OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-12-31-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 2023

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 21

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 2023.

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 £140,665 (2022: £294,790). Income from it's investment portfolio was £7,749 (2022: £6,755). Total income this year is £148,414 (2022: £301,545).

Applications for grants and loans are considered by the board of trustees against the charity's objects. During this year grants amounting to £153,937 were awarded (2022: £258,650). Other expenditure amounted to £4,486 (£5,585) resulting in a defciit for the year of £10,009 (2022: £37,310 surplus). The trustees will continue to look for suitbale opportunities to make further grants in future.

Financial review

The results for the year from charitable activities show a deficit of £10,009 (2022: £37,310 surplus). There were net unrealised gains from investments of £14,241 (2022: £32,066 losses) resulting in a total net movement in funds of £4,232 (2022: £5,244). the total investment portfolio value at the end of the year was £293,078 (2022: £279,729). Total charity funds at the end of the year were £365,316 of this £29,643 are restricted funds (2022: £361,084, £30,351 restricted).

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:

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 18 September 2024 and signed on its behalf by:

WILLIAM H FRANKEL

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

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 2023.

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

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 Chapman Gibbs BFP ACA Wortham Jaques Limited

130a High Street Crediton Devon EX17 3LQ

18 September 2024

Page 5

Wits Foundation UK

Statement of Financial Activities for the Year Ended 31 December 2023 (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/(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
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
16		 Unrestricted
funds
£
13,382
7,749
21,131
(1,104)
(29,328)
(30,432)
14,241
4,940
4,940
330,733
335,673
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
£
127,283
-
127,283
(89)
(127,902)
(127,991)
-
(708)
(708)
30,351
29,643
Restricted
funds
£
272,041
-
272,041
-
(249,815)
(249,815)
-
22,226
22,226
8,125
30,351		 Total
2023
£
140,665
7,749
148,414
(1,193)
(157,230)
(158,423)
14,241
4,232
4,232
361,084
365,316
Total
2022
£
294,790
6,755
301,545
(2,743)
(261,492)
(264,235)
(32,066)
5,244
5,244
355,840
361,084

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

The notes on pages 9 to 21 form an integral part of these financial statements. Page 6

Wits Foundation UK

Statement of Financial Activities for the Year Ended 31 December 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

The funds breakdown for 2022 is shown in note 16.

The notes on pages 9 to 21 form an integral part of these financial statements. Page 7

Wits Foundation UK

(Registration number: 04217424) Balance Sheet as at 31 December 2023

Note
Fixed assets
Investments
11
Current assets
Debtors
12
Cash at bank and in hand
13
Creditors: Amounts falling due within one year
14
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
16		 2023
£
293,078
8,995
68,129
77,124
(4,886)
72,238
365,316
29,643
326,547
9,126
335,673
365,316		 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

For the financial year ending 31 December 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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 21 were approved by the trustees, and authorised for issue on 18 September 2024 and signed on their behalf by:

WILLIAM H FRANKEL

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

W H Frankel OBE FRSAf (Hons) Trustee

The notes on pages 9 to 21 form an integral part of these financial statements. Page 8

Wits Foundation UK

Notes to the Financial Statements for the Year Ended 31 December 2023

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

These financial statements were authorised for issue by the trustees on 18 September 2024.

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.

Page 9

Wits Foundation UK

Notes to the Financial Statements for the Year Ended 31 December 2023

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 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 10

Wits Foundation UK

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

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.

Page 11

Wits Foundation UK

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

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 2023

3 Income from donations and legacies

Donations and legacies;
Donations from individuals
Legacies
Gift aid reclaimed
Total for 2023
Total for 2022
4
Investment income
Interest receivable and similar income;
Interest receivable on bank deposits
Other income from fixed asset investments
Total for 2023
Total for 2022		 Unrestricted
funds
General
£
3,953
-
9,429
13,382
22,749		 Restricted
funds
£
77,283
50,000
-
127,283
272,041
Unrestricted
funds
General
£
716
7,033
7,749
6,755		 Total
funds
£
81,236
50,000
9,429
140,665
294,790
Total
funds
£
716
7,033
7,749
6,755

5 Expenditure on raising funds

a) Costs of generating donations and legacies

Note
Other direct costs of generating voluntary
income
Total for 2023		 Unrestricted
funds
General
£
55
55		 Restricted
funds
£
89
89		 Total
funds
£
144
144

Page 13

Wits Foundation UK

Notes to the Financial Statements for the Year Ended 31 December 2023

b) Investment management costs

Other investment management costs;
Amounts payable to investment managers
Total for 2023
Total for 2022
6
Expenditure on charitable activities
Note
Grant funding of activities
Governance costs
7
Total for 2023
Total for 2022
Grant to Wits University SA
Total for 2022		 Note
Unrestricted
funds
General
£
26,035
3,293
29,328
11,677		 Unrestricted
funds
General
£
1,049
1,049
2,743
Restricted
funds
£
127,902
-
127,902
249,815
Grant funding
of activity
£
153,937
258,650		 Total
funds
£
1,049
1,049
2,743
Total
costs
£
Total
funds
£
153,937
3,293
157,230
261,492
Total
expenditure
£
153,937
258,650

In addition to the expenditure analysed above, there are also governance costs of £3,293 (2022 - £2,842) which relate directly to charitable activities. See note 7 for further details.

Page 14

Wits Foundation UK

Notes to the Financial Statements for the Year Ended 31 December 2023

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 2023
Total for 2022		 Unrestricted
funds
General
£
1,038
2,184
71
3,293
2,842		 Total
funds
£
1,038
2,184
71
3,293
2,842

Page 15

Wits Foundation UK

Notes to the Financial Statements for the Year Ended 31 December 2023

8 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.

9 Independent examiner's remuneration

9
Independent examiner's remuneration
Examination of the financial statements
Other fees to examiners
All other services		 2023
£
1,038
2,184		 2022
£
1,389
1,389

10 Taxation

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

11 Fixed asset investments

Other investments 2023
£
293,078		 2022
£
279,729

Page 16

Wits Foundation UK

Notes to the Financial Statements for the Year Ended 31 December 2023

Other investments

Cost or Valuation
At 1 January 2023
Revaluation
Additions
Disposals
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
12 Debtors
Accrued income
13 Cash and cash equivalents
Cash at bank
14 Creditors: amounts falling due within one year
Other creditors
Accruals
15 Reserves
At 1 January 2023
Transfer of surplus funds
Unrealised gain on investments
At 31 December 2023		 Listed
investments
£
Unlisted
investments
£
268,517
11,212
14,242
-
283,912
275,495
(273,593)
(286,707)
293,078
-
293,078
-
268,517
11,212
2023
£
8,995
2023
£
68,129
2023
£
3,121
1,765
4,886
Unrestricted
revaluation
reserve
£
32,082
(32,082)
9,126
9,126		 Listed
investments
£
Unlisted
investments
£
268,517
11,212
14,242
-
283,912
275,495
(273,593)
(286,707)
293,078
-
293,078
-
268,517
11,212
2023
£
8,995
2023
£
68,129
2023
£
3,121
1,765
4,886
Unrestricted
revaluation
reserve
£
32,082
(32,082)
9,126
9,126		 Total
£
279,729
14,242
559,407
(560,300)
293,078
293,078
279,729
2022
£
17,388
293,078
293,078
268,517
2022
£
65,575
2022
£
-
1,608
1,608
Total
£
32,082
(32,082)
9,126
9,126

Page 17

Wits Foundation UK

Notes to the Financial Statements for the Year Ended 31 December 2023

At 1 January 2022
Transfer of surplus funds
Unrealised loss on investments
At 31 December 2022		 Unrestricted
revaluation
reserve
£
72,773
(5,194)
(35,497)
32,082		 Total
£
72,773
(5,194)
(35,497)
32,082

16 Funds

Unrestricted funds
General
Unrestricted funds
Restricted funds
Wits Annual Fund
Wits Centenary Fund
The Business of Art
Julian Baring Scholarships
PH Engineering Bursary
Giving the Gift of
Graduation
Accountancy Bursaries and
Scholarships 2022 to 2024
Bursaries and Scholarships
Prof. Colin Caro Legacy
Wits Papers Research
Archive
Total restricted funds
Total funds		 Balance at 1
January
2023
£
330,733
8,241
770
2,000
-
-
-
19,340
-
-
-
30,351
361,084		 Incoming
resources
£
21,131
16,056
1,440
2,000
16,583
8,000
1,360
-
30,844
50,000
1,000
127,283
148,414		 Resources
expended
£
(30,432)
(16,269)
(1,510)
(4,000)
(16,583)
(8,000)
(1,180)
(400)
(30,049)
(50,000)
-
(127,991)
(158,423)		 Other
recognised
gains/(losses)
£
14,241
-
-
-
-
-
-
-
-
-
-
-
14,241		 Balance at
31
December
2023
£
335,673
8,028
700
-
-
-
180
18,940
795
-
1,000
29,643
365,316

Page 18

Wits Foundation UK

Notes to the Financial Statements for the Year Ended 31 December 2023

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)
£
(32,066)
-
-
-
-
-
-
-
-
(32,066)		 Balance at
31
December
2022
£
330,733
8,241
770
2,000
-
-
19,340
-
30,351
361,084

Page 19

Wits Foundation UK

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

Julian Baring Scholarships

These scholarships, in memory of the late Julian Baring, are awarded to postgraduate students whose degrees should equip them for a career in the mining or related sectors in Africa.

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.

Giving the Gift of Graduation

By Giving the Gift of Graduation, donors help to clear the debt of students who have passed all their exams and are diligently paying off their debt before they can graduate. They cannot raise loans since typlically they come from backgrounds without means. If their debt is cleared they can graduate with their classmates and not get left behind again through no fault of their own.

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.

Bursaries and Scholarships

Students who are academically sucessful and in financial need will be considered for bursaries and scholarships.

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.

Prof. Colin Caro Legacy

Legacy to be used for a lectureship in his name in bio-engineering.

Wits Papers Research Archive

Donation directed towards the Wits Historical Papers Reseach Archive for the upkeep of Helen Suzman papers at the discretion of Gabriele Mohale.

Page 20

Wits Foundation UK

Notes to the Financial Statements for the Year Ended 31 December 2023

17 Analysis of net assets between funds

Fixed asset investments
Current assets
Current liabilities
Total net assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
18 Analysis of net funds
Cash at bank and in hand
Net debt
Cash at bank and in hand
Net debt		 Unrestricted
funds
General
£
293,078
47,481
(4,886)
335,673
Unrestricted
funds
General
£
279,729
52,612
(1,608)
330,733
At 1 January
2023
£
65,575
65,575
At 1 January
2022
£
46,116
46,116		 Restricted
funds
£
-
29,643
-
29,643
Restricted
funds
£
-
30,351
-
30,351
Financing cash
flows
£
2,554
2,554
Financing cash
flows
£
19,459
19,459		 Total funds at
31 December
2023
£
293,078
77,124
(4,886)
365,316
Total funds at
31 December
2022
£
279,729
82,963
(1,608)
361,084
At 31
December
2023
£
68,129
68,129
At 31
December
2022
£
65,575
65,575

Page 21