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 ClIAR￿ABLE 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.TIM￿t
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¢
Sl￿Wa 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 logtitr*r with unauth.td ac£OW￿ of the ch￿lty 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￿)ull￿￿8 8￿j RLVlrtittg by ChRritLe5:
Siat¢znent of R￿0MmeDd￿ 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 OfIrela￿l.
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 (f0M￿lYHI￿¢knJ Chatll¢81 (E4wqK) GllknEt)
Thc madn.nha.fn￿l
PRIIYCIPAL DONORS
The TrNvcrs Frtmily
The Lloyd Family
Showa Denkn M3tETials Co. timittd {forll*ly Hiwhi (Eumpe) GwbH)
Funldlrai%rs of Belgium
The MadTJnba Trust
ICAP
wE￿IT￿
w￿rW.1¢%
STRUCTURE AND GOVERNANCE
The charity IS Rrt unincoFPOrntEd ¢ntsty by a tsILSt de•1 The Bwd of Tn¥tffs is res￿0$1b1¢ for the
TECLUitm¢nt Nrtd app)intmtnt of new Tr￿tte5. Wh￿) 1pakn.￿8 ncw appDintinent4 aTLy ¢xiYiJJ8 Ttt4tecs may notJ]itiRte
Appoitttments sre m￿e 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 ¢0rnTritt￿tt1 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 er￿urag￿l 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 i￿ome from n&n￿d 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 oNx7rt￿tie4 #dvawe k￿vIed% and proll￿ I￿la1 r¢•ponsibility by r8i8in8 funding,
858iSiin8 Wlth the crcatson of tr￿SpArent ILK81 Chan'tsbl¢ Trua8 in d¢velopi08 countries with 8ppropriatc infr&stnJCt4￿c
I political Stability. financing the 4ward5 of scholarships for local tertiary edu￿11014 moDitorin8 S¢holars' aead¢mi¢
8chirv¢m¢nts and encoura8in8 pern)Dal long temi CDFTDWlm￿t 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 I￿81 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 I￿k of infrastn￿turC (WiFi wyerage) and equipm¢nt Ip8rti¢ulariy COTtwtcrs and 14ltopg). H¢nct,
mo$1 Univetsiti¢s have elected ￿ su4J¢nd &¢n￿l￿S 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 ObJ￿1ve of 61V/o fe￿Ie 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. CMtiti￿ed
As. of sum0￿[1&Utllrn 2021. the sIti￿tIon within our sp￿InIt￿ 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 POI￿hnl¢ 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 Pol￿1¢)
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 ￿￿A￿velY 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
$ponsorship from the GoVern￿1.S Highcr EthKatiOD Ststhnts Loan Board.
FUND IL41SING
Fund tai$ing continued apa¢e throu8lK)ut the year attd we %￿￿￿5￿r￿11Y 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 End0￿rt￿L
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 EDUCA￿0￿ 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 a￿Jnt¢d ￿ £ 209,391 or £ 80,907 ttt of I￿1￿*￿$ 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 expe￿Iti￿ 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 r￿ClI yt4T, our inves1me￿ th¢ rnawi￿ of CCLA Lirnit•L coryri8ip8 Pri￿￿pAI1Y
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% iu*rest Pay￿￿￿1).
Our lonR *rni aim ¢ontinues ￿ be to brin8 TEST AFBJCA In￿ xlf SWiD*ility itt ten￿ of iDcom¢ petxtioTh
SIGNIVICANT DEVELOPMEf4TS
In the light of the halvitt8 of numbus of 8¢h)lar5biF6 iwaTtsI in m￿sWi 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 4Tt*J thtti tkn will bc Its ordthy #limi￿1￿0 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#$tr￿l￿¢.
As rwrtcd last y¢Ar. ofour The M¥thinb• Trwt eonfim*l fthre 5¢FM)lar5hip support will ￿ limitcd to
thE v¢ry bn8htrst couplcd wtth only STEM subJe¢ts atKI Med￿5 rel1￿J This prtcluthA u8 from t¥mn1￿1ITh￿
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* Ch￿l￿S ar￿Unts 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¢Sul￿10￿5 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 t￿ble 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 CHAR￿ABLE TRUST)
STATEMENT OF FINANCIAL AcnvrnLs
FOR THE YEAR ENDED 30 JUNE 2(121
CoNSOL￿ATED FUNDS
Nots U*Y¢#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 fonY*rd
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
Tot*1
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 moveD*nt 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
p￿11

TERTIARY EDUCATION SCHOIARSIIIP TRUST FOR AFIUCA (A CHARrrABLE TRusr)
STATEMENT OF FINANCIAL AcfIviTIts
FOR THE YEAR ENDED 30 JUNK 2020
Note U*rEstrlc¢d ￿￿10￿methi
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 ltive8tft￿ts
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
Tot*l ￿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•dowll*nt Total futsds
2020
Ineome
Donationy & gifts
Dividends
Bank inter¢st re¢eivabl¢
147.186
18.877
J47,186
18,877
166.169
Tot*1 ittcome
166.169
Expendlthre
DIr￿t charit8blc ¢xpendiN
Bay]k ¢harge&
(103.075)
{270)
(103.075)
1270}
(103.345)
Total expeDdltsre
(103J45)
21,508
Net gains ¢)n I￿V￿tm￿lts
3203
18.305
Net I￿￿the
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 CH￿ABlE TRUST)
STATEMENT OF FINANCIAL ACTivrrIvs
FOR THE YEAR ENDED 30 JUNE 2020
ADMif41STRATION FUND
Note Ullre*rieed 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)l*tlon 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 FINANcL￿Pos￿O
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
s77￿1
6W.59)
PQT
IIVNDS
1S0J73
15Q573
127321
160239
524Jll
711328
n7228
.5
pplitttbie u) the UK a￿1 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 FINANc￿L P(PSmOP4
ASAT 30JU￿1•1I
N•1¢
SCHOLALSBIP FUND
T•tsl fv*d
VL¥ED ASSETS
Quoted i￿v￿*r￿￿
824179
9&148
52
79￿3
CREDITORS: f*lUwAd•evft*kln wye•r
Anwitdur to AthDithi*trntth fill
15401
(5401
NXY ASSETS A￿Th
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 Tru￿￿oR 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 Ro*11n￿ SW17 7QJ.
provi8ions of appli¢abie UNited KiD8th)m acc￿*￿￿ Fir￿￿1￿ RwdJn8 StArthrd IO2.
Itt preparillg th¢ ￿COunt4 the chAn"ty follows bed practice gj Iwd down ip tk Sts*m¢nt of
Re¢ommend¢d PY•¢tice'. AccouDtin8 by Charitio applitabk to clwities proi*ri118
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 accou￿1￿6 policies awcd tD the pro•ratsW orfv finn￿l&l sd out
below A￿1 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 i￿0¢￿ is attributhbk to unre5triCtcd fiJNJ& ￿ ony uiaing ¢Jn the
elldO￿ fund be itl with th obj￿7*1 ofts clmrity 7).
&￿endi￿re
Dirc¢l charitsble ¢A￿diD￿r¢ CL*ISlSts of imt1tsit￿l 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 iovuttr*Dts 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¢luJa*d 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 eXp￿t¢d kn b¢ pid w [￿e1¥*( ex¢cpt for lided ittve#o*llts
measured at fajr value.
Page 17

TERTIARY EDUCA￿0￿ SCHOLARSHIP TRUST FOR AFIUCA (A CHABITABLE TRusr)
P40TES TO ACCOUNTS
30 JUNE 1021
Sumw*rv of signific*ot *teowrtthig poiki# (ewdnuwl)
Debtors
Short term dEbtOTS aT¢ me4sureO ￿ transxiion pric< itss any iTryyairrtKtiL Teuivabie
intcjwi frt ¢JDseCUT￿ and nc¢1￿bIt on dejtsrd #t their ￿"r Y￿U¢.
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 y*ttls'.
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)
I12￿40= 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
Fy*d¥
objt&tives.
investments. trKome arisittg ott tJ¥Jo*iD¢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
P*3è 19

TERTIARY EDUCATION SCHOLARSlItP TRusf FOR AFIUCA (A CllkRITABLK TRUST)
NOTES TO THE ACCOUNTS
30 JUNE 2021
Related pArty tr8Du¢tlons
I￿luded in dOn￿on5 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 do￿tionS made by the Tn*ees during the year.
Page 20