Page 281 - SAMRC Annual Report 2023-24

FINANCIAL INFORMATION

ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
NOTES TO THE ANNUAL FINANCIAL STATEMENTS

(CONTINUED)

31 MARCH 31 MARCH
2024 2023
R R
18. Earmarked funds
Botha trust 151,636 151,636
Bruhns trust 1,544,764 1,437,497
Melville Douglas trust 13,325 13,325
Q&S Abdool Karim trust 3,334,123 3,083,866
FJ Kleynhans trust 111,442 111,442
5,155,290 4,797,766
The Earmarked funds are donations; bequests from deceased estates or cash received for a limited period to be used for
visiting eminent scientists; cancer research or tuberculosis research.

The Earmarked funds are held at the Reserve Bank.
The monies are ring fenced separately from the cash balances of the SAMRC refer to note 8.

The Bruhns and Q & S Abdool Karim trust funds earned interest.

19. Accumulated surplus

Accumulated surplus 412,948,611 434,315,218

The policy of the SAMRC is to maintain a reserve of R50 million to provide for any unforeseen health emergencies. The
accumulated surplus at the end of the reporting period is required to fund capital projects and other commitments as well
as the maintenance of current funding levels of research projects over the MTEF period. The surplus will also be used to
attract equivalent leverage funding from international funders.

20. Revenue

Income from contracts, grants and services rendered (exchange) 552,429,032 466,501,867
Rental income 6,208,292 6,661,641
Gain on foreign exchange 1,162,965 8,458,753
Other income 13,277,161 12,910,101
Interest received – investment 62,613,758 42,317,948
Dividends received 181,529 227,927
Fair value adjustments 211,431 –
Government grants & subsidies 660,413,043 677,264,348
Income from contracts and grants (non-exchange) 134,413,603 126,871,219
1,430,910,814 1,341,213,804

SAMRC ANNUAL REPOR T 2023-24 279