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 san11￿erfor$po￿￿Ored 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 D￿efflber 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,*
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rLyiiircd iii iiudii. M¢J IhL'fL'fort as an ITxlepend¢nl E￿￿t￿tr l om noi
I hJie iiimpILILd iii!. cxJniirttsTion. l L￿￿ri￿ 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
N*me: CJJLA Lili
R¢ltVADt profe5s1on•l Slu￿nI meM￿r 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 H￿101 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 Tru*t 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 fO￿ard
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 Un￿StriCted.
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
p￿vention 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
Spo￿Orsnp- st?ryJ￿ orders
Sporaorsnp- manjai p￿er5
Sutytctsl
26,243 00
1.740.00
2T,981(
Ott*r 91ft9121
Gllt Ad fax Reb3te
Resthde¢ receNed for
6.426.62
5.544.2J
BSDTCC (•
665 00
tot*
14Q3587
Sponsorsh*
Otrer grt8
cap4Cty8￿￿k
fft￿￿e$ ￿ spor￿￿¥
lowwerts etcl
32.195.00
5.925 00
1.800 C#J
gJb.totai
1,9X).(K)
+••r*knrnl 6•sttAdnlrlstrJUon
698.61
240 00
34?7
fees
Tnffiee ty costs ts Ethlop
Co8tsa3a%
Lyirro
co*s141
gJ&trJtsl
.45J.
Ca•h at
QpernTr] cash
add 5upIl￿1(51￿7rt1J1Il
¢uh a* at ail¢Mra4
I•.U1A7
R•pr•J•rt*l W:
Ojrrern accoLrt
8￿￿3$ ReaeN¢ accoLrt
6,662.44
10,029 03
uMe*r1d￿&￿eÉaveS fSJ
Rtrsh¢ieclR8S&VSS
See¢J Capttai umpert
9￿TCC ruTrys col￿tted. yet
be aistriu￿eO
Grts lor tm I￿03 coiieaed-
to De di2tribJte¢J
Sp(ffjorshP Th￿￿J3 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)'Otr￿r gft5' Ir￿l￿eS £5.000 l*l<ed to z Irom the l<urbYe Fowd*Jon lor &Yetywcgram at CaSCX) routea ttrown
Tesla
31 Relate5 to IrtMdLuI glts recer%ed for beneff( or the l*e JeTrtJefs I￿*￿￿e<S$0TetI Tetra (her tl* rrle from
CL*v¢enrom ￿Ort£ ol Cluct*s dUrf￿ FV2$ ot1rt0rn31'collertiLn aAert'
41 Pa￿rtS to Tadesse Haile, an A￿dIS Nb8b3 based COrnLltart cortracteo to work tor re8ra in tr* mortorkng ark1 evall4b￿l ol
arvj NHISDO plus N130 C3pJctyBLlldknq actMty- contrzct r￿able a￿￿ty
51 UrTe5tnclEd reseThe5 repre5erts addMorwl ncome If01 fB5 m 5pecniE¢J PLWW5e altacfEa to rt15￿￿ as (￿ cla*n
I￿OMe1- Tr thl ol f￿￿5[5 ￿e￿ to cover Tesfa operaory costs Iltfl¢JJlW mOrtLy￿g & ￿lL￿￿on costs) pl￿ gry grarrt
¢IStybUfOrn ￿ql*s[e0 typafftrs ￿ Tesra wthn appmea Tnjstee meeurKs ior *rRnreoJ*edl
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 m4￿h 2024
Rrnir￿•d
Fund*
Fur￿4
E 1.161.87 £ 4.•X47
t 6.1*244
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￿>
L*biiiK•iif*)*nLV4Tn
Page 12 of12