EirfERPRISE FOR DEVELOPMEI ANMVAL RtPORT AND UNAIIDfTED FINANCIAL SfATEMENTS FOR THE YEAR ENDED 31ST DECEM8ER 2022 CHARfTY REGisfRATION 149: 1143851 COMPA14Y REGISTRATZOII No: 07740926 Independent Exarnlners Ltd Unit 2 The BrothltffidgÈ Business Centre Delling Lane Bosham P018 8NF EIITERPRISE FOR DEVELOPMENT (A COMPANY Lii4rtED BY GLIARANTEE) CONTENTS Page 2 Legal and Admlnlsb7tlve Informatkjn Pages 3 to 6 Report of the Dlrectors Page 7 St•tement of Flnantitil Actlvltles Page 8 Balance Sheet Pages 9 to 13 Notes to ts FIna￿* Staternents Page 14 Page 15 Independent Examlrws Rewt to the TrsJsteeslDlrectors El￿fERpRIsE FOK DEVELOPMENT (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS FOR THE YEAR EPIDED 31 DECEMBER 2022 LEGAL AND ADMfNisfRATIVE ZNFORMAT1014 CHARrrY 14AME Enterprfse for Development CHARITY 14UMBER 1143851 COMPANY RÈGISTRAT1014 MUMBÈR 07740926 START OP FINAMCIAL YEAR 1st January 2022 END OF FINANCIAL YEAR 31# 1)ecember 2022 TRUSTEES THAT SERVED OVAING THE YEAR TO 31 DECEMBER 2022 (ALSO DIRECTORS UMOER COMPAMY LAW} Dr K Palmer Mr T Yapp Ms E Wllson Mr M Cooper Mr A Maccorm REGISTERED ADDRESS Peer House (cjo Agdevcol 8-14 Verulam street Ground Fbor WCIX 8LZ DATE OF JNCORPORAT1014 15th August 2011 GOVER141Nfj DOCUMEIIT Memorandum and Artldts of ASSOC￿0￿ BANKeRS Lh)yds Bank He INDEPENDENT EXAMINERS Independent Examlners Ltd Llnit 2 The Broadbrldge Centre Delling Lane Bosham P018 8NF ENTERPRISE FOR DEVELOPMENT (A COMPANY LIMrrED BY GUARA14TEE) Introductlon The twstees present their report and fina￿al statements for the year ended 31 De£ember 2022. The financial statements have been prepared accordance ￿1th the accounting poliaes set ovt in note I to the finaTKial 5tstemersts and comply with the charity's articles of a550ciation, the Companies Act 2006 and "Accounting and Repotting by Chaaties.. Statement of Recommended Prartice appllcable to charities prepanng their accounts in accordance the Financial Reporbng Standard appl*able in the UK and Republic of Ireland IFRS 1021" {as amended for accountlng periods commencuw fmm i Janu￿ 2016} Ob"eclives and actlvltles of the th• Enterprlse for Developmenvs objectlve Ss to contribute to ach5eving iwKlusi¥e ￿onoMIC growth and elimination of povkn In low-income countrles by support6ng Afrlcan4ed bU￿neSseS thot aim to.. Achieve socialfy, nnancfjally and envlronmentally sustainablt outcomes and have potentlal to Kale. It achleves tts goals by.. Provldlng tsryeted grants to Support the publlc benefit corns￿ents of sustslnable enterprlses with the alm of 9eneratin sSgnifioni pro-poor benefits in low-lncome countrles,. Identify and highlight best practsse in thls area and ￿pknre rneans of supportlng adoptSon of best practlce by other oroan15atlons In our focus COun￿eS.. Facllltate knowledge transfer and I￿rning about successful sooal eThterprlse models by c￿￿n9 Ilnks between enterprlses In low-lncome countrles wlth enterprlses that have achieved success elsewhe￿ In the wodd.. Fund research to IAvesU9ate th• str•n91ts weaknesses, l)eneflts and costs of Innov•tlv• models of sustalnèble prlvate and social enterprlses,. Undertake suth other actlvitles as trustees consider from bme to ￿rne ¥￿Uld contdbute to achlevlng our goal$. In strtvSng to athleve these objectlves, the thadty has consbjered the Charity Commissioners guidance on publlc beneflt and has pald due regard to its guklance In decldlng whlch actlvltles the tharlty should un¢Jertake. A¢N•vemonts and rtOrn￿￿c0 Durlng rhe year the trustees of Enterprlse for Development have approved.. • EID has bten a supporter of Jacarjnda ever *nce the Inceptlon Ir¢ 2015 of lis not-for-proflt programme whlch alms to dellver high quality maternal and new born chlld care setvices to women and chIld￿n on k*w incomes. The programme has been a great success both extendlng access lo over 2 mllllon mothers and securing co-finandNJ portnershlps with an Inueaslng number of countles. Jacaranda has now secured substsntbl fvnding to expand its proqrnmmes. To athleve Its objertives Jacaranda requlres fundlng to support growth of Its corporate capability, partiojlarty developiThJ the capacity to develop further portnership5 With Counties and its onllne healthcare platform. Since prograrnme funders are able to fvnd these acbvbts'es EID has agreed to co-fund thls capaelty buildingt • EID ha5 been a supporter of Penda Plealth for many years. thltlally by funding its Electronlc Medlcal Record system. Thls has proved an invaluable means of providing ￿81 time, Compthensive he*th record5 that has enabled not only better heolthcare for patlents but also 15 now belng used ro help develop and iMp*m￿t innovative preventabve pnmary healthcare servi￿5 for the benefft of bwer ncome and harder to reach popuiitK>ns in Kenya. EfD agreed in August 2022 a grant of £80,000 to develop and upgrade Penda's Clinical Decision Support System. already one of the mo# advanced in Africa thanks to earty EfD co-investment, to deliver the unique needs of telerned￿lne providing hSgh-quallty care at low cost. More than 90% of dinical encounters at Penda use COSS. ensurtng over 80% Complian￿ with natsonal guidelines, double the countsy avernge. In January 2022, Penda launched Pigia Penda a telephone- based heatthcare delivery channel and the fastest grDWiThJ buslness segmenL brlnglng remote primary care to low-incom¢ communitie5. expanding access and lowertng costs to patients. EfD has been prowding ongoirvj sUPPOrt for TIST, The International Small Gmup Tree planting pro9ramme, Since 2015. TIST Is a smallholdèr-led, low cost. sc*ble tree growlng programme woth actIV￿leS In Kenya, Uganda. Tanzania and India. The focus of EfD's support has been to develop partnership modejs aimed at further expanding the carbon sequestration, blodlverslty and livelihood benents of the Tisf approath: EiifERPRISE FOR DEVELOPIIEY (A COMPANY LIMMD BY GiIARANTEE) Achlevements and rformance EfD is provldlng ongoing support to help Nature Lock e5tabli5h and ernbed a suStAInab￿ and scalable buslness model. Natu￿ Lock flghts food waste throuohout Kenya by preserving fresh pr￿lUCe naturally and turns it into nutritious and affordable footls, redJclng food loss and cllmate footprint, while improving incomes for small xale farnilno communliies. EfD provid¢s occasK)nal commentary and advi￿ to the senlor rnanagement but is not currently prOv￿1ng grant support. . Trustees a￿ also corLsidwed a numbw of new Inltlatlves that may resu￿ In fvn(Ilng supfv from Ent•rprbse for t)evelopment In the coming year. Vlnancl•l Revlaw The tharfty hos sub5tantlal reserves that wlll enab￿ It to conttnue to provlde support to qualrfylng sodal and prlvate enterprises. The plan Is to make annual commitments al a level suffident to meet its expeThJibJre oblNJaknons for at least the next four year5. The board has from tlme to tlme dIsCus￿ and assessed the major rlsks to whkh company Is exposed and consldered the safeguards that have been and can be implemented to mitsgate those risks. In aCoYda￿e with the Statement of Recommended Practlse for charftyes the tnjstees annually revlew and Upda￿ the forn￿1 rfsk assessmenL a. Adeqvacy ol EfD Internal contrnls - EfD has In plate apprDPriate internal flnandal controls which the trustee5 conslder proportionate and ￿aSOnable to its slze and complexily. and has deijlcated resources to ensurfng approprlate record keeping In respect of all financ+al transactlons. The trustee5 rtview the financial management and controts of EtD on a regular basls at trustee meetlngs. b. Grantee mlsconduct Indudlno C4)mplIa￿e wlth grant t•ms and mtsuse or rnlsjppllcatlon of funds- EfD puts in place grant arrangements wlth each grantee spe£lfying the use of fvnds. undertakes due dlllgence on the grantees (ex antel and rnonltors the use of the fundln9 lex postl throu9h dialogue wth the 9rantees' ￿preSentatiVeS and scrutlny ol the reporting OTh the use of the funds by the grantees. . Grantee capabllity to dellver EfD lurKled projects - EID undertakes exten51ve due dillgence on the grantees, capablllty to dellver the funded prolerts. EfD brfngs In apprgprtate trfhnkal expertlse as requlred. and Makes payment where appropdjte In tranches agaSnst perforniance In order to mStlgate the ￿Sk5 of projert faIlu￿. Strnctur• Man •m•nt and Gov•manc• The tharlty 15 J reglstered charlty and company Ilmlted by guarnntee. It Is governed by Its memorandum and Articles of AssoCIa￿On The trustees, who a￿ also the directors for the purpose of company law, and serv&J during the year and up to the date of slgnature of the flnancial statements were: Dr K Palmer Mr T Yapp Mrs E Wilson Mr M Cooper Mr A Maccorma The trusteè5 are appolnted either at the company's AGM under the recommendatknn of the maJo￿ty of members or in year by the Board, trustees appolnted by the &)ard retaln Offi￿ untll the next AGM when they b￿￿rne el1g1b￿ for re-eleciion. When 3ppolnting newly elecied trustees, Entwprise for Development has a pollLry of induttion whlch Indudes ensulng that they are fully awjre of their responsibilities in relats.on to both Companies Htyjse and Charities ComMiss￿n guldance and the charity's objettlve5. The charity's Cu￿nt policy COn￿MIng the payment of rrnde rredltors Is to follow the CBI'S Prompt Payers Code {copie5 are available from the CBI, Centre Polnt, 103 New Oxford street, London WCIA IDUI. The charlty's current pollcy concernlry the payment of trade LTeiJitor5 15 to= . 5etUe the terms of p6yment with suppliers when agrEeing the terms of eath trawtion: ensure that suppllers are ma(Je aware of the terms of payment by i￿lUsIon of ts relevart ternis In conbBrts: and pay In accordance wlth the company's contt7rtual and other legal Ob1￿Jations. Ep¥fEIU¥IUSE FOR DEVELOPMENT (A COMPAIIY LIMITED BY GUARA7￿EE) Tru5tees' Re5 n51bllllle5 The trustees, who are also the dlrectors of Enterprise for Development for the purpose of company law, are responsible for preparing the Trustees, Reptsrt and the financial ststements in accordantt WFth applicable law and United ￿ngdorn Accounting Standards (United Klngdom G￿erallY Accepted Accounbng Prattl￿). Charlty law requlres us as Trustees to prepare flnandal stat&nents for eath actounb.ng year whlch give a true and fair view of the stste of the charity and of Its income arKI expenditure for year. Selett suitable aCCDunting poliaes and apply them consfisten￿y. Make Judgements and estlmates that a￿ reasonable and prudent State whether the applicable ac£trJnknn9 Standard5 hJve been followwj, subjert to any material deparWres dlsdosed and explalned In the accounts. Prepare the financial Statements on a gokng con￿rn basis unless tt Is Inapproprlate to presume that the charity will conbnue in business. We are responsible for keeping adequate Kcounting records whith dlsdose with rea50nabk accuracy at any Ume the finandal posiuon of the company and enable us to ensure thar the flnanclèl ststements compty wlth the Companies Art 2006. We also have a r*sponslblllty to safeguard the assets of tht thaTIty Jnd to take reasonabk steps to prevent fraud or any other Irregulartties. The trustees are olso respons1￿e lor the contents of the trusttts, report. and the responslblllty of the Independent examlner In relatlo to the trustee5' report is limited to examining the report and ensuring that. on the fa￿ of ts ￿pott there are no incon51stencle5 Wlth the figures dtscbsed ift the finanoal st*ements. These accounts hove been prepared Sn accordance with the provisions applicab￿ to eompanl& subl*t to the small cornp?nles' re9lme. o¥•1 The trustees, report was approved by the Board of Trustett. Date.. Slgned.. Print Name: ... ENTERPRISE FOR DEVELOPMEiir (A COMPANY UMrrED BY GUARANTEE) srATEMENT OF FINAIICIAL ACTI¥TfiES FOR THE YEAR ENDED 31 DECEMBER 2022 Unre5trl¢tsl Designated Restrfrtwj FuThts Funds Futhjs TOTAL 2022 TOTAL 2021 Notes Income Donoth?ns and legacits 125,000 Total Iffieom• Exp•ndltur• Expendlture on tharltable activit 100,881 100,681 118,433 Totsl Éxpendltur¢ Net Incomel¢xp¢nqlltur¢ bdore Investment galnsl(105se5) (100,881) 1100,881) 6,567 Net galnslllossesl on Investments tl•t Incom•l(•xp•ndltur•) {100.881) 1100,681) 6,567 Transfers between lun¢Js N•t mov•m•nt In fund• (100,8811 1100.8811 6.567 R•ton¢lll•tlon of fund•: Totsl Funds Brought Forward 627,814 627,814 621,247 Total Funds CDrrl•d Forward 526 933 526 933 627 814 Movements on all reserves and all wnlsed galns and losses are shown above. All of Ihe oryanlsatlon's operndons ar¢ dassed as contynulng. The statement of financlal actNits"es akn Compl￿ with the requirements for an income and expenditure account under the Cornpanles Ati 2006. The notes on pages 8 to 12 forni part of statements. EKfERPRISE FOR DEVELOPMENT (A COMPANY LIMITED BY GUARANTEE) BALAIICE SHEET AS AT 31 DECEMBER ZOZ2 liwcompany no.Q7740926 Unrestrfjcted Des4gnated RestriLted 31-Dec-22 31-Dec-21 Funds Funds Funds Total Total Note xed Assets: Tanglble assets 436 436 558 Current Assets.. Debtor Cash at bank In hand Total Current Assets 567 378 $67.378 567 378 567 378 629 176 629 176 Credltors.. amounts falllng due wlthln one year (40.881) 140,881} 11,920} NET CURRENT AssErs 526.497 526,497 627.256 TOTAL ASSETS less current 11obilitles 526,933 526.933 627,814 Credltors.. amounts falllng due In more than onè year NET ASSErs Funds of the Charlty General Funds De&gnated Funds Restrtcted Funds 526.933 526,933 627,814 526,933 526,933 627,814 Total Funds 526.933 526,933 627,814 For the year ended 31st December 2022 the company was entitled to exemptlon from auijlt under sethon 477 of the Companles Act 2006 relatlng to small compantes. The members have not requlred the company to obtain an audit of its accounts for Ihe year in questlon In acCOr(lan￿ wlth section 476 of the Companles Act 2006. The ￿1￿CtorS acknowledge thelr re5pon5ibility for comptyiwJ T*lth the requirements of the Act wth respett to accounting records and the preparavon of accounts. These accounts have been prepared In accordjnce wlth the proYlsl¢)ns applkab* to tompanles sublett to the small companlès, regime. Approved by the Dlrertors on the ... Signed on thelr behalf by ... Prlnr Name: .......... Ei¥fERPRISE FOR DEVELOPMENT (A COMPAMY LIMITED BY GUARANTEE) MOTes TO THE fXP4ANCIAL STATEMEi¥rs FOR THE YEAR ENDED 31 DECEMBER 2022 l. A¢counting polid•s (a) Bèsls of prepar•tson The principal accounbng policies adop￿1 judgements and key ￿Tte$ of ertimatiDn untrrtabnty In ts preparatlon of the finanthl statements are as follows.. The accounts have been prepared In accordan￿ wlth the provlslons In Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime and in accordance vlith Accounting a￿j Reporting by Charsties.. Stalement of Recommended applicable to Charities preparlng thelr accounts Sn accordance wrth FRS 102 {effective l January 20191- Icharities SORP IFRS 1021) and the Charities Art 2011. Advantage has been tsken of 5ettion 396151 of The COm￿nIeS Act 2006 to olow the format of tt* finanaal stthments to be adapted to reflect the special natu￿ of the charity's operation and in order to comply wrth the requirements of the SOkP. Enterprfse for Development meets the defInI￿on of a publlc benellt entity under FRS102. Assets and 1labtl1￿eS are InI￿allY re¢¢gnlsed )I hlsiorlcal cost unless otherwSse stated In Ihe rel￿ant accounting pollcy notes. The charlty has opted to prepare Its accounts uslng natt￿al (ategorles. Change• to ac£ountlng estlmate No chanqes to accountSno es￿mateS have ¢)ccurtd In the reDortlno Deriod M•terl•l prlor p¢rlod efrnt• •nd ¢h•n9e• to pr¢vlou• •ccount• No rnaterial prior period errors have been i¢Jentified in this accounbng perhryd and there have been no other than9es to previous accounts. Prep¥ratlon of •¢¢ounts on • golng concern b•fjl• Preparation of the accounts Is on a going concern basls. The Trustees are ol the view that ihe level of reserves wlll support the charlty 901ng forward. Crltltal aceountlng estlmates and Judgements In the applicallon of the charity's accounting policies. the trustees are required to moke judgements, e5tirnates and assurnptlons about the carrying amount of assets and liability.es that are not readity apparent from other sources. The estim)tes and a55(Kiated assumptions are based on hbstodcal eXperIen￿ and other lJrtors thot are considered to be relevant. Aciual results may dlffer from ese estlmates. The estimates and underI￿n9 assumptlons are re¥lthYed on an ¢)ngolr4J basls. thIs1c￿ to accounttn9 es￿MOteS are recognlsed In the perlod In whlch the esumate ss revlsed Whe￿ the revi90n alle¢ts (￿lY that perityj, or In the perlod of the revlslon and future pedods where the revi51on affects both aj￿eTht and future periods. Assets and Ilabllltt&s are Inltlamy recognlsed at historical cost or trnnS￿li0n value otherwlse ststed In the ￿leVant accountlng pollcy notes. b) Income Inmme Is Induded In the Statement of AnancbJl ISOFAI v4hen: . the chaHty becomes entyued to the Income,. It is more Ilkely than nol that the imstee5 will receive the re50urcts- and the monetary value can be mèasurtd with suffiuènt reliability. c) Int•r¢st rnc¢lv•blo Interest on funds held on deposlt Is Induded when re￿Ipt Is probable and the amount ran be measured rellably by the charfty; thls is normally upon noUflcati¢)n of the interest paK1 or payable by the Bank. d) Grants, Donatlons and Legades Grants and donations are only included In the SOFA when the general Incorne T￿nIt￿)n utteria are met15.10 to 5.12 FRS 102 SORPI. Cash donation5 ore recognised ¢Jn rete¥pt. Other d(maboiis are Tecognised the tharity has been notified of the donats"on, unless performance condltions require deferral of the amount. Legaue5 are recognised on recelpt or othen¥tse W the charfty has been nothled rrf an ImpendlThJ dlstrft)udon. the amouTrt Is known, and recelpt Is expecte(l. If the amount s not kN)wn, the legacy Is treated as a contirwjent asset. EKfERPIUSE FOR DEVELOPMENT (A COMPANY LIMZTED BY GuARA?￿EE) 140TES TO THE FJNAIICIAL STATEMENTS (continued) FOR THE YEAR ENOED 31 DECEMBER 2022 e) T•x Re¢l•lm$ on Donatlons and Glfts Glft Aid receSvable Is Included In Income when there ￿ a valid declaration from the donor. Any Glft Ald arnount recovered on a donauon s consIde￿￿ to be part of that gift and is treate¢J a5 an add￿.0￿ to the Same fun(J as the initial donatton unless the donor or the ternis of the appeal have specified othetwise. I￿Ome tax rectsvewable in relation to donatkjns receIV￿ under Aid or deeds of covenant Is recognised at the tilne of the donation. f) Government Grnnts The charity has not received government 9rnrts in reportifig peric*J. g) Fund accountlng un￿strICted funds are avallable to spend on actlvtts.es that fvrther any purposes of the ttwrtty. Deslgnated funds are unrestrlrted funtls of the charlty whlch the tnJstees have decided at their dis(Yetion to set aslde to use lor a speclfic purpose. Restricted ffjnds are donations wh¢th the donor has specif*d are to be solely usell for partiCLtlar areas of the charity's work or for specific projects being undertaken by the charity. Further explanation of the nature and purpose of eath fvnd is Induded In the notes to the finanool statements. h} Expendlture Expenditure 15 accourted for on Jn Jccnjals bjsls and h05 been djssllled under headlngs that aggregate all cost related to the caiegory. Where costs cannot be dlrectly to parricular headlngs they have been alk>caied to acLlvlUe5 on a ba51s conslstent wlth the use of ￿$OUrCes. Grnnts offered subjert to c(xx1ilitsns have rnt been met at the year end date are noted as a comm4tment but not actrued as expendlture. l) Offs¢ttlng There has been no offsettlng of 055ets ond Uabllltle5. or Ir*om* and expens*s, ￿lesS rnjulred or permltted by the FRS 102 SORP or FRS 102. J) Tanglble fixed •ffj•ots Tangible fixed assets are stated at cost less depreciation. Assets tostirtg less than £2,OIX) a￿ written off in the year of purchase. Depreclatlon Is provlded at the followlng annual rates in order to vthte off eath osset over its e5tlmated useful Ilfe )s follows.. Cornputers 20% stralght Ilne k) Op•rallng lea•e• Rental thorges payable under operntln9 leases a￿ charyed on a stral9ht Ilne basls over the terms of the lease. l) Tax•tlon The charlty 1$ exempt from tax on rts ch•rit•ble )ctivit*s. m) Leg•1 sta￿# of the tharfty The charlty Is a company 1Smlted by g￿ro￿tee and ha5 rn slwre capltal. In the event of the charlty belng wound up, the Ilablllty In resp¥t of the gua￿nte￿ Is Ilmlted to £10 per member of the tharity. n) R•dund•ncy paymtnts The charlty made no redundancy payments durtng the perlod. o) P•n#lon* The tharlty operatss a denned contribuvon penslon 5theme for cwtaln emp￿e¢s. Pen4ors contrlbutyons ¥re charged to the Statement of Flnandal Acdvltles as they fall due for payment. p) Oebtors Debtor5 lindudlng trade debtoys and loars rKdvable} are measured on InbV* recognltyon at setriemenr amount after any trade dlscounts or amount advanc￿1 by the charity. Subsecwentty. they a￿ measured at the cash or other consideration expected to be recelved. q) Credltors The charity has cTrditors whith are measured at Sett￿rnent a¥tMJunts le55 any trade d15cL￿nts. r) Cash and tash equlvaleThts Cash and cash equlvalents indude cash in hand. dewsits held at call with banks, other short-tem liquid investrnents with Original maturities of three months or kn. aTrJ bank overdrafts. 86nk overdraft5 are shown within borrowings ift current liabilities. ENTERPRISE FOR DEVELOPMEKr (A COVIPANY UMTTED BY GUARANTEE) MOTES TO THE FINANCIAL STATEMENTS (ojntinued) FOR THE YEAR ENDED 31 DECEMBER 2022 2. INCOME ilnrestricted Deslgnate¢f Restrfrted Funds Funds Funds TOTAL 2022 TOTAL 2021 a) Donatlons and le9acks GKts & donations Gift Aid tax recoverable loo.000 25,000 125 000 3. EXPENDITURE Unrestrtct*J ￿￿gna￿ Restrlctet1 Fun