CUT Annual Report 2013

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 31 December 2013
ASSETS Note 2013
R ‘000
2012
R ‘000
Non-current assets 705 987 635 242
Property, plant and equipment 5 491 546 472 375
Investment property 6 794 794
Other non-current financial assets 7 194 738 161 293
Non-current receivables 18 909 780
Leasehold asset 9 860 780
Student Loans 8 18 049 -
Current assets 178 152 215 071
Other current financial assets 7 - 33 205
Receivables and prepayments 93 493 35 643
Student debtors 10 82 609 17 889
Other debtors 10 10 884 17 754
Cash and cash equivalents 11 84 659 146 222
Total assets 884 138 850 314
FUNDS AND LIABILITIES
Funds available 569 579 531 363
Restricted use funds reserves
Other Education and general 234 260 203 430
Unrestricted use funds reserves - Education and general 335 319 327 933
Non-current liabilities 215 736 244 205
Interest bearing borrowings 12 3 514 1 375
Post retirement obligations 13 42 330 64 278
Deferred income 14 169 891 178 552
Current liabilities 98 823 74 745
Accounts payable and accrued liabilities 15 55 858 63 827
Leave accrual 16 358 314
Current portion of interest bearing borrowings 12 2 818 1 931
Current portion of deferred income 14 39 788 8 673
Total funds and liabilities 884 138 850 314
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2013
Note
Council
Controlled
Unrestricted
Specifically
Funded
Activities
Restricted
2013
R ‘000
SUB-
TOTAL
Student
and staff
Accommodation
Unrestricted
TOTAL
2012
R ‘000
TOTAL
TOTAL INCOME 510 531 95 086 605 617 11 652 617 269 567 369
State appropriations - subsidies and grants 297 691 65 575 363 266 - 363 266 303 890
Tuition and other fee income 191 261 5 194 196 454 11 652 208 106 183 290
Income from contracts - 23 347 23 347 - 23 347 27 444
Sales of goods and services 8 708 - 8 708 - 8 708 8 299
Private gifts and grants 1 240 732 1 972 - 1 972 2 713
SUB-TOTAL 498 901 94 848 593 748 11 652 605 399 525 636
Finance income 19 11 631 239 11 869 - 11 869 15 249
Gain on investments realised 20 - - - - - 26 483
TOTAL EXPENDITURE 486 460 90 331 576 791 12 333 589 124 523 981
486 460 90 331 576 791 12 333 589 124 523 981
Personnel 17 306 478 18 759 325 237 5 190 330 427 306 036
Salaries 311 521 18 759 330 281 5 190 335 471 299 839
Settlement gain on post retirement benefit 13 (11 853) - (11 853) - (11 853)
Post retirement benefits cost 13 6 810 - 6 810 - 6 810 6 197
Other current operating expenses 18 145 661 71 571 217 232 7 143 224 375 188 205
Depreciation 18 33 596 - 33 596 - 33 596 29 006
SUBTOTAL 485 735 90 331 576 065 12 333 588 398 523 247
Finance costs 21 425 - 425 - 425 464
Loss / (Profit) on disposal of assets 300 - 300 - 300 270
SURPLUS FOR THE YEAR 24 071 4 755 28 826 ( 681) 28 145 43 387
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified to
profit /(loss)
Actuarial (loss) / gain on post
retirement obligation
13 1 537 - 1 537 - 1 537 (6 662)
Items that may be subsequently classified to
profit / (loss)
Change in value of available-for-sale
financial assets
OTHER COMPREHENSIVE INCOME FOR
THE YEAR
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR
7 - - - - - 14 020
1 537 - 1 537 - 1 537 7 358
25 608 4 755 30 363 ( 681) 29 682 50 746
CUT ANNUAL REPORT | 112
113 | CUT ANNUAL REPORT