Our Governance

Trust Deed

African Scholars’ Fund is a registered Public Benefit Organisation (PBO number: 130002416) and operates in terms of the Nonprofit Organisations Act, 71 of 1997, the Trust Property Control Act 57 of 1988, and its own Trust Deed.

The Trust Deed sets out the objectives of the ASF, being primarily to ‘receive donations to be devoted primarily towards defraying any expenditure directly incurred in providing educational or training facilities for African Scholars…….’. This is expanded upon in the Vision and Mission Statement of the ASF which has been approved by the trustees, and which reflect more fully how we seek to achieve this primary objective.

Trustees

Trustees are appointed by a two-third’s majority of the Board, for an initial term of office of 5 years, which may be renewed for further terms of 5 years or shorter. Although there is therefore no limit on the time for which a trustee may serve, it is desirable that there should be periodic ‘refreshing’ of the Board.

In principle the Board is desirous of ensuring diversity within its ranks, in particular a good blend as to gender and ethnicity and a degree of representation of past bursars.

The responsibilities of trustees are spelt out in a document prepared and approved by the Board, available on request. The overall responsibility is stated as being to –

• Take ultimate responsibility for directing the affairs of the Fund, doing so with innovation, and creativity;
• Ensure the Fund has a clear vision, mission and strategic direction and is focused on achieving these;
• Act reasonably and prudently in the best interests of the Fund, never in pursuit of personal interests or the interests of another organisation, meeting the legal obligations common to all trustees;
• Act as guardians of the assets owned and managed by the Fund.

Trustees must elect annually from their number a Chair, Deputy Chair, Honorary Secretary, and Honorary Treasurer.

Functioning of Trustees

Trustees meet at least quarterly; if necessary, a Special meeting is called to deal with any urgent matter, and some matters of an administrative nature are dealt with by means of ‘round robin’ resolution.

Trustees are not required to be involved in the day-to-day operations of the Fund. These are the responsibility of the Director, who serves ex officio as a member of the Board and is accountable to the Board. However, trustees are engaged in assisting where necessary or desirable, in particular collectively in agreeing on strategy, and individually on matters such as oversight of finances and reviews of job performance.

Trustees are not remunerated.

Finances

The ASF’s financial year ends on 31 December. Audited financial statements are prepared (and included in summarised form in our annual report) in accordance with the International Financial Reporting Standard for Small and Medium-sized Entities. Our auditors are Hudson Accounting, chartered accountants (SA). Our treasurer is also a chartered accountant (SA).

ASF employs a half-day bookkeeper who prepares monthly financial statements, with attendant commentary. The financial statements are further elaborated on when presented, by the treasurer, at quarterly meetings. Figures are compared against budgets; the annual budget being approved at the November trustees’ meeting of the preceding year.

From Where Do Donations Come?: Contributions from over 120 local and overseas individuals, a number of corporates, Trusts, the UK branch of ASF and Shared Value Partners provide over 70% of ASF funding. This amount is augmented by growth in investments, a capital contribution and a designated donation towards salaries.

How Are Donations Spent? Bursary awards to over 2 000 deserving learners make up approximately 55% of the financial outflow. These learners are mentored and encouraged by two dedicated office staff who handle communication with the schools. This vital direct learner support absorbs 18% of annual expenditure. Operating costs constitute the remaining 27%.