year ended 30 June 2021.

BOARD OF DIRECTORS

The Board formulates overall strategy of the Group, monitors its financial performance and maintains effective oversight over the management. The Board members are fully committed to their roles and have acted in good faith to maximise the Shareholders’ value in the long run, and have aligned the Group’s goal and directions with the prevailing economic and market conditions. Daily operations and administration are delegated to the management.

The Board met regularly throughout the year to discuss the overall strategy as well as the operation and financial performance of the Group. The Directors are kept informed on timely basis of major changes that may affect the Group’s business, including relevant rules and regulations. The Directors can, upon reasonable request, seek independent professional advice in appropriate circumstances, at the Company’s expenses. The Board shall resolve to provide separate appropriate independent professional advice to the Directors to assist the relevant Directors discharge their duties.

企業管治報告

董事會相信良好企業管治對改善本集團效率與表現，以及保障股東利益至為重要。本公司銳意達致高水平之企業管治。

企業管治常規

於截至2021年6月30日止年度，本公司已遵守上市規則附錄十四所載之《企業管治守則》（「企業管治守則」）之適用守則條文。

本公司環境、社會及管治報告將不遲於截至 2021年6月30日止年度後五個月，於本公司網站 (www.bshl.com.hk) 及聯交所網站刊發。

以下部分載列本公司如何遵守企業管治守則的原則。

董事的證券交易

本公司已採納標準守則作為董事進行證券交易之行為守則。經向現任董事作出特定查詢後，彼等均確認於截至2021年6月30日止年度已遵守標準守則所載之規定準則。

董事會

董事會制定本集團之整體策略、監察其財務表現及保持對管理層之有效監督。董事會成員均盡忠職守及真誠行事，以增加股東長遠最大價值，以及將本集團之目標及方向與現行經濟及市場環境配合。日常運作及管理則委託管理層負責。

董事會於年內定期舉行會議，以討論本集團之整體策略以及業務及財務表現。全體董事均及時獲悉可能影響本集團業務之重大變動，包括有關規則及規例。董事可按合理要求，在適當之情況下尋求獨立專業意見，費用由本公司承擔。董事會須議決另外為董事提供適當獨立專業意見，以協助有關董事履行其職責。

==> picture [104 x 101] intentionally omitted <==

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

CORPORATE GOVERNANCE REPORT (Continued)

BOARD OF DIRECTORS (Continued)

As at the date of this report, the Board comprises a total of nine members including five Executive Directors, namely Mr. Zhao Wenqing, Mr. Huang Dongfeng, Mr. Yiu Chun Kong (“Mr. Yiu”), Mr. Hsiao Charng Geng and Dr. Guo Honglin, one Non-executive Director, Mr. Sue Ka Lok (“Mr. Sue”), and three Independent Nonexecutive Directors, namely Mr. Pun Chi Ping (“Mr. Pun”), Ms. Leung Pik Har, Christine (“Ms. Leung”) and Mr. Yeung Chi Tat. Members of the Board have different professional and relevant industry experiences and background and have a balance of skills and experience appropriate for the requirements of the business of the Company. The Company has received written annual confirmation from each of the existing Independent Non-executive Directors of their independence pursuant to Rule 3.13 of the Listing Rules.

Throughout the year ended 30 June 2021, the Company complied with rules 3.10(1), 3.10(2) and 3.10A of the Listing Rules relating to the appointment of at least three independent non-executive Directors, at least one independent non-executive Director with appropriate professional qualifications, or accounting or related financial management expertise, and a sufficient number of independent non-executive Directors representing at least one-third of the board, respectively.

The Company considers all existing Independent Non-executive Directors to be independent in accordance with the independence guidelines set out in the Listing Rules. Biographical details of the Directors are set out under the section headed “Biographical Details of Directors” on pages 24 to 27 of this annual report.

As disclosed in that section, Mr. Sue is an executive director of EPI of which Mr. Yiu is an executive director, Mr. Pun and Ms. Leung are independent non-executive directors. Save for the aforesaid, there is no other financial, business, family or other material/relevant relationship between members of the Board and senior management.

The Company will provide a comprehensive, formal and tailored induction to each newly appointed Director on his/her first appointment in order to enable him/her to have appropriate understanding of the business and operations of the Company and that he/she is fully aware of his/her responsibilities and obligations under the Listing Rules and relevant regulatory requirements.

企業管治報告 （續）

董事會（續）

於本報告日期，董事會由合共九名成員組成，包括五名執行董事分別為趙文清先生、黃東風先生、姚震港先生（「姚先生」）、蕭長庚先生及郭洪林博士；一名非執行董事蘇家樂先生（「蘇先生」）；及三名獨立非執行董事分別為潘治平先生（「潘先生」）、梁碧霞女士（「梁女士」）及楊志達先生。董事會成員具備不同專業及相關行業經驗及背景，具備本公司業務所需適當技巧和經驗。本公司已接獲各現任獨立非執行董事就彼等之獨立性根據上市規則第3.13條發出之年度確認書。

於截至2021年6月30日止年度，就委任至少三名獨立非執行董事；至少一名獨立非執行董事具備適當的專業資格，或具備適當的會計或相關財務管理專業知識；以及獨立非執行董事人數充足，至少佔董事會席位的三分、之一，本公司分別遵守上市規則第3.10(1) 第3.10(2)及第3.10A條。

本公司參照上市規則所載列之獨立指引，視全部現任獨立非執行董事為獨立人士。董事之履歷詳情載於本年報第24至27頁之「董事履歷」一節內。

誠如該節所披露，蘇先生為長盈之執行董事，姚先生為該公司的執行董事，潘先生及梁女士為該公司的獨立非執行董事。除上文所述者外，董事會成員以及高級管理人員之間並無任何其他財務、業務、家族或其他重大╱相關關係。

本公司將於各新任董事初獲委任時提供全面、正式兼特定而設之就任須知，以確保其適當了解本公司之業務及營運並完全知悉其在上市規則及相關監管規定項下之責任及義務。

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

CORPORATE GOVERNANCE REPORT (Continued)

BOARD OF DIRECTORS (Continued)

All Directors are encouraged to participate in continuous professional development to develop and refresh their knowledge and skills. The Directors are continually updated on developments in the statutory and regulatory regime and the business environment to facilitate the discharge of their responsibilities. The Company has provided timely technical updates, including the briefing on the amendments on the Listing Rules and the news release published by the Stock Exchange to the Directors. Continuing briefing and professional development for Directors are arranged where necessary.

The Directors have participated in continuous professional development by attending seminars, in-house briefings and reading materials on the related areas to develop and refresh their knowledge and skills. During the year ended 30 June 2021, all existing Directors (including Mr. Zhao Wenqing, Mr. Huang Dongfeng, Mr. Yiu Chun Kong, Mr. Hsiao Charng Geng, Dr. Guo Honglin, Mr. Sue Ka Lok, Mr. Pun Chi Ping, Ms. Leung Pik Har, Christine and Mr. Yeung Chi Tat) have complied with Code Provision A.6.5 of the CG Code and have provided the Company with their respective training records pursuant to the CG Code.

The Board holds meetings on a regular basis and meets on other occasions when a board-level decision on a particular matter is required. The Board also monitors and controls financial performance in pursuit of the Group’s strategic objectives.

The Company held four regular Board meetings, an annual general meeting and two extraordinary general meetings during the year ended 30 June 2021.

企業管治報告

（續）

董事會（續）

本公司鼓勵所有董事參與持續專業發展，以開拓及增進彼等之知識及技能。董事持續獲提供有關法規及監管制度及業務環境發展之最新資料，以協助彼等履行職責。本公司已適時向董事提供最新的技術性資料，包括上市規則修訂之簡報及聯交所之新聞發佈。本公司於需要時為董事安排持續簡報及專業發展。

董事已透過參加研討會、內部簡報及閱讀相關方面之資料，藉此參與持續專業發展，以開拓及增進彼等之知識及技能。截至2021年 6月30日止年度期間，全體現任董事（包括趙文清先生、黃東風先生、姚震港先生、蕭長庚先生、郭洪林博士、蘇家樂先生、潘治平先生、梁碧霞女士及楊志達先生）已遵守企業管治守則之守則條文第A.6.5條之規定，並已根據企業管治守則向本公司提供彼等各自之培訓紀錄。

董事會定期及於有需要就個別事項作出董事會決策時舉行會議。董事會亦監察及監控本集團於達致策略性目標時之財務表現。

本公司於截至2021年6月30日止年度共舉行四次定期董事會會議、一次股東週年大會及兩次股東特別大會。

==> picture [104 x 101] intentionally omitted <==

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

CORPORATE GOVERNANCE REPORT

(Continued)

企業管治報告

（續）

BOARD OF DIRECTORS (Continued)

The attendance of each Director at the meetings held during the year ended 30 June 2021 is set out as follows:

董事會（續）

各董事出席於截至2021年6月30日止年度舉行的會議的情況載列如下：

Name of director 董事姓名	Attendance/Number of meetings 出席會議次數╱會議次數
	Board Meeting Annual General Meeting Extraordinary General Meeting 董事會會議股東週年大會股東特別大會
Executive directors: 執行董事： Mr. Zhao Wenqing_(Chairman) 趙文清先生（主席） Mr. Huang Dongfeng(Chief Executive Officer)_ 黃東風先生（行政總裁） Mr. Yiu Chun Kong 姚震港先生 Mr. Hsiao Charng Geng 蕭長庚先生 Dr. Guo Honglin 郭洪林博士 Non-executive director: 非執行董事： Mr. Sue Ka Lok 蘇家樂先生 Independent non-executive directors: 獨立非執行董事： Mr. Pun Chi Ping 潘治平先生 Ms. Leung Pik Har, Christine 梁碧霞女士 Mr. Yeung Chi Tat 楊志達先生	4/4 1/1 1/2 3/4 1/1 2/2 4/4 1/1 2/2 4/4 1/1 2/2 3/4 1/1 2/2 4/4 1/1 2/2 4/4 1/1 2/2 4/4 1/1 2/2 4/4 1/1 2/2

Name of director
董事姓名

Attendance/Number of meetings
出席會議次數╱會議次數

Board Meeting
Annual
General
Meeting
Extraordinary
General
Meeting
董事會會議
股東週年大會
股東特別大會

Executive directors:
執行董事：
Mr. Zhao Wenqing_(Chairman)
趙文清先生（主席）
Mr. Huang Dongfeng(Chief Executive Officer)_
黃東風先生（行政總裁）
Mr. Yiu Chun Kong
姚震港先生
Mr. Hsiao Charng Geng
蕭長庚先生
Dr. Guo Honglin
郭洪林博士
Non-executive director:
非執行董事：
Mr. Sue Ka Lok
蘇家樂先生
Independent non-executive directors:
獨立非執行董事：
Mr. Pun Chi Ping
潘治平先生
Ms. Leung Pik Har, Christine
梁碧霞女士
Mr. Yeung Chi Tat
楊志達先生

4/4
1/1
1/2
3/4
1/1
2/2
4/4
1/1
2/2
4/4
1/1
2/2
3/4
1/1
2/2
4/4
1/1
2/2
4/4
1/1
2/2
4/4
1/1
2/2
4/4
1/1
2/2

CHAIRMAN AND CHIEF EXECUTIVE

The Company adopts a dual leadership structure in which the role of the Chairman of the Board and the Chief Executive Officer of the Company are assumed by different persons. The Chairman is responsible for overseeing all Board functions, while the Executive Directors and senior management are under the leadership of the Chief Executive Officer of the Company to oversee the day-to-day operations of the Group and implement the strategies and policies approved by the Board.

主席及行政總裁

本公司採用雙領導架構，董事會主席與本公司之行政總裁由不同人士擔任。主席負責監管董事會之所有運作，而執行董事及高級管理人員由本公司之行政總裁帶領，以監督本集團日常營運及執行董事會批准的策略及政策。

Currently, Mr. Zhao Wenqing is the Chairman of the Board and Mr. Huang Dongfeng is the Chief Executive Officer of the Company.

現時董事會主席為趙文清先生，而本公司之行政總裁為黃東風先生。

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

CORPORATE GOVERNANCE REPORT

(Continued)

TERM OF APPOINTMENT OF NON-EXECUTIVE DIRECTORS

Each of the Non-executive Directors (including the Independent Non-executive Directors) is appointed for a term of 12-month period which automatically renews for successive 12-month periods unless terminated by either party in writing prior to the expiry of the term. All the Non-executive Directors (including the Independent Nonexecutive Directors) are also subject to retirement by rotation and re-election at least once every three years at the annual general meetings of the Company in accordance with the Articles of Association of the Company.

BOARD COMMITTEES

A number of committees of the Board, namely the Audit Committee, Remuneration Committee and Nomination Committee, have been set up by the Company, with specific terms of reference relating to authority and duties, to strengthen the Board’s functions and enhance its expertise.

AUDIT COMMITTEE

The Audit Committee has specific written terms of reference that is in compliance with the CG Code.

As at the date of this report, the Audit Committee comprises three Independent Non-executive Directors, namely Mr. Yeung Chi Tat, Mr. Pun Chi Ping and Ms. Leung Pik Har, Christine, who among themselves possess a wealth of management experience in the accounting profession and in commercial fields. The Audit Committee is chaired by Mr. Yeung Chi Tat.

The Audit Committee is mainly responsible for reviewing financial statements of the Company, discussing the risk management and internal control of the Group and meeting with the auditor of the Company. Any findings and recommendations of the Audit Committee will be submitted to the Board for consideration.

The Audit Committee is authorised by the Board to investigate any activity within its terms of reference. It is authorised to seek any information it requires from any employee. It is also authorised to obtain outside legal or other independent professional advice and to secure the attendance of outsiders with relevant experience and expertise if it considers necessary. The full terms of reference of the Audit Committee are available on the Company’s website and the Stock Exchange’s website.

The Audit Committee held two meetings during the year ended 30 June 2021.

==> picture [104 x 101] intentionally omitted <==

企業管治報告 （續）

非執行董事委任任期

每名非執行董事（包括獨立非執行董事）之委任期為十二個月，而除非任何一方於任期屆滿前以書面提出終止，否則每次屆滿時將自動續期十二個月。所有非執行董事（包括獨立非執行董事）亦須按照本公司之組織章程細則於本公司股東週年大會上輪值退任及膺選連任，並須至少每三年輪值退任一次。

董事委員會

本公司已成立多個設有關於權力及責任之特定職權範圍之董事委員會，分別為審核委員會、薪酬委員會及提名委員會，從而加強董事會之功能及提升其專才。

審核委員會

審核委員會已訂立符合企業管治守則規定之特定書面職權範圍。

於本報告日期，審核委員會之成員包括三名獨立非執行董事楊志達先生、潘治平先生及梁碧霞女士，各成員於會計專業及商業行業擁有豐富管理經驗。審核委員會主席為楊志達先生。

審核委員會主要負責審閱本公司之財務報表、討論本集團之風險管理及內部監控及與本公司核數師會面。審核委員會之任何發現及建議將呈交董事會以供考慮。

審核委員會獲董事會授權調查其職權範圍內之任何活動。其獲授權向任何僱員索取其需要之任何資料，亦獲授權尋求外界法律或其他獨立專業意見，以確保在其認為有需要時獲得擁有相關經驗及專業之外界人士參與。審核委員會職權範圍之全文可於本公司網站及聯交所網站查閱。

審核委員會於截至2021年6月30日止年度舉行兩次會議。

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

CORPORATE GOVERNANCE REPORT

(Continued)

企業管治報告

（續）

AUDIT COMMITTEE (Continued)

The attendance of each member is set out as follows:

審核委員會（續）

各成員之出席情況載列如下：

		Attendance/
		Number of
		meetings
		出席會議次數╱
Name of member	成員姓名	會議次數
Mr. Yeung Chi Tat	楊志達先生	2/2
Mr. Pun Chi Ping	潘治平先生	2/2
Ms. Leung Pik Har, Christine	梁碧霞女士	2/2

The following is a summary of work performed by the Audit Committee during the year ended 30 June 2021:

以下為審核委員會於截至2021年6月30日止年度所進行工作之概要：

reviewed and discussed with the management and the auditor of the Company the annual audit plan, accounting policies and practices which may affect the Group and the scope of the audit;
與本公司管理層及核數師審閱及討論可能影響本集團之年度審核計劃、會計政策與慣例及審核範疇；
reviewed reports from the auditor of the Company regarding their audit on the Company’s consolidated financial statements for the year ended 30 June 2020;
審閱本公司核數師有關審核本公司截至 2020年6月30日止年度之綜合財務報表之報告；
reviewed and discussed the audited consolidated financial statements of the Company for the year ended 30 June 2020 and recommended to the Board for approval;
審閱及討論本公司截至2020年6月30日止年度之經審核綜合財務報表，並建議董事會審批；
reviewed and discussed the unaudited condensed consolidated financial statements of the Company for the six months ended 31 December 2020 and recommended to the Board for approval;
審閱及討論本公司截至2020年12月31 日止六個月之未經審核簡明綜合財務報表，並建議董事會審批；
reviewed the effectiveness of the risk management and internal control systems of the Group;
審閱本集團風險管理及內部監控系統之有效性；
reviewed the compliance of the CG Code by the Group;
檢討本集團遵守企業管治守則之情況；
reviewed the continuing connected transactions; and
審閱本集團持續關連交易之情況；及
reviewed and approved the remuneration and the terms of engagement of the Company’s auditor; and reviewed and made recommendations to the Board on the re-appointment of the Company’s auditor.
審閱及批准本公司核數師之酬金及委聘條款；以及審閱並向董事會提供建議續聘本公司核數師。

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

CORPORATE GOVERNANCE REPORT (Continued)

企業管治報告 （續）

REMUNERATION COMMITTEE

The Remuneration Committee has specific written terms of reference that is in compliance with the CG Code.

薪酬委員會

薪酬委員會已訂立符合企業管治守則規定之特定書面職權範圍。

As at the date of this report, the Remuneration Committee comprises three Independent Non-executive Directors, namely Mr. Pun Chi Ping, Ms. Leung Pik Har, Christine and Mr. Yeung Chi Tat. The Remuneration Committee is chaired by Mr. Pun Chi Ping.

於本報告日期，薪酬委員會之成員包括三名獨立非執行董事潘治平先生、梁碧霞女士及楊志達先生。薪酬委員會主席為潘治平先生。

The Remuneration Committee is mainly responsible for formulating the remuneration policy, reviewing and recommending to the Board the annual remuneration policy and the remuneration of the directors. The overriding objective of the remuneration policy is to ensure that the Group is able to attract, retain and motivate a high caliber team which is essential to the success of the Group. The full terms of reference of the Remuneration Committee are available on the Company’s website and the Stock Exchange’s website.

薪酬委員會主要負責制定薪酬政策、檢討全年薪酬政策及董事之薪酬，並向董事會作出建議。薪酬政策之首要目的為確保本集團能夠吸引、挽留及推動高質素隊伍，而此乃促致本集團成功之關鍵。薪酬委員會職權範圍之全文可於本公司網站及聯交所網站查閱。

The Remuneration Committee held two meetings during the year ended 30 June 2021. The attendance of each member is set out as follows:

薪酬委員會於截至2021年6月30日止年度曾舉行兩次會議。各成員之出席情況載列如下：

		Attendance/
		Number of
		meetings
		出席會議次數╱
Name of member	成員姓名	會議次數
Mr. Pun Chi Ping	潘治平先生	2/2
Ms. Leung Pik Har, Christine	梁碧霞女士	2/2
Mr. Yeung Chi Tat	楊志達先生	2/2

The following is a summary of work performed by the Remuneration Committee during the year ended 30 June 2021:

以下為薪酬委員會於截至2021年6月30日止年度所進行工作之概要：

reviewed the annual remuneration policy;
審閱全年薪酬政策；
reviewed the remuneration of the Executive Directors, the Nonexecutive Director and the Independent Non-executive Directors and management year-end bonus and assessed performance of the Executive Directors;
審閱執行董事、非執行董事及獨立非執行董事之薪酬及管理層年終花紅及評估執行董事之表現；
reviewed and approved the services agreement of the Directors; and
審閱及批准董事之服務協議；及
made recommendation to the Board on the above matters.
就上述事項向董事會提出推薦建議。

==> picture [104 x 101] intentionally omitted <==

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

CORPORATE GOVERNANCE REPORT

(Continued)

REMUNERATION COMMITTEE (Continued)

The Group recognises the importance of high caliber and competent staff and continues to provide remuneration packages to employees with reference to prevailing market practices and individual performance. Other benefits, such as medical and retirement benefits, are also provided. In addition, share options may be granted to eligible employees of the Group (including the Directors) in accordance with the terms of the approved share option scheme adopted by the Group.

Details of Directors’ emoluments during the year ended 30 June 2021 are set out in note 15 to the consolidated financial statements and details of the share option scheme are set out in the Directors’ Report and note 38 to the consolidated financial statements. The total remuneration of the senior management (excluding Directors) for the year ended 30 June 2021 is in the range of HK$500,000 – HK$3,000,000.

NOMINATION COMMITTEE

The Nomination Committee has specific written terms of reference that is in compliance with the CG Code.

As at the date of this report, the Nomination Committee comprises three Independent Non-executive Directors, namely Ms. Leung Pik Har, Christine, Mr. Pun Chi Ping and Mr. Yeung Chi Tat. The Nomination Committee is chaired by Ms. Leung Pik Har, Christine.

The Nomination Committee is mainly responsible for identifying potential directors and making recommendations to the Board on the appointment or re-appointment of Directors. Potential new directors are selected on the basic of his/her qualifications, skills and experience that he/she could add value to the management through his/her contributions in the relevant strategic business areas. The full terms of reference of the Nomination Committee are available on the Company’s website and the Stock Exchange’s website.

企業管治報告 （續）

薪酬委員會（續）

本集團了解高質素及能幹的員工對集團甚為重要，將繼續按業內常規及個人表現來提供僱員薪酬待遇。本集團亦提供其他福利，例如醫療及退休福利等。此外，本集團可根據本集團所採納經批准的購股權計劃的條款，向本集團合資格的僱員（包括董事）授予購股權。

截至2021年6月30日止年度的董事酬金詳情載於綜合財務報表附註15，而購股權計劃的詳情載於董事會報告及綜合財務報表附註 38。截至2021年6月30日止年度之高級管理層（不包括董事）酬金總額介乎500,000港元至3,000,000港元。

提名委員會

提名委員會已訂立符合企業管治守則規定之特定書面職權範圍。

於本報告日期，提名委員會之成員包括三名獨立非執行董事梁碧霞女士、潘治平先生及楊志達先生。提名委員會主席為梁碧霞女士。

提名委員會主要負責物色潛在董事及就董事之委任或再次委任向董事會提出建議。潛在新董事乃基於其能否憑藉其資歷、技能及經驗透過對有關策略業務範疇之貢獻為管理層增值進行篩選。提名委員會職權範圍之全文可於本公司網站及聯交所網站查閱。

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

CORPORATE GOVERNANCE REPORT

(Continued)

NOMINATION COMMITTEE (Continued)

The Nomination Committee held one meeting during the year ended 30 June 2021. The attendance of each member is set out as follows:

企業管治報告 （續）

提名委員會（續）

提名委員會於截至2021年6月30日止年度曾舉行一次會議。各成員之出席情況載列如下：

		Attendance/
		Number of
		meetings
		出席會議次數╱
Name of member	成員姓名	會議次數
Ms. Leung Pik Har, Christine	梁碧霞女士	1/1
Mr. Pun Chi Ping	潘治平先生	1/1
Mr. Yeung Chi Tat	楊志達先生	1/1

==> picture [63 x 61] intentionally omitted <==

The following is a summary of work performed by the Nomination Committee during the year ended 30 June 2021:

assessed and confirmed the independence of the Independent Non-executive Directors;
reviewed the structure, size and composition (including the skills, knowledge, diversity and experience) of the Board;
reviewed the board diversity policy;
reviewed the appointment and re-election of directors, and
made recommendation to the Board on the above matters.

BOARD DIVERSITY POLICY

The Company recognises the benefits of having a diverse Board to enhance the quality of its performance and adopted the board diversity policy of the Company (the “Board Diversity Policy”). The Board Diversity Policy sets out that in determining the optimum composition of the Board, differences in skills, regional and industry experience, background, race, gender and other qualities of directors shall be considered. All Board appointments are made on merits, in the context of skills and experience the Board as a whole requires, with due regard for the benefits of diversity on the Board, and the Nomination Committee shall review and assess the Board composition and its effectiveness on an annual basis. When there is vacancy on Board, the Nomination Committee will recommend suitable candidates for appointment to the Board on merits, based on the terms of reference of the Nomination Committee, with due regard to the Company’s own circumstances.

The Nomination Committee will review the Board Diversity Policy from time to time to ensure that the policy will be implemented effectively.

以下為提名委員會於截至2021年6月30日止年度所進行工作之概要：

評核及確認獨立非執行董事的獨立性；
檢討董事會架構、人數及組成（包括技能、知識、多元化及經驗）；
檢討董事會多元化政策；
審閱委任及重選董事，及
就上述事項向董會提出推薦建議。

董事會多元化政策

本公司明白董事會成員多元化對提升公司的表現素質的裨益並採納本公司董事會多元化政策（「董事會多元化政策」）。董事會多元化政策列明於釐定董事會的優化組合時，應考慮技能、地區及行業經驗、背景、種族、性別及其他董事素質的差異。考慮技能及經驗乃屬董事會作為整體必須的，並適當考慮多元化對董事會的好處，所有董事會任命應以用人唯才為原則，以及提名委員會應每年檢討及評估董事會的組成及其效率。當董事會出現空缺時，提名委員會根據提名委員會的職權範圍，並適當考慮本公司的自身情況，以用人唯才為原則向董事會提名適當候選人以供任命。

提名委員會將不時對本公司董事會多元化政策作出檢討，以確保該政策能有效地執行。

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

CORPORATE GOVERNANCE REPORT

(Continued)

NOMINATION POLICY

The Board has adopted a nomination policy of the Company (the “Nomination Policy”) setting out the principles which guide the Nomination Committee to identify and evaluate a candidate for nomination to (i) the Board for appointment; and (ii) the Shareholders for election as a director of the Company. According to the Nomination Policy, in assessing the suitability of a proposed candidate, the Board shall take into account among other things, the following factors: (i) qualifications, professional experience, skills and knowledge which are relevant to the businesses of the Group; (ii) commitment in respect of available time and relevant interest; (iii) in case of independent non-executive directors, regulatory requirement for appointment of Independent Non-executive Directors and the independence criteria as set out in the Listing Rules; (iv) diversity perspectives as set out in the Board Diversity Policy; and (v) any other factors that the Board considers appropriate.

For filling a casual vacancy or as an addition to the existing Board, the Nomination Committee shall make recommendations for the Board’s consideration and approval. For proposing candidates to stand for election at a general meeting, the Nomination Committee shall make nominations to the Board for its consideration and recommendation. On making recommendation, the Nomination Committee may submit to the Board a proposal comprising, inter alia, the personal profile of the proposed candidate for consideration. The personal profile should contains at least the candidate’s information required to be disclosed under Rule 13.51 of the Listing Rules. The Board shall be vested with power to make the final decision on all matters relating to the recommendation of candidates (i) for appointment; and (ii) for standing for election at a general meeting as Director.

The Nomination Committee will review the Nomination Policy from time to time to ensure that the polices will be implemented effectively.

企業管治報告 （續）

提名政策

董事會已採納本公司提名政策（「提名政策」），列明(i)董事會委任；及(ii)股東選舉為本公司董事之候選人的原則予提名委員會物色及評估提名。根據提名政策，於評估建議候選人之合適性時，董事會應考慮（其中包括）以下因素：(i)與本集團業務相關之資歷、專業經驗、技能及知識；(ii)承諾可投放之時間及相關權益；(iii)就獨立非執行董事而言，上市規則所載委任獨立非執行董事之監管規定及獨立性標準；(iv)董事會多元化政策所載之多元化觀點；及(v)董事會認為適當的任何其他因素。

就填補臨時空缺或現有董事會新增人員而言，提名委員會應提出推薦建議以供董事會審議及批准。就建議於股東大會上選舉之候選人而言，提名委員會應向董事會提名以供審議並提供建議。於提出推薦建議時，提名委員會可向董事會提交一份載有（其中包括）建議候選人之個人資料之建議書以供考慮，當中至少包含根據上市規則第13.51條須予披露的候選人資料。董事會有權就有關候選人(i)之委任；及(ii)於股東大會上選舉為董事之推薦建議的所有事宜作出最終決定。

提名委員會將不時對提名政策作出檢討，以確保該等政策能有效地執行。

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

CORPORATE GOVERNANCE REPORT

(Continued)

CORPORATE GOVERNANCE FUNCTIONS

The Board is responsible for determining the policy for the corporate governance of the Company and performing the corporate governance duties as below:

to develop and review the Group’s policies and practices on corporate governance and make recommendations;
to review and monitor the training and continuous professional development of directors and senior management;
to review and monitor the Group’s policies and practices on compliance with all legal and regulatory requirements;
to develop, review and monitor the code of conduct and compliance manual applicable to the employees and directors of the Group; and
to review the Group’s compliance with the CG Code and disclosure requirements in the corporate governance report.

DIRECTORS’ RESPONSIBILITIES FOR THE CONSOLIDATED FINANCIAL STATEMENTS

The Directors acknowledge their responsibility for preparing the financial statements for the year ended 30 June 2021, which give a true and fair view of the state of affairs of the Company and of the Group at that date and of the Group’s results and cash flows for the year then ended and are properly prepared on the going concern basis in accordance with the statutory requirements and applicable accounting standards.

RISK MANAGEMENT AND INTERNAL CONTROL

The Board has overall responsibilities for maintaining sound and effective risk management and internal control and reviewing their effectiveness to safeguard the Shareholders’ interests and the Group’s assets. The risk management and internal control systems are designed to manage rather than eliminate the risk of failure to achieve business objectives and can provide reasonable but not absolute assurance against material misstatement or loss. The review covers financial, operational and compliance controls of the Group.

企業管治報告 （續）

企業管治職能

董事會負責釐定本公司之企業管治政策及履行企業管治職能如下：

制定及檢討本集團之企業管治政策及常規，並提出建議；
檢討及監察董事及高級管理人員之培訓及持續專業發展；
檢討及監察本集團在遵守所有法律及監管規定方面之政策及常規；
制定、檢討及監察適用於本集團之僱員及董事之操守準則及合規手冊；及
檢討本集團遵守企業管治守則之情況及在企業管治報告內之披露要求。

董事就綜合財務報表須承擔的責任

董事確認彼等對編製截至2021年6月30日止年度之財務報表的責任，財務報表真實而公平地反映本公司及本集團於該日的事務狀況以及本集團截至該日止年度的業績及現金流量，並根據法定規定及適用的會計準則按持續經營基準妥為編製。

風險管理及內部監控

董事會全面負責維持良好有效的風險管理及內部監控，並審閱其成效以保障股東權益及本集團資產。風險管理及內部監控制度旨在管理而非消除未能達致業務目標的風險，並提供合理而非絕對保證並無重大失實陳述或損失。有關審閱涵蓋本集團之財務、營運及合規監控。

==> picture [104 x 101] intentionally omitted <==

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

CORPORATE GOVERNANCE REPORT (Continued)

RISK MANAGEMENT AND INTERNAL CONTROL (Continued)

The Group does not have an internal audit function in view of the size of the Group and consideration for cost effectiveness. During the year under review, the Company engaged an independent consultant to conduct review on the risk management and internal control systems once for the year ended 30 June 2021 to identify and evaluate significant risks of the Group’s business operations. The Board believes that the involvement of an independent consultant could enhance the objectivity and transparency of the evaluation process. During its review, the consultant has performed an assessment of selected financial procedures, systems and internal controls in order to identify significant findings in the relevant internal controls of the Group. Certain aspects of their review include corporate governance and listing rules compliance. The consultant has also conducted interviews with the Group’s management, staff members and key process operators, and inspected relevant documentations in order to understand the Group’s processes and controls. The consultant has performed tests to determine whether the controls have been properly implemented and operated, and finally identified certain findings based on their results of tests and developed relevant recommendations and suggestions for improvement.

For the risk management perspective, the consultant has also performed an assessment on the Group’s financial, operation, compliance and strategic aspects and identified certain risk areas. A written risk assessment report with the identified key risks and risk evaluation results have been presented to the Board. The Board will implement appropriate measures to continue to minimise the identified risks and control them within acceptable levels. In order to manage risks effectively, the management will continue to monitor the identified risks and the respective control measures, and arrange adequate resources for the effective control measures undertaken.

In order to assess the importance and materiality of the identified risks, the management ranked the risks based on the level of likelihood and impact from a scale of 1 to 5 (5 being the highest level), the highest the level of likelihood and risk impact, the more important and material the risks are, which the management will put more effort and resources in managing those risks.

企業管治報告 （續）

風險管理及內部監控（續）

鑑於本集團之規模及考慮到成本效益，本集團並無內部審計職能。於回顧年內，本公司已委聘獨立顧問就2021年6月30日止年度作出一次風險管理及內部監控制度之審閱，以識別及評估本集團之業務營運的重大風險。董事會相信，獨立顧問之參與可增加評估過程之客觀性及透明度。於審查過程中，顧問對所選財務程序、制度及內部監控進行評估，以於本集團的相關內部監控方面識別重大發現。彼等的若干審查範圍包括企業管治及上市規則合規情況。顧問亦與本集團的管理層、員工及關鍵流程營運人會面及檢查相關文件，以了解本集團之程序及監控。顧問並進行測試以釐定有關監控是否已妥善實施及運作，及最後根據彼等的測試結果確定若干發現事項，並提出相關推薦建議及意見以供改善。

就風險管理而言，顧問亦對本集團之財務、營運、合規及策略方面進行評估，並確定若干風險範疇，並提交予董事會有關已識別主要風險及風險評估結果的書面風險評估報告。董事會將實施控制措施以繼續減少已識別的風險及控制有關風險於可接受水平內。為有效管理風險，管理層將繼續監控已識別風險及各自之控制措施，並為有效實行有關監控措施安排足夠資源。

為評估已識別風險的重要性及實質性，管理層已根據可能發生的水平及影響程度將有關風險劃分為1至5級（第5級為最高水平），發生機會及風險影響越高，風險的重要性及實質性越重大，管理層將投放較多努力及資源管理該等風險。

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

CORPORATE GOVERNANCE REPORT (Continued)

RISK MANAGEMENT AND INTERNAL CONTROL (Continued)

For the year ended 30 June 2021, the Board has conducted an annual review of the effectiveness of the risk management and internal control systems of the Group by, including but not limited to, considering the internal control and risk assessment report prepared by the consultant to the Company covering the above aspects. The Board has also considered the adequacy of resources, staff qualifications and experience, and training programmes of the Group’s accounting and financial reporting function during the year under review. The Board is not aware of any significant internal control and risk management weaknesses nor significant breach of limits or risk management policies, and considers the existing internal control and risk management systems effective and adequate for the year ended 30 June 2021. The Company has complied with the relevant code provisions of the CG Code relating to risk management and internal control.

HANDLING AND DISSEMINATION OF INSIDE INFORMATION

The Company has put in place a policy on handling and dissemination of inside information which sets out the procedures and internal controls for handling and dissemination of inside information in a timely manner in such a way to avoid placing any person in a privileged dealing position. The inside information policy also provides guidelines to employees of the Group to ensure proper safeguards exists to prevent the Company from breaching the statutory and listing rule disclosure requirements. The Company has appropriate internal control and reporting systems to identify and assess potential inside information. Dissemination of inside information of the Company shall be conducted by publishing the relevant information on the websites of the Company and the Stock Exchange, according to the requirements of the Listing Rules.

ACCOUNTABILITY AND AUDIT

Financial Reporting

The Board is responsible for presenting a balanced, clear and understandable assessment of the Company’s annual and interim reports, inside information announcements and other financial disclosures required under the Listing Rules and other regulatory requirements.

The Directors acknowledge their responsibility for preparing the consolidated financial statements of the Company for the year ended 30 June 2021.

企業管治報告 （續）

風險管理及內部監控（續）

截至2021年6月30日止年度，董事會已對本集團的風險管理及內部監控制度的成效進行年度審閱，當中包括（但不限於）考慮由顧問向本公司所編製涵蓋上述方面的內部監控及風險評估報告。董事會亦於回顧年度考慮到本集團在會計及財務報告功能方面的資源、員工資歷及經驗以及培訓課程是否充足。於截至2021年6月30日止年度，董事會並不知悉任何重大內部監控及風險管理弱點，亦不知悉遭嚴重違反限制或風險管理政策，並認為現有內部監控制度及風險管理制度屬有效及足夠。本公司已遵守企業管治守則中有關風險管理及內部監控的相關守則條文。

處理及發佈內幕消息

本公司設有處理及發佈內幕消息政策，當中載有處理及發佈內幕消息的程序及內部監控，使內幕消息得以適時處理及發佈，而避免導致任何人士在證券交易上處於佔優的地位。內幕消息政策亦為本集團僱員提供指引，確保設有適當措施以預防本公司違反法定及上市規則之披露規定。本公司具備適當的內部監控及匯報制度，以識別及評估潛在的內幕消息。根據上市規則規定，本公司發佈內幕消息之方式為於本公司及聯交所網站刊載相關消息。

問責性及審核

財務申報

董事會須負責就本公司年度及中期報告、內幕消息的公告及其他根據上市規則及其他監管規定須作出之財務披露呈報一個不偏不倚、清晰及可理解之評估。

董事確認彼等對編製本公司截至2021年6月 30日止年度之綜合財務報表的責任。

==> picture [104 x 101] intentionally omitted <==

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

CORPORATE GOVERNANCE REPORT

(Continued)

企業管治報告 （續）

ACCOUNTABILITY AND AUDIT (Continued)

Financial Reporting (Continued)

Save as disclosed in the “Going concern basis” in note 2(b) to the consolidated financial statements, the Board is not aware of any material uncertainties relating to any events or conditions that may cause significant doubt upon the Company’s ability to continue as a going concern. The Independent Auditor’s Report states the auditor’s reporting responsibilities on the financial statements of the Company.

問責性及審核（續）

財務申報（續）

除綜合財務報表附註2(b)「持續經營基準」所披露外，董事會並不知悉與任何事項或情況有關的任何重大不確定因素，從而可能導致對本公司的持續經營能力有重大疑慮。獨立核數師報告訂明核數師對本公司財務報表的申報責任。

The statement by the external auditor of the Company regarding its reporting responsibilities on the consolidated financial statements of the Group is set out in the Independent Auditor’s Report on pages 62 to 67.

本公司外聘核數師就其對本集團綜合財務報表的匯報責任所作出的聲明載於第62至67頁的獨立核數師報告。

Auditors’ Remuneration

During the year ended 30 June 2021, the remuneration paid/payable to the Group’s external auditors are set out as follows:

核數師酬金

截至2021年6月30日止年度，就本集團外聘核數師已付╱應付之酬金載列如下：

Approximate fees paid/payable to

已付╱應付之概約費用

		2021	2020
		2021年	2020年
		*HK$*	HK$
Services rendered for the Group	向本集團提供之服務	港元	港元
Audit services	核數服務	1,394,000	1,375,000
Non-audit services	非核數服務
– Agreed-upon procedures of interim review	–議定中期審查程序	130,000	120,000
– Other non-audit services	–其他非核數服務	318,000	308,000
		1,842,000	1,803,000

COMPANY SECRETARY

Mr. Yam Pui Hung, Robert, the Chief Financial Officer has been appointed as the Company Secretary of the Company since 3 May 2019. Mr. Yam holds a Bachelor of Arts in Accountancy degree from the City Polytechnic of Hong Kong (now known as the “City University of Hong Kong”). Mr. Yam is a fellow of the Association of Chartered Certified Accountants and a certified public accountant of the Hong Kong Institute of Certified Public Accountants. Mr. Yam has extensive experience in accounting, financial management, corporate finance and company secretarial practice. Mr. Yam has taken no less than 15 hours of the relevant professional training during the year ended 30 June 2021.

公司秘書

本公司之財務總監任佩雄先生自2019年5月 3日起獲委任為本公司之公司秘書。任先生持有香港城市理工學院（現稱為「香港城市大學」）會計學文學士學位。任先生現為英國特許公認會計師公會資深會員及香港會計師公會之執業會計師。任先生於會計、財務管理、企業融資及公司秘書實務方面擁有豐富經驗。任先生於截至2021年6月30日止年度已接受不少於15小時之相關專業培訓。

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

==> picture [63 x 61] intentionally omitted <==

CORPORATE GOVERNANCE REPORT (Continued)

SHAREHOLDERS’ RIGHTS

The annual general meeting (the “AGM”) of the Company provides a forum for communication between the Shareholders and the Board. The notice of the AGM is despatched to all the Shareholders at least 20 clear business days prior to such AGM. The chairpersons of all the Board committees are invited to attend the AGM. The chairman of the Board and the chairpersons of all the Board committees, or in their absence, other members of the respective committees, are available to answer questions at the AGM. The auditor of the Company is also invited to attend the AGM to answer questions about the conduct of the audit, the preparation and content of the auditor’s report, the accounting policies and auditor’s independence.

Procedures to convene an extraordinary general meeting by Shareholders and to put forward proposals at general meeting

Any one or more Shareholders holding, at the date of deposit of requisition, not less than one-tenth of the paid up capital of the Company carrying right of voting at general meetings of the Company, shall at all times have the right, by written requisition to the Board or the Company Secretary of the Company to require an extraordinary general meeting to be called by the Board for the transaction of any business specified in such requisition and such meeting shall be held within two months after the deposit of such requisition.

If within 21 days of such deposit the Board fails to proceed to convene such meeting, the requisitionist(s) may convene a meeting in the same manner, and all reasonable expenses incurred by the requisitionist(s) as a result of the failure of the Board shall be reimbursed by the Company to the requisitionist(s).

Procedures for Shareholders to propose a person for election as a director

Pursuant to Article 88 of the Company’s Articles of Association, no person, other than a Director retiring at a meeting, shall, unless recommended by the Directors for election, be eligible for appointment as a Director at any general meeting unless there shall have been lodged at the head office or at the registration office of the Company a notice in writing signed by a Shareholder (other than the person to be proposed) duly qualified to attend and vote at the meeting for which such notice is given of his intention to propose that person for election as a Director and also a notice in writing signed by that person of his willingness to be elected as a Director. The said notices shall have been lodged at the head office or at the registration office of the Company not less than 7 clear days but not more than 14 clear days before the date of the general meeting. The written notice must state that person’s biographical details as required by Rule 13.51(2) of the Listing Rules and that the person has passed The Owners’ and Directors’ Test in the UK pursuant to the Appendix III of the Regulation of the English Football League.

企業管治報告 （續）

股東權利

本公司之股東週年大會（「股東週年大會」）為股東及董事會提供溝通良機。召開股東週年大會之通告會安排在該股東週年大會舉行前最少二十個完整營業日發送各股東。所有董事委員會之主席均獲邀參加股東週年大會。董事會主席及所有董事委員會之主席（或倘彼等缺席，則各委員會之其他成員）將於股東週年大會上回答任何提問。本公司核數師亦獲邀參加股東週年大會以回答有關審核之操守、編製及核數師報告之內容、會計政策及核數師之獨立性之問題。

股東召開股東特別大會及於股東大會提呈決議案之程序

任何一名或多名於遞呈要求日期時持有不少於本公司繳足股本（附有於本公司股東大會上之投票權）十分之一之股東，於任何時候均有權向董事會或本公司之公司秘書發出書面要求，要求董事會召開股東特別大會，以處理有關要求中指明之任何事項，且有關大會應於遞呈該要求後兩個月內舉行。

倘董事會未有於該項要求遞呈後二十一日內召開該大會，則遞呈要求人士可以同樣方式召開大會，而遞呈要求人士因董事會未有召開大會而合理產生之所有開支應由本公司向遞呈要求人士作出償付。

股東提名人選參選董事的程序

根據本公司之組織章程細則第88條，除在會議上退任之董事外，任何人士如未獲董事推薦，均無資格在任何股東大會上獲委任出任董事，除非已向本公司總辦事處或登記處遞交一份由妥獲資格出席會議並於會上表決之股東（不包括獲推選人士）簽署之書面通知，表明其擬提議推選該人士出任董事，以及遞交一份由該人士所簽署表示願意接受推選之書面通知。上述通知應該在股東大會日期不少於足七個完整日前但不多於足十四個完整日前遞交至本公司總辦事處或登記處。該書面通知須註明根據上市規則第13.51(2) 條規定之該名人士履歷資料，而該名人士須根據英格蘭足球聯賽規則(Regulation of the English Football League)附錄三於英國通過持有人及董事審查(The Owners’ and Directors’ Test)。

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

CORPORATE GOVERNANCE REPORT

(Continued)

SHAREHOLDERS’ RIGHTS (Continued)

Procedures to put enquiries to the Board

Shareholders have the right to put enquiries to the Board. All enquiries shall be in writing and sent by post to the principal place of business of the Company in Hong Kong or email to [email protected] for the attention of the Company Secretary of the Company.

DIVIDEND POLICY

The Board has adopted a dividend policy. When considering the declaration and payment of dividends, the Board takes into account the following factors: (i) the actual and expected financial performance of the Group, (ii) the retained earnings and distributable reserves of the Group, (iii) the expected working capital requirements and future expansion plans, (iv) liquidity position, and (v) any other factors that the Board deems appropriate.

The form and frequency of dividend declaration and payment shall be determined at the sole and absolute discretion of the Board and is also subject to compliance with all applicable laws and regulations including the laws of the Cayman Islands and the Company’s Articles of Association.

INVESTOR RELATIONS

The Company has established a range of communication channels between itself and its shareholders, investors and other stakeholders. These include the annual general meeting, the annual and interim reports, notices, announcements and circulars and the Company’s website at www.bshl.com.hk .

Enquiries may be put to the Board through the Company Secretary of the Company at 31/F, Vertical Sq., 28 Heung Yip Road, Wong Chuk Hang, Hong Kong.

Constitutional Documents

The Memorandum and Articles of Association of the Company is published on the Company’s website and the Stock Exchange’s website.

During the year ended 30 June 2021, there had been no change to the Memorandum and Articles of Association of the Company.

企業管治報告

（續）

股東權利（續）

向董事會作出查詢之程序

股東有權向董事會作出查詢，所有查詢必須以書面提出，並郵寄至本公司位於香港之主要營業地點，或電郵至[email protected]（註明收件人為本公司之公司秘書）。

股息政策

董事會已採納股息政策。於考慮宣派及派付股息時，董事會考慮下列因素：(i)本集團的實際及預期財務表現；(ii)本集團保留盈利及可分派儲備；(iii)預期營運資金需求及未來擴展計劃；(iv)流動資金狀況；及(v)董事會認為適當的任何其他因素。

宣派及派付股息之形式及次數將由董事會單獨全權酌情決定，並須遵守所有適用法例及法規，包括開曼群島法例及本公司之組織章程細則。

投資者關係

本公司與其股東、投資者及其他利益相關者建立一系列溝通渠道，包括股東週年大會、年度及中期報告、通告、公告、通函及本公司網站www.bshl.com.hk。

如欲向董事會作出任何查詢，請郵寄予本公司之公司秘書，地址為香港黃竹坑香葉道28 號嘉尚匯31樓。

憲法文件

本公司組織章程大綱及細則已於本公司網站及聯交所網站登載。

截至2021年6月30日止年度，本公司的組織章程大綱及細則並沒有任何變動。

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

INDEPENDENT AUDITOR’S REPORT

獨立核數師報告

==> picture [191 x 59] intentionally omitted <==

==> picture [63 x 61] intentionally omitted <==

TO THE SHAREHOLDERS OF

BIRMINGHAM SPORTS HOLDINGS LIMITED

(Incorporated in the Cayman Islands with limited liability)

OPINION

We have audited the consolidated financial statements of Birmingham Sports Holdings Limited (the “Company”) and its subsidiaries (collectively referred to as the “Group”) set out on pages 68 to 165, which comprise the consolidated statement of financial position as at 30 June 2021, and the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 30 June 2021, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (the “HKICPA”) and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in accordance with Hong Kong Standards on Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the HKICPA’s Code of Ethics for Professional Accountants (the “Code”), and we have fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

MATERIAL UNCERTAINTY RELATED TO GOING CONCERN

We draw attention to note 2 to the consolidated financial statements which mentions that the Group incurred a loss attributable to the owners of the Company of approximately HK$74,232,000 for the year ended 30 June 2021 and as at 30 June 2021 the Group had net current liabilities of approximately HK$267,024,000. These conditions indicate a material uncertainty which may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

致伯明翰體育控股有限公司所有股東

（於開曼群島註冊成立之有限公司）

意見

我們已審核載列於68頁至165頁之伯明翰體育控股有限公司（「貴公司」）及其附屬公司（統稱「貴集團」）之綜合財務報表，包括於 2021年6月30日之綜合財務狀況報表、截至該日止年度的綜合損益及其他全面收益表、綜合權益變動表及綜合現金流量表及綜合財務報表附註，包括重大會計政策概要。

我們認為，該等綜合財務報表已根據香港會計師公會（「香港會計師公會」）頒佈的香港財務報告準則（「香港財務報告準則」）真實而中肯地反映貴集團於2021年6月30日的綜合財務狀況及截至該日止年度的綜合財務表現及其綜合現金流量，並已遵照香港公司條例之披露規定妥為編製。

意見基準

我們已根據香港會計師公會頒佈的香港審計準則（「香港審計準則」）進行審計。我們在該等準則下承擔的責任已在本報告「核數師就審核綜合財務報表承擔的責任」章節中作進一步闡述。根據香港會計師公會頒佈的專業會計師道德守則（「守則」），我們獨立於貴集團，並已履行守則中的其他專業道德責任。我們相信，我們所獲得的審計憑證能充足及適當地為我們的審計意見提供基礎。

有關持續經營的重大不明朗因素

務請注意綜合財務報表附註2所述貴集團於截至2021年6月30日止年度產生貴公司擁有人應佔虧損約74,232,000港元，及於 2021年6月30日，貴集團的流動負債淨額為約267,024,000港元。該等情況顯示存有重大不明朗因素，可能對貴集團的持續經營能力造成重大疑問。我們並無就有關事項修改意見。

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

INDEPENDENT AUDITOR’S REPORT

獨立核數師報告（續）

(Continued)

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. In addition to the matter described in the Material Uncertainty Related to Going Concern section, we have determined the matters described below to be the key audit matters to be communicated in our report.

(I) INTANGIBLE ASSETS

Refer to Note 21 to the consolidated financial statements.

The Group tested the amount of intangible assets for impairment. This impairment test is significant to our audit because the balance of intangible assets of approximately HK$140,983,000 as at 30 June 2021 is material to the consolidated financial statements. In addition, the Group’s impairment test involves application of judgement and is based on assumptions and estimates.

Our audit procedures included, among others:

Assessing the valuation models used by the Group;
Assessing the competence, independence and integrity of the external valuers engaged by the Group;
Obtaining the external valuation reports and meeting with the external valuers to discuss and challenge the valuation process, methodologies used and market evidence to support significant judgements and assumptions applied in the valuation models;
Checking key assumptions and input data in the valuation models to supporting evidence;
Checking arithmetical accuracy of the valuation models; and
Obtaining market data of the intangible assets.

We consider that the Group’s impairment test for intangible assets is supported by the available evidence.

關鍵審計事項

關鍵審計事項是根據我們的專業判斷，認為對本期綜合財務報表的審計最為重要的事項。這些事項是在我們審計整體綜合財務報表及出具意見時進行處理。我們不會對這些事項提供單獨的意見。除「有關持續經營的重大不明朗因素」一節所述的事項外，我們決定下文所述事項屬須於報告內提出的關鍵審計事項。

(I) 無形資產

參閱綜合財務報表附註21。

貴集團對無形資產進行減值測試。由於無形資產於2021年6月30日的餘額約為 140,983,000港元，屬於綜合財務報表的重大事項，該減值測試對我們的審計意義重大。此外，貴集團的減值測試涉及判決的應用，並以假設和估計為依據。

我們的審計程序包括（其中包括）：

評估貴集團所用估值模式；
－
－評估貴集團委任之外聘估值師之資歷、獨立性及操守；
－獲得外部估值報告及與外聘評估師會晤以討論並查閱估值程序、所用方法及市場證據以支持估值模式中應用之重大判斷及假設；
－查核估值模式中的主要假設及輸入數據所使用之支持理據；
查核估值模式之運算的準確性；及
－
取得無形資產之市場數據。
－

我們認為貴集團對無形資產的減值測試由可用理據支持。

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

INDEPENDENT AUDITOR’S REPORT

獨立核數師報告（續）

(Continued)

(II) INVESTMENT PROPERTIES

Refer to Note 23 to the consolidated financial statements.

The Group measured its investment properties at fair value with the changes in fair value recognised in the consolidated statement of profit or loss. This fair value measurement is significant to our audit because the balance of investment properties of approximately HK$481,962,000 as at 30 June 2021 and the fair value loss of approximately HK$48,672,000 for the year then ended are material to the consolidated financial statements. In addition, the Group’s fair value measurement involves application of judgement and is based on assumptions and estimates.

Our audit procedures included, among others:

Assessing the competence, independence and integrity of the external valuer engaged by the Group;
Obtaining the external valuation report and meeting with the external valuer to discuss and challenge the valuation process, methodologies used and market evidence to support significant judgements and assumptions applied in the valuation model;
Checking key assumptions and input data in the valuation model to supporting evidence;
Checking arithmetical accuracy of the valuation model; and
Assessing the disclosure of the fair value measurement in the consolidated financial statements.

We consider that the Group’s fair value measurement of the investment properties is supported by the available evidence.

(III) DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES

Refer to Note 27 to the consolidated financial statements.

The Group tested the amount of deposits, prepayments and other receivables for impairment. This impairment test is significant to our audit because the balance of deposits, prepayments and other receivables of approximately HK$275,420,000 as at 30 June 2021 is material to the consolidated financial statements. In addition, the Group’s impairment test involves application of judgement and is based on estimates.

==> picture [104 x 101] intentionally omitted <==

(II) 投資物業

參閱綜合財務報表附註23。

貴集團以公平值計量其投資物業，有關公平值變動於綜合損益表內確認。公平值計量對我們的審計而言屬重大，因投資物業於2021年6月30日之結餘約 481,962,000港元及截至該日止年度公平值虧損約48,672,000港元對綜合財務報表而言屬重大。此外，貴集團之公平值計量涉及判斷之應用，並根據多個假設及估計。

我們的審計程序包括（其中包括）：

－評估貴集團委聘之外部估值師之資歷、獨立性及操守；
－獲得外部估值報告及與外聘評估師會晤以討論並查閱估值程序、所用方法及市場證據以支持估值模式中應用之重大判斷及假設；
－查核估值模式中的主要假設及輸入數據所使用之支持理據；
- 查核估值模式之運算的準確性；及
－
－評估綜合財務報表內公平值計量之披露。
我們認為貴集團對投資物業的公平值計量由可用理據支持。
(III) 按金、預付款項及其他應收款項 參閱綜合財務報表附註27。

貴集團對按金、預付款項及其他應收款項進行減值測試。由於按金、預付款項及其他應收款項於2021年6月30日的餘額約為275,420,000港元，屬於綜合財務報表的重大事項，該減值測試對我們的審計意義重大。此外，貴集團的減值測試涉及判決的應用，並以估計為依據。

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

INDEPENDENT AUDITOR’S REPORT

獨立核數師報告（續）

(Continued)

Our audit procedures included, among others:

Assessing the Group’s procedures on granting credit limits and credit periods to debtors;
Assessing the Group’s relationship and transaction history with the debtors;
Evaluating the Group’s impairment assessment;
Assessing ageing of the debts;
Assessing creditworthiness of the debtors;
Checking subsequent settlements from the debtors; and
Assessing the disclosure of the Group’s exposure to credit risk in the consolidated financial statements.

We consider that the Group’s impairment test for deposits, prepayments and other receivables is supported by the available evidence.

OTHER INFORMATION

The directors are responsible for the other information. The other information comprises all the information in the Company’s annual report, but does not include the consolidated financial statements and our auditor’s report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

我們的審計程序包括（其中包括）：

－評估貴集團向債務人授出信貸限額及信貸期之程序；
－評估貴集團與債務人之關係及交易記錄；
評估貴集團之減值評估；
－
評估債務之賬齡；
－
評估債務人之信用可靠程度；
－
檢查債務人之後續結算；及
－
－評估貴集團於綜合財務報表內有關信貸風險之披露。

我們認為貴集團對按金、預付款項及其他應收款項的減值測試由可用理據支持。

其他資料

董事須對其他資料負責。其他資料包括刊載於貴公司年報內的所有資料，但不包括綜合財務報表及我們的核數師報告。

我們對綜合財務報表的意見並不涵蓋其他資料，我們亦不對該等資料發表任何形式的鑒證結論。

於我們審核綜合財務報表時，我們的責任是閱讀其他資料，在此過程中，考慮其他資料是否與綜合財務報表或我們在審核過程中所了解的情況存在重大抵觸或者似乎存在重大錯誤陳述的情況。基於我們已執行的工作，如果我們認為其他資料存在重大錯誤陳述，我們需要報告該事實。在這方面，我們沒有任何報告。

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

INDEPENDENT AUDITOR’S REPORT

獨立核數師報告（續）

(Continued)

RESPONSIBILITIES OF DIRECTORS FOR THE CONSOLIDATED FINANCIAL STATEMENTS

The directors are responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance with HKFRSs issued by the HKICPA and the disclosure requirements of Hong Kong Companies Ordinance, and for such internal control as the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. We report our opinion solely to you, as a body, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

董事就綜合財務報表須承擔的責任

董事須負責根據香港會計師公會頒佈的香港財務報告準則及香港公司條例的披露規定編製真實而中肯的綜合財務報表，並對其認為使綜合財務報表的編製不存在由於欺詐或錯誤而導致的重大錯誤陳述所需的內部控制負責。

在編製綜合財務報表時，董事負責評估貴集團持續經營的能力，並在適用情況下披露與持續經營相關事項，除非董事有意將貴集團清盤或停止經營，或別無其他實際替代方案，否則須採用以持續經營為基礎的會計法。

核數師就審核綜合財務報表承擔的責任

我們的目標，是對綜合財務報表整體是否不存在由於欺詐或錯誤而導致的重大錯誤陳述取得合理保證，並出具包括我們意見的核數師報告。我們僅向全體股東報告，除此之外本報告別無其他目的。我們不會就本報告的內容向任何其他人士負上或承擔任何責任。合理保證是高水準的保證，但不能保證按照香港審計準則進行的審計，在某一重大錯誤陳述存在時總能發現。錯誤陳述可以由欺詐或錯誤引起，如果合理預期它們單獨或匯總起來可能影響綜合財務報表使用者依賴綜合財務報表所作出的經濟決定，則有關的錯誤陳述可被視作重大。

==> picture [104 x 101] intentionally omitted <==

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

INDEPENDENT AUDITOR’S REPORT

獨立核數師報告（續）

(Continued)

A further description of our responsibilities for the audit of the consolidated financial statements is located at the HKICPA’s website at:

http://www.hkicpa.org.hk/en/standards-and-regulations/standards/ auditing-assurance/auditre/

This description forms part of our auditor’s report.

ZHONGHUI ANDA CPA Limited

Certified Public Accountants

Li Chi Hoi

Audit Engagement Director Practising Certificate Number P07268 Hong Kong, 30 September 2021

我們於審核綜合財務報表責任之進一步詳情載於香港會計師公會網站：

http://www.hkicpa.org.hk/en/standardsand-regulations/standards/auditingassurance/auditre/

該詳情為我們審計報告之一部份。

中匯安達會計師事務所有限公司

執業會計師審計項目董事 李志海 執業證書編號P07268 香港，2021年9月30日

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

綜合損益及其他全面收益表

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the year ended 30 June 2021			截至2021年6月30日止年度	截至2021年6月30日止年度
				2021	2020
				2021年	2020年
			Notes	*HK$’000*	HK$’000
			附註	千港元	千港元
Revenue Operating expenses	收益經營開支		8	165,023 (427,136)	231,529 (449,872)
Loss from operations	經營虧損			(262,113)	(218,343)
Interest revenue Other income Other gains and losses, net	利息收益其他收入其他收益及虧損,淨額		10 11	17,896 16,321 (3,713)	7,803 14,649 (19,447)
Profit on sales of players’ registration	出售球員註冊之溢利			276,854	115,543
Amortisation of intangible assets	無形資產攤銷			(76,854)	(84,331)
Administrative and other expenses	行政及其他開支			(50,134)	(54,370)
Finance costs	融資成本		12	(30,675)	(33,187)
Loss before taxation	除稅前虧損			(112,418)	(271,683)
Income tax credit	所得稅抵免		13	589	5,199
Loss for the year	本年度虧損		14	(111,829)	(266,484)
Other comprehensive income	其他全面收益（開支）
(expense)
Items that may be reclassified	其後可能重新分類至損益
subsequently to profit or loss:		之項目：
Exchange differences arising on		換算海外附屬公司財務報表
translation of financial statements of		產生之匯兌差額
overseas subsidiaries Reclassification of translation reserve		出售附屬公司後由匯兌儲備		11,853	(11,557)
to profit or loss upon disposal of a		重新分類至損益
subsidiary			41	8,378	–
				20,231	(11,557)
Total comprehensive expense	本年度全面開支總額
for the year				(91,598)	(278,041)
Loss for the year attributable to:	應佔本年度虧損：
Owners of the Company		本公司擁有人		(74,232)	(260,484)
Non-controlling interests		非控股權益		(37,597)	(6,000)
				(111,829)	(266,484)

==> picture [104 x 101] intentionally omitted <==

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

綜合損益及其他全面收益表（續）

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (Continued) For the year ended 30 June 2021

OR LOSS AND OTHER CO INCOME(Continued)		MPREHENSIVE
For the year ended 30 June 2021			截至2021年6月30日止年度
				2021	2020
				2021年	2020年
			Notes	*HK$’000*	HK$’000
			附註	千港元	千港元
Total comprehensive expense	應佔本年度全面開支總額：
for the year attributable to:
Owners of the Company		本公司擁有人		(42,789)	(272,955)
Non-controlling interests		非控股權益		(48,809)	(5,086)
				(91,598)	(278,041)
Loss per share attributable to	本公司擁有人應佔每股虧損
owners of the Company
– Basic_(HK cent(s))_		－基本（港仙）	18	(0.40)	(1.47)
– Diluted_(HK cent(s))_		－攤薄（港仙）	18	(0.40)	(1.47)

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

綜合財務狀況表

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 綜合財務狀況表
As at 30 June 2021 於2021年6月30日 2021 2021年 Notes *HK$’000* 附註千港元	2020 2020年 HK$’000 千港元
Non-current assets 非流動資產 Property, plant and equipment 物業、廠房及設備 19 32,516 Right-of-use assets 使用權資產 20 86,943 Intangible assets 無形資產 21 140,983 Goodwill 商譽 22 – Investment properties 投資物業 23 481,962 Derivative financial instruments 衍生金融工具 41 – Deposits, prepayments and other receivables 按金、預付款項及其他應收款項 27 53,750	171,065 24,219 164,435 6,522 530,634 5,483 47,146
Total non-current assets 非流動資產總額 796,154	949,504
Current assets 流動資產 Inventories 存貨 25 378 Trade receivables 應收貿易賬款 26 13,804 Deposits, prepayments and other receivables 按金、預付款項及其他應收款項 27 221,670 Contract assets 合約資產 33 – Pledged bank deposits 已抵押銀行存款 8,600 Bank balances and cash 銀行結餘及現金 36,155	856 5,347 66,864 140 7,634 31,170
Total current assets 流動資產總額 280,607	112,011
Current liabilities 流動負債 Transfer fee payables 應付轉會費 28 17,266 Trade payables 應付貿易賬款 29 10,104 Accruals and other payables 應計款項及其他應付款項 30 75,455 Amount due to a related party 應付關連方款項 31 213,359 Deferred capital grants 遞延資本撥款 32 – Contract liabilities 合約負債 33 35,326 Borrowings 貸款 34 184,435 Lease liabilities 租賃負債 35 11,686	28,496 16,420 143,620 – 544 6,671 482,621 7,093
Total current liabilities 流動負債總額 547,631	685,465
Net current liabilities 流動負債淨額 (267,024)	(573,454)
Total assets less current liabilities 資產總額減流動負債 529,130	376,050

==> picture [104 x 101] intentionally omitted <==

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Continued)

As at 30 June 2021

綜合財務狀況表（續）

於2021年6月30日

FINANCIAL POSITION(Continued) As at 30 June 2021	於2021年6月30日
	2021 2020 2021年 2020年 Notes *HK$’000* HK$’000 附註千港元千港元
Non-current liabilities 非流動負債 Transfer fee payables 應付轉會費 Accruals and other payables 應計款項及其他應付款項 Deferred capital grants 遞延資本撥款 Borrowings 貸款 Lease liabilities 租賃負債 Deferred tax liabilities 遞延稅項負債	28 19,888 – 30 – 15,088 32 – 12,860 34 109,325 4,821 35 92,526 22,260 36 2,577 20,792
Total non-current liabilities 非流動負債總額	224,316 75,821
NET ASSETS 資產淨額	304,814 300,229
Capital and reserves 資本及儲備 Share capital 股本 Reserves 儲備	37 192,890 177,100 37 342,411 149,647
Equity attributable to owners of the Company 本公司擁有人應佔權益 Non-controlling interests 非控股權益	535,301 326,747 (230,487) (26,518)
TOTAL EQUITY 權益總額	304,814 300,229

The consolidated financial statements on pages 68 to 165 were approved and authorised for issue by the board of directors of the Company on 30 September 2021 and are signed on its behalf by:

第68至165頁之綜合財務報表經本公司董事會於2021年9月30日批准及授權刊發，並由下列董事代表簽署：

Zhao Wenqing 趙文清 Director 董事

Huang Dongfeng 黃東風 Director 董事

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the year ended 30 June 2021

綜合權益變動表

截至2021年6月30日止年度

		Attributable to owners of the Company 本公司擁有人應佔 Share capital Share premium Capital reserve Translation reserve Share options* reserve Accumulated losses Total Non- controlling interests Total 股本股份溢價資本儲備匯兌儲備* 購股權儲備累計虧損總計非控股權益* 總計* Notes HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 附註千港元千港元千港元千港元千港元千港元千港元千港元千港元
At 1 July 2020 Recognition of equity-settled share-based payments expense Issue of shares upon share placing Transaction costs attributable to share placing Issue of shares upon share subscription Transaction costs attributable to share subscriptions Disposal of a subsidiary Changes in ownership interests in subsidiaries without change of control Total comprehensive expense for the year	於2020年7月1日確認以股權結算以股份為基礎之付款支出股份配售時發行股份股份配售之交易成本股份認購時發行股份股份認購之交易成本出售一間附屬公司於附屬公司的所有權權益變動而控制權不變本年度全面開支總額	177,100 1,563,733 6,510 (95,390) 7,159 (1,332,365) 326,747 (26,518) 300,229 38 – – – – 2,315 – 2,315 – 2,315 37 5,164 64,550 – – – – 69,714 – 69,714 – (1,230) – – – – (1,230) – (1,230) 37 10,626 156,198 – – – – 166,824 – 166,824 – (151) – – – – (151) – (151) 41 – – – – – – – 25,126 25,126 40 – – – – – 13,871 13,871 (180,286) (166,415) – – – 31,443 – (74,232) (42,789) (48,809) (91,598)
At 30 June 2021	於2021年6月30日	192,890 1,783,100 6,510 (63,947) 9,474 (1,392,726) 535,301 (230,487) 304,814
At 1 July 2019 Recognition of equity-settled share-based payments expense Total comprehensive expense for the year	於2019年7月1日確認以股權結算以股份為基礎之付款支出本年度全面開支總額	177,100 1,563,733 6,510 (82,919) 4,398 (1,071,881) 596,941 (21,432) 575,509 38 – – – – 2,761 – 2,761 – 2,761 – – – (12,471) – (260,484) (272,955) (5,086) (278,041) 177,100 1,563,733 6,510 (95,390) 7,159 (1,332,365) 326,747 (26,518) 300,229
At 30 June 2020	於2020年6月30日

These reserve accounts comprise the consolidated reserves in the * 該等儲備賬組成綜合財務狀況表中之綜合 consolidated statement of financial position. 儲備。

==> picture [104 x 101] intentionally omitted <==

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

綜合現金流量表


CONSOLIDATED STATEMENT OF	綜合現金流量表
CASH FLOWS
For the year ended 30 June 2021	截至2021年6月30日止年度

		2021 2020 2021年 2020年 *HK$’000* HK$’000 千港元千港元
CASH FLOWS FROM OPERATING ACTIVITIES 經營活動之現金流 Loss before taxation 除稅前虧損 Adjustments for: 調整： Finance costs 融資成本 Interest revenue 利息收益 Depreciation of property, plant and equipment 物業、廠房及設備折舊 Depreciation of right-of-use assets 使用權資產之折舊 Amortisation of intangible assets 無形資產攤銷 Share-based payments expense 以股份為基礎之付款支出 Profit on sale of players’ registration 出售球員註冊之溢利 Impairment loss on intangible assets 無形資產之減值虧損 Impairment loss on right-of-use assets 使用權資產之減值虧損 Fair value change on investment properties 投資物業之公平值變動 Impairment loss on trade receivables 應收貿易賬款之減值虧損 Reversal of impairment loss on trade receivables 應收貿易賬款減值虧損之撥回 Fixed assets written off 撇銷固定資產 Reversal of impairment loss on other receivables 其他應收賬款減值虧損之撥回 Impairment loss on other receivables 其他應收賬款之減值虧損 Impairment loss on goodwill 商譽之減值虧損 Gain on termination of lease agreement 終止租賃協議之收益 Gain on disposal of property, plant and equipment 出售物業、廠房及設備之收益 Gain on bargain purchase of subsidiaries 議價收購附屬公司之收益 Gain on disposal of subsidiaries 出售附屬公司之收益 Loss on extinguishing financial liabilities with equity instruments 以權益工具消除金融負債虧損 Fair value gain on derivative financial instruments 衍生金融工具之公平值收益		(112,418) (271,683) 30,675 33,187 (17,896) (7,803) 11,389 15,875 9,807 4,710 76,854 84,331 2,315 2,761 (276,854) (115,543) 812 393 10,049 – 48,672 22,386 102 3,042 (61) (164) 10 – (1,677) – 1 1,577 5,600 2,212 (3) – (2) – (15) – (74,223) – 26,830 – (14,017) (5,544)
Operating cash flows before working capital changes	營運資金變動前之經營現金流	(274,050) (230,263)

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

CONSOLIDATED STATEMENT OF

綜合現金流量表（續）

CASH FLOWS (Continued)

CASH FLOWS(Continued)
For the year ended 30 June 2021	截至2021年6月30日止年度 2021 2020 2021年 2020年 *HK$’000* HK$’000 千港元千港元
Change in inventories Change in trade receivables Change in deposits, prepayments and other receivables Change in trade payables Change in other payables and accruals Change in deferred capital grants Change in contract assets Change in contract liabilities	存貨之變動應收貿易賬款之變動按金、預付款項及其他應收款項之變動應付貿易賬款之變動其他應付款項及應計款項之變動遞延資本撥款之變動合約資產之變動合約負債之變動	569 2,539 (7,600) (1,108) (79,834) (39,756) (8,156) (6,298) 15,413 45,073 (544) (560) 140 (140) 27,019 (22,029)
Net cash flows used in operating activities	經營活動所用之現金流淨額	(327,043) (252,542)
CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of property, plant and equipment Payment of investment properties Acquisition of intangible assets Proceeds from disposals of property, plant and equipment Acquisition of a subsidiary Proceeds from disposal of interest in subsidiaries without loss of control Proceeds from disposal of subsidiaries Proceeds from disposals of intangible assets Interest received	投資活動之現金流收購物業、廠房及設備投資物業之付款收購無形資產出售物業、廠房及設備之所得款項收購附屬公司出售附屬公司權益並維持控制權所得款項出售附屬公司所得款項出售無形資產所得款項已收利息	(3,671) (1,821) – (48,326) (57,899) (89,137) 760 – 1,153 226 56,200 – 120,280 – 199,053 92,038 4,762 7,803
Net cash flows generated from (used in) investing activities	投資活動產生（所用）之現金流淨額	320,638 (39,217)

==> picture [104 x 101] intentionally omitted <==

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

CONSOLIDATED STATEMENT OF

綜合現金流量表（續）

CONSOLIDATED STATEME	綜合現金流量表（續） NT OF	綜合現金流量表（續） NT OF
CASH FLOWS(Continued) For the year ended 30 June 2021	截至2021年6月30日止年度 2021 2020 2021年 2020年 *HK$’000* HK$’000 千港元千港元
CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from new borrowings Repayment of lease liabilities Repayment of borrowings Net proceeds from share placing Advance from a related party Interest paid	融資活動之現金流新貸款之所得款項償還租賃負債償還貸款股份配售之所得款項淨額來自關連方之墊款已付利息	468,155 310,955 (6,570) (4,206) (515,067) (33,135) 68,484 – 24,805 – (32,940) (22,999)
Net cash flows generated from financing activities	融資活動產生之現金流淨額	6,867 250,615
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS Cash and cash equivalents at beginning of year Effect of foreign exchange rate changes	現金及現金等值項目增加（減少）淨額年初之現金及現金等值項目匯率變動之影響	462 (41,144) 31,170 75,728 4,523 (3,414)
Cash and cash equivalents at the end of year	年終之現金及現金等值項目	36,155 31,170
ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS Bank balances and cash	現金及現金等值項目之結餘分析銀行結餘及現金	36,155 31,170

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the year ended 30 June 2021

1. GENERAL INFORMATION

Birmingham Sports Holdings Limited was incorporated in the Cayman Islands as an exempted company with limited liability and its shares are listed on the Stock Exchange. The registered office and the principal place of business of the Company is disclosed in the Corporate Information section of this annual report.

The principal activity of the Company is investment holding and the principal activities of its major subsidiaries are engaged in the operation of a professional football club in the UK, properties investment in Cambodia, provision of lottery system and online payment system service solutions (“System Service Solutions”) and healthcare and medical related business.

Upon the disposal of the Group’s wholly-owned subsidiary, Power Super Limited (“Power Super”), the Group had ceased to engage in provision of System Service Solutions business.

Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The functional currency of the Company is Hong Kong dollars (“HK$”). The consolidated financial statements are presented in Hong Kong dollars for the convenience of users of the consolidated financial statements as the Company is listed in Hong Kong.

2. BASIS OF PREPARATION

(a) Statement of compliance

The consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (the “HKICPA”) and accounting principles generally accepted in Hong Kong. In addition, the consolidated financial statements include applicable disclosures required by the Listing Rules and by the Hong Kong Companies Ordinance.

The consolidated financial statements have been prepared under the historical cost basis, as modified by revaluation of investment properties and certain financial instruments, which are carried at their fair values. They are presented in HK$ and all values are rounded to the nearest thousand (HK$’000) except when otherwise indicated.

==> picture [104 x 101] intentionally omitted <==

綜合財務報表附註

截至2021年6月30日止年度

1. 一般資料 伯明翰體育控股有限公司於開曼群島註冊成立為獲豁免有限公司，其股份於聯交所上市。本公司之註冊辦事處及主要營業地點已於本年報之公司資料一節內披露。

本公司之主要業務為投資控股，而其主要附屬公司之主要業務為從事英國職業足球球會之營運、於柬埔寨從事物業投資、提供彩票系統及在線付款系統服務解決方案（「系統服務解決方案」）以及保健及醫療相關業務。

完成出售本集團之全資擁有附屬公司 Power Super Limited（「Power Super」）後，本集團終止提供系統服務解決方案業務。

本集團旗下各實體之財務報表內所載項目乃以該實體經營所處主要經濟環境之貨幣（「功能貨幣」）計量。本公司之功能貨幣為港元（「港元」）。由於本公司於香港上市，為方便使用綜合財務報表之人士，綜合財務報表以港元呈報。

2. 編製基準

(a) 合規聲明

綜合財務報表已根據香港會計師公會頒佈（「香港會計師公會」）之香港財務報告準則（「香港財務報告準則」）及香港公認會計原則編製。此外，綜合財務報表亦按上市規則及香港公司條例之適用披露規定編製。

綜合財務報表乃按歷史成本基準編製，並經按公平值計量之重估投資物業及若干金融工具所修訂，以港元呈列，並（除另有說明者外）已約整至最接近之千位數。

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

2. BASIS OF PREPARATION (Continued)

(b) Going concern basis

The Group incurred a loss attributable to owners of the Company of approximately HK$74,232,000 for the year ended 30 June 2021 and as at 30 June 2021 the Group had net current liabilities of approximately HK$267,024,000. These conditions indicate the existence of a material uncertainty which may cast significant doubt on the Group’s ability to continue as a going concern. Therefore, the Group may be unable to realise its assets and discharge its liabilities in the normal course of business.

The consolidated financial statements have been prepared on a going concern basis. The directors of the Company (the “Directors”) are of the opinion that the Group will have sufficient working capital to meet its financial obligations as and when they fall due for the next twelve months after taking into consideration that (i) the Company has a loan facility from a substantial shareholder of the Company, Trillion Trophy Asia Limited (“Trillion Trophy”) under which an unsecured revolving loan facility up to HK$250,000,000 has been granted to the Company (the “Trillion Trophy Facility”); (ii) the Company has a loan facility from Oriental Rainbow Investments Limited (“Oriental Rainbow”), a wholly-owned subsidiary of a substantial shareholder of the Company under which an unsecured revolving loan facility up to HK$300,000,000 has been granted to the Company (the “Oriental Rainbow Facility”); and (iii) the Company has a loan facility with aggregate amount of approximately HK$12,010,000 from a third party lender.

As at 30 June 2021, the total carrying amount of the borrowings under the above facilities of the Group was approximately HK$57,607,000. As at 30 June 2021, the Group had approximately HK$504,403,000 undrawn borrowing facilities available.

Accordingly, the Directors are of the opinion that it is appropriate to prepare the consolidated financial statements on a going concern basis. Should the Group be unable to continue as a going concern, adjustments would have to be made to the consolidated financial statements to adjust the value of the Group’s assets to their recoverable amounts, to provide for any further liabilities which might arise and to reclassify non-current assets and liabilities as current assets and liabilities, respectively.

綜合財務報表附註（續）

截至2021年6月30日止年度

2. 編製基準 （續）

(b) 持續經營基準

截至2021年6月30日止年度，本集團產生本公司擁有人應佔虧損約74,232,000港元，而於2021年 6月30日，本集團之流動負債淨額約為267,024,000港元。該等狀況顯示存在重大不明朗因素或會對本集團能否繼續持續經營之能力構成重大疑問。因此，本集團或無法於日常業務過程中變現其資產及償還其負債。

綜合財務報表乃按持續經營基準編製。本公司之董事（「董事」）認為，經考慮(i)本公司向本公司主要股東Trillion Trophy Asia Limited （「 Trillion Trophy 」）取得貸款融資，據此，本公司已獲授最多 250,000,000港元之無抵押循環貸款融資（「Trillion Trophy融資」）； (ii)本公司向本公司主要股東之全資附屬公司東霓投資有限公司（「東霓」）取得貸款融資，據此，本公司已獲授最多300,000,000 港元之無抵押循環貸款融資（「東霓融資」）；及(iii)本公司向一名第三方貸款人取得貸款融資總額約 12,010,000港元，本集團將擁有足夠營運資金履行未來十二個月到期之財務責任。

於 2021 年 6 月 30 日，本集團就上述融資之貸款賬面總值約為 57,607,000港元。於2021年6月 30日，本集團有未提取可動用貸款融資約504,403,000港元。

因此，董事認為按持續經營基準編製綜合財務報表實屬恰當。如本集團無法繼續持續經營，則須對綜合財務報表作出調整，以將本集團之資產價值調整至其可收回金額，並就任何可能產生之其他負債計提撥備，以及將非流動資產及負債分別重新分類為流動資產及負債。

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

3. ADOPTION OF NEW AND REVISED HKFRSs

In the current year, the Group has adopted all the new and revised HKFRSs issued by the HKICPA that are relevant to its operations and effective for its accounting year beginning on 1 July 2020. HKFRSs comprise Hong Kong Financial Reporting Standards; Hong Kong Accounting Standards; and Interpretations. The adoption of these new and revised HKFRSs did not result in significant changes to the Group’s accounting policies, presentation of the Group’s financial statements and amounts reported for the current year and prior years.

The Group has not applied the new HKFRSs that have been issued but are not yet effective. The Group has already commenced an assessment of the impact of these new HKFRSs but is not yet in a position to state whether these new HKFRSs would have a material impact on its results of operations and financial position.

4. SIGNIFICANT ACCOUNTING POLICIES

The preparation of consolidated financial statements in conformity with HKFRSs requires the use of certain key assumptions and estimates. It also requires the directors to exercise its judgements in the process of applying the accounting policies. The areas involving critical judgements and areas where assumptions and estimates are significant to these consolidated financial statements, are disclosed in note 5 to the consolidated financial statements.

The significant accounting policies applied in the preparation of these consolidated financial statements are set out below.

(a) Consolidation

The consolidated financial statements include the financial statements of the Company and its subsidiaries made up to 30 June. Subsidiaries are entities over which the Group has control. The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The Group has power over an entity when the Group has existing rights that give it the current ability to direct the relevant activities, i.e. activities that significantly affect the entity’s returns.

綜合財務報表附註（續）

截至2021年6月30日止年度

3. 採納新訂及經修訂香港財務報告準則 於本年度，本集團已採納香港會計師公會頒佈的與其營運相關及於自2020年7 月1日開始的會計年度生效的全部新訂及經修訂香港財務報告準則。香港財務報告準則包括香港財務報告準則、香港會計準則及詮釋。採納該等新訂及經修訂香港財務報告準則不會導致本集團會計政策、本集團財務報表之呈列及本年度及過往年度呈報之金額發生重大變動。

本集團並無應用已頒佈但尚未生效之新訂香港財務報告準則。本集團已開始評估該等新訂香港財務報告準則之影響，惟尚未能表示該等新訂香港財務報告準則會否對本集團之經營業績及財務狀況造成重大影響。

4. 主要會計政策

編製符合香港財務報告準則之綜合財務報表須採用若干關鍵假設及估計。亦要求董事於應用會計政策過程中行使其判斷。該等涉及關鍵判斷之範疇及對此等綜合財務報表而言屬重大的假設及估計範疇，於綜合財務報表附註5中披露。

於編製此等綜合財務報表所用的重大會計政策載於下文。

(a) 綜合賬目

綜合財務報表包括本公司及其附屬公司截至6月30日的財務報表。附屬公司指本集團對其擁有控制權之實體。當本集團獲得或享有參與實體所得之可變回報，且有能力透過其對實體之權力影響該等回報時，則本集團可控制該實體。當本集團之現有權力賦予其目前能掌控有關業務（即顯著影響實體回報之業務）時，則本集團對該實體擁有權力。

==> picture [104 x 101] intentionally omitted <==

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

4. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(a) Consolidation (Continued)

When assessing control, the Group considers its potential voting rights as well as potential voting rights held by other parties, to determine whether it has control. A potential voting right is considered only if the holder has the practical ability to exercise that right.

Subsidiaries are consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date the control ceases.

The gain or loss on the disposal of a subsidiary that results in a loss of control represents the difference between (i) the fair value of the consideration of the sale plus the fair value of any investment retained in that subsidiary and (ii) the Company’s share of the net assets of that subsidiary plus any remaining goodwill relating to that subsidiary and any related accumulated foreign currency translation reserve.

Intragroup transactions, balances and unrealised profits are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

Non-controlling interests represent the equity in subsidiaries not attributable, directly or indirectly, to the Company. Non-controlling interests are presented in the consolidated statement of financial position and consolidated statement of changes in equity within equity. Non-controlling interests are presented in the consolidated statement of profit or loss and other comprehensive income as an allocation of profit or loss and total comprehensive income for the year between the non-controlling shareholders and owners of the Company.

Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling shareholders even if this results in the non-controlling interests having a deficit balance.

綜合財務報表附註（續）

截至2021年6月30日止年度

4. 主要會計政策（續）

(a) 綜合賬目 （續）
在評估控制權時，本集團會考慮其潛在投票權以及其他人士持有之潛在投票權，以釐定其是否擁有控制權。僅在持有人能實際行使潛在投票權之情況下，方會考慮其權利。

附屬公司在控制權轉移至本集團之日起綜合入賬。附屬公司在控制權終止之日起停止綜合入賬。

出售附屬公司而導致失去控制權之盈虧乃指(i)出售代價公平值加於該附屬公司任何保留之投資公平值與(ii)本公司應佔該附屬公司資產淨值加與該附屬公司有關之任何餘下商譽以及任何相關累計匯兌儲備兩者間差額。

集團內公司間之交易、結餘及未變現溢利予以對銷。除非交易提供已轉讓資產出現減值之憑證，未變現虧損亦予以對銷。附屬公司之會計政策在必要時會作出更改，以確保與本集團所採納之政策一致。

非控股權益指本公司不直接或間接應佔之附屬公司權益。非控股權益乃於綜合財務狀況表及綜合權益變動表之權益內呈列。於綜合損益及其他全面收益表內，非控股權益呈列為年內溢利或虧損及全面收益總額在非控股股東與本公司擁有人之間之分配。

損益及其他全面收益各成份歸屬於本公司擁有人及非控股股東，即使導致非控股權益出現赤字結餘。

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

4. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(a) Consolidation (Continued)

Changes in the Company’s ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions (i.e. transactions with owners in their capacity as owners). The carrying amounts of the controlling and non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company.

(b) Business combination and goodwill

The acquisition method is used to account for the acquisition of a subsidiary in a business combination. The cost of acquisition is measured at the acquisition-date fair value of the assets given, equity instruments issued, liabilities incurred and contingent consideration. Acquisition-related costs are recognised as expenses in the periods in which the costs are incurred and the services are received. Identifiable assets and liabilities of the subsidiary in the acquisition are measured at their acquisition-date fair values.

The excess of the cost of acquisition over the Company’s share of the net fair value of the subsidiary’s identifiable assets and liabilities is recorded as goodwill. Any excess of the Company’s share of the net fair value of the identifiable assets and liabilities over the cost of acquisition is recognised in consolidated profit or loss as a gain on bargain purchase which is attributed to the Company.

If the changes in the value of the previously held equity interest in the subsidiary were recognised in other comprehensive income (for example, equity investments at fair value through other comprehensive income), the amount that was recognised in other comprehensive income is recognised on the same basis as would be required if the previously held equity interest were disposed of.

綜合財務報表附註（續）

截至2021年6月30日止年度

4. 主要會計政策 （續）

(a) 綜合賬目 （續）一間附屬公司之所有權權益發生變動（控制權並未發生變動），則按權益交易入賬（即與擁有人身份持有人的交易）。控股及非控股權益之賬面值經調整以反映其於附屬公司相關權益之變動。非控股權益被調整之金額與已付或已收代價公平值之間之任何差額須直接於權益內確認並歸屬於本公司擁有人。
(b) 業務合併及商譽
- 本集團採用收購法為業務合併中所收購之附屬公司列賬。收購成本乃按所獲資產於收購日期之公平值、所發行之股本工具及所產生之負債以及或然代價計量。收購相關成本於有關成本產生及接獲服務期間確認為開支。於收購時，附屬公司之可識別資產及負債，均按其於收購日期之公平值計量。

收購成本超出本公司應佔附屬公司可識別資產及負債之公平淨值之差額乃列作商譽。本公司應佔可識別資產及負債之公平淨值超出收購成本之差額乃於綜合損益內確認為本公司應佔議價收購之收益。

倘先前已持有之附屬公司之股權之價值變動已於其他全面收益內確認（例如按公平值計入其他全面收益之股本投資），則於其他全面收益確認之金額乃按在先前已持有之股權被出售的情況下所須之相同基準確認。

==> picture [104 x 101] intentionally omitted <==

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

4. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(b) Business combination and goodwill (Continued)

Goodwill is tested annually for impairment or more frequently if events or changes in circumstances indicate that it might be impaired. Goodwill is measured at cost less accumulated impairment losses. The method of measuring impairment losses of goodwill is the same as that of other assets as stated in the accounting policy below. Impairment losses of goodwill are recognised in consolidated profit or loss and are not subsequently reversed. Goodwill is allocated to cash-generating units that are expected to benefit from the synergies of the acquisition for the purpose of impairment testing.

The non-controlling interests in the subsidiary are initially measured at the non-controlling shareholders’ proportionate share of the net fair value of the subsidiary’s identifiable assets and liabilities at the acquisition date.

(c) Foreign currency translation

(i) Functional and presentation currency

Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The consolidated financial statements are presented in Hong Kong dollars, which is the Group’s presentation currency.

(ii) Transactions and balances in each entity’s financial statements

Transactions in foreign currencies are translated into the functional currency on initial recognition using the exchange rates prevailing on the transaction dates. Monetary assets and liabilities in foreign currencies are translated at the exchange rates at the end of each reporting period. Gains and losses resulting from this translation policy are recognised in profit or loss.

Non-monetary items that are measured at fair values in foreign currencies are translated using the exchange rates at the dates when the fair values are determined.

綜合財務報表附註（續）

截至2021年6月30日止年度

4. 主要會計政策（續）

(b) 業務合併及商譽 （續）
商譽會每年進行減值測試或當事件或情況改變顯示可能減值時則更頻繁地進行減值測試。商譽乃按成本減累計減值虧損計量。商譽減值虧損之計量方法與下文會計政策內所述之其他資產之計量方法相同。商譽之減值虧損於綜合損益內確認，且隨後不予撥回。就減值測試而言，商譽會被分配至預期因收購之協同效益而產生利益之現金產生單位。

於附屬公司之非控股權益初步按非控股股東應佔該附屬公司於收購當日之可識別資產及負債之公平值比例計算。

(c) 外幣換算
(i) 功能及呈報貨幣

本集團各實體之財務報表內項目均以該實體業務所在主要經濟環境通行之貨幣（「功能貨幣」）計量。綜合財務報表以港元呈列，該貨幣為本集團之呈報貨幣。

(ii) 各實體財務報表之交易及結餘

外幣交易於初始確認時使用交易日期之通行匯率換算為功能貨幣。以外幣為單位之貨幣資產及負債按各報告期末之匯率換算。此換算政策產生之盈虧於損益內確認。

以公平值計量及外幣計值的非貨幣項目按釐定公平值當日之適用匯率換算。

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

4. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(c) Foreign currency translation (Continued)
- (ii) Transactions and balances in each entity’s financial statements (Continued)

When a gain or loss on a non-monetary item is recognised in other comprehensive income, any exchange component of that gain or loss is recognised in other comprehensive income. When a gain or loss on a non-monetary item is recognised in profit or loss, any exchange component of that gain or loss is recognised in profit or loss.

(iii) Translation on consolidation

The results and financial position of all the Group entities that have a functional currency different from the Company’s presentation currency are translated into the Company’s presentation currency as follows:

Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position;
Income and expenses are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the exchange rates on the transaction dates); and
All resulting exchange differences are recognised in the foreign currency translation reserve.

On consolidation, exchange differences arising from the translation of the net investment in foreign entities and of borrowings are recognised in the foreign currency translation reserve. When a foreign operation is sold, such exchange differences are recognised in consolidated profit or loss as part of the gain or loss on disposal.

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.

==> picture [104 x 101] intentionally omitted <==

綜合財務報表附註（續）

截至2021年6月30日止年度

4. 主要會計政策 （續）

(c) 外幣換算 （續）
- (ii) 各實體財務報表之交易及結餘 （續）
  - 倘非貨幣項目之收益或虧損於其他全面收益內確認，則該收益或虧損之匯兌部份亦於其他全面收益內確認。倘非貨幣項目之收益或虧損於損益內確認，則該收益或虧損之匯兌部份亦於損益內確認。
- (iii) 綜合賬目時進行換算
  - 功能貨幣與本公司之呈報貨幣不同的所有集團實體之業績及財務狀況均按以下方法換算為本公司之呈報貨幣：
  - 各財務狀況表所列之資產及負債按財務狀況表日期之收市匯率換算；
  - 收入及支出均按平均匯率換算，除非該平均值並非為按於交易日之匯率累計影響之合理近似值，在此情況下，乃按交易日期匯率換算；及
  - 一切因此而產生之匯兌差額均在匯兌儲備內確認。

於綜合賬目時，換算境外實體之投資淨額及貸款所產生之匯兌差額於匯兌儲備內確認。當境外業務被出售時，有關匯兌差額作為出售之盈利或虧損之一部份於綜合損益內確認。

因收購海外實體而產生之商譽及公平值調整，均作為有關海外實體之資產與負債，並按收市匯率換算。

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

4. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(d) Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are recognised in profit or loss during the period in which they are incurred.

Depreciation of property, plant and equipment is calculated at rates sufficient to write off their cost less their residual values over the estimated useful lives on a straight-line basis. The principal annual rates are as follows:

Land and buildings	1% – 10%
Leasehold improvements	Over the shorter of the term
	of the lease, or 20%
Furniture, fixtures and office	20% – 33%
equipment
Motor vehicles	20% – 33%

The residual values, useful lives and depreciation method are reviewed and adjusted, if appropriate, at the end of each reporting period.

The gain or loss on disposal of property, plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant asset, and is recognised in profit or loss.

(e) Investment properties

Investment properties are properties held to earn rentals and/or for capital appreciation. An investment property including property that is being constructed or developed for future use as investment property is measured initially at its cost including all direct costs attributable to the property.

After initial recognition, the investment property is stated at its fair value based on valuation by an external independent valuer. Gains or losses arising from changes in fair value of the investment property are recognised in profit or loss for the period in which they arise.

The gain or loss on disposal of an investment property is the difference between the net sales proceeds and the carrying amount of the property, and is recognised in profit or loss.

綜合財務報表附註（續）

截至2021年6月30日止年度

4. 主要會計政策 （續）

(d) 物業、廠房及設備 物業、廠房及設備乃按成本減累計折舊及任何減值虧損列賬。

倘與該項目有關之日後經濟利益有可能流入本集團，及該項目成本能可靠計量時，則其後成本可計入資產賬面值或確認為個別資產（如適用）。所有其他維修及保養於其產生期間在損益確認。

物業、廠房及設備之折舊，按足以撇銷其成本減剩餘價值之比率，於估計可使用年期內使用直線法計算，主要年率如下：

土地及樓宇	1% – 10%
租賃物業裝修	租約年期或20%
	（以較短者準）
傢俬、裝置及	20% – 33%
辦公室設備
汽車	20% – 33%

剩餘價值、可使用年期及折舊法會於各報告期末作出檢討及調整（如適用）。

出售物業、廠房及設備之盈虧為出售所得款項淨額與相關資產之賬面值兩者之間差額，於損益確認。

(e) 投資物業

投資物業是為賺取租金及╱或資本增值而持有的物業。投資物業，包括正在建造或開發作未來投資物業的物業，初始按成本計量，其中包括該物業應佔所有直接成本。

初始確認後，投資物業按公平值列賬，即基於外部獨立估值師釐定之價值。投資物業公平值變動產生的損益，在其產生期間於損益中確認。

出售一項投資物業之收益或虧損為該物業銷售所得款項淨額與賬面值之間的差額，並於損益中確認。

==> picture [64 x 61] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

4. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(f) Leases

The Group as lessee

Leases are recognised as right-of-use assets and corresponding lease liabilities when the leased assets are available for use by the Group. Right-of-use assets are stated at cost less accumulated depreciation and impairment losses. Depreciation of right-of-use assets is calculated at rates to write off their cost over the shorter of the asset’s useful life and the lease term on a straight-line basis. The principal annual rates are as follows:

Land		1%
Buildings	10% –	50%
Equipment	33% –	50%

Right-of-use assets are measured at cost comprising the amount of the initial measurement of the lease liabilities, lease payments prepaid, initial direct costs and the restoration costs. Lease liabilities include the net present value of the lease payments discounted using the interest rate implicit in the lease if that rate can be determined, or otherwise the Group’s incremental borrowing rate. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease term so as to produce a constant periodic rate of interest on the remaining balance of the lease liability.

Payments associated with short-term leases and leases of low-value assets are recognised as expenses in profit or loss on a straight-line basis over the lease terms. Short-term leases are leases with an initial lease term of 12 months or less. Low-value assets are assets of value below US$5,000.

The Group as lessor

Rental income from operating leases is recognised in profit or loss on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised as an expense on a straight-line basis over the lease term.

綜合財務報表附註（續）

截至2021年6月30日止年度

4. 主要會計政策 （續）

(f) 租賃

本集團作為承租人

租賃於租賃資產可供本集團使用時確認為使用權資產及相應租賃負債。使用權資產按成本減累計折舊及減值虧損列賬。使用權資產於資產可使用年期與租賃期間之較短者內按撇銷成本之比率以直線基準計算折舊。主要年利率如下：

土地		1%
樓宇	10% –	50%
設備	33% –	50%

使用權資產按成本計量，該成本包括租賃負債之初始計量金額、預付租賃付款、初始直接成本及復原成本。租賃負債包括租賃付款以租賃內含利率（倘該利率可釐定，否則按本集團之增量借貸利率）貼現之淨現值。每項租賃付款均會在負債與融資成本之間分配。融資成本於租賃期間內於損益扣除，以產生租賃負債剩餘結餘的固定週期利率。

與短期租賃及低價值資產租賃相關的付款於租賃期內按直線法於損益內確認為開支。短期租賃為初始租賃期限為12個月或以下的租賃。低價值資產為價值低於 5,000美元的資產。

本集團為出租人

營業租約之租金收入會以直線法按有關租約年期於損益中確認。磋商及安排營業租約時產生之初步直接成本會加入租賃資產之賬面值，並以直線法按租約年期確認為開支。

==> picture [104 x 101] intentionally omitted <==

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

4. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(g) Intangible assets (other than goodwill)

Intangible assets acquired separately are initially recognised at cost. The cost of intangible assets acquired in a business combination is fair value at the date of acquisition. Subsequently, intangible assets with finite useful lives are carried at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is provided on a straight-line basis over their useful lives as follows. Intangible assets with indefinite useful lives are carried at cost less any accumulated impairment losses. The amortisation expense is recognised in profit or loss and included in administrative and operating expenses.

Membership	12	years
Software	10	years

Acquired players’ registration

Costs of acquisition of players’ registration are initially recognised at cost at the date of acquisition and amortised over the period of the respective player’s contract, being between one to five years. A provision is made in accruals, where in management’s opinion, the club is likely to achieve a contractually agreed number of first team appearances. Where the outcome of this is uncertain, the maximum amount payable is disclosed as a contingent liability.

For the purposes of impairment testing, acquired players’ registration are classified as a single cash generating unit until the point at which:

it is made clear that the player no longer remains as an active member of the playing squad. In these circumstances the carrying value of the players’ registration is reviewed against a measurable net realisable value; or
the carrying amount of a registration will be recovered through sale. The measurement of such registration is at the lower of (i) fair value (less costs of disposal) and (ii) carrying value. Amortisation of such registration is suspended at the time of reclassification, although impairment charges still need to be made if applicable.

綜合財務報表附註（續）

截至2021年6月30日止年度

4. 主要會計政策 （續）

(g) 無形資產（不包括商譽）
- 獨立收購的無形資產按成本初始確認。於業務合併過程中收購無形資產的成本為於收購當日的公平值。其後，具有限使用年期的無形資產乃按成本減累計攤銷及累計減值虧損列賬。

攤銷乃按其下列使用年期以直線基準計提撥備。具無限使用年期的無形資產乃按成本減任何累計減值虧損列賬。攤銷開支於損益中確認，並計入行政及營運開支。

會籍	12年
軟件	10年

收購球員註冊

與收購球員註冊有關之成本初步按收購日期之成本確認。該等成本於各有關球員之合約期間（即一至五年）攤銷。倘管理層認為該球會有機會達致一線隊出場之合約協定次數，則就應計款項計提撥備。倘有關結果不確定，則應付之最高金額披露為或然負債。

就減值測試而言，所收購之球員註冊分類為單一現金產生單位，直至：

清楚界定球員不再為球隊之活躍隊員為止。於該等情況下，球員註冊之賬面值乃對比可計量之可變現淨值進行檢討；或
註冊之賬面值可透過出售收回為止。註冊乃按(i)公平值
（減出售成本）及(ii)賬面值之較低者計量。有關註冊於重新分類時暫停攤銷，惟屆時仍需作出減值開支（如適用）。

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

4. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(h) Inventories

Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average basis. The cost of finished goods and work in progress comprises raw materials, direct labour and an appropriate proportion of all production overhead expenditure, and where appropriate, subcontracting charges. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale.

(i) Recognition and derecognition of financial instruments

Financial assets and financial liabilities are recognised in the statement of financial position when the Group becomes a party to the contractual provisions of the instruments.

Financial assets are derecognised when the contractual rights to receive cash flows from the assets expire; the Group transfers substantially all the risks and rewards of ownership of the assets; or the Group neither transfers nor retains substantially all the risks and rewards of ownership of the assets but has not retained control on the assets. On derecognition of a financial asset, the difference between the asset’s carrying amount and the sum of the consideration received and the cumulative gain or loss that had been recognised in other comprehensive income is recognised in profit or loss.

Financial liabilities are derecognised when the obligation specified in the relevant contract is discharged, cancelled or expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid is recognised in profit or loss.

綜合財務報表附註（續）

截至2021年6月30日止年度

4. 主要會計政策（續）

(h) 存貨

存貨按成本與可變現淨值兩者之較低者列賬。成本按加權平均基準釐定。製成品及進行中之工程之成本包括原材料、直接人工及所有生產經常開支之應佔部份及分包費用（如適用）。可變現淨值按一般業務過程中之估計銷售價格減去估計完成成本及估計銷售所需費用計算。

(i) 確認及不再確認金融工具

當本集團成為工具合約條款之一方時，會在財務狀況表確認金融資產及金融負債。

當自資產收取現金流量之合約權利屆滿時；或本集團將資產所有權絕大部份風險及回報轉讓時；或本集團概無轉讓亦無保留資產之絕大部份風險及回報惟並無保留對資產之控制權時，則不再確認金融資產。於不再確認金融資產時，資產賬面值與已收代價以及於其他全面收入確認之累計損益之總和差額於損益確認。

當有關合約內指定之責任獲解除、取消或屆滿時不再確認金融負債。不再確認金融負債之賬面值與已付代價之差額於損益確認。

==> picture [104 x 101] intentionally omitted <==

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

4. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(j) Financial assets

Financial assets are recognised and derecognised on a trade date basis where the purchase or sale of an asset is under a contract whose terms require delivery of the asset within the timeframe established by the market concerned, and are initially recognised at fair value, plus directly attributable transaction costs except in the case of investments at fair value through profit or loss. Transaction costs directly attributable to the acquisition of investments at fair value through profit or loss are recognised immediately in profit or loss.

Financial assets of the Group are classified under the following category:

(i) Financial assets at amortised cost:

Financial assets (including trade and other receivables) are classified under this category if they satisfy both of the following conditions:

the assets are held within a business model whose objective is to hold assets in order to collect contractual cash flows; and
the contractual terms of the assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

They are subsequently measured at amortised cost using the effective interest method less loss allowance for expected credit losses.

(ii) Investments at fair value through profit or loss

Financial assets are classified under this category if they do not meet the conditions to be measured at amortised cost and the conditions of debt investments at fair value through other comprehensive income unless the Group designates an equity investment that is not held for trading as at fair value through other comprehensive income on initial recognition.

Investments at fair value through profit or loss are subsequently measured at fair value with any gains or losses arising from changes in fair values recognised in profit or loss. The fair value gains or losses recognised in profit or loss are net of any interest income and dividend income. Interest income and dividend income are recognised in profit or loss.

綜合財務報表附註（續）

截至2021年6月30日止年度

4. 主要會計政策 （續）

(j) 金融資產 倘金融資產買賣根據合約進行，而合約條款規定資產須於有關市場所規定的期限內交付，則金融資產按交易日基準確認入賬及終止確認，並初步按公平值加直接應佔交易成本確認，惟按公平值計入損益的投資則除外。收購按公平值計入損益的投資的直接應佔交易成本即時於損益確認。

本集團的金融資產分為以下類別︰

(i) 按攤銷成本列賬的金融資產︰

同時符合下列兩項條件的金融資產（包括應收貿易賬款及其他應收款項）會被撥歸此類：

該項資產乃於一項目標為持有資產以收取合約現金流的業務模式中持有；及
該項資產的合約條款會導致於指定日期產生純為支付本金及未償還本金額利息的現金流。

有關資產其後以有效利率法按攤銷成本扣除預期信貸虧損的虧損撥備計量。

(ii) 按公平值計入損益之投資

倘金融資產並不符合按攤銷成本計量及按公平值計入其他全面收益之債務投資之條件，即歸入此類別，惟本集團於初步確認時指定為按公平值計入其他全面收益之非持作買賣之股本投資除外。

按公平值計入損益之投資其後按公平值計量，而公平值變動產生之任何收益或虧損於損益確認。於損益確認之公平值收益或虧損須扣除任何利息收益及股息收入。利息收入及股息收入於損益確認。

==> picture [64 x 61] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

4. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(k) Loss allowances for expected credit losses

The Group recognises loss allowances for expected credit losses on financial assets at amortised cost and contract assets. Expected credit losses are the weighted average of credit losses with the respective risks of a default occurring as the weights.

At the end of each reporting period, the Group measures the loss allowance for a financial instrument at an amount equal to the expected credit losses that result from all possible default events over the expected life of that financial instrument (“lifetime expected credit losses”) for trade receivables and contract assets, or if the credit risk on that financial instrument has increased significantly since initial recognition.

If, at the end of the reporting period, the credit risk on a financial instrument (other than trade receivables and contract assets) has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to the portion of lifetime expected credit losses that represents the expected credit losses that result from default events on that financial instrument that are possible within 12 months after the reporting period.

The amount of expected credit losses or reversal to adjust the loss allowance at the end of the reporting period to the required amount is recognised in profit or loss as an impairment gain or loss.

(l) Cash and cash equivalents

For the purpose of the statement of cash flows, cash and cash equivalents represent cash at bank and on hand, demand deposits with banks and other financial institutions, and short-term highly liquid investments which are readily convertible into known amounts of cash and subject to an insignificant risk of change in value. Bank overdrafts which are repayable on demand and form an integral part of the Group’s cash management are also included as a component of cash and cash equivalents.

綜合財務報表附註（續）

截至2021年6月30日止年度

4. 主要會計政策 （續）

(k) 預期信貸虧損的虧損撥備 本集團就按攤銷成本列賬的金融資產及合約資產的預期信貸虧損確認虧損撥備。預期信貸虧損為加權平均信貸虧損，並以發生違約風險的金額作為加權數值。

於各報告期末，就應收貿易賬款及合約資產而言，或倘金融工具的信貸風險自初步確認以來大幅增加，則本集團會按相等於該金融工具於預計年期內所有可能發生的違約事件所引致的預期信貸虧損（「全期預期信貸虧損」）的金額，計量金融工具的虧損撥備。

倘於報告期末，金融工具（應收貿易賬款及合約資產除外）的信貸風險自初步確認以來並無大幅增加，則本集團會按相等於反映該金融工具於報告期後十二個月內可能發生的違約事件所引致預期信貸虧損的全期預期信貸虧損部分的金額計量金融工具的虧損撥備。

預期信貸虧損金額或為調整報告期末虧損撥備至所需金額所作撥回金額乃於損益確認為減值盈虧。

(l) 現金及現金等值項目

就現金流量表而言，現金及現金等值項目指銀行及手頭現金、存放於銀行及其他財務機構之活期存款，以及短期高流通性之投資
（可即時轉換為已知數額現金款項及受極輕微價值變動風險所限）。現金及現金等值項目亦包括須按要求償還及為本集團整體現金管理一部份之銀行透支。

==> picture [104 x 101] intentionally omitted <==

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

4. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(m) Financial liabilities and equity instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument under HKFRSs. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. The accounting policies adopted for specific financial liabilities and equity instruments are set out below.

(n) Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred, and subsequently measured at amortised cost using the effective interest method.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.

(o) Trade and other payables

Trade and other payables are initially recognised at their fair value and subsequently measured at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

(p) Derivative financial instruments

Derivatives (including contingent considerations under business combinations) are initially recognised and subsequently measured at fair value with any gains or losses arising from changes in fair values recognised in profit or loss.

(q) Equity instruments

Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

(r) Contract liabilities

Contract liabilities relate to amounts received from sponsorships and sale of season tickets and is released to profit or loss on a straight-line basis over the period to which it relates.

綜合財務報表附註（續）

截至2021年6月30日止年度

4. 主要會計政策 （續）

(m) 金融負債及股本工具

金融負債及股本工具乃根據合約安排之實質內容以及香港財務報告準則中金融負債及股本工具之定義予以分類。股本工具為可證明於本集團經扣除所有負債後於資產中擁有之剩餘權益之任何合約。就特定類別之金融負債及股本工具採納之會計政策於下文載列。

(n) 貸款 貸款初步按公平值，扣除所產生之交易成本確認，其後使用有效利率法按攤銷成本計量。

除非本集團有無條件權利延遲償還負債直至報告期後最少十二個月，否則貸款應分類為流動負債。

(o) 貿易及其他應付款項 貿易及其他應付款項初步按公平值列賬，其後則採用有效利率法按攤銷成本計量，惟如貼現影響並不重大，則以成本列賬。
(p) 衍生金融工具

衍生工具（包括業務合併的或然代價）初步按公平值確認，其後按公平值計量，而公平值變動產生的盈虧於損益中確認。

(q) 股本工具 本公司發行之股本工具乃按已收取之所得款項扣除直接發行成本入賬。
(r) 合約負債 合約負債涉及自贊助及銷售季度門票收取之款項，並按其涉及之期間以直線法撥入損益。

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

4. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(s) Capital grants

Grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and the grants will be received.

Grants and donations received in respect of safety work and stadium developments are initially recognised as deferred capital grants in the consolidated statement of financial position and transferred to profit or loss over the expected useful life of the assets to which they relate. Football Trust grants received are released to profit or loss when the related expenditures are incurred.

(t) Revenue from contracts with customers

Revenue is measured based on the consideration specified in a contract with a customer with reference to the customary business practices and excludes amounts collected on behalf of third parties. For a contract where the period between the payment by the customer and the transfer of the promised product or service exceeds one year, the consideration is adjusted for the effect of a significant financing component.

The Group recognises revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. Depending on the terms of a contract and the laws that apply to that contract, a performance obligation can be satisfied over time or at a point in time. A performance obligation is satisfied over time if:

the customer simultaneously receives and consumes the benefits provided by the Group’s performance;
the Group’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or
the Group’s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.

If a performance obligation is satisfied over time, revenue is recognised by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognised at a point in time when the customer obtains control of the product or service.

==> picture [104 x 101] intentionally omitted <==

綜合財務報表附註（續）

截至2021年6月30日止年度

4. 主要會計政策 （續）

(s) 資金撥款 撥款於合理確保本集團將遵守撥款之條件及收取撥款前不予確認。

就安全工程及體育館發展獲得之撥款及捐款於綜合財務狀況表初步確認為遞延資本撥款，並按資產涉及之預期可使用年期轉撥入損益。足球信託撥款於相關開支產生時撥入損益。

(t) 客戶合約收益

收益按客戶合約所訂明的代價計量，當中會參考常見的業務慣例，且並不包括代表第三方收取的金額。至於客戶付款與轉讓承諾產品或服務期間相距超過一年的合約，有關代價會就重大融資部份的影響作出調整。

本集團會於透過向客戶轉讓產品或服務的控制權而完成一項履約責任時確認收入。視乎合約條款及適用於合約的法例，履約責任可於一段時間或特定時間點履行。在以下情況下，履約責任乃於一段間履行︰

客戶同時收取及消耗本集團履約所提供的利益；
本集團的履約創建及增強客戶於該項資產創建或增強時所控制的資產；或
本集團的履約未創造對本集團具有替代用途的資產，而本集團有強制執行權收取至今已履約部分的款項。

倘履約責任乃於一段時間履行，則收益乃參考履約責任的完成進度確認。否則，收益於客戶獲得產品或服務控制權時確認。

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the year ended 30 June 2021

4. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(u) Other revenue

Rental income is recognised on a straight-line basis over the lease term.

Interest income is recognised on a time-proportion basis using the effective interest method.

(v) Segment reporting

Operating segments and the amounts of each segment item reported in the financial statements are identified from the financial information provided regularly to the Group’s most senior executive management for the purpose of allocating resources and assessing the performance of the Group’s various lines of business.

Individually material operating segments are not aggregated for financial reporting purposes unless the segments have similar economic characteristics and are similar in respect of the nature of products and services, the nature of productions processes, the type or class of customers, the methods used to distribute the products or provide the services, and the nature of the regulatory environment. Operating segments which are not individually material may be aggregated if they share a majority of these criteria.

(w) Employee benefits

(i) Employee leave entitlements

Employee entitlements to annual leave and long service leave are recognised when they accrue to employees. A provision is made for the estimated liability for annual leave and long service leave as a result of services rendered by employees up to the end of the reporting period.

Employee entitlements to sick leave and maternity leave are not recognised until the time of leave.

(ii) Pension obligations

The Group contributes to defined contribution retirement schemes which are available to all employees. Contributions to the schemes by the Group and employees are calculated as a percentage of employees’ basic salaries. The retirement benefit scheme cost charged to profit or loss represents contributions payable by the Group to the funds.

(iii) Termination benefits

Termination benefits are recognised at the earlier of the dates when the Group can no longer withdraw the offer of those benefits and when the Group recognises restructuring costs and involves the payment of termination benefits.

綜合財務報表附註（續）

截至2021年6月30日止年度

4. 主要會計政策 （續）

(u) 其他收益 租金收入於租期內按直線法確認。

利息收入按時間比例基準採用有效利息法確認。

(v) 分部報告 經營分部及於財務報表中報告的每個分部項目款額從財務資料中確認，而財務資料則定期提供予本集團最高級行政管理人員，以向本集團各個業務分配資源，並評估本集團各個業務的表現。

除非分部的經濟特徵相似，且在產品及服務性質、生產過程性質、顧客種類或等級、用以分銷產品或提供服務的方式，及監管環境性質方面均相似，否則個別重大的經營分部並不為編製財務報告而將其合計。倘個別非重大的經營分部共同具有上述大部份的特徵，則可能將其合計。

(w) 僱員福利

(i) 僱員應享假期

僱員可享有之年假及長期服務假期乃在其權利產生時確認。本集團為截至報告期末僱員已提供之服務而產生之年假及長期服務假期之估計負債作出撥備。

僱員之病假及產假直至僱員正式休假時方予確認。

(ii) 退休金責任 本集團為所有僱員提供定額供款退休計劃。本集團及僱員向計劃作出之供款乃根據僱員基本薪金之百分比計算。於損益內扣除之退休福利計劃成本指本集團應付予有關基金之供款。

(iii) 離職福利

離職福利於本集團再無能力提供福利時或本集團確認重組成本並涉及支付離職福利時（以較早者為準）確認。

==> picture [64 x 61] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

4. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(x) Equity-settled share-based payment transactions

Share options granted to employees, directors and consultants

Pursuant to the terms of the Company’s share option scheme, the Group may issue equity-settled share-based payments to participants including, among others, directors, employees and consultants.

Equity-settled share-based payments to directors and employees are measured at the fair value (excluding the effect of non market-based vesting conditions) of the equity instruments at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of shares that will eventually vest and adjusted for the effect of non market-based vesting conditions.

Equity-settled share-based payments to consultants are measured at the fair value of the services rendered or if the fair value of the services rendered cannot be reliably measured, at the fair value of the equity instruments granted. The fair value is measured at the date the Group receives the services and is recognised as an expense.

When share options are exercised, the amount previously recognised in share options reserve will be transferred to share capital and share premium. When the share options are forfeited after the vesting date or are still not exercised at the expiry date, the amount previously recognised in share options reserve will continue to be held in share options reserve.

綜合財務報表附註（續）

截至2021年6月30日止年度

4. 主要會計政策 （續）

(x) 以股權結算以股份為基礎支付之交易

授予僱員、董事及顧問之購股權

根據本公司購股權計劃之條款，本集團可向參與者（包括但不限於董事、僱員及顧問）發行以股權結算以股份為基礎支付之款項。

以股權結算以股份為基礎支付之款項予董事及僱員按股本工具授出日期之公平值（不包括以非市場為基礎之歸屬條件影響）計量。於授出以股權結算以股份為基礎支付之款項當日釐定之公平值基於本集團對最終歸屬之股份之估計按直線法於歸屬期支銷，並就以非市場為基礎之歸屬條件影響進行調整。

以股權結算以股份為基礎支付之款項予顧問按所提供服務之公平值計量，或倘所提供服務之公平值未能可靠計量，則按所授出股本工具之公平值計量。公平值於本集團接受服務之日期計量，並確認為開支。

當購股權獲行使時，之前於購股權儲備內確認之款項將轉撥至股本及股份溢價，當購股權於歸屬期後被沒收或於屆滿日期仍未行使時，之前於購股權儲備內確認之款項將繼續保留於購股權儲備。

==> picture [104 x 101] intentionally omitted <==

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

4. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(y) Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised as part of the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.

To the extent that funds are borrowed generally and used for the purpose of obtaining a qualifying asset, the amount of borrowing costs eligible for capitalisation is determined by applying a capitalisation rate to the expenditures on that asset. The capitalisation rate is the weighted average of the borrowing costs applicable to the borrowings of the Group that are outstanding during the period, other than borrowings made specifically for the purpose of obtaining a qualifying asset.

All other borrowing costs are recognised in the profit or loss in the period in which they are incurred.

(z) Taxation

Income tax represents the sum of the current tax and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit recognised in profit or loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

綜合財務報表附註（續）

截至2021年6月30日止年度

4. 主要會計政策 （續）

(y) 貸款成本

因收購、建設或生產合資格資產（需要一段長時間方能達致其擬定用途或出售）而直接產生之貸款成本乃資本化為該等資產之成本一部份，直至該等資產大致上可準備用作其擬定用途或出售時為止。從特定貸款待支付合資格資產之費用前而作出之短暫投資所賺取之投資收入乃從合資格資本化之貸款成本中扣除。

就於一般情況及用作取得合資格資產而借入之資金而言，合資格資本化之貸款成本金額乃按用於該資產之開支資本化比率計算。資本化比率為適用於本集團於該期間內尚未償還貸款（不包括就取得合資格資產而借入之特定貸款）之加權平均貸款成本。

所有其他貸款成本均在產生期間於損益內確認。

(z) 稅項

所得稅指即期應付稅項及遞延稅項之總和。

即期應付稅項按年內應課稅溢利計算。應課稅溢利與於損益內確認之溢利不同，原因是應課稅溢利不包括其他年度之應課稅或可予扣稅之收入或開支項目，亦不包括免稅或不可扣稅之項目。本集團之即期稅項負債按報告期末前已頒佈或實際頒佈之稅率計算。

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

4. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(z) Taxation (Continued)

Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences, unused tax losses or unused tax credits can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised, based on tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised in profit or loss, except when it relates to items recognised in other comprehensive income or directly in equity, in which case the deferred tax is also recognised in other comprehensive income or directly in equity.

The measurement of deferred tax assets and liabilities reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

綜合財務報表附註（續）

截至2021年6月30日止年度

4. 主要會計政策 （續）

(z) 稅項 （續）
- 遞延稅項按財務報表內資產及負債賬面值與計算應課稅溢利所用相關稅基之差額確認。遞延稅項負債一般按所有應課稅暫時差額確認入賬，而遞延稅項資產則會在可能有應課稅溢利可供作抵銷可予扣減暫時差額、未動用稅項虧損或未動用稅項抵免時確認入賬。倘暫時差額因商譽或在不影響應課稅溢利及會計溢利之交易中初次確認（業務合併除外）其他資產及負債，則有關資產及負債不予確認。

於附屬公司之投資產生之應課稅暫時性差額乃確認為遞延稅項負債，惟本集團可控制暫時性差額之撥回及有關暫時性差額可能不會於可預見將來撥回則除外。

遞延稅項資產之賬面值於各報告期末進行檢討，並在不可能再有足夠應課稅溢利以收回全部或部份遞延稅項資產時予以減少。

遞延稅項乃根據於報告期末已實施或實質上已實施之稅率，按預期在負債償還或資產變現期間適用之稅率計算。遞延稅項乃於損益中確認，惟倘遞延稅項與於其他全面收入或直接於權益確認之項目相關，則在此情況下亦會在其他全面收入或直接於權益內確認。

遞延稅項資產及負債之計量反映本集團於報告期末預期收回或結算其資產及負債賬面值之方式帶來的稅務影響。

==> picture [104 x 101] intentionally omitted <==

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

4. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(z) Taxation (Continued)

For the purposes of measuring deferred tax for investment properties that are measured using the fair value model, the carrying amounts of such properties are presumed to be recovered through sale, unless the presumption is rebutted. The presumption is rebutted when the investment property is depreciable and is held within a business model of the Group whose business objective is to consume substantially all of the economic benefits embodied in the investment property over time, rather than through sale. If the presumption is rebutted, deferred tax for such investment properties are measured based on the expected manner as to how the properties will be recovered.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.

(aa) Related parties

A related party is a person or entity that is related to the Group.

(A) A person or a close member of that person’s family is related to the Group if that person:
(i) has control or joint control over the Group;
(ii) has significant influence over the Group; or
(iii) is a member of the key management personnel of the Company or of a parent of the Company.

綜合財務報表附註（續）

截至2021年6月30日止年度

4. 主要會計政策 （續）

(z) 稅項 （續）

就計量投資物業的遞延稅項而言，除非有關推定被推翻，則使用公平值模型計量之投資物業獲假定為可透過出售收回。當有關投資物業之賬面值為可折舊及以耗盡大體上所有包含在投資物業內的經濟得益為商業目的，而不是以出售方式之本集團商業模式持有，有關推定則可被推翻。倘假定被推翻，有關投資物業之遞延稅項乃根據收回物業賬面值之預期方式計量。

當有合法執行權利許可將即期稅項資產與即期稅項負債抵銷，並涉及與同一稅務機關徵收之所得稅有關且本集團擬按淨額基準結算其即期稅項資產及負債時，則遞延稅項資產及負債可互相對銷。

(aa) 關連方

關連方乃與本集團有關連之人士或實體。

(A) 倘屬以下人士，即該人士或該人士家庭近親成員與本集團有關連：
(i) 控制或共同控制本集團；
(ii) 對本集團有重大影響；或
(iii) 為本公司或本公司母公司的主要管理層成員。

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

4. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(aa) Related parties (Continued)
(B) An entity is related to the Group if any of the following conditions applies:
- (i) The entity and the Company are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others).
- (ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member).
- (iii) Both entities are joint ventures of the same third party.
- (iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity.
- (v) The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group. If the Group is itself such a plan, the sponsoring employers are also related to the Group.
- (vi) The entity is controlled or jointly controlled by a person identified in (A).
- (vii) A person identified in (A)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).
- (viii) The entity, or any member of a group of which it is a part, provides key management personnel services to the Company or to a parent of the Company.

==> picture [104 x 101] intentionally omitted <==

綜合財務報表附註（續）

截至2021年6月30日止年度

4. 主要會計政策 （續）

(aa) 關連方 （續）
- (B) 倘符合下列任何條件，即實體與本集團有關連：
  - (i) 該實體與本公司屬同一集團之成員公司（即各母公司、附屬公司及同系附屬公司彼此間有關連）。
  - (ii) 一間實體為另一實體的聯營公司或合營企業（或另一實體為成員公司之集團旗下成員公司之聯營公司或合營企業）。
  - (iii) 兩間實體均為同一第三方的合營企業。
  - (iv) 一間實體為第三方實體的合營企業，而另一實體為該第三方實體的聯營公司。
  - (v) 實體為本集團或與本集團有關連之實體就僱員利益設立的離職福利計劃。倘本集團本身便是該計劃，提供資助的僱主亦與本集團有關連。
  - (vi) 實體受(A)所識別人士控制或受共同控制。
  - (vii) 於附註(A)(i)所識別人士對實體有重大影響力或屬該實體（或該實體的母公司）主要管理層成員。
  - (viii) 該實體（或集團（而該實體為當中成員）內任何成員公司）向本公司或本公司之母公司提供主要管理人事服務。

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

4. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(bb) Impairment of assets

Intangible assets that have an indefinite useful life or not yet available for use are reviewed annually for impairment and are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable.

At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets except goodwill, investment properties, investment, inventories and receivables to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of any impairment loss. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised for the asset or cash-generating unit in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

綜合財務報表附註（續）

截至2021年6月30日止年度

4. 主要會計政策（續）

(bb) 資產減值

具有無限可使用年期或尚未可供使用之無形資產會每年進行減值測試，並當發生事件或情況有變，顯示可能無法收回賬面值時就減值進行檢討。

本集團於各報告期末檢討之有形及無形資產（商譽、投資物業、投資、存貨及應收款項除外）之賬面值，以釐定有否跡象顯示該等資產出現減值虧損。倘存在任何該等跡象，則估計資產之可收回金額以釐定任何減值虧損程度。倘無法估計個別資產之可收回金額，則本集團估計資產所屬現金產生單位之可收回金額。

可收回金額為公平值減出售成本與使用價值兩者中之較高者。評估使用價值時，估計未來現金流量會按照可反映現時市場對貨幣時間值之資產特定風險之評估之稅前貼現率，貼現至其現值。

倘資產或現金產生單位之可收回金額估計低於其賬面值，則資產或現金產生單位之賬面值減至其可收回金額，而減值虧損即時於損益確認，惟倘相關資產以重估價值列賬，在此情況下減值虧損視作重估價值減少處理。

倘減值虧損於日後撥回，則資產或現金產生單位之賬面值增至其可收回金額經修訂估計，惟增加後之賬面值不得高於假設過往年度並無就資產或現金產生單位確認減值虧損而釐定的賬面值（扣除攤銷或折舊）。減值虧損撥回即時於損益確認，惟倘相關資產以重估價值列賬，在此情況下減值虧損撥回視作重估價值增加處理。

==> picture [104 x 101] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

4. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(cc) Provisions and contingent liabilities

Provisions are recognised for liabilities of uncertain timing or amount when the Group has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Where the time value of money is material, provisions are stated at the present value of the expenditures expected to settle the obligation.

Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events are also disclosed as contingent liabilities unless the probability of outflow is remote.

(dd) Events after the reporting period

Events after the reporting period that provide additional information about the Group’s position at the end of the reporting period or those that indicate the going concern assumption is not appropriate are adjusting events and are reflected in the consolidated financial statements. Events after the reporting period that are not adjusting events are disclosed in the notes to the consolidated financial statements when material.

綜合財務報表附註（續）

截至2021年6月30日止年度

4. 主要會計政策（續）

(cc) 撥備及或然負債

當本集團因已發生的事件須承擔現有法定或推定責任，而履行責任有可能導致經濟利益流出，並在可作出可靠估算的情況下，須對該等時間或金額不確定之負債確認撥備。倘時間價值重大，則撥備之金額乃按預期用於解除該責任之支出之現值列賬。

倘需要流出經濟利益的機會不大，或金額無法可靠估計，則責任乃披露為或然負債，除非經濟利益流出之可能性極低則另作別論。可能出現之責任，即是否存在將取決於日後是否會發生一宗或多宗事件，除非經濟利益流出之可能性極低，否則這些負債亦披露為或然負債。

(dd) 報告期後事項

為本集團於報告期末狀況提供額外資料或顯示持續經營假設並不適合之報告期間後事項均屬於調整事項，於綜合財務報表內反映。並非屬調整事項之報告期後事項如屬重大，則於綜合財務報表附註中披露。

==> picture [104 x 101] intentionally omitted <==

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the year ended 30 June 2021

5. CRITICAL JUDGEMENTS AND KEY ESTIMATES

Critical judgements in applying accounting policies

In the process of applying the accounting policies, the Directors have made the following judgements that have the most significant effect on the amounts recognised in the financial statements (apart from those involving estimations, which are dealt with below).

(a) Going concern basis

These consolidated financial statements have been prepared on a going concern basis, the validity of which depends upon the financial support of Trillion Trophy, Oriental Rainbow, and a third party and the facilities at a level sufficient to finance the working capital requirements of the Group. Details of which are explained in note 2.

(b) Deferred tax for investment properties

For the purposes of measuring deferred tax for investment properties that are measured using the fair value model, the Directors have reviewed the Group’s investment property portfolios and concluded that the Group’s investment properties are held under a business model whose objective is to consume substantially all of the economic benefits embodied in the investment properties over time, rather than through sale. Therefore, in determining the Group’s deferred tax for investment properties, the Directors have rebutted the presumption that investment properties measured using the fair value model are recovered through sale.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below:

(a) Depreciation of property, plant and equipment

The Group determines the estimated useful lives, residual values and related depreciation charges for the Group’s property, plant and equipment. This estimate is based on the historical experience of the actual useful lives and residual values of property, plant and equipment of similar nature and functions. The Group will revise the depreciation charge where useful lives and residual values are different to those previously estimated, or it will write-off or write-down technically obsolete or non-strategic assets that have been abandoned or sold.

綜合財務報表附註（續）

截至2021年6月30日止年度

5. 關鍵判斷及主要估計

應用會計政策之關鍵判斷

於應用會計政策過程中，董事已作出以下對財務報表中所確認金額具有重大影響之判斷（於下文處理涉及估計之判斷除外）。

(a) 持續經營基準

該等綜合財務報表乃按持續經營基準編製，基準之有效性取決於 Trillion Trophy、東霓及一名第三方之財務支援以及該等融資是否足以為本集團之營運資金需求提供資金。有關詳情於附註2闡述。

(b) 投資物業之遞延稅項 就計量按公平值模式計量之投資物業之遞延稅項而言，董事已檢討本集團之投資物業組合，結論是本集團之投資物業是以商業模式持有，其目的是為了隨時間而非透過出售消耗該投資物業所包含之絕大部分經濟利益。因此，於釐定本集團投資物業之遞延稅項時，董事已駁回使用公平值模式計量投資物業，並可從出售收回金額的假設。

估計不確定性之主要來源

以下為於報告期末有重大風險會導致下一個財政年度內資產及負債之賬面值須作重大調整之與未來有關之主要假設及估計不明朗因素之其他主要來源：

(a) 物業、廠房及設備折舊

本集團釐定估計本集團之物業、廠房及設備之可使用年期、剩餘價值及有關折舊支出。該估計乃按相若性質及功能之物業、廠房及設備的實際可使用年期及剩餘價值的過往經驗作出。當可使用年期及剩餘價值與以往估計者有不同，本集團將修訂折舊支出，或撇銷或撇減已報廢或出售之技術陳舊或非策略性資產。

==> picture [64 x 61] intentionally omitted <==

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

5. CRITICAL JUDGEMENTS AND KEY ESTIMATES (Continued)

Key sources of estimation uncertainty (Continued)

(b) Impairment of property, plant and equipment and right-of-use assets

Property, plant and equipment and right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets exceeds their recoverable amount. The recoverable amount is determined with reference to the fair value less costs of disposal. Where the fair value less costs of disposal are less than expected or there are unfavourable events and change in facts and circumstance which result in revision of fair value less costs of disposal, a material impairment loss may arise.

(c) Impairment of trade and other receivables

The Directors periodically review its receivables to assess whether impairment exists. In determining whether impairment should be provided, the Directors evaluated individually each account for impairment after taking into account the value of each client account’s underlying collateral and the latest financial position of those clients in default of settlement.

(d) Player transfer costs

Management has to make certain judgements as to whether a liability should be recognised under the terms of the contracts with other football clubs in respect of player transfers. This includes whether in the management’s opinion, at the end of the reporting period, the football club is likely to retain English Football League Championship status in the next season. It also requires certain judgements as to whether a player will continue to make the contractually agreed number of first team appearances. Based on these judgements, management will decide on a player by player basis as to whether the liability should be disclosed as a contingent liability in note 46 to the consolidated financial statements or whether it becomes a liability and is recognised in transfer fee payable in the consolidated statement of financial position.

綜合財務報表附註（續）

截至2021年6月30日止年度

5. 關鍵判斷及主要估計 （續） 估計不確定性之主要來源 （續）

(b) 物業、廠房及設備以及使用權資產減值
- 倘有事件或情況變動顯示資產賬面值超出其可收回金額，則對物業、廠房及設備以及使用權資產進行減值檢討。有關可收回金額乃經參考公平值減出售成本後釐定。倘公平值減出售成本低於預期或有不利事件以及事實和情況有變導致公平值減出售成本作出修訂，可能會出現重大減值虧損。
(c) 應收貿易賬款及其他應收款項減值 董事定期檢討其應收款項，以評估是否存有減值。董事於釐定減值應否作出撥備時就各貸款賬戶作獨立減值評估，並已計及各客戶賬戶之相關抵押品之價值及該等欠款客戶之最近期財務狀況。

(d) 球員轉會費

管理層須作出若干判斷以判定應否就球員轉會根據與其他球會之合約條款確認負債。其包括根據管理層之意見，於報告期末，球會是否有望於下一賽季保有其英格蘭足球冠軍聯賽地位。管理層亦須判斷球員將能否繼續獲合約協定之一線隊出場次數紀錄。根據該等判斷，管理層按個別球員基準決定負債於綜合財務報表附註46披露為或然負債或其成為負債並於綜合財務狀況表確認為應付轉會費。

==> picture [104 x 101] intentionally omitted <==

100

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

5. CRITICAL JUDGEMENTS AND KEY ESTIMATES (Continued) Key sources of estimation uncertainty (Continued)

(e) Intangible assets – acquire players’ registration

At the end of each reporting period, the management considers the recoverability of the acquired players’ registration based on current estimated fair values. Management considers the economic life of the players’ registration to be between one to five years, based on the respective players’ contracts. These are reviewed annually on a player by player basis to determine whether there are indicators of impairment. Determining whether the players’ registration should be impaired at the end of the reporting period is based on management’s judgement of whether the player will no longer remain an active member of the playing squad and an assessment of the football club’s likeliness to retain English Football League Championship status in the next season as well as the current market value of the players.

(f) Intangible assets – trademark

In accordance with HKAS 36 “Impairment of Assets”, the Group completed its annual impairment test for trademark by comparing their recoverable amount to its carrying amount as at 30 June 2021. The Group has conducted a valuation of the trademark based on its fair value less cost of disposal. The impairment test has resulted in recognition of impairment loss of HK$812,000 on the trademark for the year ended 30 June 2021. The carrying amount of trademark as at 30 June 2021 was HK$13,491,000. This valuation uses the relief from royalty method to determine the present worth of future after-tax royalties derived from ownership. Management believes that any reasonably foreseeable change in any of the above key assumptions would not cause the aggregate carrying amount of trademark to exceed the aggregate recoverable amount. Further details are given in note 21 to the consolidated financial statements.

(g) Fair values of investment properties

The Group appointed an independent professional valuer to assess the fair values of the investment properties. In determining the fair values, the valuer has utilised a method of valuation which involves certain estimates. The directors have exercised their judgement and are satisfied that the method of valuation is reflective of the current market conditions.

綜合財務報表附註（續）

截至2021年6月30日止年度

5. 關鍵判斷及主要估計（續）估計不確定性之主要來源（續）

(e) 無形資產－收購球員註冊 於各報告期末，管理層根據現時估計之公平值考慮所收購球員註冊之可收回性。管理層認為，球員註冊之經濟年期根據各球員合約將介乎一至五年。其乃按個別球員基準每年檢討，以釐定是否存有減值跡象。於釐定球員註冊應否於報告期末減值時，乃根據管理層就球員是否仍為球隊中之活躍球員之判斷及球會是否有望於下一賽季保持英格蘭足球冠軍聯賽地位評估以及球員現時之巿價而定。

(f) 無形資產－商標

根據香港會計準則第36號「資產減值」，本集團已就商標完成年度減值測試，方法為將其可收回金額與於2021年6月30日之賬面值相比。本集團按公平值減出售成本進行商標估值。減值測試導致於截至2021年6月30日止年度就商標確認減值虧損812,000港元。於 2021年6月30日的商標賬面值為 13,491,000港元。此估值運用收回特許權使用法，釐定所有權所衍生未來除稅後特許權使用費現時之價值。管理層認為，即使上述任何主要假設有任何合理可見變化，亦不會導致商標總賬面值超過可收回總額。進一步詳情見綜合財務報表附註21。

(g) 投資物業之公平值

本集團委任獨立專業估值師以評估投資物業之公平值。於釐定公平值時，估值師運用涉及若干估計之估值方法。董事已作出判斷並信納估值方法可反映當前市場情況。

==> picture [104 x 101] intentionally omitted <==

101

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

6. FINANCIAL RISK MANAGEMENT

The Group’s principal financial instruments comprise interest bearing loans, and cash and cash equivalents. The main purpose of these financial instruments is to raise funding for the Group’s operations. The Group has various other financial assets and liabilities, such as trade receivables and trade payables, which arise directly from its operations.

The main risks arising from the Group’s financial instruments are foreign currency risk, interest rate risk, credit risk and liquidity risk. The board of directors of the Company reviews and agrees on policies for managing each of these risks and they are summarised below:

(a) Foreign currency risk

Certain transactions and monetary assets and liabilities of the Group are denominated in Hong Kong dollars which is different from the functional currency of the Group entities, i.e. GBP, RMB, USD and JPY, which expose the Group currency risk. The Group currently does not use any derivative contracts to hedge against its exposure to currency risk. The management manages its foreign currency risk by monitoring the movement of the foreign currency rate and will consider hedging significant foreign currency exposure should the need arise.

The Group’s businesses are mainly located in the UK and are mainly transacted and settled in Pound Sterling, as such, the Group has minimal exposure to foreign currency risk.

The Group’s subsidiaries in the PRC are mainly transacted and settled in RMB, as such, the Group has minimal exposure to foreign currency risk.

Celestial Fame Investment (Cambodia) Co., Ltd. (“Celestial Fame Cambodia”) and Deep Blue Trade (Cambodia) Co., Ltd. (“Deep Blue”), two wholly-owned subsidiaries of the Company, are engaged in properties investment business in Cambodia and are mainly transacted and settled in US dollars. Since Hong Kong dollars is pegged to US dollars, the risk of volatility between US dollars and Hong Kong dollars is limited and the directors of the Company consider that the foreign currency risk is minimal.

Medi Hub Co., Ltd. and Mirai Iryo Sango Co., Ltd. two wholly-owned subsidiaries of the Company, are engaged in healthcare and medical related business in Japan and are mainly transacted and settled in Japanese Yen. The businesses are mainly located in Japan and are mainly transacted and settled in Japanese Yen, as such, the Group has minimal exposure to foreign currency risk.

==> picture [104 x 101] intentionally omitted <==

綜合財務報表附註（續）

截至2021年6月30日止年度

6. 金融風險管理

本集團之主要金融工具包括計息貸款，及現金及現金等值項目。該等金融工具的主要用途乃為本集團集資以用於營運。本集團擁有其他自業務直接產生的不同其他金融資產及負債，例如應收貿易款項及應付貿易款項。

本集團金融工具產生的主要風險為外匯風險、利率風險、信貸風險及流動資金風險。本公司之董事會檢討及協定管理上述各風險的政策，概述如下：

(a) 外幣風險

本集團的若干交易及貨幣資產及負債以港元（有別於有關本集團實體的功能貨幣，即英鎊、人民幣、美元及日圓）計值，令本集團承受外幣風險。本集團現時並無使用任何衍生合約對沖外幣風險。管理層透過監控外匯匯率變動管理其外幣風險，並於有需要時考慮對沖重大外幣風險。

由於本集團業務主要位於英國，其主要交易亦以英鎊結算，因此本集團面對之外幣風險極微。

由於本集團位於中國之附屬公司主要以人民幣交易及結算，因此本集團面對之外幣風險極微。

Celestial Fame Investment （Cambodia) Co., Ltd.（「Celestial Fame Cambodia」）及Deep Blue Trade (Cambodia) Co., Ltd. （「Deep Blue」）（兩間均為本公司之全資附屬公司）於柬埔寨從事物業投資業務，主要以美元交易及結算。由於港元與美元掛鈎，美元與港元之間之波動風險有限，本公司董事認為外幣風險極微。

Medi Hub Co., Ltd.及Mirai Iryo Sango Co., Ltd.（兩間均為本公司之全資附屬公司）於日本從事保健及醫療相關業務，主要以日圓交易及結算。該等業務主要位於日本，並主要以日圓交易及結算，因此，本集團面對之外幣風險屬極微。

102

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

6. FINANCIAL RISK MANAGEMENT (Continued)

(b) Interest rate risk

The Group did not have any long-term loans with a floating interest rate during the years ended 30 June 2021 and 2020, so the Group was not exposed to the risk of changes in market interest rates.

(c) Credit risk

The carrying amount of (i) bank balances and cash and (ii) trade and other receivables included in the consolidated statement of financial position represents the Group’s maximum exposure to credit risk in relation to the Group’s financial assets.

The Group has no significant concentrations of credit risk.

It has policies in place to ensure that sales are made to customers with an appropriate credit history.

The credit risk on cash and bank balances is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies.

The Group considers whether there has been a significant increase in credit risk of financial assets on an ongoing basis throughout each reporting period by comparing the risk of a default occurring as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. Especially the following information is used:

internal credit rating;
actual or expected significant adverse changes in business, financial or economic conditions that are expected to cause a significant change to the debtor’s ability to meet its obligations;
actual or expected significant changes in the operating results of the debtor;
significant increases in credit risk on other financial instruments of the same debtor;
significant changes in the value of the collateral or in the quality of guarantees or credit enhancements; and
significant changes in the expected performance and behaviour of the debtor, including changes in the payment status of debtor.

綜合財務報表附註（續）

截至2021年6月30日止年度

6. 金融風險管理 （續）

(b) 利率風險 於截至2021年及2020年6月30日止年度，本集團並無任何浮動利息之長期貸款，故本集團並無面對市場利率變動風險。
(c) 信貸風險 本集團就其金融資產所承受最高信貸風險為計入綜合財務狀況表之(i)銀行結餘及現金及(ii)應收貿易賬款及其他應收款項之賬面值。

本集團概無重大集中信貸風險。本集團已制訂政策以確保向擁有良好信貸記錄之客戶進行銷售。

現金及銀行結餘之信貸風險有限，因交易對手為獲國際信貸評級機構評為高信貸評級之銀行。

本集團比較金融資產於報告日期之違約風險與於初始確認日期之違約風險，以評估金融資產之信貸風險是否於各報告期內按持續基準大幅增加。本集團考慮所得合理及有理據支持之前瞻性資料。尤其使用以下資料：

內部信貸評級；
預期導致對債務人履行責任的能力出現重大變動之業務、財務或經濟狀況之實際或預期重大不利變動；
債務人經營業績之實際或預期重大變動；
同一債務人之其他金融工具之信貸風險顯著增加；
抵押品價值或擔保或信貸提升措施之質素出現重大變動；及
債務人預期表現及行為之重大變動，包括債務人之付款狀況變動。

==> picture [64 x 61] intentionally omitted <==

103

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

6. FINANCIAL RISK MANAGEMENT (Continued)

(c) Credit risk (Continued)

A significant increase in credit risk is presumed if a debtor is more than 30 days past due in making a contractual payment. A default on a financial asset is when the counterparty fails to make contractual payments within 60 days of when they fall due.

Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Group. The Group normally categorises a loan or receivable for write off when a debtor fails to make contractual payments greater than 360 days past due. Where loans or receivables have been written off, the Group, if practicable and economical, continues to engage in enforcement activity to attempt to recover the receivable due.

The Group uses two categories for non-trade receivables which reflect their credit risk and how the loss provision is determined for each of the categories. In calculating the expected credit loss rates, the Group considers historical loss rates for each category and adjusts for forward looking data.

Category	Definition	Loss provision
Performing	Low risk of default and	12 month expected
	strong capacity to pay	losses
Non-performing	Significant increase	Lifetime expected
	in credit risk	losses

All of non-trade receivables are considered to have low risk and under the ‘Performing’ category because they have a low risk of default and have strong ability to meet their obligations.

綜合財務報表附註（續）

截至2021年6月30日止年度

6. 金融風險管理 （續）

(c) 信貸風險 （續）

倘涉及合約付款之債務人逾期超過30日，則假定信貸風險大幅增加。當交易對手無法於合約付款到期時60日內支付款項，則金融資產出現違約。

金融資產於合理預期無法收回（如債務人無法與本集團達成還款計劃）時撇銷。倘債務人於逾期後超過360日無法作出合約付款，本集團通常會撇銷有關貸款或應收款項。倘貸款或應收款項撇銷，則本集團在實際可行及符合經濟效應的情況下，繼續採取強制行動試圖收回到期應收款項。

本集團使用兩個類別的非貿易應收款項，以反映其信貸風險及如何就各類別釐定虧損撥備。計算預期信貸虧損率時，本集團考慮各類別的過往虧損率及調整前瞻性數據。

類別定義虧損撥備 履約低違約風險及十二個月預期高付款能力虧損不履約信貸風險全期預期虧損顯著增加

全部非貿易應收款項被視為低風險，並列於「履約」類別，因為其違約風險低，且有強大能力償還履行責任。

==> picture [104 x 101] intentionally omitted <==

104

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

6. FINANCIAL RISK MANAGEMENT (Continued)

(d) Liquidity risk

The Group’s policy is to regularly monitor current and expected liquidity requirements to ensure that it maintains sufficient reserves of cash to meet its liquidity requirements in the short and longer term.

綜合財務報表附註（續）

截至2021年6月30日止年度

6. 金融風險管理 （續）

(d) 流動資金風險

本集團之政策為定期監察目前及預期流動資金需要，以確保其維持足夠現金儲備，應付其短期及較長期之流動資金需要。

The maturity profile of the Group’s financial liabilities as at the end of each reporting period, based on the contractual undiscounted payment, was as follows:

本集團之金融負債於各報告期末之到期日概況（基於合約未貼現款項）如下：

At 30 June 2021

於2021年6月30日

		Within one year or on demand 於一年內或按要求 In the second year 於第二年 In the third to fifth years, inclusive 於第三年至第五年（包括首尾兩年） Over five years 五年以上 Total 總額
		*HK$’000* *HK$’000* *HK$’000* *HK$’000* *HK$’000*
		千港元千港元千港元千港元千港元
Transfer fee payables Trade payables Accruals and other payables Borrowings Notional interest on transfer fee payables Interest portion of borrowings	應付轉會費應付貿易賬款應計款項及其他應付款項貸款應付轉會費之名義利息貸款之利息部份
		17,266 19,888 – – 37,154
		10,104 – – – 10,104
		75,455 – – – 75,455
		184,435 80,180 28,946 199 293,760
		1,381 3,182 – – 4,563
		4,643 3,507 1,447 – 9,597

		293,284 106,757 30,393 199 430,633

==> picture [104 x 101] intentionally omitted <==

105

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the year ended 30 June 2021

6. FINANCIAL RISK MANAGEMENT (Continued)

(d) Liquidity risk (Continued)

At 30 June 2020

綜合財務報表附註（續）

截至2021年6月30日止年度

6. 金融風險管理 （續）

(d) 流動資金風險 （續）於2020年6月30日

				In the third
		Within		to fifth years,
		one year		inclusive
		or on demand	In the	於第三年至	Over
		於一年內	second year	第五年（包括	five years	Total
		或按要求	於第二年	首尾兩年）	五年以上	總額
		HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
		千港元	千港元	千港元	千港元	千港元
Transfer fee payables	應付轉會費	28,496	–	–	–	28,496
Trade payables	應付貿易賬款	16,420	–	–	–	16,420
Accruals and other	應計款項及其他
payables	應付款項	143,620	15,088	–	–	158,708
Borrowings	貸款	482,621	2,785	1,859	177	487,442
Notional interest on	應付轉會費之名義
transfer fee payables	利息	380	–	–	–	380
Interest portion of borrowings	貸款之利息部份	24,372	–	–	–	24,372
		695,909	17,873	1,859	177	715,818

*Categories of financial instruments*	金融工具類別 2021 2020 2021年 2020年 *HK$’000* HK$’000 千港元千港元	金融工具類別 2021 2020 2021年 2020年 *HK$’000* HK$’000 千港元千港元
Financial assets: Derivative financial instruments Financial assets at amortised cost (including cash and cash equivalents)	金融資產：衍生金融工具 – 5,483 按攤銷成本計算之金融資產（包括現金及現金等值項目） 325,265 152,468
Financial liabilities: Financial liabilities at amortised cost	金融負債：按攤銷成本計算之金融負債	629,832 691,066

==> picture [104 x 101] intentionally omitted <==

106

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

7. FAIR VALUE MEASUREMENTS

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following disclosures of fair value measurements use a fair value hierarchy that categorises into three levels the inputs to valuation techniques used to measure fair value:

Level 1 inputs: quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the measurement date.

Level 2 inputs: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 inputs: unobservable inputs for the asset or liability.

The Group’s policy is to recognise transfers into and transfers out of any of the three levels as of the date of the event or change in circumstances that caused the transfer.

綜合財務報表附註（續）

截至2021年6月30日止年度

7. 公平值計量

公平值之定義為市場參與者於計量日期進行之有序交易中出售資產所收取或轉讓負債所支付之價格。以下公平值計量披露使用之公平值層級，將計量公平值所用之估值技術所用輸入數據分為三個等級：

第一級輸入數據：本集團於計量日期可以取得的相同資產或負債於活躍市場之報價（未經調整）。

第二級輸入數據：就資產或負債直接或間接地可觀察之輸入數據（第一級內包括的報價除外）。

第三級輸入數據：資產或負債的不可觀察輸入數據。

本集團之政策為確認截至於事項或狀況變動導致該轉移之日期止該等三個等級之任何轉入及轉出。

==> picture [104 x 101] intentionally omitted <==

107

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

7. FAIR VALUE MEASUREMENTS (Continued)

(a) Disclosures of level in fair value hierarchy

綜合財務報表附註（續）

截至2021年6月30日止年度

7. 公平值計量 （續）

(a) 公平值層級披露

Description			Fair value	measurements using	measurements using		Total
描述			使用以下輸入數據之公平值計量				總計
			Level 1	Level 2	Level	3	2021
			第一級	第二級	第三級		2021年
			HK$’000	HK$’000	HK$’000		HK$’000
			千港元	千港元	千港元		千港元
Recurring fair value	經常性公平值計量：
measurements:
Investment properties	投資物業
Commercial and residential		商業及住宅
– Cambodia		–柬埔寨	–	481,962		–	481,962
Total recurring fair value	經常性公平值計量
measurements		總額	–	481,962		–	481,962
Description			Fair value	measurements using			Total
描述			使用以下輸入數據之公平值計量				總計
			Level 1	Level 2	Level	3	2020
			第一級	第二級	第三級		2020年
			HK$’000	HK$’000	HK$’000		HK$’000
			千港元	千港元	千港元		千港元
Recurring fair value	經常性公平值計量：
measurements:
Investment properties	投資物業
Commercial and residential		商業及住宅
– Cambodia		–柬埔寨	–	530,634		–	530,634
Derivative financial instruments	衍生金融工具		–	–	5,483		5,483
Total recurring fair value	經常性公平值計量
measurements		總額	–	530,634	5,483		536,117

==> picture [104 x 101] intentionally omitted <==

108

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

7. FAIR VALUE MEASUREMENTS (Continued)

(b) Reconciliation of assets measured at fair value based on level 3:

綜合財務報表附註（續）

截至2021年6月30日止年度

7. 公平值計量 （續）

(b) 根據第三級按公平值計量之資產對賬：

			Derivative
			financial
			instruments
			衍生金融工具
		Notes	HK$’000
		附註	千港元
At 1 July 2019	於2019年7月1日		–
Acquisition of a subsidiary	收購附屬公司		–
Fair value gain recognised in profit or loss (#)	於損益確認之公平值收益(#)	11	5,544
Exchange realignment	匯兌調整		(61)
At 30 June 2020	於2020年6月30日		5,483
Fair value gain recognised in profit or loss (#)	於損益確認之公平值收益(#)	11	14,017
Disposal of subsidiaries	出售附屬公司	41	(20,705)
Exchange realignment	匯兌調整		1,205
At 30 June 2021	於2021年6月30日		–

(#) Include gains or losses for assets held during the year.

(#) 計入年內持有之資產收益或虧損
(c) Disclosure of valuation process used by the Group and valuation techniques and inputs used in fair value measurements
(c) 本集團所採用的估值程序及公平值計量所採用的估值技術及輸入數據的披露

The Group’s finance team is responsible for the fair value measurements of assets and liabilities required for financial reporting purposes, including level 3 fair value measurements. The chief financial officer reports directly to the Board for these fair value measurements. Discussions of valuation processes and results are held between the chief financial officer and the Board on a regular basis.

本集團的財務部負責就財務報告進行所需的資產及負債之公平值計量（包括第三級公平值計量）。財務總監就此等公平值計量直接向董事會匯報。財務總監與董事會定期討論估值程序及有關結果。

Level 3 fair value measurements

第三級公平值計量

				Effect on fair value for
		Unobservable inputs		increase of inputs
Description	Valuation technique	不可觀察	Range	輸入資料增加對	2021	2020
描述	估值技術	輸入資料	範圍	公平值的影響	2021年	2020年
					*HK$’000*	HK$’000
					千港元	千港元
Derivative financial	Income approach	Probabilities on	4% to 25%	Increase	–	5,483
instruments, profit		contingent	-4% to -25%	Decrease
guarantee		compensation
衍生金融工具	收入法	或然賠償之機會率	4%至25%	增加
–溢利擔保			-4%至-25%	減少
		109

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

7. FAIR VALUE MEASUREMENTS (Continued)

(c) Disclosure of valuation process used by the Group and valuation techniques and inputs used in fair value measurements (Continued)

綜合財務報表附註（續）

截至2021年6月30日止年度

7. 公平值計量 （續）

Level 2 fair value measurements

第二級公平值計量

			Fair	value
			公平值
Description	Valuation technique	Input	2021	2020
描述	估值技術	輸入數據	2021年	2020年
			*HK$’000*	HK$’000
			千港元	千港元
Commercial and residential	Market comparable	Price per square meter
investment properties	approach
商業及住宅投資物業	市場比較法	每平方米價格	481,962	530,634

8. REVENUE

Revenue represents amount receivable for goods sold and services provided to external customers in the normal course of business and rental income from investment properties, after deducting discounts and excluding value added tax or other sales related taxes. An analysis of the Group’s revenue for the year is as follows:

8. 收益

收益乃指於日常業務過程中向外部客戶出售貨品及提供服務之應收款項以及投資物業之租金收入，已扣除折扣及不包括增值稅或其他銷售額相關稅項。本集團之年內收益分析載列如下：

==> picture [104 x 101] intentionally omitted <==

110

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

綜合財務報表附註（續）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

截至2021年6月30日止年度

For the year ended 30 June 2021

REVENUE(Continued)		8.	收益（續）
			2021 2021年 *HK$’000* 千港元	2020 2020年 HK$’000 千港元
Disaggregation of revenue:	收益分類:
*Recognised at a point in time*		於某一時間點確認
Commercial income Match day receipts		商業收入球賽日收入	10,629 –	34,399 21,547
Healthcare and medical related business		保健及醫療相關業務	5,917	–
			16,546	55,946
*Recognised over time*		於一段時間內確認
Commercial income Broadcasting		商業收入廣播	16,013 97,342	14,406 86,895
Match day receipts		球賽日收入	–	24,198
System Service Solutions		系統服務解決方案	3,503	2,323
			116,858	127,822
Revenue from contracts with customers	與客戶合約之收益		133,404	183,768
Revenue from other sources	其他來源之收益
Commercial income Rental income		商業收入租金收入	3,440 28,179	22,950 24,811
			31,619	47,761
			165,023	231,529

8. REVENUE (Continued)

Revenue from contracts with customers comprise:

與客戶合約之收益：

(i) Match day receipts

Match day receipts for the football match are recognised when the match was held.

(i) 球賽日收入

球賽門票之球賽日收入於舉行球賽時確認。
Match day receipt for sales of season tickets are recognised on a yearly basis.
銷售賽季門票之球賽日收入按年確認。

(ii) Broadcasting

Television and broadcasting income are recognised over the contract period.
(ii) 廣播
電視及廣播收入於合約期間確認。

==> picture [104 x 101] intentionally omitted <==

111

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

8. REVENUE (Continued)

(iii) Commercial income
Shop sales, catering and programme sales are recongised when control of the products has been transferred or when the services are rendered.
Royalities, advertising and sponsorship are recognised over the contract period.
(iv) System Service Solutions
Lottery system and online payment system service solutions are recognised over the contract period.
(v) Healthcare and medical related business
Healthcare and medical related business are recognised when control of the products has been transferred or when the services are rendered.

Pursuant to a sale and purchase agreement dated 4 June 2021 entered into between the Company and an independent third party, the Company disposed of all of its interests in Power Super Group and the total amount of loan outstanding and owing by Power Super to the Company for a total consideration of approximately HK$4,600,000. Upon the completion of disposal of Power Super on 18 June 2021, the Board has decided to cease the business of provision of System Service Solutions in June 2021.

9. SEGMENT INFORMATION

The following is an analysis of the Group’s revenue and results by operating segments, based on the information provided to the chief operating decision maker representing the Board, for the purposes of allocating resources to segments and assessing their performance. This is also the basis upon which the Group is arranged and organised.

For the year ended 30 June 2021, the Group has four (2020: three) reportable and operating segments as follows:

(i) operation of a professional football club in the UK;
(ii) investment in properties;
(iii) provision of System Service Solutions; and

==> picture [104 x 101] intentionally omitted <==

----- Start of picture text -----

(iv)
----- End of picture text -----

(iv) healthcare and medical related business.

綜合財務報表附註（續）

截至2021年6月30日止年度

8. 收益 （續）

(iii) 商業收入
- 店舖銷售、餐飲及推廣計劃銷售於產品控制權已轉移或於提供服務時確認。
- 特許權使用費、廣告及贊助於合約期間確認。
(iv) 系統服務解決方案
- 彩票系統及在線付款系統服務解決方案於合約期間確認。
(v) 保健及醫療相關業務
- 保健及醫療相關業務於產品控制權已轉移或於提供服務時確認。

根據本公司與一名獨立第三方所訂立日期為2021年6月4日之買賣協議，本公司已出售其於Power Super集團之所有權益，以及Power Super未償還及結欠本公司之貸款總額，總代價約為 4,600,000港元。於2021年6月18日完成出售Power Super後，董事會決定於 2021年6月終止提供系統服務解決方案之業務。

9. 分部資料

以下為根據呈報予董事會代表之主要營運決策人以決定分配資源予經營分部及評估其表現的資料而作出之本集團按經營分部劃分之收益及業績分析。本集團亦根據此作出分部之基準安排及組成。

截至2021年6月30日止年度，本集團擁有四個（2020年：三個）可呈報及經營分部如下：

(i) 於英國經營職業足球球會；
(ii) 物業投資；
(iii) 提供系統服務解決方案；及
(iv) 保健及醫療相關業務。

112

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the year ended 30 June 2021

9. SEGMENT INFORMATION (Continued)

Segment revenue and results

The following is an analysis of the Group’s revenue and results by reportable and operating segments:

綜合財務報表附註（續）

截至2021年6月30日止年度

9. 分部資料 （續）

分部收益及業績

以下為本集團收益及業績按可呈報及經營分部劃分之分析：

For the year ended 30 June 2021 截至2021年6月30日止年度	Football club 足球球會 Investment in properties 物業投資 System Service Solutions 系統服務解決方案 Healthcare and medical related business 保健及醫療相關業務	Total 總計
	*HK$’000* *HK$’000* *HK$’000* *HK$’000*	*HK$’000*
	千港元千港元千港元千港元	千港元
Segment revenue 分部收益 External sales 對外銷售 Results 業績 Segment results 分部業績 Interest revenue 利息收益 Other income 其他收入 Other gains and losses, net 其他收益及虧損，淨額 Corporate expenses 企業費用 Share-based payments expense 以股份為基礎之付款支出 Finance costs 融資成本 Loss before taxation 除稅前虧損 Income tax credit 所得稅抵免 Loss for the year 本年度虧損

	127,424 28,179 3,503 5,917	165,023


	4,836 (24,249) 10,004 (4,016)	(13,425)

		13
		792
		(36,174)
		(44,525)
		(2,315)
		(16,784)

		(112,418)
		589

		(111,829)

==> picture [104 x 101] intentionally omitted <==

113

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the year ended 30 June 2021

9. SEGMENT INFORMATION (Continued)

Segment revenue and results (Continued)

綜合財務報表附註（續）

截至2021年6月30日止年度

9. 分部資料（續）分部收益及業績（續）

For the year ended 30 June 2020 截至2020年6月30日止年度	Football club 足球球會 Investment in properties 物業投資 System Service Solutions 系統服務解決方案 HK$’000 HK$’000 HK$’000 千港元千港元千港元	Total 總計 HK$’000 千港元
Segment revenue 分部收益 External sales 對外銷售 204,395 24,811 2,323 Results 業績 Segment results 分部業績 (186,519) (514) (8,461) Interest revenue 利息收益 Other income 其他收入 Corporate expenses 企業費用 Share-based payments expense 以股份為基礎之付款支出 Finance costs 融資成本 Loss before taxation 除稅前虧損 Income tax credit 所得稅抵免 Loss for the year 本年度虧損	204,395 24,811 2,323	231,529
	(186,519) (514) (8,461)	(195,494) 16 232 (46,099) (2,761) (27,577)
		(271,683) 5,199
		(266,484)

Segment results represent the profit or loss incurred by each segment without allocation of certain interest revenue, other income, other gains and losses, corporate expenses, share-based payments expense, finance costs and income tax credit.

分部業績為各分部在未分配若干利息收益、其他收入、其他收益及虧損、企業費用、以股份為基礎之付款支出、融資成本及所得稅抵免所賺取之溢利或產生之虧損。

==> picture [104 x 101] intentionally omitted <==

114

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the year ended 30 June 2021

9. SEGMENT INFORMATION (Continued)

Segment assets and liabilities

The following is an analysis of the Group’s assets and liabilities by reportable and operating segments:

綜合財務報表附註（續）

截至2021年6月30日止年度

9. 分部資料 （續）

分部資產及負債

下列為本集團資產及負債按可呈報及經營分部劃分之分析：

					Healthcare
				System	and medical
				Service	related
		Football	Investment in	Solutions	business	Total
		club	properties	系統服務	保健及醫療
		足球球會	物業投資	解決方案	相關業務	總計
		*HK$’000*	*HK$’000*	*HK$’000*	*HK$’000*	*HK$’000*
		千港元	千港元	千港元	千港元	千港元
As at 30 June 2021	於2021年6月30日
Segments assets	分部資產	548,606	489,007	–	5,549	1,043,162
Segments liabilities	分部負債	(1,470,552)	(485,866)	–	(8,522)	(1,964,940)
As at 30 June 2020	於2020年6月30日
Segments assets	分部資產	454,888	530,635	37,213	–	1,022,736
Segments liabilities	分部負債	(1,314,420)	(503,371)	(23,356)	–	(1,841,147)

Reconciliations of reportable assets and liabilities:	Reconciliations of reportable assets and liabilities:	可呈報資產及負債之對賬：	可呈報資產及負債之對賬：
		2021		2020
		2021年		2020年
		*HK$’000*		HK$’000
		千港元		千港元
Assets	資產
Total assets of reportable segments	可呈報分部之資產總值	1,043,162		1,022,736
Unallocated corporate assets	未分配公司資產	33,599		38,779
Consolidated total assets	綜合資產總值	1,076,761		1,061,515
Liabilities	負債
Total liabilities of reportable segments	可呈報分部之負債總值	(1,964,940)	(1,841,147)
Elimination of payable to corporate	對銷應付公司總部款項
headquarters		1,266,869		1,611,405
Other liabilities	其他負債	(73,876)		(531,544)
Consolidated total liabilities	綜合負債總值	(771,947)		(761,286)

==> picture [104 x 101] intentionally omitted <==

115

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the year ended 30 June 2021

9. SEGMENT INFORMATION (Continued)

Geographical information

The following is an analysis of geographical location of the Group’s (i) revenue from external customers; and (ii) non-current assets presented based on the location of operations and geographical location of assets respectively.

綜合財務報表附註（續）

截至2021年6月30日止年度

9. 分部資料 （續）

地區資料

下列為本集團(i)來自外部客戶之收益；及(ii)非流動資產之地區分析，乃分別根據經營地點及資產之地區呈列。

*Revenue from external customers*		(i)	來自外部客戶之收益
			2021	2020
			2021年	2020年
			*HK$’000*	HK$’000
			千港元	千港元
The UK	英國
Revenue from contracts with customers:		與客戶合約之收益：
Recognised at a point in time		於某一時間點確認	10,629	55,946
Recognised over time		於一段時間內確認	113,355	125,499
Revenue from other sources		其他來源之收益	3,440	22,950
			127,424	204,395
Cambodia	柬埔寨
Revenue from contracts with customers:		與客戶合約之收益：
Recognised over time		於一段時間內確認	3,503	2,323
Revenue from other sources		其他來源之收益	28,179	24,811
			31,682	27,134
Japan	日本
Revenue from contracts with customers:		與客戶合約之收益：
Recognised at a point in time		於某一時間點確認	5,917	–
			5,917	–
			165,023	231,529

(i) Revenue from external customers

==> picture [104 x 101] intentionally omitted <==

116

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the year ended 30 June 2021

9. SEGMENT INFORMATION (Continued) Geographical information (Continued)

綜合財務報表附註（續）

截至2021年6月30日止年度

9. 分部資料 （續） 地區資料 （續）

	地區資料（續） Geographical information(Continued)	地區資料（續） graphical information(Continued)
10.	(ii) 非流動資產有關主要客戶之資料來自主要客戶（各自佔總收益之10%或以上）之收益載列如下： *(ii)* *Non-current assets* 2021 2020 2021年 2020年 *HK$’000* HK$’000 千港元千港元 Hong Kong 香港 3,458 17,679 The PRC 中國 94 30,292 Cambodia 柬埔寨 481,962 530,634 The UK 英國 310,317 370,899 Japan 日本 323 – 796,154 949,504 Information about major customers Revenue from major customers, each of whom accounted for 10% or more of total revenue is set out as below: Segment 2021 2020 分部 2021年 2020年 *HK$’000* HK$’000 千港元千港元	(ii) 非流動資產 *Non-current assets* 2021 2020 2021年 2020年 *HK$’000* HK$’000 千港元千港元
		Hong Kong 香港 3,458 17,679 The PRC 中國 94 30,292 Cambodia 柬埔寨 481,962 530,634 The UK 英國 310,317 370,899 Japan 日本 323 –
		796,154 949,504
	Customer A Investment in properties 28,179 24,811 客戶A 物業投資
	10.其他收入 OTHER INCOME 2021 2020 2021年 2020年 *HK$’000* HK$’000 千港元千港元
	Subsidies received from the Premier League (Note (i)) 自英格蘭超級足球聯賽獲得之補助金（附註(i)） 7,620 7,116 Reversal of provision for directors’ fee 董事袍金之撥備撥回 4 199 Government subsidies_(Note (ii))_ 政府補助（附註(ii)） 8,075 6,741 Sundry income 雜項收入 622 593
	16,321 14,649

==> picture [104 x 101] intentionally omitted <==

117

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the year ended 30 June 2021

10. OTHER INCOME (Continued)

Notes:

綜合財務報表附註（續）

截至2021年6月30日止年度

10. 其他收入（續）

附註：

(i) During the year ended 30 June 2021, the Group’s professional football operation received funding of approximately HK$7,620,000 (2020: approximately HK$7,116,000) from the Premier League in the UK under the Elite Player Performance Plan upon fulfilment of certain terms and conditions.
(i) 於截至 2021 年 6 月 30 日止年度期間，本集團之職業足球營運於若干條款及條件達成後，根據精英球員表現計劃自英國之英格蘭超級足球聯賽獲得資金約7,620,000港元
（2020年：約7,116,000港元）。
(ii) These represent COVID-19-related grants provided by various government to retain employees who may otherwise be made redundant and to support businesses affected by COVID-19 respectively. The subsidies are unconditional and granted on a discretionary basis to the Group during the year.
(ii) 該等收入為各地政府所提供與 COVID-19相關之補助，以挽留可能被裁員之員工以及支持受COVID-19 影響之業務。年內，該等補助為無條件及酌情授予本集團。

11. OTHER GAINS AND LOSSES, NET

11. 其他收益及虧損，淨額

				2021	2020
			Notes	2021年	2020年
			附註	*HK$’000*	HK$’000
				千港元	千港元
Impairment loss on intangible assets	無形資產之減值虧損			(812)	(393)
Impairment loss on goodwill	商譽之減值虧損			(5,600)	(2,212)
Impairment loss on right-of-use	使用權資產之減值虧損
assets Fair value change on investment	投資物業之公平值變動			(10,049)	–
properties				(48,672)	(22,386)
Fair value gain on derivative financial	衍生金融工具之公平值收益
instruments Gain on termination of lease	終止租賃協議之收益			14,017	5,544
agreement				3	–
Gain on disposal of property, plant	出售物業、廠房及設備之
and equipment		收益		2	–
Fixed assets written off Gain on bargain purchase of	撇銷固定資產議價收購附屬公司之收益			(10)	–
subsidiaries				15	–
Gain on disposal of subsidiaries	出售附屬公司之收益		41	74,223	–
Loss on extinguishing financial	以股本工具抵銷金融負債
liabilities with equity Instruments		之虧損	(i)	(26,830)	–
				(3,713)	(19,447)

==> picture [104 x 101] intentionally omitted <==

118

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

11. OTHER GAINS AND LOSSES, NET (Continued)

Note:

綜合財務報表附註（續）

截至2021年6月30日止年度

11. 其他收益及虧損，淨額 （續）附註：

(i) On 21 January 2021, completion of the Subscription Agreements took place. Pursuant to the Subscription Agreements, Global Mineral and Join Surplus have agreed to, among other things, subscribe for new shares by applying the outstanding principals and interests amount in respect of the loan due to the respective parties in aggregate of approximately HK$140,000,000 as subscription monies. An aggregate of 1,062,576,000 ordinary shares at nominal value of HK$0.01 each were issued at subscription price of HK$0.13175 each to the Global Mineral and Join Surplus to settle the loans and accrued interests. The fair value of the shares on 21 January 2021 was HK$0.157 per share. The aggregate net consideration was approximately HK$166,673,000 out of which approximately HK$10,626,000 was credited to share capital and approximately HK$156,047,000 was credited to share premium. Approximately HK$26,830,000 was recognised as loss on extinguish of financial liability with equity instruments in profit or loss.
(i) 於2021年1月21日，該等認購協議已告完成。根據該等認購協議， Global Mineral及縉盈同意（其中包括）將本公司應付各方貸款之未償還本金及利息合共約140,000,000 港元用作認購新股份之認購款項。合共1,062,576,000股每股面值0.01 港元之普通股已按每股0.13175港元之認購價發行予Global Mineral 及縉盈，以償還貸款及應計利息。該等股份於 2021 年 1 月 21 日之公平值為每股0.157港元。代價淨額合共約為166,673,000港元，其中約10,626,000港元計入股本；約 156,047,000港元計入股份溢價。約 26,830,000港元已於損益中確認為以股本工具抵銷金融負債之虧損。

12. FINANCE COSTS

12. 融資成本

FINANCE COSTS		12.融資	成本
			2021	2020
			2021年	2020年
			*HK$’000*	HK$’000
			千港元	千港元
Interest expenses on:	以下各項之利息開支：
– Other borrowings		－其他貸款	16,437	27,381
– Bank borrowings		－銀行貸款	6,508	–
– Imputed interest arising on		－來自Football League Limited
interest-free borrowings from		（「Football League」）之免
Football League Limited (“Football		息貸款產生之估算利息
League”)			695	–
– Notional interest on transfer fee		－應付轉會費之名義利息
payables			3,465	3,714
– Lease liabilities		－租賃負債	3,570	2,092
			30,675	33,187

==> picture [104 x 101] intentionally omitted <==

119

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the year ended 30 June 2021

13. INCOME TAX CREDIT

Income tax credit in consolidated statement of profit or loss and other comprehensive income represents:

綜合財務報表附註（續）

截至2021年6月30日止年度

13. 所得稅抵免

綜合損益及其他全面收益表內之所得稅抵免指：

			2021	2020
			2021年	2020年
			*HK$’000*	HK$’000
			千港元	千港元
Deferred taxation:	遞延稅項:
Current year		本年度	589	5,199

No provision for Hong Kong Profits Tax has been made as the Group had no assessable profits arising from Hong Kong for the two years ended 30 June 2021 and 2020.

由於本集團於截至2021年及2020年6月 30日止兩個年度並無於香港產生應課稅溢利，故並無就香港利得稅作出撥備。

The Group’s subsidiaries in the UK are subject to Corporation Tax in the UK (“Corporation Tax”). Corporation Tax is calculated at 19% of the estimate assessable profit for the year ended 30 June 2021 (2020: 19%).

本集團於英國之附屬公司須繳付英國企業稅（「企業稅」）。截至2021年6月30日止年度之企業稅乃按估計應課稅溢利之 19%計算（2020年：19%）。

Taxation arising in other jurisdictions is calculated at the rates prevailing in the respective jurisdictions. No provision for profits tax is made in other jurisdictions as the subsidiaries operating in other jurisdictions have no assessable profits for the years ended 30 June 2021 and 2020.

其他司法權區產生之稅項按有關司法權區之現行稅率計算。由於在其他司法權區經營之附屬公司於截至2021年及 2020年6月30日止年度均無任何應課稅溢利，故並無計提其他司法權區之利得稅撥備。

The reconciliation between the income tax credit and the loss before taxation is as follows:

所得稅抵免與除稅前虧損之對賬如下：

==> picture [527 x 294] intentionally omitted <==

----- Start of picture text -----

2021 2020
2021年 2020年
HK$’000 HK$’000
千港元千港元
Loss before taxation 除稅前虧損 (112,418) (271,683)
Taxation calculated at respective 按相關國家適用之法定稅率
domestic statutory tax rate 計算之稅項 22,457 52,694
Effect of income not taxable and 毋須課稅收入及不可扣稅
expenses not deductible 支出之稅務影響 (9,172) (21,371)
Tax losses surrendered for group relief 就總體寬免提交之稅項虧損 – (480)
Tax effect of temporary differences not 未確認暫時差額之稅務影響
recognised 589 4,479
Tax effect of tax losses not recognised 未確認稅項虧損之稅務影響 (13,285) (30,123)
Income tax credit 所得稅抵免 589 5,199
120
----- End of picture text -----

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the year ended 30 June 2021

14. LOSS FOR THE YEAR

Loss for the year is arrived at after charging/(crediting) the following items:

綜合財務報表附註（續）

截至2021年6月30日止年度

14. 本年度虧損

本年度虧損經扣除╱（計入）下列各項後達致：

2021 2021年 *HK$’000* 千港元	2020 2020年 HK$’000 千港元
Staff costs (including directors’ remuneration): 員工成本（包括董事之酬金）： – Salaries and wages (excluding share-based payments expense) －工資及薪金（不包括以股份為基礎之付款支出） 328,915 – Retirement benefits scheme contributions －退休福利計劃之供款 38,621	318,312 34,162
367,536	352,474
Share-based payments expense: 以股份為基礎之付款支出： – Directors －董事 1,002 – Employees －僱員 1,313	1,214 1,547
2,315	2,761
Total staff costs 員工成本總計 369,851	355,235
Auditors’ remuneration 核數師酬金 1,394 Amortisation of intangible assets 無形資產攤銷 76,854 Depreciation of property, plant and equipment 物業、廠房及設備折舊 11,389 Depreciation of right-of-use assets 使用權資產折舊 9,807 Litigation claim settlement 訴訟索償和解 – Expenses related to short-term lease 短期租賃相關開支 4,127 Cost of inventories recognised as expense 確認為開支之存貨成本 576 Impairment loss on right-of-use assets 使用權資產之減值虧損 10,049 Impairment loss on goodwill 商譽之減值虧損 5,600 Impairment loss on account receivables, net 應收貿易賬款之減值虧損，淨額 41 (Reversal of impairment loss)/impairment loss on other receivables, net 其他應收款項（減值虧損之撥回）╱減值虧損，淨額 (1,676) Impairment loss on intangible assets 無形資產之減值虧損 812 Foreign exchange loss/(gain), net 外匯虧損╱（收益），淨額 31	1,375 84,331 15,875 4,710 510 5,446 15,452 – 2,212 2,878 1,577 393 488

==> picture [104 x 101] intentionally omitted <==

121

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the year ended 30 June 2021

15. DIRECTORS’ EMOLUMENTS

The emoluments paid or payable to each of the Directors, disclosed pursuant the applicable Listing Rules and Hong Kong Companies Ordinance, were as follows:

綜合財務報表附註（續）

截至2021年6月30日止年度

15. 董事酬金

根據適用上市規則及香港公司條例所披露，已付或應付予董事之酬金如下：

Name of director			Notes	Fees *(Note (iv))* 袍金（附註(iv)） *HK$’000*	Salaries, allowances and benefits in kind *(Note (iv))* 薪金、津貼及實物福利（附註(iv)） *HK$’000*	For the year ended 30 June 2021 截至2021年6月30日止年度 Discretionary bonus *(Note (v))* 酌情花紅 Retirement scheme contribution 退休計劃供款（附註(v)） *HK$’000* *HK$’000*	For the year ended 30 June 2021 截至2021年6月30日止年度 Discretionary bonus *(Note (v))* 酌情花紅 Retirement scheme contribution 退休計劃供款（附註(v)） *HK$’000* *HK$’000*	Share- based payments expense 以股份為基礎之付款支出 *HK$’000*	Total 總計 *HK$’000*
董事名稱			附註	千港元	千港元	千港元	千港元	千港元	千港元
Executive directors	執行董事
Mr. Zhao Wenqing_(Chairman)_	趙文清先生（主席）			–	2,048	620	189	501	3,358
Mr. Huang Dongfeng	黃東風先生
(Chief Executive Officer)		（行政總裁）		–	2,048	–	–	501	2,549
Mr. Yiu Chun Kong	姚震港先生			–	294	–	14	–	308
Mr. Hsiao Charng Geng	蕭長庚先生			–	940	–	–	–	940
Dr. Guo Honglin	郭洪林博士		(iii)	–	1,200	–	–	–	1,200
				–	6,530	620	203	1,002	8,355
Non-executive director	非執行董事
Mr. Sue Ka Lok	蘇家樂先生			273	–	–	–	–	273
				273	–	–	–	–	273
Independent non-executive	獨立非執行董事
directors
Mr. Pun Chi Ping	潘治平先生			208	–	–	–	–	208
Ms. Leung Pik Har, Christine	梁碧霞女士			208	–	–	–	–	208
Mr. Yeung Chi Tat	楊志達先生		(i)	208	–	–	–	–	208
				624	–	–	–	–	624
Total	總額			897	6,530	620	203	1,002	9,252

==> picture [104 x 101] intentionally omitted <==

122

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

15. DIRECTORS’ EMOLUMENTS (Continued)

綜合財務報表附註（續）

截至2021年6月30日止年度

15. 董事酬金（續）

For the year ended 30 June 2020 截至2020年6月30日止年度

				Salaries,
				allowances
				and benefits		Retirement	Share-based
				in kind	Discretionary	scheme	payments
			Fees	(Note (iv))	bonus	contribution	expense
			(Note (iv))	薪金、津貼及	(Note (v))	退休計劃	以股份為基礎	Total
			袍金	實物福利	酌情花紅	供款	之付款支出	總計
			（附註(iv)）	（附註(iv)）	（附註(v)）
Name of director		Notes	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
董事名稱		附註	千港元	千港元	千港元	千港元	千港元	千港元
Executive directors	執行董事
Mr. Zhao Wenqing_(Chairman)_	趙文清先生（主席）		–	2,048	–	75	607	2,730
Mr. Huang Dongfeng	黃東風先生
(Chief Executive Officer)	（行政總裁）		–	2,048	–	–	607	2,655
Mr. Yiu Chun Kong	姚震港先生		–	294	–	14	–	308
Mr. Hsiao Charng Geng	蕭長庚先生		–	940	–	–	–	940
Dr. Guo Honglin	郭洪林博士	(iii)	–	1,143	–	–	–	1,143
			–	6,473	–	89	1,214	7,776
Non-executive director	非執行董事
Mr. Sue Ka Lok	蘇家樂先生		273	–	–	–	–	273
			273	–	–	–	–	273
Independent non-executive	獨立非執行董事
directors
Mr. Pun Chi Ping	潘治平先生		208	–	–	–	–	208
Ms. Leung Pik Har, Christine	梁碧霞女士		208	–	–	–	–	208
Mr. Yeung Chi Tat	楊志達先生	(i)	127	–	–	–	–	127
Mr. To Yan Ming, Edmond	杜恩鳴先生	(ii)	32	–	–	–	–	32
			575	–	–	–	–	575
Total	總額		848	6,473	–	89	1,214	8,624

Notes:

(i) Appointed on 8 November 2019.
(ii) Passed away on 28 August 2019.
(iii) Appointed on 3 May 2019
(iv) The directors’ emoluments are determined by the Board and the Remuneration Committee of the Company with reference to their duties and responsibilities with the Group, the Group’s performance and the prevailing market situation.
(v) Discretionary bonus is determined with reference to the annual results of the Group and the employees’ performance.

附註：

(i) 於2019年11月8日獲委任。
(ii) 於2019年8月28日離世。
(iii) 於2019年5月3日獲委任。
(iv) 董事的酬金乃由董事會及本公司薪酬委員會參考彼等於本集團的職責及職務、本集團的表現及當時市況而釐定。
(v) 酌情花紅乃根據本集團年度業績及僱員的工作表現而定。

==> picture [64 x 61] intentionally omitted <==

123

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the year ended 30 June 2021

16. THE FIVE HIGHEST PAID INDIVIDUALS

The five highest paid individuals in the Group do not include any directors and member of senior management of the Company during the year and last year. The emoluments of the highest paid individual are set out as below:

綜合財務報表附註（續）

截至2021年6月30日止年度

16. 五名最高薪酬人士

於本年度及上年度內，本集團五名最高薪酬人士概不包括任何本公司董事及高級管理層成員。該等最高薪酬人士之酬金如下：

		2021	2020
		2021年	2020年
		*HK$’000*	HK$’000
		千港元	千港元
Basic salaries and allowances Discretionary bonus	基本薪金及津貼酌情花紅	59,632 5,506	53,245 3,329
Retirement benefit scheme contribution	退休福利計劃供款	9,633	7,749
		74,771	64,323

The emoluments of the 5 highest paid individuals during the year (2020: 5) fall within the following band:

於本年度內五名（2020年：五名）最高薪酬人士之酬金介乎以下範圍：

			Number of	individuals
			人數
			2021	2020
			2021年	2020年
HK$12,000,001 HK$12,500,001	– HK$12,500,000 – HK$13,000,000	12,000,001港元－12,500,000港元 12,500,001港元－13,000,000港元	– 1	1 3
HK$13,000,001	– HK$13,500,000	13,000,001港元－13,500,000港元	1	–
HK$14,000,001	– HK$14,500,000	14,000,001港元－14,500,000港元	2	1
HK$20,000,001	– HK$20,500,000	20,000,001港元－20,500,000港元	1	–

During the year ended 30 June 2021, no emoluments were paid or payable to the five highest paid individuals as an inducement to join the Group or as a compensation for loss of office (2020: nil).

於截至2021年6月30日止年度內，並無已支付或應支付之酬金予五名最高薪酬人士，作為促使加入本集團或作為其失去職位之賠償（2020年：無）。

17. DIVIDEND

No dividend was paid or proposed for the years ended 30 June 2021 and 2020, nor has any dividend been proposed since the end of the reporting periods.

17. 股息

截至2021年及2020年6月30日止年度並無派付或擬派股息，而自報告期末後概無擬派任何股息。

==> picture [104 x 101] intentionally omitted <==

124

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

18. LOSS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY

Basic loss per share

Loss per share is calculated by dividing the loss for the year attributable to owners of the Company by the weighted average number of ordinary shares in issue during the year.

綜合財務報表附註（續）

截至2021年6月30日止年度

18. 本公司擁有人應佔每股虧損

每股基本虧損

每股虧損按本公司擁有人應佔本年度虧損除以本年度已發行加權平均普通股數目計算。

			2021	2020
			2021年	2020年
			*HK$’000*	HK$’000
			千港元	千港元
Loss:	虧損：
Loss attributable to owners of the Company for	計算每股基本虧損之
the purpose of calculating basic loss per share		本公司擁有人應佔虧損	(74,232)	(260,484)

			2021	2020
			2021年	2020年
Number of shares:	股份數量：
Weighted average number of ordinary shares	計算本公司擁有人應佔
for calculating basic loss per share attributable		每股基本虧損之
to owners of the Company		普通股加權平均數	18,448,946,168	17,710,022,508

Diluted loss per share

For the years ended 30 June 2021 and 2020, the computation of diluted loss per share does not assume the exercise of share options as they would decrease the loss per share attributable to owners of the Company and have anti-dilutive effect.

每股攤薄虧損

截至 2021 年及 2020 年 6 月 30 日止年度，由於行使購股權將減少本公司擁有人應佔每股虧損，且具有反攤薄影響，因此於計算每股攤薄虧損時並無假設購股權獲行使。

==> picture [104 x 101] intentionally omitted <==

125

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the year ended 30 June 2021

19. PROPERTY, PLANT AND EQUIPMENT

綜合財務報表附註（續）

截至2021年6月30日止年度

19. 物業、廠房及設備

19.	19.物業、廠房及設備 PROPERTY, PLANT AND EQUIPMENT
	Land and buildings 土地及樓宇 Leasehold improvements 租賃物業裝修 Furniture, fixtures and office equipment 傢俬、裝置及辦公設備 Motor vehicles 汽車 Total 總額 Note HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 附註千港元千港元千港元千港元千港元
	COSTS 成本 At 1 July 2019 於2019年7月1日 239,367 9,602 84,761 6,212 339,942 Arising on acquisition of a subsidiary 於收購附屬公司時產生 – 315 42 – 357 Additions 添置 – – 1,821 – 1,821 Written off 撇銷 (392) (767) (60,759) (2,731) (64,649) Exchange realignment 匯兌調整 (8,749) (21) (1,165) (92) (10,027)
	At 30 June 2020 and 1 July 2020 於2020年6月30日及 2020年7月1日 230,226 9,129 24,700 3,389 267,444 Disposal of subsidiaries 出售附屬公司 41 (219,733) (350) (352) – (220,435) Disposal 出售 – – – (1,567) (1,567) Additions 添置 – – 1,709 1,962 3,671 Written off 撇銷 – – (22) – (22) Exchange realignment 匯兌調整 34,125 35 2,409 231 36,800
	At 30 June 2021 於2021年6月30日 44,618 8,814 28,444 4,015 85,891
	ACCUMULATED DEPRECIATION AND IMPAIRMENT 累計折舊及減值 At 1 July 2019 於2019年7月1日 67,951 5,689 70,604 4,563 148,807 Charge for the year 本年度支出 5,388 4,225 5,604 658 15,875 Written off 撇銷 (392) (767) (60,759) (2,731) (64,649) Exchange realignment 匯兌調整 (2,630) (18) (922) (84) (3,654)
	At 30 June 2020 and 1 July 2020 於2020年6月30日及 2020年7月1日 70,317 9,129 14,527 2,406 96,379 Disposal of subsidiaries 出售附屬公司 41 (65,529) (350) (99) – (65,978) Disposal 出售 – – – (809) (809) Charge for the year 本年度支出 5,352 – 5,287 750 11,389 Written off 撇銷 – – (12) – (12) Exchange realignment 匯兌調整 10,561 35 1,589 221 12,406
	At 30 June 2021 於2021年6月30日 20,701 8,814 21,292 2,568 53,375
	CARRYING VALUE 賬面值 At 30 June 2021 於2021年6月30日 23,917 – 7,152 1,447 32,516

	At 30 June 2020 於2020年6月30日 159,909 – 10,173 983 171,065

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

綜合財務報表附註（續）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

截至2021年6月30日止年度

==> picture [507 x 697] intentionally omitted <==

----- Start of picture text -----

|||||
|---|---|---|---|
|20. RIGHT-OF-USE ASSETS|20.|使用權資產|
|2021|2020|
|2021年|2020年|
|HK$’000|HK$’000|
|千港元|千港元|
|At 30 June:|於6月30日|
|Right-of-use assets|使用權資產|
|– Land|– 土地|7,996|7,191|
|– Buildings|– 樓宇|78,514|14,538|
|– Equipment|– 設備|433|2,490|
|86,943|24,219|
|The maturity analysis, based on|本集團租賃負債基於|
|undiscounted cash flows, of the|未貼現現金流量之|
|Group’s lease liabilities is as follows:|到期情況分析如下：|
|– Less than one year|– 一年內|21,322|9,476|
|– Between one and two years|– 一年至兩年|19,280|8,235|
|– Between two and five years|– 兩年至五年|44,621|7,883|
|– After five years|– 五年後|149,837|77,840|
|235,060|103,434|
|Year ended 30 June:|截至6月30日止年度|
|Depreciation charge of right-of-use assets|使用權資產之折舊費用|
|– Land|– 土地|102|96|
|– Buildings|– 樓宇|7,400|2,129|
|– Equipment|– 設備|2,305|2,485|
|9,807|4,710|
|Lease interests|租賃利息|3,570|2,092|
|Expenses related to short-term leases|短期租賃相關開支|4,127|5,446|
|Gain on early termination of lease|提前終止租賃的收益|3|–|
|Total cash outflow for leases|租賃之現金流出總額|14,895|11,744|
|Additions to right-of-use assets|使用權資產添置|79,174|19,268|
|Impairment loss on right-of-use assets|使用權資產之減值虧損|10,049|–|
|127|

----- End of picture text -----

20. RIGHT-OF-USE ASSETS

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the year ended 30 June 2021

21. INTANGIBLE ASSETS

綜合財務報表附註（續）

截至2021年6月30日止年度

21. 無形資產

	Player’s Registration Trademark Software Membership Total 球員註冊商標軟件會籍總計 Notes HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 附註千港元千港元千港元千港元千港元
	Cost 成本 At 1 July 2019 於2019年7月1日 251,492 456,306 – – 707,798 Addition 添置 103,429 – – – 103,429 Acquisition of a subsidiary 收購一間附屬公司 – – 18,953 – 18,953 Disposal 出售 (86,947) – – – (86,947) Exchange realignment 匯兌調整 (9,675) (16,700) (29) – (26,404)
	At 30 June 2020 and 1 July 2020 於2020年6月30日及2020年7月1日 258,299 439,606 18,924 – 716,829 Addition 添置 63,500 – – – 63,500 Acquisition of a subsidiary 收購一間附屬公司 39 – – – 348 348 Disposal of subsidiaries 出售附屬公司 41 – – (21,047) – (21,047) Disposal 出售 (21,028) – – – (21,028) Exchange realignment 匯兌調整 33,929 55,627 2,123 (18) 91,661
	At 30 June 2021 於2021年6月30日 334,700 495,233 – 330 830,263
	ACCUMULATED AMORTISATION AND IMPAIRMENT 累計攤銷及減值 At 1 July 2019 於2019年7月1日 122,348 442,707 – – 565,055 Amortisation for the year 本年度攤銷 82,737 – 1,594 – 84,331 Impairment losses 減值虧損 – 393 – – 393 Disposal 出售 (76,498) – – – (76,498) Exchange realignment 匯兌調整 (4,656) (16,214) (17) – (20,887)
	At 30 June 2020 and 1 July 2020 於2020年6月30日及2020年7月1日 123,931 426,886 1,577 – 552,394 Amortisation for the year 本年度攤銷 74,975 – 1,851 28 76,854 Disposal of subsidiaries 出售附屬公司 41 – – (3,683) – (3,683) Impairment losses 減值虧損 – 812 – – 812 Disposal 出售 (9,008) – – – (9,008) Exchange realignment 匯兌調整 17,613 54,044 255 (1) 71,911
	At 30 June 2021 於2021年6月30日 207,511 481,742 – 27 689,280
	CARRYING VALUE 賬面值 At 30 June 2021 於2021年6月30日 127,189 13,491 – 303 140,983

	At 30 June 2020 於2020年6月30日 134,368 12,720 17,347 – 164,435

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

21. INTANGIBLE ASSETS (Continued)

Notes:

(i) Amortisation is recognised in profit or loss as follows:

Players’ registration	Based on respective players’ contracts
	terms from 1-5 years
Software	10 years
Membership	12 years
Trademark	Not amortised

(ii) The players’ registration is considered to have a useful life ranging from 1 to 5 years and is tested for impairment at the end of the reporting period.
Any players whom BCFC, a subsidiary of the Company, do not consider to be a long-term part of the first team squad and who will therefore not contribute to future cash flows earned by BCFC are assessed for impairment by considering the carrying value with BCFC’s best estimate of fair value (being post year-end sales proceeds or expected sales proceeds) less costs of disposal. No impairment was made for the year ended 30 June 2021 (2020: nil).
(iii) The trademark was acquired in the business combination of Birmingham City PLC, which is considered to have an indefinite useful life and was tested for impairment as at the end of the reporting period.

The Group carried out reviews of the recoverable amount of the trademark for the year ended 30 June 2021. The recoverable amount has been determined based on its fair value less costs of disposal, with reference to the valuation prepared by an independent professional valuer, JP Assets Consultancy Limited. The fair value less costs of disposal of the trademark falls within level 3 of the fair value hierarchy. The valuation technique used to measure the fair value less costs of disposal is the relief-from-royalty method, which determines the present worth of future after-tax royalties derived from ownership. Indication of value is developed by discounting future after-tax royalties attributable to the trademark to their present worth at market-derived rate of return appropriate for the risks of the trademark. The valuer adopted a pre-tax discount rate of 25.77%.

The impairment test has resulted in impairment loss on trademark of approximately HK$812,000 in the year ended 30 June 2021 (2020: approximately HK$393,000).

綜合財務報表附註（續）

截至2021年6月30日止年度

21. 無形資產（續）

附註：

(i) 攤銷於損益確認如下：球員註冊根據有關球員之合約年期1–5年計算軟件 10年會籍 12年商標不予攤銷

(ii) 球員註冊之可使用年期被視為介乎 1至5年，並於報告期末進行減值測試。

就任何本公司附屬公司BCFC不視為屬一線球隊之長期成員而不會對 BCFC賺取之未來現金流量帶來貢獻之球員，均會進行減值評估，方式為考慮賬面值與BCFC對公平值（即年結日後之銷售所得款項或預期銷售所得款項）減出售成本之最佳估計。截至2021年6月30日止年度，本集團並無作出減值（2020年：無）。

(iii) 商標乃於Birmingham City PLC之業務合併中收購，被視為具無限可使用年期，並於報告期末進行減值測試。

本集團已審閱商標截至2021年6月 30日止年度之可收回金額。可收回金額乃參考獨立專業估值師捷評資產顧問有限公司編製之估值，按其公平值減出售成本釐定。商標公平值減出售成本屬於公平值層級第三層。用於計量公平值減出售成本之估值技術為免繳特許權使用費法，該法乃計算擁有權所產生之未來除稅後特許權使用費的現時價值。價值指標乃將商標應佔未來除稅後特許權使用費按適用於商標風險之市場衍生回報率貼現至其現值。估值師採用之除稅前之貼現率為 25.77%。

減值測試導致截至2021年6月30日止年度商標之減值虧損約812,000港元（2020年：約393,000港元）。

==> picture [104 x 101] intentionally omitted <==

129

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

綜合財務報表附註（續）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

截至2021年6月30日止年度

For the year ended 30 June 2021

GOODWILL		22.商譽
			Notes	HK$’000
			附註	千港元
COSTS	成本
At 1 July 2019		於2019年7月1日		–
Arising on acquisition of a subsidiary		於收購附屬公司時產生		8,724
Exchange realignment		匯兌調整		(14)
At 30 June 2020 and 1 July 2020		於2020年6月30日及2020年7月1日		8,710
Disposal of subsidiaries		出售附屬公司	41	(9,687)
Exchange realignment		匯兌調整		977
At 30 June 2021		於2021年6月30日		–
ACCUMULATED IMPAIRMENT LOSS	累計減值虧損
At 1 July 2019		於2019年7月1日		–
Impairment loss		減值虧損	11	2,212
Exchange realignment		匯兌調整		(24)
At 30 June 2020 and 1 July 2020	於2020年6月30日及2020年7月1日			2,188
Impairment loss		減值虧損	11	5,600
Disposal of subsidiaries		出售附屬公司	41	(8,270)
Exchange realignment		匯兌調整		482
At 30 June 2021		於2021年6月30日		–
CARRYING VALUE	賬面值
At 30 June 2021		於2021年6月30日		–
At 30 June 2020		於2020年6月30日		6,522

22. GOODWILL

The net carrying amount represented goodwill allocated to the cash generating unit (“CGU”) for provision of System Service Solutions.

賬面淨值指分配至提供系統服務解決方案之現金產生單位（「現金產生單位」）之商譽。

==> picture [104 x 101] intentionally omitted <==

130

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the year ended 30 June 2021

22. GOODWILL (Continued)

During the year, the management of the Group recognised an impairment loss on goodwill of approximately HK$5,600,000 (2020: approximately HK$2,212,000) based on a value in use calculation by an independent professional valuer, who has staff members with appropriate experience and qualifications. That calculation uses cash flow projections based on financial budgets approved by management covering a five-year period based on the estimated production capacity of the CGU with a pre-tax discount rate of 34.65%. Another key assumption for the value in use calculation is the budgeted revenue and gross margin, which is determined based on the unit’s past performance and management’s expectations for the market development.

綜合財務報表附註（續）

截至2021年6月30日止年度

22. 商譽（續）

於年內，本集團管理層根據具有合適經驗及資格員工的獨立專業估值師計算之使用價值計算確認商譽減值虧損約 5,600,000港元（2020年：約2,212,000 港元）。該計算採用以管理層批准的財務預算為基礎的現金流量預測，該財務預算為期五年，基於現金產生單位的估計生產能力按除稅前貼現率34.65%編製。使用價值計算的另一主要假設為預算收益及毛利率，乃根據該單位過往業績及管理層對市場發展的預期釐定。

During the year ended 30 June 2021, provision of System Service Solutions business was disposed and the goodwill was derecognised.

截至2021年6月30日止年度，已出售提供系統服務解決方案業務，並終止確認商譽。

23. INVESTMENT PROPERTIES

23. 投資物業

		Note	HK$’000
		附註	千港元
FAIR VALUE	公平值
At 1 July 2019	於2019年7月1日		553,020
Changes in fair value recognised in profit or loss	於損益確認之公平值變動	11	(22,386)
At 30 June 2020 and 1 July 2020	於2020年6月30日及2020年7月1日		530,634
Changes in fair value recognised in profit or loss	於損益確認之公平值變動	11	(48,672)
At 30 June 2021	於2021年6月30日		481,962

The carrying amount of the Group’s investment properties as at 30 June 2021 and 30 June 2020 were stated based on the valuation conducted by JP Assets Consultancy Limited, an independent qualified professional valuer, on market value using the existing use basis. The loss arising from changes in fair value of investment properties of approximately HK$48,672,000 was recognised in profit or loss during the year ended 30 June 2021 (2020: approximately HK$22,386,000).

本集團投資物業於2021年6月30日及 2020年6月30日之賬面值乃根據獨立合資格專業估值師捷評資產顧問有限公司按市值使用現有用途基準進行估值而釐定。截至2021年6月30日止年度，投資物業公平值變動所產生之虧損約 48,672,000港元已於損益確認（ 2020 年：約22,386,000港元）。

As at 30 June 2021, investment properties of the Group with fair values of approximately HK$481,962,000 (2020: approximately HK$530,634,000).

於2021年6月30日，本集團投資物業之公平值約為481,962,000港元（2020 年：約530,634,000港元）。

==> picture [104 x 101] intentionally omitted <==

131

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the year ended 30 June 2021

24. PRINCIPAL SUBSIDIARIES

Particulars of the Company’s principal subsidiaries as at 30 June 2021 and 2020 are as follows:

綜合財務報表附註（續）

截至2021年6月30日止年度

24. 主要附屬公司

本公司於2021年及2020年6月30日之主要附屬公司詳情如下：

			Percentage of equity	Percentage of equity
	Place of incorporation/	Particulars of issued	attributable	to the
Name of company	registration and operation	and paid-up capital	Company		Principal activities
公司名稱	註冊成立╱登記及經營地點	已發行及繳足資本詳情	本公司應佔權益百分比		主要業務
			2021	2020
			2021年	2020年
Directly hold
直接持有
Birmingham City PLC	the UK	GBP8,150,000 ordinary	75%	96.64%	Investment holding
Birmingham City Stadium Ltd_(note (i))_	英國 the UK	8,150,000英鎊普通股 GBP100 ordinary	N/A	100%	投資控股 Properties investment
（附註(i)）	英國	100英鎊普通股	不適用		物業投資
Birmingham Finance Holdings Limited	Samoa	US$1 ordinary	100%	100%	Investment holding
伯明翰金融控股有限公司	薩摩亞	1美元普通股			投資控股
Cosy Lane Limited	British Virgin Islands	US$1 ordinary	100%	100%	Investment holding
安途有限公司	英屬處女群島	1美元普通股			投資控股
Topgame Investments Limited	British Virgin Islands	US$1 ordinary	100%	100%	Investment holding
Indirectly hold	英屬處女群島	1美元普通股			投資控股
間接持有
Banana Entertainment Limited	Hong Kong	HK$100 ordinary	100%	100%	Investment holding
香蕉互娛有限公司	香港	100港元普通股			投資控股
Birmingham City Football Club PLC	the UK	GBP6,252,838 ordinary	75%	96.64%	Football club
	英國	6,252,838英鎊普通股			足球球會
Birmingham City Women Football	the UK	GBP1 ordinary	75%	96.64%	Football club
Club Limited	英國	1英鎊普通股			足球球會
Birmingham Finance Limitied	Hong Kong	HK$100 ordinary	100%	100%	Money lending
伯明翰財務有限公司	香港	100港元普通股			放債
Birmingham Investments (China) Limited	Hong Kong	HK$100 ordinary	100%	100%	Investment holding
伯明翰投資（中國）有限公司	香港	100港元普通股			投資控股
Celestial Fame Investment (Cambodia)	Cambodia	US$1,000,000 ordinary	100%	100%	Properties investment
Co., Ltd. Deep Blue Trade (Cambodia) Co., Ltd.	柬埔寨 Cambodia	1,000,000美元普通股 US$1,000,000 ordinary	100%	100%	物業投資 Properties investment
Celestial Fame Investments Limited	柬埔寨 British Virgin Islands	1,000,000美元普通股 US$1 ordinary	100%	100%	物業投資 Properties investment
	英屬處女群島	1美元普通股			物業投資
Medi Hub Co., Ltd.*	Japan	JPY35,000,000 ordinary	100%	–	Healthcare and medical
	日本	35,000,000日圓普通股			related business
					保健及醫療相關業務
Mirai Iryo Sango Co., Ltd.*	Japan	JPY5,000,000 ordinary	100%	–	Healthcare and medical
	日本	5,000,000日圓普通股			related business
					保健及醫療相關業務
Dooboo Tech Limited_(note (i))_	Hong Kong	HK$100 ordinary	N/A	100%	Provision of System
多博科技有限公司（附註(i)）	香港	100港元普通股	不適用		Service Solutions
					提供系統服務解決方案
Wangmei Online (Beijing) Information &	the PRC	RMB16,925,926	N/A	100%	Provision of System
Technology Co., Ltd.*(notes (i) and (ii))	中國	人民幣16,925,926元	不適用		Service Solutions
網梅在綫（北京）信息技術有限公司（附註(i)及(ii)）					提供系統服務解決方案

Notes:

(i) Disposed during the year ended 30 June 2021.

==> picture [104 x 101] intentionally omitted <==

----- Start of picture text -----

(ii)

----- End of picture text -----*

(ii) A limited liability company established in the PRC (solely funded by Taiwan, Hong Kong or Macau corporate body).
The English translation of the company name is for reference only.

附註：

(i) 已於截至2021年6月30日止年度出售。
(ii) 於中國成立的有限責任公司（台港澳法人獨資）。
英文名稱僅用於識別之用。

132

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

24. PRINCIPAL SUBSIDIARIES (Continued)

The following table shows information of the subsidiaries that have non-controlling interests (“NCI”) material to the Group. The summarised financial information represents amounts before inter-company eliminations.

綜合財務報表附註（續）

截至2021年6月30日止年度

24. 主要附屬公司（續）

下表呈列擁有對本集團屬重大之非控股權益（「非控股權益」）之附屬公司之資料。財務資料概要反映公司間對銷前之金額。

==> picture [507 x 616] intentionally omitted <==

----- Start of picture text -----

|||||
|---|---|---|---|
|Birmingham City PLC|
|2021|2020|
|2021年|2020年|
|Principal place of business and|主要營運地點及註冊成立國家|the UK|the UK|
|country of registration|英國|英國|
|% of ownership interests and|非控股權益應佔擁有權及|
|voting rights held by NCI|所持投票權之百分比|25%|3.36%|
|HK$’000|HK$’000|
|千港元|千港元|
|At 30 June|於6月30日|
|Non-current assets|非流動資產|310,317|233,521|
|Current assets|流動資產|238,288|289,286|
|Current liabilities|流動負債|(1,290,000)|(1,281,553)|
|Non-current liabilities|非流動負債|(180,553)|(30,480)|
|Net liabilities|負債淨額|(921,948)|(789,226)|
|Accumulated NCI|累計非控股權益|(230,487)|(26,518)|
|HK$’000|HK$’000|
|千港元|千港元|
|Year ended 30 June|截至6月30日止年度|
|Revenue|收益|137,869|224,042|
|Loss for the year|本年度虧損|(53,230)|(178,570)|
|Total comprehensive loss for the year|本年度全面虧損總額|(58,897)|(151,369)|
|Loss allocated to NCI|分配至非控股權益之虧損|(38,931)|(6,000)|
|Net cash used in operating activities|經營活動所用之現金淨額|(185,159)|(166,081)|
|Net cash generated from (used in)|投資活動產生（所用）之|
|investing activities|現金淨額|141,154|(28,297)|
|Net cash generated from financing|融資活動產生之現金淨額|
|activities|39,596|182,589|
|Net decrease in cash and|現金及現金等值項目減少淨額|
|cash equivalents|(4,409)|(11,789)|
|133|

----- End of picture text -----

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

綜合財務報表附註（續）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

截至2021年6月30日止年度

For the year ended 30 June 2021

25. 存貨

25. INVENTORIES

INVENTORIES	INVENTORIES	25.存貨	25.存貨
		2021 2020 2021年 2020年 *HK$’000* HK$’000 千港元千港元
Finished goods and goods for sale		製成品及銷售品 378 856
TRADE RECEIVABLES		26.應收貿易賬款 2021 2020 2021年 2020年 *HK$’000* HK$’000 千港元千港元
Trade receivables Less: impairment loss recognised_(Note (ii))_		應收貿易賬款減：已確認減值虧損（附註(ii)）	16,579 8,227 (2,775) (2,880)
			13,804 5,347
附註： (i) 本集團給予客戶的信貸期一般為約 14日至90日。貿易應收賬款（扣除減值撥備）按發票日期的賬齡分析如下： Notes: (i) In general, the Group grants a credit period of about 14 days to 90 days to its customers. The aging analysis of trade receivables (net of provision for impairment) based on the invoice date is as follows: 2021 2020 2021年 2020年 *HK$’000* HK$’000 千港元千港元 Within 30 days 30日內 6,237 96 31 days to 90 days 31日至90日 5,176 2 91 days to 180 days 91日至180日 2,160 1,185 181 days to 365 days 181日至365日 231 4,064 13,804 5,347
	Within 30 days 30日內 6,237 96 31 days to 90 days 31日至90日 5,176 2 91 days to 180 days 91日至180日 2,160 1,185 181 days to 365 days 181日至365日 231 4,064
	13,804 5,347

26. TRADE RECEIVABLES

==> picture [104 x 101] intentionally omitted <==

134

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the year ended 30 June 2021

26. TRADE RECEIVABLES (Continued)

Notes: (Continued)

綜合財務報表附註（續）

截至2021年6月30日止年度

26. 應收貿易賬款（續）

附註：（續）

(ii) The movements in the impairment on trade receivables during the year are as follows:

(ii) 年內應收貿易賬款之減值變動如下：

(iii)	2021 2020 2021年 2020年 *HK$’000* HK$’000 千港元千港元
	At 1 July 於7月1日 2,880 898 Written off during the year 年內註銷 (497) (805) Reversal of impairment loss recognised 回撥已確認減值虧損 (61) (164) Impairment loss recognised 已確認減值虧損 102 3,042 Exchange realignment 匯兌調整 351 (91)
	At 30 June 於6月30日 2,775 2,880
	The Group applies the simplified approach under HKFRS 9 to provide for expected credit losses using the lifetime expected loss provision for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected credit losses also incorporate forward looking information. (iii) 本集團應用香港財務報告準則第9號項下之簡化方法就預期信貸虧損作出撥備，對所有應收貿易賬款採用全期預期虧損撥備。為計量預期信貸虧損，應收貿易賬款已根據共同信貸風險特徵及逾期日數分類。預期信貸虧損亦包含前瞻性資料。

			Less than	Over 90
			90 days	days past
			past due	due
		Current	逾期	逾期	Total
		即期	少於90日	超過90日	總計
At 30 June 2021	於2021年6月30日
Weighted average expected	預期虧損率加權
loss rate	平均值	–	0.0%	92.3%
Receivables amount_(HK$’000)_	應收金額（千港元）	11,413	2,160	3,006	16,579
Loss allowance_(HK$’000)_	虧損撥備（千港元）	–	–	2,775	2,775

At 30 June 2020	於2020年6月30日
Weighted average expected	預期虧損率加權
loss rate	平均值	–	1.7%	41.3%
Receivables amount_(HK$’000)_	應收金額（千港元）	98	1,205	6,924	8,227
Loss allowance_(HK$’000)_	虧損撥備（千港元）	–	20	2,860	2,880

==> picture [104 x 101] intentionally omitted <==

135

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the year ended 30 June 2021

27. DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES

綜合財務報表附註（續）

截至2021年6月30日止年度

27. 按金、預付款項及其他應收款項

DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES	27.按金	、預付款項及其	他應收款項
		2021	2020
		2021年	2020年
		*HK$’000*	HK$’000
		千港元	千港元
Other receivables	其他應收款項	27,734	6,945
Transfer fee receivables_(Note (i))_	應收轉會費（附註(i)）	175,669	102,904
Amount due from a former subsidiary_(Note (ii))_應收前附屬公司之款項（附註(ii)） 63,304			–
Deposits and prepayments 按金及預付款項		8,714	5,693
Less: impairment loss recognised_(Note (iii))_ 減：已確認減值虧損（附註(iii)）		(1)	(1,532)
Less: transfer fee receivables	減：應收轉會費
– non-current_(Note (i))_	－非流動（附註(i)）	(53,750)	(47,146)
Amounts shown as current assets	列作流動資產之金額	221,670	66,864

Notes:

附註：

(i) Included in other receivables are amounts of approximately HK$53,750,000 as at 30 June 2021 relating to transfer fee of players which are classified as non-current (2020: approximately HK$47,146,000). In addition, the Group’s transfer fee receivables from other football clubs with a carrying amount of approximately HK$161,250,000 (equivalent to approximately GBP15,000,000) as at 30 June 2021 (2020: nil) were pledged to secure bank borrowings of the Group.
(i) 於2021年6月30日，其他應收款項包括約53,750,000港元，涉及球員轉會費並分類為非流動（ 2020年：約47,146,000港元）。此外，本集團於2021年6月30日之應收其他足球球會轉會費之賬面值約161,250,000 港元（相等於約15,000,000英鎊）
（2020年：無）已抵押作為本集團銀行貸款之擔保。
(ii) Amount due from a former subsidiary, Birmingham City Stadium Ltd, is unsecured, interest bearing and repayable on demand.
(ii) 應收前附屬公司Birmingham City Stadium Ltd之款項為無抵押、計息及按要求償還。
(iii) The movements in the impairment loss on other receivables during the year are as follows:
(iii) 年內其他應收款項之減值虧損變動如下：

		2021	2020
		2021年	2020年
		*HK$’000*	HK$’000
		千港元	千港元
At 1 July	於7月1日	1,532	–
Impairment loss recognised	已確認減值虧損	1	1,577
Reversal of impairment loss recognised	回撥已確認減值虧損	(1,677)	–
Exchange realignment	匯兌調整	145	(45)
At 30 June	於6月30日	1	1,532

==> picture [104 x 101] intentionally omitted <==

136

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

28. TRANSFER FEE PAYABLES

綜合財務報表附註（續）

截至2021年6月30日止年度

28. 應付轉會費

TRANSFER FEE PAYABLES		28.應付	轉會費
			2021	2020
			2021年	2020年
			*HK$’000*	HK$’000
			千港元	千港元
Transfer fee payables:	應付轉會費：
– Within one year		－一年內	17,266	28,496
– Due after one year		－一年後到期	19,888	–
			37,154	28,496

All transfer fee payables are stated at amortised cost that approximately equal to their fair value.

所有應付轉會費按與公平值相若之攤銷成本列賬。

29. TRADE PAYABLES

The aging analysis of trade payables based on the invoice date is as follows:

29. 應付貿易賬款

應付貿易賬款按發票日期劃分之賬齡分析如下：

		2021 2020 2021年 2020年 *HK$’000* HK$’000 千港元千港元
Within 30 days 31 days to 90 days 91 days to 180 days 181 days to 365 days	30日內 31日至90日 91日至180日 181日至365日	3,188 4,169 3,966 1,769 1,212 5,857 1,738 4,625
		10,104 16,420

The credit periods of the Group’s trade payables normally granted from suppliers averaging at 90 days (2020: 90 days).

本集團之應付貿易賬款一般獲供應商給予平均90日之信貸期（2020年：90日）。

==> picture [104 x 101] intentionally omitted <==

137

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the year ended 30 June 2021

30. ACCRUALS AND OTHER PAYABLES

綜合財務報表附註（續）

截至2021年6月30日止年度

30. 應計款項及其他應付款項

ACCRUALS AND OTHER PAYABLES		30.應計	款項及其他應付	款項
			2021	2020
			2021年	2020年
		Notes	*HK$’000*	HK$’000
		附註	千港元	千港元

Accruals	應計款項	(i)	64,312	124,268
Consideration payable	應付代價		–	21,944
Agent’s fee payables	應付經紀人費用		11,143	12,496
			75,455	158,708
Less: Amounts due after one year	減：於一年後到期之款項	(ii)	–	(15,088)
Amounts shown as current liabilities	列作流動負債之金額		75,455	143,620

Notes:

附註：

(i) Included in accruals are amounts of approximately HK$2,514,000 (2020: approximately HK$1,317,000) relating to accrued directors’ remuneration.
(i) 應計款項包括有關應計董事酬金之款項約2,514,000港元（2020年：約 1,317,000港元）。
(ii) Agent’s fee and selling fee of HK$Nil (2020: approximately HK$15,088,000) payable for the acquisition of football players is due after one year according to the transfer agreement of players.
(ii) 就收購球員應付經紀人費用及出售費用零港元（2020年：約15,088,000 港元），已按照球員之轉會協議於一年後到期。
(iii) Accruals and other payables are all non-interest bearing.
(iii) 應計款項及其他應付款項均不計息。

31. AMOUNT DUE TO A RELATED PARTY

31. 應付關聯方款項

AMOUNT DUE TO A RELATED PARTY		關聯方款項
		2021	2020
		2021年	2020年
		*HK$’000*	HK$’000
		千港元	千港元
Amount due to a related party	應付關聯方款項	213,359	–

The carrying amount of approximately HK$213,359,000 as at 30 June 2021 represented amount due to Oriental Rainbow, a subsidiary of a substantial shareholder of the Company. The balances are denominated in Pound Sterling and are unsecured, interest-free and have no fixed repayment term.

於 2 0 2 1 年 6 月 3 0 日，賬面值約 213,359,000港元為應付本公司主要股東之附屬公司東霓之款項。該等結餘以英鎊計值，為無抵押、免息且並無固定還款期。

==> picture [104 x 101] intentionally omitted <==

138

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

32. DEFERRED CAPITAL GRANTS

綜合財務報表附註（續）

截至2021年6月30日止年度

32. 遞延資本撥款

			2021	2020
			2021年	2020年
			*HK$’000*	HK$’000
			千港元	千港元
To be released:	將被撥回之款項：
– Within one year		－一年內	–	544
– After one year		－一年後	–	12,860
			–	13,404

Deferred capital grants relate to the redevelopment of the football stadium located in Birmingham, the UK. The grant has been treated as a deferred grant and is being amortised in line with the depreciable assets to which it relates.

遞延資本撥款乃與重新發展位於英國伯明翰之足球場有關。撥款乃視作遞延撥款，且與其有關之可予折舊資產同步攤銷。

During the year ended 30 June 2021, Birmingham City Stadium Ltd, a subsidiary which holds the stadium located in Birmingham was disposed and the deferred capital grants was derecognised upon the completion of disposal.

於截至 2 0 2 1 年 6 月 3 0 日止年度， Birmingham City Stadium Ltd（持有位於英國伯明翰之足球場之附屬公司）已出售，並於完成出售時終止確認遞延資本撥款。

33. CONTRACT ASSETS AND LIABILITIES

33. 合約資產及負債

CONTRACT ASSETS AND LIABILITIES		33.	合約資產及負債	合約資產及負債
Disclosures of revenue-related items:			收益相關項目披露：
			At	At	At
			30 June	30 June	1 July
			2021	2020	2019
			於2021年	於2020年	於2019年
			6月30日	6月30日	7月1日
			*HK$’000*	HK$’000	HK$’000
			千港元	千港元	千港元
Contract assets - System Service	合約資產－系統服務解決
Solutions business		方案業務	–	140	–
Contract liabilities - football club business	合約負債－足球球會業務		(35,326)	(6,671)	(29,136)
Revenue recognised in the year that	於年初已計入合約負債之
was included in contract liabilities at		年度已確認之收益
beginning of the year			172	24,244	24,969

==> picture [104 x 101] intentionally omitted <==

139

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the year ended 30 June 2021

33. CONTRACT ASSETS AND LIABILITIES (Continued)

Transaction prices allocated to performance obligations unsatisfied at end of the year and expected to be recognised as revenue in:

綜合財務報表附註（續）

截至2021年6月30日止年度

33. 合約資產及負債（續）

分配至年末尚未完成的履約責任並預期於下列年度確認為收益的交易價格：

					2021	2020
					2021年	2020年
					*HK$’000*	HK$’000
					千港元	千港元
Year ended	30	June	2021	截至2021年6月30日止年度	–	6,671
Year ended	30	June	2022	截至2022年6月30日止年度	35,326	–
					35,326	6,671

Significant changes in contract assets during the year:	Significant changes in contract assets during the year:	本年度合約資產之重大變動：	本年度合約資產之重大變動：
		2021	2020
		2021年	2020年
		*HK$’000*	HK$’000
		千港元	千港元
At 1 July	於7月1日	140	–
Increase due to operations in the year	因年內業務而增加	–	140
Transfer of contract assets to receivables Exchange realignment	轉撥合約資產至應收款項匯兌調整	(140) –	– –
At 30 June	於6月30日	–	140

A contract asset represents the Group’s right to consideration in exchange for products or services that the Group has transferred to a customer.

合約資產指本集團收取代價的權利，以作為向客戶轉讓產品或服務的交換。

Significant changes in contract liabilities during the year:	Significant changes in contract liabilities during the year:	本年度合約負債之重大變動：	本年度合約負債之重大變動：
		2021	2020
		2021年	2020年
		*HK$’000*	HK$’000
		千港元	千港元
At 1 July	於7月1日	6,671	29,136
Increase due to operations in the year	因年內業務而增加	27,191	2,282
Transfer of contract liabilities to revenue	轉移合約負債至收益	(172)	(24,311)
Exchange realignment	匯兌調整	1,636	(436)
At 30 June	於6月30日	35,326	6,671

A contract liability represents the Group’s obligation to transfer products or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer.

==> picture [104 x 101] intentionally omitted <==

合約負債指本集團向客戶轉讓本集團已自客戶收取代價（或應收代價金額）之產品或服務之責任。

140

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the year ended 30 June 2021

34. BORROWINGS

綜合財務報表附註（續）

截至2021年6月30日止年度

34. 貸款

BORROWINGS			34.貸款
				2021	2020
				2021年	2020年
			Notes	*HK$’000*	HK$’000
			附註	千港元	千港元

Bank borrowings, secured	銀行貸款-有抵押		(i)	154,229	–
Other borrowings, unsecured:	其他貸款-無抵押：
– Loan from Football League		－來自Football League之貸款	(ii)	80,460	5,571
– Loan from substantial shareholders		－來自主要股東之貸款	(iii)	49,200	66,197
– Loan from third parties		－來自第三方之貸款	(iv)	9,672	415,497
– Other loan		－其他貸款		199	177
				293,760	487,442

At 30 June 2021 and 2020, total borrowings were repayable as follows:

於2021年及2020年6月30日，貸款總額須按以下年期償還：

			Bank borrowing 銀行貸款 2021	Other borrowings 其他貸款 2021	Total 總計 2021	Other borrowings 其他貸款 2020
			2021年 *HK$’000* 千港元	2021年 *HK$’000* 千港元	2021年 *HK$’000* 千港元	2020年 HK$’000 千港元
Carrying amounts repayable:*	應償還之賬面值：*
– On demand or within one year		－應要求或一年內	103,992	80,443	184,435	482,621
– Between one and two years		－一年至兩年	50,237	29,943	80,180	2,785
– Between two and five years		－兩年至五年	–	28,946	28,946	1,859
– Over five years		－五年以上	–	199	199	177
Less: Amounts due within one year	減：流動負債所列於一年		154,229	139,531	293,760	487,442
shown as current liabilities		內到期之款項	(103,992)	(80,443)	(184,435)	(482,621)
Amounts shown as non-current liabilities	列作非流動負債之金額		50,237	59,088	109,325	4,821

The amounts due are based on scheduled repayable dates set out in loan agreements.
該等到期之金額按貸款協議中載列之預定還款日期。

==> picture [104 x 101] intentionally omitted <==

141

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the year ended 30 June 2021

34. BORROWINGS (Continued)

綜合財務報表附註（續）

截至2021年6月30日止年度

34. 貸款 （續）

BORROWINGS(Continued)		（續）
		2021	2020
		2021年	2020年
		*HK$’000*	HK$’000
		千港元	千港元
Carrying amounts are denominated in	賬面值以下列貨幣計值：
the following currencies:
Hong Kong dollars	港元	49,200	473,905
Pound Sterling	英鎊	234,888	5,748
Renminbi	人民幣	8,407	7,789
Japanese Yen	日圓	1,265	–
		293,760	487,442

		2021	2020
		2021年	2020年
Effective interest rates per annum:	實際年利率：
Hong Kong dollars	港元	4.50%	4.50% - 8.00%
Pound Sterling	英鎊	0.00% - 5.56%	0.00%
Renminbi	人民幣	5.00%	5.00%
Japanese Yen	日圓	0.46%	N/A不適用

Notes:

附註：

(i) During the year ended 30 June 2021, the Group has obtained new bank borrowings amounting to approximately HK$186,104,000 (equivalent to approximately GBP17,312,000), which were used for repayment of loans from third parties. All the new bank borrowings bear fixed interest at the rates ranging from 4.29% to 5.56% per annum. The bank borrowings are secured by the Group’s transfer fee receivables from other football clubs. As at 30 June 2021, approximately HK$154,229,000 (equivalent to approximately GBP14,347,000) of the Group’s borrowing was secured bank borrowing.
(i) 於截至 2021 年 6 月 30 日止年度期間，本集團已取得新的銀行貸款約 186,104,000 港元（相等於約 17,312,000英鎊），用於償還來自第三方之貸款。所有新銀行貸款均按介乎4.29%至5.56%之固定年利率計息。銀行貸款乃以本集團應收其他足球球會之轉會費作為抵押。於2021年6月30日，本集團之貸款約154,229,000港元（相等於約 14,347,000英鎊）為有抵押銀行貸款。

==> picture [104 x 101] intentionally omitted <==

142

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

34. BORROWINGS (Continued)

Notes: (Continued)

(ii) On 29 March 2021, Birmingham City Football Club (“BCFC” or the “Club”) and the Football League entered into a loan agreement, pursuant to which the Football League will provide a loan up to approximately HK$89,548,000 (equivalent to GBP8,330,000) (the “2021 Football Loan”). During the year ended 30 June 2021, approximately HK$78,357,000 (equivalent to approximately GBP7,289,000) of the Group’s borrowing was from the 2021 Football Loan, which were used for operating expenses of BCFC in the UK. The loan is unsecured and interest-free, pursuant to the loan agreement, BCFC agreed to repay the 2021 Football Loan by six equal instalments in cash from August 2021 to January 2024. The fair value of the 2021 Football Loan was measured by computing the present value of estimate future cash flows at the effective interest rate of 5.0%. As at 30 June 2021, the fair value of the 2021 Football Loan was approximately HK$74,182,000 (equivalent to approximately GBP6,901,000). As at 30 June 2021, approximately HK$80,460,000 (equivalent to approximately GBP7,485,000) of the Group’s borrowings were provided by the Football League.
(iii) As at 30 June 2021, approximately HK$49,200,000 of the Group’s borrowing was from a revolving loan facility provided by Trillion Trophy, a substantial shareholder of the Company. The loan amount is unsecured and bears fixed interest rate of 4.5% per annum.
(iv) As at 30 June 2021, approximately HK$9,672,000 of the Group’s borrowings were provided by external lenders. The loan amounts are unsecured and bear fixed interest at the rates ranging from 0.46% to 5.0% per annum.
(v) As at 30 June 2021, the total carrying amount of the borrowings of the Group was approximately HK$293,760,000 (2020: approximately HK$487,442,000). As at 30 June 2021, the Group had undrawn borrowing facilities of approximately HK$504,403,000 available to it (2020: approximately HK$279,261,000).

綜合財務報表附註（續）

截至2021年6月30日止年度

34. 貸款（續）

附註：（續）

(ii) 於 2021 年3 月 29 日， Birmingham City Football Club（「BCFC」或「球會」）與Football League訂立貸款協議，據此，Football League將提供最多約89,548,000港元（相等於8,330,000英鎊）之貸款（「 2021 年足球貸款」）。於截至 2021 年 6 月30日止年度期間，本集團貸款中約 78,357,000 港元（相等於約 7,289,000英鎊）乃來自2021年足球貸款，其用作BCFC於英國之經營開支。該貸款為無抵押及免息，根據貸款協議，BCFC同意於2021年8月至2024年1月期間按六期以等額現金償還2021年足球貸款。2021年足球貸款之公平值乃按實際利率5.0% 估算估計未來現金流之現值而計算所得。於2021年6月30日，2021年足球貸款之公平值約為74,182,000 港元（相等於約6,901,000英鎊）。於 2021 年 6 月 30 日，本集團貸款中約 80,460,000 港元（相等於約 7,485,000英鎊）為Football League 所提供之貸款。
(iii) 於2021年6月30日，本集團貸款中約49,200,000港元為本公司主要股東Trillion Trophy所提供之循環貸款融資。該筆貸款為無抵押及按固定年利率4.5%計息。
(iv) 於2021年6月30日，本集團貸款中約9,672,000港元乃由外部貸款人提供。該等貸款為無抵押及按介乎 0.46%至5.0%之固定年利率計息。
(v) 於 2021 年 6 月 30 日，本集團貸款之賬面總額約為293,760,000港元
（2020年：約487,442,000港元）。於 2021年6月30日，本集團有可動用未提取貸款融資約504,403,000港元
（2020年：約279,261,000港元）。

==> picture [104 x 101] intentionally omitted <==

143

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the year ended 30 June 2021

35. LEASE LIABILITIES

綜合財務報表附註（續）

截至2021年6月30日止年度

35. 租賃負債

LEASE LIABILITIES		35.租賃負債
		Minimum lease payments 最低租金 Present value of minimum lease payments 最低租金現值 2021 2020 2021 2020 2021年 2020年 2021年 2020年 *HK$’000* HK$’000 *HK$’000* HK$’000 千港元千港元千港元千港元
Within one year After one year but within five years After five years	一年內一年後但於五年內五年後	21,322 9,476 11,686 7,093 63,901 16,118 28,815 10,375 149,837 77,840 63,711 11,885
Less: Future finance charges	減：未來融資費用	235,060 103,434 104,212 29,353 N/A N/A (130,848) (74,081) 不適用不適用
Present value of lease liabilities	租賃負債的現值
Less: Amount due for settlement within 12 months (shown under current liabilities)
Amount due for settlement after 12 month	12個月之後到期清償的金額	92,526 22,260

At 30 June 2021, the effective borrowing rates are ranging from 4.5% to 11.89% (2020: 4.5% - 11%). Interest rates are fixed at the contract dates and thus expose the Group to fair value interest rate risk.

於2021年6月30日，實際貸款利率介乎4.5%至11.89%（ 2020年：4.5%至 11%）。利率於合約日期釐定，因此令本集團承受公平值利率風險。

==> picture [104 x 101] intentionally omitted <==

144

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

36. DEFERRED TAX LIABILITIES

The components of deferred tax liabilities recognised in the consolidated statement of financial position and the movements during the year are as follows:

綜合財務報表附註（續）

截至2021年6月30日止年度

36. 遞延稅項負債

於綜合財務狀況表確認之遞延稅項負債之組成部份及於年內之變動如下：

			Revaluation	Revaluation	Revaluation
			of Investment	of land and	of intangible
			properties	building	assets	Total
			重估投資物業重估土地及樓宇		重估無形資產	總額
		Notes	HK$’000	HK$’000	HK$’000	HK$’000
		附註	千港元	千港元	千港元	千港元
At 1 July 2019	於2019年7月1日		4,631	14,670	2,584	21,885
Exchange realignment	匯兌調整		–	(557)	(75)	(632)
Arising on acquisition of a	於收購附屬公司時產生
subsidiary			–	–	4,738	4,738
Credited to consolidated	計入綜合損益及其他全面
statement of profit or loss and	收益表
other comprehensive income			(4,477)	(228)	(494)	(5,199)
At 30 June 2020	於2020年6月30日		154	13,885	6,753	20,792
Exchange realignment	匯兌調整		–	2,106	336	2,442
Arising on acquisition of	於收購附屬公司時產生
subsidiaries		39	–	–	16	16
Disposal of subsidiaries	出售附屬公司	41	–	(15,743)	(4,341)	(20,084)
Credited to consolidated	計入綜合損益及其他全面
statement of profit or loss and	收益表
other comprehensive income			(154)	(248)	(187)	(589)
At 30 June 2021	於2021年6月30日		–	–	2,577	2,577

At 30 June 2021, the Group has unused tax losses of approximately HK$807,787,000 (2020: approximately HK$743,699,000) available for off-set against future profits. No deferred tax asset has been recognised in respect of such tax losses due to the unpredictability of future profit streams. Such losses may be carried forward indefinitely.

During the year ended 30 June 2021, Birmingham City Stadium Ltd, a subsidiary which holds the stadium located in Birmingham, was disposed and the deferred tax liabilities relating to the stadium was derecognised during the year ended 30 June 2021.

During the year ended 30 June 2021, Power Super Group which engaged in provision of System Service Solutions business, were also disposed and the deferred tax liabilities relating to their intangible assets were derecognised during the year ended 30 June 2021.

於2021年6月30日，本集團有未動用稅項虧損約807,787,000港元（ 2020年：約743,699,000港元）可用作抵銷未來溢利。由於未來溢利流難以預測，故概無就有關稅項虧損確認遞延稅項資產。有關虧損可無限期結轉。

於截至 2 0 2 1 年 6 月 3 0 日止年度， Birmingham City Stadium Ltd（持有位於英國伯明翰之足球場之附屬公司）已出售，並於截至2021年6月30止年度終止確認有關足球場遞稅項負債。

於截至2021年6月30日止年度，Power Super集團（從事提供系統服務解決方案業務）亦已出售，並於截至2021年6 月30日止年度終止確認有關其無形資產之遞延稅項負債。

==> picture [64 x 61] intentionally omitted <==

145

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the year ended 30 June 2021

37. SHARE CAPITAL AND RESERVES

綜合財務報表附註（續）

截至2021年6月30日止年度

37. 股本及儲備

				Number of shares	Amount
				股份數目	金額
			Notes		HK$’000
			附註		千港元
Ordinary shares of HK$0.01 each	每股面值0.01港元之普通股
Authorised:	法定：
At 30 June 2020 and 30 June 2021	於2020年6月30日及2021年6月30日			50,000,000,000	500,000
Issued and fully paid:	已發行及繳足：
At 1 July 2019, 30 June 2020 and	於2019年7月1日、2020年6月30日及
1 July 2020		2020年7月1日		17,710,022,508	177,100
Issue of shares upon share placing	股份配售時發行股份		(i)	516,400,000	5,164
Issue of shares upon share subscriptions	股份認購時發行股份		(ii)	1,062,576,000	10,626
At 30 June 2021	於2021年6月30日			19,288,998,508	192,890

Notes:

附註：

(i) On 22 December 2020, the Company completed a placing of new shares pursuant to which 516,400,000 shares were placed at the placing price of HK$0.135 per share, raising HK$69,714,000 before expenses. Out of the total net proceeds, approximately HK$5,164,000 was credited to the share capital account and approximately HK$63,320,000 was credited to the share premium account. The related transaction costs amounting to approximately HK$1,230,000 have been recorded in the share premium account. Details of the Placing were disclosed in the announcements of the Company dated 8 December 2020 and 22 December 2020.
(i) 於2020年12月22日，本公司完成配售新股份，據此，按配售價每股0.135港元配售516,400,000股股份，扣除開支前所籌集款項為 69,714,000港元。總所得款項淨額中約5,164,000港元已計入股本賬內，而約63,320,000港元則計入股份溢價賬內。相關交易成本約 1,230,000港元已記入股份溢價賬內。配售事項之詳情於本公司日期為2020年12月8日及2020年12月22 日之公告內披露。
(ii) On 15 January 2021, the Company entered into the Subscription Agreements with Global Mineral and Join Surplus, pursuant to which the Company conditionally agreed to issue 541,000,000 new shares to Global Mineral and 521,576,000 new shares to Join Surplus at the subscription price of HK$0.13175 per share to set off against the outstanding loan due to the respective parties in aggregate of approximately HK$140,000,000. The completion of the Subscription took place on 21 January 2021. Details of the Subscription were disclosed in the announcements of the Company dated 15 January 2021 and 21 January 2021.
(ii) 於2021年1月15日，本公司與Global Mineral及縉盈訂立認購協議，據此，本公司有條件地同意按認購價每股0.13175港元，分別向Global Mineral及縉盈發行541,000,000 股及521,576,000股新股份，以抵銷應付各方之未償還貸款合共約 140,000,000港元。認購事項已於 2021年1月21日完成。有關認購事項之詳情於本公司日期為2021年1月 15日及2021年1月21日之公告內披露。
(iii) All shares of the Company issued during the year ended 30 June 2021 rank pari passu with the then existing shares in all respects.

==> picture [104 x 101] intentionally omitted <==

(iii) 本公司於截至2021年6月30日止年度期間發行之所有股份與當時現有股份在所有方面享有同等地位。

146

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

37. SHARE CAPITAL AND RESERVES (Continued)

(a) The Group

(i) The amounts of the Group’s reserves and movements therein are presented in the consolidated statement of profit or loss and other comprehensive income and consolidated statement of changes in equity.
(ii) Share premium – the application of the share premium account is governed by applicable regulations of the Cayman Islands.
(iii) Capital reserve – capital reserve represents the waiver of amounts due to a shareholder.
(iv) Translation reserve – translation reserve is arising from the translation of foreign currencies in overseas subsidiaries from the functional currency to the Group’s presentation currency.
(v) Share options reserve – the share options reserve represents the fair value of the actual or estimated number of unexercised share options granted to directors and employees of the Group recognised in accordance with the accounting policy adopted for equity-settled share-based payments in note 4 to the consolidated financial statements.

綜合財務報表附註（續）

截至2021年6月30日止年度

37. 股本及儲備（續）

(a) 本集團
(i) 本集團儲備之數額及變動於綜合損益及其他全面收益表以及綜合權益變動表呈列。
(ii) 股份溢價－股份溢價賬之應用受開曼群島適用規例監管。
(iii) 資本儲備－資本儲備指豁免應付一名股東款項。
(iv) 匯兌儲備－匯兌儲備產生自換算海外附屬公司之外幣（功能貨幣）至本集團呈列貨幣。
(v) 購股權儲備－購股權儲備為授予本集團董事及僱員之未行使購股權實際或估計數目之公平值，根據綜合財務報表附註4以股權結算以股份為基礎支付採納的會計政策進行確認。

==> picture [104 x 101] intentionally omitted <==

147

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

綜合財務報表附註（續）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

截至2021年6月30日止年度

For the year ended 30 June 2021

37. 股本及儲備 （續）

37. SHARE CAPITAL AND RESERVES (Continued)

(b) 本公司

(b) The Company

The Company					(b)本公	司
						Share
			Contributed	Share	Capital	options	Accumulated
			surplus	premium	reserve	reserve		losses	Total
			繳入盈餘	股份溢價	資本儲備	購股權儲備		累計虧損	總額
			HK$’000	HK$’000	HK$’000	HK$’000		HK$’000	HK$’000
			千港元	千港元	千港元	千港元		千港元	千港元
At 1 July 2019	於2019年7月1日		22,201	1,563,733	6,510	4,398		(1,356,710)	240,132
Recognition of equity-settled	確認以股權結算以股份為基礎之
share-based payments expense		付款支出	–	–	–	2,761		–	2,761
Total comprehensive expense for	本年度全面開支總額
the year			–	–	–	–		(101,984)	(101,984)
At 30 June 2020 and 1 July 2020	於2020年6月30日及2020年7月1日		22,201	1,563,733	6,510	7,159		(1,458,694)	140,909
Recognition of equity-settled share-	確認以股權結算以股份為基礎之
based payments expense		付款支出	–	–	–	2,315		–	2,315
Issue of shares upon share placing	股份配售時發行股份		–	64,550	–	–		–	64,550
Transaction costs attributable to	股份配售之交易成本
share placing			–	(1,230)	–	–		–	(1,230)
Issue of shares upon share	股份認購時發行股份
subscriptions			–	156,198	–	–		–	156,198
Transaction costs attributable to	股份認購之交易成本
shares subscriptions			–	(151)	–	–		–	(151)
Total comprehensive expense for	本年度全面開支總額
the year			–	–	–	–		(153,045)	(153,045)
At 30 June 2021	於2021年6月30日		22,201	1,783,100	6,510	9,474		(1,611,739)	209,546
Notes:					附註	：

附註：

(i) Contributed surplus – the contributed surplus represents the excess of the fair value of the subsidiaries acquired pursuant to the group reorganisation over the nominal value of the shares of the Company issued in exchange therefor. Under the Companies Law of the Cayman Islands, the contributed surplus account is distributable to the shareholders of the Company under certain circumstances.
(i) 繳入盈餘－繳入盈餘指根據集團重組所收購附屬公司公平值與本公司為交換該等附屬公司而發行之股份面值兩者之差額。按照開曼群島公司法，本公司可在若干情況下以繳入盈餘賬內之款項向股東作出分派。
(ii) Capital reserve – capital reserve represents the waiver of amounts due to a shareholder.
(ii) 資本儲備－資本儲備指豁免應付一名股東款項。

==> picture [104 x 101] intentionally omitted <==

(iii) Share options reserve – the share options reserve represents the fair value of the actual or estimated number of unexercised share options granted to directors and employees of the Group recognised in accordance with the accounting policy adopted for equity-settled share-based payments in note 4 to the consolidated financial statements.
(iii) 購股權儲備－購股權儲備為授予本集團董事及僱員之未行使購股權實際或估計數目之公平值，根據綜合財務報表附註4 以股權結算以股份為基礎支付採納的會計政策進行確認。

148

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

38. SHARE OPTION SCHEME

The existing share option scheme of the Company (the “Share Option Scheme”) was adopted by the Company at the annual general meeting of the Company held on 30 December 2016.

On 6 December 2018, the Company granted share options to eligible persons to subscribe for a total of 300,000,000 ordinary shares of the Company under the Share Option Scheme. The exercise price of the share options granted was HK$0.1084 per share and the share options granted were exercisable in three tranches. The first tranche amounted to one third of the share options granted can be exercised beginning on the date of grant and exercisable within a period of five years thereafter. The second tranche amounted to one third of the share options granted shall be vested on the first anniversary of the date of grant and exercisable within the period of four years after being vested. The remaining tranche amounted to one third of the share options granted shall be vested on the second anniversary of the date of grant and exercisable within the period of three years after being vested.

On 23 April 2019, the Company completed the rights issue in which 5,903,340,836 new shares on the basis of one rights share for every two shares were allotted and issued at the subscription price of HK$0.05 per rights share. The number of share of the Company that can be issued upon exercise of the outstanding share options and the exercise price of the outstanding share options were adjusted in accordance with the Share Option Scheme and the supplementary guidance regarding adjustment of share options under Rule 17.03(13) of the Listing Rules. The exercise price per share was adjusted to HK$0.09736.

綜合財務報表附註（續）

截至2021年6月30日止年度

38. 購股權計劃

本公司於2016年12月30日舉行之本公司股東週年大會上採納本公司之現有購股權計劃（「購股權計劃」）。

於 2018 年 12 月 6 日，本公司根據購股權計劃向合資格人士授出購股權，可供認購合共 300,000,000 股本公司普通股。所授出購股權之行使價為每股股份 0.1084 港元，所授出購股權分三個批次行使。其中首批相等於已授出購股權三分之一的購股權將於授出日期起可供行使及於其後五年內可行使。其中第二批相等於已授出購股權三分之一的購股權將於授出日期首週年起歸屬及歸屬後四年內可行使。餘下批次相等於已授出購股權三分之一的購股權將於授出日期兩週年起歸屬及歸屬後三年內可行使。

於 2019 年 4 月 23 日，本公司已完成供股，據此，本公司已按認購價每股供股股份 0.05 港元按每持有兩股股份可獲發一股供股股份之基準配發及發行 5,903,340,836 股新股份。於尚未行使購股權獲行使時可予發行之本公司股份數目及尚未行使購股權之行使價已根據購股權計劃及上市規則第 17.03(13) 條有關調整購股權之補充指引作出調整。每股行使價已調整至 0.09736 港元。

==> picture [104 x 101] intentionally omitted <==

149

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the year ended 30 June 2021

38. SHARE OPTION SCHEME (Continued)

Details of movements in the number of share options during the year ended 30 June 2021 under the Share Option Scheme are as follows:

綜合財務報表附註（續）

截至2021年6月30日止年度

38. 購股權計劃（續）

截至2021年6月30日止年度，購股權計劃項下購股權之數目變動如下：

				Adjusted
				exercise price				Outstanding
				per share due		Exercised/		at	Exercised/
Name or				to Rights Issue		cancelled/lapsed		30 June 2020	cancelled/lapsed
category of				(Note (i))	Outstanding at	during the year		and 1 July 2020	during the year		Outstanding at
participants		Exercisable period	Exercise	因供股而調整之	1 July 2019		年內	於2020年		年內	30 June 2021
參與者姓名	Date of grant	(both dates inclusive)	price	每股行使價	於2019年7月	已行使╱		6月30日及2020年	已行使╱		於2021年6月30日
或類別	授出日期	行使期（包括首尾兩天）	行使價	（附註(i)）	1日尚未行使	已註銷╱失效		7月1日尚未行使	已註銷╱失效		尚未行使
			HK$	HK$
			港元	港元
Directors:
董事：
Mr. Zhao Wenqing	6 December 2018	6 December 2018 to 5 December 2023	0.1084	0.09736	22,268,042		–	22,268,042		–	22,268,042
趙文清先生	2018年12月6日2018年12月6日至2023年12月5日
		6 December 2019 to 5 December 2023	0.1084	0.09736	22,268,041		–	22,268,041		–	22,268,041
		2019年12月6日至2023年12月5日
		6 December 2020 to 5 December 2023	0.1084	0.09736	22,268,041		–	22,268,041		–	22,268,041
		2020年12月6日至2023年12月5日
Mr. Huang Dongfeng	6 December 2018	6 December 2018 to 5 December 2023	0.1084	0.09736	22,268,042		–	22,268,042		–	22,268,042
黃東風先生	2018年12月6日2018年12月6日至2023年12月5日
		6 December 2019 to 5 December 2023	0.1084	0.09736	22,268,041		–	22,268,041		–	22,268,041
		2019年12月6日至2023年12月5日
		6 December 2020 to 5 December 2023	0.1084	0.09736	22,268,041		–	22,268,041		–	22,268,041
		2020年12月6日至2023年12月5日
					133,608,248		–	133,608,248		–	133,608,248
Employees	6 December 2018	6 December 2018 to 5 December 2023	0.1084	0.09736	66,804,123		–	66,804,123		–	66,804,123
僱員	2018年12月6日	2018年12月6日至2023年12月5日
		6 December 2019 to 5 December 2023	0.1084	0.09736	66,804,124		–	66,804,124		–	66,804,124
		2019年12月6日至2023年12月5日
		6 December 2020 to 5 December 2023	0.1084	0.09736	66,804,123		–	66,804,123		–	66,804,123
		2020年12月6日至2023年12月5日
					200,412,370		–	200,412,370		–	200,412,370
					334,020,618		–	334,020,618		–	334,020,618

Notes:

附註：

(i) As a result of the rights issue which was completed on 23 April 2019, the exercise price of the share options was adjusted from HK$0.1084 to HK$0.09736 under the Share Option Scheme and the supplementary guidance regarding adjustment of share options under Rule 17.03(13) of the Listing Rules. The number of shares of the Company that will fall to be issued upon exercise of the outstanding share options were also adjusted accordingly.
(ii) The closing price per share quoted on the Stock Exchange on the trading date immediate before the date on which the share options were granted on 6 December 2018 was HK$0.111.
(iii) During the year ended 30 June 2021 and 2020, no share options had been granted, exercised or lapsed under the Share Option Scheme.

==> picture [104 x 101] intentionally omitted <==

(i) 由於供股已於 2019 年 4 月 23 日完成，購股權之行使價已根據購股權計劃及上市規則第17.03(13)條有關調整購股權之補充指引由0.1084港元調整至0.09736港元。未行使購股權獲行使後將予發行之本公司股份數目亦已作出相應調整。
(ii) 緊接購股權於2018年12月6日授出前之交易日在聯交所所報之每股股份收市價為0.111港元。
(iii) 於截至2021年及2020年6月30日止年度，並無購股權根據購股權計劃獲授出、行使或失效。

150

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

38. SHARE OPTION SCHEME (Continued)

The binomial option pricing model was used to estimate the fair value of the share options. The variables and assumptions used in computing the fair value of the share options are based on the independent professional valuer’s best estimate. The value of a share option varies with different variables and certain subjective assumptions. The estimated fair value of the share options on their respective grant dates are as follows:

綜合財務報表附註（續）

截至2021年6月30日止年度

38. 購股權計劃（續）

二項式期權定價模型已用於估計購股權之公平值。計算購股權公平值所用之變量及假設乃基於獨立專業估值師之最佳估計。購股權之價值會因應不同變量及若干主觀假設而變動。購股權於各自之授出日期之估計公平值如下：

		Exercisable period	Fair value on	Fair value on
		(both dates inclusive)		grant date
Share option type	Grant date	行使期	於授出日期之
購股權類型	授出日期	（包括首尾兩日）		公平值
				HK$
				港元
Directors	6 December 2018	6 December 2018 to 5 December 2023		0.03398
董事	2018年12月6日	2018年12月6日至2023年12月5日
		6 December 2019 to 5 December 2023		0.03585
		2019年12月6日至2023年12月5日
		6 December 2020 to 5 December 2023		0.03727
		2020年12月6日至2023年12月5日
Employees	6 December 2018	6 December 2018 to 5 December 2023		0.02380
僱員	2018年12月6日	2018年12月6日至2023年12月5日
		6 December 2019 to 5 December 2023		0.02931
		2019年12月6日至2023年12月5日
		6 December 2020 to 5 December 2023		0.03339
		2020年12月6日至2023年12月5日

==> picture [104 x 101] intentionally omitted <==

151

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

38. SHARE OPTION SCHEME (Continued)

The inputs into the model in respect of the share options granted were as follows:

綜合財務報表附註（續）

截至2021年6月30日止年度

38. 購股權計劃（續）

該模型就已授出購股權採用之參數如下：

		Share option	type	type
		購股權類型
		Directors		Employees
		董事		僱員
Share price on grant date	於授出日期之股價	HK$0.104		HK$0.104
		0.104港元		0.104港元
Exercise price on grant date	於授出日期之行使價	$0.1084		$0.1084
		0.1084港元	0.1084港元
Volatility	波幅	41.529%		41.529%
Expected life	預計年期	5 years		5 years
		5年		5年
Risk-free rate	無風險利率	2.150%		2.150%

Volatility was determined by using the historical volatility of comparable companies with business natures and operations similar to the Company over the previous five years.

波幅乃採用業務性質及營運與本公司類似之可資比較公司於過往五年內之歷史波幅而釐定。

Out of 334,020,618 (2020: 334,020,618) outstanding share options, 334,020,618 (2020: 222,680,413) share were exercisable at the end of the year. The weighted average exercise price per share is HK$0.09736 (2020: HK$0.09736).

於 3 3 4 , 0 2 0 , 6 1 8 股（ 2 0 2 0 年： 334,020,618股）尚未行使購股權中， 334,020,618股（ 2020年：22,680,413 股）於年底可予行使。加權平均每股行使價為0.09736港元（2020年：0.09736 港元）。

The Group recognised share-based payments expense of approximately HK$2,315,000 during the year ended 30 June 2021 (2020: HK$2,761,000) in relation to the share options granted by the Company.

截至2021年6月30日止年度期間，本集團就本公司所授出之購股權確認以股份為基礎之付款支出約2,315,000港元（2020年：2,761,000港元）。

39. ACQUISITION OF SUBSIDIARIES

For the year ended 30 June 2021

On 31 July 2020, the Group has, through the acquisition of the entire issued share capital in two limited liability companies established in Japan, acquired their medical services business in Japan. The medical services business principally comprises of medical consultation and healthcare and wellness referral related services in Japan. Customers are mainly from oversea countries seeking medical services such as health checks, medical diagnosis and treatments in Japan.

39. 收購附屬公司截至2021年6月30日止年度

於2020年7月31日，本集團透過收購兩家於日本成立之有限責任公司之全部已發行股本收購彼等於日本之醫療服務業務。醫療服務業務主要包括於日本提供醫療諮詢以及保健及健康轉介相關服務。客戶主要來自海外國家，於日本尋求健康檢查、醫療診斷及治療等醫療服務。

==> picture [104 x 101] intentionally omitted <==

152

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

39. ACQUISITION OF SUBSIDIARIES (Continued)

For the year ended 30 June 2021 (Continued)

The fair value of identifiable assets and liabilities assumed and gain on bargain purchase arising from the transaction are as follows:

綜合財務報表附註（續）

截至2021年6月30日止年度

39. 收購附屬公司（續）

截至2021年6月30日止年度 （續）交易所承擔可識別資產及負債之公平值及所產生之議價收益載列如下：

			Fair value
			at date of
			acquisition
			於收購日期
			之公平值
		Notes	HK$’000
		附註	千港元
Intangible assets	無形資產	21	348
Right-of-use assets	使用權資產		178
Cash and cash equivalents	現金及現金等值項目		2,094
Trade and other receivables	貿易及其他應收款項		351
Trade and other payables	貿易及其他應付款項		(346)
Lease liabilities	租賃負債		(178)
Deferred tax liabilities	遞延稅項負債	36	(16)
Borrowings	貸款		(1,475)
Net identifiable assets assumed	所承擔可識別資產淨額		956
Gain on bargain purchase	議價收益	11	(15)
			941
			HK$’000
			千港元
Satisfied by:	由下列支付：
Cash consideration	現金代價		(941)
Less:	減：
Cash and cash equivalents	現金及現金等值項目		2,094
Net cash inflow	現金流入淨額		1,153

==> picture [104 x 101] intentionally omitted <==

153

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

39. ACQUISITION OF SUBSIDIARIES (Continued)

For the year ended 30 June 2021 (Continued)

The fair value of the trade and other receivables acquired is approximately HK$351,000. The gross amount due under the contracts is approximately HK$351,000.

The Group recognised a gain on bargain purchase of approximately HK$15,000 in the business combination. The gain is included in other gains and losses, net.

If the acquisition had been completed on 1 July 2020, total Group revenue for the year would have been approximately HK$165,033,000 and loss for the year would have been approximately HK$111,999,000. The proforma information is for illustrative purposes only and is not necessarily an indication of the revenue and results of operations of the Group that actually would have been achieved had the acquisition been completed on 1 July 2020, nor is intended to be a projection of future results.

Healthcare and medical related business contributed approximately HK$5,917,000 and HK$4,016,000 to the Group’s revenue and loss for the year respectively for the period between the date of acquisition and the end of the reporting period.

綜合財務報表附註（續）

截至2021年6月30日止年度

39. 收購附屬公司（續）

截至2021年6月30日止年度 （續）

所購入之貿易及其他應收款項之公平值約為351,000港元。根據合約應付之總金額約為351,000港元。

本集團就業務合併確認議價收購之收益約15,000港元。有關收益計入其他收益及虧損，淨額。

若收購事項已於 2 0 2 0 年 7 月 1 日完成，則本集團本年度收益總額將約為 165,033,000港元，本年度虧損將約為 111,999,000港元。備考資料僅供說明用途，並不一定表示若收購事項於 2020年7月1日完成，本集團實際將錄得的收益及經營業績，亦無意作為未來業績的預測。

自收購日期起至報告期末，保健及醫療相關業務分別為本集團的收益及本年度虧損貢獻約5,917,000港元及4,016,000 港元。

==> picture [104 x 101] intentionally omitted <==

154

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

40. DISPOSAL OF INTERESTS IN SUBSIDIARIES WITHOUT LOSS OF CONTROL

On 9 October 2020, the Company and Oriental Rainbow entered into a sale and purchase agreement in relation to the disposal of 21.64% of the total issued capital of Birmingham City PLC, 25% of the total issued capital of Birmingham City Stadium Ltd, and the assignment of approximately 21.64% of the loan as outstanding and owing by BCP to the Company to Oriental Rainbow as at completion. Oriental Rainbow is beneficially wholly-owned by Mr. Vong Pech, a substantial Shareholder and hence a connected person of the Company, and the transactions contemplated under the sale and purchase agreement constitute connected transactions of the Company under the Listing Rules. The sale and purchase agreement was approved by the independent Shareholders on 8 December 2020 and the disposal was completed on 31 December 2020.

綜合財務報表附註（續）

截至2021年6月30日止年度

40. 出售附屬公司權益並維持控制權

於2020年10月9日，本公司與東霓訂立買賣協議，內容有關出售Birmingham City PLC已發行股本總數之21.64%、 Birmingham City Stadium Ltd已發行股本總數之25%以及於完成時轉讓BCP未償還及結欠本公司之貸款之約21.64% 予東霓。東霓由主要股東Vong Pech先生全資實益擁有，因此為本公司之關連人士，根據上市規則，買賣協議項下擬進行之交易構成本公司之關連交易。獨立股東已於2020年12月8日批准買賣協議，而出售事項已於2020年12月31日完成。

Upon completion, the Group’s equity interest in BCP decreased from 96.64% to 75% and the Group’s equity interest in BCSL decreased from 100% to 75%. BCP and BCSL remain as non-wholly owned subsidiaries of the Company and their financial results and financial position will continue to be consolidated in the Group’s consolidated financial statements. Therefore, the Group accounted for this transaction as equity transaction, recognising the addition of non-controlling interests (“NCI”) at the NCI’s proportionate share of the net liabilities of BCP and BCSL of approximately HK$180,286,000. The excess of approximately HK$13,871,000 between the consideration of HK$56,200,000 received and the addition of NCI of HK$180,286,000 and amount of the loan assignment approximately HK$222,615,000 was recognised in reserves.

於完成後，本集團於BCP之股權將由 96.64%減少至75%，而本集團於BCSL 之股權將由100%減少至75%。因此， BCP及BCSL將仍是本公司之非全資附屬公司，而彼等之財務業績及財務狀況將繼續併入本集團之綜合財務報表。因此，本集團將此項交易列作權益交易，並按非控股權益（「非控股權益」）於BCP及BCSL淨負債之應佔比例確認非控股權益增加約180,286,000港元。已收代價56,200,000港元與非控股權益增加180,286,000港元之間之差額約13,871,000港元及貸款轉讓金額約 222,615,000港元已於儲備中確認。

The effect on the equity attributable to the Shareholders during the reporting period is summarised as follows:

於報告期內之股東應佔權益之影響概述如下：

		HK$’000
		千港元
Consideration received from NCI	從非控股權益收取的代價	56,200
Recognition of NCI	確認非控股權益	180,286
Loan assignment	貸款轉讓	(222,615)
Excess of consideration received recognised	於權益內確認的已收代價超出部分
within equity		13,871

==> picture [104 x 101] intentionally omitted <==

155

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

40. DISPOSAL OF INTERESTS IN SUBSIDIARIES WITHOUT LOSS OF CONTROL (Continued)

Pursuant to the shareholders’ agreement, Oriental Rainbow undertook to the Company that, in the event that the football club segment, which principally consists of the BCP Group and BCSL, incurs a loss after taxation (the “Loss”) for any of the three financial years ending 30 June 2021, 30 June 2022 and 30 June 2023, respectively in which the Club does not compete in the English Premier League (“EPL”), as reviewed by the auditors engaged by the Company (the “Reviewed Accounts”), Oriental Rainbow shall pay the compensation to the Company in cash in an amount equivalent to the Company’s share of the Loss (i.e. 75% of the Loss) in full within 30 days after the Company issues a payment notice upon the issue of the relevant Reviewed Accounts in the relevant financial year(s) in which the football club segment incurs the Loss.

On the other hand, the Company agrees that, in the event that the Club is promoted to and competes in the EPL in any of the 2021-2022 EPL Season, 2022-2023 EPL Season or 2023-2024 EPL Season, it shall pay Oriental Rainbow an annual bonus equivalent to 75% of the Company’s share of the net profit of the football club segment (based on the Company’s 75% equity interest in the BCP Group upon completion) for each of the financial years in which the Club participates in the EPL competitions up to the financial year ending 30 June 2024 as shown in the relevant Reviewed Accounts within 30 days after Oriental Rainbow issues a payment notice upon the issue of the relevant Reviewed Account (the “Bonus Due Date”), provided that the Company shall only pay the bonus out of the cash that it receives from BCP or BCSL in the form of, including, but not limited to, repayments of shareholder’s loans or dividend payments (if any).

For the year ended 30 June 2021, no compensation receivable/ received from Oriental Rainbow by the Company pursuant to the above arrangement.

綜合財務報表附註（續）

截至2021年6月30日止年度

40. 出售附屬公司權益並維持控制權（續）

根據股東協議，東霓向本公司承諾，根據本公司所委聘之核數師審閱（「經審閱賬目」）後，倘若足球球會分部（主要包括BCP集團及BCSL）於截至2021年6月 30日、2022年6月30日及2023年6月30 日止三個財政年度任何年度（當中球會未有參加英格蘭超級足球聯賽（「英超足球聯賽」））分別產生除稅後虧損（「該虧損」），東霓將於足球球會分部產生該虧損之相關財政年度發出相關經審閱賬目後，於本公司發出付款通知起計30 日內，以現金向本公司全數支付相當於本公司應佔該虧損之款項（即該虧損之 75%）金額作為補償。

另一方面，本公司同意，倘若球會於2021-2022年英超足球聯賽賽季、 2022-2023年英超足球聯賽賽季或 2023-2024年英超足球聯賽賽季之任何賽季中晉級並參與英超足球聯賽，本公司將於發出相關經審閱賬目後，東霓發出付款通知起計30日內（「獎金到期日」），支付相當於相關經審閱賬目所示直至2024年6月30日止財政年度前於球會參與英超足球聯賽比賽之各財政年度本公司應佔足球球會分部純利75%之金額（根據於完成後本公司於BCP集團之 75%股權計算）作為年度獎金，惟本公司將僅從以（包括但不限於）償還股東貸款或支付股息（如有）之方式向BCP 或BCSL收取之現金中支付獎金。

截至2021年6月30日止年度，根據上述安排，本公司並無從東霓應收╱已收賠償。

==> picture [104 x 101] intentionally omitted <==

156

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

41. DISPOSAL OF SUBSIDIARIES

(a) Disposal of BCSL

On 31 March 2021, the Company entered into a sale and purchase agreement with Achiever Global Group Limited, an independent third party, to dispose of its 75% interests in BCSL and the total amount of loan outstanding and owing by BCSL to the Company at a consideration of approximately HK$116,000,000. BCSL is the owner of St. Andrew’s Trillion Trophy Stadium in the UK. The disposal was completed on 7 June 2021.

綜合財務報表附註（續）

截至2021年6月30日止年度

41. 出售附屬公司

(a) 出售BCSL

於2021年3月31日，本公司與獨立第三方勝者環球集團有限公司訂立買賣協議，以出售其於BCSL 之75%權益以及BCSL未償還及結欠本公司之貸款總額，代價約為116,000,000港元。BCSL為英國聖安德魯斯球場(St. Andrew’s Trillion Trophy Stadium)之業主。出售事項已於2021年6月7日完成。

The assets and liabilities of BCSL on the date of disposal were as follows:

BCSL於出售日期之資產及負債載列如下：

			Notes	HK$’000
			附註	千港元
Property, plant and equipment	物業、廠房及設備		19	154,204
Deposits, prepayments and	按金、預付款項及其他
other receivables		應收款項		1
Other payables and accruals	其他應付款項及應計款項			(45)
Amount due to the Company	應付本公司款項			(118,593)
Amount due to group companies	應付集團公司款項			(65,921)
Amount due to related parties	應付關聯方款項			(39,531)
Deferred tax liabilities	遞延稅項負債		36	(15,743)
Deferred capital grants	遞延資本撥款			(14,876)
				(100,504)
Non-controlling interests	非控股權益			25,126
Release of translation reserve	解除匯兌儲備			8,378
Gain on disposal	出售收益		11	64,407
				(2,593)
Satisfied by: 以下列方式支付：
Cash consideration received	已收現金代價			116,000
Less: Loan assignment	減：貸款轉讓			(118,593)
				(2,593)
Cash consideration received	已收現金代價			116,000
Bank balances and cash disposed	已出售銀行結餘及現金			–
Net cash inflow	現金流入淨額			116,000

==> picture [104 x 101] intentionally omitted <==

157

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

41. DISPOSAL OF SUBSIDIARIES (Continued)

(b) Disposal of Power Super

On 4 June 2021, the Company entered into a sale and purchase agreement with an independent third party to dispose of its entire interests in Power Super Group and the total amount of loan outstanding and owing by Power Super to the Company at a consideration of approximately HK$4,600,000. Power Super Group was engaged in provision of System Service Solutions. The disposal was completed on 18 June 2021.

綜合財務報表附註（續）

截至2021年6月30日止年度

41. 出售附屬公司（續）

(b) 出售Power Super

於2021年6月4日，本公司與一名獨立第三方訂立買賣協議，以出售其於Power Super集團之所有權益以及Power Super未償還及結欠本公司之貸款總額，代價約為 4,600,000港元。Power Super集團從事提供系統服務解決方案。出售事項已於2021年6月18日完成。

The consolidated assets and liabilities of Power Super Group on the date of disposal were as follows:

Power Super集團於出售日期之綜合資產及負債載列如下：

==> picture [104 x 101] intentionally omitted <==

			Notes	HK$’000
			附註	千港元
Property, plant and equipment	物業、廠房及設備		19	253
Intangible assets	無形資產		21	17,364
Goodwill	商譽		22	1,417
Right-of-use assets	使用權資產			2,355
Derivative financial instruments	衍生金融工具			20,705
Deposits, prepayments and	按金、預付款項及其他
other receivables		應收款項		2,518
Bank balances and cash	銀行結餘及現金			320
Borrowings	貸款			(18,239)
Consideration payable	應付代價			(21,944)
Other payables and accruals	其他應付款項及應計款項			(3,155)
Amount due to holding company	應付控股公司款項			(2,795)
Lease liabilities	租賃負債			(2,469)
Deferred tax liabilities	遞延稅項負債		36	(4,341)
				(8,011)
Gain on disposal	出售收益		11	9,816
				1,805
Satisfied by: 以下列方式支付：
Cash consideration received	已收現金代價			4,600
Less: Loan assignment	減：貸款轉讓			(2,795)
				1,805
Cash consideration received	已收現金代價			4,600
Bank balances and cash disposed	已出售銀行結餘及現金			(320)
Net cash inflow	現金流入淨額			4,280

158

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

42. NOTE TO THE CONSOLIDATED STATEMENT OF CASH FLOWS

(a) Major non-cash transactions

As detailed in note 37 (ii) of the consolidated financial statements, during the year ended 30 June 2021 the Company issued 1,062,576,000 new shares to settle loans in aggregate of approximately HK$140,000,000 borrowed from Global Mineral and Join Surplus.

綜合財務報表附註（續）

截至2021年6月30日止年度

42. 綜合現金流量表附註

(a) 主要非現金交易

誠如綜合財務報表附註37(ii)所詳述，本公司於截至2021年6月30 日止年度發行1,062,576,000股新股份，以償還由Global Mineral及縉盈借出合共約140,000,000港元之貸款。

(b) Reconciliation of liabilities arising from financing activities

The table below details changes in the Group’s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group’s consolidated statement of cash flows as cash flows from financing activities.

(b) 融資活動所產生負債之對賬

下表詳述本集團融資活動所產生之負債變動，包括現金及非現金變動。融資活動所產生之負債指已經或將會於本集團綜合現金流量表分類為融資活動所得現金流量的現金流量或未來現金流量。

		Amount
		due to
		a related
		party		Lease	Interest
		應付關聯	Borrowings	liabilities	payables	Total
		方款項	貸款	租賃負債	應付利息	總計
		HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
		千港元	千港元	千港元	千港元	千港元
At 1 July 2019	於2019年7月1日	–	214,516	–	7,942	222,458
Changes in cash flows	現金流量變動	–	277,820	(4,206)	(22,999)	250,615
Effect on adoption of	採納香港財務報告
HKFRS 16	準則第16號的
	影響	–	(4,636)	14,670	–	10,034
Non-cash changes	非現金變動
Increase in lease liabilities	年內訂立新租賃
from entering into new	而增加的租賃
leases during the year	負債	–	–	19,268	–	19,268
Interest expenses	利息支出	–	–	–	33,187	33,187
Exchange Difference	匯兌差異	–	(258)	(379)	–	(637)
At 30 June 2020 and	於2020年6月30日
1 July 2020	及2020年7月1日	–	487,442	29,353	18,130	534,925

==> picture [104 x 101] intentionally omitted <==

159

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

42. NOTE TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (Continued)

(b) Reconciliation of liabilities arising from financing activities (Continued)

綜合財務報表附註（續）

截至2021年6月30日止年度

42. 綜合現金流量表附註 （續）

(b) 融資活動所產生負債之對賬 （續）

activities(Continued)
		Amount
		due to
		a related
		party		Lease	Interest
		應付關聯	Borrowings	liabilities	payables	Total
		方款項	貸款	租賃負債	應付利息	總計
		HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
		千港元	千港元	千港元	千港元	千港元
At 30 June 2020 and	於2020年6月30日
1 July 2020	及2020年7月1日	–	487,442	29,353	18,130	534,925
Changes in cash flows	現金流量變動	24,805	(46,912)	(6,570)	(32,940)	(61,617)
Non-cash changes	非現金變動					–
Repayment of loan by	透過股份認購償還
share subscriptions	貸款	–	(139,281)	–	–	(139,281)
Payment of interest	透過股份認購支付
payables by share	利息
subscriptions		–	–	–	(713)	(713)
Termination of lease	終止租賃協議
agreement		–	–	(116)	–	(116)
Acquisition of	收購附屬公司
subsidiaries		–	1,475	178	–	1,653
Disposal of subsidiaries	出售附屬公司	(39,531)	(18,239)	(2,469)	–	(60,239)
Disposal of subsidiaries	出售附屬公司並
without loss of control	維持控制權	222,615	–	–	–	222,615
New lease entered	新訂租賃	–	–	79,174	–	79,174
Interest expenses	利息支出	–	–	–	30,675	30,675
Exchange Difference	匯兌差異	5,470	9,275	4,662	312	19,719
At 30 June 2021	於2021年6月30日	213,359	293,760	104,212	15,464	626,795

==> picture [104 x 101] intentionally omitted <==

160

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

43. PLEDGE OF ASSETS

As at 30 June 2021, certain bank credit facilities made available to BCFC were secured by a fixed charge over a specific bank deposit account of BCFC held with the bank. The balance on this bank deposit account was GBP800,000 (equivalent to approximately HK$8,600,000) (2020: GBP800,000 which was equivalent to approximately HK$7,634,0000). In addition, the Group’s transfer fee receivables from other football clubs with a carrying amount of approximately GBP15,000,000 (equivalent to approximately HK$161,250,000) (2020: nil) as at 30 June 2021 were pledged to secure bank borrowing of the Group.

綜合財務報表附註（續）

截至2021年6月30日止年度

43. 資產質押

於2021年6月30日，BCFC之若干銀行授信額度乃以BCFC於銀行的特定銀行存款賬戶的固定押記作為抵押。該銀行存款賬戶餘額為800,000英鎊（相等於約8,600,000港元）（ 2020年：800,000 英鎊（相等於約7,634,000港元））。此外，本集團銀行貸款乃以本集團於 2021年6月30日之應收其他足球球會轉會費之賬面值15,000,000英鎊（相等於約161,250,000港元）（ 2020年：無）作為抵押。

44. COMMITMENTS

Operating lease arrangements

The Group as lessor

The Group leases its investment properties. At the end of reporting period, the future minimum lease payments under non-cancellable leases are receivables as follows:

44. 承擔

經營租賃安排

本集團作為出租人

本集團租賃其投資物業。於報告期末，不可撤銷經營租約項下之應收未來最低租約付款總額如下：

		2021	2020
		2021年	2020年
		*HK$’000*	HK$’000
		千港元	千港元
Within one year	一年內	28,181	28,181
After one year but within five years	一年後但五年內	56,362	–
		84,543	28,181

Operating lease income represents rental receivables by the Group for its investment properties. Leases are negotiated for a term of three years and rentals are fixed over the lease terms and do not include contingent rentals.

經營租賃收入指本集團就其投資物業應收之租金。協定租約期為三年，而租賃期內租金為固定，並不包括或然租金。

==> picture [104 x 101] intentionally omitted <==

161

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

45. RETIREMENT BENEFIT SCHEMES

The Group operates a mandatory provident fund scheme (the “MPF Scheme”) under the Hong Kong Mandatory Provident Fund Schemes Ordinance for all qualifying employees in Hong Kong. The Group’s contributions to the MPF Scheme are calculated at 5% of the salaries and wages subject to a monthly maximum amount of contribution of HK$1,500 per employee and vest fully with employees when contributed into the MPF Scheme.

In addition to participating in national insurance contribution for employees in the UK, the Group also participates in a defined contribution scheme for the benefits of its employees. All the contributions are based on a certain percentage of the employee’s salary and are charged to the income statement as incurred and have no further obligation for post-retirement benefits beyond the annual contributions made.

The employees of the Group’s subsidiary established in the PRC are members of a central pension scheme operated by the local municipal government. This subsidiary is required to contribute certain percentage of the employees’ basic salaries and wages to the central pension scheme to fund the retirement benefits. The local municipal government undertakes to assume the retirement benefits obligations of all existing and future retired employees of this subsidiary. The only obligation of this subsidiary with respect to the central pension scheme is to meet the required contributions under the scheme.

The Group’s subsidiary established in Japan participates in public pension managed by the government or relevant public entity and provide additional benefits to the basic pension plan for income as a form of social security. This subsidiary is required to contribute certain percentage of the employees’ basic salaries and wages to the public pension scheme to fund the retirement benefits.

No forfeited contributions may be used by the employers to reduce the existing level of contribution for the abovementioned retirement benefit schemes.

During the year ended 30 June 2021, the Group made contributions to the retirement benefits schemes amounting to approximately HK$38,621,000 (2020: approximately HK$34,162,000).

綜合財務報表附註（續）

截至2021年6月30日止年度

45. 退休福利計劃

本集團根據香港強制性公積金計劃條例為所有合資格香港僱員設立一項強制性公積金計劃（「強積金計劃」）。本集團按薪金及工資的5%向強積金計劃供款，惟每名僱員每月最高供款為1,500 港元，且於向強積金計劃作出供款時全額歸屬僱員。

除為英國的僱員參與國家保險供款外，本集團亦為其僱員福利參與界定供款計劃。所有供款均按僱員工資的若干百分比計算，並於產生時從收益表扣除，除每年作出供款外，毋須就退休後的福利承擔其他責任。

本集團中國附屬公司之僱員參與由當地市政府經營之中央退休金計劃。該附屬公司須按其僱員基本薪金及工資之若干百分比就退休福利向中央退休金計劃供款。地方市政府承諾為該附屬公司目前及日後所有退休僱員提供退休福利，而該附屬公司就中央退休金計劃之唯一責任乃根據計劃作出規定供款。

本集團於日本成立之附屬公司參與由政府或相關公共實體管理之公共退休金計劃，並就社會保障形式之收入提供基本退休金計劃以外之福利。該附屬公司須按僱員基本薪金及工資之若干百分比向公共退休金計劃作出供款，以為退休福利提供資金。

僱主並無可用之已沒收供款以減少上述退休福利計劃之現有供款。

截至 2 0 2 1 年 6 月 3 0 日止年度，本集團向退休福利計劃作出的供款約為 38,621,000 港元（ 2020 年：約 34,162,000港元）。

==> picture [104 x 101] intentionally omitted <==

162

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

46. CONTINGENT LIABILITIES

Player transfer costs

As at 30 June 2021, under the terms of certain contracts with other football clubs in respect of player transfers, additional player transfer cost would become payable if certain specific conditions are met. The maximum amount not provided that could be payable in respect of the transfers up to 30 June 2021 was approximately HK$82,782,000 (equivalent to approximately GBP7,701,000) (2020: approximately HK$59,476,000, equivalent to approximately GBP6,233,000).

47. RELATED PARTIES TRANSACTIONS AND BALANCES

(a) In addition to the transactions and balances detailed elsewhere in the consolidated financial statements, the Group had the following transactions and balances with related parties during the year:
(i) During the year ended 30 June 2021, the Group entered into a master lease agreement with Ever Depot, a substantial Shareholder. Rental income charged for the year amount to approximately HK$28,179,000 (2020: approximately HK$24,811,000);
(ii) During the year ended 30 June 2021, the Group incurred interest expenses of approximately HK$2,720,000 (2020: approximately HK$2,987,000) to Trillion Trophy;
(iii) During the year ended 30 June 2021, the Group incurred interest expenses of approximately HK$663,000 (2020: nil) to Oriental Rainbow;
(iv) During the year ended 30 June 2021, the Group incurred interest expenses of approximately HK$462,000 (2020: approximately HK$464,000) to GRED;
(v) As at 30 June 2021, the outstanding principal amount and interest payable to Trillion Trophy were approximately HK$49,200,000 (2020: approximately HK$66,197,000) and approximately HK$485,000 (2020: approximately HK$6,877,000) respectively;

綜合財務報表附註（續）

截至2021年6月30日止年度

46. 或然負債

球員轉會費

於2021年6月30日，根據就球員轉會與其他足球球會訂立之若干合約條款，倘符合若干特定條件，則應付額外球員轉會費。直至2021年6月30日可能就轉會應付而尚未計提撥備之最高金額約 82,782,000港元（相等於約7,701,000 英鎊）（2020年：約59,476,000港元（相等於約6,233,000英鎊））。

47. 關連方交易及結餘

(a) 除本綜合財務報表其他部分所詳述的交易及結餘外，本集團於年內與關連人士有以下交易及結餘：
(i) 截至 2021 年 6 月 30 日止年度，本集團與永聚（主要股東）訂立總租賃協議。年內，收取之租金收入約 28,179,000港元（ 2020年：約24,811,000港元）；
(ii) 截至 2021 年 6 月 30 日止年度，本集團須支付利息支出約 2,720,000 港元予 Trillion Trophy（2020年：約 2,987,000港元）；
(iii) 截至 2021 年 6 月 30 日止年度，本集團須支付利息支出約663,000港元予東霓（2020 年：無）；
(iv) 截至 2021 年 6 月 30 日止年度，本集團須支付利息支出約462,000港元（2020年：約 464,000港元）予GRED；
(v) 於 2 0 2 1 年 6 月 3 0 日，應付 Trillion Trophy之未償還本金及利息分別約49,200,000港元（ 2020年：約66,197,000 港元）及約 4 8 5 , 0 0 0 港元
（ 2020年：約 6,877,000港元）；

==> picture [104 x 101] intentionally omitted <==

163

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the year ended 30 June 2021

47. RELATED PARTIES TRANSACTIONS AND BALANCES

綜合財務報表附註（續）

截至2021年6月30日止年度

47. 關連方交易及結餘 （續）

(Continued)

(a) (Continued)
(vi) As at 30 June 2021, the lease liability to GRED was approximately HK$4,625,000 (equivalent to approximately US$593,000) (2020: approximately HK$4,632,000, equivalent to approximately US$594,000);
(vii) As at 30 June 2021, the interest payable to GRED was approximately HK$274,000 (2020: approximately HK$275,000);
(viii) During the year ended 30 June 2021, the Company and Oriental Rainbow entered into a sale and purchase agreement to sell partial interests of BCP and BCSL and amount of loan as shall be outstanding and owing by BCP to the Company assigned to Oriental Rainbow at the aggregate consideration of approximately HK$56,200,000; and
(ix) As at 30 June 2021, the amount due to Oriental Rainbow was approximately HK$213,359,000 (2020: nil).

(b) Key management compensation

Members of key management personnel during the year comprised only of the Directors whose remuneration is set out in note 15.

48. EVENT AFTER REPORTING PERIOD

The Group had the following significant event subsequent to the end of the reporting period and up to the date of this report:

(a) （續）

(vi) 於 2 0 2 1 年 6 月 3 0 日，應付 GRED租賃負債約4,625,000 港元（相等於約593,000美元）（ 2020年：約4,632,000 港元（相等於約594,000美元））；
(vii) 於2021年6月30日，應付利息予GRED約274,000港元
（2020年：約275,000港元）；
(viii) 於截至2021年6月30日止年度，本公司與東霓訂立買賣協議，據此，出售部份BCP 及BCSL之權益及轉讓予東霓之BCP未償還及結欠本公司之貸款金額，總代價約 56,200,000港元；及
(ix) 於2021年6月30日，結欠東霓之金額約213,359,000港元（2020年：無）。
(b) 主要管理層酬金

於本年度，主要管理層成員僅包括董事，彼等之薪酬載於附註15。

48. 報告期後事項

於報告期後末後及直至本報告日期，本集團有下列重大事件：

於2021年7月，本集團一間附屬公司就 COVID-19導致業務中斷所產生之虧損提出索償。於2021年8月，保險公司確認本集團有權就相關業務中斷獲取約 26,875,000港元（相等於約2,500,000 英鎊）之賠償。

==> picture [104 x 101] intentionally omitted <==

164

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the year ended 30 June 2021

49. STATEMENT OF FINANCIAL POSITION OF THE COMPANY AS AT 30 JUNE

綜合財務報表附註（續）

截至2021年6月30日止年度

49. 本公司於6月30日之財務狀況表

STATEMENT OF FINANCIAL POSITI AS AT 30 JUNE		司於6月30日之財	務狀況表
		2021	2020
		2021年	2020年
		*HK$’000*	HK$’000
		千港元	千港元
Non-current assets	非流動資產
Investment in subsidiaries	於附屬公司之投資	–	1
Total non-current assets	非流動資產總額	–	1
Current assets	流動資產
Deposits, prepayments and other	按金、預付款項及其他應收款項
receivables		716	728
Amounts due from subsidiaries Bank balances and cash	應收附屬公司款項銀行結餘及現金	485,251 18,860	829,751 10,848
Total current assets	流動資產總額	504,827	841,327
Current liabilities	流動負債
Accruals and other payables	應計款項及其他應付款項	2,863	20,207
Amounts due to subsidiaries Borrowings	應付附屬公司款項貸款	50,328 49,200	29,208 473,904
Total current liabilities	流動負債總額	102,391	523,319
Net current assets	流動資產淨額	402,436	318,008
NET ASSETS	資產淨額	402,436	318,009
Capital and reserves	資本及儲備
Share capital	股本	192,890	177,100
Reserves	儲備	209,546	140,909
TOTAL EQUITY	權益總額	402,436	318,009

50. COMPARATIVE FIGURES

Certain comparative figures have been reclassified to conform to current year’s presentation.

50. 比較數字

若干比較數字已重新分類，以符合本年度之呈列方式。

==> picture [104 x 101] intentionally omitted <==

165

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

FIVE-YEAR FINANCIAL SUMMARY

五年財務概要

2021 Results 業績 2021年 *HK$’000* 千港元	2021 Results 業績 2021年 *HK$’000* 千港元	For the year ended 30 June 截至6月30日止年度 2020 2019 2018 2017 2020年 2019年 2018年 2017年 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元
Revenue 收益 165,023		231,529 210,437 208,013 172,950
Loss before taxation 除稅前虧損 (112,418) Income tax credit/(expense) 所得稅抵免╱（支出） 589		(271,683) (363,050) (437,968) (207,106) 5,199 (1,640) 266 24,528
Loss for the year 本年度虧損		(266,484) (364,690) (437,702) (182,578)
	(111,829)
Loss for the year attributable to: 應佔本年度虧損: Owners of the Company 本公司擁有人 Non-controlling interests 非控股權益		(260,484) (360,927) (425,027) (177,712) (6,000) (3,763) (12,675) (4,866)

	(74,232)
	(37,597)
		(266,484) (364,690) (437,702) (182,578)
	(111,829)
Assets and liabilities 資產及負債		At 30 June 於6月30日 2020 2019 2018 2017 2020年 2019年 2018年 2017年 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元
	2021
	2021年
	*HK$’000*
	千港元
Total assets 資產總額 Total liabilities 負債總額		1,061,515 1,034,515 949,815 525,699 (761,286) (459,006) (383,805) (229,593)
	1,076,761
	(771,947)
Net assets 資產淨額		300,229 575,509 566,010 296,106
	304,814
Equity attributable to: 應佔權益: Owners of the Company 本公司擁有人 Non-controlling interests 非控股權益		326,747 596,941 583,235 300,774 (26,518) (21,432) (17,225) (4,668)

	535,301
	(230,487)
Total equity 權益總額		300,229 575,509 566,010 296,106
	304,814

==> picture [104 x 101] intentionally omitted <==

166

年報 ANNUAL REPORT 2021

==> picture [64 x 63] intentionally omitted <==

SCHEDULE OF PRINCIPAL PROPERTIES

主要物業附表

The following table sets forth the Group’s major properties as at 30 June 2021:

下表載列本集團於2021年6月30日之主要物業：

PROPERTIES IN CAMBODIA

Properties held for investment

柬埔寨物業

持作投資物業

		Category of	The Group’s
Location	Usage	the lease term	interest
地點	用途	租期類別	本集團所佔權益
Phom Penh City Center No. 58, Street R8,	Commercial	Long-term	100%
Sangkat Srah Chak, Khan Doun Penh, Phnom	商業	長期
Penh, Cambodia
柬埔寨金邊的金邊市中心No. 58, Street R8,
Sangkat Srah Chak, Khan Doun Penh
Units 501, 502, 503, 503A, 505, 506, 507,	Residential/	Freehold	100%
508, 601, 602, 603, 603A, 605, 606, 607,	Commercial	永久業權
608, 701, 702, 703, 703A, 705, 706, 707,	住宅╱商業
708, 801, 802, 803, 803A, 805, 806, 807,
808, 901, 902, 903, 903A, 905, 906, 907,
908, 1001, 1002, 1003, 1003A, 1005, 1006,
1007, 1008, 1101, 1102, 1103, 1103A, 1105,
1106, 1107, 1108, 1201, 1202, 1203, 1203A,
1205, 1206, 1207, 1208 and portion of the
2-storey commercial podium adjacent to the
main building, Block C of One Park, Phnom
Penh City Center, No. 58, Street R8, Sangkat
Srah Chak, Khan Doun Penh, Phnom Penh,
Cambodia

柬埔寨金邊的金邊市中心 No. 58, Street R8, Sangkat Srah Chak, Khan Doun Penh, 金邊壹號 C 座第 501, 502, 503, 503A, 505, 506, 507, 508, 601, 602, 603, 603A, 605, 606, 607, 608, 701, 702, 703, 703A, 705, 706, 707, 708, 801, 802, 803, 803A, 805, 806, 807, 808, 901, 902, 903, 903A, 905, 906, 907, 908, 1001, 1002, 1003, 1003A, 1005, 1006, 1007, 1008, 1101, 1102, 1103, 1103A, 1105, 1106, 1107, 1108, 1201, 1202, 1203, 1203A, 1205, 1206, 1207, 1208 室及與主樓相鄰的 2 層高商業裙樓部份

==> picture [104 x 101] intentionally omitted <==

167

BIRMINGHAM SPORTS HOLDINGS LIMITED 伯明翰體育控股有限公司

==> picture [63 x 63] intentionally omitted <==

SCHEDULE OF PRINCIPAL PROPERTIES

主要物業附表（續）

(Continued)

		Category of	The Group’s
Location	Usage	the lease term	interest
地點	用途	租期類別	本集團所佔權益
Units 301, 302, 303, 303A, 305, 306, 307, 308,	Residential/	Long-term	100%
1501, 1502, 1503, 1503A, 1505, 1506, 1507,	Commercial	長期
1508, 1601, 1602, 1603, 1603A, 1605, 1606,	住宅╱商業
1607, 1608, 1701, 1702, 1703, 1703A, 1705,
1706, 1707, 1708 and portion of the podium
and corridor connected to the main building,
Block C of One Park, Phnom Penh City Center,
No. 58, Street R8, Sangkat Srah Chak, Khan
Doun Penh, Phnom Penh, Cambodia
柬埔寨金邊的金邊市中心No. 58, Street R8,
Sangkat Srah Chak, Khan Doun Penh,金邊壹
號C座第301, 302, 303, 303A, 305, 306, 307,
308, 1501, 1502, 1503, 1503A, 1505, 1506,
1507, 1508, 1601, 1602, 1603, 1603A, 1605,
1606, 1607, 1608, 1701, 1702, 1703, 1703A,
1705, 1706, 1707, 1708室及與主樓相鄰的裙樓
及走廊部份
G/F and M/F, Block C of One Park, Phnom	Commercial	Long-term	100%
Penh City Center, No. 58, Street R8, Sangkat	商業	長期
Srah Chak, Khan Doun Penh, Phnom Penh,
Cambodia
柬埔寨金邊的金邊市中心No. 58, Street R8,
Sangkat Srah Chak, Khan Doun Penh,金邊壹
號C座地下及中層

==> picture [104 x 101] intentionally omitted <==

168

==> picture [71 x 113] intentionally omitted <==

Birmingham Sports Holdings Limited 伯明翰體育控股有限公司 31/F., Vertical Sq, No. 28 Heung Yip Road, Wong Chuk Hang, Hong Kong 香港黃竹坑香葉道28號嘉尚匯31樓 Tel 電話: (852) 2548 2928 Fax 傳真: (852) 2548 2782 Website 網頁: www.bshl.com.hk

==> picture [33 x 669] intentionally omitted <==

AI assistant

ZO Future Group — Annual Report 2021

50510_rns_2021-10-28_6cd72d60-d3ed-47e2-b4d4-def6405716e5.pdf

CONTENTS

目錄

CORPORATE INFORMATION

BOARD OF DIRECTORS

Executive Directors

Non-executive Director

Independent Non-executive Directors

COMPANY SECRETARY

AUDIT COMMITTEE

REMUNERATION COMMITTEE

NOMINATION COMMITTEE

PRINCIPAL PLACE OF BUSINESS IN HONG KONG

REGISTERED OFFICE

公司資料

董事會

執行董事

非執行董事

獨立非執行董事

公司秘書

審核委員會

薪酬委員會

提名委員會

香港主要營業地點

註冊辦事處

CORPORATE INFORMATION

SHARE REGISTRARS

Principal share registrar and transfer office

Hong Kong branch share registrar and transfer office

AUDITOR

LEGAL ADVISERS

As to Hong Kong law

As to Cayman Islands law

PRINCIPAL BANKERS

STOCK CODE

COMPANY WEBSITE

公司資料

股份登記處

股份過戶登記總處

香港股份過戶登記分處

核數師

法律顧問

有關香港法律

有關開曼群島法律

主要往來銀行

股份代號

公司網站

ABBREVIATIONS

簡稱

CHAIRMAN’S STATEMENT

PERFORMANCE AND RESULTS

BUSINESS PROSPECT AND LOOKING FORWARD

(i) Football club

主席報告

表現及業績

業務前景及未來展望

(i) 足球球會

BUSINESS PROSPECT AND LOOKING FORWARD (Continued)

(ii) Investment in properties

(iii) Provision of System Service Solutions

(ii) 物業投資

(iii) 提供系統服務解決方案

CHAIRMAN’S STATEMENT

BUSINESS PROSPECT AND LOOKING FORWARD (Continued)

(iv) Healthcare and medical related business

APPRECIATION

業務前景及未來展望 （續）

(iv) 保健及醫療相關業務

致謝

MANAGEMENT DISCUSSION AND ANALYSIS

PERFORMANCE AND RESULTS

BUSINESS REVIEW AND PROSPECT

管理層討論及分析

表現及業績

業務回顧及前景

BUSINESS REVIEW AND PROSPECT (Continued)

(i) Football club

業務回顧及前景 （續）

ZO Future Group Annual Report 2021

業務前景及未來展望（續）

業務回顧及前景（續）

(i) 足球球會（續）

業務回顧及前景（續）

業務回顧及前景（續）

(ii) 物業投資（續）

業務回顧及前景（續）

出售附屬公司之權益（續）

財務回顧（續）

流動資金、財務資源及資本架構（續）

除以上所述者外，本集團並無質押其他資產以取得其貸款。

流動資金、財務資源及資本架構（續）

資本架構（續）

流動資金、財務資源及資本架構（續）

所得款項用途（續）