TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFRICA (A CHARIT ABLE TKUST) REPORT AND FINANCIAL STATEMENrs 30 JUNE 2021 (REGISTERED CHARITY: 1124600)
TERTIARY EDUCATION SCHOLARSHtP TRUST FOR AFXICA (A CHARrrABLE TRUST) REPORT AND FINANCIAL STATEMEKrs 30 JUNE 2021 CONTENTS PAGE Company information R¢port of the Trustees 14 Statements of fiD8n¢ial positson 1&16 Notes to th¢ financial sthtenwts 17-20
TERTtARY EDUCATION SCHOIABSHIP TRUST FOR AFIUCA (A ClIARABLE TRUST) COMPANY INFORMATION JO JUNE 2021 TRUSTEES TO THE CHARTfY ("THE MAI¥AGERS-): Dr N D Bro, Cbairroan Dr K Lloyd Mr K E Lloyd Mr N Ndeunyema Mr F Nyiko Dr F Meinck Mr D Trnvers Mrs J M TraYers.TIMt Mr F M Mknxmbuka TREASURER MrK Euoyd SECRETARY Mr F Nyikosa PIUNCIPAL OFFICE: Grandeys I I Warwick B¢nch Road Guildford GUI 3TQ CHARITY NUMBER: 1124 INDEPENDENT EXAMINER: Kew & Compony Limited Mr5 Clara L£ Valle¢ SlWa Dtnko M8t¢rials Co. Ltd Madn'nha Tntst Mr Jolm MotDcmottt BANKERS: HSBC TIIG Pok 333 VauAb811 Bridge RoAd Victori ndon SWIV IEJ Page 2
TERTIARY EDUCATION SCHOL4RSHIP TRUSf FOR AFRICA (A CIIARITABLE TRUST) REPORT OF THE TRUSTELS 3(1 JUNE 2021 Th¢ Truuecs are pleaqed ty pr¢%nt thtirryrt logtitrr with unauth.td ac£OW of the chlty for yeAr ended 30 June 2021. The accounts have F¢rL prcpartyj acconkn with thc polieie5 Èet OW itk notrs to tbe accounts 8tsd cojllply with th¢ charitys deui The ChJn"tic5 Aci 2011 A)ull8 8j RLVlrtittg by ChRritLe5: Siat¢znent of R0MmeDd Practice applicable lo clwrties prepariD8 tkir xcounts cOAlanGe with Fwaticwl Rept)rting Stsndwd 102. Th¢ Finauciai Rem Stlllld•rd applicknle ID the UK and Rwublic OfIrelal. CHARITY NAM£ Tertiary EducNtJon S¢holaY8hip Trust for Africa (ThT forAfric4). CIL4RITY NUMBER 1124600 PRILYCIPAL OFFICE ADDR (rrantleys I I W3nviek Bench Ro Guildford GUI 3TQ TRusfEES Dr N D Brow4 Cbairrrthn Dr K Lloyd MrKE Lk)yd Mr N Ndeuniwr Mr FNyikosi Dr F Meinck Mr D TravtTS Mrs J M Trnver5.'100 Mr F M Mtumbuk8 ADVISORS ANI) SUPPORTERS KeiDP & Company l.imi(¢d Sbowa D•)ko M•tCTids Co. Limited (f0MlYHI¢knJ Chatll¢81 (E4wqK) GllknEt) Thc madn.nha.fnl PRIIYCIPAL DONORS The TrNvcrs Frtmily The Lloyd Family Showa Denkn M3tETials Co. timittd {forllly Hiwhi (Eumpe) GwbH) Funldlrai%rs of Belgium The MadTJnba Trust ICAP wEIT wrW.1¢% STRUCTURE AND GOVERNANCE The charity IS Rrt unincoFPOrntEd ¢ntsty by a tsILSt de•1 The Bwd of Tn¥tffs is res0$1b1¢ for the TECLUitm¢nt Nrtd app)intmtnt of new Trtte5. Wh) 1pakn.8 ncw appDintinent4 aTLy ¢xiYiJJ8 Ttt4tecs may notJ]itiRte Appoitttments sre me ou the basi5 of th¢1rprtuhti for &Jin8 to tr dwity princylly in t¢ritLS oleredibility and fw rai5in8. The Tntste¢s also to assts8 cxient of theit slJaFEd b¢lief in the tims d)jedive5 of the charity. plus the de of ¢0rnTritttt1 tst aDy new Truste¢ ig prepared to devote to the C'ty. Page 3
TERTIARY EDUCATION SCHOLARSIIIP TRUST FOR AFRICA (A CIIARITABLE TRUST) REPORT OF THE TRUSTEES- fomtlThped 30 JUNE 2021 STRucfuRE AL¥D GOVERNANCE. c•ntinued TEST for Afri¢a maintsins a balance of experietted existin8 sigllfic•nt doTh)rs and fresh appointees from the Afrhcan student body at Linacre Coll¢8e. Oxford Univrfsity. who upon their to their ¢ountry of origitt are replaced by an Afri¢an studeTht. Sbould the fornw TnLslee return to cJIw mala TaD7Jni8 or Ihey 8re eruragl to participatc in thc running of the locd TEgT org8Disation. Res¢rvtt Poll¢y Th¢ Tnjstees hAve adopted o policy of m8ititiining sufficitst in Texrve to wv¢r a TniDimum of five ye4rs grant expenditlire, nei ofdividcnd iome from n&nd Eodowment Fwth. Tothl reserves at the year eNJ cam¢ to £598.744 Compared to £690.550 In the PTior)r•r. Vl8lon In deciding upon the vi$ion wbicb the eharity should lertkn the Tr&qtee8 h8v¢ paid due Ord to th¢ Clwity Commission's guidanee on publi¢ b¢nefiL Th¢ vision of the clwity 1$ to aid in the sustsinable social and e¢ot)ornic deYcloptn¢Dt uf AfriL& by eDabling bright but Dtedy 8twJ¢nts to rec¢ive rtiary ¢duc4tion 8nd $ubso4uently rctum to work within their communitie8 and th¢iT DalioiL MIMlon "ro provide educational oNx7rttie4 #dvawe kvIed% and proll Ila1 r¢•ponsibility by r8i8in8 funding, 858iSiin8 Wlth the crcatson of trSpArent ILK81 Chan'tsbl¢ Trua8 in d¢velopi08 countries with 8ppropriatc infr&stnJCt4c I political Stability. financing the 4ward5 of scholarships for local tertiary edu11014 moDitorin8 S¢holars' aead¢mi¢ 8chirv¢m¢nts and encoura8in8 pern)Dal long temi CDFTDWlmt to &TrYor nationd dcvelopnKnt. Report from tbe Ch#In and TnbBt¢ As with many orB8ni8ationg, 202(k2021 has presented our charity with a unique sd of ¢lllilertge6; particularly for our beneli¥iary I81 African chwities and thtir s¢holarship holder4 wtrjo have cxperi¢n¢¢d mAjor intemiptiong to their edueatson duc io COVtD. This b¥ ptoved to be particulady oncrous in mosi of Africa where remote learnin8 18 imprablical duc to Ik of infrastnturC (WiFi wyerage) and equipm¢nt Ip8rti¢ulariy COTtwtcrs and 14ltopg). H¢nct, mo$1 Univetsiti¢s have elected su4J¢nd &¢nlS aThJ to prolon& even AdJ*t the a¢ademic ye8r% to accommod&Ée for th¢gc disruptions. Neverthel¢s& ¢be athic yev 2021N2021 Saw th¢ award of a tothl of 348 S¢knlarsbip consistyng of new Ren•wah Now Awards 43 TEST for GHANA TEST for MALAWI TEST for UGANDA TEST for TANZANIA TOTAL Although Q/• of our awards were for females. ow prngrc&8 toward% our 8endff b&qed ObJ1ve of 61V/o feIe awArd8 ¢ontinue8 to struggle. partlcularly itt Malawi, wbcr¢ we ¥re unable to find Sufficient qualified frtt)ales. illu8trated ill thc tsble belo. Femak Male Total 58 (46%} 126 29145%) 32 (54%) 47148%) 166 (47%) 43 23 25 In TEST lor GHANA TEST for MALAWI TEST for UGANDA TEST for TANZANIA TOTAL 36 27 51 182 59 e4
TERTIARY EDUCATIOIY SCHOLARSHIP TRUST FOR AFIUCA (A CHARITABLE TRUST) REPORT OF THE TRUSTTES. ¢ontinu¢d 30 JUNE 2021 REPORT FROM THE CHAIRMAN AND TRUSTEFS. CMtitied As. of sum0[1&Utllrn 2021. the sItitIon within our spInIt oloKtr*lO w&% as follow8.. GHANA: The rdvages of COVID hkve affected the ¥thnissioos procu8 for the acsdemic ye4r 2021f21r22 to late ttopetiI of most lertiary iDstitutions. In effccl this deknys our usual &w8rds pr(xess by three ts six moTths. with some aw8rds m&de in October 2021, and the balaJKe Iparts'eularly freshers) eldy ID 2022. COVID delayed 8¢lection of Schola for MzuTh University, ClwKcllor College and Ma]awi POIhnl¢ until eldy August. 'Theref¢)re only 44 awards so far bttn mad¢, but il is antici pa th•t this will rise to 64 once they have rinalis¢d th¢ 5el¢¢tion from th&e Universities. With the aim of inc¥easing the intske of swdtnts in tb¢ country's univcTsitieS. thc Governmen( of Malawi bavc dc¢ide4J to cowpl¢t¢ the ¢klinking of the cotsyitthent Colleg¢$ which have historically compos Th¢ University of Malawk theffby foTTDing thrtt Univet5ities. Thus in totsi there will be six public UniveYsiti¢& nauKIy. Kamuzu Universtty of HeBIth Sci¢tsc&4 l¢tsn¥risin8 College of Nursing th¢ College of mvjlci) Utiiversity ofmalawi (comprisin8 Cbwllor Colle8e) Malawi Ilniversity of Business and Applied SGicnc¢s (compnsip8 Mjiawi Pol1¢) Lilongwe Univer8ity of lCultu and NAtsral litt Mzuzu University Malawi Univernity of Scienc¢ Jrtd Tehnology UGANDA.. The ons¢t of COVID caw¢d rnally Ugandan ox4uutioTwI iDStituuons switcbed to 8 blended learning appmtch (virbj atjd physiLal). but they have proved be ineffects to lack of lapw and por WiFi covera8¢. Th¢ acad¢mic year 202012021 be8an only in F¢bnwy 2021 and had been extrtted to UDtil O¢iob¢r 2021. but a surgc in COVID cws add¢d a fithr 6 we¢k delay. r¢suititt8 in the openiDg of the 2021Q022 academic year bcillg dclayed uniil ebruarylmarch 2022. Howev¢r. m8ny students WI lack funding aT¢ droppinE out or posWln8 th¢ir terti educlltion due to economic hardship. Wt ar¢ firtdiD8 th•t path"c 18 AvelY affLxtsll8 llxal fuTMJrw"sin& TANIANIA.. AS funding ittcre3sed. TEST for TANZAMA has u)ntinued 8fOW ID tern of number8 of schol8rsbips awarded and nwnbers of publi¢ Univ¢rsiti¢s. This current yeDr the numbe¥ of s¢holarship awards almost tripled from 32 to 84 enrolled at 5 universities Mzumbe Univu5ity, The Open University of Tan7thni4 Sokoine University. The University of Dar E8 S&laam and this ye4r. The Stste UDiversity of Za07ibar for tr firu time. Award3 made to lItInuing students in NoYenkn¢r, and in Febru8ry to new qtudents when we aye abk to identify thos¢ who failed to Bain $ponsorship from the GoVern1.S Highcr EthKatiOD Ststhnts Loan Board. FUND IL41SING Fund tai$ing continued apa¢e throu8lK)ut the year attd we %5r11Y rtiiJ¢d rl totAI of £ 148.045 (Dhjq £ 35.932 Oift Aid) from our loyal base of continuing supporta5 and includin8 JM)t4ble donations for addition to cAi$ting Endowments - £ 40.0(X) to the John & Jennic Travers Erylowment and £ 87.750 ty the and Sarrn Lloyd bndowmcnL in addition to a furthcr £ 734 for the Dr Harry Potter End0rtL We also received w £ 5.(KJO dollati¢)D for the Athninistrntion ACC and an Inco of £ 220.413 in interest from our endowmcnt funds. Page S
TERTIARY EDUCA0 SCHOLARSHIP TRUST FOR AFRICA IA CHABITABIX TRUST) REPORT OF THK TRusfELS. 30 JUNE 2021 REPORT FROM ThE CHAlliMAN AND TRiISTKFS.w•O•td Thus total irtcottle aJnt¢d £ 209,391 or £ 80,907 ttt of I1$ to EtwJoMnErt FUVJÉ. Tot41 th"sbur9emEnL8 for s¢holarships aty)uffled to £ 103.1517 , pl an Addiliooal £ 5.o(M> for TFsf for GHANA dmirtistr¥tive support fknils of expeIti 8TC as follm: For Stbol¥rJhlps: £ 30,0(Ml to TEST fDr OHANA: £ 26,087 to TEST for MALAWI £ 25260 to TEST for UGANDA £ 21.700 forTE&T for TANZANIA FOF Admlnlrtrallots lupport: £ s,0 lo TEST for GHANA For HSBC BAnk Charw: £210 J)uring the rClI yt4T, our inves1me th¢ rnawi of CCLA Lirnit•L coryri8ip8 PripAI1Y Tho Kim 4nd Sarrl Lloyd Endowm¢nL the John apd JeDnic Trwc• wwj the Dr Harry Pottrr En&)wI¢ increastt1 from £ 012.476to £ 829.335. Th¢se 15s¢ts ar¢ pnnGipolly inves¢tyJ in their incom¢ It[¥ti8 COIF Ethiul Investtn>rt Twhi¢b ha8 elts1 • 16. J% the W )%lt {13.f/•UDit vow1 plus 3.1% iurest Pay1). Our lonR rni aim ¢ontinues be to brin8 TEST AFBJCA In xlf SWiDility itt ten of iDcom¢ petxtioTh SIGNIVICANT DEVELOPMEf4TS In the light of the halvitt8 of numbus of 8¢h)lar5biF6 iwaTtsI in msWi th¢ plst few Ye to tk quadruplin8 oftuition fees ITh MalJwi. th¢ TEST hr AFRICA TT• with the With the Icrtl Afri¢ TEST Tntstecs ha to tennin8 the fm•n¢ial Iwyred separntely by the Lloyd fwwlyl for 10¢41 adttllDiStr8ti0ts Moreov¢r. Jt h&4 be¢n 4TtJ thtti tkn will bc Its ordthy #limi10 of lmi'nÈstrntiots CO in Gb•na ov¢r th¢ nexi 3 to S yw8, BRWirt retk¢ts'n8 the r¢dUCt ill ttuwber8 ofth)laY8bJp awards. We we •bk make thi3 tak¢ thanks to the locnl Tnjstces the s4WQrt of mDny of ¢Jw recttm wlw) havc to opernliot and Incre¢ thciT wbono eofrmi¢ment to Lxtr LWl¢. furttKr wnfirmi pbJ"iox)Ethy th of a]1 th>n•tions rettiv¢d by ow ch•rity •rE disbwsed as )lar¥ &nd twitr i z4ro ¢0#$trl¢. As rwrtcd last y¢Ar. ofour The M¥thinb• Trwt eonfiml fthre 5¢FM)lar5hip support will limitcd to thE v¢ry bn8htrst couplcd wtth only STEM subJe¢ts atKI Med5 rel1J This prtcluthA u8 from t¥mn11ITh 8CtLo18r4 &8 in the countrie5 we opmte, su¢b $tudenl¥ virtually certain to wtl governm¢ 8UPPDJt Attordirtgly, we h•ve rK>tified M*AnDha that we arficipate ¢thJin8 the Teiatsonsbip for fijture stud¢nts. We ar¢ plea5td
31JUNE 2121 AFyovdby c•thwbekdftrT.
INDEPENDENT EXAMINER'S REPORT TO THE TRusfEFS OF TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFRICA JII JUNE 2021 I report to the Charity on my exarDinatiou of tl unBu of th¢ ¢harity foT thc year ¢ntsi 30 JUD¢ 2021, wbj'clk are srt ottt on pages 6 17. Respon•lbllllles Thd basts of reprt the Lhantw Act 2011 j'the Act). I report in r¢specl of my examinAtion of tt* ChlS arUnts eatTied Lwt 145 of tr Act and in ¢8rryin8 out my examimtion I hllv¢ followed ail th¢ appli¢able Dire¢tions Ven by the Charity Corwni85ion 8Xtion 14515llb) of the Act. Independent exwndner'i #t•t¢ttieiit I have completed my ex8miMiion. I confirm bveL¥m to my attenttots ID cofjnxtion with th¢ ¢xamination VIng me ¢Au8e ty believe that 8ny rtWL l. &c¢ouniing records wrye not kwt in re4 of th¢ eFwity as n4uircd byK¢tioD 130 of the kni. or 2. th¢ aceounts do not a¢cord with thosc Tecord&' or 3. tho accous)ts do not comply With the whcwble the form and C4)nte•i 8Ct out in the Charit)¢8 (A¢coutsts and R¢wtJ) R¢Sul105 21N)8 othu than any rtyuirem¢Dt thai th¢ acwuttts 8tve 4nd fait Vic whi¢FL is twi COllSLdcreJ as ofthe cwnintttion. Should bc drawm in thi5 report to tble 8 pmExr d¢[ ofth¢ to be tyJ. A Kemp CA Kernp aDd Compony Limitrd Suite A Stsn Brou¥d CorDplex Landes du March¢ Vlli¢ Gu¢rnscy GY6 8DE Dated.. ?1
TERTIARY EDUCATION SCHOLARSHIP TRusf FOR AFRICA (A CHARABLE TRUST) STATEMENT OF FINANCIAL AcnvrnLs FOR THE YEAR ENDED 30 JUNE 2(121 CoNSOLATED FUNDS Nots UY¢#rlted Totll fun 2021 IDcome Donaiions & wfts Divid¢nds Bank interest r¢eeivabk 188,977 20.385 28 188,9TI 20?85 28 2.39¥} 209,390 Expethdltur¢ Dir¢¢t charitabl¢ exwditure Bank char8es (108.047) (210) (108,047) (210) {108257) (108.257) Tot¥Jl expendltsre Net gains on investm¢nts 11,685 74.432 86.117 74.432 187,250 Net Income 111818 GTOSS tramfei b¢twe¢n fun&8 187.250 r4tt movement in fundi 111818 74.432 Rttonclllltlon of fundj Total funds brought forward 166,238 524,312 6.550 Tot41 funds UTrled fonYrd 279.056 598,744 877,800 Page 9
TERTIARY EDUCATION SCHOIARSHTr TRUST FOR AFRICA {A CHARrrABLE TRUSD STATEMENf OF FINANCIAL AcnvfnFS FOR THE YEAR ENDED JO JUNE 2021 Note UnreJ¢rl¢ed EDdowJwnt funds Tot1 SCHOLARSHIP FUND 202I Incon Donation8 & gilts Dividends Bank inter¢st t¢¢eivable 183.977 20.385 28 183,977 20,385 28 204.390 Tot•1 ltteome 204J90 Eipendltsre D2rcct ¢lw]'table ¢XPeDditur¢ B4ttk charges (103.047) {180) (103.047) (180) (103.227) Tot expendltsre (10322D 86,117 Net gAins on inve81ments 11,685 74.432 111848 74.432 187280 187,280 Net moveDnt In fuD 112848 74,432 Re¢otsdllAtlon Of fvxds Total funds brought folivard 165.605 523.115 688.720 Total fMlldJ carrl¢d ftsrw*rd 278.453 597,547 876,000 Page 10
STATEMENT OF FINANCIAL ACtIVTJIVS FOR THE YEAR ENDED JOJIINE 2WI ADMINISTRAlloN FUND Incott DonatiofL4 Totsl Inc•ThÈ ExpeDdkthrt (5,¢XXII 130) {30} Totsl twdlthrt {smo) (SP30) Nd OG JDVW) NI¢ DWVWDt In R¢coidllAII•D of fuidi Tothl funoy brou% fotw4rd 633 Tot•1 fuitheArrknl p11
TERTIARY EDUCATION SCHOIARSIIIP TRUST FOR AFIUCA (A CHARrrABLE TRusr) STATEMENT OF FINANCIAL AcfIviTIts FOR THE YEAR ENDED 30 JUNK 2020 Note UrEstrlc¢d 10methi ds Total fwDd¥ Z0211 CONSOLIDATED FUNDS ID¢ome Donaiion8 & Bifts Dividends Bapk illwresi teccivoble ISO.186 18,877 106 150.186 18.877 106 Tot#1 IDeoiD¢ 169.169 169.169 Expendlthre DireLt chari18ble expthditurt Bank char8es (106.075) {106,075) {300) (106J751 (106.375) Total upeDdltur¢ N¢t ghins on ltive8tftts 3203 18J49 21.552 18J49 84J46 N¢t In¢ome 65.997 (Iros5 iransfer fim (15J34) l5.534 Net moveinejit futtds 50,463 33,883 84.346 R¢¢onclll8tloo of fund• Total fiJnd6 brou&ht forwanl 115.775 490.429 690,550 Totl rIed fornro 166238 524J12 Page 12
TERTIARY EDUCATION SCllOtARSHAP TRUST FOR XFRICA (A CllARTfABLE TRUST) STATEMENT OF FINANCIAL AcrivrriLs FOR THE YEAR ENDED 30 JUNE 2020 SCHOLAKSHIP FUND Unrutriced E•dowllnt Total futsds 2020 Ineome Donationy & gifts Dividends Bank inter¢st re¢eivabl¢ 147.186 18.877 J47,186 18,877 166.169 Tot1 ittcome 166.169 Expendlthre DIrt charit8blc ¢xpendiN Bay]k ¢harge& (103.075) {270) (103.075) 1270} (103.345) Total expeDdltsre (103J45) 21,508 Net gains ¢)n IVtmlts 3203 18.305 Net Ithe 66,027 18.305 84.332 (15,534) 15.534 84,332 Net movement ltt 50.493 33.839 R¢con¢lll#tlott of fund$ Total funds brought fonv8rd IIS,112 489.276 604.388 Total funth t¥Jrrled fonyard 165.605 523.115 688,720 Pagè 13
TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFIUCA (A CHABlE TRUST) STATEMENT OF FINANCIAL ACTivrrIvs FOR THE YEAR ENDED 30 JUNE 2020 ADMif41STRATION FUND Note Ullrerieed EDdowment Totsl funds (und8 2020 Income DoDatioll8 & gi Total Income Expendlture Dhr¢¢t chArit8bl¢ expumlitu Bank ¢hRrgcs (3.(MXI) (301 (3.OLKJ) (30) TO1 expendltttre (3,030) (3,030) Net on itivestments Net movement In fundi (30) 14 RetOD¢i)ltlon of fullds TO fi[ts brou8ht forward 663 1.153 1.816 Tota] fvnd8 c8rried forw*rd 633 1.197 1,830 Page 14
TERTIARY EDbCATK)N 8CHOIARSHIPIIiiW FORASYICAIACHARfTABLETRits ATRMFJry OF FINANcLPosO AS AT 30 JUYK Z•II Nd¢ CONSOLIDATED FVNDS 2•21 202• FiXEOA&SETS 9&148 727228 825,3 610.774 425 51425 79,776 s771 6W.59) PQT IIVNDS 1S0J73 15Q573 127321 160239 524Jll 711328 n7228 .5 pplitttbie u) the UK a1 Ryblk of btl•Thl IFRS 1021 kn)w FI(< •% laid in tho Silltemeni of accord iib FRSIO2. Thc ac¢ Pr-b 22¢ bJ*r¢•pJoo ltstddfty.
TBifIJARY ÈDUCATtOF4 SCHOIAk8HtPTRiJsfFoR AFRiCA{ACIIARTTABLEITiUST) STATUIENf OF FINANcL P(PSmOP4 ASAT 30JU1•1I N•1¢ SCHOLALSBIP FUND T•tsl fvd VL¥ED ASSETS Quoted ivr 824179 9&148 52 793 CREDITORS: flUwAd•evftkln wye•r Anwitdur to AthDithi*trntth fill 15401 (5401 NXY ASSETS ATh 149JYO FUNDS UDrcatyKt&l njthth EDd0wft¢ thjnds 149Y 149970 726MJI 163&( 525.Il4 TOTAL FUNtK8 149970 7260Jl 87&Q)i 688.no ADMINtsTrATiof4 FUN Tvtsl f¥llth FIX8D ASSETS Quthl inyesinwttts CLfRRiNT CANh aibthk pnd in 6J3 1.530 NrrA&8ET3 FUNDS UnfUmCted 633 1.197 Il30 TOTAL FUNDS 16
TERTIARY EDUCATION SCHOLARSHIP TruoR AFRICA{A CHARITAB TRUSD NOT&S TOTHE ACCOUNIS 30 JUNE 2021 AccoplldnE wjlld Tenw Edw#tion Sely)ltitship Tn for Afru ism thtity re8¢41 in th¢ UL Its ffice is 16 Tuuley Ro11n SW17 7QJ. provi8ions of appli¢abie UNited KiD8th)m acc Fir1 RwdJn8 StArthrd IO2. Itt preparillg th¢ COunt4 the chAn"ty follows bed practice gj Iwd down ip tk Stsm¢nt of Re¢ommend¢d PY•¢tice'. AccouDtin8 by Charitio applitabk to clwities proiri118 their OuntS in a¢¢Ord with FRS 102 ISORP FRS I02) ¢orylits With Thc CIMn"liu Art 2011. SuBMry of slplllr4•t a¢¢ouAting The Prtrtcipi accou16 policies awcd tD the pro•ratsW orfv finnl&l sd out below A1 have llnchanpj from the PT¢VV)Us yeAT. atsl havt E4¢n coosiSturtJy 8pplied In the opitiion of th¢ Tnw th¢ accowiii •ThJ fair Triew of of the ch.1 30 JuDe 2021 of its T¢wlt for the ctyjed. Revtiyt rffjnldon All the ¢haTiW$ irrnme is der1v fTom ity atsj lift8 •hd dividet income ar¢ credited on a rettipts basi& Bank rwxiv4ble is I£ted for on o¢¢nth]8 bA8i6. All i0¢ is attributhbk to unre5triCtcd fiJNJ& ony uiaing ¢Jn the elldO fund be itl with th obj71 ofts clmrity 7). &endire Dirc¢l charitsble ¢AdiDr¢ CLISlSts of imt1tsitl p•id lotal ch&rit8bl¢ ITUBts ' d¢vclopinB countries. ar¢ xcoutstd for In Tr£OWLI Wh II bave been PrOvCd by tF Trth8te¢s. arc tyA by th¢ chuity E8 4ll Servi ar¢ provided to it Ott • Frf) b&M All BTE Unt¢s¢ted fut. Jnve8trneDi ylni 104 Realis¢d 8wn5 or 105ses on iovuttrDts on of iDvc5trnwts dunng th¢ yw. Whete there 15 a djswsal of part of 4tt knycs¢m holdir% the 8Ain ot lom risin8 11 eALl¢luJad by reference to the •veta8t cost of the b)Wi ofthe ycv. Quo¢ed IDweJtttieiits Quoted inve5thKnts •re inclwbj in th b8]Dce shrcL at hir VI with nct movertKnts in f•'r value bELll8 retlt¢ted in A¢iivitiei. F•it ¥•h¢ IB Jarket pric¢5 ruling the balance shcet d•. at thc COEL8idmuoD eXpt¢d kn b¢ pid w [e1¥( ex¢cpt for lided ittve#ollts measured at fajr value. Page 17
TERTIARY EDUCA0 SCHOLARSHIP TRUST FOR AFIUCA (A CHABITABLE TRusr) P40TES TO ACCOUNTS 30 JUNE 1021 Sumwrv of significot teowrtthig poiki# (ewdnuwl) Debtors Short term dEbtOTS aT¢ me4sureO transxiion pric< itss any iTryyairrtKtiL Teuivabie intcjwi frt ¢JDseCUT and nc¢1bIt on dejtsrd #t their "r YU¢. Cyedho Short iern tyad¢ creditors •re at the trnn5 pricc. (kn finarKial Iwbilitiu. including Detsil$ of lUTe a] of Ch is Solo in wle 7. Caih The 8e¢owitq do not inclde o cth fiow #alcmrt be£wts¢ the dwi¢y is A knrye rtitsty rrtt ¢knitsble ¢xpeN•ll•re Consists of in8tiWtiimal yttls'. Cots•olid•tod fvttdl:. r4vmberof 2•20 TEST fw Gh8na TEST for Malawi TEST for Uganda rEST forTaDzarLia 1 (2020.. 1) 2 (2020.. 2) 1 {2020.' 1) 1 (2020.. 1} 35.(#X) 26.087 25.2tii 2l,7Tr) 108,047 35.(K#) 29,630 25,645 15.81KJ .07 S¢hoi•Nhlp fvmd: Nwmber of 2020 In8¢itutioii TEST fr(Ghant TEST for Malawi TEST for Uganda TEST for T&nutiia 1 (2020.. 1) I1240= I} 1 {2020.. 1) 112020.. 1) 35.( 26,630 25.645 15.8 103.075 26.087 25.260 21.71rf) 103. NumbEr of ya•¢¥ TEST forGhalla TEST for Mala I {20. niD i112020-. 1) Page 18
TERTIARY £DiICATION SCHOLARSHIPT11UST FOR AFRICA (A CllhRITABIftTRusfJ NOTES TO TH8 ACCOUNTS 30 JUNE 2021 1988. QMot¢d Invutmettts TotAI futt 2021 Total fylldi 2020 At l July 2020 AdditsthÉ kevaluatiott At 30 Jthie 2021 524Jl I l2&485 74.432 r27.228 610.774 128.48$ 86.117 825 J76 573.689 15 J34 21,551 610,774 11.685 98,148 SCHOLARSHIP FUND thd• 1020 MARKET VALUE At l July 2020 Addition8 RmluBtityI At 30 Jun¢ 2021 523.114 128.485 74.432 74031 IA)9.577 128,485 86.117 824.179 572J36 15,534 21 J07 609.577 11.685 ADMINisfRATtON FiJND U•ro4tr1tt•d Total fvod• Tot•1 fLDd• 2020 MARKET VALUE Al l July 2020 Additions I,IS3 1.197 1.197 At 30 Jun¢ 2021 1.197 Fyd¥ objt&tives. investments. trKome arisittg ott tJ¥JoiD¢Dt fil ¢aD bE in with the objeetivts of the thc fiEDd8. donati005 to 5UPFXJrt the ex• of the eFwTitsble InJSt5 ID Majawi aDd fjballa aE¢ i8t¢d to the Èdttkinistratioth All ollw thxlliions ar¢ vltim&ly to 8UPPOrt xknlarships in P3è 19
TERTIARY EDUCATION SCHOLARSlItP TRusf FOR AFIUCA (A CllkRITABLK TRUST) NOTES TO THE ACCOUNTS 30 JUNE 2021 Related pArty tr8Du¢tlons Iluded in dOnon5 and gifts into the 5¢hoiaTsbip fund is £103,1 (2020: niD from Mr K E Lloyd. £240 (2020: £420) from Dr F M¢iDck. of wlb)m TnLStees of the c]wity. All othcr donations Bre n)ade along with any Gift Aid reKxived there0 bas been inv¢stcd in iDcomc bearing investm¢nt5. The incotne generated from this ittvestttient is be used for scholarships. but the TnL5ttts may w¢ the ¢apitsl at their discretion to Cover any sbortfall in fvnding. There are no conditioDS attaclxd to any dotionS made by the Tn*ees during the year. Page 20