NOTES TO THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS (continued) for the year ended 31 December 2009
2009 R’000
23
2008 R’000
2007 R’000
COMMITMENTS Capital commitments Capital expenditure approved at the balance sheet date, but not recognised in the financial statements, is as follows: Property, plant and equipment - Approved, but not yet contracted for
1 044 885
2009 563 385
170 000
2011
252 600
143 000
2012
158 900
52 000
2013
70 000
70 000
63 333
102 933
163 517
374 500
357 150
-
20 487
24 934
24 934
1 503 205
1 289 017
188 451
Department of Higher Education and Training (DoHET) - Infrastructure and efficiency funding projects TENET payment commitments Total capital commitments Long-term loan facilities of R450 million from the Development Bank of Southern Africa (DBSA) had been approved, but not yet finalised at 31 December 2009, and these, together with capital donations of approximately R290 million from the Howard Hughes Medical Institute (HHMI) in the United States of America, and DoHET grants of R218 million approved in respect of the ensuing two years (2010 and 2011) will be available, in addition to internal resources, to fund the major part of these commitments. In accordance with the requirements of the Higher Education Act, the requisite Ministerial approval, where applicable, has been and will in future continue to be obtained for all additional borrowings, as well as for the acquisition of property and the construction of major capital projects that exceed the statutory thresholds within which the University Council is authorised to operate. In 2008, the University, together with a number of other higher education institutions, entered into an agreement with the Tertiary Education and Research Network of South Africa (TENET), whereby the University agreed to subscribe and pay for 80 SEACOM CIR Units, payable in six annual instalments of US$ 553 000 (approximately R4,1 million per annum). This consortiumbased agreement will enable TENET to purchase capacity on the SEACOM submarine cable, which will allow the shared use of the cable by the University and by other participants to increase their bandwidth capacity.
UNIVER S I T Y
369 000
2010
- Contracted
116
804 000
O F
K WA Z U L U - N ATA L