WESSA Annual Review 2022

FINANCIAL REVIEW A The 2022 financial year has been quite an interesting and exciting one for WESSA with the organization undergoing a strategic review. A new strategy was approved in July 2022. The Audit, Risk, and Assurance Committee is an independent oversight of financial and governance issues facing WESSA. The guidance we are receiving from this committee is very valuable and highly appreciated. Management has a strong focus on ensuring sound governance throughout the organisation. The Senior Financial Manager and CEO are working closely together to identify financial risks and implement sound financial and procedural controls. An ample surplus of R923 534 is reported for the 2022 financial year which has improved significantly from the previous financial year’s deficit of R2 594 561. The previous year’s deficit was unfortunate and emanated in large part from the impacts of the COVID-19 pandemic. However, the main contributor to this surplus is the revaluation of investments to fair value of R2.7m. Total income decreased by 5% yearly from R32.4 million to R30.7 million. This is mainly due to the significant decrease in donations which was R12.7 million in the previous year (due to a very generous donation of R10.2 million from the Mrs. Van Wyk estate) whereas donations income was R953 434 in the 2022 financial year. However, if the income is considered without donations, then there was an increase in income. Total expenditure of R33 million has increased by 12% from the spending in the previous financial year of R29 million.

GROUP GENERAL FUNDS STATEMENT OF SURPLUS OR DEFICIT AND OTHER COMPREHENSIVE INCOME for the year ended 31 March 2022

2022 R

2021 R

Income

30 705 718 (33 026 426) (2 320 708)

32 366 888 (29 373 234) 2 993 654 (3 697 431)

Expenditure (Deficit)/Surplus before impairment

Impairment refersal/(expense): Related to party loan

476 433

Deficit before tax

(1 844 275)

(703 777)

-

-

Tax expense

(1 844 275) 2 767 809 2 767 809

(703 777)

Deficit for the year

Other comprehensive income/(loss) Revaluation/(devaluation) of investments to fair value General funds surplus/(deficit) and other comprehensive income/(loss) for the year

(1 866 762) (1 866 762)

923 534

(2 570 539)

-

(24 022)

Specific funds

Total general funds and specific funds surplus/(deficit) and other comprehensive income/(loss) for the year

923 534

(2 570 539)

SOURCES OF INCOME The comparison of year-on-year sources of income is illustrated above. There has been an increase in self-generated income due to the gradual easing up of the lockdown restrictions and the restrictions subsequently falling away completely. Donations income declined significantly, this is due to the unexpected donation of R10.2m which was received in the 2021 financial year. There was an increase in income from SA Government due to the redirection of funds on our Groen Sebenza project funded by Department of Forestry and Fisheries and an increase in beach registration fees.

SA Government

2021 25% 2022 39% 2021 5% 2022 7% 2021 12% 2022 19% 2021 2% 2022 10% 2021 3% 2022 6%

Foreign Independent Donors

Self-Funded Sales- Corporates Self-Funded Sales-Education Centres

Private Individuals (Members)

Bequests/Donations (Spesific)

2021 2021 2022 2022 2021 2022

39% 2% 5% 5% 12% 9%

Interest Income

Investment Income