COMMUNITIES – CORPORATE SOCIAL INVESTMENT
Socio-economic development is important to the sustainable economic growth of the country and the Group recognises its responsibility to contribute to community upliftment and economic empowerment. Corporate social investment (CSI) is therefore central to the overall transformation strategy and the Group achieved the maximum score for socio-economic development in the latest broad-based black economic empowerment (BBBEE) rating based on the Department of Trade and Industry's Codes of Good Practice.
The Group's CSI programme has in recent years focused increasingly on healthcare (as shown in the accompanying diagram), with a secondary focus on projects in education, social development, arts and culture, and sport. The CSI strategy has also been realigned to invest in fewer but more substantial projects to make a greater impact on uplifting social infrastructure in order to benefit people specifically from disadvantaged communities.
The CSI programme is funded through three trusts. These trusts were established to accumulate funds that would ultimately enable the CSI programme to become self-sustaining. The investments held by the three trusts totalled R120.4 million (2010: R105.0 million) at the end of the financial period.
| Truworths Social Involvement Trust |
Truworths Community Foundation |
Truworths Chairman's Foundation |
Objective:
Supports organisations and projects that do not qualify for tax-exempt status. |
Objective:
Supports beneficiaries with public benefit organisation status. |
Objective:
Supports beneficiaries with public benefit organisation status that are approved in terms of section 18A of the Income Tax Act. |
Trustees:
Divisional Director: Human Resources
Finance Executive
Human Resources Executive |
Trustees:
Divisional Director: Human Resources
Finance Executive
Human Resources Executive |
Trustees:
Chairman of Truworths International
Chief Executive Officer
Finance Executive |
Investments at
period-end:
R86.2 million |
Investments at
period-end:
R29.4 million |
Investments at
period-end:
R4.8 million |
CSI DONATIONS
The table below outlines the Group's donations to CSI:
| Summary of CSI donations |
|
2011 |
2010 |
| Donations by the Group to the CSI trusts |
(R'000) |
18 178 |
13 359 |
| Donations of merchandise for distribution to charities |
(R'000) |
1 256 |
2 268 |
| Total donations by the Group |
(R'000) |
19 434 |
15 627 |
| Total donations by the Group as a percentage of Group's after-tax profit |
(%) |
1.0 |
00.97 |
| CSI disbursements and funds committed by the trusts |
(R'000) |
3 098 |
3 877 |
| Number of CSI projects supported during the period |
|
38 |
64 |
| Number of beneficiaries assisted in ongoing projects |
|
3 705 |
4 139 |
| Number of CSI projects supported for over 10 years |
|
11 |
19 |
EXPENDITURE BY FOCUS AREA
