Note General fund Non-endowment fund Endowment fund Total 2024 2023 2024 2023 2024 2023 2024 2023 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Income Tuition and other fees 3a 40,792 35,034 – – – – 40,792 35,034 Less: Scholarship expenses 3a (8,864) (8,422) (505) (671) (10,717) (9,445) (20,086) (18,538) Tuition and other fees, net 31,928 26,612 (505) (671) (10,717) (9,445) 20,706 16,496 Donations and sponsorships – – 5,282 2,164 – – 5,282 2,164 Other income 3b 12,594 12,753 2 1 80 33 12,676 12,787 Total income 44,522 39,365 4,779 1,494 (10,637) (9,412) 38,664 31,447 Expenses Employee compensation 4 (108,089) (102,509) (436) (190) (3,748) (3,036) (112,273) (105,735) Programme-related expenses (2,390) (1,935) – – – – (2,390) (1,935) Research-related expenses (11,995) (12,061) – – – – (11,995) (12,061) Depreciation 13, 14 (32,429) (32,733) (50) (25) (3) (3) (32,482) (32,761) Amortisation 15 (1,680) (1,559) (4) (2) (1) (1) (1,685) (1,562) Interest expense (6,178) (6,450) – – – – (6,178) (6,450) Other operating expenses 5 (47,271) (46,530) (1,866) (1,646) (5,392) (4,048) (54,529) (52,224) Total expenses (210,032) (203,777) (2,356) (1,863) (9,144) (7,088) (221,532) (212,728) (Deficit)/Surplus before investment income and government grants (165,510) (164,412) 2,423 (369) (19,781) (16,500) (182,868) (181,281) Net investment income/(loss) 6 10,033 5,309 469 273 102,301 (71,461) 112,803 (65,879) (Deficit)/Surplus before government grants (155,477) (159,103) 2,892 (96) 82,520 (87,961) (70,065) (247,160) Government and other grants 7 188,212 181,754 – (35) – (2) 188,212 181,717 Net surplus/(deficit) and total comprehensive income/(loss) 32,735 22,651 2,892 (131) 82,520 (87,963) 118,147 (65,443) The accompanying notes form an integral part of these financial statements. STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Year ended 31 March 2024 p. 60 SINGAPORE UNIVERSITY OF TECHNOLOGY AND DESIGN
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