Hong Kong Free Press Transparency Report: See our income, spending from the past year
Hong Kong Free Press
As Hong Kong’s most transparent news outlet, HKFP is externally audited annually, sharing all of our accounts online. With have no shareholders, and we do not answer to any business tycoon, mainland conglomerate or media mogul. HKFP is run by journalists and is a non-profit – we are answerable only to ourselves and our readers, and our newsroom relies on small donations from almost 1,000 readers.
In 2023, costs rose as we completed our expansion, whilst income fell amid waning interest in Hong Kong news and a population exodus. We invite our readers and supporters to examine our income and spending over the past year, as we look to return to sustainability in 2024. Check out our full Annual Report here.
HKFP income 2016-2023
Our finalised, externally audited income up to 2022, and our predicted income for 2023:
| Income | 2023* | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|
| Direct contributions | HK$3,618,236.94 | HK$3,587,606 | HK$4,497,890 | HK$6,357,972 | HK$6,056,859 | HK$2,463,408 | HK$1,769,760 | HK$1,063,125 |
| Ads & content sales | HK$233,699.46 | HK$418,957 | HK$143,695 | HK$110,247 | HK$271,066 | HK$136,084 | HK$328,759 | HK$92,276 |
| Events | HK$0 | HK$0 | HK$0 | HK$0 | HK$263,361 | HK$24,390 | HK$0 | HK$8,352 |
| Bank interest, insurance claim, exchange gain | TBC | HK$6,516 | HK$3,945 | HK$10 | HK$226 | HK$21 | HK$1 | HK$12 |
| Gov’t Covid subsidy | HK$0 | HK$96,000 | HK$0 | HK$216,000 | HK$0 | HK$0 | HK$0 | HK$0 |
| Total: | HK$3,844,936.40 | HK$4,109,079 | HK$4,645,530 | HK$6,697,010 | HK$6,591,512 | HK$2,623,903 | HK$2,098,520 | HK$1,163,765 |
How is HKFP funded? Current revenue streams:
💰 Reader supported: 94% of HKFP’s income comes directly from our readers, assuring our press freedom and independence.
💰Direct contributions: includes one-off & monthly Patron contributions by cheque/transfer, cash, PayPal & Stripe credit/debit card (inc. Apple Pay & Google Pay), PayMe, Octopus, CoinDragon, Tap & Go, as well as merch sales profit & shopping referral links.
💰Ads and content sales: includes ad income from display ads; Apple News & Facebook ads, Google/YouTube ads, directly purchased rate card ads & content sales [from media outlets, institutions and syndication partners LexisNexis, Opera News, Moody’s, NewsBank, ProQuest, Dow Jones Factiva & Nordot etc…]
⚠️ HKFP is predicted to make a record loss of HK$1.4m in 2023. Although we are able to reinvest our previous surplus, we will need to return to sustainability and halt the fall in HKFP Patrons in 2024.
Help safeguard press freedom & keep HKFP free for all readers by supporting our team
- ♻️ Surplus recycled: As a non-profit, with no shareholders, investors or umbrella company overseeing it, any surplus is recycled back into the HKFP newsroom for future use.
- 🔒 Future security: As of 2021, HKFP LTD is obliged to retain a HK$1.5m legal defence fund in light of new challenges to press freedom, in addition to an emergency fund of HK$1m.
- 💡Efficiency: HKFP is run as efficiently and prudently as possible, in order to maximise the impact of our donors’ generosity. We make savings by partnering with other media outlets, using free software/tools and making full use of teamwork and automation.
- 📝To view our full audits, click here.
HKFP spending 2016-2023
Finalised expenditure for our latest audited year, 2022, & our predicted 2023 spending:
| Expenditure | 2023* | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|
| Full-time staff payroll | HK$4,072,093 | HK$3,624,759 | HK$1,952,853 | HK$1.599m | HK$1.606m | HK$1.49m | HK$1.340m | HK$1.035m |
| Mandatory Provident Fund (pensions) | HK$151,150 | HK$137,960 | HK$76,662 | HK$72,221 | HK$68,123 | HK$69,234 | HK$66,180 | HK$50,942 |
| Web & software, newswire, commission | HK$213,998 | HK$227,068 | HK$138,532 | HK$132,269 | HK$129,543 | HK$58,693 | HK$33,083 | |
| Office, sundry, recruitment/training, telecom | HK$380,306 | HK$447,234 | HK$273,244 | HK$109,289 | HK$164,256 | HK$110,414 | HK$57,565 | HK$25,801 |
| Meals/drinks for volunteers/staff/sources | HK$41,540 | HK$20,506 | HK$25,178 | HK$18,324 | HK$29,686 | HK$14,028 | HK$17,106 | HK$25,531 |
| Legal, professional, registration, audit | HK$2,239 | HK$114,143 | HK$37,365 | HK$96,505 | HK$12,340 | HK$7,385 | HK$45,231 | HK$10,845 |
| Travel & insurance | HK$153,427 | HK$174,445 | HK$67,513 | HK$72,391 | HK$50,615 | HK$78,067 | HK$8,169 | HK$8,267 |
| Stationery, merch, postage, printing | HK$65,233 | HK$44,240 | HK$207,392 | HK$208,544 | HK$42,311 | HK$11,827 | HK$686 | HK$17,124 |
| Bank charges, penalties & exchange losses | HK$1,533 | HK$2,155 | HK$4,232 | HK$13,752 | HK$4,240 | HK$1,705 | HK$1,170 | HK$2,218 |
| Freelancer payments & gear | HK$152,779 | HK$246,454 | HK$936,072 | HK$595,693 | HK$289,387 | HK$64,400 | HK$34,090 | HK$0 |
| Tax | TBC | TBC | HK$59,518 | HK$408,496 | HK$509,211 | HK$29,816 | HK$13,343 | HK$0 |
| Advertising | HK$38,127 | HK$37,527 | HK$78,745 | HK$6,914 | HK$36,597 | HK$34,371 | HK$10,261 | HK$0 |
| Membership, research/polls, repairs & other | HK$11,600 | HK$2,778 | HK$5,060 | HK$118,800 | – | – | – | – |
| Total: | HK$5,284,025 | HK$5,079,269 | HK$3.74m | HK$3.04m | HK$2.89m* | HK$2.04m | HK$1.65m | HK$1.20m |
💼 Investing in people: HKFP competes with international media when it comes to staff pay and conditions. We are proud to set – or exceed – industry standards in order to foster talent and retain staff in an increasingly tough environment. 80% of HKFP’s spending goes towards staff remuneration and pensions. When you support HKFP, you can be assured that your contribution is going directly towards local journalists – not to shareholders or a profit-making conglomerate.
Staff benefits include: ✓ Clear payscale and annual appraisal. ✓ Up to 23 days annual leave. ✓ 4 months maternity, 3 months paternity leave. ✓ Healthcare, dental and physio coverage. ✓ Mental health support options. ✓ Secure laptop and phone. ✓ Monthly travel allowance. ✓ Hong Kong Journalists Association membership. ✓ Remote working benefits.
Help safeguard press freedom & keep HKFP free for all readers by supporting our team
HKFP Patrons in 2023:
HKFP relies on a membership model. Small amounts of income from a large pool of Patrons help support our team, sustain our operations, and guarantee our newsroom’s independence and longevity. Our monthly income as of January 2024:
- 895 – Number of monthly Patrons.
- HK$182,551 – Monthly income from Patrons (before fees.)
- HK$203 – Average monthly Patron contribution.
- ⚠️ Our number of patrons declined by 8% in 2023, whilst the average monthly contribution rose by 5%.
- 💰66% of monthly contributors donate via credit/debit card (Stripe,) whilst the rest use PayPal.
- 📝 Figures exclude those who contribute by cheque/bank transfer.
- 💡 HKFP Patrons are given priority and/or free entry to HKFP events, merch and our Annual Report, and help keep the site free-to-access for those who cannot afford to contribute.
Support HKFP’s newsroom in 2024
Donate online via card or PayPal:
One-off or monthly contributions can be made with your Visa, Mastercard, or Apple Pay/Google Pay via Stripe on our website: support.hongkongfp.com.
Donate by cheque
Cheques of amounts up to HK$50,000 may be made payable to Hong Kong Free Press Limited and posted – along with your full name and address to: HKFP, The Hive Kennedy Town, 6/F, Cheung Hing Industrial Building, 12P Smithfield Road, Kennedy Town, Hong Kong. [Contributions are confidential – a paper-trail is required for our internal accountancy records.]
Donate via HSBC PayMe, Pay & Go or Octopus
Scan our QR code to make an HSBC PayMe, Octopus or Pay & Go digital payment. Please include your full name and email address so we may accept your contribution.
Donate by transfer/FPS
For bank transfers, please email a screenshot or phone photo of the receipt/confirmation to [email protected], after you have made arrangements. Supporters may also set up a regular standing order/direct debit with a form from your bank: HSBC, Standard Chartered, or Hang Seng.
Faster Payment Service (FPS):
Our local HSBC account details:
- Account name: Hong Kong Free Press Limited. Account no: 817887532-838
- Bank name: HSBC Hong Kong. Bank address: 1 Queen’s Road Central, Hong Kong.
- Bank code: 004. Branch number: 817. SWIFT address: HSBCHKHHHKH
Contributions are confidential – a paper-trail is required for our internal accountancy records.
Donate spare coins
Hoarding a jar of coins? Donate spare change at Coin Dragon machines around the city.
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Show your support for press freedom with our range of HKFP merchandise. Made in Hong Kong, designed by artist Badiucao.
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HKFP is powered Patrons – our community of monthly donors.
Almost 1,000 HKFP Patrons make HKFP possible. Each contributes an average of around HK$200/month to support our award-winning original reporting, keeping the city’s only independent English-language outlet free-to-access for all. Why join us?
- 🔎 Transparent & efficient: As a non-profit, we are externally audited each year, publishing our income/outgoings annually, as the city’s most transparent news outlet.
- 🔒 Accurate & accountable: Our reporting is governed by a strict Ethics Code. We are 100% independent, and not answerable to any tycoon, mainland owners or shareholders. Check out our latest Annual Report, and help support press freedom.
- 💰 It’s fast, secure & easy: We accept most payment methods – cancel anytime, and receive a free tote bag and pen if you contribute HK$150/month or more.
Maximum contribution: HK$50,000. For larger contributions of up to HK$100,000, please contact us so we may discuss enhanced Know Your Client checks.