Page 96 - DUT Annual Report 2023

Student Accommodation
Figure 30. Student accommodation
Student accommodation is required to cover its costs and provide resources for long-term maintenance. Income for student accommodation increased from R623.11 million in 2022 to R716.12 million in 2023, representing an increase of 14.93%. This is predominantly due to the government’s legislative changes, namely free education for qualifying students. Expenditure incurred amounted to R698.46 million (2022: R496.40 million), of which R684.10 million (2022: R481.27 million) was in respect of operating expenditure.
Statement of Financial Position
Total Assets
Total assets amounted to R8 662.65 million (2022: R7 878.05 million), which represents an increase of 9.96% (2022: 10.36%) compared to the previous year.
The largest contributors have been property, plant and equipment with additions of R116.06 million in 2023 and intangible assets of R52.50 million for the purchase of the ERP system.
Student debtors before impairment increased to R1 001.54 million in 2023 from R670.48 million, representing an increase of R331.06 million. Student debt after the impairment provision was R514.99 million (2022: R378.05 million). Debt impairment provision increased by 66.38%. The key reason for this increase is attributed to an increase in the forward- looking assumptions in the provision assessment. The majority of the outstanding student debt relates to the 2023 academic year.
During the year under review, the university received R1 921.29 million from NSFAS compared to the R1 960.02 million received in 2022, representing a decrease of 1.9% (2022: 0.77%). The number of students funded by NSFAS decreased from 23 331 to 22 672 in 2022 and the allowance previously paid directly to the students was disbursed through the university.
Total Liabilities
Total liabilities amounted to R2 492.72 million (2022: R2 177.18 million), which is an increase of 14.9%, compared to the increase of 5.54% in the previous year. This is a result of the increase in deferred revenue (8.86%), trade, and other payables (55.69%) recognised in the current period. The decrease in borrowings is solely attributed towards the repayment on the loans as there were no further borrowings in the year.
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DUT ANNUAL REPORT 2023