Company registration no: 05785598 Registered charity no: 1116617 The Endowment Fund for TaCRI (A Company Limited by Guarantee) Annual report and financial statements for the year ended 30 lune 2023
The Endowment Fund for TaCRI Contents Page Trustees and advisors Report of the Trustees Independent auditors, i'eport to the members ststement of financial activities io Balance Sheet li Notes to the financial statements 12-21
The Endowment Fund for TaCRI Trustees and advisors Trustees Professor Melchlor Mlambiti Dr Wilhelm Mafuru Godlove Stephen Company number 05785598 Registered charity number 1116617 Registered office C/0 Womble Bond Dickinson (UK) LLP The Spark Drayman's Way Newcastle Helix Newcastle Upon Tyne NE4 5DE Business address P O Box 3004 Moshi Tanzania Auditors Saffery LLP St Catherine'5 Court Berkeley Place Clifton Bristol BS81BQ Bankers CRDB Bank Limited POBOX 1302 Moshi Tanzania Solicitors Womble Bond Dickin.gon (UKJ LLP 3 Temple Quay Temple Back East Bristol BSI 6DZ Investment managers Quilter Cheviot Investment Management One Kingsway London WC2B 6AN
The Endowment Fund for TaCRI Report of the Trustees For the year ended 30 lune 2023 The Trustees present their report along with the financial statements of the charity for the year ended 30 lune 2023. Governlng document The Endowment Fund for TaCRI ["the Fund") is a company limited by guarantee, incorporated on 19 April 2006 and registered as a charity tsn 2 November 2006. The Fund was established under a Memorandum of Association which established the objecrs and powers of the Fund and is governed under its Articles of Association. In the event of the Fund being wound up each member promise5 to pay up to £1 towards the costs of dissolution and the liabilities incurred by the charity while the contributor was a member. The charity registration number, company number, principal office and registered office are noted on page l. Directors and Trustees The Directors ofthe Fund are its Trustees for the purpose of charity law and throughout this report are collertively referred to as the Trustees. The Trustees who Served during the course OF the year are noted on page l. The Trustees are appointed and serve in accordance wth the Articles oFAssociation. The Trustees meet two times a year. The Trustees [and key management personnel) receive no remuneration from the charity- The Board is composed of no fewer than three Trustees and a mayimum of five Trustees of whom no Fewer than two and a maximum of three are appoInd by the Tanzanian Coffee Research Institute ("TaCRI~) and no fewer than one and no more than two are appointed by the Government oFTanzania acting by the Minister of Agriculture. The Trustees appoint a Chairperson and a Treasurer from amongst themselves. Sub-groups and advisory boards can also be appointed to provide other resources of expertise. The Fund's legal advisors have worked with the Trustees to compile a Trustees. Policies document, as well as a Governance Timetable. They also provide legal and regulatory updates as required, to ensure that the Trustees, knowledge remains currenc Statement of Trnstees, responslbllltles The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prartice). Company law requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the Fund and of the incoming resources and application of resources, including the incowne and expenditure, of the Fund for that period. In preparing those financial statements, the Trustees are required to- select suitable accounting policies and then apply them consistent]y.' observe the methods and principles in the Charities SORP [FRS 102].. make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. prepare the financial statements on rhe going concern basis unless it 15 inappropriate to presume that the Fund will continue in business.
The Endowment Fund for TaCRI Report ofthe Trustees Forthe yearended 30 lune 2023 The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any tlme the financial position of the Fund and enables them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Fund and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware.. there is no relevant audit infomation of which the Fund's auditor is unaware; and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to estsblish that the auditrjr is aware of that informatio Objects and activities of the charity The objects of the Fund are to promote and condurt research into all aspects of coffee production in Tanzania and to disseminate the useful results of such research for the public benefit.. relieve the poverty of coffee producers in Tanzania by enabling and assisting them to improve the effective management of their natural resources,. and provide assistance and support to TaCRI in respect of the objects referred to above. Risk management The Trustees have assessed the major risks to which the Fund 15 exposed, in particular those related to the operations and finances of the Fund, and are satisfied that systems are in place to mitigate their exposure to the major risk5. Public benefit The Trustees are aware of the Charlty Commission guidance on public benefit and have paid due regard to this guidance when deciding on what activities the Fund Should undertake (as Set out below]- Achievement and performance During the year, the Fund has partly supported the following projects.. - Maintenance of germplasm, fleld trials and selection fields to be used in developing more productive coffee varietie5. Procured lamp forTissue Culture laboratory. The Institute used the laboratory to initiate Geisha coffee micro-propagation to provide true to type seedlings to stakeholders who are interested in growing it due to its exceptional quality and high price in the fflarkeL Two papers were Submitted and accepted a5 Posters in ASIC 29 Conference, Hanoi, Vietnam. Their titles are.. The response of improved varieties to secondary macronutrients and micronutrients (including copper), and Use of GIS to describe land use and selected soil properties at Lyamungu Estate. iv. Supported fare for two delegates to partScipate in agricultural show in the Westen zone in which an averdge of 837 stakeholders visited TaCRI pavilion to learn on the coffee technologies which were promoted. We continued to manage and expand coffee nurseries at Ndilima Litembo in Songea Municlpal in order to meet the increasing demand of coffee seedlings.
The Endowment Fund for TaCRI Report ofthe Trustees Fortheyearended 30 lune 2023 Provided support in conducting structured visits to various coffee stakeholder5 in Kigoma reglon to promote coffee technologies, strengthen parthership & discuss the challenges faang the coffee industry. Financial review The Fund Manager has continued to keep the Trustees up to date with quarterly investment reports on the performance of the Fund's portfolio and associated management costs. The Trustees noted that the value of rhe Fund during the 1st quarter of the Financial year decreased significantly due to significant decrease in stock market valuations as last year, also noted that Fund portfolio performed well in the 2nd quarter and it almost maintain this level of value for the 3rd and 4th quarters. The Trustees are optimistic that the portfolio will continues to outperforni its benchmark and feel that the effective percentage rate charged by the fund managers wll continue to be compets'tive given the scale, buying power and market access their service offers to the Fund. The Fund was set up with the intentlon of ensuring the long-terni financial sustainability of the Fund and the projects it supports for the public benefit The Fund would nomally draw funds to promote its Objects. During the financial year. we contlnued to utilize funds withdrawn from the Fund to support promotion of charitable Objects of the Fund. As at 30 lune 2023 the endowment funds totalled $3.662,779 (2022: $3,458,685J and the unrestricted funds totalled $896.876 [2022.. 985,606). Future plans Future plans are to draw the income as well as the capital of the Fund where ne¢e55ary, as the performance ofthe Fund improves during the next few years to achieve the Objects ofthe Fund. The major priorities will be to finance research activities in all aspects of coftee production and to disseminate the appropriate results of such research to the public for the purpose of achieving benefits such as reduced costs of coffee production and processing, improved coffee quality and therefore increased income5 of coffee growers for the sustainable reduction of poverty in coffee gmwing areas and improve income security and livellhoods. Reserves polScy The Fund has retained the original policy of building up the fund. but continued withdrawing from accrued income and capital to meet the charitable Objects of the Fund. During the financial year to 30 June 2023, $0 was withdrawn and utilized to support aLtivities to meet the charitable Objects of the Fund (2022.. $374,180).
The Endowment Fund for TaCRI Report of the Trustees Forthe year ended 30 lune 2023 Auditors Saffery LLP have expressed their willingness to remain ill office as auditors. This report has been prepared in accordance with current Statutory requirements, the memorandum of association and Accounting and Reporting by Charities.- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard In the UK and Republic of Ireland (FRS 102) [effective l january 2019) - (Charities SORP [FRS 102]], the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. i.q..l.osl Approved by the Trustees on ........... ... 2024 and signed on their behalf by: Professor Melchior Mlambiti Chair Board of TTUStees
The Endowment Fund for TaCIU Independent audItOr report to the members For the year ended 30 June 2023 Opinion We have audited the financial statements of The Endowment Fund for TaCRI for the year ended 30 lune 2023 which comprise the Statement of Financial Activities. Balance Sheet and notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102. the Financi31 Reporting Standard applicable in the UK and Republic of Ireland [United Kingdom Generally Accepted Accounting Practice). In our opinion, the financiat 5tatements'. give a tnje and fair view of the charitable company's state of affairs as at 30 June 2023 and of its incoming resources and application of resources, including its incoTne and expenditure, for the year then ended; have been properly prepared in accordance wSth United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) [ISAs [UK)} and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial stateTnents section of our report We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial 5tatetnents in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these Fequirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinio]L Concluslons relatlng to golng concern In auditing the financial starements. we have concluded that the trustees. use of the going concern ba5lS of accounting in the preparation of the Financial statements is appropriate. Based on the work we have performed, we have not Identifled any material uncertainties relating to events or conditions thaL individually or Collectively, may cast significant doubt on the charitable company's ability to continue a5 a going concern for a period of atleast twelve months From when the financial statements are authorised ftsr Issue. Our responsibilitie5 and the respott5ibilities of the trustees with respect to goirng concern are described in the relevant sections of this reporL
The Endowment Fund for TaCRI Independent audltor5' report to the members Fortheyearended 30 June 2023 Other Information The trustees are responsible for the other inforniation. The other inforTnation comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statetnents does not cover the other information and, except to the eKtent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. In connectioin with our audit of the financial statements, our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identlfy such tnaterial inconsistencies or apparent tnaterial misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement ofthe other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information,- we are required to report that fact We have nothing to report in this regard. Oplnions on other matters prescribed by the Cornpanies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees. Report for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exception In the light of the knowledge and undersranding of the charitable company and its environment obrained in the course of the audiL we have not identified material misststements in the Trustees, ReporL We have nothing to report in respect of the following matters where the Cotnpanies Act 2006 requires us to report to you if, in our opinion.. adequ3te accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us.. or the financial statements are not in agreement with the accounting records and returns,. or certain dis¢losure5 of trustees, remuneration specified by law are not made.. or we have not recelved all the information and explanations we require for our audit., or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and to take advantage of the small companies exemption in preparing the Trustees, Annual Report and the Strategic ReporL Responslblllties of trustees As explained more fully in the Trustees, Responsibilities Statement set out on page 2, the trusrees (who are also directors of the charitable company for the purposes of company law) are responsible foi the preparation of the financial statements and for being satisfied that they give a true and fair vlew, and For such internal control as the trustees determine is necessary to enable the preparation OF Financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable compan$ ability to continue as a going concern, disclosing, as applicable, matters related to going concern dnd Using the going concern basis of accounting unless the trustees either intend to Ilquldate the charitable company or to cease operations, or have no realistic alternative to do so.
The Endowment Fund for TaCRI Independent auditors. report to the members For the year ended 30 lune 2023 Auditor's responsibilities for the audit of the financial statements We have been appointed as auditors under the Companies Art 2006 and report in accordance wtth regulations made under that ACL Our objectives are to obtain reasonable assurance about whether the financial ststements as a whole are free fron] material misstatemen¢ whether due io fraud or error, and to issue an auditor's report that Includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) wÉll always detect a material misstatetnent when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilitles, outlined above, to detect material mlsstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including Iraud are detailed below. Identifying and assessing risks related to irregularities.. We assessed the susceptibility ofthe charitable company's financial statements to material misstatement and how fraud might occur. including through discussions with the trustees, discussions within our audit teatn planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We Identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates. Laws 2nd regulations ofdirect significance in the context of the charitsble company include The Companies Act 2006. and guidance issued by the Charity Commission for England and Wales. Audltresponse to risks identified.. We considered the extent of compliance with these laws and regulatlons a5 part of our audit procedures on the related financial statement items including a review of financial Statement disclosures. We reviewed the charitable company's records of breaches of laws and regulations, minutes OF meetings and correspondence with relevant authorities to identify potential Tnaterial misstatements arising. We discussed the charitable company's policies and procedure5 for compliance with laws and regulations with metnbers of management responsible for compliance. During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or Fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifylng any significant transactions that were unusual or outside the normal course of business. We assessed whetherjudgements made in making accounting estimates gave rise to a possible indication OF management bias. At the completion stage of the audiL the engagement parrner's review Included ensuring that the team had approached their work with appropriate professional sceptiCi5m and thus the capacity to identify non-compliance with law5 and regulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non. compliance with laws and regulations is from the events and transactions reflected in the financial statetnents, the less likely we would become aware of IL Also, the risk of not detecting a material
The Endowment Fund for TaCRI Independent auditor5. report to the members For the year ended 30 lune 2023 misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, For example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. www.frc.org.uk/auditorsrespon5ibilities. This description forms part of our auditor'5 report. Use of our report This report is made solely to the charitable company's ¥nembers, as a body. in accordance with Chapter 3 of Part 16 of the Companies Att 2006. Our audit work has been undertaken so that we might State to the charitable company's members those matters we are required to state to them in an auditorf5 report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable compan5 members as a body. for our audlt worl for thi5 reporL or for the opinions we have formed. 21.OS.1014 Michael Strong (Senior Statutory Auditor) For and on behalf of SafferyLLP Chartered Accountants Statutory Auditors St Catherine's Courl Berkeley Place Clifton Bristol BS8 IBQ Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
The Eudowment Fund for TaCRI Statement of financial artivities (includlng 5ncome and expenditure account) Forthe year ended 30 lune 2023 Notes Unrestricted nds Endowment funds 2023 Total funds 2022 Total tunds Income from: Investments 88,070 8,613 96,683 88,070 76,429 340 Interest 120 8.733 96,803 Total 120 76,769 Expendlture on: Charitable 3Cttvities (66,968) [66,968) (98,142) Investment management 16,078 16.078 19.499 Total 66.968 16.078 83,046 117.641 Net galns/(losses) on investments Net inCome/{expendirc] 101,607 182,212 101,607 115,364 {464,258J (505,130) (66,848) Transfers between funds 2 1,882 21,882 Net movement in funds [88,730] 204,094 115,364 [505,130] Total funds brought forward 985,606 3,458,685 4,444,291 4,949,421 Total funds carried forward B96,876 3,662,779 4,559,655 4.444.291 All of the above results derive fr02n continuing artivitie5 of the Charity. The Statement of Financial Activities includes all gains and losses recognlsed in the period. ID
The Endowment Fund for TaCRI Balance sheet As at30 lune 2023 Notes 2023 2022 Fixed assets: Investments Tangible assets 3,658,149 9,702 3,481,716 10,344 3.667.851 3,492,060 Current assets: Debtors Cash at bank and in hand 972,664 17,729 990,393 1,011,867 29,929 1,041,796 Liabilities: Creditors.. amounts falling due within one year Net current assets 98,589 891,804 89,565 952,231 Total net assets 4 559,655 4,444,291 The funds of the charity: Endowment funds 3.662.779 3.458,685 Unrestrtcted funds 896,876 4,559,655 985.606 4,444,291 Total charity funds io, li Approved bythe Trustees for issue on ............ 2024 and signed on their behalf by.. Professor Melchior Mlatnbiti Chair Board of Trustees Company registration no. 05785598 li
The Endowment Fund for TaCRI Notes to the financial statements For the year ended 30 lune 2023 Accounting policies 1.1 Company informatfion The Endowment Fund for TaCRI is a private charitable company limited by guarantee incorporated ith England and Wale5, company number 05785598. The registered otFice is The Spark Drayman's Way. Newcastle Helix, Newcastle upon Tyne. NE4 5DE. The charity receives investment income and makes grants for research into coffee production in Tanzania. 1.2 Basis of preparatlon The financial statements have been prepared in accordance wlth the Statement of Recommended Pn7Ctice.- Accountin9 and Reporting by Charitie5 preparing their accounts in accordunce with the fftrJt7nciGI Rept>rting Standard applicable in the UK and Republsc oflreland (FRS 102J effective I january 2019 and the FinrJncitsI Reporting Standard applicL7ble in the Unlted Kingdom ond Republic oflreland (FRS 102) and the Charit185 Art2011, the ComponiesAct2006 and UK Generally Accepted Accounting Practice as it applSes from I lanuary 2019. The charity constitutes a public benefit entity as deFined under FRS 102. The financial statements are prepared in US dollars. The functional currency of the charity is Tanzanlan dollars. Monetary amounts in these financial statements are rounded to the nearest $1. These financlal statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. There are no material uncertainties about the charity's abiliry to contintje as a going concern. 1.3 Incoming resources Donations are credited on a receivable basis unless related to a specific period, in which case they are deferred until that period. Investtnent iTbcome is credited on a receivable basis. All other Income is recognised once the charity has entitlement to the resources, it is probable the resources will be received and the monetary value of the incoming resources can be measured with Sufficient reliability. 1.4 Resources expended Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accrua15 basis, including irrecoverable VAT and has been classified under headings that aggregaie all cosrs related to the category. Governance costs include those incurred with constitutional and statutory reqLLirements. 1.5 Cash and rash equivalents Cash and cash equivalents are basic financial assets and include cash in hand. deposits held at call with banks, bank overdrafts or other short-tenn liquid investments with original maturities OF three tnonths or le5S. 12
The Endowment Fund for TaCIU Notes to the financial statements Forthe year ended 30 lune 2023 1.6 Financial instrnments The company has elerted to apply the provisions of Section 11 'Basic Financial Instruments, and Sertion 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's statement of flnancial position when the company becomes party to the contractual provisions of the instrumenL Financial assets and liabilities are offset. with the net amounts presented in the financial Statements, when there is a legally enforceable right to set off the recognised amounts and there Is an Sntention to settle on a net basis or to realise the assec and settle the liability simultaneously. Basic financial assets Basic financial assets, which includes other debtor5, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transattlon, where the transaction is measured at the present value of the future receipts discounted at a market rate oFinteresL Basic financlal Ilabilltles Basic financial liabilities, including trade creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the futhre receipts di5tounted at a market rate of interesL Financial liabilitie5 classified as payable within one year are Dot amorti5ed. Debt instrument5 are subsequent]y carried at amortised c05t, Using the efFecEive interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as 'creditors= amounts falling due within one year, if pxyment is due within one year or less. If not, they are presented as 'creditors'. atnounts falling due after more than one year,. Trade creditors are recognised initially at transaction price and subsequently measured at amorti5ed cost Using the effecttve interest method. 1.7 Investments Investments held are re-valued at the mid-market value at the balance sheet date and any gain or IDSS arising is taken to the Statement of Financial Activitie5. 1.8 Funds strncture Unrestricted funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects. The endowment fund represents an expendable endowment received from the European Commission which may be applied at the discretion of the Trustees towards the charity's objects. 1.9 Forefign currency translation Monetary assets and liabilities denominated in foreign currencies are trdnslated into US Dollars at the rates of exchange ruling at the balance sheet date. Where exchange rates have not fluthated materially. transactions in foreign currencies are recorded at an average rate of exchange for the accounting period. Other transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the Ststement of Financial Activities. 13
The Endowment Fund for TaCRI Notes to the financial statements Forthe yearended 30 June 2023 1.10 Reporting currency The charity's reportlng currenLy is the US Dollarsince this is the main currency in which the charity's assets are held. 1.11 Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less depreciatiort. Depreciation is provided on these assets at annual rates calculated to write off the cos¢ less estimated residual value, of each asset over its expected useful life as follows.. Farm equipment Office equipment Laboratory equipment 5- 20 year5 Straight line 5 - 12 years straight line 5 - 15 years straight line 14
The Endowment Fund for TaCRI Notes to the financial statements Forthe year ended 30 June 2023 Charitable artivities 2023 2022 Wages and salaries Bank charges Office costs 1.197 48.597 508 1,798 7,249 771 85 Depreciation Profit / (Loss) on foreign currency fluctuations Coffee Crop Production Motor running costs Governance costs (note 3) 642 9.096 3,870 1,808 49,762 (2,870) 42,597 66,968 98.142 Dur5ng the year, the Endowmeni Fund for TaCRI did not have any employees but funded external salary costs. These costs totalled $1,197 [2022- $48,597). This Cost has been included within wages and salaries. There were no employees with emoluments above $78,000 In either of the 2023 and 2022-year ends. 15
The Endowtnent Fund for TaCRI Notes to the financial statements Forthe year ended 30 lune 2023 Governance costs 2023 2022 AGM and progress review meetings Audit fees 4.313 6,882 39,963 30.183 Compèny secretarial 5,486 5,532 49,762 42,597 Taxation None of the income received by the charity is subjert to UK Corporation Tax. As such, there is no tax arising on the movement in Funds during the year. Transactions with Trustees Three Tnjstees had their expenses met by the charity for their attendance at Trustee board meetings. The costs incurred covered reasonable travel, accotnmodation and subsistence only and totalled $4,314 (2022.. $6,882). No Trustee received remuneration during the year. 16
The Endowment Fund for TaCRI Notes to the financial statements Forthe yearended 30 lune 2023 Investments Total endowment funds Total endowmellt funds 2023 2022 As at I luly 2022 Additions 3,481,716 4,259,282 497,817 363,345 (256,357] Disposals [LossJ on currency fluctuations (Loss)/gain on investments Movement on cash accounts (6B8,278] (93,475] 194,295 37,217 {477,410J 146,9 12 31.375 Balanceat 30 lune 2023 3.658.149 3.481,716 Investments at marketvalue comprised: Total endowment nds 2023 Total endowment funds 2022 Flxed interest5ecuritie5 738,314 2,291,694 568,666 59.475 532.241 Equities Alternative investsnents 2.259.119 599,508 Cash and cash products 90,848 3,658,149 3,481,716 17
The Endowment Fund for TaCRI Notes to the (Inanclal statements For theyearended 30 lune 2023 Tangible fixed assets Laboratory equipment Farni equipment Office equipment Total C05t At I july 2022 Additions 6,990 3,552 7,563 IB.105 At 30 lune 2023 6,990 3,552 7,563 18,105 Depreciatlon At I luly 2022 Charge for rhe year At 30 JuTre 2023 1,218 433 1,589 96 4,954 113 7,761 642 1,606 1,657 4,997 8,260 Net book value A5 at 30 June 2023 As at 30 lune 2022 5.339 5.772 1,867 2,496 9,702 1,963 2.609 10,344 Debtors 2023 2022 Other debtor5 972.664 1.011.867 Included within other debtors is a bridging loan to TaCRI of $961,593 (2022: $1,005,473), $463.453 (2022= $754.105) of which is due after more than one year. Postyear end. the board of trustees agreed to convert $503,937 of the loan due within one year to a grant during the year ended 30 June 2024. 18
The Endowment FuDd for TaCIU Notes to the financlal stateJnents Fortheyear ended 30 lune 2023 Creditors: amounts falllng due within one year 2023 2022 Trade CTeditors 7,285 47.066 44,238 1,832 47,674 40,059 Other creditors Accruals 98.589 89,565 10 Analysis of charltable funds Balance Transfers I luly Incoming Resources between 2022 resources expended funds Galn/(Loss) OD investments Balance 30lune 2023 Unrestricted funds 985,606 120 (66,968) (21.882) 896,876 Endowment funds 3,458.685 4,444,291 96.683 96.803 16,078 83,046 21,882 101,607 3,662,779 101,607 4,559,655 The endowment fund represents an amount received from the European CommissioTE which may be applied at the discretion of the Trustees towards the charity's objects. During the year. Inil [2022: $374,179) was wlthdrawn from the fund for use towards the charitable objects. The balance remainlng unspent at the year-end is included within unrestricted funds as the fund is expendable at the discretion of the Trustees. 11 Analysis of net assets between fvnds Unrestricted funds Endowment funds Total Investments and fixed assets 9,702 963,B17 3,658,149 3,667,851 972,664 Debtors 8,847 Cash at bank and in hand 17,729 17,729 98.589 Creditors 4,217 896,876 3,662,779 4.559,655 19
The Endowment Fund for TaCRI Notes to the finandal statements Forthe yearended 30 lune 2023 IZ Related party transactions Included In other debtors is $961,160 [2022: $1.005.473J of amounts advanced to TaCRI under a bridging loan finance agreeJnenL No interest has been charged on this loan. During the year. the charity funded expenses of TaCRI totalling $nil [2022.. $305,081]. Included in other creditors is $46,OS7 [2022= $45,862) owed to TaCRI. During the year, TaCRI funded expenses of the chartty totalling $39,283 (2022= $16,791]. TaCRI is related to the charity by a common director. 13 Postyear end trnnsactlons A5 per note 8. post year end the board agreed to convert $503.937 of the bridging loan with TaCRI to a grant during the year ended 30 lune 2024. The board also agreed to a separate grant of $395,000 to TaCRI postyear end. 20
The Endowment Fund for TaCRI Notes to the financial Statements Fortheyearended 30 June 2023 14 Comparative statement of financial activities Unrestrlrted funds Endowment funds 2022 Total funds Income from: Investments 76,429 23 76,429 340 Interest 317 Total 317 76,452 76,769 Expenditure on: Charitable activEties 98,142 98.142 Investment management Total 19.499 19.499 98,142 19,499 117,641 Net gains/[losses] on investments (464,258) (464,258) Net income/(expeThditure) (97,825] (407,305) (505,130) Transfers between funds 374,179 (374,179) Net movement in funds 276,354 (781.484) [505.130) Total funds brought fi)rward 709,252 4.240,169 4,949,421 Total funds carrled forward 985,606 3,458,685 4,444,291 zi