Annual Report & Statement of Accounts For 1st April 2024 to 31st March 2025 {FY25) THE TESFA SPONSORSHIP TRUST UK Charity Registration No 1177205 World Elderly Day celebrafion at AHISDO Paul s stopover in Addis vi¥it 10 the Kindetgarten within CBISDQ s community Pagelolll
The Youth Centre nlrt by CBISDO hosis one ofthe Afrkan Dream Circw Iralning ceniers- as well as theprofusional teams ITaining there, Ikey offer ctrcus 5kn115 Iraining to ihe 5POnsored children and ¢he ¢omm¥nity Iwice a week Pag¢2ofll
The Tesfa Sponsorship Trust UK Annual Report & Statement of Accounts For 1st April 2024 to 31st March 2025 Contents Administrative Inforniatlon Page 4 Ind•pond•nt Examiners Report Page 5 Trustees Report Page 6-9 Summary of Recelpts and Payments Page 10 Statement of Assets & Llabllltles Page11 Page3ofll
The Tesfa Sponsorship Trust UK Administrative information Charlty Number 1177205 Trustees Benjamin Booth Lucy Booth (appointed 301h April 20251 Simon Paylor lunlil 30th April 20251 Paul Wilson Ire-elected as Chair 5th March 20251 Govoming Instrument Trust Deed dated 12th December 2016 Objoctlves The prevention or relief of poverty in Addis Ababa, Ethiopia by providing.. grants, items and services lo individuals in need andlor charities, or other organisation5 working to prevent or relleve povety- Correspondence Address 3 Bryant Way Toddinglon Bedfordshire LU5 6EX Prfmary Bankers Natwesl Bank 4 High Street Ni)rth Dunslable LU6 1JU Independent Examlner Mrs Hannah Clack 144 Kings Road Eve5ham Page4ofll
The Tesfa Sponsorship Trust UK Independent Examiners Report on the Accounts Independent Examlners Report on the Accounts l to ihe IT41ee$ on my examinailon ofTh¢'fESFA Sponsor5hip'lhJsi UK {"the Tht") for the year endd 3151 March 2023 RupowlbSlltleJ •Dd b*il8 As the chwity truste# of the Trust. YOU aTe TespoA)sible for the prep&rntion of of report the a¢¢ounts in e0rdance with the requir¢ments of the Clwities Act 2011 r'th¢ Act"). I ttp)rt in ryl of my exhminBtion of the Trust's ac¢ounts conied out Ider se¢tion 145 of th¢ 2011 A¢1 8nd in ¢oJrying out my ¢x&mination I hm followed the applicabl¢ Directions given by th¢ Charity Conunission unthr section 145151(b) of the A¢1. IBdtpeudent The PTocedure5 undertaken do not provide all the evidence that would be rquired in an audit. and thcrefoK as an Jndepend¢nt ExoJDineT l am not providing an Budil OPII)IDn. I have completed my examimiion. I confTh that no material m&ttern have come io my attention in connection with th¢ ¢xamination wbich 8iv¢s Ine ause to believe that in, any materi0] respect.. ac¢ounttng recotds were kept in attordarK¢ wiib seclion 130 of thc2011 Ad. or the accounts do ]h)l accord with tk a¢counlin8 records I have no concerns and have come across no oiher matters in conne¢iion with th¢ examination to which attention should k drm in Order to enable a proper understgndinB Of the aecounts lo reached. SlgDed: D#l¢: 16.01.25 Nwe: Hannah Cl . R¢V1 PfonI1 qthdon(s) or body (If •Ry): Student Dxmber of ACCA 144 Krys Road, EVe8hn. Page5ofll
The Tesfa Sponsorship Trust UK Trustees Report For 1st April 2024 to 31st March 2025 Introductlon These accounts detail the period 1 $1 April 2024 10 315t March 2025. For lax purposes the charity is a registered charity and is known as.. The Tesfa Sponsorship Trust UK {hereaft8r"Tesfa'l. Charity Number 1177205 Achlevemants In tho Flnanclal year The Trust continues to Iwe out ils objectlV8s by f8cilitating the sponsorship of children ?nd elderlyp8opI8 tlprough our Éwo partner EthpIan NGOS. CBISDO and AHISDO. Al the end of FY25, the number of children being sponsored through Te3fa was 146 along wllh 20 elderly persons. We remain hugely grateful for the continued commitment of our sponsors and supporters by investing in the lives of the children and elderly In the communltles we support Sn Addis Ababa. Ethiopia. Their ongoing and urwaverlng support 15 a lesllmony lo the commllmenl of our supporter ba8e and thelr belief in how much of a drff8r8n¢e sponsorship can make lo the lives and futures of those In most need. pon8orshlp funds of £28.891 and addltional gffts of £8.547 were Sent lo our two partners In Addis Ababa. 8UPPOrting their work as follows.. CBISDO (Communlly Based Integrated Sustainable Development Organisalionl at the close of FY25, 127 children and 18 elderly people were belng sponSod by our supporters - unchanged from the end of FY24. AHISDO (Addis Hiwot Inlegraled Sustainable Development Ofganlsalionl- at the close of FY25, 18 children and 4 elderly people were baing sponsored by our supporters (down from 19 children in FY241. The extra gifts induded.. £4,925 to support the eldedy sponsor program at CBISDO from the Kunde Foundation, being a charitable trust set up by a close friend of the late foundér of CBISDO and AHISDO with very similar mission to that of Tesfa their donatlon 1$ routed through Te$fa and we provide a monitoring servic8 for a nominal fee. £700 10 sUPPOrt the child & elderly sponsorship programme al CBISDO - in response to CBISDO'S ongoing Challenge with food price inflation, Tesfa presented the opportunity for spon¥or5 to voluntarily increase their monthly giving from the core £15pm pm wilh any additional funds used lo support the Sponsorship programme we have lagged this as 'Sponsorship Plus,. We remain ever grateful lo have so many generous supporters who remain committed to supporting the needs of those in most need in the community. A grant of £2.0501o fund the mandatory Strategic Review process for CBISOO Tesfa's consullanl, Tadesse Haile. managed the process and hired an In- country management consultant {Ihe same person who undertook the NGO management Ir8ining in FY241. The Strategic Review enabled the Board and Management to review CBISDO'S strategy and direction for the next 5-year period. This report was required both internally and also for the Ethiopian Government agencies when applying for the necessary licences to operate. The next stage is for the CBISDO Management team lo build an action plan lo deliver on the outcome of the Strategic Review. Page6ofll
Financlal Summary Rocelpts Sponsorship receipts have decreased reflecting a full year of income al the lower level of 146 children and 20 elderly which reduced from 162 childrenl 20 eldedy during FY24. We continue to enjoy having so many loyal supporters who value the opportunity to invest In the lives of children and elderly through sponsorship and p18n lo develop a recrurf(menl drive in FY26127 to build back up the numbers of sponsors. The majority of income is received by standing order directly from the indlvidual. Sponsorship funds 8re Irealed as 'Reslricted Funds, and 1 OOOA of those funds are remilled lo the NGOS for the purpose of supportlng the Sponsorshlp programmes. In addlllon lo the gfft-aid received from those sponsorship payments, we also receive one-off donations which are Irealed as unrestricted funds unless the donor expressly states the funds are donated for a specific purpose. Of the £15,613.90 cash balance al the financial year gnd, 'Reslrfcted Res8rv8s' represented 650A of the cash1£10,148.931 being split as follows: £3,654.87 of Child and Eldedy sponsor fund5 building up for thè néxt sem8sler 8ponsorship payment (due in August 20251. £2.509.87 of Seed Capital remalning from a 5UPPOrter glft- there Is a regular agenda item al Trustee meetings lo identify if there is an appropriate opportunity to invest Ihls fund in fijrthering the work of Tesfa. £3,984,19 of gifts received speclflcally for the NGOs1Sncludes a £800 tOFFUP gift frorn the Kunde Foundation for the elderly programmel. £2,711.19 of funds ring-fenced for the training inslilule BSDTCC founded by the late Dr Jember Teferra (the founder of our partner8 CBISDO and AHISDO). Unreslrlcled funds will be inve51ed in two main area8'. 1. To ansure Tesfa is fvlly compliant wlh the Charity Commlssion for England & Wale8 regulations and best practices., and 2. The effective monitoring & evaluation {M&EI of the charitab18 partners with whom Tesfa has a formal partnership urrenlly C81SDO and AHISDO. This will be achieved through both the commlsslonlng of our ¢on$ultanl in Addis Ababa, Tadesse Haile, who reports to Te8fa periodically Icurrenlly every 4 months) and an annual monitoring vis11 by al least one Trustee of Tesfa whenever posslble. It 1$ the Trustees, intention lo use the locally based Consultant lo greater effect being seen as the most effective and Go¥l- effecllve method of the required M&E. PJym•nts Operational costs slightly increased lo £3,967.53 being 9.31Vo of total income {FY24 was 8.61 Vo). The increase reflected a full 12 months of the revised payment schedule paid lo the appointed Addis Ababa consultant for ongoing Monitoring & Evaluation I'M&E'I of the iwo NG05 with whom we partner over the full year - this revised MOU was signed Ph December 2023. Slnce the start of FY23, any spending on NGO training through our consultant is desi9naled a5 'NGO Capacity Building, under 'Granls and Grfts. rather than Operational Costs as this reflects more accurately the process Tesfa undergoes in its spending decisions. The M&E funds paKI to our consultsnt is considered as mandatory (hence designated as Operational Costs) whereas any decision on Tesfa funding training or other such items Is discretionary and falls more logically therefore, as a 'Grant and Grft,. Summary of Bank Account- Current Account: . XXXX2619 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 cheqLFe all of which require tsvo signalyres from the three signatories. all of whom are Tnjstees. Page7ofll
A grft-aid application to the Inland Revenue for income lo this account is applied forannually with such funds treated as unfeslricted. In terms of cash management. Te$fa has two interest bearing reserve accounts= Buslna$s R•8arv• instant access account used for investing restricted sponsor funds ahead of the next semester payment and unreslricled funds until needed (such a5 the Gift Aid monies). Llquidity Manager 35 Day- a temi savings account requiring 35 days, notice for any withdrawal of the funds - used for investing the Se8d Capital and other reslricled funds that are not immediately r8quired for distribution. Monitorin Evaluation and Ca acit Buildin Te8fa hugely benefits from the conllnued monitoring through our appointed Consultant based In Addls Ababa with three reporting cycles having been completed in the financial year - Q1 2024. Q3 2024 and the annual review for 2024. This rhythm continues lo prove invaluable lo Tesfa in being able lo galn a good level of overslghl of the work of the two NGO$ in dellverlng the sponsorship programmes and the challenges they continue lo face - In turn, th1$ enableg us lo demonstrate go¢)d 'value for money. In terms of the funding that Tesfa provides on behalf of our supporters. Addillonally. 11 means Tesfa ¢an beller support CBISOO and AHISDO through grants, sponsorshlp p8ymenls and Ihe fundlng of tailored management capaclty buildlng. Governance u dates We continue to driv8 a 'conllnuous improvement. mindset Into how w• manage the charity and partner with the NGOS in Addis Ababa that we support and, in that ward. the following new policles are notable achievements foT FY25'. Reserv PollGy - approved 24th September 2024 - dellver8 darlty on the mlnimum fund$ lo be retained In the b8nk account 83 a re88rves management tool, presently £1.500. Flnanclal Control8 & Monltorlng Pollcy approved 8th October 2024, the pdl¢y provldes clarlty on key elements such as banking controls, cash management guldellnes and definlllons concerning reslrlcled and unrestricted funds. Confllct of Interest Pollcy- approved 51h March 2025 Chalrporson- Paul Wilson was ie-elecl8d as Chair for 2025 on the 5th M8rch 2025. Re ortln A summary of the breakdown of the unreStrted funds held along wllh a 12 month forward looking view is presented at every Trustee meeting this helps drlve a regular discussion on Tesfa's capacity lo provide further grants lo support the partners in their mission. The accounts are examined annually by a suitably qualrfied Independent Examiner who has the necessary knowledge and experience outside of the Gharity and this is in turn reported lo the Tnjstees al the AGM. A copy of the examined accounts is also provided lo the Charity Commission each year. Formal ke details: TrurOr Role undertaken by Trvslee, Paul Wilson, throughoul the flnanclal period. Independont Examlnor The 2024125 acGounls were reviewed by.. Mrs Hannah Clack of 144 Kings Road, Evesham Trustggs There are currently three Trustees.. - Page8ofll
Benjamin Booth Simon Paylor- Simon gave notice in February 2024 of his intention to stand down and the Trustees began a presS of recruiting a new Iruslee. Simon remained a Injstse throughout FY25. Paul Wilson (Chairperson) The Tru3lee5 revlew the examined awjunts each year and submit these with the appropriate forms to the Charity Commission. To date the Trustees have not claimed any payments for their activities other than for either reimbursement of trip expenses whenever visiting Aédis Ababa on a monitoring trip representing Tesfa or for sl8tioneryl administrative costs incurred in the administration of the charity {such as the wabsita hosting feel. Conclusion The tnain area of dlslrlbullon of th8 donations that Tesfa receives will continue to be the provlslon of funding for the sponsorshlp of children and eldedy people within the Kebeles Icty dislrlGtsI where the two Ethlopian NGOS op8r8te that T88fa supports ICBISDO and AHISDO} In Addis Ababa, Ethiopia. We are committed lo continuing and growlng our partnershlp with CBISDO and AHISDO- both through the sponsorship schemes and also supporting capacity building in both organi$alion$. Publlc B•n•fit Stat•m•nt: In plannlng the activities the Trustees have appll8d the guklance on public benefit issued by the Charlty Commisslon. Trustees, Rasponslbilitles Charfty law require8 us as TnJslee8 to prepare financial 8talement5 for each accounllng year which record the receipts and payments of the charity for the year. We are re8ponsible for keeplng proper accounllng ro¢ords which dlsclose with reasonable accura¢y al any lime the finan¢ial position of the ¢harty and enable u8 to ensure that the financial statements comply with the Charities A¢t 2011. We also have a regF)onsibility lo safeguard the assets of the charlty and lo take reasonable steps lo prevent fraud or any other irregularities. Approval Thi5 report was approved by the Irusl005 and signed on Ihelr behalf by.. Paul Wilson Dale . Page9ofll
The Tesfa Sponsorship Trust UK Statement of Receipts and Payments st For 1 Aprll 2024 to 31st March 2025 I lknrth 16,28lQO 120 1,14Q 27.9•1( 1.12162 &11125 9,2n. i.mc thTatR 14B 16.199 98 13035.87 TthIP4È 32195 &547. *1230Q Wd ILno.c s1r 3P,TIiL 8J7. J30. MNIth&E¥qlwirn(thhrJi 2.2&1¢0 133131 SLtslr 1901. 9.31% .24Jlll Pageloofll
The Tesfa Sponsorship Trust UK Statement of Assets & Liabilities as at 31st March 2025 ZD24 c• 16891 4P -2.4 44 19.801 47 CkJi 81J.VJ &38a81 &1rf8 1078 tg S.8a2 44 to.o>oJ Oth•r14MW 4J•& 440100 ToiiiAM•i4 21141.97 00 •.00 00 o.ou OIIMfb• h• Mooun Vmv¥tyttWJ ftvJ•fWv5 141 SUe99 clotsR•JtYvOS lo b•Otr•d 81 ¢KlsfN NGOI to 1 241 00 Sq•d C 2.509 81 bSDrc¢ 15,113. 16.UIA7 Notes to the accounts: IIIIAleiOfts'indude5E4,9251'nkedioawftfromthe¥JJnde FoundJlionfortr£ldertyproFam JlCWr0udtIr0y1lTe5fabd£I,l&)frOThCp£D FoundatntOrsendIniIolsC. 12IRelèle51oindibiduiI4ift5re1dfQrilebenefiiQlknber'5 InStrteIb9)TCCIWithTE&rrf0lrtIe1O1tfrorn ChEknthimNetsmrkofthuth5duri F123 olinlomwl wlle(tionaynV. 131eI5t0r1de5&Q H3ik,In Addi5Ababab3sed(onWbnttontoed10Wf0rTe5f3lhtbtWrtnit0rin(4dlu4lknn ofCBLUandAHf-Ulrn reNbIlInlllyaI7jPerqLrtei 14lunie5111ttedrwer representsaddiiionalirKome IlithashoswfiEdpurp05eattacledto il15utha5GrftAI daim in(omE1-thelvl0ffnd5 tsV5edto ¥erTfaop2ratinlth5tslndanyanldI5IrijI1OTr5 asrequesled byPartwsolTe5ta andipprmd wi quarteilyTwstee meetin&l0radhxwtrM Nulral Testslie5eN25 polirymeinsthi5lanWIll beaminimum ELXQ Pagellofll