Page 46 - UKZN Foundation AR 2024

UNIVERSITY OF KWAZULU-NATAL FOUNDATION TRUST Trust Deed number: IT 589/2003
NOTES TO THE FINANCIAL STATEMENTS (continued)
for the year ended 31December 2024
6. EMPLOYEE BENEFITS
Balances at beginning of the year
Utilised during the year
Charged to the income statement (note 10)
Balances at end of the year
246 476
2024
R
Total
R
108 065
(108 065)
246 476
2023
R
246 476
The employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided.
7. UKZN CURRENT ACCOUNT
The Foundation has a related party relationship with UKZN of which it is a subsidiary entity for the purposes of preparing the University’s consolidated financial statements. Transactions between the two parties are summarised below, with the respective year-end balances owing to and by each other. These transactions and balances are eliminated on consolidation.
Balance owed to UKZN at beginning of year
Add/(less):
Donations and grants received by UKZN on behalf of Foundation
Funds transferred by Foundation to UKZN: investment withdrawal
Investment contribution
Foundation portion: UKZN post-retirement obligations
Expenses paid and net disbursements by UKZN for the Foundation
Endowment Funds: transfers to UKZN operations
Purchase of plant and equipment by UKZN
Depreciation of plant and equipment by UKZN
Bank account: transfers due to UKZN
Change in working capital
(Decrease) / increase in donations to be allocated
(Decrease) / increase in employee benefits
Increase / (decrease) in accounts payable and accrued liabilities
Balance owed to UKZN at end of year
(4 655 321) (138 411) 38 757
(2 663 652) 69 702 (113 267)
13 017 965
Leave Pay Total RR
108 065 (108 065)
246 476
99 655 (108 520)
116 930 108 065
13 017 965
(5 002 725) (13 017 964) - (67 097) 10 030 643 628 941 33 592 (35 133) 4 655 321 (4 754 974)
5 488 568
5 579 359
(1 073 759) (5 579 358) 4 018 469 (70 086) 9 618 177 484 237 54 108 (36 446) (4 402 869) 4 426 134
44 UKZN FOUNDATION ANNUAL REPORT 2024