Operating results and financial position

In 2004/05, the total income of the University and its subsidiaries (collectively referred to as the "Consolidated Entity") was $3,618.8 million, of which $1,930.7 million represented Government subventions, $1,230.7 million from tuition and other fees, $161.1 million from investment income, $67.8 million from donations and $228.5 million from other sources.

The expenditure of the Consolidated Entity was $3,239.1 million, of which $2,090.6 million was for instruction and research, $391.1 million for premises and related expenses, $171.5 million for other academic services and the remaining $415.4 million for library, central computing facilities, student and general educational services, and other activities.

As regards the operating results of the subsidiaries, the total income and expenditure amounted to $471.2 million and $392.7 million respectively. Having eliminated the transactions and balances between the University and its subsidiaries for consolidation purposes, the net income and expenditure was $312.2 million and $214.5 million respectively.

As a result, a surplus of $375.4 million for the Consolidated Entity for 2004/05 was recorded, of which $55.3 million related to the unspent balance of the UGC Block Grants was transferred to the General and Development Reserve Fund.

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