Principal activities of the company

Achievements and PerformanceThe highlight of the year was the completion of first financial close for the Resonance Enterprise Investment fund, a groundbreaking social investment vehicle in the UK. EfD committed 100000 GBP as a Type 2 mezzanine investor alongside Ceniarth Foundation (300000 GBP) and Unity Trust Bank (1.2 million GBP), with additional support from Access Foundation grants and a British Business Bank guarantee. This investment marks a new chapter for EfD, extending our model of financially sustainable, scalable interventions to benefit those on lower incomes beyond Africa. The fund has already begun deploying capital to innovative UK social enterprises including EMERGE Recycling, Ivybridge Brewing Company, Impera Analytics, TLC Palliative, and Wolves Play Cafe.Although investing in the UK represents a departure from our traditional geographic focus, the investment is justified by the potential for learning that can be adapted to further EfD goals in Africa, while maintaining our core principles of financial sustainability and social impact.Chanzi continues to progress towards its Series A fundraise planned for 2026 to 2027. In support of this critical milestone, Trustee Andrew MacCormack has been seconded to Chanzi for a 12 month period to strengthen their financial preparations and investor reporting presentation. This hands on support reflects our commitment to ensuring our investees can successfully scale their operations. Chanzi black soldier fly larvae production continues to address the waste challenge in Tanzania and Kenya while providing sustainable protein additives and organic fertilizer to smallholder farmers.Penda Health achieved a remarkable milestone in 2025 with the completion of a groundbreaking AI healthcare study in partnership with OpenAI. Building on EfD 2022 grant funding for their Clinical Decision Support System, Penda conducted the largest ever study of clinical AI in actual practice, analysing 40000 patient visits across 15 clinics. The results demonstrated a 16 percent reduction in diagnostic errors and 13 percent reduction in treatment errors, with the potential to prevent diagnostic errors in 22000 visits and treatment errors in 29000 visits annually at Penda alone. This achievement garnered global recognition, including coverage in TIME Magazine and international medical journals, exemplifying the multiplier effect of strategic grant funding.Building on this success, EfD approved a further 50000 USD grant to scale BP Sawa, Penda proven hypertension care program developed in partnership with Ariadne Labs. This innovative clinical delivery pathway for managing patients with hypertension has demonstrated the power of proactive, primary healthcare centered delivery models in achieving person centered, high quality care.Jacaranda Health continues its impressive expansion of maternal and child healthcare services across Africa. In Kenya, the number of Counties partnering with Jacaranda has grown to 23 out of 47, all of them cost sharing the programme. Over 3 million mothers have now benefited from Jacaranda two pronged approach of mentoring midwives and nurses in public hospitals while providing online support to mothers at home.Beyond Kenya, Jacaranda has been actively expanding into Ghana and Nigeria. In Ghana, a Memorandum of Understanding with the Ghana Health Service enables nationwide scale up of the PROMPTS program, with the programme already reaching over 200000 women in one quarter. The partnership includes co staffing of the helpdesk, engagement with mobile operators on subsidized SMS, and alignment with national health systems. Jacaranda has developed a fine tuned Hausa LLM for local context, with launch planned for Q4. The mentorship programme continues to grow, with over 1400 healthcare providers completing the MENTORS curriculum for certification.In Nigeria, Jacaranda is finalizing preparations to launch PROMPTS in partnership with local nonprofit eHealth Africa, beginning in October to reach an initial 5000 mothers and babies in the Sengerema District. This initiative will integrate PROMPTS into telehealth and transportation programmes focused on infants. These expansions demonstrate Jacaranda ability to adapt and scale its proven solutions to meet the unique needs of different regions while maintaining both effectiveness and cost efficiency in improving outcomes for mothers and babies.TIST marked a significant milestone, celebrating 25 years of farmer led, self reliant tree growing and carbon sequestration. The programme continues to support over 100000 farmers growing millions of trees on unused land in Kenya, Uganda, Tanzania, and India, generating substantial improvements in farmer livelihoods through carbon credit sales at favourable prices.Apollo Agriculture continues to adapt its programme in light of experience and changing economic conditions. Having gained recognition from a broader range of funders, Apollo now has the resources to continue expanding the number of smallholder farmers they support with their remote weather prediction models and agricultural services.EfD is also considering several other initiatives that may result in trustees agreeing to commit funding in the coming year.

Political and charitable donations

During the financial year, the company made no political donations. The company operates to further its core principles of financial sustainability and social impact through strategic grant funding and social investments. In line with these objectives, the company approved a strategic grant of 50000 USD to Penda Health to scale their hypertension care program. No other corporate charitable donations were made during the period.

Additional information

The Directors' Report for 2025 details compliance with UK accounting standards (FRS 102), a strategy to maintain substantial reserves for three-year funding commitments, and an annual review of risks and internal financial controls. This information fulfills Companies House requirements by outlining the accounting framework, reserve policy, and risk management approach based on the submitted text. Copy the cleaned text below into the additional information field:The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity articles of association, the Companies Act 2006 and 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 as amended for accounting periods commencing from 1 January 2016.The charity has substantial reserves that will enable it to continue to provide support to qualifying social and private enterprises. The plan is to make annual commitments at a level sufficient to meet its expenditure obligations for at least the next three years.The board has from time to time discussed and assessed the major risks to which the company is exposed and considered the safeguards that have been and can be implemented to mitigate those risks. In accordance with the Statement of Recommended Practice for charities the trustees annually review and update the formal risk assessment. EfD has in place appropriate internal financial controls which the trustees confirm are adequate.

This report was approved by the board of directors on 26 February 2026
and signed on behalf of the board by:

Name: Sir Keith Palmer KCMG OBE
Status: Director