The Upstream Training Trust (UTT) is a public benefit organisation (PBO) that enjoys tax-exempt status in terms of section 18A of the Income Tax Act of 1962.
The UTT is governed by a Trust deed lodged with the Master of the High Court, Cape Town and signed in November 2003 by the Petroleum Agency SA and the UTT trustees. [This trust replaced the 1997 Trust deed signed between the founder Soekor (Pty) Limited and the UTT trustees, and was necessary to allow the adoption of a new constitution enabling the UTT to apply for tax-exempt status in accordance with amendments to the Income Tax Act.]
A copy of the trust deed can be obtained from the UTT Administrator, Ms Mabee Mdlalose, at firstname.lastname@example.org
Management and Reporting
The UTT has at all times at least three and a maximum of five trustees, nominated by
- the Department of Minerals and Energy
- the Petroleum Agency SA
- the donor companies
The trustees meet at least twice each year. The chairman is, in terms of the trust deed, appointed or nominated by the Petroleum Agency SA. The management body comprises persons employed full-time by the Petroleum Agency.
Financial statements are produced annually, approved by the board audit committee of the Petroleum Agency and the trustees, and audited by an independent external auditor.
In as far as it is administered by the Petroleum Agency SA (an operating subsidiary of the Central Energy Fund [CEF]), the UTT falls within the ambit of the following legislation:
- The CEF Act (38 of 1977)
- The Mineral and Petroleum Resources Development Act (28 of 2002)
- The Minerals Act (58 of 1962)
- The Public Finance Management Act (1 of 1999)
and associated regulations to all the above.