Page 52 - 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
14. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued)
Capital management
The capital of the Foundation comprises both restricted funds designated for specific purposes and unrestricted funds, being funds that can be employed by the Board of Trustees at its discretion.
Contingent liabilities
The Foundation does not have any contingent liabilities that warrant disclosure in terms of IAS 37.
15. LEASES
In terms of IFRS 16, no leases were incurred that required the recording of a right of use asset and lease liability for the 2024 and 2023 financial year. Variable lease payments incurred for the period related to the use of office equipment resulting in fees charged for the number of pages printed.
2024 2023
28 684 30 998
Total leases which have not been capitalised: Leases with variable lease payments
16. GOING CONCERN
The Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future and have continued to adopt a going concern basis of accounting in preparing the financial statements presented.
At 31 December 2024 the Trust’s current liabilities exceeded its current assets by R5 912 963 (2023: R13 342 707), which has resulted in the Trust being illiquid at year-end. Should cash resources however be needed to settle any liabilities, the Trust is able to withdraw funds from its investments to settle any such liabilities.
17. SUBSEQUENT EVENTS
No event, which has a material effect on the financial affairs of the Trust, has occurred between the reporting date and the date of the approval of the financial statements.
50 UKZN FOUNDATION ANNUAL REPORT 2024