Annual Report & Statement of Accounts For 1st April 2023 to 31st March 2024 (FY24) THE TESFA SPONSORSHIP TRUST UK Charity Registration No 1177205 *J 1.11.) ODJ nJLP. Christmas und New Ycars messagesfrom ihe Jpon&ored children ¢41 CBISDO- DL'C 2023 RegulL7r diJÉribt4tions ofsanifary mqieriuls, including soap amd san11erfor$poOred elderly al CBISDO (a vifalpurt oftheprogrumme io curefor ihe elderly) Page l of12
The Tesfa Sponsorship Trust UK Annual Report & Statement of Accounts For 1st April 2023 to 31st March 2024 Contents Admlnlstratlve Informatlon Page 3 Independent Examiners Report Pag• 4 Trustees Report Pagé 5-9 Summary of Receipts and Payments Paga 10 Statement of slgnlflcant varlances between FY23 and FY24 Page11 Statement of A83ets & Liabilities Pag• 12 AHJSDO cel*braled World Elderly Duy 202J- localyoung volunteers foge¢her with AHISDO organised a lunch programfor elderly ot AHISDO'5 elderly cenlre SHOT ON HOT I INFINIX r.thMkltA Page 2 of 12
The Tesfa Sponsorship Trust UK Administrative information Charity Number 1177205 Trustees on 31.03.2024 Benjamin Booth Sirnon Paylor Paul Wilson Governing Instrument Tru51 Deed dated 12th Defflber 2016 Objectlv•s The prevention or relief of pov8rty in Addis Ababa. Ethlopia by providing.. grants, Item8 and services lo Indlvldua15 in rTreed andlor charilles. or other organlsalions working to prev8nl or relieve poverty. Correspondence Address 3 Bryant Way Toddington Dunslable Bedfordshlre LU5 6EX Primary Bankers Natwesl 8ank 4 High Streol North Dunslable LU6 1JU Independent Examlnar Mrs Hannah Clack 144 King5 Road Evesham Page 3 of 12
The Tesfa Sponsorship Trust UK Independent Examiners Report on the Accounts The Tesfa Sponsornhip Trust UK Independent Examiners R8POrt on the Accounts I'rts41 5 11coiini% curri¥d oui Iia¥L lollu¥lL ili¥ Jppliiuhl¢ DirLC11O51¥ byi%eii b} I. Lliarit> ('ommi%sion Jndependtnl lMIner, Ital<mtn¢ 'I"hL' pr()LidLifkY iIMdLrtukLn th) nni pmvidL' all the ti'id¢nce IhAi would bt rLyiiircd iii iiudii. M¢J IhL'fL'fort as an ITxlepend¢nl Ettr l om noi I hJie iiimpILILd iii!. cxJniirttsTion. l Lri Ihai no mJi¢ii¥l marrers Iwve aLei)Ullliii¥? fciord4 iikrc noi kkpi iii thccordance 1th scciion l 30 of IhL du u¢£ord iiiih the atiouniing records hai'e ni) coniern% ond liuil coink ucroqs no oihL'r niTriE¢f5 in £onneciiun iih Pft)Pkr iiIiJcrswndiiibi lif thi aiCOiliilS 10 be reA¢hed. Si8u¢d.. Date: 15.01 75 Nme: CJJLA Lili R¢ltVADt profe5s1on•l SlunI meMr thf ACC.4 4y#lllle*tloolsl or body (If iDyl: Addrn 144 Trfj'ng8 Ro•a. EVesh. Page 4of12
The Tesfa Sponsorship Trust UK Trustees Report For 1st April 2023 to 31st March 2024 Introductlon These accounts detail the perlod 1st April 2023 10 31 It March 2024. For tax purposes the Charity is a registered charity and is known as.. - The Tesfa Sponsorshlp Trust UK Ihereaflor Tesfa ), Charity Number 1177205 A¢hlevements In the Flnanclal y•ar The Trust continues to live out its objectives by f8cili18tlng the Sponsorship of ¢hlldren gnd elderly p8ople through our tvlo P8rtn8r Ethiopian NGOS, CBISDO and AHISDO. Al the end of FY24, the number of children being 8F)onsored through Tesfa was 146 along with 20 elderly persons, We remain hugely grateful for the continued commitment of our sponsors and supporters by Investing in the lives of the children ané elderly in the communllies wè 8UPPOrt in Addi$ Ababa, Ethiopia. Their support continued throughout th8 pandemic and then the global Inflallon ¢ri¥is that followed, which is a leslimony lo the commitment of our supporter base and Ihelr bellef in how much of a difference sponsorshlp can make lo the Ilves and futures of those in most need. Sponsorshlp fund8 of £32,1951£30,319 in FY23} and addillonal g1ft8 of £5,925 were sent lo our 2 partners in Add18 Ababa, supportlng their work as follow5.. CBISDO {Community 8ased Inlegraled Sustainable Development Organisallonl - al the close of FY24. 127 chlldren and 16 81derly people were being sponsored by our supporters. AHISDO {Addls H101 Inlegraled Sustalnable Development Organisalionl- 81 the close of FY23, 19 children and 4 elderly people were being 3ponsored by our 8UPPOrters. The extra gifts include £450 for AHISDO lo purchase a new printer and £5.000 10 8UPPOrt the elderly sponsor program at CBISDO from the Kunde Foundallon. belng charitable trust Sel up by a close friend of the late Founder of CBISDO and AHISDO with very similar mission to that of Tesfa - their don81ion Is routed through Tesfa and we provide a monitoring service for a nomlnal fee. Page 5 of12
Annual sponsored child r•porting= For the 147 children sponsored during the schod year ending July 2023, he'S a breakdown of the annual reports.. Promoted to the next schooll Vocational Collegè or University year Not promoleé lo the next school year- they will be supported lo re-51t the year Qualified for Vocational College after 10th or 12tr Grade exams 79 Qualffjied for University after 1?h grade exams Graduated from Vocational College Children with disabilities- they all continue lo be healthy and enjoying an education tailored lo their needs while learning key life skills Child wa5 sick and unable lo allend school bul 15 now recovered and back in educallon for the followlng year Family moved out of the Project area, 50 Sponsorship has to end Child voluntarily enéed educallon early lo pursue work to support the family Too early in the sponsorship cycle for a school report Ire new sponsors or new sponsored children mid school yearl W8 proudly celebrate these successes and the extra support given to sponsored children when needing il the most. For Tesla, this serves lo amplify the importance of giving every ¢hlld an educallon and a hope they all have a right lo. Monitoring, Evaluation and Capaclty Bulldlng Tesfa hugely benefits from the continued monitoring through our appointed Consultant based In Addis Ababa with three reporting cycles having been ¢ompleted In the financial yoar. This has proved invaluable in being able lo gain a good level of overslghl of the work of the NGOS in deliverlng tho sponsorship programmes and the managernent of the funding that Tesfa provides on behalf of our supportets. This in turn means Tesfa can beller 8LlPPOrt CBISDO and AHISDO through grants, sponsorship paymonls and the funding of lallored management training. Management and Board tralnlng: Tesfa funded the training of 16 selected individuals from the NG05- 11 Board and General Assembly Members and 5 Senior Managers and Prograrnme Heads from both NGOS. The training was delivered through Tesfa's consullanl, Tadesse Haile la long-standing supporter of the NGOS and friené of their founder. the late Dr Jember) and a Management con8ultant, Girma Kebede- we extend our sincere thank5 to them both for this excellent training event. The training covered key areas such as Project Cycle Management, Pfoiecl Implementation. Monitoring and Reportlng. Tgsfas, wnsultant is monitoring the continuous improvement in management of the NGOS that should become evident after such a training event. Page6 of12
Spor IpTnJst VK The T£a Trut Sp•wrAhip iJK +&h+ hT?I£rfT T CERTIFIC."A TE C)F TRAJNJIVG Thi tth IFV. IJ.1¢4 2ts11 .r rrhhr.- +llT•PiPthIi Certificaie owarded to Ékos¢ allendiug ihe Org(Mualion & Projeci Managemenl training even¢ Notablo gvents aftor the Flnanclal Y•ar ond: Tesfa has agreed lo fund the mandatory Slralegb Revlew for CBISDO uslng Ils unreslricled reserves by making a grant to our Gonsullanl, Tadesse Haile, lo manage the process and hire an in-counlry management consultant Ilhe same gentleman who undertook the NGO m8nagem8nl training in FY241. The Strategic Rèview will enable the Board and Management lo build on that training and review CBISDO'S slr81egy and dlreGtion for the next 5-year period. This report is required both Internally and also for the Government agencles when applying for the necessary licences lo operate. Thls review wlll Incorporate views from many Stakeholders Includlng Tesfa. Tesfa. con5ullanl has confirmed that as well as the voice of the elderly, the voice of the children will also be sought and listened lo in the consu1181ion period, Something that Te5fa belleves lo be very Important and that the childran are a crltlC81 part of the 8lakeholder group as well as the elderly persons loo. Fomial key details: Treasurer Rde un¢ertak8n by Trustee. Paul Wilson, throughout the financial period. Independent Examiner The 2023124 accounts ware reviewed by- Mrs Hannah Clack of 144 Kings Road, Evesham Trustees There are currently three Trustees.. - Benjamin Booth Simon Paylor (formal notice given in February 2024 to end his Trusteeship as soon as practically possSble- recruitment lo replace him is underway) Paul Wilson IChaSrp8rson) The Trustees review the examined accounts each year and submit these with the appropriate forms lo the Charity Commission. To date the Trustees have not claimed any payments for their activities other than for either reimbur$8menl of trip expenses whenever visiting Addi5 Ababa Page 7 of12
on a monitoring Irlp representing Tesfa or for stationery costs incurred in the admlnistralion of the charity. Reporting A summary of the breakdown of the unrestricted funds held along with a 12 month fOard looking view is presented al every Trustee meeting - this helps drive a regular discussion on Tesfa's capacity lo provide further grants lo support the partners in their misslon. The accounts are èxamined annually by an independent person who has the necessary knowledge and experience outside of the charity and this is in turn report8é to the Trustees al the AGM. A copy of the exarnined accounts is also provided to the Charlty Commission each year. Income The majority of income is received by standing order directly from the Individual or by cheque and relates lo the individual's sponsorship of a child or elderly person in the projects that Tesfa supports. Sponsorship funds are treated as 'Reslricled Funds, and 1 OOVO of those funds are remilled lo the NG05 for the purpose of supporting the Sponsorship programmes. Ir¢ addillon lo the clalmed glft-aid from those sponsorship payments where applicablè. we also receive one-off donallons which are Irealed as unrestrlcted funds unles5 the donor expressly slates the funés are for a specific purpose. Of the £16,691.47 cash balance al the financial year end, 'Restricled Reservgs, represented 600A of the cash1£10,021.531 being split as follows: £3.559.47 of Chlld and Elderly sponsor funds building up for the next Semester payment {due in August 20241. £2.509.87 of Seed Capital remaining from 8 SUPPOrter grft. £1,241.00 of gifts received spe¢ifi¢ally for the NGOS lincludes 8 £600 lop-up gift from the Kunde Foundation, specifically for the elderty programmel. £2,711.19 of funds held for the training institute BSDTCC founded by the late Dr Jember Teferra (also foundor of our partners CBISDO and AHISDO). Summary of Bank Account - Currant Account:. LXXX2619 This account is managed by the Treasurer and Is the general account. All payments from this account are by either bank payment, direct debil or by cheque all of which requlre two Si9natures from the three signatories, all of whom are Trustees. Gift Aid appllcalions lo the Inl8nd Revenue for Sncome lo this account is applied for annually with such hjnds Irealed as UnStriCted. In terms of cash management, Tesf8 has two Snleresl bearing reserve accounl$.' Busln089 Resep40 instant access account used for inv8sling reslricled sponsor funds ahead of the next semester payment and unreslricled funds until needed (such as the Gift Atd monies). Llquldlty Manager 35 Day (opened after the financial year endl- term savings account requiring 35 days notice for any withdrawal of the funds - used for investing the Seed Capital and other re8lricled funds that are not Immediately required for dislribulion. Page 8 of12
Conclusion The main areas of payments will continue lo be the provision of funding for the sponsorship of children and elderly people within the Kebeles Icily dislriclsl where the Ethiopian NGOS operate that Tesfa SUPFX)rts (CBISOO and AHISDOI in Addis Ababa. Ethiopia. We are commilled to continuing and growing our partnership with CBISDO and AHISDO- bolh through the sponsorshlp schemes and also sUPPOrting capacity building in both organisations. In addition, unreslricled funds will be Invested in main areas. lo ensure Tesfa is fully compliant with the Charity Commission for England & Wales regulations and best practices., and the effective monitoring & evaluation {M&EI of the charitable partners with whom Tesfa has a formal partnershlp- currently CBISDO ané AHISDO. This will be achieved through both the commissioning of our consultant in Addis Abab8, Tadesse Haile, who reports lo Tesfa periodically Icurrenlly every 4 months) and an annual monilorSng visll by at least one Trustee of Tesfa whellever possible. 11 is the Trustees. inlenllon to use thè locally based ConsLJlt2nt to greater effect being seen as the mo81 effecllve and SteffeCtIve method of the required M&E. Addlllonally.. In early 2021, the Trustees agreed lo In¢Tra$e the minimum retention of unrestricted reseNes from £1,000 10 £1,500 to cover approximately a year's equivalent of core operating costs Sncluding a very b8sic level of Monitoring & Evaluation costs. Trustees, Responslbilities The Charllies Act 1993 requires the Trustees lo prepare flnanclal slatefflen15 for each financial year whlch give a true and lair view of the 81ale of affairs of the tru51 and the surplus of the Trust for that period. In preparlng Ih05e financlal slalemenls the Trustees are requlred lo.. Select suitable accounting policies and apply them consistently. Make judgemen15 and e51irnales that are reasonable and prudent. Prepare financial statements on the going concern basls unless 11 Is Inapproprlate lo presume Ihal the Trust will Gonlinue in existence. The Trustees are responsible for keeping proper accounllng records, whlch dlsclose wlth rèasonable accuracy al any lime the financial position of the Trusl. They are also responsible for Safeguarding the assets of the Trust and hence for taking reasonable steps for the pvention and detection of fraud and other irregularities. Signed on behalf of the Trustees.. Paul Wi150n 2a¥L Page 9 of12
The Tesfa Sponsorship Trust UK Statement of Receipts and Payments st ril 2023 to 31° MarGh 2024 SpoOrsnp- st?ryJ orders Sporaorsnp- manjai per5 Sutytctsl 26,243 00 1.740.00 2T,981( Ottr 91ft9121 Gllt Ad fax Reb3te Resthde¢ receNed for 6.426.62 5.544.2J BSDTCC (• 665 00 tot 14Q3587 Sponsorsh Otrer grt8 cap4Cty8k ffte$ spor¥ lowwerts etcl 32.195.00 5.925 00 1.800 C#J gJb.totai 1,9X).(K) +••rknrnl 6•sttAdnlrlstrJUon 698.61 240 00 34?7 fees Tnffiee ty costs ts Ethlop Co8tsa3a% Lyirro cos141 gJ&trJtsl .45J. Ca•h at QpernTr] cash add 5upIl1(517rt1J1Il ¢uh a at ail¢Mra4 I•.U1A7 R•pr•J•rtl W: Ojrrern accoLrt 83$ ReaeN¢ accoLrt 6,662.44 10,029 03 uMer1d&eÉaveS fSJ Rtrsh¢ieclR8S&VSS See¢J Capttai umpert 9TCC ruTrys coltted. yet be aistriueO Grts lor tm I03 coiieaed- to De di2tribJte¢J Sp(ffjorshP ThJ3 COllectea- yet to be llistrikXbte4 Tc4 ReslrJci&YResèNa% 2.509 87 1.24100 3.559 47 10 021 53 I I SporoorfLMS rovateo rrom Lrfe CMJrcf- reL7tes bj 5pomor5 WMO IweyEt to m4te ty fe5f3 8rnJ are stll ptyng rD e ChJcn Ma staTrJinq order 2)'Otrr gft5' IrleS £5.000 ll<ed to z Irom the l<urbYe FowdJon lor &Yetywcgram at CaSCX) routea ttrown Tesla 31 Relate5 to IrtMdLuI glts recer%ed for beneff( or the le JeTrtJefs Ie<S$0TetI Tetra (her tl rrle from CLv¢enrom Ort£ ol Clucts dUrf FV2$ ot1rt0rn31'collertiLn aAert' 41 PartS to Tadesse Haile, an AdIS Nb8b3 based COrnLltart cortracteo to work tor re8ra in tr mortorkng ark1 evall4bl ol arvj NHISDO plus N130 C3pJctyBLlldknq actMty- contrzct rable aty 51 UrTe5tnclEd reseThe5 repre5erts addMorwl ncome If01 fB5 m 5pecniE¢J PLWW5e altacfEa to rt15 as ( clan IOMe1- Tr thl ol f5[5 e to cover Tesfa operaory costs Iltfl¢JJlW mOrtLyg & lLon costs) pl gry grarrt ¢IStybUfOrn qls[e0 typafftrs Tesra wthn appmea Tnjstee meeurKs ior rRnreoJedl Page 10 of12
The Tesfa Sponsorship Trust UK Statement of significant financial variances between FY23 and FY24 Recelpt8 Sponsorship receipts have decreased reflecting the reduelion of the number of children being sponsored during the year from 162 10 146. This reduction is a natural result of a spike In the number of children finishing the sponsorship programme, either al the end of VoGalional College or Unlversily or moving away from the project Ilhe latter being on the increase in the last few yearsl- whilst we encourage sponsors lo renew their sponsorship with another child we do recognise some sponsors see this 'end of cycle, lo be a natural finishing point of their generous givlng. We continue lo enjoy havlng 80 many loyal supporters who value the opportunlty lo Invest In the lives of children and elderly through Sponsorship and plan lo develop a re¢ruilment drive In FY25126 to build back up the number5 of sponsors. Payment• Operational costs reduced lo £3,531.31 being 8.81'/0 of lolal income IFY23 was 9.13Vo). The reduction was driven by a lower amount paid lo the appointed Addis Ababa consultsnt for ong)ing Monitoring & Evaluation I'M&E'I of the NGOS with whom we partner over the full year. However, please note that a £750 payment was made in April 2024 to the consultant but the M&E worl( was undertaken in FY24- $0 in r6alily. Opèrational Costs for FY24 was more on a par wllh FY23. Since th8 start of FY23. any spending on NGO training through our ¢onsullanl 1$ designated as 'NGO Capaclty Building, under'Granl$ and Gifl$' rather than Operational Costs as Ihls reflects more accurately the process l e$ta undergoe$ In 11$ Spending de¢l$ion$. I he M& funds paid lo our consultant is consldereé a$ mandatory {hen¢e designated a$ Operational Costs) whereas any decision on Te5fa fundlng Irainlng or other Such Items Is dl$¢retlonary nd falls more logically therefore. 8s a 'Granl and G,. Page 11 of12
The Tesfa Sponsorship Trust UK Statement of Assets & Liabilities as at 31st March 2024 Th• T•$fa Sponsorship Trujt UK Statsmont of A••gts Llabllltl•• for yoar •nd•d 31st m4h 2024 Rrnir•d Fund Fur4 E 1.161.87 £ 4.•X47 t 6.1244 t 19,12391 4.10797 E ¥.221 CIS T g 4eag94 E Iq021 53 È 16.api 47 E 1•,123 91 Lind Irw)r> LbiiiK•iif)nLV4Tn Page 12 of12