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Registered number: 07217744










TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED










ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

COMPANY INFORMATION


Directors
A J Mayhew 
N Sandy 
P N Szkiler 




Registered number
07217744



Registered office
6th Floor, Gracechurch Street

London

EC3V 0HR




Independent auditors
UHY Hacker Young Fitch Limited

Suite 2.06

Custom House

Custom House Square

Belfast

Northern Ireland

BT1 3ET





 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditors' report
5 - 8
Consolidated statement of comprehensive income
9
Consolidated balance sheet
10
Company balance sheet
11
Consolidated statement of changes in equity
14 - 15
Company statement of changes in equity
16
Consolidated statement of cash flows
12
Consolidated analysis of net debt
13
Notes to the financial statements
17 - 30


 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present the strategic report for the year ended 30 April 2024.

Fair review of the business
 
Truestone Impact Investment Management Limited ("Truestone, "company" and "group") continues to deploy capital in a variety of frontier markets with a view to creating a sustainable profit for investors. Our major country of focus continues to be Sierra Leone with investments also managed in Kyrgyzstan and Kenya. The company’s objective is to not only create profits in the medium term but also a measurable social impact defined as focusing on human transformation and/or environmental change. Additionally, we endeavour to provide high quality mentoring and governance with all investee companies with whom we work.
Truestone has historically secured its investment capital predominantly from sophisticated and/or High Net Worth investors. Since 2019 it has targeted and successfully secured institutional capital specifically to build the loan book of actb Savings & Loans Limited one of the key companies within its portfolio in Sierra Leone. Truestone continues to manage private equity and debt funds and companies with the three objectives as outlined above. 
Management continue to deploy resources to support and grow all underlying companies to a point of sustainability and subsequent positioning to scale.
In 2022, Truestone commenced a process to expand its capital raising efforts via the creation of a permanent capital vehicle to directly invest large scale growth funding into its business portfolio in Sierra Leone. Having completed the various legal, tax and structuring processes the vehicle to be utilised was the existing Truestone Africa Limited and a share swap exercise was completed in December 2023 to bring £13.5m of assets into the company.   
The company has a footprint in Sierra Leone through members of staff living in the capital, Freetown and team members travelling regularly on monitoring and business development visits.

Principal risks and uncertainties
 
Truestone staff are engaged alongside investee companies’ management teams. Risk mitigation is key and timely reporting, the strengthening of processes and good governance all play a major role in reducing risk in frontier markets.

Treasury operations and financial instruments
 
The group's financial instruments comprise trade debtors and fixed asset investments. Fixed asset investments are revalued annually. The group's approach to managing the risks applicable to the financial instruments concerned and, in particular, credit risk, is to monitor debtors for the uncertainty of recovery and, where necessary, write off doubtful debts. The directors are satisfied with the quality of its debtors. In relation to investments, the group’s board considers key risks when making major financial decisions. A significant factor is that there is segregation of client funds raised and managed by the group, which limits any possible losses to the relevant entity for the specific funds concerned. The sustainability of the group’s business is dependent upon a balance of commercial activity, cost budgets, cash flows and the sourcing of capital. The group's operations expose it to a variety of financial risks that include liquidity risk and cash flow risk.

Liquidity risk
 
The group believes that its current business mix provides a good hedge against the business performing badly in any one month. Costs are controlled through reduction/minimisation in discretionary spend and keeping cost increases in line with income expectations.
Cash flow risk
Cash flow is monitored daily and forecasts produced to ensure that material reductions in cash entering the business are responded to through our debt recovery procedures, account management contact and use of temporary borrowings, as necessary.
 

Page 1

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Other key performance indicators
 
The directors monitor the group's performance in a number of ways, with the key performance indicator continuing to be net assets. Net assets increased during the year and at 30 April 2024, on a group basis, were £1,629,111 (2023: £1,511,323).

Directors' statement of compliance with duty to promote the success of the Group
 
Risk management
The directors recognise that the decisions they make today will affect the group’s long-term success.
Business relationships
A reputation for high standards of business conduct is considered to be vital to the group as it works with high net-worth individuals and professional investors. The group’s reputation is also considered to be key to its ongoing work with investments within frontier markets.
Community and environment
The group has no employees of its own, with employee costs borne by Truestone Impact Consulting Ltd a related entity with common directorship and control. The views and the impact of the group’s activities on the group’s stakeholders, including Truestone Impact Consulting Ltd as well as other suppliers and clients, are an important consideration when making relevant decisions. As stated within this report under our fair review of business, the group’s objective is to not only create profits in the medium term but also a measurable social impact defined as focusing on human transformation and/or environmental change.
Shareholders
The group balances the needs between members of the group, seeking to achieve profits whilst also providing a positive social impact.


This report was approved by the board and signed on its behalf.


P N Szkiler
Director

Date: 17 January 2025

Page 2

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Results and dividends

The profit for the year, after taxation, amounted to £117,788 (2023 - £18,407).

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who served during the year were:

A J Mayhew 
N Sandy 
P N Szkiler 

Future developments

Management will continue to deploy resources to support and grow all underlying companies to a point of sustainability and subsequent positioning to scale.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company and group is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company and group is aware of that information. 

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsUHY Hacker Young Fitch Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 


P N Szkiler
Director

Date: 17 January 2025

Page 3

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

Opinion


We have audited the financial statements of Truestone Impact Investment Management Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2024, which comprise the Consolidated Statement of comprehensive income, the Consolidated and Company Balance sheets, the Consolidated Statement of cash flows, the Consolidated and Company Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 April 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Capability of the audit in detecting irregularities, including fraud
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. 
The following laws and regulations were identified as being of significance to the entity:
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, company law, tax and pensions legislation, and distributable profits legislation.
• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include Financial Conduct Authority regulations, the Companies Act 2025, UK Capital Requirements legislation, anti-money laundering requirements, data protections legislation, tax legislation, health and safety legislation and employment law.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.


Page 7

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED (CONTINUED)


Scott McCullough FCA (Senior Statutory Auditor)
for and on behalf of
UHY Hacker Young Fitch Limited
Chartered Accountants and Statutory Auditors
Suite 2.06
Custom House
Custom House Square
Belfast
Northern Ireland
BT1 3ET

17 January 2025
Page 8

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
213,091
151,703

Cost of sales
  
(63,016)
(17,832)

Gross profit
  
150,075
133,871

Administrative expenses
  
(194,630)
(198,995)

Operating loss
 5 
(44,555)
(65,124)

Amounts written off and p/l on disposals
  
150,799
65,379

Interest receivable and similar income
 8 
7,500
7,479

Profit before tax
  
113,744
7,734

Tax on profit
 9 
4,044
10,673

Profit for the financial year
  
117,788
18,407

Profit for the year attributable to:
  

Owners of the parent company
  
(117,788)
(18,407)

  
(117,788)
(18,407)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 17 to 30 form part of these financial statements.

Page 9

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
REGISTERED NUMBER: 07217744

CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 10 
1,581,338
1,253,519

  
1,581,338
1,253,519

Current assets
  

Debtors: amounts falling due within one year
 11 
232,540
487,203

Cash at bank and in hand
 12 
454
76,369

  
232,994
563,572

Creditors: amounts falling due within one year
 13 
(178,205)
(294,708)

Net current assets
  
 
 
54,789
 
 
268,864

Total assets less current liabilities
  
1,636,127
1,522,383

Provisions for liabilities
  

Deferred tax
 15 
(7,016)
(11,060)

  
 
 
(7,016)
 
 
(11,060)

Net assets
  
1,629,111
1,511,323


Capital and reserves
  

Called up share capital 
 16 
737,309
737,309

Share premium account
 17 
43,349
43,349

Capital redemption reserve
 17 
4,168
4,168

Other reserves
 17 
34,218
34,218

Profit and loss account
 17 
810,067
692,279

  
1,629,111
1,511,323


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

P N Szkiler
Director

Date: 17 January 2025

The notes on pages 17 to 30 form part of these financial statements.

Page 10

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
REGISTERED NUMBER: 07217744

COMPANY BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 10 
1,581,343
1,253,524

  
1,581,343
1,253,524

Current assets
  

Debtors: amounts falling due within one year
 11 
210,791
458,765

Cash at bank and in hand
 12 
217
75,949

  
211,008
534,714

Creditors: amounts falling due within one year
 13 
(174,355)
(283,576)

Net current assets
  
 
 
36,653
 
 
251,138

Total assets less current liabilities
  
1,617,996
1,504,662

  

Provisions for liabilities
  

Deferred taxation
 15 
(7,016)
(11,060)

  
 
 
(7,016)
 
 
(11,060)

Net assets excluding pension asset
  
1,610,980
1,493,602

Net assets
  
1,610,980
1,493,602


Capital and reserves
  

Called up share capital 
 16 
737,309
737,309

Share premium account
 17 
43,349
43,349

Capital redemption reserve
 17 
4,168
4,168

Profit and loss account brought forward
  
708,776
690,556

Profit for the year
  
117,378
18,220

Profit and loss account carried forward
  
826,154
708,776

  
1,610,980
1,493,602


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

P N Szkiler
Director

Date: 17 January 2025

The notes on pages 17 to 30 form part of these financial statements.

Page 11

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
117,788
18,407

Adjustments for:

Loss on disposal of tangible assets
-
421

Interest received
(7,500)
(7,479)

Taxation charge
(4,044)
(10,673)

Decrease in debtors
254,663
86,645

(Decrease)/increase in creditors
(116,503)
73,565

Net cash generated from operating activities

244,404
160,886


Cash flows from investing activities

Purchase of unlisted and other investments
(766,743)
(198,501)

Sale of unlisted and other investments
438,924
105,895

Interest received
7,500
7,479

Net cash from investing activities

(320,319)
(85,127)


Net (decrease)/increase in cash and cash equivalents
(75,915)
75,759

Cash and cash equivalents at beginning of year
76,369
610

Cash and cash equivalents at the end of year
454
76,369


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
454
76,369

454
76,369


The notes on pages 17 to 30 form part of these financial statements.

Page 12

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

76,369

(75,915)

454


76,369
(75,915)
454

The notes on pages 17 to 30 form part of these financial statements.

Page 13

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss account

£
£
£
£
£


At 1 May 2022
737,309
43,349
4,168
34,218
673,872


Comprehensive income for the year

Profit for the year

-
-
-
-
18,407


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
-
18,407


Total transactions with owners
-
-
-
-
-


Equity attributable to owners of parent Company
Total equity

£
£


At 1 May 2022
1,492,916
1,492,916


Comprehensive income for the year

Profit for the year

18,407
18,407


Other comprehensive income for the year
-
-


Total comprehensive income for the year
18,407
18,407


Total transactions with owners
-
-



At 1 May 2023
737,309
43,349
4,168
34,218
692,279


Comprehensive income for the year

Profit for the year

-
-
-
-
117,788


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
-
117,788
Page 14

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024



Total transactions with owners
-
-
-
-
-


At 30 April 2024
737,309
43,349
4,168
34,218
810,067



At 1 May 2023
1,511,323
1,511,323


Comprehensive income for the year

Profit for the year

117,788
117,788


Other comprehensive income for the year
-
-


Total comprehensive income for the year
117,788
117,788


Total transactions with owners
-
-


At 30 April 2024
1,629,111
1,629,111


The notes on pages 17 to 30 form part of these financial statements.

Page 15

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 May 2022
737,309
43,349
4,168
690,556
1,475,382


Comprehensive income for the year

Profit for the year

-
-
-
18,220
18,220


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
18,220
18,220


Total transactions with owners
-
-
-
-
-



At 1 May 2023
737,309
43,349
4,168
708,776
1,493,602


Comprehensive income for the year

Profit for the year

-
-
-
117,378
117,378


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
117,378
117,378


Total transactions with owners
-
-
-
-
-


At 30 April 2024
737,309
43,349
4,168
826,154
1,610,980


The notes on pages 17 to 30 form part of these financial statements.

Page 16

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Truestone Impact Investment Management Limited (“the company” or "Truestone") is a private limited company domiciled and incorporated in England and Wales. The registered office is 6th Floor, 60 Gracechurch Street, London, EC3V 0HR.  
The group consists of Truestone Impact Investment Management Limited and all of its subsidiaries.
The principal activity of the group continued to be that of providing proprietorial investment management, fund raising and advisory services in the social investment space.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being .

 
2.3

Going concern

The directors have prepared detailed projections for the period ended 31 December 2025. On the basis of those projections and trading in the current financial year the directors continue to adopt the going concern basis in preparing the financial statements.

Page 17

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 18

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 19

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.10

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated balance sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 20

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.15

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Page 21

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Such estimates and underlying assumptions include valuation of investments, assets lives and provision for bad debt. 
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Valuation of investments
Estimation is required when determining the value of debt and equity investments.

Page 22

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Financial services
213,091
151,703

213,091
151,703



5.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Exchange differences
2,604
38


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
19,000
18,650


7.


Employees

Staff costs were as follows:



Pension costs
2,842
3,876

2,842
3,876


Employee costs are borne by Truestone Impact Consulting Ltd ("TICL"), a related entity with common directorship and control. TICL recharges an element of these costs to the company in the form of a management charge. This amounted to £150,000 (2023: £150,000) for the year.

The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
3
4
3
4

Page 23

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Interest receivable

2024
2023
£
£


Interest receivable from group companies
7,500
7,479

7,500
7,479


9.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
(4,044)
(10,673)

Total deferred tax
(4,044)
(10,673)


Taxation on loss on ordinary activities
(4,044)
(10,673)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
113,744
(9,801)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
28,436
(2,450)

Effects of:


Capital allowances for year in excess of depreciation
-
(57)

Utilisation of tax losses
9,264
11,621

Other timing differences leading to an increase (decrease) in taxation
(4,044)
(10,673)

Non-taxable income
(6,413)
11,321

Book profit on chargeable assets
-
105

Capital gains
(31,287)
(20,540)

Total tax charge for the year
(4,044)
(10,673)

Page 24

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Fixed asset investments

Group





Unlisted investments
Loans to subsidiaries
Total

£
£
£



Cost or valuation


At 1 May 2023
1,103,519
150,000
1,253,519


Additions
766,743
-
766,743


Disposals
(574,204)
-
(574,204)


Revaluations
135,280
-
135,280



At 30 April 2024
1,431,338
150,000
1,581,338






Net book value



At 30 April 2024
1,431,338
150,000
1,581,338



At 30 April 2023
1,103,519
150,000
1,253,519

Company





Investments in subsidiary companies
Investments in associates
Unlisted investments
Loans to subsidiaries
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
4
1
1,103,519
150,000
1,253,524


Additions
-
-
766,743
-
766,743


Disposals
-
-
(574,204)
-
(574,204)


Revaluations
-
-
135,280
-
135,280



At 30 April 2024

4
1
1,431,338
150,000
1,581,343






Net book value



At 30 April 2024
4
1
1,431,338
150,000
1,581,343



At 30 April 2023
4
1
1,103,519
150,000
1,253,524

Page 25

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

Direct subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Angels and Equity Limited
6th Floor 60 Gracechurch Street, London, United Kingdom, EC3V 0HR
Investment holding
Ordinary
100%
Truestone General PartnerLP
6th Floor 60 Gracechurch Street, London, United Kingdom, EC3V 0HR
General partner of Truestone Impact Fund LP
Ordinary
100%
Truestone GP Limited
6th Floor 60 Gracechurch Street, London, United Kingdom, EC3V 0HR
General partner of Truestone General Partner LP
Ordinary
100%
Truestone Kemin Limited
6th Floor 60 Gracechurch Street, London, United Kingdom, EC3V 0HR
Dormant
Ordinary
100%

The aggregate of the share capital and reserves as at 30 April 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Angels and Equity Limited
(31)
-

Truestone General Partner LP
10,715
221

Truestone GP Limited
7,452
190

Truestone Kemin Limited
1
-

Truestone Kemin Limited has not been consolidated on the basis that it is dormant and the results are
immaterial to the group.


11.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
52,982
109,953
52,982
109,953

Other debtors
142,160
173,393
131,522
155,952

Prepayments and accrued income
37,398
203,857
26,287
192,860

232,540
487,203
210,791
458,765


Page 26

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
454
76,369
217
75,949

454
76,369
217
75,949



13.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
33,597
23,286
33,597
23,286

Other taxation and social security
648
-
648
-

Other creditors
27,145
128,693
34,548
135,846

Accruals and deferred income
116,815
142,729
105,562
124,444

178,205
294,708
174,355
283,576



14.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
454
-
-
75,949




Financial assets measured at fair value through profit or loss comprise of cash and cash equivalents.


15.


Deferred taxation


Group





2024
2023


£

£






At beginning of year
(11,060)
(21,733)


Charged to profit or loss
4,044
10,673



At end of year
(7,016)
(11,060)

Page 27

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
15.Deferred taxation (continued)

Company




2024
2023


£

£






At beginning of year
(11,060)
(21,733)


Charged to profit or loss
4,044
10,673



At end of year
(7,016)
(11,060)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(7,016)
(11,060)
(7,016)
(11,060)

(7,016)
(11,060)
(7,016)
(11,060)

There are tax losses of approximately £120,350 (2023: £82,885) carried forward at 30 April 2024.


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



7,373,090 (2023 - 7,373,090) Ordinary shares of £0.10 each
737,309
737,309

The 7,373,090 shares are made up of:
• 7,027,193 A ordinary shares
• 345,900 B ordinary shares
The A and B shares rank pari passu save for the fact that B shares carry no voting rights.



17.


Reserves

Share premium account

This reserve includes any premium received on issued share capital.

Profit and loss account

This reserve includes all current and prior period retained profits and losses.

Page 28

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

18.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £2,842 (2023 - £3,876). 


19.


Commitments under operating leases

At 30 April 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
729
729
729
729

729
729
729
729

Page 29

 
TRUESTONE IMPACT INVESTMENT MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

20.


Related party transactions

During the year, Truestone Impact Consulting Limited, a company related through common ownership, invoiced management charges of £150,000 (2023: £150,000) to the company and at the year end the company owed £2,284 (2023: £111,298) to Truestone Impact Consulting Limited.
During the year, the company received £19,560 (2023: £29,025) in fees from Truestone GP Limited, a wholly owned subsidiary, and at the year end the company owed £7,402 (2023: £7,152) to Truestone GP Limited.
During the year, the company received £nil (2023: £3,000) in income from ACTB Savings and Loans Limited, a company related through common ownership. At balance sheet date £14,192 (2023: £nil) was owed to the company.
During the year, the company received £1,000 (2023: £600) in fees from UK Kolat Brick Company Limited. At the balance sheet date £nil (2023: £nil) was owed by UK Kolat Brick Company Limited. This entity is related through common ownership.
During the year, the company received £87,600 (2023: £18,900) in fees from UK Chicken Town Limited.  At the balance sheet date £46,270 was owed by UK Chicken Town (in 2023 UK Chicken Town owed £7,076 to Truestone Impact Investment Management Limited. This entity is related through common ownership.
During the year, the company received £nil (2023: £18,900) from Frontline Chickens Limited. At the balance sheet date the company was owed £812 (2023: £nil) by Frontline Chickens Limited. This entity is related through common ownership.
 
At the balance sheet date £10,669 (2023:£10,319) was owed to Truestone General Partner LP, £31 (2023: £31) was owed by Angels & Equity Limited and £1 (2023: £1) was owed to Truestone Kemin Limited. All of these companies are wholly owned subsidiaries of Truestone Impact Investment Management Limited.
During the year, the company received £nil (2023: £nil) in fees from Truestone Africa Limited, a company in which Truestone Impact Investment Management Limited has an interest as an investor and has certain directors and shareholders in common. At the balance sheet date, the company was owed £Nil (2023: £22,300) by Truestone Africa Limited.
At the balance sheet date £150,000 (2023: £150,000) was owed by Truestone Ark Limited. This balance bears interest at 5% per annum, is unsecured and is repayable in full in 2024. A further £150 (2023: £150) was owed by Truestone Ark Limited, no interest is payable on this balance. At the balance sheet date, £10,000 (2023 - £25,000) was owed to Truestone Glenapp Castle Limited.
 
At the balance sheet date £55,857 (2023: £103,424) was owed by A Call to Business UK Charity, £17,006 (2023 £nil) was owed by Truestone Impact Fund, £180 (2023: £180) was owed by Life by Design (SL) Limited, £480 (2023: £480) was owed by MiKashBoks Inc, £26 (2023: £26) was owed by TPIP Nairobi LLP and £40 (2023 £nil) was owed by Truestone Kenya. Limited. All of these entities are related through common ownership.


21.


Controlling party

The ultimate controlling party is P N Szkiler, a director of the company and majority shareholder.


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