CUT Annual Report 2008

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Financial Statements
For 2008 the university was able to generate a
surplus of R37.744 million due mainly to savings
on operating expenses, including the salary bill,
and investment returns of R19.992 million.
Long-term investments grew by R21.145 million to
R127.487 million and cash and cash equivalents by
R60.919 million to R151.231 million for the year as
at 31 December 2008.
The net asset position improved by R113.855 million.
Moreover, an unqualified audit report was received
from the external auditors. Despite these positive
results, there were ongoing concerns about the size of
the staff establishment and the effect on the salary bill.
Steps were taken to address this, including reducing the
salary budget; making revised allocations, setting limits
on divisional expenditure based on the revised budget,
and devolving decision-making on salary expenditure to
other executives.
The total financial aid awarded to students in 2008
amounted to R79 629 662, which included the CUT’s
own funds, NSFAS grants and externally funded
bursaries and scholarships. Financial aid was
provided to students based on academic performance
and financial need.
Total CUT financial support was R9 927 million.
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