CONTACT INFORMATION
Address: Suite 10, Claremont House, 22-24 Claremont Road, Surbiton, Surrey, KT6 4QU Telephone: +44 20 8390 9133 E-mail: sam@ucttrust.org.uk Website: www.ucttrust.org.uk Charity Number: 803042 Consultant Director: Mrs Angela Edwards (retired 30 June 2025) Ms Sam Davies (appointed 1 July 2025)
TRUSTEES
Mr Paul Kumleben Chair Sir Franklin Berman KCMG KC Professor Hugh Corder Ms Nhlamulo Dlomu Mr Michael T Fargher Dr Bronwyn Gavine Mr Richard Gnodde Dame Judith Macgregor DCMG LVO Mr Charles McGregor Dr Zandile Ndlovu [appointed 24[th] November 2025] Mr Alan Roux Professor Mashiko Setshedi [appointed 24[th] November 2025] Dr Paula Walter Mr Stephen Westwell Solicitor: Charles Russell Speechlys LLP, 5 Fleet Place, London EC4M 7RD Auditor: Godfrey Wilson Limited, 5th Floor, Mariner House, 62 Prince Street, Bristol, BS1 4QD Banker: NatWest Bank plc, 1 High Street, Weybridge, KT13 8UA Investment Managers: BlackRock, PO Box 9036, Chelmsford, CM99 2XD CCLA, Senator House, 85 Queen Victoria Street, London EC4V 4ET Stonehage Fleming, 6 St James’s Square, London SW1Y 4JU
THE UNIVERSITY OF CAPE TOWN TRUST Page 1
TRUSTEES’ ANNUAL REPORT for the year ended 31 December 2025
The Trustees present their report and the financial statements of The University of Cape Town Trust (also known as the “UCT Trust”) for the year ended 31 December 2025.
The University of Cape Town Trust is a United Kingdom charitable trust which works to support the University of Cape Town, South Africa. The University of Cape Town is committed to excellence and to equity in its mission to be an outstanding teaching and research university.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Status & History
The University of Cape Town Trust (“UCT Trust” or “Trust”) is a registered UK charitable trust which raises funds and support across the United Kingdom for the University of Cape Town (“UCT”) in South Africa. It aims to help UCT build on its role as a world-class university in Africa, the leading research institution on the continent producing well-trained graduates to lead South Africa’s economic and social transformation benefitting growth and development in the whole of Africa. The UCT Trust also fosters and develops relations with UCT alumni based in the UK, through events which serve to inform alumni of the research and outreach work being carried out at the University, and fundraising campaigns to encourage alumni to support their alma mater.
The Trust became a registered charity on 19 March 1990 and is governed by the rules and regulations set down in its trust deed dated 5 March 1990 (as subsequently amended). This trust deed (lodged with the Trust’s solicitors, Charles Russell Speechlys) regulates the purpose and administration of the Trust.
Organisational Structure
The UCT Trust is administered by a board of Trustees, led by its Chair. The overall strategic direction of the charity is determined by the Trustees, who hold meetings and discuss priorities on a regular basis. All decisions of the Trustees are taken after discussion either at meetings or by correspondence, and would, if necessary, be put to an open vote. The number of Trustees is subject to a maximum of 14, a minimum of 6 and a quorum of 5. Trustees are appointed for a term of five years which may be renewed.
The day-to-day administration of the Trust’s affairs is dealt with by a minimum of one and maximum of two parttime self-employed consultants, who operate under authority delegated by the Trustees and who provide advice to the Trustees in respect of the activities of the Trust.
The Trust benefits from the assistance of key UCT representatives who help with fundraising in the UK. The Trust is in regular contact with the Vice-Chancellor of the University of Cape Town, the Deans of Faculties, and the Department of Alumni and Development. This contact provides guidance to the UCT Trust, keeping it fully informed on the university’s strategy, its policies and its needs, and enabling the Trustees to determine how best to support the major funding requirements from its limited resources.
Remuneration Policy
Trustees direct and control the operations of the Trust. None of them receives any remuneration from the Trust.
Method of Recruitment, Appointment, Election, Induction & Training of Trustees
Recruitment
The Trustees periodically consider the appropriate mix of skills and experience needed on the board to manage the Trust and look to maintain this mix notably as and when vacancies arise.
Appointment & Election
Under the Trust Deed, new Trustees are appointed by the existing Trustees. The selection of candidates takes place by formal decision at a Trustees’ meeting following prior discussion amongst the current Trustees. The formal appointments are made, as required under the Deed, by a Memorandum executed by the Chair and witnessed by two attendees at the meeting.
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TRUSTEES’ ANNUAL REPORT for the year ended 31 December 2025
The Trustees elect their Chair.
Induction & Training
The role and responsibilities of a Trustee are explained to all new Trustees upon appointment.
Risk & Corporate Governance Matters
The Trustees have given consideration to the risks to which the charity is exposed and have satisfied themselves that systems or procedures are established in order to manage those risks.
After a full year of new leadership under Professor Mosa Moshabela, accompanied by the recent confirmation of other key senior appointments and an improved institutional budgetary position following fiscal discipline across the university, the negative impacts associated with the 2023 leadership crisis have been significantly diminished.
However, the Council decisions regarding the Gaza resolution remain a major risk, as do views held by some parts of UCT’s community about alleged antisemitism on campus. Although this has primarily affected US based support for UCT, it is known that members of the UCT alumni community in the UK remain concerned about the situation and have sought reassurance.
In addition, the outcome of the court case relating to the Council’s Gaza resolution is expected at some point during 2026 and it is currently unknown what consequences this outcome will have.
During 2025, a new risk emerged in the form of the Trump administration in the US taking actions to limit international aid generally and also identifying South Africa as a possible target for further action. The University receives significant funding from US government entities and the effect of these actions, and their repercussions (including on donor sentiment) could adversely affect its activities and reputation.
As a result of these issues and other contextual influences (such as South African economic and political factors, and the ongoing cost of living crisis in the UK), there remains uncertainty over funding from individuals and organisations, both in the form of continued support and the ability to secure new philanthropic income.
The Trustees manage these risks by maintaining regular communication with past, present, and potential future donors, in particular through the alumni network. In doing so, the Trust ensures that the wealth of good news emerging from UCT, notably the university’s continued high position in global rankings, the world class research being carried out in the various Faculties, and the ever increasing and positive far-reaching influence the work of UCT has throughout much of the African continent, is showcased and highlighted at all times.
Other risks such as the storing of financial data and vulnerability of computer systems are managed by back up procedures, including use of cloud computing. During the final quarter of 2025, the Trust migrated its email to Microsoft 365 and its file storage to OneDrive to provide greater levels of security and business continuity. Strict financial procedures are in place regarding payment and transfer of money (including dual approval levels), and a close eye is kept on bank accounts to ensure that any external fraudulent activity is dealt with timeously.
Trustees’ Responsibilities in the Preparation of Financial Statements
The Trustees are responsible for preparing the Trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
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TRUSTEES’ ANNUAL REPORT for the year ended 31 December 2025
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observe the methods and principles in the Statement of Recommended Practice Applicable to Charities Preparing their Accounts in Accordance with the Financial Reporting Standard Applicable in the UK & Republic of Ireland (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees keep the charity’s auditing arrangements under regular review.
The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the Trust’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Auditor
Godfrey Wilson Limited were appointed as Auditors in November 2024.
Statement as to Disclosure of Information to the Auditor
At the date of approval of this Trustees’ annual report, the Trustees confirm that so far as each of them is aware, there is no relevant audit information of which the Trust’s auditor is unaware, and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
Charitable Objectives
The charitable objective for which the Trust was established and registered is the advancement of education at the University of Cape Town in such manner as shall be exclusively charitable according to the law of England and Wales and as the Trustees may from time to time (and with the approval of the Council of the University of Cape Town) determine.
Charitable Activities
In practice, and in pursuance of its overall charitable objective, the work undertaken by the Trust is the provision of support for UCT, and the dissemination of information about the impactful work being carried out at the University.
The Trust seeks to raise philanthropic funds for scholarships and bursaries, research initiatives, and various other key projects which have been prioritised by the University. The Trust aims to provide donors, potential donors, and other supporters of UCT with accurate, clear, and regular reporting, and to build UCT’s reputation within the United Kingdom and beyond.
To meet its objectives, the Trust continues to engage with major donors in support of UCT institutional priority projects, facilitating relationships between the Vice-Chancellor and other key members of UCT with donors and UCT alumni in the United Kingdom; and to encourage UCT alumni in the United Kingdom to offer regular financial support to their alma mater , through the UCT Trust Annual Appeal and by showcasing specific projects at events held in the UK.
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TRUSTEES’ ANNUAL REPORT for the year ended 31 December 2025
Indicators, Milestones & Benchmarks
The Trustees monitor a range of measures by which to determine the success of the Trust in meeting its objectives. These measures include:
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The provision of bursaries and other forms of financial assistance for undergraduate and postgraduate students;
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The performance of specific fundraising campaigns, including the Annual Appeal to UK based UCT alumni;
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Increasing awareness of the ground breaking research being carried out in the various Faculties;
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UCT’s positioning as a global university, and its position in the world rankings;
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The outcomes from various community outreach activities of the University; and
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The level of engagement of UK based UCT alumni via events and communications.
Public Benefit
The Trustees have considered The Charity Commission’s specific guidance on public benefit (contained within the document “The Advancement of Education for the Public Benefit” – published 2013) into consideration in preparing their statements on public benefit contained within this Trustees’ Annual Report.
Benefits & Beneficiaries
The immediate benefit provided by the Trust is that of much needed funding for UCT which is the initial recipient. However, the Trustees consider that the ultimate beneficiaries are the University’s undergraduates, postgraduates, academics, and the South African communities who benefit from development programmes run by UCT and its departments, as well as the wider national and international community who benefit from cutting edge research output and teaching innovations.
Trustees’ Assessment of Public Benefit
In monitoring the delivery of public benefit from the Trust’s activities, the Trustees use the indicators, milestones, and benchmarks mentioned above to measure success and gather evidence accordingly.
Selection of recipients for grants made to UCT is determined primarily by the original donor of funds to the UCT Trust. The majority of donations to the Trust are earmarked by the donor for specific purposes and are applied in accordance with those purposes by UCT on receipt.
Where the donation is not specifically targeted in this way – in the case of a very small number of modest donations – the monies are applied as bursaries to means-tested and needy applicants from disadvantaged backgrounds, or to UCT’s current priority projects.
Grant Making Policy
Grants donated to the Trust are transferred in their entirety to UCT, with the exception of some endowed awards where the funds are invested in the UK and the income is transferred on an annual basis, with excess returns transferred when available.
Grants are applied only to the purpose for which the corresponding donations were given. No levy is taken for administration or any other purposes. Regular, at least annual, reports are made to donors on progress and the impact of the activities to which their donations have been directed. The Trustees monitor the use of funds carefully and on a continuous basis.
The Trustees are able to apply conditions to any grant made to UCT and if required have the means to request the return of funds if any conditions applied to grants cannot be met.
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TRUSTEES’ ANNUAL REPORT for the year ended 31 December 2025
Relationships with Related Parties
The Trust is fundamentally related to UCT in the performance of all of its charitable work. The Trust also continues to work on enhancing engagement with UCT alumni throughout the UK with encouraging results, including increased levels of alumni giving.
ACHIEVEMENTS AND PERFORMANCE
Activities & Events
During the course of 2025, itineraries were organised for successful visits from the new Vice-Chancellor and the Executive Director of Development and Alumni, and a number of events were held during the year.
The Trust continues to submit proposals to various UK Foundations and individuals, seeking funds for bursary programmes, infrastructure, and community projects. The Annual Appeal was distributed to all UK based alumni towards the end of the year, encouraging alumni to support the UK Alumni Bursary Programme which has been in operation since 1991 and has supported over 240 UCT students over that time. Throughout the year, the Trust ensured that all donors received timely reports and updates on how their funds have been utilised.
The Trust organised the Annual Alumni Reception during the Vice-Chancellor’s visit to the UK in May, an Opera UCT concert in June and an Oxford based reception to celebrate the achievements of the new cohort of Rhodes Scholars arriving from South Africa.
Impact of Activities & Events
The success of the Trust in 2025 was evident from the donations received. Funds raised have benefited many projects at UCT, including the Neurosciences Institute, the Schools Improvement Initiative, the Opera School, and numerous bursary programmes.
A number of new donors began supporting the Trust during the year, and many new faces were welcomed to Trust events.
In addition, the Trust received three gifts via charitable bequests, including two interim payments arising from a 40% residual bequest of a significant individual estate. In recent years, the Trust has promoted legacy giving to UK based alumni and friends as a means to make a larger contribution than may be possible during one’s lifetime.
Public Benefit
During 2025, the Trust continued to benefit the public through activities targeted to achieve its charitable objectives in support of UCT:
UCT remains the leading research institution on the African continent , housing 26% (36 out of 136) of South Africa’s A-rated researchers (ranked as world class in their fields by the National Research Foundation - NRF), 83 accredited research groups, and 3 Department of Science & Innovation (DSi) / NRF Centres of Excellence.
Since 2006, UCT has been awarded 18% (49 of 275) of the South African Research Chairs (SARChI), an Initiative established by the DSI and managed by the NRF, to build scientific research and innovation capacity in the country. There are 437 NRF rated researchers currently engaged at UCT, constituting 9% of South Africa’s total (4,860).
UCT’s Vision 2030 states that UCT’s research is committed to “unleashing knowledge in and for Africa” while playing a key role in finding solutions for a more just and sustainable world . A large proportion of UCT’s research is closely aligned to the United Nations Sustainable Development Goals (SDGs), and UCT has long focused on responding to the most critical problems facing South Africa and the continent: inequality, climate change, food and water insecurity, unemployment, safe cities. UCT is one of nine partners in the Africa Higher Education Health Collaborative, a pioneering initiative aimed at preparing diverse youth for the meaningful work of transforming health and well-being in Africa , through contextually appropriate and sustainable primary healthcare systems.
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TRUSTEES’ ANNUAL REPORT for the year ended 31 December 2025
Interdisciplinary hubs , established around research strengths to meet strategic objectives and encompass a critical mass of researchers, include Data Intensive Research, Drug Discovery , Marine Research, and Democracy, Public Policy, and Citizenship in Africa .
Selected to drive research in a strategic manner, UCT’s research institutes have been established either as the result of a competitive selection process or to strengthen institutional, regional and national priorities.
These institutes include the African Climate and Development Initiative, Future Water, the Institute for Communities and Wildlife in Africa, the Institute for Infectious Disease and Molecular Medicine and the Poverty and Inequality Initiative. The Wellcome Centre for Infectious Diseases Research in Africa ( CIDRI-Africa ) is the only Wellcome Centre to be established outside the UK.
UCT is a member of several research networks that collaborate toward achieving a shared goal of strengthening research across the globe and promoting global knowledge exchange – particularly between the African continent and the rest of the world. UCT is the only African member of the International Alliance of Research Universities (IARU), a network of 11 research-intensive universities which includes Oxford, Tokyo and Yale; it is also a member of the Worldwide Universities Network (WUN), a leading global higher education and research network made up of 24 top universities across 6 continents; plus the African Research Universities Alliance (ARUA) which aims to enhance research and graduate training through a number of channels including the setting up of Centres of Excellences. These Centres are hosted throughout the continent by member universities, with UCT housing ARUA Centres of Excellence in Inequalities Research, Climate and Development, and Water Research.
UCT is the highest ranked African university in all five major global rankings. These include the Times Higher Education World University Rankings (164[th] ), and the US News & World Report Best Global Universities Rankings (124[th] ). In the QS rankings, UCT is ranked 15[th] for Development Studies, and in the US News & World Report Best Global Universities Rankings it is ranked 28[th] in the world for Infectious Diseases with another 7 subject areas ranking in the top 100 across the world.
UCT makes an impact in business and entrepreneurship development with its leading Graduate Business School (GSB). The Master of Business Administration (MBA) programme has maintained its rank of 7[th] globally and number one in Africa in the 2025 Better World MBA ranking. The Hasso Plattner Design School Afrika leads excellence in design-led thinking on the continent, aiming to empower people from all walks of life to use a mindset which is rooted in people, in place, and in a process which enables human-centred solutions in an everchanging world.
Social responsiveness programmes at UCT include the Schools Improvement Initiative which strives to improve the quality of education in the Western Cape, and the 100UP Programme which addresses the problem of demographic under-representation in higher education by targeting school learners from disadvantaged backgrounds and coaching them towards university access.
UCT’s Academic Development Programme offers a wide range of bridging courses, intensive tutorials, language/communication skills, numeracy, and computer literacy courses to those students who arrive at UCT under-prepared as a result of inadequate schooling, while the Financial Aid scheme helps many students in need, including those from disadvantaged backgrounds to study at UCT with loans and bursaries on a meanstested and merit basis.
FINANCIAL REVIEW
Financial Results of Activities & Events
The total income of the Trust in 2025 was £1,770,436 (2024: £707,690) and the total expenditure was £1,516,199 (2024: £606,768) which included £1,405,867 (2024: £499,429) on the Trust’s charitable purposes.
A further sum of £239,923 (2024: £105,468) was donated directly to UCT as a result of work undertaken by the UCT Trust. The Trustees were satisfied with the level of donations received, especially bearing in mind the current economic climate and other aforementioned challenges.
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TRUSTEES’ ANNUAL REPORT for the year ended 31 December 2025
Approximately 70% of gifts received in 2025 were aimed at capacity building, to ensure that the quality of the physical facilities, teaching, and research at UCT keeps pace with UCT’s mission and its international reputation. The remaining 30% of gifts were for undergraduate bursaries and postgraduate fellowships for students from financially and educationally disadvantaged backgrounds, which remains a key focus of our support.
Included within the above, the financial highlights for 2025 were:
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The Trust received notification of a substantial residual bequest from a late alumnus with the total distribution estimated to be in the region of £1.2m; to date, £800,000 has been received and half of these funds have been allocated across UCT projects (in line with the late donor’s areas of interest), including Opera UCT.
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Notable bursary and scholarship support totalling some £342,500 was donated by, inter alia, the Calleva Foundation and the Julian Baring Scholarship Fund, plus a substantial family donation to establish a new endowed scholarship for Classics;
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Both the Neurosciences Institute and the 500 Year Digital Archive project benefitted from substantial research funding;
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The Rowing Club received a £50,000 donation from an alumnus to fund the purchase of a new boat;
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UK alumni donated a total of £1,192,352 (plus a further £238,880 given directly to UCT) for various projects, including bursaries/scholarships, Opera UCT, the Law Faculty, and the 100UP Programme.
During 2025, there was a net income of £254,237 (2024: net income of £100,922) and a net increase in funds after investment gains of £295,794 (2024: a net increase of £228,725). Funds held at year end totalled £1,804,303 (2024: £1,508,509), comprising £92,328 (2024: £209,729) restricted funds; £1,237,913 (2024: £1,234,356) endowment funds; and £474,062 (2024: £64,424) unrestricted reserves.
Reserves Policy
As at 31[st] December 2025, the Trust had free reserves held in the General Fund of £473,955 (2024: £64,171), being the unrestricted funds of £474,062 (2024: £64,424) less the net book value of tangible fixed assets at 31[st] December 2025 of £107 (2024: £253).
The funds held as free reserves may be used to support the Trust’s operating costs. The Trust currently aims to hold three to six months of operating costs as free reserves. Operating costs for 2025 were £110,332 (2024: £107,339).
Investments Policy and Performance
Investments are selected by the Board of Trustees after presentation and discussion of the appropriate investment strategy for the Trust. The income arising from the investments is remitted once a year to UCT to fund particular projects. The capital is invested in BlackRock, Stonehage Fleming and CCLA investment funds, and in cash. The performance of the investments is monitored by the Trustees throughout the year. The investment policy requires that the portfolio should be managed to produce a real return of 4.5% over the long term. The Trustees focus on the preservation of capital and is Total Return led.
During 2025, the Trust’s investments generated income of £21,043 (2024: £15,084). The investment’s capital value increased by £3,557 to £1,237,913 (2024: increase of £96,750). The Total Return on the Trust’s investment portfolio for 2025 was +£134,177 or +5.0% against the ARC Sterling Steady Growth PCI benchmark of +8.6%. For the full year, the ZAR total return was -5.7% with a year-end value of R28.01million.
At the November Trustees’ meeting, the decision was made to wholly dispose of the Trust’s holdings with CCLA and to increase its Sterling cash exposure to 40% of value. Shortly before the end of the year, the Trust disposed of the CCLA holding and also £50,000 of the Stonehage Fleming holding realising c.£184,000, with the result that the Trust’s Sterling position stood at £633,142 or 51.0% of value at year end.
The Trustees also resolved to invest disposal proceeds to diversify and offset some of the concentration risk in the US equity exposure and to gain access to a broader range of investment themes.
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TRUSTEES’ ANNUAL REPORT for the year ended 31 December 2025
Future Strategy
The Trustees’ current medium-to-long-term strategic goals for the UCT Trust are to continue:
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To support UCT in appropriate and carefully considered ways, in line with UCT’s mission to be an outstanding teaching and research university;
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To facilitate the introduction of the Vice-Chancellor to donors and new potential supporters in the UK, to nurture established sources of support and spread news of UCT strengths and successes to a wider audience;
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To expand and strengthen links to UK based UCT alumni.
Future Activities & Events
During 2026, the Trust will continue to engage with UK grant-making bodies and individuals highlighting UCT’s important role in South Africa and Africa as a whole, to generate philanthropic funds for UCT projects. Events will be held during the year to develop existing and new relationships with alumni and friends, and the Trust will continue to expand its use of website and social media channels to reach and engage more UCT alumni. The Trust will continue to keep donors informed by providing regular and accurate reports.
Impact of Future Activities & Events
The impact of the Trust’s activities in the coming year will be assessed in terms of the funds raised in the UK for UCT projects, and increased engagement of UK based alumni and friends.
Fundraising
The Trust aims to achieve best practice in its communication and engagement with donors. It takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on donors. The Trust adheres to the Code of Fundraising Practice. It adheres to legislation regarding the protection donors’ data and never sells data; it never swaps data with other organisations and ensures that individual communication preferences can be changed at any time. The Trust manages its own fundraising activities and does not employ the services of Professional Fundraisers.
The Trust commits to respond appropriately to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During 2025, the Trust received no complaints about its fundraising activities.
Public Benefit
In the future and in view of the continuing success of the Trust, the Trustees do not intend to alter the approach to the delivery of public benefit.
FUNDS HELD AS CUSTODIAN
Although the Trust maintains restricted funds to deal with incoming resources that are earmarked for a particular purpose by donors, sponsors, and other funders, the Trust does not currently hold, and the Trustees do not anticipate that it should hold in the future, any funds as custodian for any third party.
THANK YOU
On behalf of the UCT Trust and the University of Cape Town, the Trustees wish to thank our benefactors for their very generous and farsighted support. We count on your renewed commitment to help UCT continue to play its unique role in South Africa and the African continent.
This report was approved by the Trustees on 22 May 2026, and was signed for and on behalf of the Board by
Paul Kumleben
……………………………...................…….. Chairman
22 May 2026
Paul Kumleben
THE UNIVERSITY OF CAPE TOWN TRUST
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Independent auditors’ report To the trustees of The University of Cape Town Trust for the year ended 31 December 2025
Opinion
We have audited the financial statements of The University of Cape Town Trust (the 'charity') for the year ended 31 December 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows, and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 December 2025 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Independent auditors’ report To the trustees of The University of Cape Town Trust for the year ended 31 December 2025
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the trustees’ report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of the trustees
As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:
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(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.
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(2) We reviewed the charity’s policies and procedures in relation to:
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Identifying, evaluating and complying with laws and regulations, and whether they were aware of any instances of non-compliance;
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Detecting and responding to the risk of fraud, and whether they were aware of any actual, suspected or alleged fraud; and
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Designing and implementing internal controls to mitigate the risk of non-compliance with laws and regulations, including fraud.
-
(3) We inspected the minutes of trustee meetings.
-
(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.
-
(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.
-
(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.
-
(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:
THE UNIVERSITY OF CAPE TOWN TRUST
Page 11
Independent auditors’ report To the trustees of The University of Cape Town Trust for the year ended 31 December 2025
-
Testing the appropriateness of journal entries;
-
Assessing judgements and accounting estimates for potential bias;
-
Reviewing related party transactions; and
-
Testing transactions that are unusual or outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Godfrey Wilson Limited
Date: 22 May 2026 Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD
Godfrey Wilson Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
UNIVERSITY OF CAPE TOWN TRUST
STATEMENT OF FINANCIAL ACTIVITIES including an income and expenditure account for the year ended 31 December 2025
| Unrestricted | Restricted | Endowment | Total | Total | ||
|---|---|---|---|---|---|---|
| Notes | funds | funds | funds | 2025 | 2024 | |
| £ | £ | £ | £ | £ | ||
| INCOME FROM | ||||||
| Donations | 1 | 803,351 | 833,930 | - | 1,637,281 | 582,473 |
| Charitable activities | ||||||
| Provision of support for UCT | 2 | 102,000 | - | - | 102,000 | 97,500 |
| Alumni events income | 5,062 | - | - | 5,062 | 10,185 | |
| Investments | 3 | 3,518 | 22,575 | - | 26,093 | 17,532 |
| ___________ | __ | |||||
| TOTAL INCOME | 913,931 | 856,505 | - | 1,770,436 | 707,690 | |
| ___________ | __ | |||||
| EXPENDITURE ON | ||||||
| Raising funds | 4 | 110,332 | - | - | 110,332 | 107,339 |
| Charitable activities | ||||||
| Provision of support for UCT | 5 | 146 | 1,405,721 | - | 1,405,867 | 499,429 |
| ___________ | __ | |||||
| TOTAL EXPENDITURE | 110,478 | 1,405,721 | - | 1,516,199 | 606,768 | |
| ___________ | __ | |||||
| NET INCOME /(EXPENDITURE) | 803,453 | (549,216) | - |
254,237 | 100,922 | |
| TRANSFERS | (393,815) | 431,815 | (38,000) | - | - | |
| Gains on investments | 9 | - | - | 41,557 | 41,557 | 127,803 |
| ___________ | _ | |||||
| NET MOVEMENT IN FUNDS | 409,638 | (117,401) | 3,557 |
295,794 | 228,725 | |
| RECONCILIATION OF FUNDS | ||||||
| Fund balances brought forward | 64,424 | 209,729 | 1,234,356 | 1,508,509 | 1,279,784 | |
| ___________ | __ | |||||
| FUND BALANCES | ||||||
| CARRIED FORWARD | ||||||
| AT 31 DECEMBER 2025 | 13 | 474,062 | 92,328 | 1,237,913 | 1,804,303 | 1,508,509 |
| ========================================= | ======== |
All recognised gains and losses are included in the above statement of financial activities.
All of the Charity’s activities during the years ended 31[st] December 2025 and 31[st] December 2024 derived from continuing activities.
Comparative information by fund class is disclosed within the notes to the accounts.
THE UNIVERSITY OF CAPE TOWN TRUST
Page 13
BALANCE SHEET as at 31 December 2025
| BALANCE SHEET as at 31 December 2025 |
BALANCE SHEET as at 31 December 2025 |
BALANCE SHEET as at 31 December 2025 |
BALANCE SHEET as at 31 December 2025 |
|---|---|---|---|
| __________________ | |||
| Notes | 2025 | 2024 | |
| £ | £ | ||
| FIXED ASSETS | |||
| Tangible assets | 8 | 107 | 253 |
| Investments | 9 | 1,053,455 | 1,234,356 |
| __ | __ | ||
| 1,053,562 | 1,234,609 | ||
| CURRENT ASSETS | |||
| Debtors | 10 | 22,902 | 11,020 |
| Cash at bank and in hand | 442,129 | 273,631 | |
| Current asset investments | 300,000 | - | |
| __ | __ | ||
| 765,031 | 284,651 | ||
| LIABILITIES | |||
| Creditors: Amounts falling due within one year | 11 | 14,290 | 10,751 |
| __ | __ | ||
| NET CURRENT ASSETS | 750,741 | 273,900 | |
| __ | __ | ||
| TOTAL ASSETS LESS CURRENT LIABILITIES AND NET ASSETS | 1,804,303 | 1,508,509 | |
| ======== | ======== | ||
| THE FUNDS OF THE CHARITY | |||
| Endowment funds | 13 | 1,237,913 | 1,234,356 |
| Restricted income funds | 13 | 92,328 | 209,729 |
| Unrestricted income funds | 13 | 473,962 | 64,324 |
| Trust Fund capital | 13 | 100 | 100 |
| __ | __ | ||
| TOTAL CHARITY FUNDS | 14 | 1,804,303 | 1,508,509 |
| ======== | ======== |
The financial statements on pages 12 to 30 were approved by the Trustees and authorised for issue on 22 May 2026, and are signed on their behalf by
Paul Kumleben
………………………………….. Chairman
Paul Kumleben
Date: 22 May 2026
THE UNIVERSITY OF CAPE TOWN TRUST
Page 14
STATEMENT OF CASH FLOWS for the year ended 31 December 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Note | £ | £ | |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 15 | 219,947 | 80,750 |
| ___ | ___ | ||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Interest and investment income received | 26,093 | 17,532 | |
| Receipts from sales of investments | 348,458 | 259,213 | |
| Purchases of investments | (126,000) | (228,160) | |
| Purchase of fixed assets | - | - | |
| ___ | ___ | ||
| NET CASH PROVIDED BY INVESTING ACTIVITIES | 248,551 | 48,585 | |
| ___ | ___ | ||
| CHANGE IN CASH AND CASH EQUIVALENTS | |||
| IN THE YEAR | 16 | 468,498 | 129,335 |
| Cash and cash equivalents at beginning of year | 273,631 | 144,296 | |
| ___ | ___ | ||
| CASH AND CASH EQUIVALENTS AT | |||
| END OF YEAR | 742,129 | 273,631 | |
| ========= | ========= | ||
| ANALYSIS OF CASH AND CASH EQUIVALENTS | |||
| Cash at bank and in hand | 442,129 | 273,631 | |
| Current asset investments | 300,000 | - | |
| ___ | ___ | ||
| CASH AND CASH EQUIVALENTS AT | |||
| END OF YEAR | 742,129 | 273,631 | |
| ========= | ========= |
THE UNIVERSITY OF CAPE TOWN TRUST
Financial statements for the year ended 31 December 2025
ACCOUNTING POLICIES
GENERAL INFORMATION
The University of Cape Town Trust is a United Kingdom charitable trust registered in England and Wales with charitable registration number 803042. The address of the charity’s principal place of business is Suite 10, Claremont House, 22-24 Claremont Road, Surbiton, KT6 4QU, UK.
The principal activities and nature of its operations are disclosed in the Trustees’ Report.
BASIS OF ACCOUNTING
The financial statements have been prepared under the historical cost convention except as modified for the annual revaluation of fixed asset investments. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The accounts are presented in sterling and rounded to the nearest pound.
The trust constitutes a public benefit entity as defined by FRS 102.
There are no significant areas of adjustment or key assumptions that affect items in the financial statements.
GOING CONCERN
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity will be able to continue as a going concern. In reaching this conclusion, the Trustees have considered the current financial position and available reserves of the charity as well as the financial and cashflow forecasts for the next 12 months.
INCOME
Income is recognised when the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
General donations and other similar types of voluntary income are included gross of any attributable tax recoverable, where relevant. Donations given for specific purposes are treated as restricted income.
Investment income is accounted for on a receivable basis, once the dividend has been declared or the interest has been earned.
Grants from trusts, other agencies and voluntary bodies are accounted for on a receivable basis, when the charity is entitled to the income. Grants are included within donations where the money is given in response to an appeal or application.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised, and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
EXPENDITURE
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
THE UNIVERSITY OF CAPE TOWN TRUST
Financial statements for the year ended 31 December 2025
ACCOUNTING POLICIES
EXPENDITURE (continued)
Expenditure is allocated to the charity’s principal activity where the costs can be identified as being directly related to that activity. All costs that cannot be identified as relating directly to the charity’s principal activity are categorised as either support costs or governance costs. Any costs that cannot be specifically categorised are allocated in proportions based upon a suitable ratio applicable to the nature of the cost involved.
Expenditure on raising funds
Expenditure on raising funds consists of the costs of direct fundraising events and activities, plus an apportionment of support costs.
Charitable activities
Expenditure on charitable activities includes grants and an apportionment of support costs.
Allocation of support and governance costs
Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees.
Grants
Grants payable are recognised in the period in which the approved offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised only when the conditions attaching to the award are fulfilled. Grants offered subject to conditions, which have not been met at the balance sheet date, are noted as a potential commitment, but are not treated as a liability.
CONDUIT FUNDS
Conduit funds are monies received for third parties and do not belong to the charity. The incoming funds and outgoing payments are excluded from the Statement of Financial Activities. Any conduit funds in hand at the year-end are shown as creditors in the accounts.
FOREIGN CURRENCIES
Transactions denominated in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date. All exchange gains or losses are included in the statement of financial activities in the period to which they relate.
TANGIBLE FIXED ASSETS
All tangible assets purchased that have an expected useful economic life that exceeds one year are capitalised and classified as fixed assets. Tangible fixed assets are stated at historical cost less depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life, as follows:
Computers over 4 years Office equipment over 4 years Furniture and fittings over 10 years
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.
INVESTMENTS
The charity’s investments are included in the balance sheet at their market value. The gains or losses arising upon their annual revaluation are included in the statement of financial activities.
THE UNIVERSITY OF CAPE TOWN TRUST
Financial statements for the year ended 31 December 2025
ACCOUNTING POLICIES
DEBTORS
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
CASH AT BANK AND IN HAND
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
CURRENT ASSET INVESTMENTS
Current asset investments consists of short term cash deposits with a maturity date of less than one year from the balance sheet date held for investment purposes rather than to meet short term cash commitments as they fall due.
CREDITORS
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
FINANCIAL INSTRUMENTS
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of listed investments which are subsequently measured at fair value .
LEASED ASSETS
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities on a straight-line basis over the lease term.
FUND ACCOUNTING
The general fund comprises the accumulated surpluses of unrestricted incoming resources over resources expended, which are available for use in furtherance of the general objective of the charity.
Designated funds are a particular form of unrestricted funds consisting of amounts, which have been allocated or designated for specific purposes by the trustees. The use of designated funds remains at the discretion of the trustees.
Restricted funds are funds subject to specific conditions imposed by donors. The purpose and use of the restricted funds are set out in the notes to the accounts. Amounts unspent at the year-end are carried forward in the balance sheet. Endowment funds are of a capital nature and the income arising on the capital is restricted income.
CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT
There are no significant areas of judgement or key assumptions that affect items in the financial statements. With respect to the current reporting period, the most significant areas of uncertainty are legacy income recognition criteria as described above and the carrying value of investment assets held by the charity, which will depend on the performance of investment markets and the investment income from these assets, and the level of donations receivable.
THE UNIVERSITY OF CAPE TOWN TRUST
Page 18
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025
Prior period comparatives: statement of financial activities
| Unrestricted | Restricted | Endowment | Total | ||
|---|---|---|---|---|---|
| funds | funds | funds | 2024 | ||
| £ | £ | £ | £ | ||
| INCOME FROM | |||||
| Donations | 2,241 | 580,232 | - | 582,473 | |
| Charitable activities | |||||
| Provision of support for UCT | 97,500 | - | - | 97,500 | |
| Alumni events income | 10,185 | - | - | 10,185 | |
| Investments | 6,012 | 11,373 | 147 | 17,532 | |
| __________ | |||||
| TOTAL INCOME | 115,938 | 591,605 | 147 | 707,690 | |
| __________ | |||||
| EXPENDITURE ON | |||||
| Raising funds | 107,339 | - | - | 107,339 | |
| Charitable activities | |||||
| Provision of support for UCT | 146 | 499,283 | - | 499,429 | |
| __________ | |||||
| TOTAL EXPENDITURE | 107,485 | 499,283 | - | 606,768 | |
| __________ | |||||
| NET INCOME | 8,453 | 92,322 | 147 | 100,922 | |
| TRANSFERS | - | 31,200 | (31,200) | - | |
| Gains on investments | - | - | 127,803 | 127,803 | |
| __________ | |||||
| NET MOVEMENT IN FUNDS | 8,453 | 123,522 | 96,750 | 228,725 | |
| ============================================== | |||||
| Unrestricted | Restricted | Endowment | Total | Total | |
| funds | funds | funds | 2025 | 2024 | |
| £ | £ | £ | £ | £ | |
| 1. DONATIONS |
|||||
| Donations from foundations, | trusts | ||||
| and companies | - | 421,824 | - | 421,824 | 450,009 |
| Donations from individuals: | |||||
| Including Gift Aid | - | 138,813 | - | 138,813 | 82,296 |
| Legacies and other | 803,351 | 273,293 | - | 1,076,644 | 50,168 |
| ___________ | __ | ||||
| 803,351 | 833,930 | - | 1,637,281 | 582,473 | |
| ========================================= | ======== |
In 2025, donations totalling £1,637,281 (2024: £582,473) were received, of which £833,930 (2024: £580,232) were restricted funds.
THE UNIVERSITY OF CAPE TOWN TRUST
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025
| Unrestricted | Restricted | Endowment | Total | Total | ||
|---|---|---|---|---|---|---|
| funds | funds | funds | 2025 | 2024 | ||
| £ | £ | £ | £ | £ | ||
| 2. | INCOME GENERATED BY THE | |||||
| PROVISION OF SUPPORT | ||||||
| FOR UCT | ||||||
| Operating grant contributions | ||||||
| receivable from the University | ||||||
| of Cape Town | 102,000 | - | - | 102,000 | 97,500 | |
| ========================================= | ====== |
In 2025, £102,000 (2024: 97,500) was received as income generated by the provision of support for UCT of which £102,000 (2024: 97,500) was unrestricted.
| Unrestricted | Restricted Endowment | Restricted Endowment | Total | Total | ||
|---|---|---|---|---|---|---|
| funds | funds | funds | 2025 | 2024 | ||
| £ | £ | £ | £ | £ | ||
| 3. | INVESTMENT INCOME | |||||
| Bank interest receivable on | ||||||
| short term cash deposits | 3,518 | 1,531 | - | 5,049 | 2,301 | |
| Income from investments listed on | ||||||
| a recognised stock exchange: | ||||||
| UK | - | 21,044 | - | 21,044 | 15,231 | |
| ___________ | _ | |||||
| 3,518 | 22,575 | 26,093 | 17,532 | |||
| ========================================= | ====== | |||||
| In 2025,£26,093(2024: £17,532) was received from investment income, of which£22,575(2024 | ||||||
| £11,373) was restricted and£3,518(2024: £6,012) was unrestricted. Unrestricted income in 202 | ||||||
| related to bank interest. | ||||||
| Unrestricted | Restricted Endowment | Total | Total | |||
| funds | funds | funds | 2025 | 2024 | ||
| £ | £ | £ | £ | £ | ||
| 4. | EXPENDITURE ON RAISING FUNDS | |||||
| Direct costs: | ||||||
| Alumni function costs | 16,880 | - | - | 16,880 | 17,471 | |
| Alumni Appeal | 1,705 | - | - | 1,705 | 2,491 | |
| Support and governance costs | ||||||
| (see note 6) | 91,747 | - | - | 91,747 | 87,377 | |
| ___________ | ______ | |||||
| 110,332 | - | - | 110,332 | 107,339 | ||
| ========================================= | ====== |
In 2025, £26,093 (2024: £17,532) was received from investment income, of which £22,575 (2024: £11,373) was restricted and £3,518 (2024: £6,012) was unrestricted. Unrestricted income in 2025 related to bank interest.
In 2025, the costs of raising funds were £110,332 (2024: £107,339) of which £110,332 (2024: £107,339) was expenditure from unrestricted funds.
THE UNIVERSITY OF CAPE TOWN TRUST
Page 20
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025
| Unrestricted | Restricted | Endowment | Total | Total | ||
|---|---|---|---|---|---|---|
| funds | funds | funds | 2024 | 2023 | ||
| £ | £ | £ | £ | £ | ||
| 5. | COSTS INCURRED IN THE | |||||
| PROVISION OF SUPPORT | ||||||
| FOR UCT | ||||||
| Direct costs: | ||||||
| Grants given in support of | ||||||
| the University of Cape Town | - | 1,405,721 | - | 1,405,721 | 499,283 | |
| programmes | ||||||
| Support costs (see note 6) | 146 | - | - | 146 | 146 | |
| ______ | __ | |||||
| 146 | 1,405,721 | 1,405,867 | 499,429 | |||
| ========================================== | ======== |
In 2025 the costs incurred in provision of support for UCT were £1,405,867 (2024: £499,429), of which £1,405,721 (2024: £499,283) was expenditure from restricted funds and £146 (2024: £146) was expenditure from unrestricted funds. Expenditure from unrestricted funds related solely to support costs in both years.
6.
| Costs of generating | Costs incurred | Governance | Total | Total | |
|---|---|---|---|---|---|
| voluntary income | in provision |
costs | 2025 | 2024 | |
| of support for | |||||
| UCT | |||||
| £ | £ | £ | £ | £ | |
| SUPPORT COSTS | |||||
| Consultancy and | |||||
| administration | 61,055 | - |
- | 61,055 | 53,300 |
| Travel and | |||||
| accommodation | 528 | - |
- | 528 | 1,663 |
| Communications and | |||||
| stationery | 1,962 | - |
- | 1,962 | 2,379 |
| Operating lease rentals: | |||||
| Land and buildings | 8,100 | - |
- | 8,100 | 8,100 |
| Other office costs | 7,121 | - |
- | 7,121 | 6,575 |
| Auditor’s remuneration: | |||||
| Audit fees | - | 10,080 | 10,080 | 9,600 | |
| Legal fees | - | - |
2,901 | 2,901 | 5,760 |
| Depreciation – owned | |||||
| assets | - | 146 |
- | 146 | 146 |
| ______ | _ | ||||
| 78,766 | 146 | 12,981 | 91,893 | 87,523 | |
| ========================================== | ======= |
The charity does not employ any staff, nor does it incur any staff costs directly.
Much of the work of the charity is undertaken by the trustees, who received no remuneration for their services provided to the charity and were not reimbursed for any expenses incurred on behalf of the charity during the current or previous year.
THE UNIVERSITY OF CAPE TOWN TRUST
Page 21
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025
7. CONDUIT FUNDS
Conduit funds are monies received for third parties and do not belong to the charity. The charity passes them through the accounts under a unique project code as a service to other charities to help their charitable purposes, but does not claim gift aid nor has control over their use. During the year, the charity received £100,798 from Arcadia Fund, which was paid in full to the University of Cape Town in support of its 500 Year Archive project during the year.
The receipts and payments referred to above have been excluded from the Statement of Financial Activities.
8. TANGIBLE ASSETS
| TANGIBLE ASSETS | ||||
|---|---|---|---|---|
| Office | Furniture | |||
| Computers | equipment | and fittings | TOTAL | |
| £ | £ | £ | £ | |
| Cost: | ||||
| 1 January 2025 | 2,045 | 1,022 | 1,770 | 4,837 |
| Disposals | - | - | - | - |
| Additions | - | - | - | - |
| ______ | _ | |||
| 31 December 2025 | 2,045 | 1,022 | 1,770 | 4,837 |
| ______ | _ | |||
| Depreciation: | ||||
| 1 January 2025 | 1,856 | 1,022 | 1,706 | 4,584 |
| Disposals | - | - | - | - |
| Charge for year | 114 | - | 32 | 146 |
| ______ | _ | |||
| 31 December 2025 | 1,970 | 1,022 | 1,738 | 4,730 |
| ______ | _ | |||
| Net book value: | ||||
| 31 December 2025 | 75 | - | 32 | 107 |
| ============================== | ======= | |||
| 31 December 2024 | 189 | - | 64 | 253 |
| ============================== | ======= |
THE UNIVERSITY OF CAPE TOWN TRUST
Page 22
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| 9. | INVESTMENTS | ||
| Investments listed on a recognised stock exchange, held primarily | |||
| to provide an investment return, at market value: | |||
| Market value 1 January | 1,234,356 | 1,137,606 | |
| Additions | 126,000 | 228,160 | |
| Disposal proceeds | (348,458) | (259,213) | |
| Realised gains / (losses) | (19,709) | 80,678 | |
| Unrealised gains | 61,266 | 47,125 | |
| __ | __ | ||
| Market value 31 December | 1,053,455 | 1,137,606 | |
| ======== | ======== | ||
| At the balance sheet date, the market value of the portfolio comprised: | |||
| UK investments | 1,053,455 | 1,234,356 | |
| ======== | ======== | ||
| Unit trust funds and other similar securities | 1,053,455 | 1,234,356 | |
| ======== | ======== |
At the balance sheet date, the historical cost of the investments was £737,260 (2024: £839,800).
Individual holdings representing more than 5% of the market value of the portfolio at the balance sheet date are as follows:
||BlackRock | US Dynamic Fund|220,995|269,337| |---|---|---|---| ||BlackRock | US Equity iShares Index Fund|202,079|274,954| ||BlackRock | Cash Fund|447,372|322,128| ||Stonehage Fleming | Global Best Ideas Equity Fund|183,009|227,659| ||CCLA | COIF Charities Investment Fund|-|140,278| |||_|_| |||1,053,455|1,234,356| |||========|========| |||2025|2024| |||£|£| |10.|DEBTORS||| ||Prepayments|5,102|4,890| ||Accrued income|-|-| ||Income tax recoverable|17,800|6,130| |||__|_| |||22,902|11,020| |||========|=======|
THE UNIVERSITY OF CAPE TOWN TRUST Page 23
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025
11. CONTINGENT ASSETS
The University of Cape Town Trust was notified of a legacy during the year for which the amount receivable cannot be reliably estimated. These financial statements do not include any estimated future amounts receivable. Indications are that the estimated value of this potential legacy is in the region of £350,000-£400,000.
| 2025 | 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|---|
| £ | £ | |||||||
| 12. | CREDITORS | |||||||
| Amounts falling due within one | year: | |||||||
| Accruals | 14,290 | 10,751 | ||||||
| ====== | ====== | |||||||
| 13. | THE FUNDS OF THE | CHARITY | ||||||
| Transfers | ||||||||
| 1 January | Gains on | between | 31 December | |||||
| 2025 | Income Expenditure investments |
funds | 2025 | |||||
| £ | £ |
£ | £ | £ | £ | |||
| Endowment funds (held at BlackRock, Stonehage Fleming or | in cash): | |||||||
| Glaxo Chair Fund | 925,506 | - |
- | 20,056 | (30,000)* | 915,562 | ||
| Law Faculty Fund | 200,937 | - |
- | 6,563 | (8,000) | 199,500 | ||
| Mibashan Fund | 32,301 | - |
- | 4,412 | - | 36,713 | ||
| Oates Fund | 58,580 | - |
- | 7,990 | - | 66,570 | ||
| Andrews Fund | 6,202 | - |
- | 859 | - | 7,061 | ||
| Kaplan Award | 10,830 | - |
- | 1,677 | - | 12,507 | ||
| ____ | __ |
__ | __ | __ | ____ | |||
| 1,234,356 | - |
41,557 | (38,000) | 1,237,913 | ||||
| Transfers | ||||||||
| 1 January | Gains on | between | 31 December | |||||
| 2024 | Income Expenditure investments |
funds | 2024 | |||||
| £ | £ |
£ | £ | £ | £ | |||
| Endowment funds (held at BlackRock, Stonehage Fleming, CCLA or in cash): | ||||||||
| Glaxo Chair Fund | 866,837 | 147^ |
- | 82,522 | (24,000)* | 925,506 | ||
| Law Faculty Fund | 179,938 | - |
- | 28,199 | (7,200) | 200,937 | ||
| Mibashan Fund | 27,316 | - |
- | 4,985 | - | 32,301 | ||
| Oates Fund | 49,501 | - |
- | 9,079 | - | 58,580 | ||
| Andrews Fund | 5,183 | - |
- | 1,019 | - | 6,202 | ||
| Kaplan Award | 8,831 | - |
- | 1,999 | - | 10,830 | ||
| ____ | __ |
__ | __ | __ | ____ | |||
| 1,137,606 | 147 |
- | 127,803 | (31,200) | 1,234,356 |
^ Endowment income of £147 for the Glaxo Chair Fund represents investments units given to the Trust as compensation for an error made by the investment manager.
* In 2024, it was agreed that up to 4% of the value of the capital at 31[st] December each year (minus the income received during that year) is released and distributed to the Faculty of Health Sciences to support the work of the Glaxo Chair – as resolved by the Trustees of the UCT Trust and with consent from GSK and the UK Charities Commission. In 2024, £24,000 was released and in 2025, £30,000 was released as shown in tables above.
THE UNIVERSITY OF CAPE TOWN TRUST
Page 24
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025
13. THE FUNDS OF THE CHARITY (Continued)
| Transfers | |||||||
|---|---|---|---|---|---|---|---|
| 1 | January | Gains on | between | 31 December | |||
| 2025 | Income | Expenditure | investments | funds | 2025 | ||
| £ | £ | £ | £ | £ | £ | ||
| Restricted income funds: | |||||||
| Undistributed endowment funds | income - | ||||||
| Glaxo Chair Fund | 33,458 | 17,045 | 60,813 | - | 30,000 | 19,690 | |
| Law Faculty Fund | 557 | 3,631 | 12,159 | - | 8,000 | 29 | |
| Mibashan Fund | 286 | 166 | 213 | - | - | 239 | |
| Oates Fund | 522 | 303 | 388 | - | - | 437 | |
| Andrews Fund | 53 | 31 | 40 | - | - | 44 | |
| Kaplan Award | 9 | 4 | 10 | - | - | 3 | |
| 100UP Project | 1,607 | 15,080 | 15,732 | - | - | 955 | |
| 500 Year Digital Archive 14,778 | 57 | 14,778 | - | - | 57 | ||
| ACDI | 125 | 125 | 250 | - | - | - | |
| A Falconer SchShip | - | 104,586 | 88,972 | - | - | 15,614 | |
| Baxter Theatre | - | 125 | 125 | - | - | - | |
| Bursary Fund | 46,526 | 193,553 | 193,886 | - | - | 46,192 | |
| Commerce Fac | 100,108 | 50 | 100,108 | - | - | 50 | |
| Fitzpatrick Institute* | 75 | 8,450 | 8,450 | - | - | 75 | |
| Food Sovereignty | 340 | 375 | 713 | - | - | 2 | |
| Future Water | 125 | - | 125 | - | - | - | |
| Jagger Recovery Fund | 750 | - | 750 | - | - | - | |
| Julian Baring Sch Fund | 203 | 42,120 | 42,233 | - | - | 90 | |
| Law Faculty Fund | 275 | 11,286 | 11,244 | - | - | 317 | |
| Mathematics Comp | - | 9,600 | 9,600 | - | - | - | |
| Midgley Prize | 113 | 20,050 | 20,113 | - | - | 50 | |
| Neurosciences | 361 | 220,009 | 220,030 | - | - | 340 | |
| NMSPG | 128 | 10,015 | 10,128 | - | - | 15 | |
| Opera UCT | 1,926 | 105,963 | 500,506 | - | 393,815 | 1,198 | |
| PMHP | - | 5,012 | 5,000 | - | - | 12 | |
| Residences Fund | 20 | 120 | 120 | - | - | 20 | |
| Prof Robertson Fund | 874 | 1,627 | 874 | - | - | 1,627 | |
| Rowing Club | 34 | 51,291 | 51,080 | - | - | 245 | |
| Rugby Club | 7 | 81 | 81 | - | - | 7 | |
| SaVI | 125 | - | 125 | - | - | - | |
| School of Music | 1,279 | - | 1,250 | - | - | 29 | |
| Schools Improvement | 1,063 | 10,234 | 10,448 | - | - | 849 | |
| SHAWCO Fund | 537 | 1,850 | 1,963 | - | - | 424 | |
| Spirit of 68 Award | 6 | 124 | 130 | - | - | - | |
| Student Wellness Serv | 62 | 125 | 188 | - | - | - | |
| UCT Endowment Fund** | 916 | 460 | 898 | - | - | 478 | |
| Unlocking Futures | 1,576 | 22,957 | 22,198 | - | - | 2,335 | |
| Wolfson Mem Lecture | 905 | - | - | - | - | 905 | |
| _______ | ____ | _____ | ____ | _______ | ____ | ||
| 209,729 | 856,505 | 1,405,721 | - | 431,815 | 92,328 | ||
| _______ | ____ | _____ | ____ | _______ | ____ |
*includes the Southern African Bird Atlas Project
**formerly known as Distinguishing UCT
THE UNIVERSITY OF CAPE TOWN TRUST
Page 25
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025
13. THE FUNDS OF THE CHARITY (Continued)
| Transfers | |||||||
|---|---|---|---|---|---|---|---|
| 1 January | Gains on | between | 31 December | ||||
| 2024 | Income | Expenditure | investments | funds | 2024 | ||
| £ | £ | £ | £ | £ | £ | ||
| Restricted income funds: | |||||||
| Undistributed endowment funds | income - | ||||||
| Glaxo Chair Fund | 9,349 | 6,985 | 6,876 | - | 24,000 | 33,458 | |
| Law Faculty Fund | 567 | 1,859 | 9,069 | - | 7,200 | 557 | |
| Mibashan Fund | 190 | 213 | 117 | - | - | 286 | |
| Oates Fund | 339 | 389 | 206 | - | - | 522 | |
| Andrews Fund | 26 | 40 | 13 | - | - | 53 | |
| Kaplan Award | 9 | 10 | 10 | - | - | 9 | |
| 100UP Project | 1,733 | 9,676 | 9,802 | - | - | 1,607 | |
| 500 Year Digital Archive | - | 22,278 | 7,500 | - | - | 14,778 | |
| ACDI | - | 125 | - | - | - | 125 | |
| Bursary Fund | 40,213 | 161,658 | 161,095 | - | 5,750 | 46,526 | |
| Commerce Fac | - | 100,108 | - | - | - | 100,108 | |
| Food Sovereignty | 630 | 309 | 599 | - | - | 340 | |
| Future Water | - | 125 | - | - | - | 125 | |
| Jagger Recovery Fund | - | 750 | - | - | - | 750 | |
| Julian Baring Sch Fund | 65 | 42,138 | 42,000 | - | - | 203 | |
| Law Faculty Fund | 191 | 2,130 | 2,046 | - | - | 275 | |
| Mathematics Comp | - | 9,600 | 9,600 | - | - | - | |
| Midgley Prize | - | 35,113 | 35,000 | - | - | 113 | |
| Neurosciences | 139 | 137,472 | 137,250 | - | - | 361 | |
| NMSPG | - | 1,128 | 1,000 | - | - | 128 | |
| Opera UCT | 6,383 | 35,343 | 34,050 | - | (5,750) | 1,926 | |
| Residences Fund | 20 | 120 | 120 | - | - | 20 | |
| Prof Robertson Fund | 2,109 | 15 | 1,250 | - | - | 874 | |
| Rowing Club | - | 34 | - | - | - | 34 | |
| Rugby Club | 7 | 75 | 75 | - | - | 7 | |
| SABAP* | 75 | 450 | 450 | - | - | 75 | |
| SaVI | - | 125 | - | - | - | 125 | |
| School of Music | 9 | 12,070 | 10,800 | - | - | 1,279 | |
| Schools Improvement | 19,160 |
2,967 | 21,064 | - | - | 1,063 | |
| SHAWCO Fund | 137 | 538 | 138 | - | - | 537 | |
| Spirit of 68 Award | 3 | 1,691 | 1,688 | - | - | 6 | |
| Student Wellness Serv | 24 | 62 | 24 | - | - | 62 | |
| UCT Endowment Fund** | 2,969 | 782 | 2,835 | - | - | 916 | |
| Unlocking Futures | 967 | 5,215 | 4,606 | - | - | 1,576 | |
| Wolfson Mem Lecture | 893 | 12 | - | - | - | 905 | |
| _______ | ____ | _____ | _____ | _______ | ____ | ||
| 86,207 | 628,565 | 499,283 | - | 31,200 | 209,729 | ||
| _______ | ____ | _____ | _____ | _______ | ____ |
*the Southern African Bird Atlas Project
**formerly known as Distinguishing UCT
THE UNIVERSITY OF CAPE TOWN TRUST
Page 26
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025
13. THE FUNDS OF THE CHARITY (Continued)
| Transfers | ||||||
|---|---|---|---|---|---|---|
| 1 January | Gains on | between 31 December | ||||
| 2025 | Income | Expenditure | investments | funds | 2025 | |
| £ | £ | £ | £ | £ | £ | |
| Unrestricted income | ||||||
| funds: | ||||||
| General Fund | 64,324 | 913,931 | 110,478 | - | (393,815) | 473,962 |
| _ | _ | _ | _ | _ | _ | |
| Trust Fund Capital: | ||||||
| Capital | 100 | - | - | - | - | 100 |
| __ | __ | __ | _ | _ | __ | |
| Total Funds | 1,508,509 | 1,871,234 | 1,616,997 | 41,557 | - | 1,804,303 |
| ======== | ======== | ======== | ======= | ======= | ======== |
Trust Fund Capital represents the initial sum invested when the Trust was established .
| Transfers | ||||||
|---|---|---|---|---|---|---|
| 1 January | Gains on | between 31 December | ||||
| 2024 | Income | Expenditure | investments | funds | 2024 | |
| £ | £ | £ | £ | £ | £ | |
| Unrestricted income | ||||||
| funds: | ||||||
| General Fund | 55,871 | 115,938 | 107,485 | - | - | 64,324 |
| _ | _ | _ | _ | _ | _ | |
| Trust Fund Capital: | ||||||
| Capital | 100 | - | - | - | - | 100 |
| __ | __ | __ | _ | _ | __ | |
| Total Funds | 1,279,784 | 707,543 | 606,768 | 127,950 | 1,508,509 | |
| ======== | ======== | ======== | ======= | ======= | ======== |
Trust Fund Capital represents the initial sum invested when the Trust was established .
Endowment funds
The endowment funds represent permanent capital sums given to the charity and are held as fixed asset investments. The income arising on these funds is to be expended in accordance with the donors’ wishes on specific projects at the University of Cape Town. Undistributed funds are treated as restricted funds and are held as cash.
Glaxo Chair
Income from the Glaxo Chair endowment is for UCT’s Glaxo Chair in Primary Healthcare. In 2024 it was agreed that up to 4% of the value of the capital at 31[st] December each year (minus the income received during that year) is also distributed to the Faculty of Health Sciences to support the work of the Chair.
Law Faculty
The income is forwarded to UCT’s Law Faculty. In 2023, it was agreed that 4% of the value of the endowment fund as at 31[st] December each year is also distributed to the Law Faculty for bursaries.
Mibashan
The income is used for merit awards for registrars in UCT’s Department of Medicine.
Oates
The income is used for merit awards for registrars in UCT’s Department of Medicine.
Andrews
Income is used to fund the Robert Andrews Piano Prize at UCT.
Kaplan Award
The income is used to fund an annual award in the field of medical virology.
THE UNIVERSITY OF CAPE TOWN TRUST
Page 27
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025
13. THE FUNDS OF THE CHARITY (Continued)
Included within the total of endowment funds are net unrealised gains arising on the revaluation of the charity’s investment assets totalling £316,195 (2024: £337,693).
Restricted income funds
100UP Project targets schoolchildren from disadvantaged backgrounds, coaching them towards university access.
500 Year Digital Archive aims to bring together scattered multimedia materials, focussing on southern African history before European colonialism.
African Climate & Development Initiative (ACDI) supports collaborative research and training in climate change and development.
Alasdair Falconer Classics Scholarship is an endowed scholarship established in perpetuity for a high performing student undertaking the one year Honours in Classical Studies programme.
Baxter Theatre Fund contributes to the costs of commissioning new South African work, nurturing new artists, presenting ambitious seasons and keeping the Baxter’s stages accessible to all.
Bursary Fund provides bursaries for students who hail from disadvantaged backgrounds and who, without financial aid, would not be able to attend UCT.
Commerce Faculty Graduation Grants help students who are unable to graduate due to fee debt.
Conservation Biology Bursary provides funding for an economically disadvantaged student enrolled on the MSc Conservation Biology programme within the FitzPatrick Institute of African Ornithology.
Food Sovereignty Fund: provides those in need with toiletry packs and vouchers which can be used at the food outlets on campus.
Future Water Initiative conducts engaged research on water sensitive projects that sustain society’s current and future water needs.
Jagger Recovery Fund: this was established in the wake of the fire on campus in April 2021, to help rebuild the library.
Julian Baring Scholarship Fund supports students from historically disadvantaged backgrounds, who have an interest in mining.
Law Faculty fund: funds raised are used for Law bursaries or are invested in the Law Faculty Endowment Fund.
Mathematics Competition: supporting an annual UCT maths competition for schools of the Western Cape.
Midgley Prize: supporting the James and Khadija Midgley Prize for Postgraduate Achievement in the Social Sciences
Nelson Mandela School of Public Governance (NMSPG): promoting and inspiring strategic public leadership in Africa.
Neurosciences Fund: supports research at the Neurosciences Institute.
Opera UCT supports UCT’s Opera School, with donations going towards bursaries and the building of an endowment fund - helping talented young South Africans follow their dreams.
The Perinatal Mental Health Projec t addresses the problem of widespread common mental health conditions amongst pregnant and postnatal women in low-resource settings.
THE UNIVERSITY OF CAPE TOWN TRUST
Page 28
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025
13. THE FUNDS OF THE CHARITY (Continued)
Restricted income funds (Continued)
Residences fund contributes towards the capital costs of student residences.
Prof Robertson fund supports the Professor Mary May Robertson Scholarships and Prizes in the Faculty of Health Sciences.
Rowing Club fund supports UCT’s Rowing Club initiatives and primarily the procurement of a new team boat.
Rugby Club fund supports UCT’s Rugby Club initiatives.
The Safety and Violence Initiative (SaVI) facilitates research collaborations focussing on understanding, preventing and responding to violence against children and youth violence, and promoting safety.
School of Music: donations supporting activities and projects at the South African School of Music.
Schools Improvement Initiative: UCT’s answer to the ongoing educational crisis in South Africa. Donations support projects in both primary and secondary schools in the Western Cape.
SHAWCO fund helps to finance the Students' Health and Welfare Centres Organisation, a student run NGO based at UCT.
Spirit of 68 Award supports creative initiatives by UCT students in addressing a social issue, with an emphasis on supporting novel approaches to reducing social exclusion and is funded by veterans of the ’68 sit-in at UCT.
Student Wellness Services provides professional medical and counselling services to students.
UCT Endowment Fund: contributions to the University’s unrestricted endowment fund.
Unlocking Futures Bursaries Fund: assisting those students who are unable to settle fee accounts, thus enabling them to progress into the next year or graduate.
Wolfson Memorial Lecture: An annual lecture which is held at UCT in memory of the late Lord Leonard Wolfson, a staunch supporter of the university.
THE UNIVERSITY OF CAPE TOWN TRUST
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025
14. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Net | |||||
|---|---|---|---|---|---|
| 2025 | Fixed | current |
|||
| assets | assets | Total |
|||
| £ | £ | £ |
|||
| Endowment funds | 1,053,455 | 184,458 | 1,237,913 |
||
| Restricted income funds | - | 92,328 | 92,328 |
||
| Unrestricted income funds | 107 | 473,955 |
474,062 |
||
| __ | _ |
__ |
|||
| NET ASSETS | 1,056,652 | 750,741 | 1,804,303 |
||
| ======== | ======= |
======== |
|||
| Net | |||||
| 2024 | Fixed | current |
|||
| assets | assets | Total |
|||
| £ | £ | £ |
|||
| Endowment funds | 1,234,356 | - | 1,234,356 |
||
| Restricted income funds | - | 209,729 | 209,729 |
||
| Unrestricted income funds | 253 | 64,171 |
64,424 |
||
| __ | _ |
__ |
|||
| NET ASSETS | 1,234,609 | 273,900 | 1,508,509 |
||
| ======== | ======= |
======== |
|||
| 15. | RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Net movement in funds | 295,794 | 228,725 | |||
| Depreciation of tangible fixed assets | 146 | 146 | |||
| Interest income shown in investing activities | (26,093) | (17,532) | |||
| Gain on investments | (41,557) | (127,803) | |||
| Decrease/(Increase) in debtors | (11,882) | (956) | |||
| (Decrease)/Increase in creditors | 3,539 | (1,832) | |||
| ___ | ___ | ||||
| Cash provided by (used in) operating | activities | 219,947 | 80,750 | ||
| ========= | ========= | ||||
| 16. | ANALYSIS OF CHANGES IN NET DEBT | ||||
| 1 | January | 31 December | |||
| 2025 | Cash Flows | 2025 | |||
| £ | £ | £ | |||
| Cash | 273,631 | 468,498 | 742,129 | ||
| 1 | January | 31 December | |||
| 2024 | Cash Flows | 2024 | |||
| £ | £ | £ | |||
| Cash | 144,296 | 129,335 | 273,631 |
THE UNIVERSITY OF CAPE TOWN TRUST
Page 30
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025
17. COMMITMENTS UNDER OPERATING LEASES
At 31 December 2025, the charity had future minimum payments lease payments under non-cancellable operating leases as set out below:
| operating leases as set out below: | ||
|---|---|---|
| Land and | Land and | |
| Buildings | Buildings | |
| 2025 | 2024 | |
| £ | £ | |
| Falling due within one year | 8,100 | 8,100 |
| Falling due between one to five years | - | 6,990 |
| __ | _ | |
| 8,100 | 15,090 | |
| ======== | ======= |
18. RELATED PARTY TRANSACTIONS
The charity is fundamentally related to the University of Cape Town in South Africa (UCT) in the performance of its entire charitable works. Transactions with UCT are disclosed in the notes to the financial statements where relevant.
Trustees are deemed related parties to the Charity and as such reporting of donations made directly to the Charity is required. The aggregate amount donated to the Charity this financial year is £116,118 (2024: £133,367).
The trustees were not remunerated for their services during the year (2024: £nil).
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| 19. | FINANCIAL INSTRUMENTS AT FAIR VALUE | ||
| Financial assets measured at fair value | 1,053,455 | 1,234,356 | |
| __ | __ | ||
| 1,053,455 | 1,234,356 | ||
| ======== | ======== |
Financial assets measured at fair value comprise listed investments.