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Annual Report Is Once Again Dedicated WitsAnnual FoundationReport 2012 Celebrating 90 years of excellence 1 2 CONTENTS The Wits Foundation Overview 5 Chairman’s Report 6 Foundation Board of Trustees and Governors 8 Message from the Deputy Vice-Chancellor: Advancement and Partnerships 10 Director’s Report 12 Working Together with our Trust and Foundation partners 14 Chancellor’s Annual Fund 16 Statement of Responsibility of The Foundation Board 18 Independent Auditors Report 19 Statement of Comprehensive Income 20 Statement of Financial Position 21 Statement of Changes In Foundation Funds 22 Statement of Cash Flows 23 Notes to the Annual Financial Statements 24 List of Donors 41 3 4 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 University’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. 5 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. 6 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 University’s new leadership, will take us into an era where new investors will recognise the increased value of partnering with Wits. We are also confi dent 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 7 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. 8 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).
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