ESTA 414 - Charities report

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 2026

for

ESTA 414

Page

Report of the Trustees

1

to

5

Independent Examiner's Report

6

Statement of Financial Activities

7

Balance Sheet

8

to

9

Notes to the Financial Statements

10

to

17

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 2026.

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.

Charitable Investments

ESTA continues to hold its investment in Truestone Africa Ltd which holds majority stakes in several growing social impact businesses in Sierra Leone. These include:

ACTB Savings & Loans

Purpose: ACTB exists to drive financial inclusion in Sierra Leone through microfinance and SME lending.Impact: Job creation through 238 staff (115 female) and financial services provided to 25,853 active borrowers (17,703 female) through 12 branches nationwide.

Company Highlight: 2025 was a transformational year for ACTB. Following its partnership with the International Finance Corporation (IFC), the bank secured a USD 3 million credit facility and USD 700,000 technical assistance programme, supporting continued institutional strengthening and growth. ACTB disbursed just under USD 24.2 million in loans during the year and increased its loan portfolio to more than USD 14.7 million by February 2026. The bank continues to prioritise female entrepreneurs, who represent the majority of its client base, while extending financial access into underserved rural communities. ACTB is positioning itself to become one of the leading financial institutions across the Mano River region.

Life by Design Group (LBD)

Purpose: LBD addresses Sierra Leone's shortage of business development services by providing SMEs, NGOs and development organisations with training, consultancy and strategic communications support.

Impact: Job creation through 46 staff and support provided to thousands of entrepreneurs, business owners and young professionals.

Company Highlight: During 2025, Life by Design strengthened its position as a leading enterprise development and consultancy business in Sierra Leone. The organisation delivered entrepreneurship, leadership and vocational training programmes in partnership with international development agencies while continuing to expand its communications, research and business advisory services. The group further strengthened collaboration across its subsidiaries and associated businesses, creating a platform capable of supporting clients from business formation through to growth and investment readiness.

Frontline Chickens

Purpose: Established to tackle the shortage of quality, affordable protein by producing fresh eggs and poultry for Sierra Leone's domestic market.

Impact: Job creation through 53 staff (24 female) and support provided to local farmers through poultry development initiatives.

Company Highlight: Frontline achieved a major breakthrough in 2025 through a successful pilot involving 5,000 layer birds, reaching peak productivity levels of more than 90%. Building on partnerships with Wageningen University and Feed Salone, the company continued to support smallholder poultry farmers while demonstrating the viability of local egg production at scale. Plans remain in place to expand layer capacity, hatchery operations and commercial feed production, helping reduce Sierra Leone's dependence on imported poultry products while improving national food security.

Chicken Town

Purpose: Sierra Leone's first quick-service restaurant chain delivering fresh, high-quality meals at affordable prices.

Impact: Job creation through 191 full-time staff across six restaurant locations and delivery of more than 900,000 meals during 2025, creating significant opportunities for youth and female employment.

Company Highlight: Chicken Town experienced another year of strong growth, recording annual revenues in excess of USD 3 million while serving more than 900,000 meals across its network. The business strengthened its management structure, continued investing in staff development and internal promotion pathways, and further enhanced operational performance across its stores. With ambitious plans to expand to 14 locations across Sierra Leone and longer-term opportunities in neighbouring countries, Chicken Town remains one of the country's most recognised consumer brands and a significant creator of youth employment.

Kolat Brick Company

Purpose: Kolat manufactures affordable, eco-friendly interlocking clay bricks and provides sustainable construction solutions across Sierra Leone.

Impact: Job creation through more than 300 staff and contractors, including a large proportion of young people entering the construction sector.

Company Highlight: Kolat more than doubled revenue during 2025, generating USD 1.1 million in turnover while entering 2026 with 15 active projects and a weighted pipeline exceeding USD 1 million. The company continued to strengthen its reputation for delivering high-quality, cost-effective construction projects using environmentally sustainable brick technology. Increased demand from diaspora investors, commercial developers and homeowners has strengthened growth prospects, while the launch of standardised housing solutions aims to improve affordability and scalability within Sierra Leone's housing market.

MiKashBoks

Purpose: MiKashBoks digitises savings and lending groups, helping users build financial resilience and connect to formal financial services.

Impact: More than 28,000 platform users as at the end of 2025, with growing partnerships among financial institutions, NGOs and mobile network operators.

Company Highlight: MiKashBoks achieved significant growth in 2025, increasing its direct Sierra Leone user base to more than 28,000 users. The platform launched a strategic partnership with Ecobank, introducing digital savings products and creating a sustainable revenue stream. Pilot lending initiatives with ACTB Savings & Loans and new Save to Buy products have further expanded user engagement. With planned expansion into AI-powered financial services and additional partnerships across the region, MiKashBoks is positioning itself as a leading fintech platform for underserved communities.

Inkeemedia

Purpose: inkeemedia is a creative agency delivering brand storytelling, digital campaigns, media production and strategic communications across West Africa.

Impact: Job creation through 24 creative professionals and support provided to businesses, NGOs and development organisations seeking high-quality communications services.

Company Highlight: Following its transition into an independent business, inkeemedia continued to strengthen its reputation as one of Sierra Leone's leading creative agencies. The company expanded its client base across the private, development and non-profit sectors while investing in local creative talent through training and mentorship opportunities. Its work now spans branding, photography, film production, digital marketing and corporate communications, helping organisations communicate their impact more effectively while contributing to the growth of Sierra Leone's creative economy.

Portfolio Summary

Across these seven businesses, Truestone's portfolio generated more than USD 11 million in revenue during 2025, produced approximately USD 1 million EBITDA, and continues to create employment, strengthen financial inclusion, improve food security, expand access to quality services and support economic development across Sierra Leone.

2nd Mile Missions - Dominican Republic

Over the past four years, we have developed a strong connection with the Dominican Republic, particularly the communities of El Hoyo and Monte Verde, home to approximately 20,000 Haitian refugees living on the outskirts of the affluent tourist area of Punta Cana.

2nd Mile Missions is a Christian ministry devoted to educating, equipping, and empowering children and families in the Dominican Republic. By providing quality Christian education to children and helping their parents gain meaningful employment, the organisation uplifts entire families. Children are given the opportunity to grow into healthy, capable adults, equipped with the skills to support their own families, creating a lasting cycle of hope and self-sufficiency within their communities.

ESTA provided two donations of $2,500 each, in April and September 2025, and we are committed to continuing our partnership in support of this deeply impactful cause.

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 £1,381,236, of which £1,328,122 was represented by social investments. (29 February 2025: total fund £1,372,64,7 of which £1,312,921 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, £55,513, (28 February 2025: £62,126) 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

7 Bell Yard

London

WC2A 2JR

Trustees

N R W Henderson

Mrs J S Mayhew

A J Mayhew

N J Panter

Independent Examiner

PR HARTLEY FCA

PR Hartley

PO Box 27075

London

N2 0FZ

Approved by order of the board of trustees on 5 October 2026 and signed on its behalf by:

A J Mayhew - Trustee

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 2026.

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

6 October 2026

2026

2025

Unrestricted

Total

funds

Notes

£

INCOME AND ENDOWMENTS FROM

Investment income

2

1,009

2,076

EXPENDITURE ON

Raising funds

3

-

1,975

Charitable activities

4

Accountancy

1,500

Miscellaneous

772

362

Independent examination

1,500

Charitable activities

3,849

4,335

Total

7,621

9,672

Net gains on investments

15,201

8,840

NET INCOME

8,589

1,244

RECONCILIATION OF FUNDS

Total funds brought forward

1,372,647

1,371,403

TOTAL FUNDS CARRIED FORWARD

1,381,236

1,372,647

2026

2025

Unrestricted

Total

funds

Notes

£

FIXED ASSETS

Social investments

9

1,328,122

1,312,921

CURRENT ASSETS

Cash at bank

55,513

62,126

CREDITORS

Amounts falling due within one year

10

(2,399

)

(2,400

)

NET CURRENT ASSETS

53,114

59,726

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,381,236

1,372,647

NET ASSETS

1,381,236

1,372,647

FUNDS

11

Unrestricted funds

1,381,236

1,372,647

TOTAL FUNDS

1,381,236

1,372,647

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2026 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.

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 5 October 2026 and were signed on its behalf by:

A J Mayhew - Trustee

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.

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

2026

2025

£

Deposit account interest

1,009

2,076

3.	RAISING FUNDS

Raising donations and legacies

2026

2025

£

Support costs

-

1,975

4.	CHARITABLE ACTIVITIES COSTS

Support

costs (see

note 6)

£

Accountancy

1,500

Miscellaneous

772

Independent examination

1,500

Charitable activities

3,849

7,621

5.	GRANTS PAYABLE

2026

2025

£

Charitable activities

-

4,335

The total grants paid to institutions during the year was as

follows:

2026

2025

£

Mercy UK

-

3,985

Just Giving

-

350

-

4,335

6.	SUPPORT COSTS

Finance

£

Accountancy

1,500

Miscellaneous

772

Independent examination

1,500

Charitable activities

3,849

7,621

7.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 28 February 2026 nor for the year ended 28 February 2025.

Trustees' expenses

There were no trustees' expenses paid for the year ended 28 February 2026 nor for the year ended 28 February 2025.

8.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

funds

£

INCOME AND ENDOWMENTS FROM

Investment income

2,076

EXPENDITURE ON

Raising funds

1,975

Charitable activities

Accountancy

1,500

Miscellaneous

362

Independent examination

1,500

Charitable activities

4,335

Total

9,672

Net gains on investments

8,840

NET INCOME

1,244

RECONCILIATION OF FUNDS

Total funds brought forward

1,371,403

TOTAL FUNDS CARRIED
FORWARD

1,372,647

9.	SOCIAL INVESTMENTS

Programme related investments

Equity

Loans

Totals

£

MARKET VALUE

At 1 March 2025

1,096,107

216,814

1,312,921

Revaluation adjustments

-

15,201

At 28 February 2026

1,096,107

232,015

1,328,122

NET BOOK VALUE

At 28 February 2026

1,096,107

232,015

1,328,122

At 28 February 2025

1,096,107

216,814

1,312,921

2025

Equity

Loans

Totals

£

Truestone Africa Ltd

924,457

Truestone Positive Impact Property

5,000

216,814

221,814

Chicken Town UK Ltd

166,650

-

166,650

1,096,107

216,814

1,312,921

10.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Trade creditors

(1

)

-

Accrued expenses

2,400

2,399

2,400

11.	MOVEMENT IN FUNDS

Net

movement

At

At 1.3.25

in funds

28.2.26

£

Unrestricted funds

General fund

1,372,647

8,589

1,381,236

TOTAL FUNDS

1,372,647

8,589

1,381,236

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

1,009

(7,621

)

15,201

8,589

TOTAL FUNDS

1,009

(7,621

)

15,201

8,589

Comparatives for movement in funds

Net

movement

At

At 1.3.24

in funds

28.2.25

£

Unrestricted funds

General fund

1,371,403

1,244

1,372,647

TOTAL FUNDS

1,371,403

1,244

1,372,647

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

2,076

(9,672

)

8,840

1,244

TOTAL FUNDS

2,076

(9,672

)

8,840

1,244

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

Net

movement

At

At 1.3.24

in funds

28.2.26

£

Unrestricted funds

General fund

1,371,403

9,833

1,381,236

TOTAL FUNDS

1,371,403

9,833

1,381,236

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

3,085

(17,293

)

24,041

9,833

TOTAL FUNDS

3,085

(17,293

)

24,041

9,833

12.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 28 February 2026.