impact report 2016 - saica.co.za · value chain success stories12 thuthuka impact on the saica...

IMPACTREPORT2016

2 // THUTHUKA IMPACT REPORT THUTHUKA IMPACT REPORT // 3

CONTENTS

LEGAL STATUS AND VALUE PROPOSITION 4Overview 7

STRATEGIC ALLIANCE 8The Thuthuka Operating Entities 10Thuthuka and the National Development Plan (NDP) 11Value Chain Success Stories 12Thuthuka Impact on the SAICA Value Chain (Since Inception) 14

CHAIRMEN’S REPORT (TBF and TEUF) 16

MESSAGE OF THE EXECUTIVE DIRECTOR: NATION BUILDING 18

SCHOOL IMPACT 20Schools Eco-system 22School Initiatives 24School Initiative Highlights 26

UNIVERSITY IMPACT 28University Eco-system 30University Initiatives 32Undergraduate Programmes 32Postgraduate Programmes 33University Initiative Highlights 34

THUTHUKA IN THE MEDIA 36

GOVERNANCE AND RISK MANAGEMENT 40The Thuthuka Boards 42TBF Trustees 44TEUF Board of Directcors 46Risk Management 47

POWERFUL PARTNERS 48Partner with Thuthuka and Help Us Build the Nation (B-BBEE Codes and Charter) 50How Can You Help? 51Powerful Partnerships 52Friends of Thuthuka 54

Front cover:Walter Sisulu University’s first Thuthuka graduates


LEGAL STATUS AND VALUE PROPOSITION

“TO DEVELOP”Thuthuka is a Zulu verb meaning “to develop”, indicating the action-based perspective with which transformation is being driven.

Our Life Orientation book series: Advancing education and empowering the youth (Pictured: Learners from Mandlakazi Secondary School in Bhanganomo, KwaZulu-Natal)


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THUTHUKA IMPACT REPORT // 7

• grow the number of Chartered Accountants [CAs(SA)], and

• transform the demographics of the profession to match the country’s demographic profile.

To drive this process and ensure its proper governance, SAICA established the Thuthuka Education Upliftment Fund (TEUF) in 2002, the Thuthuka Bursary Fund (TBF) in 2005 and the Ntivo Endowment Fund in 2016. These Thuthuka entities contribute to SAICA’s Nation Building strategic objective.

LEGAL STATUS

OUR VALUE PROPOSITION

The Thuthuka Bursary Fund (TBF) is registered in South Africa in terms of the Trust Property Control Act, No. 57 of 1988 (Trust Number: T459/88), with its principal place of business at 17 Fricker Road, Illovo, Johannesburg, South Africa. The primary activity of the Trust is to assist disadvantaged African and Coloured students to become CAs(SA). The funds of the Trust are managed by SAICA in accordance with a management agreement with the Trustees.

Our value proposition is to sustain the future of the CA(SA) profession and transform its demographics by:

The Thuthuka Education Upliftment Fund (TEUF) is a SAICA skills development implementation entity, and is registered as a public benefit organisation in terms of section 18(A) of the Income Tax Act. A Board of Directors is responsible for the overall running and governance of TEUF.

SUSTAINABLE FUNDING

“Looking back at my journey and thinking of the role Thuthuka played in getting me

here, a strong feeling of gratitude fills my heart.”

ADVANCING EDUCATION

EMPOWERING YOUTH

Nhlamulo Khoza, TBF beneficiary and newly qualified CA(SA)

OVERVIEWA critical driver of the strategic focus of the South African Institute of Chartered Accountants (SAICA) is South Africa’s National Development Plan: Vision for 2030, which calls on the private, public, and civic sectors as well as the citizenry of South Africa to rally behind a united vision for the country’s development.

To this end SAICA, as a critical stakeholder in society, has undertaken the responsibility of ensuring that there is a consistent flow into the economy of adequately and suitably qualified professionals representative of the country’s demographics. This is done via various skills development initiatives both at a high school and tertiary education level in order to:


STRATEGIC ALLIANCE

Growing Thuthuka’s national footprint supports South Africa’s National Development Plan’s education objectives (Pictured: Nation Building Project Manager: Lerato Kotane)

STRATEGIC ALLIANCE


STRATEGIC ALLIANCE


THE THUTHUKA OPERATING ENTITIES

• Student Bursary Fund• Critical student support

programmes at undergraduate student level

• Student

• Career Awareness• Bursary Fund• Capacity Building• Critical student support

programmes throughout the value chain

• Learner – Student – Trainee

90% of learners in grades 3, 6 and 9 must achieve 50% or more in the annual national assessments in literacy, maths and science.

• EMS educator support programme

• Junior Accounting Olympiad• Maths Olympiad• Maths & Science Academy• Senior Accounting Olympiad• Development Camps

• Capacity building – assist historically disadvantaged institutions to achieve SAICA accreditation

• Unisa long-distance CTA Programme

• TVET CFO programme

• Over 3 000 TBF enrolments between 2005 and 2016

• Throughput rate for Thuthuka Bursary Fund students stands at 65% (vs a target of 50%)

Increase the number of students eligible to study towards maths and science-based degrees to 450 000 by 2030.

Increase enrolment at universities by at least 70% by 2030. The aim is for enrolments to increase to about 1.62 million from 950 000 in 2010.

Improve the university pass rate to 80% by 2030.

Expand the college system with a focus on improving quality to build confidence in the college sector and attract more learners. The recommended participation rate of 25% would accommodate about 1.25 million enrolments.

THUTHUKA & THE NDPThe NDP is a strategic framework produced by the National Planning Commission with the mandate to identify issues affecting the long-term development of the country and advise the Presidency accordingly. The ultimate vision of the NDP is to eliminate poverty and reduce inequality through growth by 2030. In achieving the objectives of the broader developmental framework, education has been identified as being a central component due its role in building an inclusive society that provides equal opportunities for

all, and aiding all South Africans to realise their full potential – particularly those previously disadvantaged by apartheid. The NDP emphasizes that the quality of education in the country is in dire need of improvement, and offers a long-term perspective on how to address the internal obstacles that constrain its delivery. Chapter 9 builds on the vision for education, training and innovation. The diagram below shows how the Thuthuka initiatives contribute to Chapter 9 of the NDP.

THUTHUKA EDUCATION UPLIFTMENT FUND

CHAPTER 9IMPROVING EDUCATION, TRAINING & INNOVATION

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THUTHUKA BURSARY FUND

NTIVO ENDOWMENT FUND

• B-BBEE Equity Ownership• Investment Management

OUR MISSION

OUR VISION

Our mission is to discover a wealth of talent and skills in communities to sustain profound growth in business leadership, and assure a prospering and diverse chartered accountancy profession equipped to deal with any challenges arising in the future of South Africa’s economy.

Our vision is clear: to develop responsible leaders.

STRATEGIC ALLIANCE STRATEGIC ALLIANCE

VALUE CHAIN SUCCESS STORIESIt is essential that the pipeline from school level into higher studies and the profession should continue to grow. Therefore, the Thuthuka programmes continue to address the longer-term objectives by growing the pipeline of learners entering university programmes towards a career in chartered accountancy. Significant attention is given to undergraduate, postgraduate and ITC programmes.

To enhance the impact on and supply to the profession, such efforts must be focused on producing better results from a relatively small pool of qualifying learners. The pipeline effect of the transformation strategy is best depicted in the form of a pyramid. To grow a pipeline for the profession, the transformation initiatives target a large number of learners at school level through career awareness and other initiatives. Learners who show the required potential and ability will also be reached through other initiatives such as the Development Camps discussed later in this report.

However, of the large number of learners reached at school level, only a small number will meet the criteria for and be accepted in undergraduate programmes. An even small number will enter postgraduate studies.

The top section of the pyramid shows the last stage of transformation strategy: those individuals who progress through university studies into training contracts and who write the final qualifying examinations towards becoming CAs(SA).

Top 35 under 35 finalist (2016)Lecturer: University of Pretoria

Thuthuka programme manager: University of Pretoria

1st TBF beneficiary in the Top 10 spot of the ITC (2016)2nd place in the University of Pretoria’s CTA class (2015)

TBF beneficiaryFinancial Manager: Group Risk, Finance and Operations division at Nedbank (2017)

Student Leadership Summit Winner (2016)

TBF beneficiary1st year trainee at Nedbank Ltd

Joint 2nd Runner Up: SAICA Accounting OlympiadAchieved 8 distinctions in matric

SEDZANI MUSUNDWA

AZILE NKABINDE

NHLAMULO KHOZA

MVELO HLOHPE

NTHULLENG MPHAHLELE

HAMINA MULLAH

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UNDERGRADUATE

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TGRA

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TRAINEE

NEW

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UALIFIED CA(SA)

YOUNG CA(SA)


STRATEGIC ALLIANCE


STRATEGIC ALLIANCE


THUTHUKA IMPACT ON THE SAICA VALUE CHAIN (SINCE INCEPTION)

SECONDARY EDUCATION OUTREACH• Business Development Games: 2 165 learners• Career Awareness: over 1 million learners• Development Camps: over 20 000 learners• Junior Accounting Olympiad: 4 417 learners• Maths & Science Academy: 100 learners • Orphaned Learner Support: 9 000 learners • Senior Accounting Olympiad: over 30 000 learners

THUTHUKA BURSARY FUND

PARENTAL SUPPORT INITIATIVE ITC REPEAT SUPPORT

PROGRAMME

HDI CAPACITY BUILDINGSCHOOL GOVERNING

BODY PROJECT

APC REPEAT SUPPORT PROGRAMME

EMS EDUCATOR SUPPORT

PROGRAMME

PARENTS

SCHOOLS TERTIARY INSTITUTIONS

TRAINING OFFICES

TERTIARY EDUCATION PROGRAMMES• Full-time CTA Programme: 2 580 bursaries• Part-time CTA Programme: 1 577 bursaries/support• Student leadership summit: 350 students and 30 business leaders each year• University support programme: 2 818 bursaries/support• Capacity-building programmes at HDIs: 8 608 bursaries

CTA EMPLOYMENT ALLOCATIONSTBF FUNDERS/TRAINING OFFICES• Public sector• Financial services• Commerce & industry• Small & medium firms• Large firms

HIGH SCHOOL LEARNERS

INFANTS - PRIMARY SCHOOL

LEARNERSTRAINEES

PROSPECT (DISCHARGED

ITC AND PASSED ITC)

STUDENTS

EDUCATORS ACADEMICS TRAINING OFFICERS

EXAMS(ITC AND

APC)EMPLOYERS

7 982BURSARIES

3 467PARENTS 1 316

BURSARIES

102VOLUNTEERMEMBERS

934BURSARIES

257TEACHERS

SAICA MEMBER

761TRAINEES

IN THE PIPELINE 400

QUALIFIED CAs(SA)

OVER

TVET CFO PROJECT41

MEMBERS

3UNIVERSITIESACCREDITED

AAT(SA)AGA(SA)CA(SA)

CHAIRMEN’S REPORT


CHAIRMEN’S REPORT


One of the values that the Thuthuka project teams always endeavour to instil in the secondary school learners and university students they work with, is the importance of perseverance in the journey to success. Our profession as chartered accountants calls for this – seven years of hard work and training, and all the challenges one encounters along the way, cannot be surmounted without sustained determination. The continued challenges our country’s education sector faced in 2016 were once again a reminder of the importance of this principle.

With continuously poor national rating in maths and science, disappointing matric results and a higher education sector still grappling with the #FeesMustFall issue, the need to stay the course in our work to bring about positive change has never been more evident.

Whilst the difficulties remained, an inordinate amount of work is being done to turn the country’s education situation around. Thuthuka is proud to be a custodian of many initiatives to drive this reversal. We and our partners understand that for many young South Africans, the only route out of poverty and towards financial freedom for themselves and their families – whom many of them help to support – is through education. This is the reason why TEUF exists, and we are proud of the work we are doing to provide education opportunities to young people, and to support their teachers and institutions.

The impact of this work has been tremendous in transforming our profession and increasing the pipeline of skilled people coming into the sector. Through one of Thuthuka’s trademark initiatives, TBF, over 400 students have now qualified as chartered accountants. The number of black and coloured CAs(SA) is now 5 968 in 2016, with over half (3 027) being female.

The Thuthuka CTA programme expanded in 2016 as well. The first cohort of Walter Sisulu University (WSU) CTA

absorbed into the labour market and become active participants in the economy. The success of TBF has proven that the high, even audacious, goals of ISFAP are indeed attainable.

In what may also be seen as a daring step, Thuthuka set itself the task at the end of 2015 to motivate more members in the profession actively to support and participate in our initiatives. We are pleased to announce that 2016 saw us accomplish this, with more members committing themselves to projects such as our school governing bodies programme; the CFO project in public hospitals and TVET colleges; as well as the TBF Pledge. The TBF Pledge far surpassed its 2016 target of R1.5 million to bring in over R2.6 million.

We appreciate the support of the members in contributing to the success of these projects. Our targets would not have been met, let alone exceeded, without the support of the firms, Thuthuka alumni and individual members, as well as our public and private partners in which many members have a presence and help drive the Thuthuka message.

We thank all our stakeholders for their valuable contribution towards achieving our successes. To our funders, the schools and universities we work with, our students, as well as SAICA members: we thank you. Your contributions are noticed daily, and we look forward to continuing our collaboration and inspiring more young people to take up scarce professions and become the drivers of our economy. To Chantyl Mulder and the SAICA Nation Building team who bring the vision of Thuthuka to life: thank you for your dedication and perseverance in the face of the many challenges you encounter while doing your work.

We look forward to seeing even greater results and more impact of our activities in the coming year.

students enrolled at University of Fort Hare (UFH) to complete their CTA. There was also the addition of two more universities to the programme, namely the UFH and Rhodes University.

Similarly, the TEUF schools programmes continued to grow, both in terms of national footprint and their impact. Their relevance and contribution to key national and SAICA priorities also became more evident (as seen through our strategic picture on p14 & 15). Our career awareness initiatives in all nine provinces reached over 69 000 learners through exhibitions and symposiums, Grade 9 career days and individual school visits. The EMS educator support programme piloted in four provinces reached 257 educators, and the parental support initiative reached 3 847 parents.

A landmark moment in 2016 came when the Ministerial task team set up to craft a sustainable funding solution for the higher education fees crisis identified the TBF model as the archetype for their solution. That solution, the Ikusasa Student Financial Aid Programme (ISFAP), has now been approved by Cabinet, and is being piloted at seven universities around the country for the 2017 academic year. Of key significance to ISFAP is a learning borne out by TBF: the importance of providing more than financial support to students. As with the TBF model, ISFAP will be centred on the provision of full wrap-around support to students, including social and psychological support. This gives them the best possible chance to succeed at their tertiary studies. Thuthuka is proud to have pioneered an innovative student funding model that is not only renowned nationally and globally for the skills development and transformation it has brought to the accounting sector, but that will become a model to benefit other scarce-skills professions that are vital for our economy – including for example engineering, actuarial science, medicine and pharmaceuticals, and scarce humanities. As with TBF, ISFAP will centre on funding students for employability, so that they can be

THUTHUKA CHAIRMEN

AJEN SITACHAIRMAN (TEUF)

SIZWE E NXASANACHAIRMAN (TBF)

TBF AND TEUF

CHAIRMEN’S REPORT

SIZWE E NXASANA AJEN SITA

MESSAGE OF THE EXECUTIVE DIRECTOR


MESSAGE OF THE EXECUTIVE DIRECTOR


“When I think of what my life was like and my

circumstances were like, had it not been for this bursary half of the

opportunities I have now (or perhaps all of them) would not be a reality.”

Siphosethu Ntswayi, TBF beneficiary and qualified CA(SA)

As a typical accountant, I admit that only since I started our work through Thuthuka do I really understand the meaning of the word ‘consolidation’. If we are to achieve radical economic transformation, we simply have to work together; there is no space for individualism.

To put it simply, our success equation looks like this:

STAFF + STAKEHOLDERS + DONORS + dedication + commitment + perseverance + passion = consolidation = THUTHUKA

From the outset, the strength of Thuthuka has been our stakeholders and our donors. We would never have been able to have accomplished what we have done thus far, had it not been for all those who have played a part. To me, this is the very best example of consolidation: adding it all together and showing that there is real strength in teamwork and believing that we can accomplish great things together! Thank you to our stakeholders and donors. We could never have achieved what we have without your support.

The Thuthuka staff have played and continue to play a very important role. When you walk into SAICA’s Nation Building division, you cannot miss a big wall that contains many certificates celebrating years of service. So, when looking at the above equation again, you’ll see that it all starts with the staff of Nation Building. Their commitment, dedication and perseverance have been the keys to what has been achieved in this division. I am reminded of a saying that goes: ‘You aren’t going to find anyone who is going to be successful without sacrifice and perseverance.’ These are the values that the Nation Building team have displayed and continue to display. Thank you to the best team in the world for your dedication, commitment, passion and perseverance. May your contributions towards radical economic transformation and building our nation be met with success year after memorable year!

MESSAGE OF THE EXECUTIVE DIRECTOR: NATION BUILDINGNothing great has ever been achieved where people do not work together.

CHANTYL MULDER

C MULDER

EXECUTIVE DIRECTOR: NATION BUILDING


SCHOOL IMPACT

KwaZulu-Natal Thuthuka Project Manager Sister Ntsele (front centre) with the learners from the KZN 2016 Development Camp

SCHOOL IMPACT


SCHOOL IMPACT


CORPORATES & OTHER

PROFESSIONALS

CA PROFESSION

(NATIONALLY)

EMS AND PARENTAL SUPPORT

DEVELOPMENTCAMPS

ACCOUNTINGOLYMPIADS

CAREER PROMOTION

& EXTRA CLASSES MATHS

ACADEMY(MSAAS)

LIFE ORIENTATION

SCHOOL BOOK

BUSINESSGAME

NECT

DBE NATIONAL

DBE PROVINCIAL

SAICA

SCHOOLS(LEARNERS, EDUCATORS AND PARENTS)

DONORS

PROGRAMMES

SAGE

IRBA

SCHOOL ECO-SYSTEM

The strength of all the programmes that Thuthuka runs at school level is achieved through the support of powerful partnerships. The initiatives are linked to the beneficiaries through a network of relationships developed over many years.

Through the power of collective collaboration, the complex structure is indicative of a strong network supporting the value-creating initiatives.

THE GOAL OF THUTHUKA’S SCHOOL PROJECTS IS TO SPREAD TWO KEY MESSAGES:

SCHOOLPROGRAMMES

WITH THE HELP OF

True collaboration − school level

THESE PROJECTS HAVE HAD A

OVER THE PAST

ONGOING DONOR SUPPORT,

THUTHUKA RUNS

OF MORE THAN

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47PROVINCES

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LEARNERS

POSITIVE IMPACT ON THELIVES & DECISIONS

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SCHOOL IMPACT


TOTAL SCHOOL INTERACTIONS 2016

BUSINESS GAMESTeaching entrepreneurial skills

PARENT SUPPORT INITIATIVETeaching parents the importance of the right subject choice

LIFE ORIENTATION (LO) SCHOOL BOOKTextbook and teaching guide for Gr 9 LO curriculum

EMS EDUCATOR WORKSHOPSTeaching assistance for EMS educators

MATHS & SCIENCE ACADEMY FOR ALEXANDRA SCHOOLSFunded by IRBAGr 10 supplementary maths, English, science and accounting lessons for schools in Alexandra

ACCOUNTING OLYMPIADSIn partnership with Sage OneMaking accounting an exciting subject choice for Gr 9, 11 and 12

DEVELOPMENT CAMPSDeveloping maths and accounting skills for Gr 12 learners

SOUTH AFRICAN MATHEMATICS OLYMPIAD In partnership with SAMOTeaching high school learners that ‘maths matters’

CAREER AWARENESSRoadshows, school visits, symposiums, etc.

3 467PARENTS

311SCHOOLS

5SCHOOLS

1 698SCHOOLS

789SCHOOLS

122SCHOOLS

1 044SCHOOLS

843TEACHERS

1 100TEACHERS

6 300SCHOOLS

272 000LEARNERS

2 100LEARNERS

3 476PARENTS

130 000COPIES

100LEARNERS

3 054LEARNERS

69 823LEARNERS

8 775LEARNERS

257EDUCATORS

85 000LEARNERS

SCHOOL INITIATIVES

SCHOOL IMPACT


SCHOOL IMPACT


SCHOOL INITIATIVE HIGHLIGHTS

Every year, Thuthuka runs and sponsors various Olympiads, academic support programmes and development camps to recognise academic talent and nurture an interest in pursuing the CA(SA) designation as a career.

Year after year, we see that participants in these interventions have an advantage over their peers going into their final matric exams. The results in 2016 were no different:

Thuthuka initiatives produce top matrics

Byron Christou, the national winner for SAICA’s Accounting Olympaid, clinched seven distinctions in his matric exams.

Sbongiseni Zondi, who attended the Kwa-Zulu Natal Development Camp, scored three distinctions – including scoring full marks for accounting.

Hamima Mullah and Cayley Tarr, who shared the joint second runner-up position for the SAICA Accounting Olympiad, both ended their matric year in triumph with eight distinctions each.

Nicholas Kroon, winner of the 2016 South African Maths Olympiad, achieved an astonishing 100% for mathematics,

alongside seven other distinctions.

Busisiwe Sibiya, a matric learner who attended the Mpumalanga Development Camp, achieved six distinctions.

BYRON CHRISTOU

SBONGISENI ZONDI

HAMIMA MULLAH

CAYLEY TARR

NICHOLAS KROON

BUSISIWE SIBIYA

“Thuthuka isn’t just about financial support, it also provided training to me as an individual. Training, not just to be a competent or smart technical CA(SA) but training to be a responsible person in society who wants to go out there to make a difference.”

Itumeleng Mabusha, TBF beneficiary and 2nd year trainee


The success of Thuthuka is a collaborative effort shared by the entire team (Pictured: The Thuthuka Administrative team (Jane Seate, Julia Nhlanhla and Lorraine Phiri)) UNIVERSITY

IMPACT

UNIVERSITY IMPACT


UNIVERSITY IMPACT


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FULL-TIME CTA

PROGRAMME

CAPACITY BUILDING

PROGRAMME

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CORPORATEDONORSPUBLICSECTOR

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WSU

MINING SECTOR

FOUNDATIONS

SMALL & MEDIUM FIRMS

LARGE FIRMS

FINANCIAL SECTOR

COMMERCE & INDUSTRY

INDIVIDUALS

THE GOAL OF THUTHUKA’S UNIVERSITY PROJECTS IS TO MAXIMISE THE THROUGHPUT PASSES OF STUDENTS WHO GO ON TO QUALIFY AS CAs(SA).

UNIVERSITY

25800PROGRAMMES

SCHOLARSHIPS,

SAICAACCREDITEDUNIVERSITIES

BURSARIES AND

NATIONWIDE.

SUPPORT INITIATIVES

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OVER

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As is the case for the programmes at school level, the strength of the programmes that Thuthuka runs at university level is achieved through the support of powerful and collaborative partnerships.

Again, the initiatives are linked to the beneficiaries through a complex network of relationships developed over a long period. The end results are strong, value-creating initiatives.

True collaboration – University level

UNIVERSITY IMPACT


UNIVERSITY IMPACT


7th

ULPOSTGRADUATE ACCREDITATION

510STUDENTS

16UNIVERSITIES

TOTAL UNIVERSITY INTERACTIONS 2016

CAPACITY-BUILDING PROGRAMMESBuilding capacity at historically disadvantaged universities through accreditation

APC SUPPORT PROGAMMESFunded by FassetPart-time academic and skills support for repeat APC candidates

PORTIA NGOMANEUFS

HARINA NDABAWITS

FULL-TIME CTA PROGRAMMEFunded by National Research FoundationSupporting graduates from Thuthuka’s undergraduate programmes throughout their postgraduate studies

CAPACITY-BUILDING PROGRAMMESBuilding capacity at historically disadvantaged universities through accreditation

RESPONSIBLE LEADERSHIPInstilling responsible leadership traits (3rd year TBF students and CTA students)

UNDERGRADUATE PROGRAMMES

POSTGRADUATE PROGRAMMES

THUTHUKA STUDENTS IN

CTA TOP 10

STUDENT LEADERSHIP SUMMIT (SLS)Main sponsor: Standard BankInstilling responsible leadership in aspiring CAs(SA)

CAREER PROMOTIONEnhancing the awareness of the CA(SA) designation among BCom students

16UNIVERSITIES

4 000STUDENTS

OVER

UNIVERSITY INITIATIVESTHUTHUKA BURSARY FUNDSupporting financially needy African and Coloured aspiring CAs(SA) at university

UNDERGRADUATE SUPPORT PROGRAMME FOR NON-THUTHUKA STUDENTSFunded by FassetAcademic and career support for 2nd and 3rd year African and Coloured students

WSU & UNIZULU

FIRST GRADUATES

220ENTRANTS

16UNIVERSITIES

745STUDENTS

9UNIVERSITIES

938STUDENTS

6UNIVERSITIES

265STUDENTS

1st

510STUDENTS

11UNIVERSITIES

UNIVERSITY IMPACT


UNIVERSITY IMPACT


UNIVERSITY INITIATIVE HIGHLIGHTS

Azile Nkabinde: first Thuthuka student to make the ITC Top 10 Azile’s love for accounting started when she attended a SAICA Development Camp at Durban’s Adams College during her Grade 11 year. This experience caused Azile to reassess her career choices, and she decided to apply to TBF so she could study towards a BCom at the University of Pretoria (UP) and become a CA(SA).

In 2016, Azile became the first Thuthuka Bursary Fund recipient to make the top 10 of SAICA’s Initial Test of Competence (ITC).

Azile’s message to the donors who help fund Thuthuka’s bursaries is: ‘Thank you for doing such an important job and investing in us as students!’

First group of CA stream students graduate at Walter Sisulu University and the University of Zululand It has been four years since Walter Sisulu University (WSU) and the University of Zululand (UniZulu) embarked on their journeys to gain SAICA accreditation for their four-year BCom degrees.

On 12 April 2016, thanks to much-needed financial aid from the Department of Higher Education and Training (DHET) and BANKSETA as well as academic support from the University of Cape Town and the University of Johannesburg, these efforts bore fruit when 27 students from WSU and seven from UniZulu’s initial 2012 cohort graduated.

University of Limpopo (UL) now fully accredited to produce chartered accountants UL’s Postgraduate Diploma in Accountancy (PGDA) is now recognised by SAICA for entry into the first of its professional examinations, the ITC. This in addition to accreditation of its undergraduate programme, which SAICA granted in 2014, means that UL students no longer have to move to another CTA-accredited university for the last year of their studies. They can now complete all four years of study at UL before entering a three-year training programme, writing SAICA’s two professional examinations and registering as CAs(SA).

UL’s postgraduate degree accreditation would not have been possible without

• the partnership between the University of Johannesburg (UJ) and UL to provide the appropriate capacity-building support and staff development;

• continued financial support from the National Skills Fund; and

• the leadership of the UL. Their vision and continued support for the implementation of this capacity-building project was of vital importance.

AZILE NKABINDE

UL

WSU &UNIZULU


THUTHUKA IN THE MEDIA

The Thuthuka TV ad encouraged South Africans to partner with us





TBF created a heart-warming TV advertisement to drive pledges for the fund. Thanks to the generosity of DSTV, the advertisement was shown between 10 November and 30 November 2016 across numerous channels including Vuzu (Channel 116), Kyknet (Channel 114), M-Net City (Channel 115), M-Net Smiles (Channel 105), SuperSport Blitz (Channel 200), SuperSport 1 (Channel 201), SuperSport 2 (Channel 202), SuperSport 3 (Channel 203) and SuperSport 4 (Channel 204).


THUTHUKA FLIGHTS ITS FIRST TV ADVERTISEMENT

Over the past year, the success of Thuthuka and its various projects and beneficiaries was showcased in the media over 500 times. With media coverage spanning across both regional and national media channels (online, print, radio and television), Thuthuka received twice the amount of publicity in 2016 as it has in previous years. In increasing its brand awareness through the media, Thuthuka was able to promote the importance of the great work it does and drive new partnerships and donor opportunities.

MEDIA COVERAGE

REACH

MEDIA COVERAGE

BY CHANNEL

63%REGIONAL

37%NATIONAL

47%PRINT

36%ONLINE

2%TV

14%RADIO

THUTHUKA RECEIVED DOUBLE

THE MEDIA COVERAGE IN 2016

AS IT DID IN 2015

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GOVERNANCE AND RISK MANAGEMENT

SAICA Chairman, Gil Gorgulho, spends time chatting to the SLS Top 30





THE THUTHUKA BOARDSIn the year under review, the Thuthuka Bursary Fund Trustees and the Thuthuka Education Upliftment Fund Board of Directors (collectively referred to as the Thuthuka Boards) ensured that they provided effective leadership through the adoption and application of good corporate governance practices based on the principle that strong corporate governance is central to ensure the sustainability of Thuthuka.

Every member of the Thuthuka Boards participates on a voluntary basis as part of their commitment to transformation. The members of these governance structures are senior and professional stakeholders representing the CA(SA) sector, academia, commerce and industry.

To approve all funding proposals relating to a period in excess of three years and R10 million put forward to donors, for projects in terms of the overall transformation plan under the Thuthuka name;

To establish and maintain organisational structures that will ensure the carrying out of the Boards’ duties;

To review internal control structures, including financial controls, accounting systems and reporting;

To monitor Thuthuka’s compliance with legal requirements;

To monitor the outputs of projects in terms of stated objectives, as well as the strategic plan;

To liaise with external stakeholders and donors, should the need present itself; and

To review the quarterly budgets compared to actual figures, and obtain reasons for variances as it relates to donor funded projects.

Directors receive information on their duties and responsibilities, as well as the risks facing Thuthuka on an annual basis.

The Thuthuka Boards have a management agreement with SAICA for the use of SAICA staff and infrastructure. The agreement governs how governance and reporting take place. The terms of reference may be summarised as follows:

• To act as the focal points for, and custodians of, corporate governance by managing their relationships with management, the members, and other stakeholders along sound corporate governance principles.

• To appreciate that strategy, risk, performance and sustainability are inseparable, and to give effect to this by:

- contributing to and approving the strategy;

- satisfying themselves that the strategy and business plans do not give rise to risks that have not been thoroughly assessed by management;

- identifying key performance and risk areas;

- ensuring that the strategy will result in sustainable outcomes; and

- considering sustainability as a business principle that guides strategy formulation.

• To provide effective leadership based on an ethical foundation.

• To ensure that Thuthuka is, and is seen to be, a responsible corporate citizen by giving due consideration not only the financial aspects of the business, but also to the impact that business operations have on the environment and the society within which it operates.

• To ensure that Thuthuka has an effective and independent audit committee.

• To assume responsibility for the governance of risk.

• To ensure that Thuthuka complies with relevant laws and duly considers adherence to non-binding rules and standards.

• To ensure that effective risk-based internal audits are undertaken.

• To appreciate that stakeholders’ perceptions affect the company’s reputation, and that this awareness is incorporated in relevant communication strategies.

• To ensure the integrity of any information about Thuthuka included in reports/reporting.

• To evaluate the performance of management.

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02

03

04

05

06

07

THE RESPONSIBILITIES OF THE BOARD INCLUDE:



A SITA

LL BAM

Deputy ChairmanErnst & Young CEO

Large Firms RepresentativeDeloitte Southern African CEO

Deloitte Africa CEO

T MAKWETU

D SHANGO

R MORATHI

M VILAKAZI

VM SEKESE

Auditor General SA: Auditor-General

PwC Southern Africa CEO

Nedbank Group Limited CFO

MMI Holdings Limited Group CFO

SizweNtsalubaGobodo CEO

TBF TRUSTEES S NXASANA

MR BOUWERSP KANA

M RUNGQU

TM NOMBEMBE

A VAN DER WATT

ChairmanNSFAS ChairpersonChairperson of the Missing Middle Ministerial Task Team: ISFAP

Individual CapacityIndividual Capacity

IDC SA Account ManagerAgro Industries SBU

SAICA CEO

HoD: Department of AccountancyUniversity of Johannesburg

ADVANCING EDUCATION MJN NJEKE

Silver Unicorn Training 33 (Pty) Limited Chairman

EMPOWERING YOUTH

SUSTAINABLE FUNDING






TEUF BOARD OF DIRECTORS

SUSTAINABLE FUNDING

RISK MANAGEMENTThuthuka’s strategy defines the future direction of the organisation. Risk is inherent in the business activities, in achieving the strategic objectives and in maximising the opportunities that arise.

The Thuthuka Boards are responsible for determining Thuthuka’s risk tolerance level. Management is responsible for the implementation of the risk management process, which involves the identification, evaluation, prioritisation, mitigation and monitoring of risks throughout the two entities.

Matters relating to risks are discussed at management meetings, and in order for the risk management process to be effective and practical, risks are linked to performance management processes. This results in risks being integrated and accounted for − at strategic, as well as at operational levels. Significant risks are reported to, and relevant action approved by the Audit and Risk Committee of SAICA and by the Thuthuka Boards.

The diagram on the right describes the combined assurance model of the SAICA Group (to which the Thuthuka entities belong) that informs the Board and Audit and Risk Committee‘s assessment of internal controls.

PRO

CES

S

PEOPLE

ADVANCING EDUCATION

K SWANEPOELCentral Region RepresentativeHoD: Centre for Accounting University of the Free State

A VAN DER WATTHoD: Department of AccountancyUniversity of JohannesburgZP ZATU

AWCA Representative

A SITAChairman

Ernst & Young CEO LL BAMDeputy Chairman

Large Firms RepresentativeDeloitte Southern African CEO

Deloitte Africa CEO

AK MOHAMMEDSAICA Senior Executive: Finance

SAICA: Office of the CEO

EMPOWERING YOUTH

EJ CARELSESouthern Region

Representative

R NCUBENorthern Region

Representative

A TIMOLEastern Region Representative

COMBINED ASSURANCE

3RD LINE OF DEFENCE:EXTERNAL ASSURANCE

2ND LINE OF DEFENCE:MANAGEMENT ASSURANCE

FRAMEWORKS

1ST LINE OF DEFENCE:MANAGEMENT

ERM CONTROL SELF - ASSESSMENTS

LEGAL & GOVERNANCE

EXTERNAL AUDIT

INTERNAL AUDIT

T MAKOFANEABASA Representative

Managing Director: Tamela Holdings


POWERFUL PARTNERS

SAICA staff get behind Thuthuka’s Mandela Day pledge campaign(Pictured: Teboho Moephudi, John-Paul Bagley and Didi Monnakgotla)

POWERFUL PARTNERS


POWERFUL PARTNERS


PARTNER WITH THUTHUKA AND HELP US BUILD THE NATION (B-BBEE CODES AND CHARTER)

YOU CAN HELP THUTHUKA IN A NUMBER OF WAYS:

The revised B-BBEE codes, which came into effect in May 2015, state that if your company has a revenue of more than R50 million, you need to place a larger emphasis on high priority status areas like skills development, enterprise development and supplier development to maintain your B-BBEE compliance.

In addition, the CA(SA) profession intends to have its sector codes (CA Charter) gazetted by the end of 2017. The vision of its sector codes, which is aligned

Make a financial contribution towards a student’s fees.

Share information about Thuthuka with your Facebook and Twitter contacts.

Note: all donations are tax deductible.Companies can obtain B-BBEE point by supporting Thuthuka

Share your business contacts with Thuthuka

for fundraising purposes, and encourage businesses you work with to make tax deductible donations, or to

collaborate with Thuthuka as a project sponsor or funder.

Tell your circle of friends about Thuthuka and

what we do.

Initiate fundraising ideas to support

Thuthuka projects and students.

Invest your skills development, supplier development and socio-economic development spend in Thuthuka projects and students.

to the overall B-BBEE codes, is to grow the number of African and Coloured people in the CA profession to reflect the country’s population demographics, and to empower and enable them to participate meaningfully in, and sustain the growth of, the economy − thereby advancing equal opportunity and equitable income distribution.

Below is a brief overview to explain how investing in Thuthuka can help you earn the points you need.

Optimise your B-BBEE scorecard by directing your spend towards building South Africa

B-BBEE element

Proposed financial

investment by client

Services to be rendered Comments

ENTERPRISE DEVELOPMENT – SUPPLIER DEVELOPMENT

1% of NPAT or 0.125% of turnover

Annual contributions to historically disadvantaged institutions made by the measured entity to capacitate them in developing future Black CAs (expressed as a percentage of the target)

The vision of the CA sector is to grow the number of Black people in the CA profession to reflect the country’s population demographics. One of the key ways in which to achieve this objective is to grow the pipeline through capacity building at the historically disadvantaged institutions, thereby ensuring that the quality of all the degrees obtained at these institutions is on a par with those of the accredited universities. This is seen by the profession as ‘supplier development’, as these universities provide the employers with future employees.

SKILLS DEVELOPMENT

4% of NPAT or 0.5% of turn-over

Specific bursary expenditure on current and potential Black employees, which includes amounts spent on the TBF (expressed as a percentage of NPAT or turnover)

Measured entities will be encouraged to direct their contribution through Thuthuka, indicating for what purpose the amount is paid as well as to which institution the funding should be allocated. As SAICA currently has programmes at all the historically disadvantaged institutions it will account to the CA Charter annually on monies received and spent.

SOCIO-ECONOMIC DEVELOPMENT

1% of NPAT or 0.125% of turnover

Annual value of all socio-economic development contributions made by the measured entity (expressed as a percentage of the target)

The aim of B-BBEE initiatives in the CA sector is to significantly increase the number of Black people who manage, own and control enterprises in the sector, as well as to contribute to decreases in income inequalities in the country in general. This is to be achieved by means of an integrated and coherent socio-economic process that directly contributes to the economic transformation of South Africa.

HOW CAN YOU HELP?

POWERFUL PARTNERS


POWERFUL PARTNERS


POWERFUL PARTNERSHIPS

Thuthuka thanks its partners for your confidence in us, and for your continued support.

Your investment and partnerships enable us to achieve what we did during the past year and have empowered us to help thousands of learners and students to realise their potential.

Thank you to the following organisations (listed alphabetically) for partnering with

us on our journey:

Allan Gray

BDO South Africa Inc

BMW Financial Services (Pty) Ltd

Anglogold Ashanti Ltd

Atcor

AWCA

BANKSETA

Accountants-On-Site

Datatec Ltd Deloitte

De Hoek Discovery Health (Pty) Ltd

Ernst & Young FASSET

Eastern Cape Department of Education

Export Credit Insurance Corp of SA

Financial Services Board

Finvision

First Rand Foundation

Fulton TrustGrant Thornton

Industrial Development Corp

Investec Interest Donations

Investec Donation

JSE Empowerment Trust

JSE Limited

Kagiso Tiso Holdings

Key Delta Donation

KMPG Foundation

KPMG

Kwa-Zulu Natal Department of Education

KZN Treasury

Lexis Nexis

Limpopo Department of Education

Mazars

Mkhiwa Trust

MMI Group Ltd

Mpumalanga Department of Education

MTN

Multichoice Support Services

Murray & Roberts

National Research Foundation

National Treasury

Nedbank

Nedbank SA Charity Golf Day

Nexia SAB&T

North West Department of Education

Office of the Auditor-General

Pioneer Foods Education

PricewaterhouseCoopersRemgro Management Services Ltd

RSM Betty & Dickson

Pick & Pay Retailers (Pty) Ltd

SAICA

Sanlam Foundation Trust

Sasol Group Services

Shoprite Checkers

Shoprite Checkers Standard

Bank

Tailor Me™Telesure Group Services

Telesure I-Cars Initiative

The Boardroom Alliance (Pty) Ltd

The Coca-Cola Company

The Independent Regulatory Board for Auditors

The Ivan Miosic Trust

Transnet Soc Ltd

University of Limpopo

University of the Free State

WDB Investment Holdings

Western Cape Department of Education

Woolworths MySchool Rewards

SizweNtsalubaGobodo

SkyNet

Sphere Holdings

SPJB Business and Financial Advisory (Pty) Ltd

PKF Rademeyer Wesson

SA Revenue Services Protea Hotel

SA Reserve BankSAGE

Northern Cape Department of

Education

National Education Collaboration Trust

National Skills Fund

Hudaco

Free State Department of Education

Gauteng Department of Education

Hach SAImperial Group Limited

THUTHUKA COMPANY PLEDGE DAYS RAISE OVER R300 000

NEDBANK’S 2016 SA CHARITY GOLF DAY RAISES R195 000 FOR ASPIRING

CHARTERED ACCOUNTANTS

In partnership with the major auditing firms and SAICA regional offices, TBF hosted Pledge Days around the country to get individuals to contribute towards bursaries for aspiring CAs(SA). Together, these events raised over R300 000 for TBF.

Special thanks goes to KPMG’s employees, who raised a fantastic R150 000 in October.

In September, over 300 golfers descended on England’s Burhill Golf Club with one aim in mind: to raise funds for seven life-changing

projects that nurture holistic childhood development and help end the poverty cycle in vulnerable South African communities. The Thuthuka

Bursary Fund was one of these charities – receiving a generous R195 000 from the Nedbank SA Charity Golf Day 2016 event.

COMEDIANS STAND UP TO HELP FUND TBF STUDENTS In November, five of SA’s finest comedians joined forces with TBF to host an exclusive comedy show to raise funds for aspiring CAs(SA).

Held at Parker’s Comedy Club in Monte Casino, the event featured the talents of Kagiso Lediga, Tyson Ngubeni, Ebenhaezer Dibakwane, Tshepo Mogale and Mo Mothebe, who participated in the event pro bono so that all proceeds could go to TBF. The event raised R42 339.

POWERFUL PARTNERS


POWERFUL PARTNERS


FRIENDS OF THUTHUKA

Thuthuka thanks the following individuals and companies for assisting us in specific fundraising projects this year:

THUTHUKA COMEDY SHOW

THUTHUKA COMPANY PLEDGE DAYS

R42 339TOTAL RAISED:

R300 000

TOTAL RAISED:OVER

Kagiso Lediga

Tshepo Mogale

Tyson Ngubeni

NEDBANK SA CHARITY GOLF DAY

R195 000TOTAL RAISED:

Margo Thomas

Leeroy Jason Photography

Sindiso Nyoni

First Rand

Protea Hotel

De Hoek

Ebenhaezer Dibakwane

Mo Mothebe

Pixelant Media

Pfanani Netshilinganedza

Bongile James

Mpho Ntshudisang

Henry Magosha

Joy Mokhutsane

Nangamso Mncwati

Setsoane Makhajne

Mandlakazi

Charity Simamane

Palesa Makobe (KPMG)

Penelope Witstock (EY)

Marion Veldtman (Auditor General Western Cape)

Candy Eaton (RSM South Africa)

Charity Simamane (PwC)

Lucille Pickersgill (Mazars Johannesburg)

“Thanks to Thuthuka, I am now qualified with a world-

class qualification and designation. Thuthuka helped shape and mold me into the

person I am today”

Michellene Barnes, TBF beneficiary and qualified CA(SA)

The Thuthuka Bursary Fund (TBF) is registered in South Africa in terms of the Trust Property Control Act, No. 57 of 1988, Trust Number: T459/88

The Thuthuka Education Upliftment Fund (TEUF) is registered as a public benefit organisation in terms of section 18(A) of the Income Tax Act. PBO taxation exemption number: 930010287

Physical Address: 17 Fricker RoadIllovoSandtonJohannesburg2196

Companies can contact: Didi MonnakgotlaTBF Business Development Manager011 621 [email protected]

www.saica.co.za/thuthuka

The Thuthuka Pledge Campaign:Individuals can join the Thuthuka Pledge Campaign by donating R500 or more to the Fund online at www.saica.co.za/thuthuka or do a direct deposit to:

Acc name: The Thuthuka Bursary Fund TrustBank: Standard BankBranch code: 000205Acc number: 000241199Acc type: Current AccountReference: TBF Pledge

Remember to make the Thuthuka Bursary Fund a beneficiary of your MySchool Card, Investec Dividends and Nedbank Greenbacks Rewards Programme.

Keep in touch:

Postal Address: Private Bag X32 Northlands2116

Tel: +27 11 621 6600Email: [email protected] (please mention Thuthuka in the subject line)

www.facebook.com/ThuthukaSAICA

https://twitter.com/saica_ca_sa

CONTACT DETAILS

REGISTRATION DETAILS

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