Page 136 - DUT Annual Report 2020

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DURBAN UNIVERSITY OF TECHNOLOGY ANNUAL REPORT 2020
DURBAN UNIVERSITY OF TECHNOLOGY
NOTES TO THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2020
6. RECEIVABLES AND PREPAYMENTS (continued)
The largest component of outstanding student fees was raised in the 2020 academic year with a lower expected credit loss being attached to this category of debtors based on the prevailing and forward looking conditions, this has contributed towards a reduction of the average expected loss rate to 32% (2019: 40%).
As at December 31, the following reconciliation illustrates the provision for expected losses:
2020
Balance at 1 January
Provision for expected loss for the year
Written-off
Balance at December 31,2020
2019
Balance at 1 January
Provision for expected loss for the year
Written-off
Balance at December 31, 2019
7. CASH AND CASH EQUIVALENTS Current Assets
Cash at bank and on hand Short term deposits
Student Debtors R ‘000 235 000
70 848 (30 250)
Other Debtors R ‘000 -
7 409
-
Deferred Revenue R ‘000 -
4 067 -
Total
R ‘000
235 000
82 324
(30 250)
275 598 7 409
4 067 287 074
Student Debtors R ‘000 246 173
51 801 (62 974)
Other Debtors R ‘000 -
- -
Deferred Revenue R ‘000 -
- -
Total
R ‘000
246 173
51 801
(62 974)
235 000 -
- 235 000
2019 R ‘000
25 821 2 961 791
2 987 612
2020 R ‘000
8 596 3 576 692
3 585 288
Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods of between one day and twelve months depending on the requirements of the University and earn interest at the respective short-term deposit rates.