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 Inforn￿tiOn
The trustees are responsible for the otherinf0rnia￿0n. 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 regUla￿OnS. 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..
Cha￿table 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