Page 82 - DUT Annual Report 2024

The highlights for the 2024 consolidated Annual financial performance are as follows:
• Unrestricted Council-controlled recurrent income increased by 5.70%, from R2 917.401 million in 2023 to R3 083.719
million in 2024. The student and staff accommodation generated 32.59% more than the 2023 financial year, increasing from R716.12 million in 2023 to R949.51 million in 2024. The specifically-funded (restricted funding) recurrent income decreased by 12.65%, from R66.80 million in 2023 to R58.35 million in 2024.
• Unrestricted Council-controlled recurrent expenditure increased by 5.33%, from R2 584.25 million in 2023 to R2 721.86 million in 2024.
• Cash and cash equivalents and other financial assets at year-end increased by 11.84%, from R5 134.32 million in 2023 to R5 742.18 million in 2024.
• There was an increase of 10.70% in the total assets, from R8 662.65 million in 2023 to R9 589.65 million in 2024.
• Total liabilities increased by 4.49%, from R2 492.72 million in 2023 to R2 604.64 million in 2024.
• Accumulated fund increased by 13.21%, from R6 169.93 million in 2023 to R6 985.01 million in 2024.
• The university has obtained an unqualified audit opinion on the consolidated annual financial statements for the year-
ended 31 December 2024. The consolidated annual financial statements set out on pages xx to xx of the annual report include the results of the group and the university.
Recurrent and Non-Recurrent Council-Controlled and Specifically- Funded Income and Expenditure
Income Composition
The university is highly reliant on first and second stream income, which is state subsidy grants and tuition fees, which collectively makes up 76.73% (2023: 77.79%) of the total income. The state subsidy and grants accounted for 39.81% (2023: 42.79%) and tuition and other income accounted for 36.92% (2023: 35.00%) of the total income. Investment income accounted for 14.57% (2023: 13.54%); contract income and sales of goods and services accounted for 1.87% (2023: 2.33%); while non-recurrent income accounted for 6.83% (2023: 6.33%) of total income.
Figure 28: Income composition
The state subsidy and grant income decreased by 1.52% from R1 363.35 million in 2023 to R 1 342.56 million in 2024. The decrease is due to the reprioritisation of funds by the Department of Higher Education and Training (DHET), and is further attributable to the following factors:
• Teaching input units increased from 56 298.56 to 64 248.87
• Teaching outputs units increased from 6 781.25 to 6 877.25
• Research output units increased from 1 011.40 to 1 276.50
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DUT ANNUAL REPORT 2024