TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFRICA (A CHARITABLE TRUST) REPORT AND FINANCIAL STATEMENTS 30 JUNE 2024 (REGISTERED CHARITY: 1124600)
TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFIUCA (A CHARITABLE TRUST) REPORT AND FINANCIAL STATEMENTS 30 JUNE 2024 COIYTENTS PAG Company infornution Report of the Thte¢l Ind¢pendMt ¢xaminm' report Statements of fitwKial activities 13 ststements of financial position 1&15 Notes to th¢ finoncial stat¢m¢nts 1&19
TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFRICA (A CHARITABLE TRUST) COMPANY INFORMATION 30 JUNE 2024 TRUSTEES TO THE CHARITY ("THE MANAGERS"): Dr N D Brow Chairn) Dr K Lloyd Mr K E Lloyd Mr F Nyikosa Dr F Mein¢k Mr D Trav¢r8 Mrs J M Travers-Tondat Mr E M Abalo DrNSAIi TREASURER Mr K E Lloyd SECRETARY Mr F Nyikosa PRINCIPALOFFICE: Grantley8 I I Wanvick Bench Road Guildford GUI 3TQ 1124600 INDEPENDENT EXAMINER: Kemp & Company Limikd Suile A Stsn BrOud Complex Val¢ Guernsey GY6 8DE BANKERS: HSBC The Peak 333 Vauxhall Bridge Road Victoria London SWIV IEJ Page 2
TERTLIRY EDUCATION SCHOLARSHIP TRUST FOR AFRICA (A CHARITABLE TRUST) REPORT OF THE TRUSTEES 30 JUNE 2024 The TNsteC8 are pleased to prescnl their Teport l08cther with the unaudited accounts of the charity for the year ended 30 June 2024. The accounts have been prepared in accordance with the ac¢ounling policies set out in tb¢ nol¢g to the accounts and comply with th¢ charity's trust deed. The Chorities Act 2011 and Accowlling and Reporting by Charitie5.' Sialement of Recolendcd Practice appli¢obl¢ to chAritieg preparing Ih¢ir &¢¢ounts iti oc¢ordanrt with Finhncial R¢portinB Standard 102- The Financial Reporting Stsndard appli¢able in the UK and Republic of Ircland. Tertiary Education Scholhrnhip Tnt for Afri¢a (YEST for Afti¢a). CHARITY NUMBER 1124600 PRINCIPAL OFFICE ADDRESS Grantley6 I I Warwick Bench Road Guildford GUI 3TQ TRUSTEES DT N D Brown, Choimw) Dr K Lloyd Mr K E Lloyd Mr F NyAk08& Dr F Meinck Mr D Traver8 Mr8 J M Traver8-Tondat Mr E M Abalo DrNSAIi ADVISORS AND SUPPORTERS Kemp & Company Limil¢d Resona¢ Holdings Mrs Clara Le Vallee Mr Jolm Monyn¢nt PRINCIPAL DONORS Th¢ Trnver8 Family The Lloyd Family Resonac Holdin88 WEBSITE www.testforafrica.com sTRUuRE AND GOVERIYANCE The charity 15 8n unin¢otporated entity governed by A In1 deed. The knrd of Ttee5 18 Tesponsible for the recruitment and appointment of new TTUStees. When making new appointments, any existing Trustees may nominate n¢w Tnl¢e who will be 8ubje¢t to scrutiny Approval by the existing Tru¥t¢es. Appointments arc m4d¢ on the basis of their POt¢Dti81 for addiDg valuc to the charity principally in tern of credibility and fvnd raising. The Tnte¢S also endeavor to assess the extent of tbeir shared belief in the aims and objective8 of Ihe ¢harity* plus th¢ d¢gr¢¢ of wmmitm¢nt that atty new TTU8tee 18 prep8r to dcvot¢ to th¢ charity. Page 3
TERTIARY EDUCATION SCHOLARSHIP TRUST K)R AFRICA (A CHARrrABLE TRUST) REPORT OF THE TRUSTEES- eontlnued 30 JUNE 2024 STRUCTURE AND GOVERNANCE- eonllnued TEST for Africa maintains a balance of experienced existing SI1ficant donors and fresh appointees from the African student body at Linaere College. Oxford University. who upon their return to their Lx)unty of origin are replaced by African student. Should the fornw Trte£ return lo GhAn4 Malawi, Tanzaftia or U8w]d4 they are encouTagcd to participat¢ in the numing of thc local TEST or8ani8ation. RerY Poll¢y The Tne8 have adopted a policy of maintsinin8 Sufficient fimd8 in reserve to cover a minimum of five year8 expenditure, net of dividend income from named Endowment Fund8. Totsl rern at the year end came to £1,003,509 compared to £917.330 in the prior year. Vl8lon In deciding upon the vision which the clwity shoukl undertake the Tnthees have paid due regard to the Chprity Conllnission'8 guidance on public benefit. The vision of the charity is to aid in the suBtsinobl¢ social and economic development of Africa by enabling bright but n¢¢dy Btudents to receiv¢ t¢rtiary educ8tioD aod 8ub8equently return to work within thcir LMMunitieS and their nalio Mlulon To provide educational opportunities. Advance knowledge, and promote social responsibility by raising fundin8, aSSl8ting with the creation of transparent local Charitsble Tn1$ in developing cow)trie$ with appropriate infra8tructure and political stsbility, financin8 the awards of 8cholaTships for local tertiary educatioo monitoring Scholars, academic achievements and encouraBin8 personal lon8 terni commitment to wnmnunity at>Vor national dev¢lopm¢nt. REPORT FROM THE CHAIRMAN ANDTRUSTEES Flninclal Posltlon and Reserves Pollcy of the Charlty Totsl income was £ 93,766 (2023 - £ 132,023) composed of in¢ome from donation8 and gifts £ 65,552 (2023 - £ 104,948), dividends from Endowment Fund8 £ 26.522 (2023- £ 26,209) and bank interest £ 1,692 (£ 866- 2023). Donations gifts included £ 22,7(KI {2023 - £ 44.518) for Fndowments. Thw. net di4yosBbl¢ incorne amounted to £ 71,066 (2023- £ 84.855). Grant making Amounted to £ IiX).000 (2023 - £ 105,(1(10). HSBC bank Charg arnouthed to £ 188 (2023 - £ 218). The shortfall in 1 making for 8cholarships of £ 29,122 (2023 - £ 18,495) wo8 funded from unr¢strict¢d rescrves. The Tnjstees, long temi objective continues to b¢ the build up of the capital basc in ord¢r to generate more income for grant ning over th¢ long t¢rni and to ensure IoD8-terni guslaillability of the cjwity. Page 4
TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFRICA (A CHARITABLE TRUST) REPORT OF ThE TRUSTEES- eondnued 30 JUNE 2024 REPORT FROM THE CHAIRMAN AND TRUSTEES- ¢ODtlnu¢d A¢hlev•Dwnts and Future Pl*thi The academic Ye 2023-2024 8aw the award of a total of 350 hOlar8hlps consisting of new awards and renewals, as follow8: N•w Award• R•n•wal• 88 32 25 63 208 TEST for GHANA TEST for MALAWI TEST for UGANDA TEST for TANZANIA TOTAL 18 25 142 A8 displayed in the table below, our gender balance was essentially 50150, against our stated objeclive of 600/0. One of the r¢ason8 for th¢ d¢¢liD¢ from previous l¢v¢ls was a si8nifi¢ant drop in application8 from fema1¢8 (390/0 of totsl) in U8anda. F•mal• 73 25 29 50 177 Malo 79 25 31 Total 152 50 60 88 TE8T for GHANA TEST lor MALAWI TEST for UGANDA TEST lor TANZANIA TOTAL 173 A8 a result of the shortfall in funding for the third Ye in 8U¢s1on, the Ttee8 have dxided to reduce expenditure on scholarship8 for the 2024 -2025 academic year by focu8in8 on renewals of exi8tin8 scholarships. Major d¢v¢lopm¢nts in¢lud¢: GHANA The reappointment of Leander Kandilige to the Chair of TEST for GHANA followin8 th¢ re818nation of Abdul Razak SAeed due to external work commithients. The elimination of the rolc of Admini8trator following the de¢i8ion to focus on a much reduced number of universilies (prin¢ipally. Cape Coast, KNUST, Univer8Aty of Ghana and University for Development Studies) thereby reducing the administrative load. UGAiWA A rKord of 1.265 applications were reeeived due to the 8U8pen8ion of ibe Uganda Government¥ High¢T Education Loan S¢h¢me. The alutnni have becn actively mobilising tbrough clusters to raise fmancial support for scholarships and have successfully raised in excess of £ I,(MXI for the 2025 - 2026 awards, facilttating two scholarskn'ps (in addttion to two supported by our Chainnan. Fred Babweteera. Likewise the clustcrs are networking to support graduate colleagues in their search for ¢mploym¢nt and also to provide schol&r-alunJni mentorsbip. Page 5
TERTIARY EDUCATION SCHOLARSHIP 11iUST FOR AFIUCA (A CHAIUTABLE TRUS REPORT OF THE TRUSTEES- coDtIDue41 30 JUNE 2024 Several untversiile8 8till have not norniali8ed their academic caluth due to the COVID pAndemi4 which continu¢8 to pose administrative ¢hallenge8 for the Trnste¢s. Step8 to ¢8tabli8h a 8tron8 alumni a88ocialion are undetway. TEST for MALAWI gratefvlly received over £ AOOO from Stitchin8 J-Africa Foundation which will be disbursed 05 futtwe 8cholar8hips. TANZANIA We have expanded our proBr8mme to six univer8itie8 . namely Univernity of Dar e8 Salaam, Open Univer8ity of Tanzaniffj Mzumbe University, Sokoine Uuiver8ity of A8ri¢ulhwe. State University of ZAnzibAr and Marian Univ¢r6ity Colle8e Fwnd Attd M#nAg¢m¢nt CCLA Inv¢8tments Limited continue to professioMlly MO8¢ TEST'S iDv¢Stsner which include the Sm and Kim Lloyd Bndowrnent, the John and Jennie TTaver8 EndowmenL and the Dr Harry Potter Endowment. As of 30 June 2024. £ 959.968 (2023 - £ 872.840) wa8 invested. ovmvb¢lmin8ly in th¢ COIF Ethtcal Inv¢8tments Fund, which gen¢rnt¢d a wh r¢turn £ 2A522 in 2023-2024* equivalent to 8pproxim&t¢ly 3Y• annuallyp whi¢h 18 then di8buts¢d 8B 8chol8r8hips. We Are grnleful lo Lilya L¢imu-Brown. the I l year old dau8hter of our Ch•irnian. who rnn 42 kni over 6 day8 acro88 Europe in Paris, Brnss¢l8, Amsterdam and Berlitt to 8uc¢e89fully Tai8e £ 1.552 for scholarships in Uganda A6 ¢v¢r. w¢ wish to ¢xpr¢Js ¢)w 8ralitud¢ to 011 of OurTnlet$ in Obono, Malawi, Ugandtt and TanzoDia to our SupportW8 for th¢ir tir¢leB¥> Ptowbono dedication and 8enerosity to our thArcd cau Approved by the Trn8t¢e8 and si4 on their behalf by: N L¢imu.Brown Ch8irper80tt of the Board of Tru8tee8 (CoDunitt¢e of Monagcmcot) K Uoyd Th1¢¢ Date: ié /sJ IS P8ge 6
INDEPENDENT EXAMINER'S REPORT TO THE TRusfEES OF TERTL4RY EDUCATION SCHOLARSHIP TRUST FOR AFIUCA 30 JUNE 2024 I report to the charity trustees on my examination of thc unaudited accounts of the chaTity for the yeor ended 30 June 2024, which ¢ s¢t out on pages 8 to 19. Re8ponilbllltleJ and b74818 of Teport A8 the cbarity's trustees, you are respo81b1¢ for tho prcpAration of thc accounts in #Ca)rd with the reqUirMIts of the Charities Act 2011 ('the ACV). I report in respect of my examiD81ion of thc tharity5 a¢Unts crIed out u[er section 145 of the Act and iti win8 out rny exomination I have followed all the applirAble Directions given by the Charity Commi8Aion under Bection 145(5)(b) of th¢ Ad. Independent exAmlner'i it*tenwnt I have completed my examinalion. I confinn th8t no mJt¢ti81 m8tt¢r8 ha com¢ to my 8tt¢ntiott in ¢OnThtIOn witb the examinalion giving me cause to bclicve that in any malcrial rcspcct: l. Accounting records were not kept in T¢spect of th¢ ¢harity a8 required by 8¢¢tion 130 of th¢ Act; or 2. the accounts do not accord with thos¢ r¢¢ords' or 3. the accounts do not comply with th¢ appli¢abl¢ requir¢m¢ots ¢otKemin8 th¢ fomi and wit¢nt of accounts Set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a,tn and fair view which 18 not a matt¢T COn8id¢red 18 Part of th¢ ind¢p¢nd¢nl ¢xaminAlion. I have no concems and have ¢ome across no other matters in connection with the examination to which attention 8hould be dra1 in thi8 report to ¢nobl¢ a proper underst8ndin8 of th¢ accounts to be reached. A Kemp CA Kemp and Company Limited Suite A StAn Brouard Complex L&ndes du March¢ Vale Guernsey GY6 8DE D4t¢d: Page 7
TERTIARY EDUCATION SCHOLARSHIP TRusf FOR AFRICA (A CHARITABLE TRUST) STATEMENT OF FANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JiINE 2024 CONSOLIDATED FUNDS Note Unr¢8trl¢ed Endowment Totsl funds ndi fund$ 2024 In¢on Donations & gifis Dividend8 Bank int¢r¢Jt r¢¢eivable 65.552 26.522 1,692 65,552 26.522 1.692 TotAI Income 93.766 93,766 Expendlture Direct charitabl¢ ¢xpenditure Bank ¢har8¢8 (iOO,OOD} (188) (ioo,000) (188) Total expendlture (100.188) (100.188) Net gains on inve8tsn¢nts 4,118 88.483 92,601 Net In¢on (2.304) 88.483 86,179 (Ir088 tran8f¢r between fimd8 Net movement In thndi (2.304) 88.483 86,179 R¢¢ondllatlon of tknndi Total fi(ts brought forward 353.164 564,166 917,330 Total fuDdi ¢ArrAed forward 350.860 652,649 1.003,509 Page 8
TERTIARY EDUCATIOY4 SCHOLARSHIP TRUST FOR AFRICA (A CHARITABIX TRUST) STATEMENT OF FINANCIAL AcrivrrJES FOR THE YEAR ENDED 30 JUNE 2024 Note unrestr1¢ Endowment Total funds fund• 2024 Ineome Donation8 & gifts Dividends Bank intere8t rec¢ivabl¢ 65,552 26,522 1,692 65.552 26,522 1.692 Totsl Ineon 93,766 93,766 £eDdIre Direct charilable expenditure Bank charges {100,000) (188) (ioo,000) (188) Totsl expendlture (1(.188} {100,188) N¢t 8ain8 on investments 88.483 4,118 92,601 Net In¢ome 82,061 4.118 86,179 Gross transfer b¢twKn funds Net movemenl In fundi 82.061 4,118 86.179 Reeonelllatlon of fund• Totsl fund8 brought forward 352,782 562.969 915,751 Total funds ¢arrAed fornlrd 434,843 567,087 I,001,930 Page 9
TERTIARY EDUCATION SCHOLARW TRUST FORAFIUCA (A CHARITABLETRUST) STATEMENT OF FINANCL4LACTIVITIES FOR THE YEAR ENDED 30JUNE 2024 ADMINI8TRATIOiY FUND N•t¢ Ummtrl¢ed Endowme•t Tot•1 2(124 Dottitlong & 8tft8 Ttytsl Ineon EipendlMr• Dirrft eharitsblt •xpondlDJr¢ Bank chory¢8 T•¢AI •xpendlthr¢ N¢1 thve8lments N¢t movemen¢ In fandj ReronrUlllott of furtdi Total lId$ brought fonvwd 382 1.197 1.579 Tot•1 ¢•rrt¢d fornrd 382 lJ79 Page 10
TERTIARY EDUCATIOF4 SCHOL4RSHIP TRUST FOR AFRICA (A CHARITABLE TRUST) FOR THE YEAR ENDED 30 JUNE 2023 CONSOLIDATED FUNDS hlote Unre•lrl¢ed EndoThent Totsl fundi funds (undi 2023 In¢ome Donations & gift8 DAVtdends Bank interest receiv&ble 104,948 26209 866 104,948 26,209 Totll Ineom¢ 132,023 132,023 Exp¢Ddltyr¢ Direct charitable expenditurn BAnk Chse5 (105,000) (30) (105,000) (30) Total expendlture (105,030) (105,030) Ne¢ 88ins on investment8 11.685 6.560 18,245 N¢t Income 38.678 6560 45,238 Gr088 transf¢r between funds Net movement In tsfjd• 38.678 6.560 45.238 R¢eonelMatlon of fvRds Tolal funds brought forward 314.486 557.606 872,092 Totsl fund• eArrled forward 353,164 564,166 917,330 Page11
TERTIARY EDUCATION SCHOLARSHIP TRU FOR AFRICA (A CHARITABLE TRUST) STATEMENT OF FINANCIAL AcfMTIES FOR YEAR ENDED 30 JUNE 2023 SCHOLARSHIP FUND Nots Unr¢Jtrleed Endowment Total fund$ fundj 2023 Ineome Donations & gift8 Dividends BBnk interest receivable 99.948 26209 866 99.948 26.209 866 Total Ineon 127,023 127,023 Expendlture Direct charitsble expenditur¢ B)k ¢har8¢S (100,000) (100,000) Total expendlture (100,000) (l(K),000) Net Bains on investments 11,685 7291 18.976 Net In¢om¢ 38,708 7,291 45,999 Gros8 transfer between fund8 Net movemeDt In 38.708 7,291 45,999 Reconcluatlon of fundi Tolal fid8 brought f0Thrd 314,074 555.678 869,752 Total fundi ¢fdrrled fornard 352.782 561969 915,751 Page 12
TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFRICA (A CHARITABLE TRUST) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2023 ADMtNISTRATION FIIND Notr Unre8trleed Endowmeot Total fvnd8 fun fund# 2023 Ineome Donations & gifts s,000 Total Ineonje 5,000 ipendltur¢ DArt ¢harilabl¢ expenditure Bank charges (5.000) (30) (5,000) (30) Total expendltsre (5,030) (5.030) Net gains on investments Net movement In thndl {30) (30) Recondll4tlon of fundi Total fi)nd8 brought forward 412 1.197 1.609 Total thDdi ¢arrled fonvard 382 1,197 1,579 Page 13
TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFRICA (A CIIARITABLE TRUST) STATEMENf OF FINANCIAL POSITION AS AT 30 JUNE 2024 Not¢ CONSOLIDATED FUNDS Tot*1 tknnd• 2024 Totsl fund8 2023 fund• fund8 D ASSETS Quoted Anveslments 36.976 922,992 959,968 872.840 CURRENf ASSETS Cuh at bank and in hond 43,541 43.541 44,490 NET ASSETS 80,517 922,992 1.003,309 917,330 Unr¢8tri¢lcd fimd8 Endowment fid5 80,517 80,517 922,992 94,349 822,981 922,992 80,517 922.992 1,003,509 917,330 W¢ 8pprov¢ th¢8¢ aCts and confirni that w¢ have made available all relevant Trcotdj and infornwtion for their preparation. The accounts have been prepared in accordance with Financial Rcporting Slpndprd 102 - The FinwKial Reporting Slandard applic8bl¢ in the UK and Republtc of Ireland (FRS 102) and follow best Practice as laid down in the Ststement of Recommended Praetic¢', A¢a)unting and Reporting by ChaTitics applicable to chariti¢s preparing their accounts In accordance with FRSIO2. The A¢counts We approwl on and are signed on its belMlf by.- N Brov Chaiq)er8on of the Board of Thtee9 (COmmee of Management) K Uoyd Trnstee Page 14
sTATEMOF FANCLP(lSMON AS AT 30JiINE 2024 P4ote Tolal fyndl 2024 3A976 921.795 95&771 871.643 ca8h1tb In hAttd 43J41 43,541 44,490 CREDIIY)R8: AnUnts1#IIlll1 drye wlthkn on•yMr AThunt due to Adminlstsstlon fknnd (540) (540) (540) 79977 921.795 I,(Xll,772 915,593 UnMtri¢le41 EndoW7t fidI 79, 79,977 921,795 93.809 821.784 921.795 79.977 Y21.795 I,1,772 915,YJ3 Uw¢•trk¢¢d Dd• 2023 FIXED ASSETS okd 1nvkxtntI 1.197 1.197 ,197 8h hi bhnk And in hand Anwntduo from SchDlv8P IIM yo 540 540 NET A&SETS 540 1,197 ,737 .737 Unr¢slTi¢ted Etknni IlJnd8 540 1.197 1.197 540 .737 ,737 15
TERTIARY EDUCATION SCHOLARSHIP TRUST FOR ATrIUCA (A CHAIUTABLE TRUST) NOTES TO THE ACCOiJNIS 30 JUNE 2024 T¢rti4ry Edallon S¢holwship Thlst for Africa i# a ¢h¥ity T¢81S¢¢T in tk UK. Its principal Offi 1$ 16 Tufti¢y Rorf London, SW17 7QJ. B•l• of pr¢p#r2th)n And eompllAD¢e wlth eeouDtID8 ItDdAr& Th¢BC fill0101 stat¢m¢nts hav¢ b¢¢n prepa1 ott a going eODC¢rn basis io 8¢cordance with tb¢ provi8ionJ of applicable United PJn8dom accountin8 8tandard& Financial Reportin8 Standord 102. In prep18 tho ac¢owits, th¢ ¢harity follows b¢st prnctice 08 laid down in tht Statemeni of Rccomm¢nded Practice.. Accounting and Reportin8 by Charitie8 applicable to charitie8 preparin8 their accounts in aordCe with FRS 102 (SORP FRS 102) and conwlies with Tho Cb8ritic$ A¢t 2011. 8ummiry of ilWfi¢•nt poll¢l The principal accounting polici¢8 adopt¢d io th¢ pr¢pat8tion of th¢ fiDanci818tat¢m¢nt8 aTe J¢t out below and have r¢maln¢d unchanged from the previous yeAr, and have been ¢oll8i8tently applied within the 8Ame Accounts. unless otherwise 8tht¢d. The pr¢8¢ntslion currency 18 £ 8t¢rling. In the opinlon of the Tnlee8. the accoun18 8lv¢ a ond foir view of the 814¢e of the th8TIty'i aff&ir8 as al 30 Junc 2021 ood of 118 result for the y¢ar then ¢nded. Reyettue r¢eo8nldo All the charill6 income 18 derived ftom its con¢inuing Qpcrnti Donations And 8ift8 and dividend incom¢ 4r¢ ¢iedited on a receipts ba818. Bank interest Teceivable 18 c¢ounted for on an aCenlS bA818. All income 18 attributablc lo unrc8tri¢t¢d fiuMl8. 88 any incomc ari8ing OD th¢ endowment fund can be u8¢d in accordan¢¢ wilh the objtttivcs of th¢ charity (set note 7). Expendlthre Dir¢cl ¢horitsble exdItr¢ of in1{tional grants pAid to lo1 charitable trusts in developing countrie8. Grants Ar¢ Ac¢ounl¢d for on on acwls basi8 ond r¢¢o8nised when they have been approved by lh¢ Tn¢¢¢8. General ¢xpenses are nol usually borne by the charity a& all 8¢rYicc8 or¢ provid¢d to it on tt pb0[ ba8iB. expens are attributsble to unrestricted fiuMI8. Invegtmenl 88ln• And Iom Realised 88illB or108ses on inveslmen18 ari8¢ on the 80le of investhnts during th¢ yw. Wh¢r¢ there 18 & di8posal of p&rt of 8n investment holding, the gain or lou oriiin8 j8 l¢lulated by r¢frr¢n¢¢ lh¢ av¢rog¢ unit cost of the tol&l holding. UnreAli8ed 8ain8 or1088u ari8¢ on the r¢v8luotioD of 1tivcs1n to th¢ir mth¢t vdue 8t the end of the year. Quoted IDveJtm•nts Quol¢d inve8tment$ ar¢ iluded in the balance sheet at fair value with net movements ID fair val being reflected in the Statement of Financial Aclivi¢ie8. Fair value 18 detennin¢d USiDg nwket prices Tuling at the balance 8heet dale. FlnAttcl#l Initrnnwnts Basic financial instrwncnt8 ar¢ initially reWls¢d at tranwtion priu and subBequently measured at lh¢ ¢on8id¢r8tion eKpe¢td to be pBid or reeeiwl except for listed investmts which a rne¥S ai f8ir value. Pag8 16
TERTIARY EDUCATION SCHOLARSHIP TRUST FORAFRICA (A CHARITABLE TRiJST) NOTES TO THE ACCOiJNTS 30 JUNE 2024 SDmmxry of #lgnlfl¢imt x¢eoundn8 polldu (¢ontlnuedl Debto Short temi d¢btors art m¢laur 8t transath pri¢4 le88 any implimxtit. L4)An8 receAv&bl¢ ar¢ inl¢re5t free, un8ecured and receivAble on demand and hence are mea8ur¢d 4t their fair value. Credl¢o Short lerni tr8d¢ u¢dilor8 Are m¢uuTed ot th¢ tronBaction price. ¢Jher fuwncial liabilities, includin loans. are interest freo, and payabl¢ on d¢rnand and hen¢e are m¢aBur¢d ot their fair value. Fund accounting Det8118 of the Dattwe and purpose of each fvnd 18 8¢1 out in not¢ 7. CAih now The accounts do not include a ca8h flow 8lat¢ment because the chnrity is no¢ a IAr8e entity and 1$ therefore exempt from the requirement to prepore such a 8lalement uuder SORP. Dlr¢¢t ¢hrltble •xpndl¢ur• Consists of institutional 8r4nl8.' Coniolldated fvndl:. Nymb¢r or 8f•Dts 2024 2023 Ins11tioll TEST for Ghana TEST for M814wi TBST for U8and8 TEST for Tanzani& 1 (2023: 1) 2 (2023: 2) 1 (2023: 1) 1 (2023: 1) 25,000 25.(XJO 25.000 30,000 25.000 25,000 105 000 S¢knlnhlp hnd: Number of 8fADts 2024 htitUtIOn TEST for Ghana TEST for Malawl TEST for U88nd& TEST for Tanzlnii 1 (2023: 1) 1 (2023: 1) 1 (2023: 1) 1 {2023,. 1) 25,1)JO 25.(KX) 25,000 25,000 25,000 25,000 Admlnl•trAllon fuDd: Number or grants 2024 [nStitiOn TEST for Gha 0 (2023: 1) Further lnftirntion on the grants aWOTd¢d is giv¢n in th¢ Rett of the TnJ5teeB. Pag8 17
TERTIARY EDUCATION SCHOLAILSHIP TRusf FOR AFRICA {A CHARITAMM TRUST) NOTLS TO THE ACCOiJNTS 30 JUNE 2024 The Tn 18 exwDPt froAD UK iti¢ome tsx Sethion 505 of the Incojue and corpol0ft Taxu Act 1988. Quoted Inve•trnts CONSOLIDATED FUNDS Unre41rlcted E#dovAnent ndj Total fundi 2023 Tot*1 2022 At l July 2023 Additio Disp0$818 Revaluation At 30Jutw 2024 49,859 822,981 872,840 852,778 44,918 {44.IKJO) (17,(M)O) {6.900) 106911 922 992 (23,900) 111028 872 840 Umrethlded Endowment Totsl fundi 2023 Total 2022 Ai l July 2023 Additi¢)ns Di8posAI8 49.859 821,784 871,643 851.581 44,918 (44,LKJO) {17.(KJO) (6,900) 123,9(N)) At 30 June 2024 921795 958 771 Unrethl¢¢ed Endowmeot Totsl thndi 2023 Tolal fiin 20L1 MARKET VALUE At l July 2023 Additions Revaluation A¢ 30 Sune 2024 1,197 1,197 Fund• Unre3tri¢ted fvDds comwise thwe which the fnMee8 are to we in accordw with the ¢h8ritsbl¢ objectivu. Endownment funds Yepre5¢nt those assets which mujl Ix held p¢nnan¢ntly by the ¢h8Tity. princip4lly inYestmen¢&. Inrne ari8in8 on endowment fijnds can be wed lo A¢¢ordan¢e wRth the objectives of the ¢lJhrity and 18 included AB unr¢8tri¢kd in¢om¢. Any 88ins or10sses 4ri8XDg ott th¢ illv¢$tm¢nts fonn part of Grosj trAnsfers belween fid8 reflects cash from unr¢gthcted fimd8 b¢in8 itive8ted ill endownifflrt fulld8. Donationg ttceIV by the chlty •llo¢at¢O to difftrent accowi18. depending on their purpo80 Specific doDgtions to 8llPPOrt the adrniDislTative ¢xwditure of ihe eh8ritsble trSt8 ID Malawi 8nd Ghang Ale 488QCi8trd to ihe administration fund. All other th)notions are ulttmately ¢0 support 1larShIpS in development ¢ountri¢s and are therefore a]locate41 to S¢hol¥rnhip fun Page 18
TERTIARY EDUCATIO1¥4 SCHOLARSHIP TRusf FOR AFRICA (A CHARITABLE TRUST) NOTES TO THE ACCOUNTS 30 JUNE 2024 Related party tr*nsaetloDI All donation¥ along with any Gift Aid Teceived ther¢on. ha8 bwi invested in income burin8 investment8. The income generated from this investment is to be used for Scholarships, bul the Tru8tee8 may use the capital at their discretion to Ver any 8hortfall in Ilmding. There are no condition8 attached to any donation8 made by the Tntee$ during the year. Page 19