Page 160 - UniZulu Annual Report 2020

Diagram 19:Total Income Proportional Percentage
EXPENDITURE
In 2020, expenditure remained largely the same as that of the previous period; it includes a significant increase of 184% in depreciation and amortisation. This is as a result of amortisation on right-of-use assets as defined in IFRS16 on leased buildings for student accommodation and vehicles. The University entered into three-year leases of buildings for student accommodation from the 2020 financial year. In addition, it also leased vehicles for a period of five years from Standard Bank. Finance costs increased by 458% due to finance cost on leases of both buildings and vehicles. There was a decrease in impairment losses on financial assets; this is due to the benefit of renewed debt collecting efforts being realised during the period. Operational expenditure was suppressed in 2020 due to the restrictive COVID-19 lockdowns.
Diagram 20: Expenditure
Total Income Proportional Percentage
Expenditure
UNIVERSITY OF ZULULAND ANNUAL REPORT 2020 1 5 8