Page 12 - UniZulu Annual Report 2020

Debt modifications and breaches of loan
covenants
No debt modifications were entered into by the University or loan covenant breaches as a result of the COVID-19 financial impact.
Revenue recognition
UNIZULU’s student population is mostly made up of funded students (over 90% in 2020 are funded), thus no significant COVID-19 risk was identified on revenue recognition for the
2020 financial period. However, due to the extension of the 2020 academic year, which was extended until early March 2021, revenue recognised in 2020 was accrued for the period that falls into the new financial year.
Defined benefit retirement schemes
The COVID-19 impact was considered by the valuators of the schemes. Table 2 below displays the assessment conducted to ascertain whether the University will continue to be a going concern.
UNIVERSITY OF ZULULAND ANNUAL REPORT 2020
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