Annual Report 2023–2024

大學校董會報告 Report of the Council 65 財政表現 Financial Performance 今年是香港中文大學成立六十周年，為標誌着 其豐富文化傳承和成就的重要里程碑。隨着主 要投資市場復甦，大學獲得可觀的回報，增加 了盈餘和儲備。雄厚的財政儲備使大學能夠 繼續在《中大策略計劃 2021-2025 》中所列的 各項策略領域投放資源。 財務報表臚列出獲大學教育資助委員會（教 資會）資助或由非教資會資金支持的經常性 及非經常性活動的收入及支出。以下各段僅 概述大學營運表現。 大學在本財政年度總收入較去年上升十九億 五千六百萬元，從一百一十二億五百萬元增至 一百三十一億六千一百萬元（表一），增幅為 百分之十七點五。其中，政府資助收入共六十 四億三千四百萬元，較 2022-23 財政年度增加 四億五千一百萬元。增幅主要來自教資會的整 體補助金、增補補助金，及用於科研、教與學 及學生發展的指定用途補助金。 學費、課程及其他收費收入增加二億九千三百 萬元，至二十九億二千八百萬元，當中百分之 六十來自非教資會資助課程。教資會和非教 資會資助課程收入均錄得增長，主要原因是 報讀課程的學生人數增加。 隨着環球主要投資市場在 2024 年持續復甦， 利息和淨投資收益顯著上升，錄得十一億一 千二百萬元投資增幅，從去年八億四千萬元增 加至十九億五千二百萬元。這增長主要來自 證券的已變現和未變現淨收益，以及利息收 入。美國聯邦儲備局維持聯邦儲備基金利率和 歐洲中央銀行將歐元利率維持在歷史高位， 導致定息證券和定期存款的利息收入顯著提 高。在當前的去通脹背景下， 2024 年 9 月聯邦 儲備基金利率初次下調 50 個基點，預計將進 一步降息，可能導致下個財政年度的利息收入 This year commemorates the University’s 60 th anniversary, an important milestone to honour its rich heritage and accomplishments. Adding to the celebrations, the recovery in major investment markets has yielded substantial returns, resulting in increased surplus and reserves. This strong financial reserve enables the University to continue investing in various strategic areas outlined in the five-year strategic plan "CUHK 2025". The financial statements report the income and expenditure for both recurrent and non-recurrent activities funded by the University Grants Committee (UGC) or supported by non- UGC funds. Comments and highlights below only refer to the operating results of the University. Total income surged by $1,956 million or 17.5% from $11,205 million to $13,161 million (Table 1). Government subventions accounted for $6,434 million, recording an increase of $451 million as compared to the 2022-23 financial year. The increase mainly came from block grants, supplementary grants, earmarked grants for research, teaching and learning, and student developments. Tuition, programme and other fees increased by $293 million to $2,928 million, of which 60% was contributed by non- UGC-funded programmes. Both UGC-funded and non-UGC- funded programmes recorded an increase in income, mainly due to an increase in student enrolment. With the continuous recovery of major investment markets in 2024, interest and net investment income rose significantly by $1,112 million, rising from $840 million in the previous year to $1,952 million for the reporting year. This upsurge was primarily driven by an increase in net realised and unrealised gains from securities, alongside higher interest income. The US Federal Reserve maintained the Federal Funds Rate and European Central Bank kept the Euro interest rate at a historical peak, resulting in notably higher interest income from fixed income securities and time deposits. Given the current disinflationary backdrop, and the initial 50 basis points cut in the Federal Funds Rate in September 2024, further rate cuts are anticipated, likely resulting in lower interest income in the next financial year. In 2023-24, the University adjusted its investment strategies to underweight