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 appoIn￿d 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 compan￿5 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/{expendi￿rc]
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