2025-06-30-accounts

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 June 2025

The Endowment Fund for TaCRI

Contents

	Page
Trustees and advisors	1
Reportofthe Trustees	2-5
Independentauditors’ reporttothemembers	6-9
Statementoffinancial activities	10
Balance sheet	11
Notestothefinancialstatements	12-22

The Endowment Fund for TaCRI

Trustees and advisors

Trustees	Professor Melchior Mlambiti
	DrWilhelm Mafuru
	Godlove Stephen
Company number	05785598
Registered charitynumber	1116617
Registered office	C/OWombleBond Dickinson (UK) LLP
	The Spark
	Drayman'sWay
	Newcastle Helix
	Newcastle UponTyne
	NE4 5DE
Business address	PO Box 3004
	Moshi
	Tanzania
Auditors	SafferyLLP
	St Catherine’s Court
	Berkeley Place
	Clifton
	Bristol
	BS8 1BQ
Bankers	CRDB Bank Limited
	PO Box 1302
	Moshi
	Tanzania
Solicitors	Womble Bond Dickinson (UK) LLP
	3 Temple Quay
	Temple BackEast
	Bristol
	BS1 6DZ
Investmentmanagers	Quilter Cheviot InvestmentManagement
	Senator House
	85 QueenVictoria Street
	London
	EC4V4AB

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The Endowment Fund for TaCRI

Report of the Trustees

For the year ended 30 June 2025

The Trustees present their report along with the financial statements of the charity for the year ended 30 June 2025.

Governing document The Endowment Fund for TaCRI (“the Fund”) 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 MemorandumofAssociation which established the objects and powers of the Fund and is governed under its Articles of Association. In the event of the Fund being wound up each member promises 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 1.

Directors and Trustees

The Directors of the Fund are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees. The Trustees who served during the course of the year are noted on page 1. 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) receive no remuneration 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 maximum of three are appointed by the Tanzanian Coffee Research Institute (“TaCRI”) and no fewer than one and no more than two are appointed by the Government of Tanzania 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 current.

Statement of Trustees’ responsibilities

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 Practice).

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 income 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 consistently;

• 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 the going concern basis unless it is inappropriate to presume that the Fund will continue in business.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time 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

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The Endowment Fund for TaCRI

Report of the Trustees For the year ended 30 June 2025

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 information 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 establish that the auditor is aware of that information.

Objects and activities of the charity

The objects of the Fund are to promote and conduct 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 is 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 risks.

Public benefit

The Trustees are aware of the Charity 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:

• i. Establishment of 2 Geisha trials at Sirari which will be used for the purposes of collecting useful data for advising coffee stakeholders on the steps to take towards its production.

• ii, | Management of the Geisha trial at Sirari and Karatu site. Conducting of the backstopping activities for assessing the progress of the Geisha trial and morphological and agronomic performance data collection in Karatu site.

• iii, | Maintenance of the coffee germplasm to make them useful for the future breeding program. The coffee germplasm is essential and source of breeding materials. Activities such as; weeding, pruning, fertilizer application, gap filling and stumping were conducted.

• iv. Production of the hybrid Arabica seeds and Robusta composite seeds. Contributed to the maintenance of coffee seed blocks were 4579 kg and 480kg of hybrid seeds and Robusta composite seeds were produced respectively.

• v. Contributed to the general performance of soil laboratory. The Institute uses the laboratory to analyse soil samples for the purpose of providing advice to coffee grower on the appropriate amount and type of fertilizer to be used on soil properties.

• vi. Preliminary facilitation for the establishment of a semi-controlled validation test for the new coffee yield model SAFERNAC.

• vii. | General survey of economic coffee pests in the Northern Highlands of Tanzania in Rombo, Moshi and Hai Districts.

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The Endowment Fund for TaCRI

Report of the Trustees For the year ended 30 June 2025

• viii. | Monitored the spread of Black coffee twig borer in the Northern Highlands of Tanzania in Siha, Arumeru and Monduli Districts.

• ix. Contributed to the establishment of 6 demonstration plots in all coffee growing zones.

• x. Printed 1,830 coffee books with messages on GAPs and coffee economics. Also printed 250 training modules; 3,600 leaflets and 4 banners.

• xi. Multiplied 149,637 improved coffee seedlings; Continued strengtheningofirrigation infrastructures of clonal mother garden for seedlings multiplication.

• xii, | Conducted backstopping visits to farmers in Kigoma and Mara with the aim of monitoring seedling multiplication activities and adoption of Good Agronomic Practices among coffee growers.

• xiii. | Participated in Uhuru torch rallies in Kigoma as part of awareness creation to stakeholders.

• xiv. Trained a total of 20 extension officers across all coffee growing zones on coffee GAPS.

• xv. Trained 10 farmer promoters from Mbozi district on coffee GAPs.

Financial review

The Fund Manager has continued to keep the Trustees up to date with quarterly investment reports on the performance of the portfolio and associated management costs. The Trustees noted that the value of the Fund during the 1st quarter of the financial year increased due to stable markets resulting in good returns, also noted that the value of the portfolio dropped by 4.77% in the 24 quarter when compared with 1st quarter and further noted that in the 34 quarter and 4‘ quarter the portfolio value increased significantly (11.47%) inclusive of the drawings effected on May 2025. The Trustees are optimistic that the portfolio will continue to outperform its benchmark and feel that the effective percentage rate charged by the fund managers will continue to be competitive given the scale, buying power and market access their service offers to the Fund.

The Fund was set up with the intention of ensuring the long-term financial sustainability of the Fund and the projects it supports for the public benefit. The Fund would normally draw funds to promote its Objects. During the financial year, we continued to utilize funds withdrawn from the Fund to support promotion of charitable Objects of the Fund.

As at 30 June 2025 the endowment funds totalled $3,884,137 (2024: $3,626,730) and the unrestricted funds totalled $320,944 (2024: $460,795).

Future plans

Future plans are to draw the income as well as the capital of the Fund where necessary to finance Charitable Objects of the Fund. The major priorities will be to finance research activities in all aspects of coffee 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 incomes of coffee growers for the sustainable reduction of poverty in coffee growing areas and improve income security and livelihoods.

Reserves policy

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 2025, $197,500 was withdrawn and utilized to support activities to meet the charitable Objects of the Fund (2024: $395,000).

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The Endowment Fund for TaCRI

Report of the Trustees For the year ended 30 June 2025

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 1 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.

Approved by the Trustees on AB LOS). 2026 and signed on their behalf by:

Professor Melchior Mlambiti

Chair

Board of Trustees

5

The Endowment Fund for TaCRI

Independent auditors’ report to the members For the year ended 30 June 2025

a

Opinion

We have audited the financial statements of The Endowment Fund for TaCRI for the year ended 30 June 2025 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 has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• e give a true and fair view of the charitable company’s state of affairs as at 30 June 2025 and ofits incoming resources and application of resources, including its income and expenditure, for the year then ended;

• e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• e 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 statements 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 statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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The Endowment Fund for TaCRI

Independent auditors’ report to the members For the year ended 30 June 2025 sssss

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection 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 identify such material inconsistencies or apparent material 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.

Opinions on other matters prescribed by the Companies 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 required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• ° adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• e the financial statements are not in agreement with the accounting records and returns; or ° certain disclosures of trustees’ remuneration specified by law are not made; or

• ° we have not received 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 Report.

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 2, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, 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 company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative to do so.

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The Endowment Fund for TaCRI

Independent auditors’ report to the members For the year ended 30 June 2025 Dennen eee eee

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to 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) will always detect a material misstatement 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 responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team 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 and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as 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 material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members 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 identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material 8

The Endowment Fund for TaCRI

Independent auditors’ report to the members For the year ended 30 June 2025

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/auditorsresponsibilities. This description forms part of our auditor's report

Use of our report

This report is made solely to the charitable company’s 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 permitted 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.

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Mehad Sf 17.0%. LOLS
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Michael Strong (Senior Statutory Auditor)

For and on behalf of

Saffery LLP Statutory Auditors

St Catherine’s Court Berkeley Place Clifton Bristol BS8 1BQ

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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The Endowment Fund for TaCRI

Statement of financial activities (including income and expenditure account) For the year ended 30 June 2025

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|||||||| |---|---|---|---|---|---|---| |Notes|Unrestricted|Endowment|2025|2024| |funds|funds|Total|Total| |funds|funds| |$|$|$|$| |Income|from:| |Investments|-|106,968|106,968|104,106| |Interest|567|3,534|4,101|6,622| |Total|567|110,502|111,069|110,728| |Expenditure|on:| |Charitable|activities|2|(335,614)|-|(335,614)|(739,967)| |Investment management|-|;|(17,825)|(17,825)|(17,682)| |Total|(335,614)|(17,825)|(353,439)|(757,649)| |Net gains/(losses)|on| |investments|-|362,230|362,230|266,356| |Net income/(expenditure)|(335,047)|454,907|119,860|(380,565)| |Unrealised|loss|on|foreign| |exchange|differences|(2,304)|-|(2,304)|(91,565)| |Transfers|between|funds|197,500|(197,500)|-|-| |Net movement in|funds|(139,851)|257,407|117,556|(472,130)| |Total|funds brought forward|460,795|3,626,730|4,087,525|4,559,655| |Total funds|carried|forward|320,944|3,884,137|4,205,081|4,087,525|

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All of the above results derive from continuing activities of the Charity.

The Statement of Financial Activities includes all gains and losses recognised in the period.

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The Endowment Fund for TaCRI

Balance sheet

As at 30 June 2025

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|||||||| |---|---|---|---|---|---|---| |Notes|2025|2024| |Fixed|assets:|$|$| |Investments|6|3,876,245|3,620,901| |Tangible|assets|7|8,495|8,923| |3,884,740|3,629,824| |Current|assets:| |Debtors|8|337,400|358,219| |Cash|at|bank and|in|hand|34,571|143,788| |371,971|502,007| |Liabilities:| |Creditors:|amounts|falling due| |within|one year|9|(51,630)|44,306)| |Net current assets|320,341|457,701| |Total|net assets|4,205,081|4,087,525| |The funds|of the|charity:| |Endowment funds|3,884,137|3,626,730| |Unrestricted|funds|320,944|460,795| |Total|charity funds|10,11|4,205,081|4,087,525|

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Approved by the Trustees for issue on ob 8.(.03].... 2026 and signed on their behalf by:

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Professor Melchior Mlambiti Chair Board of Trustees

Company registration no. 05785598

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The Endowment Fund for TaCRI

Notes to the financial statements For the year ended 30 June 2025 Nee eee

1 Accounting policies

1.1. Company information The Endowment Fund for TaCRI is a private charitable company limited by guarantee incorporated in England and Wales, company number 05785598. The registered office is The Spark Drayman's Way, Newcastle Helix, Newcastle upon Tyne, NE4 SDE. The charity receives investment income and makes grants for research into coffee production in Tanzania.

1.2 Basis of preparation The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from 1 January 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 Tanzanian shillings. Monetary amounts in these financial statements are rounded to the nearest $1.

These financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The Trustees have prepared the accounts on a going concern basis which they consider is appropriate. Due to the large size of the endowment fund and the low level of committed expenditure, the trustees are satisfied that there are no material uncertainties in respect of the charity’s ability to continue 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.

Investment income 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 accruals basis, including irrecoverable VAT and has been classified under headings that aggregate all costs related to the category.

Governance costs include those incurred with constitutional and statutory requirements.

1.5 Cash and cash 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-term liquid investments with original maturities of three months or less.

ee.

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The Endowment Fund for TaCRI

Notes to the financial statements For the year ended 30 June 2025

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1.6 Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

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 intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which includes other debtors, 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 transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities

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 future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective 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 payment is due within one year or less. If not, they are presented as ‘creditors: amounts falling due after more than one year’. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7 Bridging loan

A bridging loan is provided by the Endowment Fund for TaCRI to TaCRI (nowa part of TARI) in furtherance of the Charity’s charitable objects. The bridging loan is recorded at historic cost using the exchange rate at the dates that advances are made.

1.8 Investments

Investments held are re-valued at the mid-market value at the balance sheet date and any gain or loss arising is taken to the Statement of Financial Activities.

1.9 Funds structure

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.

eense

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The Endowment Fund for TaCRI

Notes to the financial statements

For the year ended 30 June 2025

1.10 Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into US Dollars at the rates of exchange ruling at the balance sheet date. Where exchange rates have not fluctuated 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 Statement of Financial Activities.

1.11 Reporting currency

The charity’s reporting currency is the US Dollar since this is the main currency in which the charity’s assets are held.

1.12 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation.

Depreciation is provided on these assets at annual rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life as follows:

Farm equipment 5 - 20 years straight line Office equipment 5 - 12 years straight line Laboratory equipment 10 - 25 years straight line

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The Endowment Fund for TaCRI

Notes to the financial statements For the year ended 30 June 2025

2 Charitable activities

	2025	2024
	$	$
Wages and salaries	264,273	213,647
Grants made	-	459,122
Bank charges	960	620
Depreciation	428	779
Profit/ (Loss) on foreign currencyfluctuations	(11,171)	587
Trainingworkshops	10,855	23,584
Coffee crop research	8,523	4,468
Coffee cropproduction	-	3,881
Bad debt	111	-
Repairs andmaintenance	8,885	-
Governance costs (note 3)	52,750	33,279
	335,614	739,967

During the year, the Endowment Fund for TaCRI did not have any employees but funded external salary costs. These costs totalled $264,273 (2024: $213,647). This cost has been included within wages and salaries.

There were no employees with emoluments above $76,500 in either of the 2025 and 2024-year ends.

The Endowment Fund for TaCRI relies on the assistance from TaCRI (now part of TARI) finance team members for administrative matters, this is not considered a material donation to the charity and as such has not been grossed up in the accounts.

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The Endowment Fund for TaCRI

Notes to the financial statements For the year ended 30 June 2025

3 Governance costs

	2025	2024
	$	$
AGM andprogress reviewmeetings	8,525	9,345
Auditfees	36,067	21,186
Companysecretarial	8,158	2,748
	52,750	33,279

4 Taxation

None of the income received by the charity is subject to UK Corporation Tax. As such, there is no tax arising on the movement in funds during the year.

5 Transactions with Trustees

Three Trustees had their expenses met by the charity for their attendance at Trustee board meetings in financial years 2025 and 2024. The costs incurred covered reasonable travel, accommodation and subsistence only and totalled $2,722 (2024: $9,345). No Trustee received remuneration during this or prior financial years.

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The Endowment Fund for TaCRI

Notes to the financial statements For the year ended 30 June 2025

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6 Investments

	Total endowment	Totalendowment
	funds	funds
	2025	2024.
	$	$
As at 1 July2024	3,620,901	3,658,149
Additions	222,016	475,729
Disposals	(236,877)	(858,046)
(Loss)/gain on
currencyfluctuations	(26,125)	11,503
(Loss)/gain oninvestments	383,310	249,506
Movementoncash accounts	(86,980)	84,060
Balance at30 June2025	3,876,245	3,620,901
Investments atmarketvalue comprised:
	Total endowment	Totalendowment
	funds	funds
	2025	2024
	$	$
Fixed interestsecurities	941,575	897,290
Equities	2,431,706	2,142,350
Alternative investments	446,411	437,728
Cash andcashproducts	56,553	143,534
	3,876,245	3,620,902

17

The Endowment Fund for TaCRI

Notes to the financial statements

For the year ended 30 June 2025

7 Tangible fixed assets

	Laboratory	Farm	Office	Total
	equipment $	equipment $	equipment $	$
Cost
	ee
At 1 July2024and30 June 2025	6,990	3,552	7,563	18,105
	ee		ee	er
Depreciation
At 1 July 2024	2,121	1,910	5,151	9,182
Charge for theyear	297	62	69	428
At30June 2025	2,418	1,972	5,220	9,610
Netbookvalue
As at30 June 2025	4,572	1,580	2,343	8,495
Asat30June2024	4,869	1,642	2,412	8,923

8 Debtors

	2025	2024
	$	$
Bridgingloan	322,929	346,551
Other debtors	14,471	11,668
	337,400	358,219

Included within the bridging loan to TaCRI (now a part of TARI) are amounts due after more than one year of $nil (2024: $212,085).

9 Creditors: amounts falling due within one year

	2025	2024
	$	$
Trade creditors	9,275	5,060
Other creditors	599	1,829
Accruals	41,756	37,417
	51,630	44,306_

18

The Endowment Fund for TaCRI

Notes to the financial statements

For the year ended 30 June 2025

a

10 Analysis of charitable funds

Statement of
funds	Balance 1July	Incoming	Resources	Transfers between	Gain/(Loss) on	Balance 30June
	2024	resources	expended	funds	investments	2025
	$	$	$	$	$	$
Unrestricted
funds	460,795	567	(337,918)	197,500	-	320,944
Endowment
funds	3,626,730	110,502	(17,825)	— (197,500)	362,230	3,884,137
	4,087,525	111,069	—(355,743)	-	362,230	4,205,081

The endowment fund represents an amount received from the European Commission which is to be applied solely in coffee research at the discretion of the Trustees towards furthering the charity's objects.

Resources expended on unrestricted funds includes $2,304 of unrealised losses due to foreign exchange on the unrestricted reserves balance.

During the year, $197,500 (2024: $395,000) was withdrawn from the fund for use towards the charitable objects. The balance remaining unspent at the year-end is included within unrestricted funds as the fund is expendable at the discretion of the Trustees.

Comparative
statementof	Balance			Transfers	Gain/(Loss)	Balance
funds	1july 2023	Incoming resources	Resources expended	between funds	on investments	30June 2024
	$	$	$	$	$	$
Unrestricted
funds	896,876	451	(831,532)	395,000	-	460,795
Endowment
funds	3,662,779	110,277	(17,682)	— (395,000)	266,356	3,626,730
	4,559,655	110,728	_(849,214)	-	266,356	4,087,525

19

The Endowment Fund for TaCRI

Notes to the financial statements For the year ended 30 June 2025

11 Analysis of net assets between funds

Asat30June2025	Unrestricted funds	Endowment funds	Total
	$	$	$
Investments and fixed assets	8,495	3,876,245	3,884,740
Debtors	325,062	12,338	337,400
Cash atbankand inhand	34,571	-	34,571
Creditors	(47,185)	(4,445)	(51,630)
	320,943	3,884,138	4,205,081
Asat30June2024	Unrestricted funds	Endowment funds	Total
	$	$	$
Investments and fixed assets	8,923	3,620,901	3,629,824
Debtors	347,992	10,227	358,219
Cash atbankand in hand	143,788	-	143,788
Creditors	(39,908)	(4,398)	(44,306)
	460,795	3,626,730	4,087,525

12 Related party transactions

Included in debtors is $322,929 (2024: $346,551) of amounts advanced to TaCRI (nowa part of TART) undera bridging loan finance agreement. No interest has been charged on this loan.

During the year, the charity funded expenses of TaCRI (nowa part of TARI) totalling $264,273 (2024: $213,647).

During the year, TaCRI (nowa part of TARI) funded expenses of the charity totalling $23,102 (2024: $13,393).

TaCRI (nowa part of TART) is related to the charity by a common director.

20

The Endowment Fund for TaCRI

Notes to the financial statements For the year ended 30 June 2025

13 Comparative statement of financial activities

		Unrestricted	Endowment	2024
		funds	funds	Totalfunds
		$	$	$
Income from:
Investments		si	104,106	104,106
Interest		451	6,171	6,622
Total		451	110,277	110,728
Expenditure on:
Charitable activities		(739,967)	-	(739,967)
Investmentmanagement		-	(17,682)	(17,682)
Total		(739,967)	(17,682)	(757,649)
Netgains/(losses) on
investments		-	266,356	266,356
Netincome/ (expenditure)		(739,516)	358,951	(380,565)
Unrealised loss on	foreign
exchange differences		(91,565)	-	(91,565)
Transfers between funds		395,000	(395,000)	-
Netmovementinfunds		(436,081)	(36,049)	(472,130)
Totalfundsbrought forward		896,876	3,662,779	4,559,655
ioraltenidsiearxied forward		460,795	3,626,730	4,087,525

21

The Endowment Fund for TaCRI

Notes to the financial statements For the year ended 30 June 2025

14 Post balance sheet events

The Government of Tanzania through Minister of State, President's office, Planning and Investment issued information to the media on 15th December 2023 directing merging of 16 organizations and institutions and erasure of 4 organizations and institutions of the government. TaCRI was among the 16 institutions to be merged and was to be merged into TARI system with other two institutions.

Following that notice, TaCRI had passed through various steps to dissolve the institute including governance meetings. The most important of those meetings was the AGM conducted on 28th March 2025 which passed the resolution to seize TaCRI’s business operations, integrating TaCRI into TARI as one of its centres and to strike off TaCRI from the Register of Companies.

From 01st July 2025, TaCRI started to operate under TARI and it was named as TARI TaCRI. TARI TaCRI is now using various government digital systems like MUSE (Government digital payment system), NeST (National e-Procurement System of Tanzania) and other administration systems will follow.

Currently the processes to merge fully are not yet completed, the major awaiting issues are government employment contracts to TaCRI staff and formation of a coffee research steering committee, which will be an instrument that will ensure stakeholders demand are met, value for money and approve workplans, research proposals and budgets.

SSS

22