Page 47 - 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
8. DONATIONS AND GRANTS INCOME
The Trust recognises revenue at a point in time when donations are received in the Trust’s bank account. For revenue received in the University’s account channeled through the Trust, this is accounted for when identified as received on behalf of the Foundation.
Donations and grants comprise international and national donations.
International donations
National donations
Total donations and grants income
9. ENDOWMENT FUNDS: INVESTMENT INCOME
Allocation of investment income
Specified endowment funds
Unspecified endowment fund
Total endowment funds portion of investment income
Net fair value movements in investments
Specified endowment funds
Unspecified endowment fund
Total net fair value movement in investments
The allocation of investment income to the various specified endowment funds is based on the prevailing University treasury management (“pool”) rate of return for the year. The purpose of the income stabilisation fund is to enable allocations of income to the specified endowment funds in years of relatively poor investment performance to be maintained at levels closely equivalent to the University “pool” rate. A rate equal to the University (“pool”) rate of return of 9,81% was applied in 2024 (2023: 8.72%).
10. NET SURPLUS BEFORE ALLOCATIONS IS ARRIVED AT AFTER TAKING THE FOLLOWING INTO ACCOUNT:
Audit fees
Consultancy fees
Depreciation
Travel and subsistence
Personnel costs
Salaries and wages
Accrual for leave pay (note 6)
Retirement costs: defined contribution plan
Post-retirement health care obligations (note 5)
2024
R
2023
R
22 560
5 296 177 246 476 696 898 153 071
5 117 678 116 930 740 723 149 258
4 000 956 77 334 712
81 335 668
4 305 274 3 796 484
8 101 758
15 290 185 13 483 215
28 773 400
142 491 6 676
35 133 246 219 6 392 622
19 961 855 73 102 046
93 063 901
3 141 648 2 770 373
5 912 021
17 260 450 15 220 638
32 481 088
153 607
36 446 243 882 6 124 589
UKZN FOUNDATION ANNUAL REPORT 2024 45