Wits Foundation Annual Report 2012 by Sheila McCallum

University of the Witwaterstand, Johannesburg

Wits Foundation

Annual Report 2011

2 4 6 10 12 13 14 16 17 18 19 20 21 22 38

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 - Time to Apply the Edge to Wits’ Development Agenda Photograph of the DFO Team Chancellor’s Annual Fund Statement of Responsibility of the Foundation Board Independent Auditors Report Statement of Comprehensive Income Statement of Financial Position Statement of Changes in Foundation Funds Statement of Cash Flows Notes to the Annual Financial Statements List of Donors

The Wits

Foundation 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 from time to time 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 exempt from donations tax and are tax deductible in accordance with Act 58 of 1962 as amended from time to time. 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.

Photograph by: Ogorogile Motswane

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ENCE WS The Chairman’s

Report

Notably, 2011 culminated with some capital projects moving full steam ahead to successful completion.

2011

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culminated with several capital projects having moved full steam ahead to successful completion. The success of these projects is due to generous investments from our valuable donors.

The Wits Science Stadium has been built on the site of the former Charles Skeen Stadium. It retains the distinctive oval of the former athletics stadium, overlooking a magnificent open green space. The Stadium will provide comprehensive and leading-edge facilities for undergraduate studies in the critical fields of Chemistry, Geosciences, Life Sciences and Physics, and for expansion of the postgraduate and research activities. The Fourth Quadrant which is a newly developed section of the Chamber of Mines Building on Campus West was also completed in 2011. The Fourth Quadrant has been built around the reinvented atrium, a public space at the heart of the building. This development will provide much needed infrastructure for the expansion of the Wits’ Engineering programmes. Within the completed Fourth Quadrant (and elsewhere in the building), individual sections have been named after specific sponsors in recognition of their valued contribution. The Public Health Building project, located near the Wits Medical School, is also nearing completion. This energy efficient and environmentally-friendly building will have modern landscaping and a user-friendly design that will optimise public engagement, staff interaction and innovative approaches to teaching, postgraduate training and research.

Donations In 2011, donations to the Wits Foundation totalled R274 million (2010: R185 million). Investment income from the Wits Foundation’s Endowement Fund rose by R23 million in 2011 against R22,5 million in 2010. The finance costs amounted to R13 million in 2011 against R9 million in 2010. The increase in finance costs is due to the increase in investment management fees.

ENCE S

Operational Costs

Photograph by: Erna Van Wyk

WITS SCIE The operating expenses of the Wits Foundation (which exclude the costs of the Development & Fundraising Office) remain at minimum levels of R133 745 in 2011 compared to R357 875 in 2010. This is due to audit fees being lower than last year’s with an overprovision for 2010 and an under provision in 2011. The Foundation realised a net surplus, including Pooled Equity Funds of R41, 4 million compared to a surplus of R54, 6 million in 2010. The surplus was mainly attributable to Profit on Sale of Assets and Investment Income.

Thanks

David Brink Chairman

We take this special opportunity to acknowledge your generous consideration and invaluable support. Your commitment to leaving a legacy for future generations will ensure that teaching and research at Wits continues to be relevant, rigorous, and far-sighted. We hope that the excellent relationships that we enjoy with government, corporates, trusts and foundations will flourish and withstand the test of time.

STADIU

WITS SCIENCE S WITS SCIENCE STADIUM

WITS SCIENCE STADIU

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WITS SCIENCE STADIUM

SCIENCESTADIUM STADIUM WITS WITS SCIENCE

ENCE STADIUM 5

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 Board of Governors.

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.

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

Photograph by: Hemisha Bhana

Prof. Jonathan Eugene Klaaren Professor Jonathan Klaaren, BA (Harvard) MA (Cape Town) JD (Columbia) LLB (Witwatersrand), and PhD (Yale, Sociology). He has 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 Schoolâ&#x20AC;&#x2122;s Winter Law School (20072009). 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 yearsâ&#x20AC;&#x2122; experience in the financial services industry.

Dr Randall Carolissen Dr. Carolissen is a trained physicist and process engineer. He obtained his Masters degree in Physics cum laude, contributing significantly to the body of knowledge on nano second laser pulses interaction with semi-conductors. This was followed by a Ph.D. 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 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 â&#x20AC;&#x201C; 1988, Jewish Business Achiever of the Year â&#x20AC;&#x201C; 1998, Institute of Marketing Man of the Year 1998.

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, inter alia, he established the Accenture Foundation and Accenture Education Trust.

Photograph by: Margurite de Villiers

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.

Message from the Deputy Vice Chancellor: Advancement and Partnerships The development imperatives of the contemporary era require new approaches to bring the resources of society to bear more effectively on our pressing needs. To this end, Wits University has committed itself to working more closely with government, industry and civil society to advance our shared developmental agenda. Amongst other things, we have staged workshops to generate responses to the national development plan produced by the National Planning Commission, and various quarters of the University are working with different sectors of government at national, provincial and local levels. Government’s reciprocal investment in Wits is to be found in a number of forms, but not least the infrastructure development programme that has seen a number of large projects brought to fruition this year. We’re delighted that industry continues to be a major partner in assisting the University to fulfill its purposes, and Wits remains the university with the largest proportion of its third-stream income derived from industry partners. This linkage with industry remains a coveted niche advantage for the University, and we like to believe that our industry partners see their relationship with Wits in similar terms. We derive great satisfaction from working increasingly closely with our civil society partners in taking forward the social leadership responsibilities of the university, both through our frequent public platforms and through more directed efforts working with our student body. In particular, our media partners play a significant role in assisting us to advance these purposes. However, our plans for the future, reflected in the aspirations of our Vision 2022 Strategic Plan, require that we expand our pool of investors significantly. Next year, therefore, we will begin work on a ten-year campaign that draws on the fact of Wits 90th birthday in 2012, but looks ahead to its centenary in 2022 and the ambitions we have for the kind of University we wish to be by then. We need to leverage to the maximum the fact of our embeddedness in the Gauteng City Region, the most powerful economic hub on the continent, and the distinctive contributions we can make to this context in partnership with government, industry and civil society. Similarly we need to exploit fully our role as a university on the African continent, and the strong footprint we already have there. Inevitably, our ambitions require that we also expand our investor base overseas, both working in our traditional support bases in the US and the UK, and further afield as well.

Photograph by: Erna Van Wyk

These plans have significant implications for the work of the Advancement Division, and for other quarters of the University, requiring ever closer co-ordination of our efforts across this complex and diverse institution. But it is our network of investors (in their varying forms and contributions) who will be our crucial partners in assisting us to achieve these ambitions, whether it is with continuing and renewed investment, or simply the kinds of strategic advice that help us make the best of the opportunities that lie ahead in the future.

“

Wits University has committed itself to working more closely with government, industry and civil society to advance our shared developmental agenda.

Prof. Rob Moore Deputy Vice-Chancellor

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PUBLIC HEALTH

PUBLIC HEALTH UBLIC HEALTH PUBLIC HEALTH

PUBLIC HEALTH WITS SCIENCE STADIUM

PUBLIC HEALTH PUBLIC HEALTH

PUBLIC HEALTH

Director’s Report Time to Apply the Edge to Wits’ Development Agenda If there is one Truth in the complex world of Higher Education Institutional fundraising, or more appropriately, development work, it’s our ability to be constantly “ready” for opportunities and simultaneously agile enough to respond to new initiatives. Our position in the City of Gold, an urban environment that is alive with change and challenge, is acknowledged as an advantage over similar-sized universities in South Africa. In order to leverage this advantage, the Wits Development and Fundraising Office embarked on a restructuring process that has better equipped us to deal with sector-specific enterprises. Our new staff come with international and more varied working experience, whilst we lean on hard-won experience from our seasoned campaigners. We improve our understanding of the full extent of Wits’ entire investor community and harness Wits’ Business Intelligence capacity to work with us on strategising where the most lucrative new markets are likely to be. It’s going to be an interesting space to watch as I welcome aboard new staff from far and wide, some from fine institutions, who felt that we offered them opportunity, challenge and a great learning experience along the way. I also thank the university executive for their encouragement and support in recognising that “business as usual” would never achieve our targets, and in supporting our efforts to be more professional, more strategic and more inclusive of all University projects, for the years ahead. We live in a world of electronic communication that enjoys fast interactions, but not at the expense of a reasoned approach or a personal touch. We engage with potential investors who expect a fully costed proposal before the end of the week, and we celebrate our new Chancellor’s Annual Fund that started at last to make a profit within 10 minutes since it went paperless! Thank you to all the staff for their trust, first and foremost, and for their energy that will prove invaluable in the months ahead.

Photograph by: Erna Van Wyk

To the entire DFO team, I believe in your talents and your ability to work differently, with alacrity and with passion. I believe in our common desire to be the most professional Development team in University work in South Africa. It’s a pleasure to work for you, and I look forward to reporting on your wonderful achievements next year.

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We live in a world of electronic communication that enjoys fast inter-actions, but not at the expense of a reasoned approach or a personal touch.

Clare Jeffrey Director: DFO

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Back row (left to right): Benji Seitlhamo, Paul Mukoki, Adanma Yisa, Martha Gordon, Gerhard von Gruenewaldt, Maria Shardelow, Jonathan Gill, John Baatjes Middle row: Tshepiso Rambau, Mamosa Mahlala, Yolanda Paterson, Charmaine Pretorius, Suraiya Buccas, Delores Mackenzie Front row: Shelly Roberts, Teresa Le, Rob Moore, Clare Jeffrey, Melanie Keartland, Kamal Bhagwandas Jogibhai, Anastasia Kgoarai

Chancellor’s

Annual Fund

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By moving towards web based

communication the cost of the Chancellor’s Annual Fund reduced significantly

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During 2011, 151 donors supported the

Chancellor’s Annual Fund with donations totalling R520 598. Refocus

Since its launch in 2008, the Chancellor’s Annual Fund has been an effective mechanism for our alumni to express their support for the University. As custodians of the Fund, the DFO took time in 2011 to analyse how we could effectively grow the fund whilst lowering the costs involved in engaging with our alumni and friends. Our investigations pointed to a refocus on web based engagement and a move away from paper based communication.

Success The 2011 iteration of the Chancellor’s Annual Fund took the form of an innovative web based campaign in which the goals of the Fund were represented via a bright and engaging online flash presentation. Although some postal appeals were sent out as well, these were at considerably reduced volumes.

CHAMBE CH The response to our online presentation was positive with individuals praising the originality of the campaign and our commitment to effectively managing resources. By moving towards web based communication the cost of the Chancellor’s Annual Fund was reduced significantly, making 2011 the most effective year for the Fund so far in terms of net gains.

For more information about the Chancellor’s Annual Fund, visit www.witsfoundation.co.za

Justice Digkang Moseneke Chancellor

CHAMBER OF MINES

CHAMBER OF M

CHAMBER OF MINES CHAMBER OF MINES

ER OF MINES HAMBER OF M CHAMBER OF MINES CHAMBER OF MINES

University of the Witwatersrand Foundation

Annual Financial Statements

STATEMENT OF RESPONSIBILITY OF THE FOUNDATION BOARD

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 37, were approved by the Board of Governors and signed on their behalf by:

D C BRINK ACTING CHAIRMAN BOARD OF GOVERNORS

For the year ended 31 December 2011

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 2011, 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 37. 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 2011 and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards.

PricewaterhouseCoopers Inc. Director: M Saboor Registered Auditor 2 Eglin Road, Sunninghill 20 June 2012

Total comprehensive income for the year

Unrealised gain on revaluation of available-for-sale investments

NET SURPLUS FOR THE YEAR

Finance costs

Net surplus before finance costs

Operating Expenses

Total Income

Investment income

Sundry revenue

Profit on sale of assets

Capital grants and donations retained by the Foundation

Specific projects indicated by donor (administered by the University)

Donations allocated to

Other donor contributions

Donor contributions received on behalf of the University

Donations received

Note

STATEMENT OF COMPREHENSIVE INCOME

49 188 864

17 470 096

31 718 768

(10 940 855)

42 659 623

( 71 045)

42 730 668

17 886 220

23 254 485

1 589 963

(272 797 537 )

(272 797 537)

1 589 963

272 797 537

16 453 622

6 774 459

9 679 163

(2 017 365)

11 696 528

(62 700)

11 759 228

47 958

5 225 294

6 485 976

R 274 387 500

POOLED EQUITY

FOUNDATION

2011

65 642 486

24 244 555

41 397 931

(12 958 220)

54 356 151

(133 745)

54 489 896

47 958

23 111 514

29 740 461

1 589 963

(272 797 537 )

(272 797 537)

1 589 963

272 797 537

274 387 500

TOTAL

90 425 432

51 133 793

39 291 639

(8 050 491)

47 342 130

( 244 485)

47 586 615

18 319 533

27 475 596

1 791 486

(168 051 641)

1 791 486

168 051 641

169 843 127

FOUNDATION

31 503 937

16 127 588

15 376 349

(620 190)

15 996 539

(113 390)

16 109 929

41 130

4 192 183

11 876 616

POOLED EQUITY

2010

121 929 369

67 261 381

54 667 980

(8 670 681)

63 338 669

(357 875)

63 696 544

41 130

22 511 716

39 352 212

1 791 486

(168 051 641)

1 791 486

168 051 641

169 843 127

TOTAL

University of the Witwatersrand Foundation

Annual Financial Statements Statements

STATEMENT OF FINANCIAL POSITION Note

2011

2010

ASSETS Non-current assets Available-for-sale-investments

616 320 451 611 320 451

628 329 331 623 329 331

Loan to Wits University Donald Gordon Medical Centre

5 000 000

36 023 563

55 209 619

Loans to the University of the Witwatersrand

12 000 000

12 171 531

Cash and cash equivalents

24 023 563

43 038 088

652 344 014

683 538 950

436 459 697

441 411 131

Current assets

TOTAL ASSETS FUNDS AND LIABILITIES Foundation funds

1 000 000

167 422 742

203 422 741

74 063 476

42 344 704

Fair value fund

55 997 154

61 781 543

Pooled equity fund

137 976 325

132 862 143

University funds

213 864 403

237 668 273

Amount owing to the University relating to administered funds transferred

170 771 396

164 365 156

43 093 007

73 303 117

2 019 915

4 459 546

Initial capital Capital reserve Accumulated reserves

LIABILITES

Donor contributions received on behalf of the University but not yet transferred Current liabilities Accounts payable University current account Unidentified donations TOTAL EQUITY AND LIABILITIES

381 063

1 710 631

7 795

1 007 795

1 631 056

1 741 120

652 344 014

683 538 950

At the end of year

Distributed income reinvested Net capital redeemed Realised gain on sale of investments Investments â&#x20AC;&#x201C; fair value adjustment Net surplus for the year Awards made to the University of the Witwatersrand

At beginning of year

31 December 2010

At the end of year

203 422 741

(10 000 000)

1 000 000

213 422 741

167 422 741

1 000 000

Net surplus for the year Awards made to the University of the Witwatersrand (36 000 000)

203 422 741 -

1 000 000 -

Capital reserve

Initial capital

42 344 704

39 291 639

3 053 065

74 063 476

31 718 772

42 344 704 -

Accumulated reserves

Foundation

At beginning of year Distributed income reinvested Net capital redeemed New investment Realised gain on sale of investments Investments â&#x20AC;&#x201C; fair value adjustment

31 December 2011

STATEMENT OF CHANGES IN FOUNDATION FUNDS

61 781 543

(27 475 596) 51 133 793

38 123 346

55 997 154

61 781 543 (23 254 485) 17 470 096

Fair value reserve

308 548 988

(10 000 000)

(27 475 596) 51 133 793 39 291 639

255 599 152

298 483 371

(36 000 000)

31 718 772

308 548 988 (23 254 485) 17 470 096

Total

114 768 103

15 376 349 (4 611 130) -

104 002 884

119 593 802

114 768 103 9 679 162 (5 018 414) 164 951 -

Capital reserve

18 094 040

(11 876 616) 16 127 588 -

13 843 068

18 382 523

18 094 040 (6 485 976) 6 774 459

Fair value reserve

Pool Equity Fund

132 862 143

15 376 349 (4 611 130) (11 876 616) 16 127 588 -

117 845 952

137 976 325

132 862 143 9 679 162 (5 018 414) 164 951 (6 485 976) 6 774 459

Total

441 411 131

(10 000 000)

15 376 349 (4 611 130) (39 352 212) 67 261 381 39 291 639

373 445 104

436 459 697

(36 000 000)

31 718 768

441 411 131 9 679 162 (5 018 414) 164 951 (29 740 461) 24 244 555

TOTAL

University of the Witwatersrand Foundation

Annual Financial Statements

STATEMENT OF CASH FLOWS Note Cash flows from operating activities

2011 R

2010 R

Net surplus for the year

41 397 931

54 667 980

Operating surplus before working capital changes

41 397 931

54 667 980

Working capital changes Decrease/(increase) in trade and other payables Cash generated from operations

(1 329 568) 40 068 363

82 923 54 750 903

(36 000 000) (110 064) 3 958 299

(10 000 000) 531 581 45 282 484

(548 319 733) 554 832 711 6 512 978

(502 641 763) 447 916 211 (54 725 552)

(5 018 414) 164 951 6 406 240 (30 210 110) (1 000 000) 171 531

(4 611 130) 6 216 382 32 257 355 639 103 -

(29 485 802) (19 014 525) 43 038 088 24 023 563

34 501 710 25 058 654 17 979 434 43 038 088

Strategic Funding for the University (Decrease)/ increase in unidentified donations Net cash inflow from operating activities Cash flows from investing activities Purchases of available for sale investments Proceeds on disposal of available-for-sale investments Net cash generated from/ (used) investing activities

7 7

Cash flows from financing activities Capital redeemed in pooled equity funds Pooled equity â&#x20AC;&#x201C; New investment Increase in administered funds (Decrease)/ increase in funds not yet transferred (Decrease)/ increase in Inter-company loan account Decrease in loans to the University of the Witwatersrand Net cash (outflow)/ inflow from financing activities Net (decrease)/ increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year

University of the Witwatersrand Foundation

Annual Financial Statements Statements

NOTES TO THE ANNUAL FINANCIAL STATEMENTS ACCOUNTING POLICIES GLOSSARY OF TERMS IFRS – International Financial Reporting Standards IAS – International Accounting Standard AC – Accounting Standard IFRIC – International Financial Reporting Interpretations Committee OCI – Other Comprehensive Income 1.

GENERAL INFORMATION The University of the Witwatersrand Foundation was established by Deed of Trust on 6 April 1978 as a non-profit Trust, for the express purpose of collecting and administering donations for the benefit of the University.

The Foundation’s affairs are managed by a Board of Governors consisting of Trustees appointed by the University Council in accordance with the Deed of Trust and supported by Governors appointed by the Trustees.

The Foundation is recognised as a public benefit organisation in terms of section 30 of the Income Tax Act No 58 of 1962, as amended, and operates exclusively for charitable and educational purposes.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies adopted in the preparation of these financial statements are set out below and are consistent, in all material respects, with those applied in the previous year, unless otherwise stated.

2.1

Basis of preparation

The annual financial statements are prepared in accordance with and comply with International Financial Reporting Standards. IFRS 1, First-time Adoption of International Reporting Standards, has been applied in preparing these financial statements. These financial statements are the first Wits Foundation financial statements to be prepared in accordance with International Financial Reporting Standards. The annual financial statements are prepared under the historical cost basis of accounting, as modified by the revaluation of certain financial assets and liabilities. The foundation has applied IFRS 1, First-time adoption of International Financial Standards, to provide a starting point for the reporting under International Reporting and Accounting Standards. On principle these standards have been applied retrospectively and the 2009 comparative contained in these financial statements do not differ from those published in the financial statements published for the year ended 31 December 2009. The preparation of financial statements in conformity with International Financial Reporting Standards requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management’s best knowledge of current events and actions, actual results ultimately may differ from those estimates.

International Financial Reporting Standards and amendments effective for the first time for this year The following statements and amendments became mandatory for the Foundation’s accounting period beginning on 1 January 2011: • IAS 24(AC 126) (amendment) ‘Related party disclosures’.

• IAS 1 (AC 101) (amendment) “Presentation of Financial Statements”

For the year ended ended 31 31 December December 2011 2011

NOTES TO THE ANNUAL FINANCIAL STATEMENTS ACCOUNTING POLICIES 2.1

Basis of preparation (continued) • IFRS 1 (amendments), ‘First-time Adoption of International Financial Reporting Standards • IFRS 7 (AC 144) (amendment), ‘Financial Instruments: Disclosures • IAS 34 (AC 127)Interim Financial Reporting

Interpretations of South African Statements of Generally Accepted Accounting Practice effective for the first time this year The following interpretations became mandatory for the Foundation’s accounting period beginning on 1 January 2011: • IFRIC 13 (AC 446) Customer Loyalty Programmes • IFRIC 14: (AC 447) Pre-payments of a Minimum Funding Requirement

New standards and interpretations and amendments to published standards and interpretations not yet effective Certain new standards and amendments to existing standards have been published that are mandatory for Foundation’s accounting period beginning after 1 January 2011 or later periods, but which the Foundation has not early adopted, as follows: • IFRS 1,(Amendments) ‘First time adoption’ on hyperinflation and fixed dates • IFRS 7 (AC 144)Disclosures – Transfer of financial assets • IAS 12, (AC 102)’Income taxes’ on deferred tax • IFRS 9 (AC 146)– Financial Instruments (2009) • IFRS 10 (AC 147)– Consolidated financial statements • IFRS 11(AC 148) – Joint arrangements • IFRS 12 (AC 149)– Disclosures of interests in other entities • IFRS 13 (AC 150) – Fair value measurement • IAS 27 (revised 2011) – Separate financial statements • IAS 28 (revised 2011) – Associates and joint ventures.

University of the Witwatersrand Foundation

Annual Financial Statements

NOTES TO THE ANNUAL FINANCIAL STATEMENTS ACCOUNTING POLICIES 2.2 Revenue recognition Revenue is recognised as follows: Interest income is recognised on a time proportion basis, taking account of the principal outstanding and the effective rate over the period to maturity, when it is determined that such income will accrue to the Foundation. Dividends are recognised when the right to receive payment is established. Investments are recognised when transfer of the instrument occurs. Donor contributions received are recognised on a cash received basis.

2.3

Foreign currencies

Foreign currency transactions are accounted for at the exchange rates prevailing at the date of the transactions. Gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income in the year in which they arise. Balances denominated in a foreign currency and outstanding at year end are translated at year end exchange rates.

2.4

Impairment of non-financial assets Assets that have an indefinite useful life are not subject to amortisation. At each statement of financial position date, the Foundation reviews the carrying amount of its tangible assets to determine whether there is any indication that those assets may be impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount for an individual asset, the recoverable amount is determined for the cash-generating unit to which the asset belongs. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment losses are recognised as an expense immediately, unless the relevant asset is carried at a revalued amount under another standard, in which case the impairment loss is treated as a revaluation decrease under the standard. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately, unless the relevant asset is carried at a revalued amount under another standard, in which case the reversal of the impairment loss is treated as a revaluation increase under that other standard.

For the year ended 31 December 2011

NOTES TO THE ANNUAL FINANCIAL STATEMENTS ACCOUNTING POLICIES 2.5

Financial instruments Financial instruments carried on the statement of financial position include cash and cash equivalents, available-forâ&#x20AC;&#x201C;sale investments, receivables, accounts payable and accrued liabilities. The classification of financial instruments depends on the purpose for which the financial instruments were acquired. Management determines the classification at initial recognition. Financial instruments are initially recognised when the Foundation becomes party to the contractual terms of the instruments and are measured at fair value, including transaction costs. Subsequent to initial recognition, these instruments are measured as set out in the applicable accounting policies. Financial assets (or a portion thereof) are de-recognised when the Foundation realises the rights to the benefits specified in the contract, the rights expire or the Foundation surrenders or otherwise loses control of the contractual rights that comprise the financial asset. On de-recognition, the difference between the carrying amount of the financial asset and the consideration received and any cumulative gain or loss that had been recognised directly in equity are included in the statement of comprehensive income. Financial liabilities (or a portion thereof) are de-recognised when the obligation specified in the contract is discharged, cancelled or expired. On de-recognition, the difference between the carrying amount of the financial liability, including related unamortised costs and amount paid for it is included in the statement of comprehensive income. The fair value of financial instruments traded in an active financial market is measured at the applicable quoted prices. The fair value of financial instruments not traded in an organised financial market, is determined using a variety of methods and assumptions that are based on market conditions and risk existing at statement of financial position date, including independent appraisals and discounted cash flow methods. The carrying amounts of financial assets and liabilities with maturity of less than one year are assumed to approximate their fair value. Where a legally enforceable right of set-off exists for recognised financial assets and financial liabilities, and there is an intention to settle the liability and realise the asset simultaneously, or to settle on a net basis, all related financial effects are offset.

2.6

Investments Investments are classified as available-for-sale financial assets. They are included in non-current assets unless management intends to dispose of the investment within 12 months of the statement of financial position date. Regular purchases and sales of investments are recognised on trade-date â&#x20AC;&#x201C; the date on which the Foundation commits to purchase or sell the asset. Investments are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the University has transferred substantially all risks and rewards of ownership. Available-for-sale financial assets are subsequently carried at fair value.

University of the Witwatersrand Foundation

Annual Financial Statements

NOTES TO THE ANNUAL FINANCIAL STATEMENTS ACCOUNTING POLICIES 2.6

Investments (continued) 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. Interest and dividend income are taken to the statement of comprehensive income in the period in which they arise.

2.7

Loans, receivables and prepayments

Loans, receivables and prepayments are measured at amortised cost using the effective interest rate method, less provision for impairment. A provision for impairment of loans and receivables is made where it is established that the Foundation will not be able to collect all amounts due according to the original terms of the loans and receivables.

The amount of the provision is the difference between the assetsâ&#x20AC;&#x2122; carrying value and the present value of the estimated future cash flows, discounted at the effective interest rate. The carrying value of the asset is reduced through the use of an allowance account, and the amount of the loss is recognised in the statement of comprehensive income.

The Foundation considers loans and receivables impaired as set out in the Notes to the Annual Financial Statements.

2.8

Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks and other short- term highly liquid investments and bank overdrafts.

For the year ended 31 December 2011

NOTES TO THE ANNUAL FINANCIAL STATEMENTS 2011 R 3.

2010

PROFIT ON SALE OF ASSETS Available-for-sale investments Gains on sales of available-for-sale investments

29 740 461 29 740 461

39 352 212 39 352 212

10 869 037 12 242 477 23 111 514

8 166 357 14 345 359 22 511 716

129 428 62 700 (58 672) 289

188 100 62 700 50 075 57 000 -

133 745

357 875

6 406 240 244 447 6 307 533 12 958 220

6 552 392 52 706 2 065 583 8 670 681

INVESTMENT INCOME Available-for-sale investments Dividend income Interest income

EXPENDITURE BY NATURE Auditor’s remuneration Foundation – current year Pooled Equity – current year Foundation – 2010 overprovision Pooled Equity – 2008 underprovision Sundry expenses

FINANCE COSTS Interest attributed to funds administered on behalf of the University Bank charges Investment management fees

Investment management fees are calculated as follows: Stanlib Asset Management Limited Stanlib only charges a fee if the fund outperforms the agreed performance target set. The fee is calculated annually at 30% of each 1%, or part thereof, of the outperformance of the target. Investec Asset Management A monthly fee based on the aggregate value of the portfolio at month end at the following rate: First R250million Next R250million Amounts there after

0.35% per annum 0.30% per annum 0.25% per annum

University of the Witwatersrand Foundation

Annual Financial Statements

NOTES TO THE ANNUAL FINANCIAL STATEMENTS 7.

AVAILABLE-FOR-SALE INVESTMENTS

Fair Value at the beginning of the year Purchases Disposals Investment income Investment management fees Unrealised gain on revaluation Fair value at the end of the year Cost INVESTMENTS – 2011 Equity domestic – listed Equity international – listed Bonds – domestic Bonds – international Unit trust funds – international International other funds Money market and short term cash

540 694 608 443 484 973 (447 916 211) 22 025 786 (2 221 206) 67 261 381

611 320 451

623 329 331

Unrealised capital gain/ (loss) R

Fair Value R

63 528 347

303 507 451

4 212 933 3 045 957 3 319 331 1 298 271 811 74 379 677

90 326 017 113 211 498 24 138 369 63 515 80 073 601 611 320 451

55 997 154 18 382 523 74 379 677 Cost

623 329 331 498 678 106 (554 832 711) 26 606 324 (6 705 154) 24 244 555

86 113 084 110 165 541 20 819 038 62 217 79 801 790 536 940 774

Attributable to University of the Witwatersrand Pooled Equity Fund

Equity domestic – listed Equity international – listed Bonds – domestic Bonds – international Unit trust funds – international International other funds Money market and short term cash

2010

239 979 104

Attributable to University of Witwatersrand

INVESTMENTS – 2010

2011 R

Unrealised capital gain/ (loss) R

Fair Value R

267 574 132 78 737 930 63 296 682 1 252 104 29 091 991 23 722 103 477 187

82 135 513 (3 961 310) 1 292 740 (7 285) 418 504 (2 579) -

349 709 645 74 776 620 64 589 422 1 244 819 29 510 495 21 143 103 477 187

543 453 748

79 875 583

623 329 331

For the year ended 31 December 2011

NOTES TO THE ANNUAL FINANCIAL STATEMENTS 7.

AVAILABLE-FOR-SALE INVESTMENTS (continued) 2010 R Attributable to University of Witwatersrand Foundation Attributable to University of the Witwatersrand Pooled Equity Fund

61 781 543 18 094 040 79 875 583

The fair values of the publicly traded financial instruments are based on stock exchange market prices as at the statement of financial position date. A register of investments is available for inspection at the offices of the University. Due to the nature of the pooled equity fund, the Foundation ring fences the monies from the pooled equity investments. These monies which total R138 098 530 (2010: R133 490 198) are not available to the greater Foundation to distribute.

LOAN TO WITS UNIVERSITY DONALD GORDON MEDICAL CENTRE

Loan receivable from the Wits Donald Gordon Medical Centre (Pty) Ltd Less: Provision for impairment

2011

2010

11 000 000 (6 000 000) 5 000 000

The loan is unsecured, interest free and has no fixed terms of repayment.

LOANS TO THE UNIVERSITY OF THE WITWATERSRAND Loan taken over from the Wits Donald Gordon Medical Centre (Pty) Ltd upon merger with Medi Clinic.

2011 R

2010

9 000 000

3 000 000

171 531

12 000 000

12 171 531

The loan is interest free with no fixed terms of repayment. Loan between Foundation and Wits Health Consortium (Pty) Ltd (WHC), taken over by the University on behalf of WHC. Faculty of Humanities The loan is interest free and is repayable out of dividends the University receives from WHC.

University of the Witwatersrand Foundation

Annual Financial Statements

NOTES TO THE ANNUAL FINANCIAL STATEMENTS 10.

11.

CASH AND CASH EQUIVALENTS

Cash on hand

2011 R

2010 R

24 023 563

43 038 088

CAPITAL RESERVE An award of R36 000 000 (2010: R10 000 000) was made to the University of the Witwatersrand during the year.

12.

POOLED EQUITY FUND The pooled equity fund is administered by the Foundation on behalf of the University. This fund is made up as follows: Capital invested by fund participants

137 976 325

132 862 143

122 205

628 055

138 098 530

133 490 198

Current liabilities of the fund Investments administered by the Foundation

Included in investments are investments which relate to the pooled equity fund. 13.

ACCOUNTS PAYABLE Financial liability Trade payables– Foundation

Trade payables – Pooled Equity

258 858 122 205

1 189 286 521 495

The fair value approximates the carrying amounts.

381 063

1 710 631

For the year ended 31 December 2011

NOTES TO THE ANNUAL FINANCIAL STATEMENTS 14.

FINANCIAL INSTRUMENTS BY CATEGORY

31 December 2011 Assets as per statement of financial position Available-for-sale investments (note 7) Loan to the Wits University Donald Gordon Medical Centre (note 8) Loan to the University of Witwatersrand (note 9) Cash and cash equivalents (note 10) Total

Loans and receivables R

Available for-sale R

Total

611 320 451

5 000 000

12 000 000 24 023 563 41 023 563

611 320 451

12 000 000 24 023 563 652 344 014

Financial liabilities at amortised costs R

Total

137 976 325

170 771 396

43 093 007 381 063 7 795 1 631 056 353 860 642

Loans and receivables R

Available-for-sale

Total

623 329 331

5 000 000 12 171 531 43 038 088 60 209 619

623 329 331

5 000 000 12 171 531 43 038 088 683 538 950

Liabilities as per Statement of financial position Pool equity fund (note 12) Amounts owing to the University relating to administered funds Amounts owing to the University yet to be transferred Accounts payable and accrued liability University investments Unidentified donations Total

31 December 2010 Assets as per Statement of financial position Available for sale investments (note 7) Loan to the University of Wits Donald Gordon Medical Centre (note8) Loan to the University (note 9) Cash and cash equivalents Totals

University of the Witwatersrand Foundation

Annual Financial Statements

NOTES TO THE ANNUAL FINANCIAL STATEMENTS 14.

FINANCIAL INSTRUMENTS BY CATEGORY (continued)

15.

Financial liabilities at amortised costs

Total

132 862 143

164 365 156

73 303 117 1 710 631 1 007 795 1 741 120 374 989 962

RISK MANAGEMENT The Foundation is exposed to a variety of financial risks: Market risk (including foreign currency risk, cash flow and interest rate risk, price risk), credit risk, liquidity risk and capital risk. The Investment and Finance Committee identifies, evaluates and co-ordinates the management of the above mentioned risks. These are reviewed regularly for continuing relevance and effectiveness. The Investment and Finance Committee reports to the Board of Governors. The Foundation varies its investment philosophy depending on the term of the instruments and the risk profile. To this end four portfolios have been established, with investments in bonds, equities and money market portfolios. The portfolios have specific investment and return on investment mandates, which are monitored and adjusted where necessary by the Investment and Finance Committee. The fund managers report to the Committee on a quarterly basis.

For the year ended 31 December 2011

Financial Risk Factors Market Risk Foreign Currency Risk The Foundation has foreign exchange exposure to the extent of foreign investments. The Foundation manages foreign exchange exposure through the Investment and Finance Committee who mandates the fund managers.

NOTES TO THE ANNUAL FINANCIAL STATEMENTS 15.

RISK MANAGEMENT (continued)

Amounts invested offshore at year end

Foreign Cash (US Dollar) Foreign Cash (British Sterling) Foreign Bonds (US Dollar) Foreign Equities (US Dollar) Foreign Money Market (Euro) Foreign Unit Trusts (US Dollar)

2011 R

2010 R

76 258 354 63 515 38 206 032 114 527 900

20 076 1 068 1 244 819 34 534 467 35 800 429

At 31 December 2011, if the USD, British Sterling, and Euro had strengthened by 10% against the Rand with all other variables held constant, the value as at year end would have been R11 452 790 (2010:R3 580 042) higher, mainly as a result of a Rand increase in the carrying value of the USD and British Sterling denominated investments. If the USD and British Sterling had weakened by 10% against the Rand with all other variables held constant, the value as at year end would have been R11 452 790 (2010: R3 580 043) lower, mainly as a result of a Rand decrease in the fair value of USD and British Sterling denominated investments. Price Risk The Foundation is exposed to equity securities price risk because of investments held by the Foundation and classified on the statement of financial position as available-for-sale investments. The Foundation is not directly exposed to commodity price risk. To manage its price risk arising from investments in equity securities, the Foundation diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Investment and Finance Committee.

Listed Domestic Equities Listed International Equities

2011 R

2010 R

303 507 445 90 326 016 393 833 461

349 709 642 74 776 620 424 486 262

At 31 December 2011, if the FTSE/JSE CAPI index increased/decreased by 10% with all other variables held constant and all the Universityâ&#x20AC;&#x2122;s equity instruments moved according to the historical correlation with the index, equity would have been R39 383 346 (2010: R42 448 626) higher/lower. Due to the unpredictability of equity market returns, a general indicative percentage of 10% is used to highlight the changes in market value on equity instruments.

Cash Flow and Interest Rate Risk The Foundation has no significant interest bearing liabilities and the donation income and operating cash flows are substantially independent of changes in market interest rates. Therefore no formal interest rate risk management policy exists.

University of the Witwatersrand Foundation

Annual Financial Statements

NOTES TO THE ANNUAL FINANCIAL STATEMENTS 15. RISK MANAGEMENT (continued)

Cash and cash equivalents Available-for-sale investments - Cash Available-for-sale investments - Bonds

2011

2010

24 023 563 80 073 602 113 211 498 217 308 663

43 038 088 103 477 187 65 834 241 212 349 516

If the interest rate had been 50 basis points higher/lower, as an indication, the interest earned would have been R61 212 (2010: R71 726) higher/lower. The increase/decrease of 50 basis points in the interest rate was based on a management estimate as the SA Reserve Bank has not changed the repurchase rate during the last financial year. Credit Risk Credit risk is the risk of financial loss to the Foundation if a member or counterparty to a financial instrument fails to meet its contractual obligations. Potential concentrations of credit risk consist mainly of short-term cash and cash equivalent investments. The approach to the management of investments that is followed by using two investment managers spreads the investment risk. Funds are invested in four separate portfolios. Liquidity Risk Liquidity risk to the Foundation is that it will not be able to meet itâ&#x20AC;&#x2122;s financial obligations as they fall due. The Foundation has minimised liquidity risk as shown by its substantial cash and cash equivalents. The table below summarises the Foundationâ&#x20AC;&#x2122;s exposure to liquidity risk. Included in the table are the financial assets and liabilities at carrying amounts, categorised by the earlier of contractual repricing or maturity dates. 2011 Liquidity Analysis Assets Non-current assets Available-for-sale investments

Up to 1 month

1-3 months

4-12 months

1-5 years

Total

611 320 451 611 320 451

5 000 000 -

616 320 451 611 320 451

5 000 000

36 023 563 12 000 000

Other non-current assets Current assets Receivables

36 023 563 12 000 000

Cash and cash equivalents

24 023 563

647 344 014

5 000 000

652 344 014

Total Assets

For the year ended 31 December 2011

NOTES TO THE ANNUAL FINANCIAL STATEMENTS 15.

RISK MANAGEMENT (continued)

Liquidity Risk (continued)

Up to 1 month

1-3 months

4-12 months

1-5 years

Total

137 976 325

170 771 396

43 093 007

Accounts payable and accrued liabilities University Investments

381 063 7 795

Total Liabilities

388 858

351 840 728

352 229 586

646 955 156

(346 840 728)

300 114 428

2011 Liabilities Pooled Equity Funds University of the Witwatersrand â&#x20AC;&#x201C; Administered Funds University of the Witwatersrand

Net liquidity gap analysis

2010

Up to 1 month

1-3 months

4-12 months

1-5 years

Total

Non-current assets

623 329 331

5 000 000

628 329 331

Available-for-sale investments

623 329 331

Liquidity Analysis Assets

5 000 000

Current assets

Other non-current assets

55 209 619

Receivables

12 171 531

Cash and cash equivalents

43 038 088

678 538 950

5 000 000

683 538 950

Total Assets

University of the Witwatersrand Foundation

Annual Financial Statements

NOTES TO THE ANNUAL FINANCIAL STATEMENTS 15. RISK MANAGEMENT (continued)

Liquidity Risk (continued)

Up to 1 month

1-3 months

4-12 months

1-5 years

Total

Pooled Equity Funds

132 862 143

University of the Witwatersrand â&#x20AC;&#x201C; Administered Funds

164 365 156

University of the Witwatersrand

73 303 117

Accounts payable and accrued liabilities

1 959 951

University Investments

1 007 795

2 967 746

370 530 416

373 498 162

675 571 201

(365 530 416)

310 040 779

2010 Liabilities Liabilities

Net liquidity gap analysis

Capital risk management The Foundationâ&#x20AC;&#x2122;s objectives when managing capital are to ensure that funds are available to disburse to the University as required. In order to maintain the capital structure the Foundation has governance processes in place on disbursement of monies from capital funds and operating profits to ensure funds are available when they are needed. 2011 R Non-Current Investments Cash and Cash Equivalents

611 320 452 24 023 563 635 344 015

2010 R 623 329 328 43 038 088 666 367 416

16. TAXATION The Foundation has received Income Tax exemption in terms of Section 10(1)(cN) of the Income Tax Act.

For the year ended 31 December 2011

NOTES TO THE ANNUAL FINANCIAL STATEMENTS 17.

RELATED PARTIES

The University of the Witwatersrand and all its associated affiliates are related parties to the University of the Witwatersrand Foundation. Details of loans and fund balances with these parties are set out in notes 8 and 9.

18. RESTATEMENT OF PRIOR PERIOD FIGURES Prior year figures have been restated where necessary to be comparable with current year presentation.

List of

donors 2011 The University acknowledges with gratitude the generous support of the following foundations, trusts, companies and individuals during the calendar year 2011. 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.

AECI Ltd Abbott Laboratories (SA) (Pty) Ltd Abrams, Miriam (The Late Ms) ABSA Bank Ltd ABSA Capital Accenture (SA) (Pty) Ltd Accenture Foundation (SA) Trust Ackerman Family Trust Actom (Pty) Ltd Adam, Anvir (Dr) Adams, Brett & Rose (Mr & Mrs) ADT security South Africa Aduc, Tiziana Angela (Dr) Advanced Technologies & Engineering Company (Pty) Ltd. African Oxygen Ltd (AFROX) Al-Ansaar Foundation Albert Hossack Scholarship Fund Albert Wessels Trust Alcatel Telecommunications Company Alcon Marepha (Pty) Ltd Alexander, Mark Gavin (Professor) Aliferis, George (Mr) Alistair Berkley Charitable Trust Allan and Gerry Simpson Memorial Fund Alstom South & East Africa (Pty) Ltd America Middle East Amoils, Hymie Leslie (Mr) Andrew, Michael Ray (Mr) Anglo American Chairmanâ&#x20AC;&#x2122;s Fund Educational Trust Anglo Platinum Management Services (Amplats) Anglogold Ashanti Ltd Arbuthnot, Patrick Brian (Dr) ArcelorMittal Steel Armstrong, W J (Mr & Mrs) Arts and Culture Trust Aspen Pharmacare AstraZeneca Pharmaceuticals (Pty) Ltd Attorneys Fidelity Fund Austin Jordaan Inc Aveng Grinaker-LTA Construction

B Bala, Waheeda (Ms) Ballim, Yunus (Professor) Ballot, Carl John Lawrence (Mr) Ballot, Daynia Elizabeth (Professor) Bam, Carl Laurence (Mr) Bank of America - Merrill Lynch Barker, Roger (Dr) Barker, Walter Roy (Mr) Barlin, Colin Eric (Dr) Baroque Medical (Pty) Ltd

Barrett, Andrew John (Mr) Bateman Africa (Pty) Ltd Baxter, John (Mr) Bayer SA (Pty) Ltd Bayside Aluminium BDO Spencer Steward Beck, Manfred (Dr) Beeton, George Henry (Mr) Bella Vida Centre Bedfordview Benoni Muslim Jamaat Benson, George (Mr) Bentel Associates International Bernhardt, Leslie Walter (Dr) Bhagwandas Jogibhai, Kamal (Mr) Bham, Amina Suleman (Dr) BHP Billiton Development Trust BHP Billiton Energy Coal SA BHP Billiton SA Ltd Bidvest Wits University Football Club Bill and Melinda Gates Foundation Bishop, Graham (Mr) Blignaut, Arthur (Mr) Blom, Elna (Ms) BMW South Africa (Pty) Ltd BOE Trusts Bojosi, Ditlhoriso Patience (Ms) Boksburg Historical Association Bolton, Keith Duncan (Professor) Bopape, Ntlhatje Isabella Hettwish (Ms) Bottom, Geoffrey Norman (Mr) Bowman Gilfillan Attorneys Bozzoli, Belinda (Professor) BP Southern Africa (Pty) Ltd Brassell, Shaun (Mr) Brewer, Rowan Michael (Mr) Brink Cohen Le Roux Inc. Brink, David Charles (Mr) Brooks, Nadine Candice (Ms) Brown, Michael Anthony John (Mr) Brown, Raymond Soloman (Dr) Brozin, Robert (Mr) Bruyns, Lionel John (Mr) Bruyns, Mary Elizabeth (Dr) Buchanan, Alison Joan (Dr) Bull, Christopher Rodney (Mr) Burns, Iain (Mr) Business and Arts South Africa

C Cadbury (Pty) Ltd Canon Collins Trust Cape Dental Show Cape, Isobel Mary (Ms)

Carides, Costas (Mr) Carl Zeiss (Pty) Ltd Carliell, Douglas John (Mr) Carlsson, Bernard Lindholm (Mr) Carnegie Corporation of New York Caro, C G (Professor) Carrick Foundation Cary, Michael Charles (Mr) Caveney, Robert John (Dr) Caxton & CTP Ltd Central Islamic Trust Centre for Education Policy Development (CEPD ) Chacko, Anith (Dr) Challenger Auto Parts CC Charlton, Julia Dorothy (Ms) Cheadle Thompson & Haysom Inc. Chersich, Matthew Francis (Dr) City Lodge Hotels Ltd CKR Consulting Engineers Clarkson, Ferna Christine (Ms) Cliffe Dekker Hofmeyr Coca-Cola Southern Africa (Pty) Ltd Cole, Desmond Thorn (Professor) Coleman, Colin (Mr) Concor Holdings (Pty) Ltd Construction Education and Training Authority Continuing Medical Training Cook, Paul Langabi Hogan (Mr) Cooper, P A (Professor) Cope, Edwin (Dr) Corporate Lawyers of South Africa (CLASA) Cory, Barbara Jean (Ms) Cosira International SA (Pty) Ltd Cosnett, John Emile (Dr & Mrs) Council for Scientific and Industrial Research (CSIR) Coville, Neil John (Professor) Crawford, Andrew Stuart (Mr) Credit Guarantee Insurance Corporation of Africa Ltd Cross, James Havelock (Mr) Crowie, M T (Ms) Crozier, Carol (Ms) Cunningham, Claude Victor Bruce (Mr) Cutler, Stuart Anthony (Mr) Cuzen, Pauline Ane Leckie (Ms)

DAAD: Deutscher Akademischer Austausch Dienst Davies, Hilton Keith (Dr) DB Schenker De Beers Group Services (Pty) Ltd de Gouveia, Manuel Vincent Homem (Mr) de Soto, Chantal (Ms) de Villiers, Jacobus Smuts (Dr) Debswana Diamond Company (Pty) Ltd Dell Computer (Pty) Ltd Deloitte & Touche Denel Deneys Reitz Attorneys Department of Science and Technology

Dey, Lawrence Grant (Mr) Dickinson, Kenneth Colin (Mr) Digby, Clare (Ms) Dimension Data Discovery Foundation Doit4Charity Dowdeswell, Mark Robert (Mr) DRA Mineral Projects (Pty) Ltd Drennan, R L (Dr) Dreyer, Caroline Joanne (Advocate) du Plessis, Mark (Mr) du Preez, Pieter Johannes Jacobus (Mr)

Eden Trust Edward Nathan Sonnenbergs Inc Edwards, Arthur William (Mr) EJA Loerincz Testamentary Trust Electronic Media Network Ltd Element Six (Pty) Ltd Elisabeth Bradley Trust Ellerine Holdings Ltd Engen Petroleum Ltd Enviroserv Waste Management (Pty) Ltd Erasmus, J A (Dr) Eskom Generation Eskom Holdings (Pty) Ltd Eskom Human Resources Group Essig, Rouven (Dr) Estate Late B H Drieband Will Trust Estate Late Bernard Cooke Estate Late C Marx Estate Late H R Hill, Estate Late J L Schnaid Estate Late Leopold Spiegel Estate Late W Y Sharp Eurus Mineral Consultants Everett, Graham (Mr) Evraz Highveld Steel & Vanadium Corporation Ltd Exxaro Chairmanâ&#x20AC;&#x2122;s Fund Exxaro Resources Ltd

F Faber, J E M (Ms) Fenton, Deborah Jean (Ms) Film and Publication Board Finlayson, Derick (Mr) FirstRand Empowerment Foundation FirstRand Foundation - Rand Merchant Bank Fund Fisher, Jeffrey Barry (Mr) Flexible Accident & Sickness Acceptances (Pty) Ltd Florence, Barbara Helen (Ms) Fluor SA (Pty) Ltd Ford Foundation Fordyce, Althea (Mrs) Foskor Ltd Fox, G M (Mr) Freedman, Helen Desiree (Ms) Freislich, Mary Ruth (Dr)

I Fresenius Medical Care South Africa (Pty) Ltd Friedman, D G (Mr) Friends of Mosvold Fryer, Robin Anthony (Mr) (USA) Fujitsu Technology Solutions

G G H Langeler Trust Galileo Capital Gastro Foundation Gauteng Asphalt (Pty) Ltd Gehr, Ronald Leslie (Professor) Genzyme Biopharmaceuticals (Pty) Ltd GFI Mining South Africa (Pty) Ltd Gibson, Iain Hugh Norval (Dr) Ginsberg, Jack Mitchell (Mr) Glass, Ian Orestar (Mr) Godsell, Gillian (Dr) Goethe-Institut Johannesburg Gordon Institute of Business Science Gordon, Martha Helen (Ms) Granville, Gideon (Mr) Grassvalley Trust Green, Ralph (Professor) USA) Gumbi, Mojankunyane Florence (Advocate)

H H E Joosub Charitable Trust Haniff, Fazela (Ms) Hannover Life Reassurance Africa Ltd Hansjee, Devendra (Dr) Harmony Gold Harold & Doris Tothill Bequest Hartman, Ella (Dr) Hatch Africa (Pty) Ltd Hauptfleisch, Marc Peter Kedzlie (Dr) Hawa Family Hazelhurst, Scott Edward (Dr) Heidrick & Struggles Heinz Family Philanthropies Hendey, Sean (Mr) Henning, Gerhard (Mr) Herbal Life Herdan, Leo Thomas (Mr) Herholdt, Albrecht Johan Devilliers (Dr) Hermann Ohlthaver Trust Hexagon Trust Heydt, Helmut (Dr) Hillary & Dorothy Charitable Trust Hillel Friedland Trust Hills, Billy (The Late Mr) Ho, Elizabeth Mary (Dr) Hoar, Barclay Austin Hilton (Mr) Hoekstra, Rikkert Gerrit (Mr) Hofmeyr, Jane Mary (Dr) HSBC South Africa Hunt, Denis Frank (Mr)

IDB Impala Platinum Holdings Ltd IDC Industrial Development Corporation of South Africa Ltd Inggs, Judith (Professor) Innovent Rental and Asset Management Solutions Inqaba Biotechnical Industries (Pty) Ltd Institute for Timber Construction South Africa Investec Bank Ltd Ireland, Nikki (Mrs) Israelstam, Veronica Beatriz (Ms)

J C Bitcon Foundation J D Group Ltd J M Hansen Scholarship Trust Jacklin, Lorna Barbara (Professor) Jackson, Craig Charles (Mr) Jacobs, Christina Johanna (Dr) Jamiatul Ulama Jauncey, Mark (Mr) Jeffrey, Clare Rosemary (Ms) Johannesburg Stock Exchange John Davidson Educational Trust Joubert, Louise (Miss) Joubert, Phil (Mr)

K Kagiso Property Holdings (Pty) Ltd Kara, Aneesia (Ms) KBK Africa Investments cc Keating, Lawrence William (Mr) Keni Foundation Kerst, Errol (Mr) Khan, Ebrahim (Dr) Khan, Rabia (Ms) Khelaw, Prisha (M) Khoabane, Pinky (Ms) Khotsotrex Kienhofer, Frank Werner (Mr) Knott, William Thomas Charles (Mr) Koor Dindar Foundation KPMG Inc Kramer, AJ (Mr) Kruger, Marelize (Ms) Krut, David (Mr) Kuhn, Sean (Mr) Kuschke, Gudrun Friedel Therese (Dr)

L Lala, Sanjay Govind (Dr) Lali, Johny (Mr) Laurence Family Trust Le Hane, Cas (Dr) Leesha, Amanda (Ms) Legal Wise Expenses Insurance SA Legg, Edward William (Mr) Lehane, PE (Ms) Leith, Neil (Mr)

Lelaka, Mpho (Ms) Lessick, Jonathan (Dr) Levin, Solomon Elias (Professor) Levitt, S P (Mr) Liberty Group Ltd Life Healthcare Foundation Life Healthcare Group (Pty) Ltd Limpopo Department of Education Lissoos, Irving (The Late Dr) Livingstone, Anne (Mr) Lonmin Platinum Lopes, Alfredo Dias (Mr) Loseby, K (Mrs) Lotus Costume Design cc LTE Group of Companies Luck, Patricia (Dr) Lutz, Walter Patrick Wolfgang (Mr) Luyckx, Valerie Ann Marie (Dr) (USA)

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