Wits Foundation: Annual Report by Sheila McCallum

Wits Foundation Annual Report 2012

Celebrating 90 years of excellence

CONTENTS 5

The Wits Foundation Overview

Chairman’s Report

Foundation Board of Trustees and Governors

Message from the Deputy Vice-Chancellor: Advancement and Partnerships

Director’s Report Working Together with our Trust and Foundation partners

Chancellor’s Annual Fund

Statement of Responsibility of The Foundation Board

Independent Auditors Report

19 20

Statement of Comprehensive Income

Statement of Financial Position

Statement of Changes In Foundation Funds

Statement of Cash Flows 24

Notes to the Annual Financial Statements List of Donors

THE WITS FOUNDATION OVERVIEW

The University of the Witwatersrand Foundation was established by a Deed of Trust in 1978 as a registered Public Benefit Organisation (PBO) to collect and administer donations for the benefit of the University. A Board of Governors and Trustees appointed by the University Council manage the Wits Foundation, which is recognised as a PBO in terms of Section 30 of the Income Tax Act No 58 of 1962, as amended, and operates exclusively for charitable and educational purposes. The Foundation has associated charitable entities in New York (registered as a Section 501 (c) company) and in London (Registered Charity No. 1087539) which enable donors in the USA and UK to receive tax benefits for their donations to the University. In January 2008, the fundraising component of the Wits Foundation separated to form the Development and Fundraising Office (DFO), which now operates as a University unit. While the Foundation continues to collect, administer and manage funds, the DFO focuses on professional development activities which include fundraising, database management, research and proposal writing, in line with the Universityâ&#x20AC;&#x2122;s Fundraising Policy. The DFO and the Foundation are part of the Advancement Division, which includes Alumni Relations, Community University Partnerships, Functions and Events, and Marketing and Communications. Tax benefits All donations to the Wits Foundation are tax deductible in accordance with Act 58 of 1962, as amended. The University has obtained its tax exempt status under Section 10 (1) (cN) of the Income Tax Act. In accordance with Section 18A, which provides for deductions from taxable income, the Wits Foundation as a Public Benefit Organisation is entitled to provide Tax Exemption benefits. Tax certificates are issued in accordance with the legislation for all donations received.

THE CHAIRMAN’S REPORT

Some interesting developments came to fruition in 2012 – the year Wits turned 90. A carnival event was arranged on the Wits library lawns to celebrate this auspicious year and staff and students were photographed in a giant “W” on the lawns – a moment to be treasured. Positive inroads were made both in the UK and the USA by building capacity and cultivating some high net worth stakeholders. The Wits Art Museum opened its doors to the public on the 19th of May, with an exhibition, aptly named WAM! Seeing Stars, featuring some of the most extraordinary and priceless pieces from the Wits collection of some 9000 objects of classical and contemporary South African and African art, carefully assembled and preserved at the University. The construction of the Wits Art Museum building was made possible through funding from various visionary and generous private donors and the University itself. The Science Stadium was officially opened on the 7th of June by the Honourable Professor Hlengiwe Mkhize (Deputy Minister of Higher Education). Friends and supporters of the University came in numbers to support our celebration. “Science, technology, engineering and mathematics skills have long been identified as crucial components of a nation’s ability to grow and prosper”, commented the Deputy Minister. The DFO managed to secure new partnerships with various corporations wishing to provide bursaries and teaching fellowships to deserving students at Wits. These exciting opportunities create promising futures for students to further their studies at Wits. November 6th saw the official opening of the new Goldfields Engineering Library at the Faculty of Engineering and the Built Environment – a key project that will help the Wits School of Mining Engineering to enhance its contribution towards the alleviation of skills shortages in the mining sector. Donations In 2012, the total investment income generated by the Wits University Group totalled R435 million. Income processed through the Wits Foundation totalled R189 million (2011: R274 million). Investment income from the Wits Foundation’s Endowment Fund rose to R28 million in 2012 from R23 million in 2011. Investment costs amounted to R14,6 million in 2012 against R13 million in 2011, the increase due to higher investment management fees. Operating Costs The operating expenses of the Wits Foundation (which exclude the costs of the Development and Fundraising Office) remained at minimal levels of R287 635 in 2012 compared to R133 745 in 2011. The Development and Fundraising Office expenses have been covered by the Wits University Council budget since 2008. The Foundation realised a net surplus, including Pooled Equity Funds of R33,4 million compared to a surplus of R41,4 million in 2011, which included profit on the sale of assets and investment income.

Thanks We take this opportunity to acknowledge the generous consideration and invaluable support of all our investors. We are hopeful that the growth and developments achieved in 2012, coupled with our Universityâ&#x20AC;&#x2122;s new leadership, will take us into an era where new investors will recognise the increased value of partnering with Wits. We are also confident that the excellent relationships that we enjoy with our current stakeholders, namely, government, corporates, trusts, foundations and individuals will grow even stronger as we embark on the Wits Century Campaign 2013-2022. David Brink Chairman

FOUNDATION BOARD OF TRUSTEES AND GOVERNORS Mr David Brink (Acting Chairman) BSc(Eng) MSc(Eng) (Wits) CertBusAdmin (London School of Economics) GradDip Company Direction (GIMT). Awarded Honorary DCom (Port Elizabeth). Director of Steinhoff International Holdings Limited; National Business Initiative and Member of Millennium Labour Council. Vice-President of the South African Institute of Directors. Past Chairman of Absa Group Limited and Absa Bank Limited, Murray & Roberts Holdings Limited, and Denel Limited. Co-Chair of the Business Trust and former Director of the Industrial Development Corporation, BHP Billiton, SAPPI Limited and SANLAM Limited. Past President of SEIFSA, Business South Africa and the South Africa Foundation. Recipient of Engineer of the Year Award 1994, the Wits Business School Management Excellence Award and Harvard University Business School’s ‘Statesman of the Year’ award. Acting Chairman of the Foundation Board.

Mr Mike Bashe BCompt Hons, CTA AdvTaxCert (Unisa), Professional Master of Banking (Louisiana State University), Higher Diploma in Financial Markets and Instruments. Managing Director, Eskom Finance Co (Pty) Ltd.

Mr Arnold I Basserabie BSc (Wits) ASA CFP, Strategic Business Consultant, Director of Companies, Chairman - Wits Foundation Investment and Finance Committee. Awards include MRF Insurance Man of the Year – 1988, Jewish Business Achiever of the Year – 1998, Institute of Marketing Man of the Year 1998.

Mrs Elisabeth Bradley BSc (OFS) MSc (Land), Former Chairman of Wesco Investments Ltd and Toyota SA (Pty) Limited. Director of Companies.

Dr Randall Carolissen Dr. Carolissen is a trained physicist and process engineer. He obtained his Masters degree cum laude in Physics, contributing significantly to the body of knowledge on nano second laser pulses interaction with semi-conductors. This was followed by a PhD in Solid State Physics in 1995. Subsequently he obtained a Masters in Business Administration cum laude from the University of Stellenbosch. In 2008 he completed an M.Com in International Tax at the University of the Northwest. He is serving as the chairman of both the Finance and Remuneration committees of the Council of the University of Witwatersrand and its subsidiary companies.

Mr Bruce Anderson Dickson

He has spent 28 years in education, initially at the secondary level where he taught Mathematics, Physics and Chemistry both in South Africa and the United Kingdom. He joined the University of the Witwatersrand where, amongst various positions he held, he was Director of Human Resources and, at the time of his departure, was the University Registrar (Administration). After leaving Wits, Bruce joined Andersen Consulting which subsequently became Accenture. He retired from Accenture in 2010 and inter alia, he established the Accenture Foundation and Accenture Education Trust.

Prof. Jonathan Eugene Klaaren Professor Jonathan Klaaren, BA (Harvard) MA (Cape Town) JD (Columbia) LLB (Witwatersrand), and PhD (Yale, Sociology). He served as Acting Head of the School of Law since 1 August 2010. He was appointed officially as Wits Head of Law School on 1 July 2011. He is a former Director of the Mandela Institute of the Wits Law School (mid-2005 to end-2007) and has served as the co-Director of the School’s Winter Law School (2007- 2009). He has served on numerous university committees and is currently appointed by the Minister of Home Affairs to serve on the Immigration Advisory Board.

Prof. Loyiso Nongxa BSc (Hons) (Fort Hare) DPhil (Oxon), Vice-Chancellor and Principal of the University of the Witwatersrand. First African in South Africa to be awarded a Rhodes Scholarship. South African Harvard Fellow. Member of Higher Education South Africa and the Rhodes Scholarship Selection Committee.

Mr Krishna Patel CEO, Global Private Banking and Chairman, HSBC Africa. A senior banking executive with over 20 years of senior management experience with HSBC Bank and 35 years’ experience in the financial services industry.

Mr Alan Romanis

CA (UK). Former Managing Director and Vice-Chairman of the Liberty Life Group. Director of companies. Among previous directorships - Standard Bank Group, South African Breweries, Liberty International plc.

Prof. Bruce L W Sparks

K StJ MBBCh(Wits) MFGP(SA) MRCGP (UK), FRCGP(Hon), FCFP (SA), FRCGP (AUS). Former Kenneth Birch Professor of Family Health, Head of Department of Family Medicine at the Wits Medical School and Chief Family Physician in the Gauteng Department of Health. He is also the former World President of the World Organisation of Family Doctors.

Advocate Anthony Stein BA(Hons) LLB(Wits) BCL(Oxon). Advocate of the High Court of South Africa, Member of the Johannesburg Bar. Visiting Lecturer, King’s College, University of London: 2000-2001 (Law of contract, administrative law, philosophy of law). Lecturer, University of the Witwatersrand: 1997-1998 (various subjects, including constitutional law, administrative law, jurisprudence, law of contract). Select Awards and Offices: Commonwealth Scholarship, Skye Trust Scholarship, Society of Advocates Moot Prize. Abridged Publications: Constitutional Law of South Africa (Juta), Co-editor and author, Interpreting European Convention Rights (Butterworths London, 2001), Co-author with Tomlinson and Shukla.

MESSAGE FROM THE DEPUTY VICE-CHANCELLOR: ADVANCEMENT AND PARTNERSHIPS Celebrating 90 years of excellence In 2012, the University celebrated its 90 years of excellence in the form of an institutional commemorative programme (“Wits90”) that addressed a range of audiences within and beyond the University. This also served as the launch-pad for a ten year campaign, the Wits Century Campaign, which will be a vehicle for Wits to attain the ambitions of its Vision 2022 strategic plan. In particular, Wits expressed its commitment to social leadership by providing platforms for leading thinkers and for the compelling debates of the day, fostering robust engagement and lending depth to issues confronting society. In the course of the year, the University hosted well over 500 public lectures and debates, including focuses on the palaeo-sciences, astronomy, the SKA, the Higgs Boson, mining, freedom of expression, the National Development Plan, governance, law and commerce. We also devoted considerable attention to revisiting the role that Wits played in the struggle against apartheid. As this programme of events unfolded, we were struck by the deep loyalty and investment in the University that was reflected in the responses from Wits staff, students, alumni, friends and investors. The university also launched the Wits Mining Research Institute amidst an enthusiastic audience of government, academics and industry leaders. Several buildings were opened including the fourth quadrant of the Chamber of Mines Building, the Wits Junction Residence Complex, new libraries, the Science Stadium and the Wits Art Museum, which now curates over 9,000 works of African art, one of the largest and most prestigious collections on the continent. Other flagship Wits90 events included the unveiling of the Unknown Miner sculpture outside the Chamber of Mines building in an event that included moving reflections on the role that mining has played in the social and economic history of the country. In another initiative, the University designed a Wits Treasures exhibition, which put on display a range of rare and precious items, artifacts, documents and artworks that Wits holds in trust for society. We timed the opening of this exhibition for Heritage Day on 24 September 2012, and simultaneously opened all our museums for free access to the public on that day. This exhibition was the subject of one of two supplements that were published in The Star newspaper that focused on Wits’ 90 year legacy. Consonant with Wits’ tradition of engagement with social justice issues, the University community gathered on 23 August 2012 to protest against violence in society following the Marikana tragedy. Several debates and colloquia were staged around this issue, as South Africans tried to understand the context of this atrocity. Wits once again attracted leading politicians, Nobel Laureates, business leaders and famous local and international speakers. Wits hosted four Ministers on campus in September, Deputy President Kgalema Motlanthe launched his biography in October, whilst Nobel Prize-winner Peter Agre delivered a public lecture in October. Sports events, art exhibitions, flash mobs, a Wits90 Carnival, music concerts and shows by Abdullah Ibrahim and Sibongile Khumalo were some of the other diverse Wits90 activities in 2012. In addition, a number of alumni reunion events were hosted internationally, including in Australia, the United States, the United Kingdom and a number of countries more widely on the African

continent. A particularly successful event was hosted in London in partnership with Bonhams Art Gallery and Barclays, at the time of a major auction of South African Art. Wits also launched the Wits Public Accountability Forum at the Public Affairs Research Institute symposium in August which focused on corruption and integrity in public life, and featured honest and incisive analyses from both leading scholars and senior government figures. The Wits Energy Forum in May featured a keynote address by Prof. Malcolm McCulloch, a Wits alumnus who is now an associate of the Oxford Martin School at the University of Oxford, and Director of Oxfordâ&#x20AC;&#x2122;s Institute for Carbon and Energy Reduction in Transport. The African Presidential Roundtable was once again co-hosted by Wits and the African Presidential Center at Boston University. Altogether, it was a year in which Wits reflected on its significant legacy, both acknowledging past and present excellence but also conscious of how it is an institution embedded in a dynamic and contested social context, and that the contradictions of broader society are inevitably reflected, if not magnified, within the University. It is clear that the wealth of events held under the Wits90 umbrella contributed significantly towards profiling the University in the public sphere, but also, very importantly, creating a more reflective sense of the legacies of the past, and the responsibilities of the future. However, another powerful truth was repeatedly made visible: Wits enjoys the stature that it does in large measure because of the support and generosity of our partners, investors and donors. We trust that, as the University moves into its planned leadership transitions in 2013, Wits will continue to enjoy your collaboration, support and generosity, and that you will take as much pleasure as we do in helping to shape the future of our society. Professor Rob Moore Deputy Vice-Chancellor: Advancement and Partnerships

DIRECTOR’S REPORT

What an interesting year – 2012. On reflection, I do feel it was an encouraging year, even though the economic uncertainties continued to influence the level of discretionary giving amongst our traditional investor and donor base. With the establishment of a strengthened London office, and the appointment of Lynda Murray working alongside Bill Frankel, we anticipate more communications, deeper presence and better insider intelligence in the UK market, ultimately resulting in an increase in investor confidence and contributions. Our visits to the UK have been met with friendliness, encouragement and delight - all positive indicators that Wits is welcome in London, made to feel at home, and encouraged in our purposes. Let the deposits in the bank speak for themselves: an 8-figure investment in 2012 from London still stands as the best evidence and validation of the esteem in which Wits is held in the global north. We wish Bill and Lynda much success in 2013 and promise to support them in their efforts to deepen Wits’ presence in the UK. Watch this space… Promises of increased activity in the USA in 2012 were also evident at the several meetings and reunions of Wits friends, alumni, partners and curious observers in the northern hemisphere. It is clear from research and personal feedback that we need a dedicated development office in the USA to work in close partnership with Wits Fund Inc. in New York and we hope to report on successful developments in this arena in 2013. The level of international engagement and collaboration from the Wits development team needs to become much more proactive and strategic. For example, Wits’ prestigious 21st Century Institutes project needs to position itself in the UK and USA in order to maximise the early signals from a global market, increasingly inclined to invest in seeking solutions to global grand challenges. Significantly for Wits, the global markets seek to include high performing Southern Hemisphere platforms. The trend is for multi-themed coordinated efforts that will address the Big Questions of our society, the futures of our world, the connectedness of development agendas that must result in benefits for all or, at the very least, the cessation of practices and projects that may be singularly self-serving. The 21st Century Institutes position Wits well in this global post-Millennium Development Goals discussion. These are very exciting times for Wits. Closer to home, Wits has an equal and urgent responsibility to be mindful of the immediate needs of South African society, and this is where Faculty development plans become so prominent and relevant. In order to better support the aspirations of the Faculties, the DFO deepened its investment in Facultybased Fundraisers, significantly improved the University’s ability to analyse its complete investor base (with the generous help of Wits Business Intelligence) and then finally assembled the first picture of Wits’ comprehensive 10-year Project List, revealing a total of between R4-6 billion of new investment required to address the aspirations of Vision 2022. The team at the DFO are to be thanked for their relentless efforts in a harsh fundraising climate that relies on skill sets requiring above-average levels of energy and optimism. In view of this tough environment, we’re indeed fortunate to have enjoyed a stable work force this past year, with very few losses.

Armed with the realisation of the billions required, the framework of the Wits Century Campaign 2013-2022 emerged after talks with many stakeholders who assisted the conceptualisation of an Institution-wide process (The Campaign) of driving the development of projects in four basic areas â&#x20AC;&#x201C; Infrastructure, Faculty priorities, Research resources (including the 21st Century Institutes) and Special Institutional Initiatives. Our challenge now is to make the best possible use of the change in leadership at the University, reflected in the retirement of the Vice-Chancellor, Professor Loyiso Nongxa. Professor Nongxa has led the past 10-year fundraising drive at Wits with such extraordinary energy and good humour, and leaves behind exemplary support and involved executives. However, now is a perfect time to leverage the excitement of new leadership, ideas, engagements and landscapes, with the possibilities of attracting new money and new investors. We are confident that this transition will be supported all the way by our loyal and committed existing donor-investors, to whom this Annual Report is once again dedicated. Thank you for your support, your criticisms, your patience, your loyalty and your innovative ideas. Thank you for spending time with us, for coming to our events and for your ever-increasing contributions. Your loyalty is SO Wits! Issuing you all with an open invitation to join the Century Campaign Drive www.wits.ac.za/centurycampaign Clare Jeffrey Director: Development and Fundraising Office

WORKING TOGETHER WITH OUR TRUST AND FOUNDATION PARTNERS

2012 was successful for collaborative projects with our trust and foundation partners. Student support in particular has seen an increase as African and International funders recognise the financial pressure experienced by students, particularly those from disadvantaged backgrounds. Students from under-resourced areas of the country are at an immediate disadvantage in their university careers for both financial and academic reasons. Wits supports their academic progress through our first year curriculum and various support programmes, but can do little to support the growing numbers of students who find themselves in financial difficulty in their first years of study. Therefore, our staff are delighted by the response of our partners in supporting a growing number of first year students, and beyond, depending on successful academic progress. Support for research and postgraduate programmes is also an area of on-going expansion at Wits in which our Trust and Foundation partners have made impressive investments. The goal of the University is to increase its postgraduate intake and become even more research orientated. Our progress towards this goal is marked by the development of the six 21st Century Institutes that will investigate areas of particular relevance to the African continent, as well as help to train the research specialists and academics of the future.

Bursary and Scholarships in numbers (2012)

Bursary External Bursary Merit Award Scholarship

1854 2447 573 2701 Limpopo

17 48 3 13

Bursary External Bursary Merit Award Scholarship

Gaute

70 243 4 122

283 862 18 356

North West

Free State

Mpumalanga

KwaZulu Natal

Bursary External Bursary Merit Award Scholarship

Northern Cape Bursary External Bursary Scholarship Eastern Cape Bursary External Bursary Merit Award Scholarship

Western Cape

Bursary External Bursary Merit Award Scholarship

13 18 6 17

207 372 6 203

85 111 4 84

47 110 54

271 268 27 312

The Evolutionary Studies Institute

The City Institute

Sydney Brenner Institute for Molecular Biosciences

Wits Mining Research Institute

The Global Change and Sustainability Research Institute

The Institute for Wellbeing and Development

21st Century Institutes

CHANCELLOR’S ANNUAL FUND REPORT

The 2012 Chancellor’s Annual Fund strategically targeted two areas of growth: University-wide projects and Faculty-based appeals. Wits Century Campaign In the first Appeal of 2012, sent out in May, we asked individuals’ to support the ‘Wits Century Campaign’. This specific initiative focused on establishing a R100 million endowment for the University, through personal giving. Individuals were encouraged to support this initiative by making a monthly donation. The main aim of this campaign is to encourage monthly giving – as the monthly support of a donor is generally considered to be more valuable than a once-off gift. It represents an ongoing commitment towards a strategic goal that is both aspirational and achievable. The campaign was supported by innovative website pages that utilised Wits90’s celebration of the University’s heritage. An interactive Wits story timeline was created that highlighted Wits’ achievements and linked them to the University’s modern day development agenda. Faculty-Based Appeal The second Appeal of 2012 was sent to alumni in September and was segmented according to Faculties. Alumni were sent a Faculty specific letter/email from us. The communication focused exclusively on the individuals’ Faculty, giving details of recent successes and encouraging a donation to one of three Faculty specific development projects. This Appeal leveraged faculty connections as a means of gaining support from Alumni. A total of 183 individuals donated towards the Chancellor’s Annual Fund in 2012 with donations totalling R505, 000. The Chancellor’s Annual Fund maintained a positive cost-to-income ratio, building on 2011’s important strategic decision to focus on cost-effective and measurable impact electronic communications. To find out more about the Chancellor’s Annual Fund please visit: www.fundraising.wits.ac.za/caf.asp Justice Digkang Moseneke Chancellor

RECEPTION IN LONDON

On a crisp autumn evening in London on 16 October 2012, the Vice-Chancellor Professor Loyiso Nongxa welcomed UK-based alumni and friends of the University to a celebration of Witsâ&#x20AC;&#x2122; 90th year and an announcement of key donations to Wits. The major announcement of the evening was made by Philip Lindop, ABSAâ&#x20AC;&#x2122;s Head of Investment Banking, Africa, and himself a Wits alumnus. To great applause, Mr Lindop announced that ABSA was donating R25 million to the University over ten years. The Vice-Chancellor then announced that the newly created Rothschild South Africa Foundation was launching postgraduate scholarships for historically disadvantaged South Africans, for students undertaking an honours year of study in a financial discipline. Initially there will be 10 scholarships annually; the number will increase over time. The announcements of these two generous donations set the tone for an evening of celebration. The Vice-Chancellor expressed his pride in having led the University for the past decade. The champagne reception was generously hosted by Bonhams fine art auctioneers at a private preview of a sale of South African art, and was kindly sponsored by ABSA and Barclays. The event was oversubscribed, with about 300 guests filling the galleries.

STATEMENT OF RESPONSIBILITY OF THE BOARD OF GOVERNORS The Board of Governors is responsible for the maintenance of adequate accounting records and the preparation and integrity of the financial statements and the related information. The auditors are responsible for reporting on the fair presentation of the financial statements. The financial statements have been prepared in accordance with International Financial Reporting Standards. The Board of Governors is also responsible for the Foundationâ&#x20AC;&#x2122;s systems of internal financial control. These are designed to provide reasonable, but not absolute, assurance as to the reliability of the financial statements, and adequately safeguard, verify and maintain accountability of the assets, and to prevent and detect misstatement and loss. Nothing has come to the attention of the Board of Governors to indicate that any material breakdown in the functioning of these controls, procedures and systems has occurred during the year under review. The financial statements have been prepared on the going-concern basis, since the Board of Governors has every reason to believe that the Foundation has adequate resources in place to continue in operation for the foreseeable future. APPROVAL OF THE ANNUAL FINANCIAL STATEMENTS The annual financial statements, which appear on pages 18 to 39, were approved by the Board of Governors and signed on their behalf by:

D C BRINK CHAIRMAN BOARD OF GOVERNORS 29 MAY 2013

INDEPENDENT AUDITOR’S REPORT To the Board of Governors of The University of the Witwatersrand Foundation Report on the financial statements We have audited the accompanying annual financial statements of The University of the Witwatersrand Foundation which comprise the statement of financial position as at 31 December 2012, the statement of comprehensive income, statement of changes in foundation funds and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes as set out on pages 18 to 39. Board of Governor’s Responsibility for the Financial Statements The Board of Governors is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we comply with ethical requirements, and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used, and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Opinion In our opinion, the annual financial statements present fairly, in all material respects the financial position of the University of the Witwatersrand Foundation as of 31 December 2012 and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards.

PricewaterhouseCoopers Inc. Director: D Desai Registered Auditor 2 Eglin Road, Sunninghill 29 May 2013

Gains and losses arising from changes in fair value of available-for-sale financial assets are recognised directly in reserves in the fair value fund.

List of donors 2012 The University acknowledges with gratitude the generous support of the following Foundations, Trusts, companies and individuals during the calendar year 2012. The University also wishes to acknowledge with gratitude those donors who have chosen to remain anonymous. Only donations processed by the University Foundation are recorded. 24-7 Care South Africa (Pty) Ltd

Abbott Laboratories (SA) (Pty) Ltd Abbott, Thomas David (Mr) Abramson, Rhea (Ms) ABSA Bank Ltd Accenture Foundation (SA) Trust Actionaid International South Africa Actuarial Society of SA Adam, A (Ms) Adams, Brett & Rose (Mr & Mrs) Adcock Ingram Healthcare (Pty) Ltd ADT Security South Africa AECI Ltd African Exploration Mining & Finance Corporation African Oxygen Ltd (AFROX) African Population and Health Research Center Agnew, Gary David (Mr) Ahmed Kathrada Foundation Airbus UK Ltd Al-Ansaar Foundation Albert Wessels Trust Alcatel Telecommunications Company Alcon Laboratories Alexander, Graham Brian (Mr) Alexander, Mark Gavin (Professor) Alexandre Lorant Charitable & Educational Trust Alistair Berkley Charitable Trust Allan and Gerry Simpson Memorial Fund Allergan Pharmaceuticals (Pty) Ltd Alstom South & East Africa (Pty) Ltd America Middle East Amka Products (Pty) Ltd Amoils, Hymie Leslie (Mr) Anderson, Stephen Archibald George (Dr) Andrew, Mark (Mr) Andrew, Michael Ray (Mr) Anglo American Chairmanâ&#x20AC;&#x2122;s Fund Educational Trust Anglo American Platinum Ltd Anglo Operations Limited Anglo Research AngloGold Ashanti Ltd Anthony, Patricia (Ms) Apex HI Charitable Trust Apollo Music Trust Arbuthnot, Patrick Brian (Dr) ArcelorMittal Armstrong, W J (Mr & Mrs) Arteiro, Kerryn Nicole (Ms) Arts and Culture Trust Arup (Pty) Ltd Ashanti Goldfields Kilo S.A.R.L.

Aspen Pharmacare Assimacopoulos, Alys Dawn (Ms) Association of Black Securities & Investment Professionals Atlantic Philanthropies Atlas Copco SA (Pty Ltd Attorneys Fidelity Fund Attorneys Marto Laffitte Attwood, Jennifer Susan (Ms) Aurum Institute for Health Research Aveng Grinaker-LTA Aveng Grinaker-LTA Holdings Limited

BAE Systems Bailey, Ivor Ian (Mr) Ballim, Yunus (Professor) Ballot, Daynia Elizabeth (Professor) BAM Federal Institute for Materials Research and Testing Barker, Walter Roy (Mr) Barone, Budge & Dominick Baroque Medical (Pty) Ltd Barrett, Andrew John (Mr) Barrick Gold Corporation Bassey, Lovelyn (Ms) Bateman Africa (Pty) Ltd Bauskin, Barbara (Mrs) Bayer SA (Pty) Ltd Bayside Aluminium Bearing Man Group Beeton, George Henry (Mr) Beit Trust Benedict, T (Mr) Benoni Muslim Jamaat Bentel Associates International Betty & Dickson Bhagwandas Jogibhai, Kamal (Mr) BHP Billiton Development Trust BHP Billiton Energy Coal SA BHP Billiton SA Limited Bill and Melinda Gates Foundation Birdlife South Africa Bishop Edward Lekganyane Bishop, Graham (Mr) Blagden, Henry (Mr) BME a division of Omnia Group BMW South Africa (Pty) Ltd Bobrow, Lynda Geraldine (Dr) Bojosi, Ditlhoriso Patience (Ms) Bolton, Keith Duncan (Professor) Bond, Leander (Mr) Bopape, Ntlhatje Isabella Hettwish (Ms) Bornebusch, Klaus Erich (Mr) Bosch, Gail Rosemary (Ms) BP Southern Africa (Pty) Ltd Bradley, Elisabeth (Mrs) Brassell, Shaun (Mr) Brebnor, Bianca Leigh (Ms) Bright, Debbie (Ms) Brink Cohen Le Roux Inc. Brink, David Charles (Mr) British Council British Peace Support Team

Brodie, Mark Alan (Mr) Bromfield, Kenneth Owen (Mr) Brown, Raymond Soloman (Dr) Bruce, Brian Cameron (Dr) Bruckner, Amanda Jane (Ms) Bruker (Pty) Ltd Bruyns, Lionel John (Mr) Bruyns, Mary Elizabeth (Dr) Buccas, Suraiya (Mrs) Bulk Mining Explosives (Pty) Ltd Bull, Christopher Rodney (Mr) Bunt, Julie Allinson (Ms) Buntman, Barbara Ilona (Ms) Burns, Iain (Mr) Buscor (Pty) Ltd Business and Arts South Africa Business of Cities

Cadbury (Pty) Ltd Cadiant Partners Consultants and Actuaries Campkin, Joan Claire (Ms) Cape, Isobel Mary (Ms) Caracle Creek International Consulting Inc Career Wise Carl & Emily Fuchs Foundation Carl von Ossietzky Universit채t Oldenburg Carliell, Douglas John (Mr) Carlsson, Bernard Lindholm (Mr) Carman, William Frederick (Dr) Carnegie Corporation of New York Carr, Gwen (Ms) Carter, Colin Allen (Mr) Castco Precision Castings (Pty) Ltd CBI-electric Cement & Concrete Institute Central Islamic Trust Centre for Education Policy Development Cepheid Chacko, Anith (Dr) Chagan, Vimal (Mr) Chamber of Mines of South Africa Chapman, Hildegard (Ms) Chapman, Warren Hampden (Mr) Charlton, Robert William (Professor) Chase, Elizabeth Muriel (Ms) Cheong, Melanie Teena (Ms) Chiger, Adrian Robert (Mr) Childwick Trust China-Africa Development Fund Chipamaunga, Shalote Rudo (Ms) Christelis, Theodora Anita (Ms) Churchill, Steven (Mr) Cilliers, Antoinette Myrna (Dr) Citibank N.A. South Africa City of Cape Town City of Johannesburg City of Tshwane CJ Petrow Foundation Clarkson, Ferna Christine (Ms) Claude Leon Foundation Clement, Joanne Helene (Ms)

Cliffe Dekker Hofmeyr Clinix Health Group Clowes, Richard (Mr & Mrs) Clyde Bergemann Africa Coca-Cola Southern Africa (Pty) Ltd Coggon, David (Professor) Cohen, Max (Mr) Coldwell, David Alastair Lindsay (Professor) Cole, Desmond Thorn (Professor) Colgate-Palmolive (Pty) Ltd Compass Group Southern Africa (Pty) Ltd Concor Holdings (Pty) Ltd Conference Company Constitution Hill Development Company (Pty) Ltd Construction Education and Training Authority Cook, Paul Langabi Hogan (Mr) Cooper, PA (Professor) Cosira International SA (Pty) Ltd Council for Geosciences Council for Scientific and Industrial Research (CSIR) Council for the Built Environment Council of St Johnâ&#x20AC;&#x2122;s College Council on Health Research for Development Coville, Neil John (Professor) Crawford, Andrew Stuart (Mr) Creative Counsel Credit Guarantee Insurance Corporation of Africa Ltd Cross, James Havelock (Mr) Crozier, Carol (Ms) CS Hentiq 1084 Ltd t/a Gondwana Water Cunningham, Claude Victor Bruce (Mr) Cuzen, Pauline Anne Leckie (Ms)

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