PTP Accounts Production v23.3.0.418 Other Company accounts True false Pounds 1.3.22 28.2.23 28.2.23 FY FRS 102 Independent examiner Large and medium-sized companies regime for accounts Full Charities SORP true true true true false true false true 0 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh068100532022-02-28068100532023-02-28068100532022-03-012023-02-28068100532021-02-28068100532021-03-012022-02-28068100532022-02-2806810053ns11:Originalns0:CharitableCompanyLimitedByGuarantee2022-03-012023-02-2806810053ns11:Original2022-03-012023-02-2806810053ns15:PoundSterlingns11:Original2022-03-012023-02-2806810053ns11:Original2022-02-2806810053ns11:Original2023-02-2806810053ns11:Originalns11:FRS1022022-03-012023-02-2806810053ns11:IndependentExaminationCharityns11:Original2022-03-012023-02-2806810053ns11:Originalns11:LargeMedium-sizedCompaniesRegimeForAccounts2022-03-012023-02-2806810053ns11:Originalns11:FullAccounts2022-03-012023-02-2806810053ns11:Originalns11:CharitiesSORP2022-03-012023-02-2806810053ns11:Original2021-03-012022-02-2806810053ns11:Originalns16:EnglandWales2022-03-012023-02-2806810053ns11:Originalns11:RegisteredOffice2022-03-012023-02-2806810053ns11:Originalns0:Trustee22022-03-012023-02-2806810053ns11:Originalns0:Trustee32022-03-012023-02-2806810053ns11:Originalns0:Trustee12022-03-012023-02-2806810053ns11:Originalns0:Trustee42022-03-012023-02-2806810053ns11:Original2021-02-2806810053ns11:Original2022-02-2806810053ns11:Originalns10:WithinOneYear2023-02-2806810053ns11:Originalns10:WithinOneYear2022-02-2806810053ns11:Originalns0:TotalUnrestrictedFunds2023-02-2806810053ns11:Original22022-03-012023-02-2806810053ns11:Original32022-03-012023-02-28
REGISTERED COMPANY NUMBER: 06810053 (England and Wales)
REGISTERED CHARITY NUMBER: 1127974














Report of the Trustees and

Unaudited Financial Statements for the Year Ended 28 February 2023

for

ESTA 414

ESTA 414






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Report of the Trustees 1 to 4

Independent Examiner's Report 5

Statement of Financial Activities 6

Balance Sheet 7 to 8

Notes to the Financial Statements 9 to 16

ESTA 414 (Registered number: 06810053)

Report of the Trustees
for the Year Ended 28 February 2023


The Trustees, who are also the directors of the charitable company for the purposes of company law, present their report and the financial statements of the charity for the year ended 28 February 2023.

The report and financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" published in October 2019.

OBJECTIVES AND ACTIVITIES
Policies and objectives
In setting objectives and in planning future activities and grants, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit and in particular to its supplementary public benefit guidance.
The objective of ESTA 414 is to provide help to those who are marginalised, forgotten, neglected and without hope, primarily in the form of medical aid, training programs, mentoring and social impact.

Activities for achieving objectives
The Trustees regularly receive requests for support and discuss and evaluate potential new recipients of grants from ESTA 414.
The Trustees also review the progress of ongoing projects ESTA 414 is partnering with and supporting.
In line with its objective, grants have been made to institutions working both nationally and internationally on medical and humanitarian projects, rehabilitation, mentoring and advocacy against global human rights abuses.


ESTA 414 (Registered number: 06810053)

Report of the Trustees
for the Year Ended 28 February 2023


OBJECTIVES AND ACTIVITIES
Social investments
ESTA continues to hold its investment into Truestone Africa Ltd which is made up of several growing social impact businesses. These include:
1. ACTB Savings & Loans - ACTB exists to drive financial inclusion in Sierra Leone through microfinance and SME lending.
a. Impact – Job creation (163 staff) and over 20,000 clients
b. Highlight - Triple Jump, one of ACTB’s investors, published a report in 2022 that recognised the success of ACTB as an investee of theirs. The report, which was shared widely amongst Triple Jump’s stakeholders including the Dutch foreign
ministry, highlighted the critical factors behind ACTB’s successful growth and resilience in a challenging investment environment.
2. Life by Design Group – LBD addresses Sierra Leone’s lack of business development services and provides SMEs capacity building services that serve to bolster the broader business environment in Sierra Leone.
a. Impact – Job creation (46 staff)
b. Highlight - This year LBD has undergone widespread change which began with the restructuring and merger of subsidiary companies that began in 2022. This year has seen the formation of the LBD Group, which now incorporates Print House, Inkee Media and IDT Labs. The synergies between all of these companies highlighted that their integration into one entity would considerably expand their impact potential.
3. Frontline Chickens – Frontline Chickens was established to address a fundamental shortage of quality, affordable sources of protein by producing fresh eggs for the Sierra Leonean market.
a. Impact – Job creation (61 staff up from 21 in 2021), now the largest poultry farm in Sierra Leone producing nearly 2 million eggs a year.
b. Highlight - Frontline partnered with Wageningen University (WUR) in Holland as part of an engagement to support the development of Sierra Leone's poultry industry. The partnership began with WUR supporting Frontline with access to international veterinary expertise and plans to support Frontline's piloting process of new scale-up opportunities.
4. Chicken Town – Chicken Town is a quick service restaurant chain delivering fresh, quality food at affordable prices.
a. Impact – Job creation (191 staff up from 91 in 2021) with a staff retention rate of over 95% - 6 active restaurants by end of 2023.
b. Highlight - Of the 191 jobs Chicken Town maintains across its stores, almost 60% of those are staff are under 30, proving that Chicken Town can become a job creator for young people in a country with one of the highest levels of youth unemployment in the developing world.
5. Kolat Brick Company - Kolat Bricks produces environmentally friendly, low cost, interlocking clay bricks in Sierra Leone, and provides best practice guidance for utilising its products in a wide range of building projects.
a. Impact – Job creation (over 200 staff at full capacity)
b. Highlight - 2022 saw the creation of Kolat's construction arm. Born out of client demand, a construction business has been created to compliment brick production as clients seek an end-to-end service. In the year, construction has increased the groups income by 50% and has a healthy pipeline moving forwards.
6. MiKashBoks – Born out of iDT Labs, MiKashBoks is an app that brings the millions of unbanked paper-based savings and lending groups online. Users build up a digital credit history enabling them to link with formal financial services.
a. Impact – In Sierra Leone considerable progress has been made with the largest phone provider in the country, Africell, which could act as a fantastic conduit to get MiKashBoks product to market.
b. Highlight - In Sierra Leone, MiKashBoks signed a Memorandum of Understanding with World Vision, one of the largest aid organisations focussing on financial inclusion and will be piloting the digitization of their saving groups in 2023.

ESTA 414 (Registered number: 06810053)

Report of the Trustees
for the Year Ended 28 February 2023


OBJECTIVES AND ACTIVITIES
Fundraising Activities
Income generation
The income for ESTA 414 is mainly from personal donations and income received from social impact investments.

Financial Review
Reserves Policy
The total fund at the year end was £1,434,796, of which £1,360,523 was represented by social investments. (28 February 2022: total fund £1,242,528 of which £1,162,968 was represented by social investments).

FINANCIAL REVIEW
Reserves policy
Money that is currently not invested in social impact investments rests on deposit at Hoare and Co Bank. The amount held on deposit, £76,720, (28 February 2022: 82,007) is considered by the trustees as an appropriate level of free funds to enable the charity both to meet day to day expenditure and make grants to other charitable organisations to meet its charitable objectives

STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
ESTA 414 is constituted under a Memorandum of Association dated 4 February 2009 and was registered as a charitable company limited by guarantee with the number 1127974.
The principal object of the company is to provide for those in need because of poverty, medical need, slavery, gender-based violence and other human rights abuse. This will be achieved through both grant making and working alongside organisations on a more proactive basis.

Recruitment and appointment of new trustees
Trustees are elected and co-opted under the terms of the Articles of Association, which provides for a minimum of two Trustees. A list of Trustees at the date of this report is set out below.

Organisational structure
ESTA 414 is a company limited by guarantee without any share capital and is governed by a board of Trustees. The Trustees meet regularly as they feel appropriate to discuss the company's business and agree the broad strategy and areas of activity.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
06810053 (England and Wales)

Registered Charity number
1127974

Registered office
35 New Bridge Street
London
EC4V 6BW


ESTA 414 (Registered number: 06810053)

Report of the Trustees
for the Year Ended 28 February 2023

Trustees
N R W Henderson
Mrs J S Mayhew
A J Mayhew
N J Panter

Independent Examiner
PR Hartley
PO Box 27075
London
N2 0FZ

Approved by order of the board of trustees on 23 October 2023 and signed on its behalf by:





A J Mayhew - Trustee

Independent Examiner's Report to the Trustees of
ESTA 414

Independent examiner's report to the trustees of ESTA 414 ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 28 February 2023.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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 in order to enable a proper understanding of the accounts to be reached.








PR HARTLEY FCA

PR Hartley
PO Box 27075
London
N2 0FZ

23 October 2023

ESTA 414

Statement of Financial Activities
for the Year Ended 28 February 2023

2023 2022
Unrestricted Total
funds funds
Notes £    £   
INCOME AND ENDOWMENTS FROM

Investment income 2 - (30,858 )

EXPENDITURE ON
Charitable activities 3
Accountancy 1,200 1,200
Sundries 2,887 417
Independent examination 1,200 1,200
Charitable activities
- 4,000
Total 5,287 6,817

Net gains on investments 197,555 50,629

NET INCOME 192,268 12,954


RECONCILIATION OF FUNDS
Total funds brought forward 1,242,528 1,229,574

TOTAL FUNDS CARRIED FORWARD 1,434,796 1,242,528

ESTA 414 (Registered number: 06810053)

Balance Sheet
28 February 2023

2023 2022
Unrestricted Total
funds funds
Notes £    £   
FIXED ASSETS
Social investments 8 1,360,523 1,162,968

CURRENT ASSETS
Cash at bank 76,720 82,007

CREDITORS
Amounts falling due within one year 9 (2,447 ) (2,447 )

NET CURRENT ASSETS 74,273 79,560

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,434,796

1,242,528

NET ASSETS 1,434,796 1,242,528
FUNDS 10
Unrestricted funds 1,434,796 1,242,528
TOTAL FUNDS 1,434,796 1,242,528

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


ESTA 414 (Registered number: 06810053)

Balance Sheet - continued
28 February 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 23 October 2023 and were signed on its behalf by:





A J Mayhew - Trustee

ESTA 414

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern: The trustees have considered the charity's ability to continue to operate for the next 12 to 18 months and are satisfied that free reserves held on bank deposit will enable the charity to operate in furtherance of its objectives and meet its liabilities as they fall due for the foreseeable future.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Investments
The charity classifies investments that:
provide funding to individuals or organisations order to directly further the charitable purposes of the investing charity, and
where any financial return obtained is not a primary reason for making the investment as programme related.

Where programme related investments take the form of loans they are initially recognised at the amount received or paid, with the carrying amount adjusted subsequently to reflect repayments and any accrued interest and adjusted, if necessary, for any impairment.

ESTA 414

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

1. ACCOUNTING POLICIES - continued

Investments

Where a programme related investment takes the form of ordinary or preference shares, it is measured at the reporting date at its fair value, if this can be measured reliably; or if its fair value cannot be measured reliably, at cost less impairment.
Current asset investments are held at market value.

Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Cash at Bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2. INVESTMENT INCOME
2023 2022
£    £   
Income from Social Investments - (30,858 )

This amount represented income accrued in the year ended 28 February 2019 which was considered to be unrecoverable in the year ended 28 February 2022 and written off.


ESTA 414

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

3. CHARITABLE ACTIVITIES COSTS
Support
costs (see
note 5)
£   
Accountancy 1,200
Sundries 2,887
Independent examination 1,200
5,287

4. GRANTS PAYABLE
2023 2022
£    £   
Charitable activities

- 4,000
The total grants paid to institutions during the year was as follows:
2023 2022
£    £   
Mercy UK - 3,000
Christian Concern - 1,000
- 4,000


5. SUPPORT COSTS
Finance
£   
Accountancy 1,200
Sundries 2,887
Independent examination 1,200
5,287

ESTA 414

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 28 February 2023 nor for the year ended 28 February 2022.


Trustees' expenses

There were no trustees' expenses paid for the year ended 28 February 2023 nor for the year ended 28 February 2022.


7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£   
INCOME AND ENDOWMENTS FROM

Investment income (30,858 )

EXPENDITURE ON
Charitable activities
Accountancy 1,200
Sundries 417
Independent examination 1,200
Charitable activities
4,000
Total 6,817

Net gains on investments 50,629

NET INCOME 12,954


RECONCILIATION OF FUNDS
Total funds brought forward 1,229,574

TOTAL FUNDS CARRIED
FORWARD

1,242,528


ESTA 414

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

8. SOCIAL INVESTMENTS
Programme related investments
Equity Loans Totals
£    £    £   
MARKET VALUE
At 1 March 2022 1,005,596 157,372 1,162,968
Revaluation adjustments 105,219 92,336 197,555
At 28 February 2023 1,110,815 249,708 1,360,523
NET BOOK VALUE
At 28 February 2023 1,110,815 249,708 1,360,523
At 28 February 2022 1,005,596 157,372 1,162,968

2023
Equity Loans Totals
£ £ £
A Call to Business 672,658 - 672,658
Truestone Africa Ltd 251,507 - 251,507
Truestone Positive Impact Property 20,000 249,708 269,708
Chicken Town UK Ltd 166,650 - 166,650
1,110,815 249,708 1,360,523



2022
Equity Loans Totals
£ £ £
A Call to Business 593,575 - 593,575
Truestone Africa Ltd 286,550 - 286,550
Truestone Positive Impact Property 7,000 157,372 164,372
Chicken Town UK Ltd 118,471 - 118,471
1,005,596 157,372 1,162,968


ESTA 414

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Accrued expenses 2,447 2,447

10. MOVEMENT IN FUNDS
Net
movement At
At 1.3.22 in funds 28.2.23
£    £    £   
Unrestricted funds
General fund 1,242,528 192,268 1,434,796

TOTAL FUNDS 1,242,528 192,268 1,434,796

Net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund - (5,287 ) 197,555 192,268

TOTAL FUNDS - (5,287 ) 197,555 192,268


Comparatives for movement in funds

Net
movement At
At 1.3.21 in funds 28.2.22
£    £    £   
Unrestricted funds
General fund 1,229,574 12,954 1,242,528

TOTAL FUNDS 1,229,574 12,954 1,242,528

ESTA 414

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

10. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund (30,858 ) (6,817 ) 50,629 12,954

TOTAL FUNDS (30,858 ) (6,817 ) 50,629 12,954

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.3.21 in funds 28.2.23
£    £    £   
Unrestricted funds
General fund 1,229,574 205,222 1,434,796

TOTAL FUNDS 1,229,574 205,222 1,434,796

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund (30,858 ) (12,104 ) 248,184 205,222

TOTAL FUNDS (30,858 ) (12,104 ) 248,184 205,222


ESTA 414

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

11. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 28 February 2023.