Page 149 - DUT Annual Report 2020

DURBAN UNIVERSITY OF TECHNOLOGY
NOTES TO THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2020
DURBAN UNIVERSITY OF TECHNOLOGY ANNUAL REPORT 2020
13. TRADE AND OTHER PAYABLES
Trade payables (including accruals)* Student deposits
Other payables
*Terms and conditions of the above financial liabilities:
2020 2019 R’000 R’000
265 980 - 56 990
322 970
165 720 3 209 27 094
196 023
2019 R’000
687 48 301 171 49 159
2019 R’000
40 145 11 903 (2 889)
49 159
Trade and other payables are non-interest bearing.
Trade and other payables are normally settled on 30-day terms.
Other payables includes an accrual for employee bonuses of R 26.91million (2019: R23.95 million) and outstanding payments to student allowances for 2021 of R29,08m.
14. PROVISIONS
Made up as follows:
Accumulated leave Vacation leave pay Other Provisions
Movement in provision for defined accumulated leave pay, other provisions and vacation leave pay is as follows:
At beginning of the year Raised during the year Utilised during the year
At end of the year
Vacation leave
2020 R’000
727 56 332 171 57 230
2020 R’000
49 159 9 333 (1 262)
57 230
The provision for leave pay represents the potential liability for leave days accrued, and not utilised by staff members at year-end.
Accumulated leave
Durban University of Technology provided a leave benefit scheme where employees could opt to accumulate any leave not taken during a year into a fund that accumulates over the working lifetime of the employee and gets paid out in cash to the employee upon termination (be it resignation, dismissal, retirement, early retirement or death). The leave benefit scheme is closed to Durban University of Technology employees and no further leave benefits can be accrued. Staff are only entitled to utilise the leave days and cannot encash the accumulated leave.
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