Company registratlon no: OS785598 Reglstered charity no: 1116617 The Endowment Fund for TaCRI (A Company Limited by Guarantee) Annual report and financial statements for the year ended 30 lune 2024
The Endowment Fund for TaCIU Contents Page Trustees and advlsors Report of the Trustees Independent aud*tors' report to the members Statem ent of financlal activlties 10 Balance sheet li Notes to the fjnancial statements 12-21
The Endowment Fund for TaCR] Trustees and advisors Trustees Professor Melchior Mlambiti Dr Wilhelm Mafuru Godlove Stephen Con)pany number 05785598 Registered charity number 1116617 Reglstered offlce C/0 Womble Bond Dlcldnson (UKJ LLP The Spark Drayman's Way Newcastle Hellx Newcastle Upon Tyne NE4 5DE Buslness address P O Box 3004 Moshl Tanzania Audfitors Saffery LLP St Catherine's Court Berkeley Place Clifton Brlstol BS8 IBQ Bankers CRDB Bank Llmlted P O Box 1302 Moshl Tanzanla Sollcltors Womble Bond Dickiiison (UKJ LLP 3 Temple Quay Temple Back East Bristol BSI 6DZ Investment managers Quilter Chevfiot Inveslment Management One Klngsway London WC2B 6AN
The Endowment Fund for TaCRI Report ofthe Trustees For the year ended 30 lune 2024 The Trustees present their report along with the financial statements of the charity for the year ended 30 lune 2024. Governlng docujnent The Endowment Fund for TaCRJ ["the Fundl is a company limited by guarantee, incorporated on 19 April 2006 and registered as a charity on 2 November 2006. The Fund was established under a Memorandum ofAs50ciation which established the objects and powers of the Fund and Is govei-ned under its Articles of Assoclation. In the event of the Fund being wound up each member promises to Pay up to £1 towards the costs of di5solutton and the liabilities incurred by the charlty while the contributor was a member. The charity reg55tratlon number, company number, prlnclpal office and registei.ed office are noted on page l. Directors and Trustees The Directors of the Fund are its Trustees for the purpose of charity law and throughout this reportare collectively referred to as the Trustees. The Trustees who seNed during the course of the year are noted on page l. The Trustees are appointed and serve In accordance with the Articles of Association. The Trustees meet two times a year. The Trustees (and key management personnel) recelve no remuneradon from the charity. The Board is composed of no fewer than three Trustees and a maximum of five Trustees of whom no fewer than two and a maxlinuin of three are appointed by the Tanzanlan Coffee Research Institute ("TaCRI"] and no fewer than one and no more than two are appolnted by the Government ofTanzanla acttng by tlie Minlster of Agriculture. The Trustees appoint a Chalrperson and a Treasurer from amon8St themselves. Sub-groups and advisory boai'ds can also be appolnted to provlde other resources of expertise. The Fund's legal advisors have worked with the Trustees to compile a Trustees, Palicles document. as well as a Governance Timetable. They also provlde legal and regulatory updates as requlred to ensure that the Trustees, knowledge remains currenL Statement of Trustees, responslbllltles The Trustees are responslble for preparln8 the Trustees, Reportand the financlal statements In accordance with applicable law and Unlted Klngdom Accounting Standards (Unlted Klngdom Generally Accepted Accounting Practficej. Company law requlres the Trustees to prepare flnancial statements for each financial year that give a true and fairview of the state of affairs of the Fund and Of the Incoming resources and appllcatlon of resources, including the income and expendlture, olthe Fund for thatperiod. In preparlng those financial statements. the Trustees are requlred to: selectsuitable accountlng policies and then apply them consistently; observe the methods and principles In the Charities SORP (FRS 102),. make judgements and estimates that are reasonable and prudent; state whether applicable accountingstandards have been tollowed. sublectto any materlal departures dlsclused and explained In the financial ststements; prepare the financial statements on the golng Concern basis unless It Is Inapproprlate to presume that the Fund will continue fin busSness.
The Endowment Fund for TaCRI Report of the Trustee5 For theyear ended 30 Iulle 2024 The Trustees are responsible for keeplng proper accounting records which disclDse with reasonable accur2ryatany time the financial position of the Fund and enables them to ensure thatthe tlnancial statements complywith the Companies Act 2006. They are also responsible for safeguarding the a55ets of the Fund and hence fDr taking reasonable steps for the prevention and detectJon of fraud and other irregularlties. In so far as the Trustses are aware: there Is no relevant auditlnforniation 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 relevantauditlnfDrmatlon and to establish that the audltor is aware of that information. Oblects and actfvltles of the charlty The objects of the Fund are to promote and conduct research Into all aspects of coffee production In Tanzania and to dissemlnate the useful results of such research for the public benefit. relieve the poverty of Coffee producers In Tanzanla by enabling and assisting them to Improve the effectlve management Df their natural resources; and provlde asslstance and support to TaCRI In respect of the objects referred to above. Rfjsk niallagement The Trustees have a55essed the major rlsks to which the Fund Is exposed, in particular those related to the operations and finances of the Fund, and are sattsfled that systems are In place to mitigate their exposure to the major risks. Publlc beneflt The Trustees are aware Df the Charity Commission guidance on public benefit and have paid due regard to thls guidance when decidlng on what activities the Fund should undertake (as set out below). Achlevement and performance Durlng theyear, the Fund has pardy supported the following projects., - Establlshment of two Gelsha trlals at Ugano whlcli wlll be used for the purposes of collecting useful dats for advlsing coffee stskeholders on the steps to take In producing thatvarlety. Procurement of glassware for the soll laboratory. The institute uses the laboratory to analyse soll samples for the purpose ofprovidiiig advice to coffee growers on the appropriate amount and type of fertiliser to be used on soil properties. Evaluation of fresh exlract of garlic for coffee snail management in Southern Hlghlands of Tanzania (Mbeya and Sonswe regions]. iv. Establishment of demonstration plots in Dodoma for tralnlng coffee stskeholders during Nanenane agricultural shows. Conducted backstopplng to fanners in Morogoro with the aim of monltoring nursery acdvlties. dlstributlon of improved coffee seeds and tralning on Robusta seed sowlng and nursery management. Tralned 136 seedling multlpllers and coffee growers, vlslted g wards In Mvomero and Morogoro DC, dlstributed 82kg of coffee seeds. Trained a total of 888 coffee growers across all coffee growingzones in Tanzania on Good Agricultural Pracdces (GAPSJ, coffee crop husbandry, nursery managernenL household food and income security
The Endowment Fund for TaCRI Report oftheTrnstees For theyear ended 30 June 2024 Trained a total of 72 extension officers across all coffee growing zones on coffee GAPS Tralned 60 farmer promoters from Tarlme and Serengeti dfistrict on coffee GAPS viii. Financlal review The Fund Manager has conttnued to keep the Thistees up to date with quarterly Investment reports on the performance of the portfolio and associated managementcosts. The Trustees noted thatthevalue of the Fund during the Isl quarter ot the financial year decreased signiftcantly due to ralsed interestrdtes, also noted thatthe portfollo performed well in the 2nd and 3td quarters and itnearly remain stag)ant for the 4th quarter. The Trustees are optlmistic that the portfolfio wlll continues to outpertorm its benchmark and feel that the effective percentsge rate charged by the fund managers will continue to be competitive 8lven the scale, buylng power and marketaccess their servlce offers to the Fund. The Fund was set up wlth the intentlon of ensuring the long-term ftnanclal sustalnability of the Fund and the projects It supports for the publlc benefiL The Fund would normally draw fund5 to promote Its Objects. During the flnanclal year, we continued to utilize funds wlthdrawn from the Fund to support promotion of charitable Objects of the Fund. A5 at30 June 2024 the endowment funds totalled.$3,626,730 (2023: $3,662,779) and the unrestrlcted funds totalled $460,795 [2023.. $896,876). Future plans Future plans are to draw the income as well as the capitsl of the Fund where necessary to finance Charttable Objects of the Fund. The major prloritle5 wlll be to finance research activittes In all aspects of coffee production and to dissemlnate the approprlate results of such I'esearch to the public for the purpose of achievlngbeneflts such a5 reduced costs of coffee production and processin& improved coffee quallty and therefore Increased Incomes of coffee growers for the sustalnable reduction of poverty In coffee growlng areas and improve Income security and livelihoods. Reserves pollcy The Fund has retained the orlginal policy ofbuilding up the fund, but continued wlthdrawing from accrued Income and capltal to meetthe charltable Objects of the Fund. During the financlal year to 30 Iune 2024, $395,000 was withdrawn and utllized to supportactlvities to meet the charitable Objects of the Fund (2023.. $nll),
The Endowment Fund for TaCRI Report of the Trustees For the year ended 30 June 2024 Auditors Saffery LLP have expressed their willingness to remain in 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)J, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Approved by the Trustees on ........, .... ... .......... . 2025 and signed on theirbehalf by.. Professor Melchlor Mlambiti Chair Board ofTrustees
The Endowment Fund for TaCRI Independent auditors. report to the members For the year ended 30 lune 2024 Opinlon We have audited the financial statements of The Endowment Fund forTaCRI for the year ended 30 Iune 2024 which comprise the Statement of Financlal Activltles, Balance Sheetand notes to the financial statements, includinga summary of signifieantaccounting policies. The financial i'eporting framework tliat has been applied in thelr preparation is applicable lawand United Kingdom Accounting Stsndards, including Financial Reporting Standard 102, the Financial Reporttngstandard appllcable In the UK and Republic of Ireland (Unlted Kingdom Generally Accepted Accounting Practice). In our oplnlon, the flnancial statements: glve a true and falrview of the charitable company's State of affalrs as at 30 June 2024 and of Its Incomlng resources and appllcation of resources, includlng Its Income and expenditure, for the year then elided; have been properly prepared In accordance with United Klngdom Generally Accepted Accountlng Practlce,. and have been prepared In accordance wlth the Companles Act 2006. Basls for oplnlon We conducted our audlt in accordance wlth International Standards on Auditing (UK) (ISAS (UK)) and appllcable law. Our respon51bilitles under those stand<irds are further described In the Audltor's responsibilities for the audit ot die financial statements section of oui. reporL We are independent of the ch3rAtable company in accordance wlth the ethical requirements thatare relevant to our audlt of the financial statements in the UK, Includlng the FRC'S Ethlcal Standard, and we have fultilled our other ethical i-esponsibi15tles in accordance wltli these requirements. We believe that the audlt evldence we have obtained Is sufftclentand approprlate to provlde a basis for our opliiion. Conclusions relatlng to going concern In audlting the financial statements, we have concluded that the trustees. use of the going concern basis of accounting In tlie preparation of the financial statements15 approprlate. Based on the work we have perfornied. we have not Identlfled any material uncertainties relatlng to events or condltlons tha¢ indlvidually or collectively. may cast slgnlficant doubt on the charitable company's abllity to continue as a going concern for a perlod of at least twelve months from when the rinancial statements are authoi'ised loi. Issue. Our responslbllitles and the responslbilitles of the trustees wlth respect to golng concern are described In the relevaiit secttons of this repor
The Endowment Fund for TaCRI Independent audltors, report to the members For theyear ended 30 lune 2024 Other InforntiOn The trustees are responsible for the otherinf0rnia0n. The othei. information camprises the inforniaiion included in the annual reporL other than the financial statements and our auditors report tliereon. Our opinion on the financial statements does not cover the otliei. information and, except to the extent otherwise explicitlystated In our report we do not express any form of assurance conclusion thereon. In connectton with our audit of the financial ststements, oui" responsibility is to read the other infoi'matlon and, In dolng so, consider whethei. the othei. infoi'mation Is Inatei'lally Inconsistent with the flnanclal statements or our knowledge obtalned In the audit or otherwlse appears to be materially misstated. If we identifysuch materlal Inconsistencies orapparent materlal misststements, we are required to determine whether there is a material misstatement in the financlal statements or a material mlsstatemeiit ofthe otherlnformatlon. If, based on the work we have perforn]ed. we conclude thatthere is a materlal mlsstatement of this other liiformatlon; we are i'equired to report thatfacL We have nothlng to report In this regard. Oplnlons on other matters prescrlbed by the CompanlesAct 2006 In our oplnlon, based on the work undertaken in the course of the audlt: the informatton glven In the Trustees, Report for the financlalyear for which the financlal statements are prepared Is consistentwith the financlal statements; and the Trustees, Report has been prepared In accordance wlth appllcable legal requirements. Matters on whlch we are requlred to report by exceptlon In the Ilghl of the Icnowledge and understanding of the chai'itable company and its envlronmeiit obtained In the course of the aud1¢ we have not Ideiittfied material mlsstateinents In the Trustees, ReporL We have nothing to report in respect of the followlng matter5 where the Companles Act 2006 requlres us to repoi't to you if, in our opinion: adequate accouhting records have not been kep¢ orreturns adequate for our audit have not been recelved from branches notvlslted by us,. or the flnanclal statements are not In agreementwlth the accountlng records and returns; or certain disclosures of trustees, remuneration specified by law are notmade,. or we have not received all the information and explanatlons we requlre for our audit,, or the ts"ustees wei'e not entItled to prepai'e the financial statements in accoi'dance with the small companies regtme and to take advantage of the small companies exemptlon in preparing the Trustees, Aniiual Reportand the Strateglc ReporL Responslbllltles of trustees As explalned more fully in the Trustees, Responsibllitles Statementset out on page 2, the trustees (who are also direclors of the charttable compaiiy for the purposes of company law) are responsible for the preparatton of the financial statements and for being satisfied that they glve a true and fair vIew, and for such internal control as the trustees deterniine is necessary to enable the preparation of fihancRal stateinents that are free from materlal misstatement, whether due to fraud or error, In preparlng the financlal sLitements. the kn'ustees are responsible for assessing the charitable coMpanYs ability to continue as a going concern, disclosing. as applicable, matters t-elated to going concern and usingthe going concern basis of accounting unless the trustees either intend to liquidate the charitable coinpany or to cease operations, orhave no realistic alternative to do 50.
The Endowment Fund for TaCRI Independent auditors, report to the members For theyear ended 30 lune 2024 Auditor's responsibillties for the audlt of the flnancial statements We have been appointed as auditors under the Companies Act 2006 and reportin accordance wfth regulations made under thatAcL OurobJecttves are to obtain reasonable assurance about whether the financial statements as a whole are free fi'om inaterial misstatemen¢ whether due to fraud oi" error. and to issue an audltor's i'eport that includes our opinion. Reasonable assurance is a high level of assurance, but is not a &iarantee that an audit Conducted in accordance wlth ISAS (UKJ wlll always detect a ii)aterlal misstatemeiit when It exists. Misstatements can arise from fraud or error and are consldered material If, indlvidually or In the aggregate, they could reasonably be expected to intluence the economic declslons of users taken on the basis of these financlal statements. In"egularitles, including fraud, are instances of non-compllance with laws and regUlaOnS. We design procedui'es in Ilne with our responslbilltles, outllned above, to detect materlal n)Isstatements in respect of irregularities, including ti'aud. The specific procedures for this engagementand the extent to which tliese are capable of detectIng li'regulai'lties, including fraud are detailed below. Identlfylng and assessing rlsks related to Irregularlties: We assessed the susceptlbllity of the charltable company's fInancTal statements to matei'lal Inisstatement and l)ow fraud might occur, Including through discussions with the trustees, dlscusslons witliln our audlt team planning meetln& updatiiig oui. record of 1ntei.nal contt'ols and ensuring these controls opei'ated as Inteiided. We evaluated possible Incendves and opportunltles for fraudulent manlpulation of the financial statements. We identifled laws and i'egulatlons that are of significance in the context of the Charitable company by dlscussions wÈth trustees and updating oiir understandlng of the sector in whlch the charitable compaiiy operates. Laws and regulattons of dlrectslgnifican¢e In the context of the charitable company include The Companles Act 2006, and guidance Issued by the Charity Commlsslon foi. England and Wales. Audit response to rlsks Identifled: We consldered the extent of comi)Ilance wlth these laws and I'egulatlons as part Df our audlt procedures on the related financial statemen1" Items Including a revlew of flnancial statement disclosures. We revlewed the charll'able company's records of breaches of laws ai)d regulations, minutes ofmeetings and Correspondence with relevant authorities to Sdentlfy potentfal materIal mlsstatements arfslng. We discussed the charltable company's pollcles and procedures lor compliance th laws and regulatlons wlth members of management responsible for compllance. During the planning meeting wlth the audlt team, the engagement pai.tner drew attention to the key areas which mlght Involve non-compllance with laws and regulatlons or fraud. We enqulred of management whether theywere aware of any ii)stances ofnon-compllance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the rlsk of fraud through management override of controls by tesling the appropriatenes5 of journal entries and identifylng any significant transactlons thatwere unusual or outside the nornial course of business. We assessed whether judgemenL% made in makingaccounting estimates gave rise to a possible indlcation of management blas. At the completton stsge of the audit, the engagement partner's revlew Included ensuring that the team had approached thelr work with appropriate professional scepticism 2nd thus the trapacity to identify non-compllance with laws and regulations and fraud. There are inherent limltations In the auditprocedures described above and the furtherremoved non- con)pllance wil'h laws and regulattons is from the events and transaction5 reflected in the fjnancial statements, the less likelywe would become aware of iLAlso, the rlsk oFnot detectSng a material
The Endowment Fund for TaCRI Independent auditors, report to the members For the year ended 30 June 2024 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 3V3ilable on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's reporL Use of our report This report is made solely to the charitable compan$ members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 auditor's report and for no other purpose. To the fullest extent perniitted by law. we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. L% . DS. LOL£ Michael Strong (Senior Statutory Auditor) For and on behalf of Saffery LLP ststutory Auditors St Catherine's Court 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 Endowment Fund for TaCRI Statement of financlal actlvitles (Including Income and expenditure accountj For theyear ended 30 June 2024 Notes Unrestrirted funds Endowment funds 2024 Total funds 2023 Total lunds Income from: Investments Interest Total 104.106 6.171 110,277 104,106 6,622 110.728 88,070 8,733 96,803 451 451 Expendlture on: Charltable actlvtties (739,967J (739,967) (66,968) Investmentmanagement Total 17.682 17,682 16,078 739,967 17,682 757,649 83.046 Net gains/(lossesJ on Investments Net Income/(expendltureJ 266,356 358,951 (739.516J 266,356 [380,565J 101,607 115,364 Unreallsed loss on foreign exchange differences Transfers between funds [91,565) (91,565] 395 000 395,000 Net movement In fullds (436,081) (36,049] (472,130) 115,364 Total funds brought forward 896,876 3,662,779 4,559,655 4,444,291 Total funds carrled forward 460,795 3,626,730 4,087,525 4,559,655 All of the above results derlve from continuing activlties of the Charity. The Ststement of Financial ActlvIties includes all gains and losses recognised in the period. io
The Endowmellt Fund for TaCRI Balance sheet As at30 lune 2024 Notes 2024 2023 Fixed assets: Investments Tangible assets 3,620,901 8,923 3.658,149 9,702 3,667,851 3,629,824 Current assets: Debtors Cash atbank and in hand 358,219 143,788 502,007 972,664 17,729 990,393 Liabllltfies: Credltors.. amounts falllng due wlthln one year Net current assets 44,306 457,701 891,804 Total net assets 4,087,525 4559,655 The funds ofthe charity: Endowment funds 3,626,730 3,662,779 Unrestricted funds Total charity funds 460,795 4,087,525 896,876 4,559,655 io, li Approved bythe Trustees for i55ue on ............ . 2025 and signed on thelr behalf by: Professor Melchior Mlambiti Chair Board of Trustees Company reglstration no. 05785598 li
The Endowment Fund for TaCRI Notes to the flnancial statements For theyear ended 30 June 2024 Accountfing Pollcies 1.1 Company illformatlo The Endowiiieiit Fund forTaCRI i.s a private chai'itable company limited byguarantee incorporaled in England and Wales. company number 05785598. The reglstered office Is The Spark Drayinan's Way, Newcastle Helix, Newcastle upon Tyne, NE4 5DE. The charity recelves investment incon)e and makes grants for research Into cotTee production in Tanzanla. la Basls of preparatlon The financlal statements have been prepared in accordance w5lh theStatementofRecommended Practlce.. Accounting aiid Reportin9 by Charities preparins their accounts in accordance wlth tlie FlnanclalReporting Standard oppllcable In the UKond Republic oflreland [FRS 102) effecdve l January 2019 and the Financial Reporting Stondard applicable in the United KiR)gdom and Republlc oflreland [FRS 102) and the Charitles Act2011, the ComponiesAct2006 and UK GenerallyAccepted Account5ng Practice as It applies from I lanuaiy 2019. The chai'Jty constltutes a public beneflt entIty as deflned under FRS 102. The financlal statements are prepared In US dollars. The frjnctlonal currency of the charlty Is Tanzanian dollars. Monetary amounts in these financlal statements are rounded to the nearest $1. These financial statements have been prepared under the hlstorlcal cost convention. The prlnclpal accountlng pollcffies adopted are set out below. The Trustees have prepared the accounts oil a going concern basis whlch they consider Is appropriate. Due to the lai'ge size of the endowment fund and the low level of committed expendlture, the ti'ustees are satisfied that there are no materlal Uncertainties in respect ot the chai'ity's ability to conilnue as a going concern. 13 Incomlng resources Donatlons are ci'edited on a receivable basls unless related to a speclfic period, In whlch case they are deferred untll that Pei'lod. Jnvestment Income Is tredlted on a recelvable basls. A]1 other income Is recognlsed once the charity has entttlement to the resources. Itis probable the resources wlll be received and the monetaryvalue of the incoming resources can be measured wlth suffjcient reliability. 1.4 Resources expended Liabillties are recogiiised as resources expended as soon as diere Is a legal or constructive obligatlon committing the charlty to the expenditure. All expenditure is accounted for on an accruals basis, including irrecoverable VAT and has been classified under headlngs that aggregate all costs related to tlie category. Governance costs include those incurred wAth constitutional and statutory requlrements. 1.5 Cash and cash equlvalents Cash and cash equivalents are basic flnancial assets and include cash in liand, deposits held at call with banks, bank Overdrafts or other short-term liquid investments with oi"iginal maturitles of three months or less.
The Endowment Fund for TaCRI Notes to the financial statements For theyear ended 3 0 June 2024 1.6 Financial Instruments The companyhas elected to applythe provlsion5 of Sectlon 11 'Basic Flnanclal Instruments, and Section 12 '0ther Financlal Ihstruments Issues, of FRS 102 to all of its financlal instruments. Financlal instruments are recognlsed in the company's statement of financial posltton when the company becomes party to the contractual provisions of the instrumenL Financial assets and Ilabllltles are offset. wlth the netamounts presented In the flnancial statements, when there is a legally enfoi'ceable rlght to set off tlie recognlsed amounts and there Is an intention to settle on a net basls or to realise the asset and settle the liability simultaneously. Basic flnanclal assets Baslc flnanclal assets, whlch Includes otlier debtors, al'e inltlally measured at transaction price Includlng transaction costs and are subsequenlly carrled at amortised c05t using the effecttve interest method unless the arrangement constitutes a financing transactlon, where the transaction Is measured at the presentvalue of the fvture receipts dlscounted at a market rate of Interest Basic flnanclal Ilabllltjes Baslc flnanclal Ilabillties. Includlng ti.ade eredltors, al'e inltlally I'ecognised at transacdon prlce unless the arrangement constitutes a financing transactlon, where the debt Instrument Is measured at the present value of the futtire recelpts dlscounted at a market rate of Interest. Financial Ilabllities classifled as payable within one year are not amortlsed. Debt instruments are subsequently carried atamortised cost. uslng the effective In tei-est rate method. Trade credltors are obligatlor)s to pay forgoods orservices that have been acqulred in the ordlnary course of business froni suppllers. Accoiints payable are classified as 'creditors: aixounts. falllng due wltlili) one yeai If payment is due wlthln one yeai. or less. If not, tliey are presented as 'ci'edltors.' amounts falllng due after more than one year,. Trade credltors are recognlsed Inlttally at transactfiDn Price and sub.¥equently mea.sured al. amortised cost usiiig the effective intei"estmethod. 1.7 Brldglng loan A bridgSng loan is provlded by the Endowment Fund for TaCRI to TaCRI in furiiierance of the Charity's charltable objects. The bridging loan is recorded at hlstoric cost uslng the exchange rate at the dates that advances aiE made. 1.8 Investments Investments held are re-valued at the mld-marketvalue at the balance sheet date and anygain orloss arlsing Is taken to the Statement of Finanaal Activities. 1.9 Funds structure Uni"estricted funds comprise thDse funds which the Trustees are free to use for any purpose in furtherance of the charitable objects. The endowment fund represents an expendable endowment recelved from the European Commlssion which may be applled at the dlscretion of the Trustees towards the chai'ity's objects.
The Endowment Fund for TaCRI Notes to the financial statements For theyear ended 30 lune 2024 1.10 Forelgn currencytranslatlon Monetary assets and liabilities denominated In foreign currencie5 are translated Into US Dollars at the rates of exchange rullng at the balance sheet date. Where exchalige rates have not fluctuated materially, transacttoiis in forei] currencies are recorded at an avei.age rate of exchange for the accounting period. Other transactions in foreign currencies al'e recorded at the rate ruling atthe date of the transaction. All dltferences are taken to the Statement of Financial Activities. 1.11 ReportAng currency The charlty's reporting currencyis the US Dollarsince thls Is the maln currency in which the charitys assets are held. 1.12 Tangible fixed assets and depreclatlon Tanoble fixed assets are statsd at cost less depreciation. Deprecladon is provided on these assets at annual rates calculated to wrlte off the cos¢ less esdmated resldual value. of each asset over Its expected Useful life as follows: Farm equlpinent Office equlpment Laboratory equlpment 5 - 20 years straight Ilne 5- 12 yearsstraighi1Sne 5 - 15 years stral8lit Ilne 14
The Endowment Fund for TaCRI Notes to the financial statements For the year ended 30 lune 2024 charltable activitles 2024 2023 Wages and salaries Grdnts made Bank charges Office costs Depreclatlon Proflt / (Loss) on forelgn currency fluctuatlons Trdlnlng Workshops Coffee crop research Coffee crop productlon Motor running costs Governance costs (note 3) 213,647 459,122 1,197 620 508 85 779 642 587 23,584 4,468 3,881 9,096 3,870 1,808 49,762 33,279 739,967 66,968 Durlng theyear, the Endowment Fund for TaCRI did nothave any employees but fvijded external salary osts. These costs totalled $213.647 (2023: $1,19D, Thls cost has been Included wlthin wages and salarles. There were no employees wlth emoluments above $76,000 In elther of the 2024 and 2023-year ends. The Endowment Fund for TaCRI relles on the assistance from TaCRI flnance team members for administrattve matters, thls is not considered a materlal donatlon to the charity aiid as such has not been grossed up in tlie accounts. 15
The EndowmentFund for TaCRI Notes to the financlal statements Fortheyear ended 30 June 2024 Governance costs 2024 2023 AGM and progress review meetings Audlt fees Company secretarial 9,345 21,186 2,748 4,313 39.963 5,486 33.279 49,762 Taxatlon None of the Income received by the charity Is subject to UK Corporatlon Tax. As such, there Is no tax arlsing on the movement in funds durlngthe year. Transactlons wAth Trustees Three Trustees had thelr expenses met by tlie chai.ity for tlieir attend3nce at Trustee board meetlng5. The costs Incurred covered reasonable travel, accommodation and subslstence only and totalled $9.345 (2023.. $4,314]. No Trustee recelved remuneratlon durlng iheyeai.. 16
The Endowment Fund for TaCRI Notes to the financlal statements Fortheyear ended 30 June 2024 Investments Total endowment funds Total endowment funds 2024 2023 As at I luly 2023 Additions Dlsposals (Loss)/galn on currency fluctuatlons (LossJ/galn on Investments Movement on cash accounts Balance at 30 June 2024 3,658,149 475,729 (858,046) 3.481,716 363,345 (256,357) 11.503 249,506 84.060 3.620,901 (93,475] 194,295 31,375 3.658,149 Investments atmarket value comprlsed: Totsl endowment funds 2024 Total endowment funds 2023 Flxed Interest securItAes EqultIes Alternatlve Investh)ents Cash and cash products 897,290 2,142,350 437,728 143.534 3,620,902 738,314 2,29 1,694 568,666 59,475 3,658,149 17
The Endowment Fund for TaCRI Note5 to the financlal statements For theyear ended 30 June 2024 Tanglble fixed assets Laboratory equlpment Farm equlpment OffAce equlpment Total Cost At l July 2023 and 30lune 2024 6,990 3,5S2 7,563 18,105 Depreclatlon At l July 2023 Charge for the year At30 June 2024 1,651 470 1.685 225 5,067 84 5.151 8,403 779 2,121 1,910 9,182 Net book value As at 30 June 2024 As at 30 June 2023 4.869 5,339 1.642 1,867 2,412 2,496 8,923 9,702 Debtors 2024 2023 BrIdgtng loan Other debtors 346 551 961,160 11,668 11,504 358,219 972,664 Included wlthln the brldong loan to TaCRI are amounts due after more than one year of $212,085 (2023: $463,453). Creditors: amounts falllng due wlthfin one year 2024 2023 Trade creditors Other creditors Accruals 5.060 1.829 37.417 7.285 47,066 44,238 44,306 98.589 18
The Endowment Fund for TaCRI Notes to the financlal statements FortheyeaT ended 30 June 2024 10 Analysls of charttable funds Statement of funds Balance I luly Incomlng Resources 2023 resources expended Transfers Galn/(Loss) between on funds finvestments Balance 30lune 2024 Unrestricted funds Endowment funds 896.876 451 (831,532) 395,000 460,795 3.662,779 4,S59,655 110,277 17,682 849,2 14 110,728 al 395,000 266,356 3,626.730 266,356 4,087,525 The endowment fund represents an amount recelved from the European Commlsslon whlch may be applied at the dlscretlon of the Tnjstees towards the charitys objects, Resources expended on unrestrlrted funds includes $91,565 of unreallsed losses due to forelgn exchange on the unrestricted reserves balance. During the year, $395,000 (2023: $nil) was wlthdrawn trom the fund for use towards the charitsble objects. The balance I'emaining unspenlat theyear-eiid Is included withln unrestricted funds as the fvnd Is expendable at the dlscretlon of the Trustees. Comparatlve statement of nds Balance I luly Incomlng Resources 2022 resources expended Transfers between funds Investments Galn/{LossJ Balance 30 June 2023 Unrestrlcted funds 985.606 120 Endowment funds (66,968) C21,882J 896,876 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 19
The Endowment Fund for TaCRI Notes to the fln2nclal statements Fortheyear ended 30 June 2024 11 Analysts of net assets between funds A5at30lune 2024 Unrestrlcted funds Endowment funds Total Investments and fixed assets Debtors 8,923 347,992 143,788 39,908 460,795 3,620,901 10,227 3,629,824 358,219 143.788 44,306 4,087.525 Cash atbank and in hand Creditors 4,398 3,626,730 Asat30 lune2023 Unrestrlcted funds Endowment nds Total Investments and fixed assets Debtors Cash at bankand In hand Credltors 9,702 963,817 17,729 94,372 896,876 3,658,149 8,847 3,667,851 972.664 17,729 98,S89 4,559,655 4.217 3,662,779 12 Related party transactlons Included In debtors Is $346.551 (2023: $961,160) of amounts advanced to TaCRI undera brldglngloan 17nance agreement. No interest has been charged on this loah. During theyear, the charityfunded expenses of TaCRI totalling $213,647 [2023: $nll]. Jncluded in other credltors is $nil (2023: $46.057) owed to TaCRI. Duringtheyear, TaCRt funded expenses of the charlty totslling $13,393 [2023.. $39,283). TaCRI Is related to the charlty by a common dlrector. 20
The Endowthent Fund for TaCRI Notes to the financlal statements Forthe year ended 30 lune 2024 13 Comparatlve statement of financlal artlvltles Unrestrlrted funds Endowment funds 2023 Totaj funds Income from: Investments Interest Total 88,070 8.613 96,683 88,070 8,733 96,803 120 120 Expendlture on.. Chatable activldes Investmentmanagement Total (66,968] (66,968) 16,078 16,078 66,968 16,078 83.046 Net galns/[losses) on investments 101,607 Net Income/(expendltureJ Transfers between funds 101,607 (66.848) 182,212 115,364 (21,882) 21,882 Net movement In funds (88,730) 204,094 Total funds brought forward Total funds carrled fonyard 115.364 985,606 3.458,685 4.444.291 896,876 3.662.779 4,559,655 21