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UNISA ANNUAL REPORT 2011 Consolidated Statement of Cash Flows For the year ended 31 December 2011 CASH FLOWS FROM OPERATING ACTIVITIES Note 2011 2010 | 78 | R’000 R’000 Cash generated from operations 22 455 293 338 004 Interest received 15 211 581 229 326 Dividends received 15 53 669 39 845 Finance cost (7 437) (1 659) NET INFLOW FROM OPERATING ACTIVITIES 713 106 605 516 CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of property, plant and equipment (429 132) (301 932) Acquisition of intangible assets (21 001) (8 928) Proceeds on disposal of property, plant and equipment 282 595 Proceeds on disposal of investments 3 025 1 389 Acquisition of investments (224 946) (278 945) NET OUTFLOW FROM INVESTMENT ACTIVITIES (671 772) (587 821) CASH FLOWS FROM FINANCING ACTIVITIES Interest-bearing borrowings repaid (637) (695) NET OUTFLOW FROM FINANCING ACTIVITIES (637) (695) NET INCREASE IN CASH AND CASH EQUIVALENTS 40 697 17 000 NET FOREIGN EXCHANGE DIFFERENCES (542) (4 503) CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 8 450 529 439 195 Huguenot College 0 (1 163) CASH AND CASH EQUIVALENTS AT END OF THE YEAR 8 490 684 450 529
UNISA ANNUAL REPORT 2011 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2011 1. ACCOUNTING POLICIES The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements. 1.1 REPORTING ENTITY The University of South Africa is an institution domiciled in South Africa. The consolidated financial statements of the University as at and for the year ended 31 December 2011 comprise the University and entities which the University has the power to control. The basis of consolidation of the consolidated financial statements is set out in paragraph 2.3. The University as an educational institution is primarily involved in tuition, research and community engagement in South Africa and beyond. 2.1 STATEMENT OF COMPLIANCE The consolidated financial statements are prepared in accordance and compliance with South African Statements of Generally Accepted Accounting Practice, regulations for annual reporting by Higher Education Institutions and the requirements of section 41 of the Higher Education Act, 1997 (Act No. 101 of 1997), as amended. 2.2 BASIS OF PREPARATION 2.2.1 Basis of measurement The consolidated financial statements have been prepared on the historical cost basis except for the following: • financial instruments at fair value through profit or loss and • the defined benefit asset is recognised as the net total of plan assets, plus unrecognised past service cost and unrecognised actuarial losses, less unrecognised actuarial gains and the present value of the defined benefit obligation. The methods used to measure fair values are discussed further in paragraph 2.20. Non-current assets and disposal groups held for sale are stated at the lower of carrying amount and fair value less costs to sell. (refer to paragraph 2.6) 2.2.2 Functional currency The consolidated financial statements are presented in South African Rand, which is the University’s functional currency, rounded to the nearest thousand. 2.2.3 Segment information and accumulated funds A segment is a recognised component of the University that is engaged in undertaking activities and providing services that are subject to risks and returns different from those of other segments. Segmentation provided in the consolidated statement of comprehensive income of these financial statements is in terms of the guidelines prescribed by the Department of Higher Education and Training. 2.2.4 Specifically funded activities restricted (Education and general) The specifically funded activities restricted consist mainly of research activity. Here decision-making rights over income earned and related expenses rest with researchers. Council retains an oversight role in regard to ensuring that expenditure is in accordance with the mandate received from funders. | 79 |
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ANNUAL REPORT 2011
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UNISA ANNUAL REPORT 2011 CONTENTS L
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UNISA ANNUAL REPORT 2011 LETTER FRO
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Unisa is the largest open distance
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Acknowledging the collective effort
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Executive management University Reg
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Student enrolments by region 250,00
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UNISA ANNUAL REPORT 2011 | 13 |
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UNISA ANNUAL REPORT 2011 STATEMENT
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New examination venues were establi
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The outcome of this survey shows th
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UNISA ANNUAL REPORT 2011 COUNCIL RE
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2011, Dr C von Eck was duly appoint
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UNISA ANNUAL REPORT 2011 Members Ap
Page 29 and 30: Audit and Enterprise Risk Managemen
Page 31 and 32: Board of the Graduate School of Bus
Page 33 and 34: UNISA ANNUAL REPORT 2011 STATEMENT
Page 35 and 36: eral disability awareness campaigns
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Page 41 and 42: environment and UNGC principles als
Page 43 and 44: embark on a campaign to highlight t
Page 45 and 46: Apart from this, another R54 987 00
Page 47 and 48: UNISA ANNUAL REPORT 2011 REPORT OF
Page 49 and 50: STAKEHOLDER REPORT Stakeholder rela
Page 51 and 52: SRC Elections: 2011 marked the elec
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Page 87 and 88: 2.10.2 Operating leases UNISA ANNUA
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