Wits Foundation Annual Report 2012

Wits Foundation

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Annual Report 2011

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

246

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The University of the Witwatersrand Foundation was established by a Deed of Trust in 1978 as a registered Public Benefi t Organisation (PBO) to collect and administer donations for the benefi t 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 benefi ts for their donations to the University.In January 2008, the fundraising component of the Wits Foundation separated to form the Development and Fundraising Offi ce (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 benefi ts

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 Benefi t Organisation is entitled to provide Tax Exemption benefi ts. Tax certifi cates are issued in accordance with the legislation for all donations received.

The Wits

Foundation

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WITS SCIENCE STADIUMWITS SCIENCE STADIUMThe Chairman’s

Report

WITS SCIENCE STADIUMWITS SCIENCE STADIUMWITS SCIENCE STADIUMWITS SCIENCE STADIUMWITS SCIENCE STADIUM

WITS SCIENCE STADIUMWITS SCIENCE STADIUMWITS SCIENCE STADIUMWITS SCIENCE STADIUM

2011 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 magnifi cent open green space. The Stadium will provide comprehensive and leading-edge facilities for undergraduate studies in the critical fi elds 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 specifi c sponsors in recognition of their valued contribution.

The Public Health Building project, located near the Wits Medical School, is also nearing completion. This energy effi cient 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 fi nance costs amounted to R13 million in 2011 against R9 million in 2010. The increase in fi nance costs is due to the increase in investment management fees.

Operational Costs

The operating expenses of the Wits Foundation (which exclude the costs of the Development & Fundraising Offi ce) 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 Profi t on Sale of Assets and Investment Income.

Thanks

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 fl ourish and withstand the test of time.

“WITS SCIENCE STADIUM“WITS SCIENCE STADIUMNotably, 2011 culminated with some capital projects moving full steam ahead to successful completion.”

David BrinkC h a i r m a n

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WITS SCIENCE STADIUM

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WITS SCIENCE STADIUMWITS SCIENCE STADIUMWITS SCIENCE STADIUMWITS SCIENCE STADIUMWITS SCIENCE STADIUM

WITS SCIENCE STADIUMWITS SCIENCE STADIUMWITS SCIENCE STADIUMWITS SCIENCE STADIUM


WITS SCIENCE STADIUMWITS SCIENCE STADIUMWITS SCIENCE STADIUMWITS SCIENCE STADIUMWITS SCIENCE STADIUMWITS SCIENCE STADIUMWITS SCIENCE STADIUMWITS SCIENCE STADIUMWITS SCIENCE STADIUMWITS SCIENCE STADIUMWITS SCIENCE STADIUMWITS SCIENCE STADIUMWITS SCIENCE STADIUMWITS SCIENCE STADIUM

WITS SCIENCE STADIUMWITS SCIENCE STADIUMWITS SCIENCE STADIUMWITS SCIENCE STADIUMWITS SCIENCE STADIUMWITS SCIENCE STADIUMWITS SCIENCE STADIUM

WITS SCIENCE STADIUMWITS SCIENCE STADIUM




WITS SCIENCE STADIUMWITS SCIENCE STADIUMWITS SCIENCE STADIUM


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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.

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

Mr Mike BasheBCompt 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.

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Prof. Jonathan Eugene KlaarenProfessor 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 offi cially 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.

Mr Krishna PatelCEO, 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 fi nancial services industry.

Prof. Loyiso NongxaBSc (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.

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Dr Randall CarolissenDr. Carolissen is a trained physicist and process engineer. He obtained his Masters degree in Physics cum laude, contributing signifi cantly 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 BasserabieBSc (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.

Mr Bruce Anderson DicksonHe 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.

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Prof. Bruce L W SparksK 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.

Mr Alan RomanisCA (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.

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Message from the Deputy Vice Chancellor:

Advancement and Partnerships

PUBLIC HEALTH

PUBLIC HEALTH

Prof. Rob MooreD e p u t y V i c e - C h a n c e l l o r

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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 fulfi ll 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 signifi cant role in assisting us to advance these purposes.

However, our plans for the future, refl ected in the aspirations of our Vision 2022 Strategic Plan, require that we expand our pool of investors signifi cantly. 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 afi eld as well.

These plans have signifi cant 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.”

Message from the Deputy Vice Chancellor:

Advancement and Partnerships

PUBLIC HEALTHPUBLIC HEALTH

PUBLIC HEALTHPUBLIC HEALTHPUBLIC HEALTHPUBLIC HEALTH

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PUBLIC HEALTHPUBLIC HEALTHPUBLIC HEALTHPUBLIC HEALTH

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PUBLIC HEALTHPUBLIC HEALTHPUBLIC HEALTHPUBLIC HEALTHWITS SCIENCE STADIUMWITS SCIENCE STADIUMPUBLIC HEALTHWITS SCIENCE STADIUMPUBLIC HEALTHPUBLIC HEALTH

WITS SCIENCE STADIUMPUBLIC HEALTHPUBLIC HEALTH

WITS SCIENCE STADIUMPUBLIC HEALTH


PUBLIC HEALTHWITS SCIENCE STADIUMPUBLIC HEALTHPUBLIC HEALTH

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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 Offi ce embarked on a restructuring process that has better equipped us to deal with sector-specifi c 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 fi ne 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 profi t within 10 minutes since it went paperless! Thank you to all the staff for their trust, fi rst and foremost, and for their energy that will prove invaluable in the months ahead.

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.

Director’s ReportTime to Apply the Edge to Wits’ Development Agenda

“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 JeffreyD i r e c t o r : D F O

Director’s ReportTime to Apply the Edge to Wits’

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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

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During 2011, 151 donors supported the Chancellor’s Annual Fund with donationstotalling 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 fl ash presentation. Although some postal appeals were sent out as well, these were at considerably reduced volumes.

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 signifi cantly, making 2011 the most effective year for the Fund so far in terms of net gains.

Contact Us

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

Chancellor’s

Annual Fund

“By moving towards web based communication the cost of the Chancellor’s Annual Fund reduced signifi cantly”

Justice Digkang MosenekeC h a n c e l l o r

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

For more information about the Chancellor’s Annual

Contact UsContact Us

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

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Justice Digkang MosenekeJustice Digkang Moseneke

CHAMBER OF MINESCHAMBER OF MINESCHAMBER OF MINESCHAMBER OF MINES

presentation. Although some postal appeals were sent out as well,

CHAMBER OF MINESpresentation. Although some postal appeals were sent out as well, these were at considerably reduced volumes.

CHAMBER OF MINESthese were at considerably reduced volumes.

The response to our online presentation was positive with individuals CHAMBER OF MINESThe response to our online presentation was positive with individuals praising the originality of the campaign and our commitment to CHAMBER OF MINESpraising the originality of the campaign and our commitment to effectively managing resources. By moving towards web based CHAMBER OF MINESeffectively managing resources. By moving towards web based communication the cost of the Chancellor’s Annual Fund was CHAMBER OF MINEScommunication the cost of the Chancellor’s Annual Fund was communication the cost of the Chancellor’s Annual Fund was CHAMBER OF MINEScommunication the cost of the Chancellor’s Annual Fund was reduced signifi cantly, making 2011 the most effective year for the CHAMBER OF MINESreduced signifi cantly, making 2011 the most effective year for the reduced signifi cantly, making 2011 the most effective year for the CHAMBER OF MINESreduced signifi cantly, making 2011 the most effective year for the CHAMBER OF MINESCHAMBER OF MINESCHAMBER OF MINESCHAMBER OF MINESCHAMBER OF MINESCHAMBER OF MINES

CHAMBER OF MINESCHAMBER OF MINES

CHAMBER OF MINES

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Chancellor’s

Annual Fund




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CHAMBER OF MINESCHAMBER OF MINESCHAMBER OF MINESCHAMBER OF MINESCHAMBER OF MINESCHAMBER OF MINESCHAMBER OF MINESCHAMBER OF MINESCHAMBER OF MINESCHAMBER OF MINES

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University of the Witwatersrand Foundation Annual Financial Statements For the year ended 31 December 2011

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 Foundation’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 BRINKACTING CHAIRMANBOARD OF GOVERNORS

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University of the Witwatersrand Foundation Annual Financial Statements For the year ended 31 December 2011Annual Financial Statements For the year ended 31 December 2011

INDEPENDENT AUDITOR’S REPORTTo the Board of Governors ofThe University of the Witwatersrand Foundation

Report on the fi nancial statements

We have audited the accompanying annual fi nancial statements of The University of the Witwatersrand Foundation which comprise the statement of fi nancial position as at 31 December 2011, the statement of comprehensive income, statement of changes in foundation funds and cash fl ow statement for the year then ended, and a summary of signifi cant accounting policies and other explanatory notes as set out on pages 18 to 37.

Board of Governor’s Responsibility for the Financial StatementsThe Board of Governors is responsible for the preparation and fair presentation of these fi nancial 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 fi nancial 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 ResponsibilityOur responsibility is to express an opinion on these fi nancial 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 fi nancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fi nancial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the fi nancial 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 fi nancial 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 fi nancial statements.

We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our opinion.

OpinionIn our opinion, the annual fi nancial statements present fairly, in all material respects the fi nancial position of the University of the Witwatersrand Foundation as of 31 December 2011 and its fi nancial performance and its cash fl ows for the year then ended in accordance with International Financial Reporting Standards.

PricewaterhouseCoopers Inc.Director: M SaboorRegistered Auditor2 Eglin Road, Sunninghill20 June 2012

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University of the Witwatersrand Foundation Annual Financial Statements

19


STATEMENT OF FINANCIAL POSITION Note 2011 2010

R R

ASSETS

Non-current assets 616 320 451 628 329 331Available-for-sale-investments 7 611 320 451 623 329 331

Loan to Wits University Donald Gordon Medical Centre 8 5 000 000 5 000 000

Current assets 36 023 563 55 209 619

Loans to the University of the Witwatersrand 9 12 000 000 12 171 531

Cash and cash equivalents 10 24 023 563 43 038 088

TOTAL ASSETS 652 344 014 683 538 950

FUNDS AND LIABILITIES

Foundation funds 436 459 697 441 411 131

Initial capital 1 000 000 1 000 000

Capital reserve 11 167 422 742 203 422 741

Accumulated reserves 74 063 476 42 344 704

Fair value fund 7 55 997 154 61 781 543

Pooled equity fund 12 137 976 325 132 862 143

LIABILITES

University funds 213 864 403 237 668 273

Amount owing to the University relating to administered funds transferred 170 771 396 164 365 156

Donor contributions received on behalf of the University but not yet transferred 43 093 007 73 303 117

Current liabilities 2 019 915 4 459 546

Accounts payable 13 381 063 1 710 631

University current account 7 795 1 007 795

Unidentified donations 1 631 056 1 741 120

TOTAL EQUITY AND LIABILITIES 652 344 014 683 538 950

20

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STATEMENT OF CASH FLOWS

Note 2011 2010R R

Cash flows from operating activities

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 changesDecrease/(increase) in trade and other payables (1 329 568) 82 923Cash generated from operations 40 068 363 54 750 903

Strategic Funding for the University (36 000 000) (10 000 000)(Decrease)/ increase in unidentified donations (110 064) 531 581Net cash inflow from operating activities 3 958 299 45 282 484

Cash flows from investing activities

Purchases of available for sale investments 7 (548 319 733) (502 641 763)Proceeds on disposal of available-for-sale investments 7 554 832 711 447 916 211Net cash generated from/ (used) investing activities 6 512 978 (54 725 552)

Cash flows from financing activities

Capital redeemed in pooled equity funds (5 018 414) (4 611 130)Pooled equity – New investment 164 951 -Increase in administered funds 6 406 240 6 216 382(Decrease)/ increase in funds not yet transferred (30 210 110) 32 257 355(Decrease)/ increase in Inter-company loan account (1 000 000) 639 103Decrease in loans to the University of the Witwatersrand 171 531 -Net cash (outflow)/ inflow from financing activities

(29 485 802) 34 501 710Net (decrease)/ increase in cash and cash equivalents (19 014 525) 25 058 654Cash and cash equivalents at beginning of year 43 038 088 17 979 434Cash and cash equivalents at end of year 10 24 023 563 43 038 088

21

22

University of the Witwatersrand Foundation Annual Financial Statements For the year ended 31 December 2011University of the Witwatersrand Foundation Annual Financial Statements

NOTES TO THE ANNUAL FINANCIAL STATEMENTSACCOUNTING POLICIES

GLOSSARY OF TERMS

IFRS – International Financial Reporting StandardsIAS – International Accounting StandardAC – Accounting StandardIFRIC – International Financial Reporting Interpretations CommitteeOCI – 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.

2. 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”


23

University of the Witwatersrand Foundation Annual Financial Statements For the year ended 31 December 2011Annual Financial Statements For the year ended 31 December 2011University of the Witwatersrand Foundation Annual Financial Statements For the year ended 31 December 2011

NOTES TO THE ANNUAL FINANCIAL STATEMENTSACCOUNTING 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 fi rst 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 hyperinfl ation and fi xed dates

• IFRS 7 (AC 144)Disclosures – Transfer of fi nancial assets

• IAS 12, (AC 102)’Income taxes’ on deferred tax

• IFRS 9 (AC 146)– Financial Instruments (2009)

• IFRS 10 (AC 147)– Consolidated fi nancial 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 fi nancial statements

• IAS 28 (revised 2011) – Associates and joint ventures.

24


NOTES TO THE ANNUAL FINANCIAL STATEMENTSACCOUNTING 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.

25


NOTES TO THE ANNUAL FINANCIAL STATEMENTS

ACCOUNTING POLICIES

2.5 Financial instruments

Financial instruments carried on the statement of fi nancial position include cash and cash equivalents, available-for–sale investments, receivables, accounts payable and accrued liabilities. The classifi cation of fi nancial instruments depends on the purpose for which the fi nancial instruments were acquired. Management determines the classifi cation 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

benefi ts specifi ed in the contract, the rights expire or the Foundation surrenders or otherwise loses control of the contractual rights that comprise the fi nancial asset.

On de-recognition, the difference between the carrying amount of the fi nancial 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 specifi ed in the contract is discharged, cancelled or expired. On de-recognition, the difference between the carrying amount of the fi nancial liability, including related unamortised costs and amount paid for it is included in the statement of comprehensive income.

The fair value of fi nancial instruments traded in an active fi nancial market is measured at the applicable quoted prices. The fair value of fi nancial instruments not traded in an organised fi nancial market, is determined using a variety of methods and assumptions that are based on market conditions and risk existing at statement of fi nancial position date, including independent appraisals and discounted cash fl ow methods.

The carrying amounts of fi nancial 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 fi nancial assets and fi nancial liabilities, and there is an intention to settle the liability and realise the asset simultaneously, or to settle on a net basis, all related fi nancial effects are offset.

2 .6 Investments

Investments are classifi ed as available-for-sale fi nancial assets. They are included in non-current assets unless management intends to dispose of the investment within 12 months of the statement of fi nancial position date.

Regular purchases and sales of investments are recognised on trade-date – the date on which the Foundation commits to purchase or sell the asset. Investments are derecognised when the rights to receive cash fl ows from the investments have expired or have been transferred and the University has transferred substantially all risks and rewards of ownership. Available-for-sale fi nancial assets are subsequently carried at fair value.

26



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 assets’ 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.

27



2011 2010R R

3. PROFIT ON SALE OF ASSETS

Available-for-sale investments

Gains on sales of available-for-sale investments 29 740 461 39 352 21229 740 461 39 352 212

4. INVESTMENT INCOME

Available-for-sale investments

Dividend income 10 869 037 8 166 357Interest income 12 242 477 14 345 359

23 111 514 22 511 716

5. EXPENDITURE BY NATURE

Auditor’s remuneration Foundation – current year 129 428 188 100

Pooled Equity – current year 62 700 62 700 Foundation – 2010 overprovision (58 672) 50 075 Pooled Equity – 2008 underprovision - 57 000Sundry expenses 289 -

133 745 357 875

6. FINANCE COSTS

Interest attributed to funds administered on behalf of the University 6 406 240 6 552 392Bank charges 244 447 52 706Investment management fees 6 307 533 2 065 583

12 958 220 8 670 681

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 0.35% per annum Next R250million 0.30% per annum

Amounts there after 0.25% per annum

28



7. AVAILABLE-FOR-SALE INVESTMENTS

2011 2010R R

Fair Value at the beginning of the year 623 329 331 540 694 608Purchases 498 678 106 443 484 973Disposals (554 832 711) (447 916 211)Investment income 26 606 324 22 025 786 Investment management fees (6 705 154) (2 221 206)Unrealised gain on revaluation 24 244 555 67 261 381

Fair value at the end of the year 611 320 451 623 329 331

Cost Unrealised capital gain/(loss)

Fair Value

INVESTMENTS – 2011 R R R

Equity domestic – listed 239 979 104 63 528 347 303 507 451 Equity international – listed 86 113 084 4 212 933 90 326 017 Bonds – domestic 110 165 541 3 045 957 113 211 498 Bonds – international - - - Unit trust funds – international 20 819 038 3 319 331 24 138 369 International other funds 62 217 1 298 63 515 Money market and short term cash 79 801 790 271 811 80 073 601

536 940 774 74 379 677 611 320 451

Attributable to University of Witwatersrand 55 997 154

Attributable to University of the Witwatersrand Pooled Equity Fund 18 382 523

74 379 677

Cost Unrealised capital gain/(loss)

Fair Value

INVESTMENTS – 2010 R R R

Equity domestic – listed 267 574 132 82 135 513 349 709 645 Equity international – listed 78 737 930 (3 961 310) 74 776 620 Bonds – domestic 63 296 682 1 292 740 64 589 422 Bonds – international 1 252 104 (7 285) 1 244 819 Unit trust funds – international 29 091 991 418 504 29 510 495 International other funds 23 722 (2 579) 21 143 Money market and short term cash 103 477 187 - 103 477 187

543 453 748 79 875 583 623 329 331

29



7. AVAILABLE-FOR-SALE INVESTMENTS (continued)

2010

Attributable to University of Witwatersrand Foundation

R

61 781 543Attributable to University of the Witwatersrand Pooled Equity Fund 18 094 040

79 875 583

The fair values of the publicly traded fi nancial instruments are based on stock exchange market prices as at the statement of fi nancial position date. A register of investments is available for inspection at the offi ces 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.

8. LOAN TO WITS UNIVERSITY DONALD GORDON MEDICAL CENTRE 2011 2010

Loan receivable from the Wits Donald Gordon Medical Centre (Pty) Ltd

R

11 000 000

R

11 000 000Less: Provision for impairment

(6 000 000) (6 000 000)5 000 000 5 000 000

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

2011 2010R R

9. LOANS TO THE UNIVERSITY OF THE WITWATERSRAND

Loan taken over from the Wits Donald GordonMedical Centre (Pty) Ltd upon merger with Medi Clinic. 9 000 000 9 000 000

The loan is interest free with no fi xed 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

3 000 000

-

3 000 000

171 531

The loan is interest free and is repayable out of dividends the University receives from WHC.

12 000 000 12 171 531

30


NOTES TO THE ANNUAL FINANCIAL STATEMENTS 2011 2010

10. CASH AND CASH EQUIVALENTS R R

Cash on hand 24 023 563 43 038 088 11. 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

Capital invested by fund participants 137 976 325 132 862 143 Current liabilities of the fund 122 205 628 055

Investments administered by the Foundation 138 098 530 133 490 198

13. ACCOUNTS PAYABLE

Financial liability

Trade payables– Foundation 258 858 1 189 286

122 205 521 495

The fair value approximates the carrying amounts. 381 063 1 710 631

Trade payables – Pooled Equity

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

Foundation on behalf of the University. This fund is made up as follows:

31



14. FINANCIAL INSTRUMENTS BY CATEGORY

Loans and receivables

Available for-sale

Total

R R R 31 December 2011

Assets as per statement of fi nancial position Available-for-sale investments (note 7) - 611 320 451 611 320 451

Loan to the Wits University Donald Gordon Medical Centre (note 8) 5 000 000 - 5 000 000 Loan to the University of Witwatersrand (note 9) 12 000 000 - 12 000 000

Cash and cash equivalents (note 10) 24 023 563 - 24 023 563

Total 41 023 563 611 320 451 652 344 014

Financial liabilities at amortised costs

Total

R R Liabilities as per Statement of fi nancial position

Pool equity fund (note 12) 137 976 325 137 976 325 Amounts owing to the University relating to administered funds 170 771 396 170 771 396 Amounts owing to the University yet to be transferred 43 093 007 43 093 007 Accounts payable and accrued liability

381 063 381 063 University investments 7 795 7 795 Unidentifi ed donations 1 631 056 1 631 056 Total

353 860 642 353 860 642

Loans and receivables

Available-for-sale Total

R R R 31 December 2010 Assets as per Statement of fi nancial position

Available for sale investments (note 7) - 623 329 331 623 329 331 Loan to the University of Wits Donald Gordon Medical Centre (note8) 5 000 000 - 5 000 000 Loan to the University (note 9) 12 171 531 - 12 171 531 Cash and cash equivalents 43 038 088 - 43 038 088 Totals

60 209 619 623 329 331 683 538 950

32



14. FINANCIAL INSTRUMENTS BY CATEGORY (continued)

Financial liabilities at amortised

costs

Total

R R 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

132 862 143

164 365 156

73 303 1171 710 6311 007 7951 741 120

132 862 143

164 365 156

73 303 1171 710 6311 007 7951 741 120

Total 374 989 962 374 989 962

15. 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.

33


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.


15. RISK MANAGEMENT (continued)

Amounts invested offshore at year end2011 2010

R R

Foreign Cash (US Dollar) - 20 076Foreign Cash (British Sterling) - 1 068Foreign Bonds (US Dollar) - 1 244 819Foreign Equities (US Dollar) 76 258 354 -Foreign Money Market (Euro) 63 515 -Foreign Unit Trusts (US Dollar) 38 206 032 34 534 467

114 527 900 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 classifi ed on the statement of fi nancial 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 diversifi es its portfolio. Diversifi cation of the portfolio is done in accordance with the limits set by the Investment and Finance Committee.

2011 2010R R

Listed Domestic Equities 303 507 445 349 709 642Listed International Equities 90 326 016 74 776 620 393 833 461 424 486 262

At 31 December 2011, if the FTSE/JSE CAPI index increased/decreased by 10% with all other variables held constant and all the University’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 signifi cant interest bearing liabilities and the donation income and operating cash fl ows are substantially independent of changes in market interest rates. Therefore no formal interest rate risk management policy exists.

34




2011 2010

R R

Cash and cash equivalents 24 023 563 43 038 088Available-for-sale investments - Cash 80 073 602 103 477 187Available-for-sale investments - Bonds 113 211 498 65 834 241

217 308 663 212 349 516

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 it’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 Foundation’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 Up to 1 month

1-3 months

4-12 months 1-5 years Total

Liquidity Analysis AssetsNon-current assets 611 320 451 - - 5 000 000 616 320 451Available-for-sale investments 611 320 451 - - - 611 320 451

Other non-current assets - - 5 000 000 5 000 000

Current assets 36 023 563 36 023 563Receivables 12 000 000 - - - 12 000 000

Cash and cash equivalents 24 023 563 - - - 24 023 563

Total Assets 647 344 014 - - 5 000 000 652 344 014

35




Liquidity Risk (continued)

2011Up to 1 month

1-3 months


LiabilitiesPooled Equity Funds - - - 137 976 325 137 976 325University of the Witwatersrand – Administered Funds - - - 170 771 396 170 771 396 University of the Witwatersrand - - - 43 093 007 43 093 007

Accounts payable and accrued liabilities 381 063 - - - 381 063University Investments 7 795 - - - 7 795

Total Liabilities 388 858 - - 351 840 728 352 229 586

Net liquidity gap analysis 646 955 156 - - (346 840 728) 300 114 428

2010 Up to 1 month

1-3 months


Liquidity Analysis Assets

Non-current assets 623 329 331 - - 5 000 000 628 329 331

Available-for-sale investments 623 329 331 - - - 623 329 331

Other non-current assets - - - 5 000 000 5 000 000

Current assets 55 209 619 - - - 55 209 619

Receivables 12 171 531 - - - 12 171 531

Cash and cash equivalents 43 038 088 - - - 43 038 088

Total Assets 678 538 950 - - 5 000 000 683 538 950

36




Liquidity Risk (continued)

2010Up to 1 month 1-3 months


Liabilities

Liabilities

Pooled Equity Funds - - - 132 862 143 132 862 143

University of the Witwatersrand – Administered Funds - - - 164 365 156 164 365 156

University of the Witwatersrand - - - 73 303 117 73 303 117

Accounts payable and accrued liabilities

University Investments

1 959 951

1 007 795

-

-

-

-

-

-

1 959 951

1 007 795

2 967 746 - - 370 530 416 373 498 162

Net liquidity gap analysis 675 571 201 - - (365 530 416) 310 040 779

Capital risk management

The Foundation’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 2010R R

Non-Current Investments 611 320 452 623 329 328Cash and Cash Equivalents 24 023 563 43 038 088

635 344 015 666 367 416

16. TAXATION

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

37



17. RELATED PARTIES

The University of the Witwatersrand and all its associated affi liates 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 fi gures have been restated where necessary to be comparable with current year presentation.

38

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.

List of

donors 2011

AECI LtdAbbott Laboratories (SA) (Pty) LtdAbrams, Miriam (The Late Ms)ABSA Bank LtdABSA CapitalAccenture (SA) (Pty) LtdAccenture Foundation (SA) TrustAckerman Family TrustActom (Pty) LtdAdam, Anvir (Dr)Adams, Brett & Rose (Mr & Mrs)ADT security South AfricaAduc, Tiziana Angela (Dr)Advanced Technologies & Engineering Company (Pty) Ltd.African Oxygen Ltd (AFROX)Al-Ansaar FoundationAlbert Hossack Scholarship FundAlbert Wessels TrustAlcatel Telecommunications CompanyAlcon Marepha (Pty) LtdAlexander, Mark Gavin (Professor)Aliferis, George (Mr)Alistair Berkley Charitable TrustAllan and Gerry Simpson Memorial FundAlstom South & East Africa (Pty) LtdAmerica Middle EastAmoils, Hymie Leslie (Mr)Andrew, Michael Ray (Mr)Anglo American Chairman’s Fund Educational TrustAnglo Platinum Management Services (Amplats)Anglogold Ashanti LtdArbuthnot, Patrick Brian (Dr)ArcelorMittal SteelArmstrong, W J (Mr & Mrs)Arts and Culture TrustAspen PharmacareAstraZeneca Pharmaceuticals (Pty) LtdAttorneys Fidelity FundAustin Jordaan IncAveng Grinaker-LTA Construction

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

Barrett, Andrew John (Mr)Bateman Africa (Pty) LtdBaxter, John (Mr)Bayer SA (Pty) LtdBayside AluminiumBDO Spencer StewardBeck, Manfred (Dr)Beeton, George Henry (Mr)Bella Vida Centre BedfordviewBenoni Muslim JamaatBenson, George (Mr)Bentel Associates InternationalBernhardt, Leslie Walter (Dr)Bhagwandas Jogibhai, Kamal (Mr)Bham, Amina Suleman (Dr)BHP Billiton Development TrustBHP Billiton Energy Coal SABHP Billiton SA LtdBidvest Wits University Football ClubBill and Melinda Gates FoundationBishop, Graham (Mr)Blignaut, Arthur (Mr)Blom, Elna (Ms)BMW South Africa (Pty) LtdBOE TrustsBojosi, Ditlhoriso Patience (Ms)Boksburg Historical AssociationBolton, Keith Duncan (Professor)Bopape, Ntlhatje Isabella Hettwish (Ms)Bottom, Geoffrey Norman (Mr)Bowman Gilfi llan AttorneysBozzoli, Belinda (Professor)BP Southern Africa (Pty) LtdBrassell, 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

Cadbury (Pty) LtdCanon Collins TrustCape Dental ShowCape, Isobel Mary (Ms)

B

C

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List of

donors 2011

Carides, Costas (Mr)Carl Zeiss (Pty) LtdCarliell, Douglas John (Mr)Carlsson, Bernard Lindholm (Mr)Carnegie Corporation of New YorkCaro, C G (Professor)Carrick FoundationCary, Michael Charles (Mr)Caveney, Robert John (Dr)Caxton & CTP LtdCentral Islamic TrustCentre for Education Policy Development (CEPD )Chacko, Anith (Dr)Challenger Auto Parts CCCharlton, Julia Dorothy (Ms)Cheadle Thompson & Haysom Inc.Chersich, Matthew Francis (Dr)City Lodge Hotels LtdCKR Consulting EngineersClarkson, Ferna Christine (Ms)Cliffe Dekker HofmeyrCoca-Cola Southern Africa (Pty) LtdCole, Desmond Thorn (Professor)Coleman, Colin (Mr)Concor Holdings (Pty) LtdConstruction Education and Training AuthorityContinuing Medical TrainingCook, 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) LtdCosnett, John Emile (Dr & Mrs)Council for Scientifi c and Industrial Research (CSIR)Coville, Neil John (Professor)Crawford, Andrew Stuart (Mr)Credit Guarantee Insurance Corporation of Africa LtdCross, 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 SchenkerDe Beers Group Services (Pty) Ltdde Gouveia, Manuel Vincent Homem (Mr)de Soto, Chantal (Ms)de Villiers, Jacobus Smuts (Dr)Debswana Diamond Company (Pty) LtdDell Computer (Pty) LtdDeloitte & ToucheDenelDeneys Reitz AttorneysDepartment of Science and Technology

Dey, Lawrence Grant (Mr)Dickinson, Kenneth Colin (Mr)Digby, Clare (Ms)Dimension DataDiscovery FoundationDoit4CharityDowdeswell, Mark Robert (Mr)DRA Mineral Projects (Pty) LtdDrennan, R L (Dr)Dreyer, Caroline Joanne (Advocate)du Plessis, Mark (Mr)du Preez, Pieter Johannes Jacobus (Mr)

Eden TrustEdward Nathan Sonnenbergs Inc Edwards, Arthur William (Mr)EJA Loerincz Testamentary TrustElectronic Media Network LtdElement Six (Pty) LtdElisabeth Bradley TrustEllerine Holdings LtdEngen Petroleum LtdEnviroserv Waste Management (Pty) LtdErasmus, J A (Dr)Eskom GenerationEskom Holdings (Pty) LtdEskom Human Resources GroupEssig, Rouven (Dr)Estate Late B H Drieband Will TrustEstate Late Bernard CookeEstate Late C MarxEstate Late H R Hill,Estate Late J L SchnaidEstate Late Leopold SpiegelEstate Late W Y SharpEurus Mineral ConsultantsEverett, Graham (Mr)Evraz Highveld Steel & Vanadium Corporation LtdExxaro Chairman’s FundExxaro Resources Ltd

Faber, J E M (Ms)Fenton, Deborah Jean (Ms)Film and Publication BoardFinlayson, Derick (Mr)FirstRand Empowerment FoundationFirstRand Foundation - Rand Merchant Bank FundFisher, Jeffrey Barry (Mr)Flexible Accident & Sickness Acceptances (Pty) LtdFlorence, Barbara Helen (Ms)Fluor SA (Pty) LtdFord FoundationFordyce, Althea (Mrs)Foskor LtdFox, G M (Mr)Freedman, Helen Desiree (Ms)Freislich, Mary Ruth (Dr)

E

F

D

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Fresenius Medical Care South Africa (Pty) LtdFriedman, D G (Mr)Friends of MosvoldFryer, Robin Anthony (Mr) (USA)Fujitsu Technology Solutions

G H Langeler TrustGalileo CapitalGastro FoundationGauteng Asphalt (Pty) LtdGehr, Ronald Leslie (Professor)Genzyme Biopharmaceuticals (Pty) LtdGFI Mining South Africa (Pty) LtdGibson, Iain Hugh Norval (Dr)Ginsberg, Jack Mitchell (Mr)Glass, Ian Orestar (Mr)Godsell, Gillian (Dr)Goethe-Institut JohannesburgGordon Institute of Business ScienceGordon, Martha Helen (Ms)Granville, Gideon (Mr)Grassvalley TrustGreen, Ralph (Professor) USA)Gumbi, Mojankunyane Florence (Advocate)

H E Joosub Charitable TrustHaniff, Fazela (Ms)Hannover Life Reassurance Africa LtdHansjee, Devendra (Dr)Harmony GoldHarold & Doris Tothill BequestHartman, Ella (Dr)Hatch Africa (Pty) LtdHauptfl eisch, Marc Peter Kedzlie (Dr)Hawa FamilyHazelhurst, Scott Edward (Dr)Heidrick & StrugglesHeinz Family PhilanthropiesHendey, Sean (Mr)Henning, Gerhard (Mr)Herbal LifeHerdan, Leo Thomas (Mr)Herholdt, Albrecht Johan Devilliers (Dr)Hermann Ohlthaver TrustHexagon TrustHeydt, Helmut (Dr)Hillary & Dorothy Charitable TrustHillel Friedland TrustHills, Billy (The Late Mr)Ho, Elizabeth Mary (Dr)Hoar, Barclay Austin Hilton (Mr)Hoekstra, Rikkert Gerrit (Mr)Hofmeyr, Jane Mary (Dr)HSBC South AfricaHunt, Denis Frank (Mr)

IDBImpala Platinum Holdings LtdIDC Industrial Development Corporation of South Africa LtdInggs, Judith (Professor)Innovent Rental and Asset Management SolutionsInqaba Biotechnical Industries (Pty) LtdInstitute for Timber Construction South AfricaInvestec Bank LtdIreland, Nikki (Mrs)Israelstam, Veronica Beatriz (Ms)

J C Bitcon FoundationJ D Group LtdJ M Hansen Scholarship TrustJacklin, Lorna Barbara (Professor)Jackson, Craig Charles (Mr)Jacobs, Christina Johanna (Dr)Jamiatul UlamaJauncey, Mark (Mr)Jeffrey, Clare Rosemary (Ms)Johannesburg Stock Exchange John Davidson Educational TrustJoubert, Louise (Miss)Joubert, Phil (Mr)

Kagiso Property Holdings (Pty) LtdKara, Aneesia (Ms)KBK Africa Investments ccKeating, Lawrence William (Mr)Keni FoundationKerst, Errol (Mr)Khan, Ebrahim (Dr)Khan, Rabia (Ms)Khelaw, Prisha (M)Khoabane, Pinky (Ms)KhotsotrexKienhofer, Frank Werner (Mr)Knott, William Thomas Charles (Mr)Koor Dindar Foundation KPMG IncKramer, AJ (Mr)Kruger, Marelize (Ms)Krut, David (Mr)Kuhn, Sean (Mr)Kuschke, Gudrun Friedel Therese (Dr)

Lala, Sanjay Govind (Dr)Lali, Johny (Mr)Laurence Family TrustLe Hane, Cas (Dr)Leesha, Amanda (Ms)Legal Wise Expenses Insurance SALegg, Edward William (Mr)Lehane, PE (Ms)Leith, Neil (Mr)

G

H

I

J

K

L

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Lelaka, Mpho (Ms)Lessick, Jonathan (Dr)Levin, Solomon Elias (Professor)Levitt, S P (Mr)Liberty Group LtdLife Healthcare FoundationLife Healthcare Group (Pty) LtdLimpopo Department of EducationLissoos, Irving (The Late Dr)Livingstone, Anne (Mr)Lonmin PlatinumLopes, Alfredo Dias (Mr)Loseby, K (Mrs)Lotus Costume Design ccLTE Group of CompaniesLuck, Patricia (Dr)Lutz, Walter Patrick Wolfgang (Mr)Luyckx, Valerie Ann Marie (Dr) (USA)

Mackenzie, John Low Parter (Mr)Macsteel Service Centres South Africa (Pty) LtdMadalane, Leah (Ms)Madela, Yolisa (Ms)Madressa Anjuman Islamia of KholvadMagidi, Hazel Takalani (Ms)Mahamba, Sipho T (Mr)Mahanyele, Lorraine Dipuo (Ms)Maher, Peter James (Mr)Makrelov, Konstantin Hristov (Mr)Mamabolo, Mathekeng Jeremiah (Mr)Mampa, R M (Mr)Mandela Rhodes FoundationManga, Pravin (Professor)Mangera, Dawood Ismail (Dr)Manufacturing Engineering and Related Services SETA (MerSETA)Maraschin, (Dr)Marcelle, Gillian (Associate Professor)Marcus, Carole Lesley (Dr) (USA)Marula PlatinumMashele, Mzela Justice (Mr)Mathen, Paramesan (Mr)Matika Lifestyle Estate ccMatlhadisa, Matome Pertunia (Ms)Matseke, KMM (Miss)Matshedisho, K R (Dr)Maude Catherine Bird Memorial Scholarship FundMayer, Eva (Ms)Mayet, Yusuf (Mr)Mazansky, Ernest Joseph (Mr)Mazibuko, Faith (Ms)Mccallum, Sheila (Ms)Mcgregor, Roy James (Mr)Mcilroy, Guy William (Mr)McPherson Kruger Advisors (Pty) LtdMedia 24Medi-Clinic Corporation Ltd

Medtronic (Africa) (Pty) LtdMekwa, Odirile (Mr)Memon Association of South AfricaMenzel, Hermann Reinhard (Mr)Meyer, Deon (Mr)Meyersfeld, Michael Berthold Elliot (Mr)Mills, Robin George (Mr)Minerals Education Trust Fund (METF)MintekMitchell, Jennifer Gwen (Dr)MLC Quantity SurveyorsMoahloli, Lehlohonolo Ebenezer (Mr)Modise, Simon (Mr)Mohlakoane, Sannah Panna (Ms)Mokonyama, Mathetha Thabo (Mr)Momentum Life Assurers LtdMoon, June (Mrs)Moore, Rob Stanley (Professor)Motala, Ismail (Dr)Mowatt, Rigel Kent (Mr)MPSMunich Reinsurance Company of South AfricaMunro, Katherine Antoinette (Professor)Munshi, Abdulhay (Dr)Murphy, Richard Neil (Mr)Murray & Roberts Contractors LtdMurray & Roberts MEIMurray, Andrew (Mr)Murray, Bruce Keir (Professor)Murray, Jill (Professor)MWEB Connect (Pty) LtdMy School Woolworths Project

Nampak Management ServicesNamzinc (Pty) LtdNandos - Comaro CrossingNandos - EdenglenNandos - ModderfonteinNatalie Knight Productions ccNathan, David Alan (Mr)Nathan, Shirley Adele (SC) (Advocate)Nay, Tracey Leigh (Ms)Neale, Brian (Mr)NedcorNel, CMV (Mr)Nelson Mandela Metropolitan University TrustNestadt, Allan (Dr)Nestadt, Gerald (Mr)Netcare - Garden City HospitalNettleton, ACE (Professor)New Settlers FoundationNgwane, Tibiyo Taka (Mr)Ngwatle, Lebogang Gladness (Ms)Nicarela CharityNichols, C (Dr)Nkongolotite, (Dr)Nongxa, Loyiso Gordon (Professor)

M

N

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Novartis (Pty) LtdNtuli, Mfanawokulunga Obert (Mr)Numsa Investment (Pty) LtdNycomed (Pty) LtdNycomed, Takeda (Ms)

Oakley-Smith, Theresa Rosemary (Ms)Odendaal, Kevin (Mr)Ogude, James Adera (Professor)OIM Operations SolutionsOld Edwardian SocietyOld MutualOld Mutual Life Assurance Company South Africa LtdOlivier, Jonanda (Ms)Omnimed (Pty) LtdOppenheimer Memorial Trust (OMT)Organization for Tropical StudiesOrwin, Derek (Mr)Outlook Appointments

Palabora Mining Co LtdPalaeo-Anthropological Scientifi c TrustPankhurst, Tanya (Ms)Pascal, Sylvain (Mr)Passenger Rail Agency SAPatel, Shirona (Ms)Patten, John Michael (Mr)Patterson TrustPeiser, Milton Roy (Mr)Penguin Extra Lesson ccPenn-Kekana, L (Ms)Pereira, Carlos (Mr)Persona, Adam Daniel (Mr)Persona, Ricacardo Marco (Mr)Peter, Georgina Peter (Ms)Peter, Gerald (Mr)Petersen, Karen Lavinia (Dr)Petroleum Training and EducationPetrow, John Chris (Mr)Pharmaplan (Pty) LtdPhilip Schock Charitable & Educational FoundationPhirippides, M G (M)Phungo, Nndwakhulu Phanuel (Mr)Pick n PayPinfold, Thomas Arthur (Professor)Pinto, Cristina Maria Silva Tavares (Ms)Poeti, Alida (Professor)Polzer Ngwato, Tara Jolanda (Ms)Porteous, Paul Henry (Dr)PPS Insurance Company LtdPrice, Harold Edwin (Mr)PricewaterhouseCoopers SAPrim, Claudine Elizabeth (Ms)Prinsloo, E N (Mr)ProvantagePryce, Pauline (Mrs)

Putlitz, Uwe Karl (Mr)Pyle, Gill (Ms)

Raju, Deon (Mr)Ramano, Patrick (Mr)Rand Merchant Bank LtdRandgold Exploration Company LtdReach For A Dream FoundationRebolo, Tanya (Ms)Remgro Management Services LtdRevie, William Arthur (Mr)Revlon (SA) (Pty) LtdRhodes, J (Ms)Rigby, David Ian (Mr)Rikhotso, Eddy (Mr)Robinson, Gina (Ms)Rodda, John Leonard (Professor)Roothman, Tyrone (Mr)Ross, Eddie & Ethel (Mr & Mrs)Rossing Uranium LtdRoux, Penelope Jane (Ms)Royal Bafokeng HoldingsRustenburg Platinum Mines LtdRustomjee, Zavareh (Dr)

S C Johnson & Son (SA) (Pty) LtdSABC (South African Broadcasting Corporation)Sader, Riyaz Hoossen (Mr)Salamon, Miklos (Mr)Saleys Agencies (Pty) LtdSamancorSandeman, John Charles (Dr)Sandvik Mining and Construction RSA (Pty) LtdSanharp Science & TechnologySanofi AventisSAPPI LtdSasol LtdSaunders, Sandra Kaye (Ms)SBDS Construction Consultants cc Quantity SurveyorsScheurenberg, Ronald Joe (Mr)Schewitz, Michael Alan (Mr)SchlumbergerSchuklenk, Udo (Professor)SEIF SASharpe, Jean Mary (Dr)Sharpe, Jean (Dr)Shear, Caryll Frances (Dr)Shell South Africa Upstream B.V.Sher, H S (Mr)SHREESibali, Nombini Gloria (Ms)Sibya, Sihle (Ms)Sieff, Grant Benjamin (Dr)Silveray Statmark CompanySimmonds Hampton TrustSimpson, Paul (Mr)

O

P

R

S

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Sishen Iron Ore Company (Pty) LtdSizweNtsaluba & GobodoSkhosana, Busi (Mrs)Skinner, David Hugh Hamilton (Mr)Skye FoundationSmith, Jocelyn (Mrs)Smith, Tim (Mr)Society for the Welfare of the Jewish DeafSolomon Ruben and Ann Winer Educational & Benefi t TrustSolomon, Galla Phyllis Jean (Ms)Sonae Novobord (Pty) LtdSonnabend, Alfred (Mr)Sorour, Gillian Ann (Dr)Soundy, Nathi (Dr)South African Association of Women GraduatesSouth African Breweries Ltd (SAB)South African Educational TrustSouth African National Energy Research Institute (SANERI)South African National Roads Agency Ltd (SANRAL)South African Postal ServicesSouth African Square Kilometer Array (SKA)Southern Ear, Nose and Throat (Pty) LtdSouthern Implants (Pty) LtdStandard Bank Corporate and Investment Banking DivisionStandard Bank GalleryStandard Bank Group LtdStander, Beulah (Ms)STANLIB Asset Management LtdStarbuck, N (Dr)Stathoulis, Basil (Dr)Steadman, Ian Patrick (Dr)Still, Carol Susan (Ms)Strauss & CoStreet LawStremlau, John Julius (Professor) (USA)Swart, Steven Rowan (Mr)Symbiotics Application Services (Pty) LtdSyntell (Pty) Ltd

Tata Africa Holdings (SA) (Pty) LtdTaylor, David Roy (Professor)TC Design ArchitectsTechnau, Karl-Gunter (Dr)Telkom SA LtdThabo Mbeki Crossroads Educational TrustThandrayen, Kebashni (Dr)The Alexandre Lorant Charitable & Educational TrustThe Allen/John Educational TrustThe Andrew W Mellon FoundationThe Atlantic PhilanthropiesThe Beit TrustThe Bradlow FoundationThe Brenthurst Foundation The C J Petrow FoundationThe Carl & Emily Fuchs FoundationThe Claude Leon FoundationThe Goldman Sachs Foundation

The Innovation Hub Management Company (Pty) LtdThe Kresge FoundationThe Link-SA TrustThe London Metal ExchangeThe Momentum FundThe Mones Michaels TrustThe P M Anderson Educational TrustThe Petroleum Oil and Gas Corporation of South Africa (Pty) LtdThe Raith FoundationThe Scientifi c GroupThe Stella & Paul Loewenstein Charitable & Educational TrustThe Susman Charitable FoundationThe Tree Society of Southern AfricaThe Upstream Training Trust (UTT)The Valley TrustThe Victoria Frances Clive-Smith Charitable TrustThe Wilfred Cooper TrustThe Wolfson FoundationThomson, Heather Clare (Dr)Thomson, Peter Drummond (Professor)Thungo, Ukuthula Sympathy (Ms)Tiber Bonvec ConstructionTiger BrandsTimken South Africa (Pty) LtdTISO FoundationTlakula, Mpho Nhlalala (Ms)Total South Africa (Pty) LtdToyota South Africa LtdTransnet LtdTrudon (Pty) LtdTshabalala, Ntokozo Nobuhle (Ms)Tsua ProjectsTsunke, Rechelle (Ms)Tucker, Patricia Dianne (Ms)Tutu, Hlanganani (Dr)TWP Projects

Ubogu, Felix (Mr)Uzoegbo, Herbert Chidozie (Professor)

van Aswegen, Laetitia (Mrs)van Den Bosch, Lynne Wilson Pearson (Mr)van der Merwe, Elizabeth Heather Marie (Ms)van der Merwe, Linda Pauline (Ms)van der Schans, Simon Gerhard (Mr)van Graan, Reinette (Ms)van Gruting, Willem Andrew (Mr)van Iddekinge, Basil (Professor)van Kets, Frans Johan (Mr)van Niekerk, Gillian Claire (Ms)Van Reenen Steel (Pty) Ltdvan Zyl, Susan (Dr)Vanek, Monique Maria (Ms)Varughese, Sheeba (Dr)

T U

V

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Vela VKE Consulting EngineersVickers, Patrick Douglas Fleming (Mr)Viedge, Conrad (Mr)Vilakazi, Zeblon Zenzele (Dr)Vitality Healthstyle (Pty) LtdVivian, Yvette (Mrs)Vodacom Group Ltd

Wagener, Robert (Mr)Walter, CA (Mr)Watkinson, Annah (Ms)Wentzel, Allan Edward (Mr)Werksmans AttorneysWestern Platinum LtdWhite, Philip (Mr)Whitmore Richards BursariesWilderness Safaris TrustWilliams, Paul Graham (Dr)Wilson, (Mr)Wilson, Gail (Ms)Wits Health ConsortiumWood, R P A (Mr)Woolf, Maureen (Dr)Worldwide Advisory Services

Xstrata South Africa (Pty) Ltd

Youens, Britt (Ms)Young, Alys (Professor)

Zille, Carla Henrietta (Ms)Zondo, Bandile Phila (Mr)Zuma, Jacob (Mr)

While every effort is made to record details correctly, if errors are detected please report these to the University Foundation, P O Box 107, Wits 2050 South Africa

The University of the Witwatersrand Fund, Inc (Wits Fund) is a US-based charity, incorporated in the State of New York as a US Internal Revenue Code 501 (c) (3) Tax Exempt Organisation. Created and operated by a small and committed group of alumni volunteers, Wits Fund supports many programs and scholarshis at Wits and is funded by alumni, friends and foundations in the U.S.and their tax-exempt charitable contributions Aires, Julius (Mr)

Back, Stephen (Dr) Basman, Neville (Dr) Bergman, Stanley (Mr) and Marion Joy (Dr) Bergman, Stanley and Marion, Family Charitable Trust Bessemer Trust Blecher, Maurice D (Mr.) Finkelstein, Alan (Mr)

Gaziano, Michael (Professor) Goldblatt, Mark (Dr) Gordon, Phillip (Mr)

Heinz Family Philanthropies Horowitz, Gordon (Mr)

Karnovsky, Morris (Dr) Klaff, Leslie (Dr) Kramer, Ryan (Dr)

Liebesman, Jonathan (Mr)

Mankowitz, Steven (Dr)

Newton, William (Mr) and Anne (Ms)

Pollak, Victor (Mr) Raphaely, Mark (Mr) Rosen, Kevin (Mr) and Kim (Rabbi) Samson, Ian David (Dr) Schneider, David (Mr) and June (Dr Scott Brown, Denise (Ms) Soldin, Stephen (Mr) Steere, William (Mr)

Tabatznik, Bernard (Dr)Teeger, John (Mr) and Reina (Ms)

Ward, Susan (Ms)

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Contact Us Physical Address:6th Floor Senate HouseWits main campus Jorissen Street BraamfonteinJohannesburgSouth Africa

Postal Address:P O Box 107Wits 2050South AfricaTel: +27 (0)11 717-9702Fax: +27 (0)11 717-9729 E-mail: [email protected] or [email protected]

International Enquiries:Email: [email protected] The University of the Witwatersrand Fund Inc. (USA)P O Box 7101New YorkNY10150USATel: 212 371-8147Fax: 212 371-3235Contact person: David SchneiderEmail: [email protected] site: www.witsfund.org The Wits Foundation, UK6th Floor Abacus House 33 Gutter Lane London EC2V 8ARUKTel: 0944 207 457-3000Contact person: William H. Frankel, OBE

Design by: Muziwandile Makhanya

Wits Foundation Annual Report 2012

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