Annual Report 2018 _Final
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ORBIT TVET COLLEGE<br />
<strong>Annual</strong> Financial Statements for the year ended 31 December <strong>2018</strong><br />
Notes to the <strong>Annual</strong> Financial Statements<br />
<strong>2018</strong> <strong>Annual</strong> <strong>Report</strong> Page 185<br />
Figures in Rand <strong>2018</strong> 2017<br />
34. Commitments<br />
2017 Approved and<br />
contracted for<br />
Authorised Operational expenditure<br />
Restated amount 4 602 212<br />
Authorised Capital expenditure<br />
Approved and<br />
contracted for<br />
As previously reported 10 566 666<br />
Approved and<br />
contracted for<br />
Total Commitments 15 168 878<br />
<strong>2018</strong> Approved and<br />
contracted for<br />
Authorised Operating expenditure<br />
Operating expenditure 16 563 612<br />
Authorised Operating expenditure<br />
Approved and<br />
contracted for<br />
Capital expenditure 685 522<br />
Approved and<br />
contracted for<br />
Total Commitments 17 249 133<br />
35. Going concern<br />
We draw attention to the fact that at 31 December <strong>2018</strong>, the entity had an accumulated surplus of R 440 329 824 and that<br />
the entity's total Assets exceed its liabilities by R 134 182 164.<br />
The annual financial statements have been prepared on the basis of accounting policies applicable to a going concern. This<br />
basis presumes that funds will be available to finance future operations and that the realisation of assets and settlement of<br />
liabilities, contingent obligations and commitments will occur in the ordinary course of business.<br />
The entity still has the power to levy student fees and it will continue to receive funding from government as evident from<br />
the grant received from DHET<br />
36. Events after the reporting date<br />
No material non-adjusting events occurred after the reporting date<br />
37. Services In-Kind<br />
Both the DHET SAICA HR and CFO Support Projects are funded by the National Skills Fund and managed by SAICA for<br />
DHET. SAICA appoints and manages the Project teams in accordance with the Project Business Plans. In the HR Support<br />
Project, support is provided directly to DHET by the placement of Project team members at DHET to fulfil certain functions.<br />
HR Business Partners (HRBPs) are also allocated to Colleges, with each HRBP supporting more than one College. In the<br />
CFO Support Project, there is a Project management team which assists DHET to coordinate the financial management in<br />
the sector. For the CFO Support Project, SAICA has also seconded a team member to DHET and DHET has placed the<br />
Project Team member as Acting DPF in each College that is directly supported by the Project. In some cases there are<br />
additional Project team members allocated to a College, in addition to the ADPF. SAICA supports DHET with these<br />
Projects on a cost recovery basis, as part of SAICA’s Nation Building initiative.
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