Note 2024 2023 $’000 $’000 Operating activities Deficit before government grants (70,065) (247,160) Adjustments for: – Depreciation of property, plant and equipment 32,291 32,761 – Depreciation of right-of-use assets 190 – – Amortisation of intangible assets 1,685 1,562 – (Write back of loss allowance)/Loss allowance (30) 50 – Interest expense 6,178 6,450 – (Gain)/Loss on disposal of property, plant and equipment and intangible assets (3) 139 – Interest income (17,361) (11,781) – Fair value changes on financial assets at fair value through profit or loss (95,442) 77,660 Operating cash flow before working capital changes (142,557) (140,319) Changes in working capital: – Other receivables (14,312) 8,459 – Other current assets (236) 1,740 – Contract liabilities 2,522 87 – Other payables 18 3,904 Net cash used in operating activities (154,565) (126,129) Investing activities Additions to property, plant and equipment (Note A) (12,281) (8,084) Additions to intangible assets (2,318) (2,766) Proceeds on disposal of property, plant and equipment 24 – Investments in financial assets at fair value through profit or loss (13,884) 10,654 Interest received (Note B) 10,493 5,670 Fixed deposits with maturity of more than 3 months (108,747) (98,373) Net cash used in investing activities (126,713) (92,899) Financing activities Operating grants received 96,584 66,572 Research grants received 77,367 60,869 Debt grants received 27,969 37,217 Other grants received 6,400 4,852 Repayment of borrowings (15,827) (15,828) Interest paid (6,152) (6,465) Repayment of lease liabilities (129) – Government grants and donations received for endowment fund 12,701 23,572 Net cash from financing activities 198,913 170,789 Net decrease in cash and cash equivalents (82,365) (48,239) Cash and cash equivalents at beginning of year 177,551 225,790 Cash and cash equivalents at end of year 9 95,186 177,551 Notes to statement of cash flows: Note A During the year, the additions in property, plant and equipment amounted to $11,388,000 (2023 : $9,486,000), of which $703,000 (2023 : $791,000) was accrued by the University and $Nil (2023 : $805,000) was unpaid at the end of the reporting period. The cash outflow on acquisition of property, plant and equipment, net of donated assets (Note 13), amounted to $12,281,000 (2023 : $8,084,000). Note B During the year, total interest income amounted to $17,361,000 (2023 : $11,781,000) of which $3,081,000 (2023 : $1,657,000) was unpaid at the end of the reporting period and presented under other receivables (Note 10). During the year, an amount of $5,444,000 (2023 : $4,970,000), which relates to interest income earned but not received, was reinvested into existing investments (Note 11). Total cash inflows on interest amounted to $10,493,000 (2023 : $5,670,000). The accompanying notes form an integral part of these financial statements. STATEMENT OF CASH FLOWS Year ended 31 March 2024 p. 63 ANNUAL REPORT 2023/24
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