TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFRICA (A CHARITABLE TRUST)
REPORT AND FINANCIAL STATEMENTS
30 JUNE 2025
(REGISTERED CHARITY: 1124600)
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TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFRICA (A CHARITABLE TRUST)
REPORT AND FINANCIAL STATEMENTS
30 JUNE 2025
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| CONTENTS | PAGE |
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| Company information | 2 |
| Report ofthe Trustees | 3-6 |
| Independent examiners’ report | sf |
| Statements offinancial activities | 8-13 |
| Statements offinancial position | 14-15 |
| Notestothefinancialstatements | 16-19 |
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TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFRICA (A CHARITABLE TRUST) COMPANY INFORMATION
30 JUNE 2025
| TRUSTEESTOTHE CHARITY("THEMANAGERS"): | DrND Brown, Chairman |
|---|---|
| DrK Lloyd | |
| MrKE Lloyd | |
| MrFNyikosa | |
| Dr F Meinck | |
| MrD Travers | |
| Mrs JM Travers-Tondat | |
| MrEM Abalo | |
| DrNS Ali | |
| TREASURER | MrK E Lloyd |
| SECRETARY | MrFNyikosa |
| PRINCIPAL OFFICE: | Grantleys |
| 11 Warwick Bench Road | |
| Guildford | |
| GU1 3TQ | |
| CHARITY NUMBER: | 1124600 |
| INDEPENDENT EXAMINER: | Kemp& CompanyLimited |
| Suite A | |
| StanBrouard Complex | |
| Vale | |
| Guernsey | |
| GY6 8DE | |
| BANKERS: | HSBC |
| The Peak | |
| 333 VauxhallBridge Road | |
| Victoria | |
| London | |
| SWI1V1EJ |
Page 2
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TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFRICA (A CHARITABLE TRUST)
REPORT OF THE TRUSTEES
30 JUNE 2025
The Trustees are pleased to present their report together with the unaudited accounts of the charity for the year ended 30 June 2025. The accounts have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's trust deed, The Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland.
CHARITY NAME
Tertiary Education Scholarship Trust for Africa ("TEST for Africa).
CHARITY NUMBER
1124600
PRINCIPAL OFFICE ADDRESS
Grantleys 11 Warwick Bench Road Guildford GU1 3TQ
TRUSTEES Dr N D Brown, Chairman Dr K Lloyd Mr KE Lloyd Mr F Nyikosa Dr F Meinck Mr D Travers Mrs J M Travers-Tondat Mr E M Abalo Dr N S Ali
ADVISORS AND SUPPORTERS Kemp & Company Limited Resonac Holdings Mrs Clara Le Vallee Mr John Mornment
PRINCIPAL DONORS The Travers Family The Lloyd Family Resonac Holdings
WEBSITE
www.testforafrica.com
STRUCTURE AND GOVERNANCE
The charity is an unincorporated entity governed by a trust deed. The Board of Trustees is responsible for the recruitment and appointment of new Trustees. When making new appointments, any existing Trustees may nominate a new Trustee who will be subject to scrutiny and approval by the existing Trustees. Appointments are made on the basis of their potential for adding value to the charity principally in terms of credibility and fund raising. The Trustees also endevour to assess the extent of their shared belief in the aims and objectives of the charity, plus the degree of committment that any new Trustee is prepared to devote to the charity.
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Page 3
TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFRICA (A CHARITABLE TRUST)
REPORT OF THE TRUSTEES- continued
30 JUNE 2025
STRUCTURE AND GOVERNANCE- continued
TEST for Africa maintains a balance of experienced existing significant donors and fresh appointees from the African student body at Linacre College, Oxford University, who upon their return to their country of origin are replaced by an African student. Should the former Trustee return to Ghana, Malawi, Tanzania or Uganda, they are encouraged to participate in the running of the local TEST organisation.
Reserves Policy
The Trustees have adopted a policy of maintaining sufficient funds in reserve to cover a minimum of five years grant expenditure, net of dividend income from named Endowment Funds. Total reserves at the year end came to £965,055 compared to £1,003,509 in the prior year.
Vision
In deciding upon the vision which the charity should undertake the Trustees have paid due regard to the Charity Commission's guidance on public benefit. The vision of the charity is to aid in the sustainable social and economic development of Africa by enabling bright but needy students to receive tertiary education and subsequently return to work within their communities and their nation.
Mission
To provide educational opportunities, advance knowledge, and promote social responsibility by raising funding, assisting with the creation of transparent local Charitable Trusts in developing countries with appropriate infrastructure and political stability, financing the awards of scholarships for local tertiary education, monitoring Scholars’ academic achievements and encouraging personal long term commitment to community and/or national development.
REPORT FROM THE CHAIRMAN AND TRUSTEES
Financial Position and Reserves Policy of the Charity
Total income was £ 76,771 (2024 - £ 93,766) composed of income from donations and gifts £ 48,127 (2024 - £ 65,552), dividends from Endowment Funds £ 27,267 (2024 — £ 26,522) and bank interest £ 1,377 (2024 - £1,692).
Total funds decreased to £965,066 from £1,003,509 in 2024 due to a decline in the value of quoted investments.
Grant making amounted to £73,333 (2024 - £ 100,000). HSBC bank charges amounted to £ 187 (2024 - £ 188). The imbalance between income and expenditure on scholarships of £3,438 (2024 - a shortfall of £6,234) was added to unrestricted reserves.
The Trustees’ long term objective continues to be the build up of the capital base in order to generate more income for grant making over the long term and to ensure long-term sustainability of the charity.
Page 4
TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFRICA (A CHARITABLE TRUST)
REPORT OF THE TRUSTEES- continued
30 JUNE 2025
REPORT FROM THE CHAIRMAN AND TRUSTEES- continued
Achievements and Future Plans
The academic year 2023-2024 saw the award of a total of 350 scholarships consisting of new awards and renewals, as follows:
Fundraising this year has been particularly challenging. Following a review of the future trends to maintain sustainability, the Trustees have decided to amend the charity’s expenditure to match the long-term income forecast, resulting in a reduction of scholarships awards from 350 to 233. This was implemented by generally making awards to continuing students for this academic year only. It is anticipated that once the current cohort of this year’s continuing students graduate, we will resume making first year awards. Regrettably, this reduction has come at a time when our African NGO partners have seen a significant rise in applications.
In terms of subject matter, as can be seen from the table below, we continue to place emphasis on developing pipelines of graduates with for the medical sector, and education:
Medical Sciences 25% of scholarship awards Law & Social Sciences 25% of scholarship awards Education 14% of scholarship awards Engineering 10% of scholarship awards Business Studies 10% of scholarship awards Agriculture 10% of scholarship awards Information Technology 6% of scholarship awards
We continue to struggle to meet our gender objective of 60% female reaching only 52%, principally in Malawi and Ghana. Major developments include:
GHANA
To reduce costs, the Trustees of TEST for GHANA have eliminated the role of the Administrator and reduced the administrative burden on the Trustees by cutting the number of university partners from 15 to effectively 4, focussing on Cape Coast, KNUST, University of Ghana and University for Development Studies. An online application regime is also being trialled for the 2026-2027 intake.
UGANDA
TEST for UGANDA’s Alumni Association has embarked on a fundraising drive dubbed “Freely we received, freely we give”, with a target of a minimum of five scholarships per year by 2027. Additionally, they have been instrumental in providing mentorship support to continuing Scholars, concentrating on helping them to secure employment upon graduation. However, the NGO is challenged by the number of highly deserving applicants due to the increased cost of living causing many scholars to struggle to meet these additional expenditures.
Page 5
TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFRICA (A CHARITABLE TRUST)
REPORT OF THE TRUSTEES- continued
30 JUNE 2025
REPORT FROM THE CHAIRMAN AND TRUSTEES- continued
MALAWI
Following COVID, although other universities have returned to normal academic year schedule, Kamuzu University of Health Sciences still has not, which continues to pose an administrative challenge to the Trustees. The £ 6,000 donation which TEST for MALAWI from Stitching J-Africa Foundation which will be used to offer at least 30 additional scholarships for 2025/2026.
TANZANIA
Tanzanian universities have seen a significant number of students dropping out from tertiary education principally due to lack of funding to continue their studies. This is having a significant knock on effect on the number of applications for scholarships which our Trustees are receiving.
Fund Raising and Management
As of 30 June 2025, £ 920,800 (2024 - £ 959,968) was invested in the COIF Ethical Investments Fund, which generated acash return £ 27,263 in 2024-2025, equivalent to approximately 3% annually, which is then disbursed as scholarships.
Given the recent poor performance of our Fund Manager relative to their peers, we are undertaking a review of alternatives.
As ever, we wish to express our gratitude to all of our Trustees in Ghana, Malawi, Uganda and Tanzania and to our Supporters for their tireless, pro-bono dedication and generosity to our shared cause.
Approved by the Trustees and signed on their behalf by:
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* .
N BrownNLD Ceitu-BOUA KAim Lloyd L bagel
Chairperson of the Board of Trustees (Committee of Management) Trustee
Date: 3doch Zo?is
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Page 6
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFRICA
30 JUNE 2025
I report to the charity trustees on my examination of the unaudited accounts of the charity for the year ended 30 June 2025, which are set out on pages 8 to 19.
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|Responsibilities|and|basis|of report|
|As|the|charity's|trustees,|you|are|responsible|for the|preparation|of the|accounts|in|accordance|with|the|requirements|of|
|the|Charities|Act|2011|(‘the|Act’).|
|I|report|in|respect|of my|examination|of the|charity's|accounts|carried|out|under|section|145|of the|Act|and|in|carrying|
|out|my|examination|I|have|followed|all|the|applicable|Directions|given|by|the|Charity|Commission|under|section|
|145(5)(b)|of the|Act.|
|Independent|examiner's|statement|
|I|have|completed|my|examination.|I|confirm|that|no|material|matters|have|come|to|my|attention|in|connection|with|
|the|examination|giving me|cause|to believe|that|in|any|material|respect:|
|1.|accounting|records|were|not|kept|in|respect|of the|charity|as|required|by|section|130|of the|Act;|or|
|2.|the accounts|do|not|accord|with|those|records;|or|
|3.|the|accounts|do|not|comply|with|the|applicable|requirements|concerning|the|form|and|content|of accounts|set|
|out|in|the|Charities|(Accounts|and Reports)|Regulations|2008|other|than|any|requirement|that|the|accounts|
|give|a|'true|and|fair view'|which|is|not|a|matter|considered|as|part|of the|independent|examination.|
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I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report to enable a proper understanding of the accounts to be reached.
A Kemp CA Kemp and Company Limited Suite A Stan Brouard Complex Landes du Marche Vale Guernsey GY6 8DE Dated: go Myed 226
Page 7
TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFRICA (A CHARITABLE TRUST)
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 JUNE 2025
| CONSOLIDATED FUNDS | Note | Unrestriced | Endowment | Total funds |
|---|---|---|---|---|
| funds | funds | 2025 | ||
| £ | £ | £ | ||
| Income | ||||
| Donations& gifts | 48,127 | - | 48,127 | |
| Dividends | 27,267 | - | 27,267 | |
| Bank interest receivable | 1,377 | - | L377 | |
| Total income | 76,771 | - | 76,771 | |
| Expenditure | ||||
| Direct charitable expenditure | 4 | (73,333) | - | (73,333) |
| Bank charges | (187) | - | (187) | |
| Total expenditure | (73,520) | - | (73,520) | |
| Net loss on investments | (2,578) | (39,127) | (41,705) | |
| Net income | 673 | (39,127) | (38,454) | |
| Gross transfer between funds | - | - | - | |
| Net movement in funds | 673 | (39,127) | (38,454) | |
| Reconciliation offunds | ||||
| Total fundsbrought forward | 350,860 | 652,649 | 1,003,509 | |
| Totalfundscarriedforward | 351,533 | 613,522 | 965,055 |
Page 8
TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFRICA (A CHARITABLE TRUST)
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 JUNE 2025
| SCHOLARSHIP FUND | Note | Unrestriced | Endowment | Total funds |
|---|---|---|---|---|
| funds | funds | 2025 | ||
| £ | £ | £ | ||
| Income | ||||
| Donations& gifts | 46,127 | - | 46,127 | |
| Dividends | 27,267 | - | 27,267 | |
| Bank interest receivable | 1,377 | - | 1,377 | |
| Total income | 74,771 | - | 74,771 | |
| Expenditure | ||||
| Direct charitable expenditure | “ | (71,333) | - | (71,333) |
| Bank charges | (187) | - | (187) | |
| Total expenditure | (71,520) | - | (71,520) | |
| Net loss on investments | (2,578) | (39,127) | (41,705) | |
| Net income | 673 | (39,127) | (38,454) | |
| Gross transfer between funds | - | - | - | |
| Net movement in funds | 673 | (39,127) | (38,454) | |
| Reconciliation offunds | ||||
| Total funds brought forward | 350,478 | 651,452 | 1,001,930 | |
| Totalfundscarriedforward | 351,151 | 612,325 | 963,476 |
Page 9
TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFRICA (A CHARITABLE TRUST)
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 JUNE 2025
| ADMINISTRATION FUND | Note | Unrestriced | Endowment | Total funds |
|---|---|---|---|---|
| funds | funds | 2025 | ||
| £ | £ | £ | ||
| Income | ||||
| Donations& gifts | 2,000 | - | 2,000 | |
| Total income | 2,000 | - | 2,000 | |
| Expenditure | ||||
| Direct charitable expenditure | 4 | (2,000) | - | (2,000) |
| Bank charges | - | - | - | |
| Total expenditure | (2,000) | - | (2,000) | |
| Net loss on investments | - | - | - | |
| Net movement in funds | - | - | - | |
| Reconciliation offunds | ||||
| Total funds brought forward | 382 | 1,197 | 1,579 | |
| Totalfundscarriedforward | 382 | 1,197 | 1,579 |
.
Page 10
TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFRICA (A CHARITABLE TRUST)
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 JUNE 2024
| CONSOLIDATEDFUNDS | Note | Unrestriced | Endowment | Total funds |
|---|---|---|---|---|
| funds | funds | 2024 | ||
| £ | £ | £ | ||
| Income | ||||
| Donations& gifts | 65,552 | - | 65,552 | |
| Dividends | 26,522 | - | 26,522 | |
| Bank interest receivable | 1,692 | - | 1,692 | |
| Totalincome | 93,766 | - | 93,766 | |
| Expenditure | ||||
| Direct charitable expenditure | 4 | (100,000) | - | (100,000) |
| Bankcharges | (188) | - | (188) | |
| Total expenditure | (100,188) | - | (100,188) | |
| Net gains on investments | 4,118 | 88,483 | 92,601 | |
| Net income | (2,304) | 88,483 | 86,179 | |
| Gross transfer between funds | - | - | - | |
| Netmovement in funds | (2,304) | 88,483 | 86,179 | |
| Reconciliation offunds | ||||
| Total funds brought forward | 353,164 | 564,166 | 917,330 | |
| Totalfundscarriedforward | 350,860 | 652,649 | 1,003,509 |
Page 11
TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFRICA (A CHARITABLE TRUST)
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 JUNE 2024
| SCHOLARSHIP FUND | Note | Unrestriced | Endowment | Total funds |
|---|---|---|---|---|
| funds | funds | 2024 | ||
| £ | £ | £ | ||
| Income | ||||
| Donations& gifts | 65,552 | - | 65,552 | |
| Dividends | 26,522 | - | 26,522 | |
| Bank interest receivable | 1,692 | - | 1,692 | |
| Total income | 93,766 | - | 93,766 | |
| Expenditure | ||||
| Direct charitable expenditure | 4 | (100,000) | - | (100,000) |
| Bank charges | (188) | - | (188) | |
| Total expenditure | (100,188) | - | (100,188) | |
| Net gains on investments | 4,118 | 88,483 | 92,601 | |
| Netincome | (2,304) | 88,483 | 86,179 | |
| Gross transfer between funds | - | - | - | |
| Net movement in funds | (2,304) | 88,483 | 86,179 | |
| Reconciliation offunds | ||||
| Total funds brought forward | 352,782 | 562,969 | 915,751 | |
| Totalfundscarriedforward | 350,478 | 651,452 | 1,001,930 |
Page 12
TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFRICA (A CHARITABLE TRUST)
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 JUNE 2024
| ADMINISTRATION FUND | Note | Unrestriced | Endowment | Total funds |
|---|---|---|---|---|
| funds | funds | 2024 | ||
| £ | £ | £ | ||
| Income | ||||
| Donations& gifts | - | - | - | |
| Total income | - | - | - | |
| Expenditure | ||||
| Direct charitable expenditure Bankcharges |
4 | - = |
- zi |
- = |
| Total expenditure | - | - | - | |
| Net gains on investments | - | - | - | |
| Net movement in funds | - | - | - | |
| Reconciliation offunds | ||||
| Total funds brought forward | 382 | 1,197 | 1,579 | |
| Totalfundscarriedforward | 382 | 1,197 | 1,579 |
Page 13
TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFRICA (A CHARITABLE TRUST)
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
| Note | |||||
|---|---|---|---|---|---|
| CONSOLIDATED FUNDS | |||||
| Unrestricted | Endowment | Totalfunds | Total funds | ||
| funds | funds | 2025 | 2024 | ||
| £ | £ | £ | £ | ||
| FIXED ASSETS | |||||
| Quoted investments | 6 | 35,448 | 885,352 | 920,800 | 959,968 |
| CURRENT ASSETS | |||||
| Cash at bank and in hand | 44,255 | - | 44,255 | 43,541 | |
| NETASSETS | 79,703 | 885,352 | 965,055 | 1,003,509 | |
| FUNDS | |||||
| Unrestricted funds | 7 | 79,703 | - | 79,703 | 80,517 |
| Endowment funds | 7 | - | 885,352 | 885,352 | 922,992 |
| TOTALFUNDS | 79,703 | 885,352 | 965,055 | 1,003,509 |
We approve these accounts and confirm that we have made available all relevant records and information for their preparation.
The accounts have been prepared in accordance with Financial Reporting Standard 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and follow best practice as laid down in the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with FRS102.
The accounts were approved on aA 2906 and are signed on its behalf by:-
N Brown Chairperson of the Board of Trustees (Committee of Management)
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K Lloyd epee
Trustee
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Page 14
TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFRICA (A CHARITABLE TRUST)
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
| Note | |||||
|---|---|---|---|---|---|
| SCHOLARSHIP FUND | |||||
| Unrestricted | Endowment | Totalfunds | Totalfunds | ||
| funds | funds | 2025 | 2024 | ||
| £ | £ | £ | < | ||
| FIXED ASSETS | |||||
| Quoted investments | 6 | 35,448 | 884,155 | 919,603 | 958,771 |
| CURRENTASSETS | |||||
| Cash at bankand inhand | 44,255 | - | 44,255 | 43,541 | |
| CREDITORS: Amounts falling due within oneyear | |||||
| Amountdue to Administration fund | (540) | - | (540) | (540) | |
| NETASSETSASSETS | 79,163 | 884,155 | 963,318 | 1,001,772 | |
| FUNDS | |||||
| Unrestricted funds | fi | 79,163 | - | 79,163 | 79,977 |
| Endowment funds | 7 | - | 884,155 | 884,155 | 921,795 |
| TOTALFUNDS | 79,163 | 884,155 | 963,318 | 1,001,772 | |
| ADMINISTRATION FUND | |||||
| Unrestricted | Endowment | Totalfunds | Total funds | ||
| funds | funds | 2025 | 2024 | ||
| £ | £ | £ | £ | ||
| FIXED ASSETS | |||||
| Quoted investments | 6 | - | 1,197 | 1,197 | 1,197 |
| CURRENTASSETS | |||||
| Cash at bank and in hand | - | - | - | - | |
| Amountdue from Scholarship fund | 540 | - | 540 | 540 | |
| 540 | - | 540 | 540 | ||
| NETASSETS | 540 | 1,197 | 1,737 | 1,737 | |
| FUNDS | |||||
| Unrestricted funds | 7 | 540 | - | 540 | 540 |
| Endowment funds | 7 | - | 1,197 | 1,197 | 1,197 |
| TOTALFUNDS | 540 | 1,197 | 1,737 | 1,737 |
Page 15
TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFRICA (A CHARITABLE TRUST)
NOTES TO THE ACCOUNTS
30 JUNE 2025 1 Accounting policies Tertiary Education Scholarship Trust for Africa is a charity registered in the UK. Its principal office is 16 Tunley Road, London, SW17 7QJ. 2 Basis of preparation and compliance with accounting standards These financial statements have been prepared on a going concern basis in accordance with the provisions of applicable United Kingdom accounting standards, Financial Reporting Standard 102. In preparing the accounts, the charity follows best practice as laid down in the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with FRS 102 (SORP FRS 102) and complies with The Charities Act 2011. 3 Summary of significant accounting policies The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and have been consistently applied within the same accounts, unless otherwise stated. The presentation currency is £ sterling. In the opinion of the Trustees, the accounts give a true and fair view of the state of the charity's affairs as at 30 June 2025 andof its result for the year then ended. Revenue recognition All the charity's income is derived from its continuing operations. Donations and gifts and dividend income are credited on a receipts basis. Bank interest receivable is accounted for on an accruals basis. All income is attributable to unrestricted funds, as any income arising on the endowment fund can be used in accordance with the objectives of the charity (see note 7). Expenditure Direct charitable expenditure consists of institutional grants paid to local charitable trusts in developing countries. Grants are accounted for on an accruals basis and recognised when they have been approved by the Trustees. General expenses are not usually borne by the charity as all services are provided to it on a pro-bono basis. All expenses are attributable to unrestricted funds. Investment gains and losses Realised gains or losses on investments arise on the sale of investments during the year. Where there is a disposal of part of an investment holding, the gain or loss arising is calclulated by reference to the average unit cost of the total holding. Unrealised gains or losses arise on the revaluation of investments to their market value at the end of the year. Quoted investments Quoted investments are included in the balance sheet at fair value with net movements in fair value being reflected in the Statement of Financial Activities. Fair value is determined using market prices ruling at the balance sheet date.
Financial instruments
Basic financial instruments are initially recognised at transaction price and subsequently measured at the consideration expected to be paid or received, except for listed investments which are measured at fair value.
Page 16
TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFRICA (A CHARITABLE TRUST)
NOTES TO THE ACCOUNTS
30 JUNE 2025
3
Summary of significant accounting policies (continued)
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are interest free, unsecured and receivable on demand and hence are measured at their fair value.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including loans, are interest free, unsecured and payable on demand and hence are measured at their fair value.
Fund accounting
Details of the nature and purpose of each fund is set out in note 7.
Cash flow
The accounts do not include a cash flow statement because the charity is not a large entity and is therefore exempt from the requirement to prepare such a statement under SORP.
4
Direct charitable expenditure
Consists of institutional grants:
| Consolidated funds:- | |||
|---|---|---|---|
| Number of | 2025 | 2024 | |
| Institution | grants | £ | £ |
| TEST forGhana | 1 (2024: 1) | 17,000 | 25,000 |
| TEST for Malawi | 1 (2024: 2) | 18,000 | 25,000 |
| TEST forUganda | 1 (2024: 1) | 18,000 | 25,000 |
| TEST forTanzania | 1 (2024: 1) | 18,333 | 25,000 |
| 11,333 | 100,000 | ||
| Scholarship fund: | |||
| Number of | 2025 | 2024 | |
| Institution | grants | £ | £ |
| TEST forGhana | 1 (2024: 1) | 17,000 | 25,000 |
| TEST for Malawi | 1 (2024: 1) | 18,000 | 25,000 |
| TEST forUganda | 1 (2024: 1) | 18,000 | 25,000 |
| TEST forTanzania | 1 (2024: 1) | 18,333 | 25,000 |
| 71,333 | 100,000 | ||
| Administration fund: | |||
| Number of | 2025 | 2024 | |
| Institution | grants | £ | £ |
| TEST forGhana | 1 (2024: 0) | 2,000 | - |
| 2,000 | 0 |
Further information on the grants awarded is given in the Report of the Trustees.
Page 17
7 Funds
TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFRICA (A CHARITABLE TRUST)
NOTES TO THE ACCOUNTS
30 JUNE 2025
5 The Trust is exempt from UK income tax under Section 505 of the Income and Corporation Taxes Act 1988.
6 Quoted investments
| CONSOLIDATED FUNDS | ||||
|---|---|---|---|---|
| Unrestricted | Endowment | Total funds | Total funds | |
| funds | funds | 2025 | 2024 | |
| £ | £ | £ | £ | |
| MARKET VALUE | ||||
| At 1 July2024 | 36,976 | 922,992 | 959,968 | 872,840 |
| Additions | = | i | z | 2 |
| Disposals | (23,900) | |||
| Revaluation | (39,168) | 111,028 | ||
| At 30 June 2025 | 36,976 | 922,992 | 920,800 | 959,968 |
| SCHOLARSHIP FUND | ||||
| Unrestricted | Endowment | Total funds | Total funds | |
| funds | funds | 2025 | 2024 | |
| © | £ | £ | £ | |
| MARKET VALUE | ||||
| At 1 July2024 | 36,976 | 921,795 | 958,771 | 871,643 |
| Additions | - | = | z | Z |
| Disposals | (23,900) | |||
| Revaluation | (39,168) | 111,028 | ||
| At 30 June 2025 | 36,976 | 921,795 | 919,603 | 958,771 |
| ADMINISTRATION FUND | ||||
| Unrestricted | Endowment | Total funds | Total funds | |
| funds | funds | 2025 | 2024 | |
| £ | £ | £ | £ | |
| MARKET VALUE | ||||
| At1 July 2024 | - | 1,197 | 1,197 | 1,197 |
| Additions | - | - | = | : |
| Revaluation | : | : | = | = |
| At30June2025 | - | 1,197 | 1,197 | 1,197 |
Unrestricted funds comprise those funds which the Trustees are free to use in accordance with the charitable objectives.
Endownment funds represent those assets which must be held permanently by the charity, principally investments. Income arising on endowment funds can be used in accordance with the objectives of the charity and is included as unrestricted income. Any gains or losses arising on the investments form part of the funds. Gross transfers between funds reflects cash from unrestricted funds being invested in endowment funds. Donations received by the charity are allocated to different accounts, depending on their purpose. Specific donations to support the administrative expenditure of the charitable trusts in Malawi and Ghana are associated to the administration fund. All other donations are ultimately to support scholarships in development countries and are therefore allocated to the Scholarship fund.
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TERTIARY EDUCATION SCHOLARSHIP TRUST FOR AFRICA (A CHARITABLE TRUST)
NOTES TO THE ACCOUNTS
30 JUNE 2025
8 Related party transactions
All donations along with any Gift Aid received thereon, has been invested in income bearing investments. The income generated from this investment is to be used for scholarships, but the Trustees may use the capital at their discretion to cover any shortfall in funding. There are no conditions attached to any donations made by the Trustees during the year.
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