ANNUAL REPORT 2017/18 37
NOTES TO THE FINANCIAL STATEMENTS
31 March 2018
2018
2017
$’000
$’000
Rental expense on
operating leases
2
6
Utilities and facility
management
15,079
12,588
Marketing and
advertising expenses
3,356
4,154
Information technology
expenses
4,125
3,986
Travelling expenses
1,696
2,190
Library books, periodicals
and databases
3,370
2,453
Scholarship and awards
9,444
8,512
Loss on disposal of
property, plant and
equipment and intangible
assets
144
1
Others
7,644
9,733
44,860 43,623
5. OTHER OPERATING EXPENSES
2018
2017
$’000
$’000
Cash at bank and
on hand
71,049 26,440
Short-term bank deposits
117,052 146,906
188,101
173,346
The short-term bank deposits at balance sheet date
have a weighted average effective interest rate of 1.27%
(2017: 0.71%) per annum.
9. CASHAND CASH EQUIVALENTS
2018
2017
$’000
$’000
Interest income
4,216
3,211
Fair value gains on net
financial assets at fair
value through income
and expenditure
61,998 84,677
66,214 87,888
6. NET INVESTMENT INCOME
2018
2017
$’000
$’000
Operating grants
(Note 10(i))
72,013
84,596
Research grants utilised
(Note 10(ii))
47,194 41,847
Development grants
utilised (Note 10(iii))
-
378
Debt grants utilised
(Note 10(iv))
13,638
13,356
Deferred capital grants
amortised (Note 19)
36,881
35,418
169,726 175,595
7. GOVERNMENTAND OTHER GRANTS
8. INCOME TAXES
The University obtained Charity and Institution of
Public Character (“IPC”) status on 21 July 2009 under
the Charities Act and Charities (Institutions of a Public
Character) Regulations 2008. With effect from the Year
of Assessment 2009, all registered charities will enjoy
automatic income tax exemption. The University is
exempted from filing income tax returns.
