Dear old boys,

The St. Francis Xavier’s College Foundation was established in November, 2005 following our alma mater’s Golden Jubilee celebrations during which donations of over $7M were received from old boys, students as well as parents. Approximately 50% of this money was used for renovating the old blocks, and for installations in the new wing of the school.

            In June 2007, the Foundation was corporatised to adopt a two-tier structure comprising the Board of Directors, headed by Rev. Bro. Joseph CHANG; and the Management Committee, with the undersigned as Chairman.  This is so in order to ensure proper check-and-balance and efficient management of the Foundation’s assets to generate reasonable returns, and provide appropriate financial support to the school for:

1. improving teaching facilities;
2. enhancing teaching capability;
3. rewarding outstanding students; and
4. subsidising needy students.

            Meanwhile, another fund raising drive was launched under the auspices of Henry FAN (64), succeeding in gathering further donations of $3.4M.  This sum was duly matched dollar-for-dollar by Henry, thus bringing the Foundation’s total capital to upwards of $10M by June 2008.

            Last year (2009) saw a colossal financial tsunami which dealt a heavy blow to the economy worldwide; Hong Kong was no exception.  Notwithstanding that, the Foundation not only escaped without suffering any loss but was able to generate sufficient returns to cover outlays for meeting our declared objectives.  This was due in no small measure to the excellent work of our Asset Management Sub-committee consisting of Louis TANG (78), Byron CHONG (78) and CHAN Pak-tim (80), under the able guidance of Mr. Daniel YIP Ho (Director of Chan Yang Foo Oi Foundation Ltd.), our Honorary Advisor.  A special vote of thanks must go to them for devoting their precious time and effort and, above all, for their professional, responsible, and sensible deliberation and action.

            Over the past two years, the Foundation has maintained close liaison with Mr. YUEN, Principal of SFXC and has, in response to his requests, undertaken numerous projects to support our alma mater in her pursuance of progress and improvement.  The following is an account of such commitments:

1. full sponsorship for employing an extra teacher to help junior form students strengthen their command of English

                                                                         HK$684,676

2. financial sponsorship for students’ participation in English Summer Camp run by native English speaking teachers from overseas universities

                                                                                    HK$10,000

3. cash award to students achieving outstanding results in public examinations namely HKCEE & HKALE

                                                                                   HK$186,000

4. sponsorship for teachers attending Putonghua courses (for Language Proficiency Assessment)

                                                                          HK$14,000

5. sponsorship to school for purchase of musical instruments

                                                                          HK$200,000

6. “spend-and-fill” contribution to Rev. Bro. Denis Scholarship (Music) for subsidising needy students to receive musical instrument training

                                                                                    HK$50,000

            As at the date of this report, the net asset value of the Foundation stands at HK$10,448,206.

Before closing, I would like to express my heartiest appreciation of the invaluable contribution and full co-operation that my committee members have rendered me since my assumption of the chairmanship.  No one could have wished for a better team.  I am indeed most grateful to each and every one of them.

            Last but not least I must thank all fellow Xaverians for their stalwart support which has made the Foundation possible and sustainable.

Lionel Lam

Chairman, Management Committee of SFXC Foundation