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 2022
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 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 to 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 20 |
Wits Foundation UK
| Reference and Administrative Details | 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) |
| Charity Registration Number | 1087539 |
| Company Registration Number | 04217424 |
| The charity is incorporated in England and Wales. | |
| Registered Office | 130a High Street |
| Crediton | |
| Devon | |
| EX17 3LQ | |
| Independent Examiner | Wortham Jaques Limited |
| Chartered Accountants and Charity Advisors | |
| 130a High Street | |
| Crediton | |
| Devon | |
| EX17 3LQ | |
| Bankers | NatWest |
| City of London Office | |
| PO Box 12258 | |
| 1 Princes Street | |
| London | |
| EC2R 8PA |
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 2022.
Objectives and activities
Objects and aims
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.
Public benefit
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.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Achievements and performance
During the year the charity received donations (including gift aid tax recoverable) of £294,790 (2021: £116,310). Income from it’s investment portfolio was £6,755 (2021: £7,236). Total income this year is £301,545 (2021: £123,546).
Applications for grants and loans are considered by the board of trustees against the charity’s objects. During this year grants amounting to £258,650 were awarded (2021: £91,204). Other expenditure amounted to £5,585 (2021: £5,045) resulting in a surplus for the year of £37,310 (2021: £27,296). 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 surplus of £37,310 (£2021: £27,296). There were net unrealised losses from investments of £32,066 (2021: £28,032 gains) resulting in a total net movement in funds of £5,244 (2021: £55,328). The total investment portfolio value at the end of the year was £279,729 (2021: £307,785). Total charity funds at the end of the year were £361,084. £30,351 of this are restricted funds (2021: £355,841, £8,125 restricted).
Financial review
Policy on reserves
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.
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Page 2
Wits Foundation UK
Trustees' Report
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)
Structure, governance and management
Nature of governing document
The governing document of the Wits Foundation UK is its memorandum and articles of association. It is a company limited by guarantee (incorporated on 15 May 2001) and is a registered charity (registered 13 July 2001).
Recruitment and appointment of trustees
Trustees are appointed at a General Meeting of the Trustees by ordinary resolution. The minimum number of trustees is three.
Mr W H Frankel OBE is the sole member of the Charity.
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.
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 the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can 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.
Page 3
Wits Foundation UK
Trustees' Report
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
The annual report was approved by the trustees of the charity on 9 June 2023 and signed on its behalf by:
......................................... W H Frankel OBE FRSAf (Hons) Trustee
Page 4
Wits Foundation UK
Independent Examiner's Report to the trustees of Wits Foundation UK ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity’s trustees of the Company (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’).
Having satisfied myself that the accounts of the Company 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 the Company'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:
-
accounting records were not kept in respect of Wits Foundation UK as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
-
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
-
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 Chapman Gibbs BFP ACA Wortham Jaques Limited Chartered Accountants and Charity Advisors
130a High Street Crediton Devon EX17 3LQ
15 June 2023
Page 5
Wits Foundation UK
Statement of Financial Activities for the Year Ended 31 December 2022 (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 Total income Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Gains/losses on investment assets Net (expenditure)/income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 17 |
Unrestricted funds £ 22,749 6,755 29,504 (2,743) (11,677) (14,420) (32,066) (16,982) (16,982) 347,715 330,733 |
Restricted funds £ 272,041 - 272,041 - (249,815) (249,815) - 22,226 22,226 8,125 30,351 |
Total 2022 £ 294,790 6,755 |
|---|---|---|---|
| 301,545 | |||
| (2,743) (261,492) |
|||
| (264,235) (32,066) |
|||
| 5,244 | |||
| 5,244 355,840 |
|||
| 361,084 |
The notes on pages 9 to 20 form an integral part of these financial statements. Page 6
Wits Foundation UK
Statement of Financial Activities for the Year Ended 31 December 2022 (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 Total income Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Gains/losses on investment assets Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 17 |
Unrestricted funds £ 97,402 7,236 104,638 (2,343) (79,884) (82,227) 28,032 50,443 50,443 297,273 347,716 |
Restricted funds £ 18,908 - 18,908 - (14,023) (14,023) - 4,885 4,885 3,240 8,125 |
Total 2021 £ 116,310 7,236 |
|---|---|---|---|
| 123,546 | |||
| (2,343) (93,907) |
|||
| (96,250) 28,032 |
|||
| 55,328 | |||
| 55,328 300,513 |
|||
| 355,841 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 17.
The notes on pages 9 to 20 form an integral part of these financial statements. Page 7
Wits Foundation UK
(Registration number: 04217424) Balance Sheet as at 31 December 2022
| 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 Revaluation reserve Total unrestricted funds Total funds 17 |
2022 £ 279,729 17,388 65,575 82,963 (1,608) 81,355 361,084 30,351 298,651 32,082 330,733 361,084 |
2021 £ 307,783 3,550 46,116 |
|---|---|---|
| 49,666 (1,608) |
||
| 48,058 | ||
| 355,841 | ||
| 8,125 274,943 72,773 |
||
| 347,716 | ||
| 355,841 |
For the financial year ending 31 December 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The financial statements on pages 6 to 20 were approved by the trustees, and authorised for issue on 9 June 2023 and signed on their behalf by:
.........................................
W H Frankel OBE FRSAf (Hons) Trustee
The notes on pages 9 to 20 form an integral part of these financial statements. Page 8
Wits Foundation UK
Notes to the Financial Statements for the Year Ended 31 December 2022
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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
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.
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.
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.
Page 9
Wits Foundation UK
Notes to the Financial Statements for the Year Ended 31 December 2022
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 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.
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.
Page 10
Wits Foundation UK
Notes to the Financial Statements for the Year Ended 31 December 2022
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.
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 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.
Page 11
Wits Foundation UK
Notes to the Financial Statements for the Year Ended 31 December 2022
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.
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.
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.
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.
Page 12
Wits Foundation UK
Notes to the Financial Statements for the Year Ended 31 December 2022
3 Income from donations and legacies
| Donations and legacies; Donations from individuals Gift aid reclaimed Total for 2022 Total for 2021 4 Investment income Other income from fixed asset investments Total for 2022 Total for 2021 |
Unrestricted funds General £ 8,910 13,839 22,749 97,402 |
Restricted funds £ 272,041 - 272,041 18,908 Unrestricted funds General £ 6,755 6,755 7,236 |
Total funds £ 280,951 13,839 |
|---|---|---|---|
| 294,790 | |||
| 116,310 | |||
| Total funds £ 6,755 |
|||
| 6,755 | |||
| 7,236 |
5 Expenditure on raising funds
a) Investment management costs
| Note Other investment management costs; Amounts payable to investment managers Total for 2022 Total for 2021 |
Unrestricted funds General £ 2,743 2,743 2,343 |
Total funds £ 2,743 |
|---|---|---|
| 2,743 | ||
| 2,343 |
Page 13
Wits Foundation UK
Notes to the Financial Statements for the Year Ended 31 December 2022
6 Expenditure on charitable activities
| Note Grant funding of activities Governance costs 7 Total for 2022 Total for 2021 Grant to Wits University SA Total for 2021 |
Unrestricted funds General £ 8,835 2,842 11,677 79,884 |
Restricted funds £ 249,815 - 249,815 14,023 Grant funding of activity £ 258,650 91,204 |
Total funds £ 258,650 2,842 |
|---|---|---|---|
| 261,492 | |||
| 93,907 | |||
| Total expenditure £ 258,650 |
|||
| 91,204 |
In addition to the expenditure analysed above, there are also governance costs of £2,842 (2021 - £2,703) which relate directly to charitable activities. See note 7 for further details.
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 2022 Total for 2021 |
Unrestricted funds General £ 1,389 1,389 64 2,842 2,703 |
Total funds £ 1,389 1,389 64 |
|---|---|---|
| 2,842 | ||
| 2,703 |
Page 14
Wits Foundation UK
Notes to the Financial Statements for the Year Ended 31 December 2022
8 Grant-making
Analysis of grants
The support costs associated with grant-making are £Nil (31 December 2021 - £Nil).
Below are details of material grants made to institutions
| 2022 | 2021 | ||
|---|---|---|---|
| Name of institution | Activity | £ | £ |
| Wits University SA | Grantmaking | 258,650 | 91,204 |
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 |
2022 £ 1,389 1,389 |
2021 £ 1,575 |
|---|---|---|
| 1,065 |
11 Taxation
The charity is a registered charity and is therefore exempt from taxation.
12 Fixed asset investments
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Other investments | 279,729 | 307,783 |
Page 15
Wits Foundation UK
Notes to the Financial Statements for the Year Ended 31 December 2022
Other investments
| Cost or Valuation At 1 January 2022 Revaluation Additions Disposals At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 13 Debtors Accrued income 14 Cash and cash equivalents Cash at bank 15 Creditors: amounts falling due within one year Accruals 16 Reserves At 1 January 2022 Transfer of surplus funds Unrealised loss on investments At 31 December 2022 |
Listed investments £ Unlisted investments £ 301,968 5,815 (32,067) - 20,382 28,521 (21,766) (23,124) 268,517 11,212 268,517 11,212 301,968 5,815 2022 £ 17,388 2022 £ 65,575 2022 £ 1,608 Unrestricted revaluation reserve £ 72,773 (5,194) (35,497) 32,082 |
Listed investments £ Unlisted investments £ 301,968 5,815 (32,067) - 20,382 28,521 (21,766) (23,124) 268,517 11,212 268,517 11,212 301,968 5,815 2022 £ 17,388 2022 £ 65,575 2022 £ 1,608 Unrestricted revaluation reserve £ 72,773 (5,194) (35,497) 32,082 |
Total £ 307,783 (32,067) 48,903 (44,890) 279,729 279,729 307,783 2021 £ 3,550 |
|---|---|---|---|
| 268,517 | |||
| 268,517 | |||
| 301,968 | |||
| 2021 £ 46,116 |
|||
| 2021 £ 1,608 |
|||
| Total £ 72,773 (5,194) (35,497) |
|||
| 32,082 |
Page 16
Wits Foundation UK
Notes to the Financial Statements for the Year Ended 31 December 2022
| At 1 January 2021 Transfer of surplus funds Unrealised gain on investments At 31 December 2021 |
Unrestricted revaluation reserve £ 50,709 (5,968) 28,032 72,773 |
Total £ 50,709 (5,968) 28,032 |
|---|---|---|
| 72,773 |
| 17 Funds Unrestricted funds General Unrestricted funds Restricted funds Wits Annual Fund Wits Centenary Fund The Business of Art PH Engineering Bursary Vice-Chancellors Discretionary Fund Accountancy Bursaries and Scholarships 2022 to 2024 Data & Analytics Complex at Agincourt Total funds |
Balance at 1 January 2022 £ 347,715 5,415 460 2,000 - 250 - - 8,125 355,840 |
Incoming resources £ 29,504 16,056 1,420 2,000 7,365 - 28,200 217,000 272,041 301,545 |
Resources expended £ (14,420) (13,230) (1,110) (2,000) (7,365) (250) (8,860) (217,000) (249,815) (264,235) |
Other recognised gains/(losses) £ (35,497) - - - - - - - - (35,497) |
Balance at 31 December 2022 £ 327,302 8,241 770 2,000 - - 19,340 - |
|---|---|---|---|---|---|
| 30,351 | |||||
| 357,653 |
Page 17
Wits Foundation UK
Notes to the Financial Statements for the Year Ended 31 December 2022
| Unrestricted funds General Unrestricted funds Restricted funds Wits Annual Fund Wits Centenary Fund The Business of Art Phillip V Tobias Bursary Fund Student Graduation Vice-Chancellors Discretionary Fund Total funds |
Balance at 1 January 2021 £ 297,273 200 40 2,000 1,000 - - 3,240 300,513 |
Incoming resources £ 104,638 15,056 840 2,000 - 412 600 18,908 123,546 |
Resources expended £ (82,227) (9,841) (420) (2,000) (1,000) (412) (350) (14,023) (96,250) |
Other recognised gains/(losses) £ 28,032 - - - - - - - 28,032 |
Balance at 31 December 2021 £ 347,716 5,415 460 2,000 - - 250 |
|---|---|---|---|---|---|
| 8,125 | |||||
| 355,841 |
Page 18
Wits Foundation UK
Notes to the Financial Statements for the Year Ended 31 December 2022
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.
Accountancy Bursaries and Scholarships 2022 to 2024
Students who are both academically successful and in financial need will be considered for these bursaries, funded by a donor alumna, if studying for qualifications offered by the Wits School of Accountancy during the period 2022-2024.
Data and Analytics Complex at Agincourt
The Wolfson Foundation awarded a grant towards the cost of the Data and Analytics Complex within the Agincourt Field Research Centre of the MRC/Wits Rural Public Health and Health Transitions Research Unit in Agincourt, Mpumalanga.
18 Analysis of net assets between funds
| Fixed asset investments Current assets Current liabilities Total net assets |
Unrestricted funds General £ 279,729 52,612 (1,608) 330,733 |
Restricted funds £ - 30,351 - 30,351 |
Total funds at 31 December 2022 £ 279,729 82,963 (1,608) |
|---|---|---|---|
| 361,084 |
Page 19
Wits Foundation UK
Notes to the Financial Statements for the Year Ended 31 December 2022
| Fixed asset investments Current assets Current liabilities Total net assets 19 Analysis of net funds Cash at bank and in hand Net debt Cash at bank and in hand Net debt |
Unrestricted funds General £ 307,783 41,541 (1,608) 347,716 At 1 January 2022 £ 46,116 46,116 At 1 January 2021 £ 21,111 21,111 |
Restricted funds £ - 8,125 - 8,125 Financing cash flows £ 19,459 19,459 Financing cash flows £ 25,005 25,005 |
Total funds at 31 December 2021 £ 307,783 49,666 (1,608) |
|
|---|---|---|---|---|
| 355,841 | ||||
| At 31 December 2022 £ 65,575 65,575 At 31 December 2021 £ 46,116 46,116 |
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