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 Th￿te¢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 BrOu￿d 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 Reco￿￿lendcd 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 Tn￿t 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
sTRU￿uRE AND GOVERIYANCE
The charity 15 8n unin¢otporated entity governed by A In￿1 deed. The knrd of T￿￿tee5 18 Tesponsible for the
recruitment and appointment of new TTUStees. When making new appointments, any existing Trustees may nominate
n¢w Tn￿l¢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 Tn￿te¢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 SI￿1ficant 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 Tr￿te£ return lo GhAn4 Malawi, Tanzaftia or U8w]d4 they are encouTagcd to
participat¢ in the numing of thc local TEST or8ani8ation.
R￿erY￿ Poll¢y
The Tn￿￿e8 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 L￿MMunitieS 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 Tn￿1$ 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 n￿ing 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 T￿￿tee8 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 MO￿8¢ 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 OurTn￿let$ 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 si￿4 on their behalf by:
N L¢imu.Brown
Ch8irper80tt of the Board of Tru8tee8 (CoDunitt¢e of Monagcmcot)
K Uoyd
Th￿1¢¢
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 respo￿81b1¢ for tho prcpAration of thc accounts in #Ca)rd￿ with the reqUir￿MIts of
the Charities Act 2011 ('the ACV).
I report in respect of my examiD81ion of thc tharity5 a¢￿Unts c￿rIed 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 ¢OnTh￿tIOn 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 dra￿1 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 F￿ANCIAL 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
£￿eDdI￿re
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
ReronrUl*llott of furtdi
Total lI￿d$ brought fonvwd
382
1.197
1.579
Tot•1 ¢•rrt¢d forn*rd
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 Ch￿se5
(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 fi￿d8 brought f0Th￿rd
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¢
DAr￿t ¢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 fi￿d5
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¢ aC￿￿￿ts 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 Th￿tee9 (COmm￿ee of Management)
K Uoyd
Trnstee
Page 14

sTATEM￿OF F￿ANCL￿P(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: An￿Unts1#IIlll1 drye wlthkn on•yMr
AThunt due to Adminlstsstlon fknnd
(540)
(540)
(540)
79977
921.795
I,(Xll,772
915,593
UnMtri¢le41
EndoW7￿t fi￿dI
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 1nvkxtn￿tI
1.197
1.197
,197
8h hi bhnk And in hand
Anwntduo from SchDlv8￿P 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 Ed￿allon 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 It*DdAr&
Th¢BC fill0￿101 stat¢m¢nts hav¢ b¢¢n prepa￿1 ott a going eODC¢rn basis io 8¢cordance with tb¢
provi8ionJ of applicable United PJn8dom accountin8 8tandard& Financial Reportin8 Standord 102.
In prep￿1￿8 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 a￿ord￿Ce 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 Tn￿lee8. 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
aCen￿lS 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 ex￿dIt￿r¢ of in￿1{￿tional grants pAid to lo￿1 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 p￿￿b0[￿ ba8iB. expens￿ are attributsble to unrestricted fiuMI8.
Invegtmenl 88ln• And Iom
Realised 88illB or108ses on inveslmen18 ari8¢ on the 80le of investh￿nts 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¢ i￿luded 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 reW￿ls¢d at tranwtion priu and subBequently measured
at lh¢ ¢on8id¢r8tion eKpe¢td to be pBid or reeeiwl except for listed investm￿ts 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 ¢h*rlt*ble •xp*ndl¢ur•
Consists of institutional 8r4nl8.'
Coniolldated fvndl:.
Nymb¢r or
8f•Dts
2024
2023
Ins11￿tioll
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¢knl*nhlp hnd:
Number of
8fADts
2024
h￿titUtIOn
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
[nSti￿tiOn
TEST for Gha
0 (2023: 1)
Further lnftirn￿tion on the grants aWOTd¢d is giv¢n in th¢ Re￿tt 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 corpo￿l0ft Taxu Act
1988.
Quoted Inve•trnts
CONSOLIDATED FUNDS
Unre41rlcted E#dovAnent
ndj
Total fundi
2023
Tot*1
2022
At l July 2023
Additio
Disp0$818
Revaluation
At 30Jutw 2024
49,859
822,981
872,840
852,778
44,918
{44.IKJO)
(17,(M)O)
{6.900)
106911
922 992
(23,900)
111028
872 840
Umrethlded
Endowment
Totsl fundi
2023
Total
2022
Ai l July 2023
Additi¢)ns
Di8posAI8
49.859
821,784
871,643
851.581
44,918
(44,LKJO)
{17.(KJO)
(6,900)
123,9(N))
At 30 June 2024
921795
958 771
Unrethl¢¢ed
Endowmeot
Totsl thndi
2023
Tolal fiin
20L1
MARKET VALUE
At l July 2023
Additions
Revaluation
A¢ 30 Sune 2024
1,197
1,197
Fund•
Unre3tri¢ted fvDds comwise thwe which the fnMee8 are to we in accordw with the ¢h8ritsbl¢
objectivu.
Endownment funds Yepre5¢nt those assets which mujl Ix held p¢nnan¢ntly by the ¢h8Tity. princip4lly
inYestmen¢&. In￿rne ari8in8 on endowment fijnds can be wed lo A¢¢ordan¢e wRth the objectives of the
¢lJhrity and 18 included AB unr¢8tri¢kd in¢om¢. Any 88ins or10sses 4ri8XDg ott th¢ illv¢$tm¢nts fonn part of
Grosj trAnsfers belween fi￿d8 reflects cash from unr¢gthcted fimd8 b¢in8 itive8ted ill endownifflrt fulld8.
Donationg ttceIV￿ by the ch￿lty •llo¢at¢O to difftrent accowi18. depending on their purpo80 Specific
doDgtions to 8llPPOrt the adrniDislTative ¢xwditure of ihe eh8ritsble tr￿St8 ID Malawi 8nd Ghang Ale
488QCi8trd to ihe administration fund. All other th)notions are ulttmately ¢0 support ￿1￿larShIpS 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 Tn￿tee$ during the year.
Page 19