REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
ESTA 414 |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
ESTA 414 |
ESTA 414 |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
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 29 February 2024 |
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 2024. |
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 29 February 2024 |
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: |
ACTB Savings & Loans - ACTB exists to drive financial inclusion in Sierra Leone through microfinance and SME lending. |
a. Impact - Job creation (204 staff of which 86 are female) and over 22,500 clients |
b. Highlight - ACTB were delighted to announce a partnership with IFC (part of the World Bank) to develop the business over the next five years. The business will be provided with USD 750,000 of technical assistance and a USD 3 million loan facility to expand the portfolio alongside a business plan designed in collaboration with IFC. |
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 (47 staff) |
b. Highlight - LBD have recently won a very significant contract with the international office of migration with the UN to rehabilitate and train returning migrants into micro-enterprises of whom there are almost 2,000 currently coming back to the country. |
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 (43 staff) |
b. Highlight - Frontline has invested significant resources and research in 2023/24 to meet to improve feed quality. In collaboration with ACTB Savings & Loans, Frontline is developing a domestic supply chain of maize from an outgrower network of smallholder farmers. In partnership with Koudjis, the leading international feed producer, an innovative new complete feed mix has also been developed that utilises locally available feed ingredients to optimise nutritional value and affordability, alongside substantial management training and technical assistance support. |
Chicken Town - Chicken Town is a quick service restaurant chain delivering fresh, quality food at affordable prices. |
a. Impact - Job creation (203 staff) with a staff retention rate of over 95% and 6 active restaurants |
b. Highlight - Of the jobs Chicken Town maintains across its stores, almost 50% 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. Chicken Town launched its 6th store in late 2023 and plans to open a further 3 stores in Freetown during 2024. Each store employs up to 45 people. |
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 MKB has integrated with the two largest mobile money platforms in the country, Africell and Orange, which is acting as a fantastic conduit to get MiKashBoks product to market. |
b. Highlight - In Sierra Leone, successfully integrated with the two largest mobile money platforms allowing for regular text message marketing to begin in 2024. MiKashBoks also launched partnerships with several NGOs in Nigeria bringing 20,000 saving groups onto the platform alongside a very strong pipeline of new opportunities. |
2nd Mile Missions - We have recently been attracted to the Dominican Republic and specifically to an area called EL HOYO and MONTE VERDE which houses about 20,000 Haitian refugees and is near the affluent tourist area of Punta Cana. |
ESTA 414 (Registered number: 06810053) |
Report of the Trustees |
for the Year Ended 29 February 2024 |
OBJECTIVES AND ACTIVITIES |
2nd Mile Missions is a Christian ministry dedicated to educating, equipping, and empowering children and families they serve in the Dominican Republic. |
Providing a Christian education to children and helping their parents become employed empowers an entire family. Children can grow into healthy adults and learn the skills they need to feed and care for their own children. These children will then be able to sustain their communities as adults, breaking the cycle of poverty. |
We have been in discussion with the team in the Dominica Republic for about 2 years now and recently visited them to explore whether this is something that ESTA could be supporting in the long term. A small donation of £2000 was made to 2nd Mile Missions on the 12th of January 2024 |
Fundraising Activities |
Income generation |
The income for ESTA 414 is mainly from personal donations and income received from social impact investments. |
Financial Review |
The total fund at the year end was £1,446,464, of which £1,379,082 was represented by social investments. (28 February 2023: total fund £1,434,796, of which £1,360,523 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, £69,829, (28 February 2023: £76,720) 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 |
Registered Charity number |
ESTA 414 (Registered number: 06810053) |
Report of the Trustees |
for the Year Ended 29 February 2024 |
Registered office |
Trustees |
Independent Examiner |
PR Hartley |
PO Box 27075 |
London |
N2 0FZ |
Approved by order of the board of trustees on |
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 29 February 2024. |
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 |
22 November 2024 |
ESTA 414 |
Statement of Financial Activities |
for the Year Ended 29 February 2024 |
2024 | 2023 |
Unrestricted | Total |
funds | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Investment income | 2 |
EXPENDITURE ON |
Raising funds | 3 |
Charitable activities | 4 |
Charitable activities |
Total |
Net gains/(losses) on investments | ( |
) |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 1,434,796 |
ESTA 414 (Registered number: 06810053) |
Balance Sheet |
29 February 2024 |
2024 | 2023 |
Unrestricted | Total |
funds | funds |
Notes | £ | £ |
FIXED ASSETS |
Social investments | 9 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 11 |
Unrestricted funds | 1,434,796 |
TOTAL FUNDS | 1,434,796 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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 |
29 February 2024 |
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 |
ESTA 414 |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
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 29 February 2024 |
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 |
2024 | 2023 |
£ | £ |
Deposit account interest |
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 29 February 2024 |
3. | RAISING FUNDS |
Raising donations and legacies |
2024 | 2023 |
£ | £ |
Support costs |
4. | CHARITABLE ACTIVITIES COSTS |
Grant |
funding of |
activities | Support |
(see note | costs (see |
5) | note 6) | Totals |
£ | £ | £ |
Accountancy | - | 1,200 | 1,200 |
Sundries | - | 60 | 60 |
Independent examination | - | 1,200 | 1,200 |
Charitable activities |
2,000 | - | 2,000 |
2,000 | 2,460 | 4,460 |
5. | GRANTS PAYABLE |
2024 | 2023 |
£ | £ |
Charitable activities |
2,000 | - |
The total grants paid to institutions during the year was as | follows: |
2024 | 2023 |
£ | £ |
TALLER VIDA PLENA | 2,000 | - |
ESTA 414 |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
6. | SUPPORT COSTS |
Finance |
£ |
Raising donations and legacies | 3,102 |
Accountancy | 1,200 |
Sundries | 60 |
Independent examination | 1,200 |
5,562 |
7. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 29 February 2024 nor for the year ended 28 February 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 29 February 2024 nor for the year ended 28 February 2023. |
8. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
funds |
£ |
EXPENDITURE ON |
Charitable activities |
Total |
Net gains on investments |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD |
1,434,796 |
ESTA 414 |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
9. | SOCIAL INVESTMENTS |
Programme related investments |
Equity | Loans | Totals |
£ | £ | £ |
MARKET VALUE |
At 1 March 2023 | 1,110,815 | 249,708 | 1,360,523 |
Revaluation adjustments | (14,708 | ) | (41,734 | ) | (56,442 | ) |
At 29 February 2024 | 1,096,107 | 207,974 | 1,304,081 |
NET BOOK VALUE |
At 29 February 2024 | 1,096,107 | 207,974 |
At 28 February 2023 | 1,110,815 | 249,708 |
2024 |
Equity | Loans | Totals |
£ | £ | £ |
Truestone Africa Ltd | 924,165 | (14,707 | ) | 909,458 |
Truestone Positive Impact Property | 269,708 | (41,734 | ) | 227,974 |
Chicken Town UK Ltd | 166,650 | - | 166,650 |
1,360,523 | (56,441 | ) | 1,304,082 |
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 |
Shares for A Call To Business were exchanged for shares in Truestone Africa Ltd at no loss or profit on 29 June 2023. |
ESTA 414 |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Registered office | 60 | - |
Accrued expenses |
11. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.3.23 | in funds | 29.2.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 1,434,796 | (63,393 | ) | 1,371,403 |
TOTAL FUNDS | (63,393 | ) | 1,371,403 |
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 | 611 | (7,562 | ) | (56,442 | ) | (63,393 | ) |
TOTAL FUNDS | ( |
) | ( |
) | (63,393 | ) |
Comparatives for 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 |
ESTA 414 |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
11. | 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 | - | (5,287 | ) | 197,555 | 192,268 |
TOTAL FUNDS | - | (5,287 | ) | 197,555 | 192,268 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.3.22 | in funds | 29.2.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 1,242,528 | 128,875 | 1,371,403 |
TOTAL FUNDS | 1,242,528 | 128,875 | 1,371,403 |
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 | 611 | (12,849 | ) | 141,113 | 128,875 |
TOTAL FUNDS | 611 | (12,849 | ) | 141,113 | 128,875 |
ESTA 414 |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
12. | RELATED PARTY DISCLOSURES |