ESF reserves reach HK$3.75 billion, even as government subsidies shrink

The reserves of Hong Kong’s largest international school group have more than tripled to HK$3.75 billion (US$480.8 million) in over a decade, even as it taps different income sources to offset shrinking government subsidies, the South China Morning Post has found by reviewing the organisation’s annual reports. The English Schools Foundation (ESF) also said in its annual report for the 2024-25 acad