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2020-12-31-accounts

Company registration number: 04217424 Charity registration number: 1087539

Wits Foundation UK

(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 December 2020

Wortham Jaques Limited Chartered Accountants and Charity Advisors 130a High Street Crediton Devon EX17 3LQ

Wits Foundation UK

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 19

Wits Foundation UK

Reference and Administrative Details

Trustees W H Frankel OBE FRSAf (Hons) Professor Colin J Bundy Professor Adam M Habib Sir David King Professor Zeblon Vilakazi Secretary W H Frankel OBE FRSAf (Hons) Principal Office 130a High Street Crediton Devon EX17 3LQ The charity is incorporated in England and Wales. Company Registration Number 04217424 Charity Registration Number 1087539 Bankers NatWest City of London Office PO Box 12258 1 Princes Street London EC2R 8PA Independent Examiner Wortham Jaques Limited Chartered Accountants and Charity Advisors 130a High Street Crediton Devon EX17 3LQ

Page 1

Wits Foundation UK

Trustees' Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 December 2020.

Mr W H Frankel OBE is the sole member of the Charity.

Objects

The principal purpose of the Charity is to raise funds in the UK to advance education for the benefit of the public, particularly at the University of the Witwatersrand in South Africa

Structure and Organisation

The governing document of the Wits Foundation UK is its memorandum and articles of association. It is a company limited by guarantee (incorporated on 15th May 2001) and is a registered charity (registered 13th July 2001).

Recruitment and Appointment of Trustees

The Trustees who have served during the year are set out on page one. Trustees are appointed at a General Meeting of the Trustees by ordinary resolution. The minimum number of trustees is three.

Public Benefit

The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

The trustees continually seek opportunities to help those in need, principally in the field of education and have made grants during the year to the University of Witwatersrand in South Africa

Achievements, Performance and Plans for Future Periods

During the year the charity received donations (including Gift Aid tax recoverable) of £123,108 (2019; £96,309). There are two one-off events in 2020 that has resulted in a significant increased in income. (1)Legacy income totalling £930,705 (2019: £600,000) was received during this year. The significant majority of the income bequethed has been recognised in this year; and (2) In March 2020 the trustees of the University of the Witwatersrand Appeal Fund (charity number 210710) agreed to merge with WIts Foundation UK and approved the transfer of it's assets. It's investment portfolio valued at £220,876 has been gifted to Wits and is also shown as donation income in 2020.

Applications for grants and loans are considered by the board of trustees against the charity's objects. During this year grants amounting to £1,053,560 were awarded (2019; £699,061). Other expenditure amounted to £3,589.92. The trustees will continue to look for suitable opportunities to make further grants in future.

The results for the year from charitable activities show a suplus of £223,784 compared to a deficit of £4,115 in the previous 12 months. There were net unrealised gains from investments of £50,769 resulting in a total net movement in funds of £273,373. The total investment portfolio value at the end of the year was £274,859. Total charity funds at the end of the year were £300,512 (2019: £27,139).

Reserves Policy and Risk Management

The charity's financial reserves at the year-end were £300,512, of which £3,240 was for restricted purposes. The Trustees believe that the position of the charity is satisfactory as they have sufficient reserves to cover the charity's minimal overhead commitments.

The Trustees have considered the risks to which the charity is exposed and consider that appropriate steps have been taken to minimise the charity's risk.

Page 2

Wits Foundation UK

Trustees' Report

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Statement of Trustees' Responsibilities

The trustees (who are also the directors of Wits Foundation UK for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The annual report was approved by the trustees of the charity on 2 August 2021 and signed on its behalf by:

......................................... W H Frankel OBE FRSAf (Hons) Trustee

Page 3

Wits Foundation UK

Independent Examiner's Report to the trustees of Wits Foundation UK

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2020 which are set out on pages 5 to 19.

Respective responsibilities of trustees and examiner

As the charity’s trustees of Wits Foundation UK (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

An audit dispensation has been granted by the Charities Commission for the year ended 31 December 2020 under regulation 34(3)(b) of the Charities Act (Accounts and Reports) Regulations 2008. An independent examination has taken place instead of an audit (Regulation 31(f). This dispensation was granted on 17 June 2021).

Having satisfied myself that the accounts of Wits Foundation UK are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

Since Wits Foundation UK's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of Wits Foundation UK as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

...................................... Charlotte Gibbs BFP ACA Wortham Jaques Limited

130a High Street Crediton Devon EX17 3LQ

9 August 2021

Page 4

Wits Foundation UK

Statement of Financial Activities for the Year Ended 31 December 2020 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Investment income
4
Other income
Total income
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
Gains/losses on investment assets
Net income/(expenditure)
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
16
Note
Income and Endowments from:
Donations and legacies
3
Total income
Expenditure on:
Charitable activities
6
Total expenditure
Net (expenditure)/income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
16		 Unrestricted
funds
£
1,261,922
5,065
65
1,267,052
(1,853)
(1,041,415)
(1,043,268)
50,769
274,553
274,553
22,719
297,272
Unrestricted
funds
£
692,659
692,659
(700,424)
(700,424)
(7,765)
(7,765)
30,484
22,719		 Unrestricted
funds
£
1,261,922
5,065
65		 Restricted
funds
£
12,702
-
-		 Total
2020
£
1,274,624
5,065
65
1,267,052 12,702 1,279,754
(1,853)
(1,041,415)		 -
(13,882)		 (1,853)
(1,055,297)
(1,043,268)
50,769		 (13,882)
-		 (1,057,150)
50,769
274,553 (1,180) 273,373
274,553
22,719		 (1,180)
4,420		 273,373
27,139
297,272 3,240 300,512
Restricted
funds
£
3,650
3,650
-
-
3,650
3,650
770
4,420		 Total
2019
£
696,309
696,309
(700,424)
(700,424)
(4,115)
(4,115)
31,254
27,139

All of the charity's activities derive from continuing operations during the above two periods.

The notes on pages 7 to 19 form an integral part of these financial statements. Page 5

Wits Foundation UK

(Registration number: 04217424) Balance Sheet as at 31 December 2020

Note
Fixed assets
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
14
Creditors: Amounts falling due within one year
15
Net current assets
Net assets
Funds of the charity:
Restricted income funds
Restricted funds
Unrestricted income funds
Unrestricted funds
Total funds
16		 2020
£
274,858
6,153
21,111
27,264
(1,610)
25,654
300,512
3,240
297,272
300,512		 2019
£
-
6,098
22,211
28,309
(1,170)
27,139
27,139
4,420
22,719
27,139

For the financial year ending 31 December 2020 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements on pages 5 to 19 were approved by the trustees, and authorised for issue on 2 August 2021 and signed on their behalf by:

.........................................

W H Frankel OBE FRSAf (Hons)

Trustee

The notes on pages 7 to 19 form an integral part of these financial statements. Page 6

Wits Foundation UK

Notes to the Financial Statements for the Year Ended 31 December 2020

1 Charity status

The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.

The address of its registered office is: 130a High Street Crediton Devon EX17 3LQ

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.

Basis of preparation

Wits Foundation UK meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Exemption from preparing a cash flow statement

The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Page 7

Wits Foundation UK

Notes to the Financial Statements for the Year Ended 31 December 2020

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case by case basis following the grant of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.

Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grant provisions

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Page 8

Wits Foundation UK

Notes to the Financial Statements for the Year Ended 31 December 2020

Fixed asset investments

Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Page 9

Wits Foundation UK

Notes to the Financial Statements for the Year Ended 31 December 2020

Foreign exchange

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.

The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate).

Other exchange differences are recognised in the Statement of Financial Activities in the period in which they arise except for:

1) exchange differences on transactions entered into to hedge certain foreign currency risks (see above);

2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income; and

3) in the case of the consolidated financial statements, exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Page 10

Wits Foundation UK

Notes to the Financial Statements for the Year Ended 31 December 2020

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Page 11

Wits Foundation UK

Notes to the Financial Statements for the Year Ended 31 December 2020

Debt instruments

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Investments

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

Page 12

Wits Foundation UK

Notes to the Financial Statements for the Year Ended 31 December 2020

Derivative financial instruments

The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

3 Income from donations and legacies

Donations and legacies;
Donations from individuals
Legacies
Gift aid reclaimed
Total for 2020
Total for 2019		 Unrestricted
funds
General
£
321,872
930,705
9,345
1,261,922
692,659		 Restricted
funds
£
12,702
-
-
12,702
3,650		 Total
funds
£
334,574
930,705
9,345
1,274,624
696,309

4 Investment income

Interest receivable and similar income;
Interest receivable on bank deposits
Other income from fixed asset investments
Total for 2020		 Unrestricted
funds
General
£
23
5,042
5,065		 Total
funds
£
23
5,042
5,065

Page 13

Wits Foundation UK

Notes to the Financial Statements for the Year Ended 31 December 2020

5 Expenditure on raising funds

a) Investment management costs

Other investment management costs;
Amounts payable to investment managers
Total for 2020
6
Expenditure on charitable activities
Note
Grant funding of activities
Governance costs
7
Total for 2020
Total for 2019		 Note
Unrestricted
funds
General
£
1,039,678
1,737
1,041,415
700,424		 Unrestricted
funds
General
£
1,853
1,853
Restricted
funds
£
13,882
-
13,882
-		 Total
funds
£
1,853
1,853
Total
funds
£
1,053,560
1,737
1,055,297
700,424

7 Analysis of governance and support costs

Governance costs

Independent examiner fees
Examination of the financial statements
Other fees paid to examiners
Other governance costs
Total for 2020
Total for 2019		 Unrestricted
funds
General
£
594
1,014
129
1,737
1,363		 Total
funds
£
594
1,014
129
1,737
1,363

Page 14

Wits Foundation UK

Notes to the Financial Statements for the Year Ended 31 December 2020

8 Grant-making

Analysis of grants

The support costs associated with grant-making are £Nil (31 December 2019 - £Nil).

Below are details of material grants made to institutions

2020 2019
Name of institution Activity £ £
Wits University SA Grantmaking 1,053,560 699,061

9 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

10 Independent examiner's remuneration

Examination of the financial statements
Other fees to examiners
All other services		 2020
£
594
1,014		 2019
£
565
725

11 Taxation

The charity is a registered charity and is therefore exempt from taxation.

12 Fixed asset investments

2020
£
Other investments 274,858

Page 15

Wits Foundation UK

Notes to the Financial Statements for the Year Ended 31 December 2020

Other investments

Cost or Valuation
Revaluation
Additions
Disposals
At 31 December 2020
Net book value
At 31 December 2020
13 Debtors
Accrued income		 Listed
investments
£
50,769
212,110
-
262,879
262,879		 Unlisted
investments
£
-
28,636
(16,657)
11,979
11,979
2020
£
6,153		 Total
£
50,769
240,746
(16,657)
274,858
274,858
2019
£
6,098

Page 16

Wits Foundation UK

Notes to the Financial Statements for the Year Ended 31 December 2020

14 Cash and cash equivalents

14 Cash and cash equivalents
Cash at bank
15 Creditors: amounts falling due within one year
Accruals		 2020
£
21,111
2020
£
1,610		 2019
£
22,211
2019
£
1,170

Page 17

Wits Foundation UK

Notes to the Financial Statements for the Year Ended 31 December 2020

16 Funds

16 Funds
Unrestricted funds
General
Unrestricted funds
Restricted funds
Wits Annual Fund
Wits Centenary Fund
The Business of Art
Phillip V Tobias Bursary
Fund
PH Engineering Bursary
Total funds
Unrestricted funds
General
Unrestricted funds
Restricted funds
Wits Annual Fund
Wits Centenary Fund
The Business of Art
Total funds		 Balance at 1
January
2020
£
Incoming
resources
£
Resources
expended
£
Other
recognised
gains/(losses)
£
Balance at
31
December
2020
£
22,719
1,267,052
(1,043,268)
50,769
297,272
1,510
2,100
(3,410)
-
200
910
240
(1,110)
-
40
2,000
2,000
(2,000)
-
2,000
-
2,000
(1,000)
-
1,000
-
6,362
(6,362)
-
-
4,420
12,702
(13,882)
-
3,240
27,139
1,279,754
(1,057,150)
50,769
300,512
Balance at 1
January 2019
£
Incoming
resources
£
Resources
expended
£
Balance at 31
December
2019
£
30,484
692,659
(700,424)
22,719
-
1,510
-
1,510
770
140
-
910
-
2,000
-
2,000
770
3,650
-
4,420
31,254
696,309
(700,424)
27,139		 Balance at
31
December
2020
£
297,272
200
40
2,000
1,000
-
3,240
300,512
4,420
27,139

Page 18

Wits Foundation UK

Notes to the Financial Statements for the Year Ended 31 December 2020

The specific purposes for which the funds are to be applied are as follows:

Wits Annual Fund

The Wits Annual Fund is a discretionary endowment fund and the interest it earns will be used to make a difference to teaching and research excellence, scholarships, campus improvements, the student experience, and academic excellence at Wits.

Wits Centenary Fund (also called 'Century')

The Wits Centenary Fund is to commemorate the centenary of Wits in 2022 and the funds will be used for initiatives for the benefit of Wits University.

The Business of Art

The Business of Art is a project in Fine Arts which is within the Wits School of Arts. The project supports student activities that go beyond their degree studies and which assist the students to learn about finance, commercialisation, marketing, or other business-related aspects concerning the fine art they produce.

The Phillip V Tobias Bursary Fund

The Phillip V Tobias Bursary Fund was established to provide support to students in financial need in the Faculty of Health Sciences at Wits University studying any health science or allied discipline. Named in honour of the late Professor PV Tobias, the bursary fund accepts donations from any source and currently is sustained by donations mainly from Wits alumni who were taught by Professor Tobias.

The PH Engineering Bursary

The PH Engineering Bursary is a bursary for students in financial need studying for a degree of Bachelor of Science in Engineering in the School of Electrical and Information Engineering at Wits and is funded by a donor alumnus.

17 Analysis of net assets between funds

17 Analysis of net assets between funds
Fixed asset investments
Current assets
Current liabilities
Total net assets
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
274,858
24,024
(1,610)
297,272
Unrestricted
funds
General
£
23,889
(1,170)
22,719		 Restricted
funds
£
-
3,240
-
3,240
Restricted
funds
£
4,420
-
4,420		 Total funds at
31 December
2020
£
274,858
27,264
(1,610)
300,512
Total funds at
31 December
2019
£
28,309
(1,170)
27,139

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