Page 94 - DUT Annual Report 2023

• The university has obtained an unqualified audit opinion on the consolidated annual financial statements for the year-end 31 December 2023. The consolidated annual financial statements set out on pages 98 to 175 of the annual report include the results of the group and the university.
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 77.79% (2022: 83.18%) of the total income. The state subsidy and grants accounted for 42.79% (2022: 47.13%) and tuition and other income accounted for 35.00% (2022: 36.06%) of the total income. Investment income accounted for 13.54% (2022: 8.61%), contract income and sales of goods and services accounted for 2.33% (2022: 2.06%), while non-recurrent income accounted for 6.33% (2022: 6.14%) of total income.
Figure 28. Income composition
The state subsidy and grant income decreased by 1.01% from R1 377.26 million in 2022 to R1 363.35 million in 2023. The movement is attributable to the following:
• Teaching input units increased from 57 781.99 to 58 342.003
• Teaching outputs units decreased from 7 932.25 to 6 765.75
• Research output units decreased from 1 164.02 to 1 057.25
Tuition fees and other income increased by 5.84% from R1 053.63 million in 2022 to R1 115.15 million in 2023. The tuition fee increase is attributable to the curriculum subject selection and related fee combinations that the students select in their progressive study years. The annual increase in the subject fees and the increase in the student headcount went from 32 089 in 2022 to 32 561 students in 2023. Investment income comprises interest earned on short-term investments, as well as dividends received on long-term investments. Recurrent investment income increased by 71.35% from R251.74 million in 2022 to R431.37 million in 2023. The increases in the repo rate during the year attributed to the increase in investment income from short-term investments. Recurrent income from contracts and sales of goods and services increased from R60.27 million in 2022 to R74.33 million in 2023. The increase in income from contracts (research and other activities) can be largely attributed to increased funding.
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DUT ANNUAL REPORT 2023