Jaaroorsig - University of the Free State

growth in investments to the amount ofR195,5 m including the re-evaluation ofinvestments to market value at year end.Spending on property, plant and equipmentwas R53,3 m (2004 R39,3 m).Current assets: Current assets increasedby 16,2% compared to 2004. Thisis mainly attributable to growth in investmentsof R98,4 m including the reevaluationof investments to marketvalue at year end.Funds: The net increase of R214,2 min funds includes a recapitalisation grantfrom the Department of Education ofR25,3 m, profit on realization of trustfunds of R3,1 m, amounts received notexpended of R21,2 m, a revaluation ofinvestment to market value at year endof R74,9 m and a net surplus of R100,1 mof which only R29,4 m is available asunrestricted non-designated funds.General: Total income increasedwith R63,3 m, mainly because of an increasein subsidies and grants of R39,3 mand tuitions and other fee income ofR16,8. Total expenditure increased withR43,9 m, which is mainly attributable toefficient spending as a result of the turningstrategy completed in 2004. Althoughstaff costs have decreased in relativeterms another objective of the turningstrategy, to increase remuneration ofstaff to catch up with a perceived backlog,has been met in the sense that generalsalary increases from 2002 to 2005exceeded the rise of inflation as measuredby the CPI by 18,2%.A period of consolidation has clearlydawned. Student numbers were slightlydown from 2004's peak and, it being themain driver of income generation, theamount available for the financing ofstrategic projects was also somewhatlower. One of the objectives of the turningstrategy, to decrease the dependenceupon income generated by student numbers,in other words by government subsidyand tuition fees, has however notbeen met. In 2000 69,3% of income wasderived from these sources. In 2003,2004 and 2005 it amounted to 80,7%,84,2% and 83,4% respectively.BalansstaatBalance sheet2005 2004Bates (Rm) (Rm) AssetsNie-bedryfsbates 936 815 745 908 Non-operating assetsBedryfsbates 562 563 483 961 Current assetsTotale bates 1 499 378 1 229 869 Total assetsFondse en lasteFunds and liabilitiesFondse beskikbaar 1 115 254 901 030 Funds availableNie-bedryfslaste 277 382 253 954 Non-current liabilitiesBedryfslaste 106 742 74 885 Current liabilitiesTotale fondse en laste 1 499 378 1 229 869 Total funds and liabilitiesInkomstestaatIncome StatementTotale inkomste 867 928 804 596 Total incomeStaatsubsidie & toekennings 438 924 399 609 Government subsidy & grantsKlasgelde en anderTuition fees and otherfooi-inkomste 250 115 233 280 fee incomeKontrakte 23 701 34 466 ContractsGoedere en dienste 43 615 26 287 Goods and servicesSkenkings 8 191 8 248 DonationsRente en dividende 61 025 48 978 Interest and dividendsBeleggingsinkomste - 39 258 50 801 Investment income -Wins met realisasieProfit on realisationAnder 3 101 2 175 OtherTotale uitgawes 746 507 702 616 Total expenditurePersoneelvergoeding 432 076 412 071 Staff remunerationAnder bedryfsuitgawes 259 962 247 585 Other operating expenditureDepresiasie 43 763 38 252 DepreciationFinansieringskoste 4 017 4 971 Finance costsAnder 6 689 (263) OtherNetto surplus voor oordragte 121 422 101 980 Net surplus before transfersOngespandeerde bedrae (21 234) (17 427) Amounts received not expendedNetto surplus na oordragte 100 188 84 533 Net surplus after transfersKontantvloeistaatCash Flow StatementNetto kontantvloei uit 270 065 62 239 Net cash flow frombedryfsaktiwiteiteoperating activitiesNetto kontant aangewend (264 723) (98 488) Cash utilised inin beleggingsaktiwiteiteinvesting activitiesKontant uit finansierings- 23 102 (4 890) Cash from/(utilised in)aktiwiteitefinancing activitiesKontant en kontant 382 41 521 Cash and cashekwivalente aan dieequivalentsbegin van die jaarat beginning of yearKontant en kontant 28 825 382 Cash and cashekwivalente aan dieequivalentseinde van die jaarat end of year71