Download the Annual report 2011 - Unisa
Download the Annual report 2011 - Unisa
Download the Annual report 2011 - Unisa
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UNISA ANNUAL REPORT <strong>2011</strong><br />
Balance as at 31 December (12 285) (11 276)<br />
| 93 |<br />
<strong>2011</strong> 2010<br />
R’000 R’000<br />
Carrying value<br />
At 31 December 65 508 66 517<br />
The investment property was valued during 2008 by Midcity Property Services (Pty) Ltd, a registered independent<br />
property appraiser having an appropriate recognised professional qualification and recent experience in <strong>the</strong> location and<br />
category of <strong>the</strong> property being valued. Fair values were determined by using <strong>the</strong> income capitalisation method. The fair<br />
value as determined by <strong>the</strong> property appraiser as at 31 May 2008 amounted to R186 million. The University’s assessment<br />
of <strong>the</strong> valuation indicated no significant change in <strong>the</strong> fair value of <strong>the</strong> property as at <strong>the</strong> <strong>report</strong>ing date.<br />
Rental income from investment property amounted to R5,837 million (2010: R6,940 million) and <strong>the</strong> direct operating<br />
expenses amounted to R2,552 million (2010: R1,464 million).<br />
A register of <strong>the</strong> land and buildings included in investment properties is available at <strong>the</strong> University’s registered address.<br />
NOTE 4: NON-CURRENT RECEIVABLES<br />
Employee loans - 4<br />
Employee vehicle loans - 77<br />
- 81<br />
Vehicle loans<br />
Unsecured loans granted to University employees to enable<br />
<strong>the</strong>m to purchase motor vehicles. These loans bear interest at<br />
a contractual variable rate of prime less 2% and are repayable<br />
over 54 months.<br />
The University no longer grants loans to staff members. 77 3 358<br />
Less portion payable within twelve months included in current<br />
assets (77) (3 281)<br />
- 77<br />
The weighted average interest rates on receivables (current and non-current) were as follows:<br />
O<strong>the</strong>r receivables 7% 8%<br />
Vehicle loans 7% 8%<br />
NOTE 5: INVENTORIES<br />
Study materials and courseware 93 092 107 553<br />
Technical inventories 1 682 1 833<br />
Consumable inventory 14 864 17 099<br />
109 638 126 485<br />
The study material and courseware balance disclosed above is after an impairment adjustment of R16,946 million (2010:<br />
R13,627 million). In <strong>2011</strong> paper, printing consumables, changes in finished goods and work in progress recognised as<br />
cost of sales amounted to R86,530 million (2010: R57,598 million).
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