NOTES TO THE FINANCIAL STATEMENTS 31 March 2024 4. EMPLOYEE COMPENSATION 2024 2023 $’000 $’000 Wages and salaries 102,549 96,694 Employer’s contribution to Central Provident Fund 8,949 8,913 Other benefits 775 128 112,273 105,735 Key management personnel compensation is as follows: 2024 2023 $’000 $’000 Wages and salaries 9,919 9,856 Employer’s contribution to Central Provident Fund 298 279 Other benefits 11 40 10,228 10,175 Key management personnel comprise the President, Provost, Vice President, Administration, Associate Provosts, Head of Pillars and key administrative Directors. 5. OTHER OPERATING EXPENSES 2024 2023 $’000 $’000 Rental expense under operating leases 43 98 Utilities and facility management 15,386 14,748 Marketing and advertising expenses 3,307 3,729 Information technology expenses 8,529 8,094 Travelling expenses and honorarium fees 2,494 2,065 Library books, periodicals and databases 2,363 2,441 Scholarship and awards 14,500 14,284 (Gain)/Loss on disposal of property, plant and equipment and intangible assets (3) 139 Audit fees and audit related fees paid to auditors of the University 181 182 Others 7,729 6,444 54,529 52,224 6. NET INVESTMENT INCOME/(LOSS) 2024 2023 $’000 $’000 Interest income 17,361 11,781 Fair value gains/(losses) on financial assets at fair value through profit or loss 95,442 (77,660) 112,803 (65,879) 7. GOVERNMENT AND OTHER GRANTS 2024 2023 $’000 $’000 Operating grants (Note 10(ii)) 70,478 68,867 Research grants utilised (Note 10(iii)) 65,157 63,171 Debt grants utilised (Note 10(iv)) 12,994 11,956 Deferred capital grants amortised (Note 21) 33,096 32,862 Other grants 6,487 4,861 188,212 181,717 p. 75 ANNUAL REPORT 2023/24
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