## **ENTERPRISE FOR DEVELOPMENT**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022**
**CHARITY REGISTRATION No: 1143851**
**COMPANY REGISTRATION No: 07740926**
Independent Examiners Ltd Unit 2 The Broadbridge Business Centre
Delling Lane Bosham PO18 8NF
## **ENTERPRISE FOR DEVELOPMENT**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **CONTENTS**
Page 2
Pages 3 to 5
Page 6
Page 7
Pages 8 to 12
Page 13
Page 14
Legal and Administrative Information
Report of the Directors
Statement of Financial Activities
Balance Sheet
Notes to the Financial Statements
Cashflow Statement
Independent Examiners Report to the Trustees/Directors
1
## **ENTERPRISE FOR DEVELOPMENT (A COMPANY LIMITED BY GUARANTEE)**
## **REPORT OF THE DIRECTORS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
Enterprise for Development
**CHARITY NAME CHARITY NUMBER** 1143851 **COMPANY REGISTRATION NUMBER** 07740926 **START OF FINANCIAL YEAR** 1st January 2022 **END OF FINANCIAL YEAR** 31st December 2022
**TRUSTEES THAT SERVED DURING THE YEAR TO 31 DECEMBER 2022 (ALSO DIRECTORS UNDER COMPANY LAW)**
Dr K Palmer Mr T Yapp Ms E Wilson Mr M Cooper Mr A MacCormack
## **REGISTERED ADDRESS**
Peer House (c/o Agdevco) 8-14 Verulam Street Ground Floor London WC1X 8LZ
**DATE OF INCORPORATION GOVERNING DOCUMENT BANKERS**
15th August 2011
Memorandum and Articles of Association
Lloyds Bank Plc
**INDEPENDENT EXAMINERS**
Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham PO18 8NF
2
## **ENTERPRISE FOR DEVELOPMENT**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **Introduction**
The trustees present their report and financial statements for the year ended 31 December 2022. 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's 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)
## **Objectives and activities of the charity**
Enterprise for Development's objective is to contribute to achieving inclusive economic growth and elimination of poverty in low-income countries by supporting African-led businesses that aim to:
Achieve socially, financially and environmentally sustainable outcomes and have potential to scale.
It achieves its goals by:
- Providing targeted grants to support the public benefit components of sustainable enterprises with the aim of generating significant pro-poor benefits in low-income countries;
- Identify and highlight best practise in this area and explore means of supporting adoption of best practice by other organisations in our focus countries;
- Facilitate knowledge transfer and learning about successful social enterprise models by creating links between enterprises in low-income countries with enterprises that have achieved success elsewhere in the world;
- Fund research to investigate the strengths and weaknesses, benefits and costs of innovative models of sustainable private and social enterprises;
- Undertake such other activities as trustees consider from time to time would contribute to achieving our goals.
- In striving to achieve these objectives, the charity has considered the Charity Commissioners guidance on public benefit and has paid due regard to its guidance in deciding which activities the charity should undertake.
## **Achievements and performance**
During the year the trustees of Enterprise for Development have approved:
• EfD has been a supporter of Jacaranda ever since the inception in 2015 of its not-for-profit programme which aims to deliver high quality maternal and new born child care services to women and children on low incomes. The programme has been a great success both extending access to over 2 million mothers and securing co-financing partnerships with an increasing number of counties. Jacaranda has now secured substantial funding to expand its programmes. To achieve its objectives Jacaranda requires funding to support growth of its corporate capability, particularly developing the capacity to develop further partnerships with Counties and its online healthcare platform. Since programme funders are not able to fund these activities EfD has agreed to co-fund this capacity building;
• EfD has been a supporter of Penda Health for many years, initially by funding its Electronic Medical Record system. This has proved an invaluable means of providing real time, comprehensive health records that has enabled not only better healthcare for patients but also is now being used to help develop and implement innovative preventative primary healthcare services for the benefit of lower income and harder to reach populations 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 most advanced in Africa thanks to early EfD co-investment, to deliver the unique needs of telemedicine providing high-quality care at low cost. More than 90% of clinical encounters at Penda use CDSS, ensuring over 80% compliance with national guidelines, double the country average. In January 2022, Penda launched Pigia Penda – a telephonebased healthcare delivery channel and the fastest growing business segment, bringing remote primary care to low-income communities, expanding access and lowering costs to patients.
• EfD has been providing ongoing support for TIST, The International Small Group Tree planting programme, since 2015. TIST is a smallholder-led, low cost, scalable tree growing programme with activities in Kenya, Uganda, Tanzania and India. The focus of EfD’s support has been to develop partnership models aimed at further expanding the carbon sequestration, biodiversity and livelihood benefits of the TIST approach;
3
## **ENTERPRISE FOR DEVELOPMENT**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **Achievements and performance**
• EfD is providing ongoing support to help Nature Lock establish and embed a sustainable and scalable business model. Nature Lock fights food waste throughout Kenya by preserving fresh produce naturally and turns it into nutritious and affordable foods, reducing food loss and climate footprint, while improving incomes for small scale farming communities. EfD provides occasional commentary and advice to the senior management but is not currently providing grant support.
• Trustees are also considered a number of new initiatives that may result in funding support from Enterprise for Development in the coming year.
## **Financial Review**
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 four 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 Practise for charities the trustees annually review and update the formal risk assessment.
a. Adequacy of EfD Internal controls – EfD has in place appropriate internal financial controls which the trustees consider proportionate and reasonable to its size and complexity, and has dedicated resources to ensuring appropriate record keeping in respect of all financial transactions. The trustees review the financial management and controls of EfD on a regular basis at trustee meetings.
b. Grantee misconduct including compliance with grant terms and misuse or misapplication of funds– EfD puts in place grant arrangements with each grantee specifying the use of the funds, undertakes due diligence on the grantees (ex ante) and monitors the use of the funding (ex post) through dialogue with the grantees’ representatives and scrutiny of the reporting on the use of the funds by the grantees.
c. Grantee capability to deliver EfD funded projects – EfD undertakes extensive due diligence on the grantees’ capability to deliver the EfD funded projects. EfD brings in appropriate technical expertise as required, and makes payment where appropriate in tranches against performance in order to mitigate the risks of project failure.
## **Structure, Management and Governance**
The charity is a registered charity and company limited by guarantee. It is governed by its memorandum and Articles of Association
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Dr K Palmer Mr T Yapp Mrs E Wilson Mr M Cooper Mr A MacCormack
The trustees are appointed either at the company's AGM under the recommendation of the majority of members or in year by the Board, trustees appointed by the Board retain office until the next AGM when they become eligible for re-election.
When appointing newly elected trustees, Enterprise for Development has a policy of induction which includes ensuing that they are fully aware of their responsibilities in relation to both Companies House and Charities Commission guidance and the charity's objectives.
The charity's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The charity's current policy concerning the payment of trade creditors is to:
- settle the terms of payment with suppliers when agreeing the terms of each transaction;
- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
- pay in accordance with the company's contractual and other legal obligations.
4
Ep¥fEIU¥IUSE FOR DEVELOPMENT
(A COMPAIIY LIMITED BY GUARA7EE)
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 GerallY 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 consfisteny.
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 conrn 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 respons1e 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 DEVELOPMENT**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
|Notes
**Income**
Donations and legacies
2a
**Total income**
**Expenditure**
Expenditure on charitable activities
3a
**Total Expenditure**
**Net income/expenditure before**
**investment gains/(losses)**
Net gains/(losses) on investments
**Net income/(expenditure)**
Transfers between funds
**Net movement in funds**
**Reconciliation of funds:**
Total Funds Brought Forward
**Total Funds Carried Forward**|Unrestricted
Designated
Restricted
TOTAL
TOTAL
Funds
Funds
Funds
2022
2021
£
£
£
£
£
-
-
-
-
125,000
-
-
-
-
125,000
100,881
-
-
100,881
118,433
100,881
-
-
100,881
118,433
(100,881)
-
-
(100,881)
6,567
-
-
-
-
-
(100,881)
-
-
(100,881)
6,567
-
-
-
-
-
(100,881)
-
-
(100,881)
6,567
627,814
-
-
627,814
621,247
526,933
-
-
526,933
627,814|
|---|---|
Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
The notes on pages 8 to 12 form part of these financial statements.
6
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 1CtorS 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: ..........
## **ENTERPRISE FOR DEVELOPMENT**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **1. Accounting policies**
## **(a) Basis of preparation**
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with FRS 102 (effective 1 January 2019) - (Charities SORP (FRS 102)) and the Charities Act 2011.
Advantage has been taken of Section 396(5) of The Companies Act 2006 to allow the format of the financial statements to be adapted to reflect the special nature of the charity's operation and in order to comply with the requirements of the SORP.
Enterprise for Development meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
The charity has opted to prepare its accounts using natural categories.
## **Changes to accounting estimates**
No changes to accounting estimates have occurred in the reporting period
## **Material prior period errors and changes to previous accounts**
No material prior period errors have been identified in this accounting period and there have been no other changes to previous accounts.
## **Preparation of accounts on a going concern basis**
Preparation of the accounts is on a going concern basis. The Trustees are of the view that the level of reserves will support the charity going forward.
## **Critical accounting estimates and judgements**
In the application of the charity's accounting policies, the trustees 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.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
## **b) Income**
Income is included in the Statement of Financial Activities (SOFA) when:
- the charity becomes entitled to the income;
- it is more likely than not that the trustees will receive the resources; and
- the monetary value can be measured with sufficient reliability.
## **c) Interest receivable**
Interest on funds held on deposit is included when receipt is probable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
## **d) Grants, Donations and Legacies**
Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS 102 SORP). Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
8
## **ENTERPRISE FOR DEVELOPMENT (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **e) Tax Reclaims on Donations and Gifts**
Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
## **f) Government Grants**
The charity has not received government grants in the reporting period.
## **g) Fund accounting**
Unrestricted funds are available to spend on activities that further any purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **h) Expenditure**
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.
## **i) Offsetting**
There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.
## **j) Tangible fixed assets**
Tangible fixed assets are stated at cost less depreciation. Assets costing less than £2,000 are written off in the year of purchase. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life as follows:
Computers 20% straight line
## **k) Operating leases**
Rental charges payable under operating leases are charged on a straight line basis over the terms of the lease.
## **l) Taxation**
The charity is exempt from tax on its charitable activities.
## **m) Legal status of the charity**
The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.
## **n) Redundancy payments**
The charity made no redundancy payments during the period.
## **o) Pensions**
The charity operates a defined contribution pension scheme for certain employees. Pension contributions are charged to the Statement of Financial Activities as they fall due for payment.
## **p) Debtors**
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
## **q) Creditors**
The charity has creditors which are measured at settlement amounts less any trade discounts.
## **r) Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
9
## **ENTERPRISE FOR DEVELOPMENT**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022**
|2. INCOME
a) Donations and legacies
Gifts & donations
Gift Aid tax recoverable
3. EXPENDITURE
Notes
a) Expenditure on charitable activities
_Direct charitable costs_
Salaries and staff costs
10
Travel and subsistence
IT and Equipment
Depreciation of fixed assets
Grants payable
a) i)
_Support costs_
Governance costs
a) ii)
Printing, postage and stationery
Bank charges
a) i) Analysis of grants payable
Institutions - Penda Health|Unrestricted
Funds
£
-
-
-
Unrestricted
Funds
£
16,835
1,461
1,038
122
80,000
988
151
286
100,881|Designated
Restricted
TOTAL
TOTAL
Funds
Funds
2022
2021
£
£
£
£
-
-
-
100,000
-
-
-
25,000
-
-
-
125,000
Designated
Restricted
TOTAL
TOTAL
Funds
Funds
2022
2021
£
£
£
£
-
-
16,835
14,982
-
-
1,461
-
-
-
1,038
948
-
-
122
51
-
-
80,000
100,000
-
-
988
2,109
-
-
151
98
-
-
286
245
-
-
100,881
118,433
Institutions
Individuals
2022
2021
£
£
80,000
-
80,000
100,000
80,000
-
80,000
100,000|
|---|---|---|
The grants payable to Penda Health were to build out Penda’s Clinical Decision Support Services (CDSS) to strengthen telemedicine outreach to remote areas where access to primary healthcare service is difficult to access for those on low incomes.
|a) ii) Analysis of governance costs
Independent examiner's fees for reporting on the accounts
Adjustment for over-accrual of Independent Examiners Fees in 2021
Legal and professional costs|2022
2021
£
£
750
1,800
(120)
-
358
309
988
2,109|
|---|---|
10
## **ENTERPRISE FOR DEVELOPMENT (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022**
## 4. TANGIBLE FIXED ASSETS
|Cost
01-Jan-22
Additions
Disposals
Cost at
31-Dec-22
Depreciation
01-Jan-22
Charge
Disposals
Depreciation at
31-Dec-22
Net Book Value
31-Dec-22
Net Book Value
31-Dec-21|Computers
Total
£
£
609
609
-
-
-
-
609
609
51
51
122
122
-
-
173
173
436
436
558
558|
|---|---|
Operating leases and capital commitments:
There are no capital commitments ending over 12 months after the balance sheet date.
## 5. DEBTORS AND PREPAYMENTS
The charity did not have any debtors or prepayments at the end of this or the previous financial year.
## 6. CASH AT BANK AND IN HAND
|Current accounts|Unrestricted
Restricted
Total
Total
Fund
Fund
31-Dec-22
31-Dec-21
£
£
£
£
567,378
-
567,378
629,176
567,378
-
567,378
629,176|
|---|---|
## 7. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|Accruals
HMRC PAYE and NI
NEST pension
Pledged grant funding|Unrestricted
Restricted
Total
Total
Fund
Fund
31-Dec-22
31-Dec-21
£
£
£
£
750
-
750
1,920
66
-
66
-
65
-
65
-
40,000
-
40,000
-
40,881
-
40,881 1,920|
|---|---|
## 8. DESIGNATED FUNDS
The charity did not hold any designated funds during this or the previous financial year.
## 9. RESTRICTED FUNDS
The charity did not hold any restricted funds during this or the previous financial year.
11
## **ENTERPRISE FOR DEVELOPMENT**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022**
10. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL
|Gross Wages and Salaries
Employer's National Insurance Costs (net of employers annual allowance)
Employer's Pension Costs
Prior year net pay - paid this year|2022
2021
£
£
15,417
14,785
-
-
275
197
1,143
-
16,835
14,982|
|---|---|
The monthly average of employed staff was 1. Staff are paid through the PAYE system.
No employees received emoluments in excess of £60,000 (2021: nil)
The key management personnel of the charity comprise the Trustees. No Trustees received remuneration. Therefore the total employee benefits (including employer national insurance and employer pension contributions and self employed personnel) of the key management personnel of the charity was £0.
The charity offers a workplace pension scheme and enrolled all eligible employees. Employer contributions have been budgeted for and £275 of contributions were paid on behalf of 1 employee during 2022 in accordance with legislation.
## 11. TRUSTEES AND OTHER RELATED PARTIES
|||2022||2021|
|---|---|---|---|---|
|Payments to Trustees|||||
|None paid|£|-
|£|-
|
|Payments to Related Parties|||||
|None paid|£|-
|£|-
|
No payments were made to trustees or any persons connected with them during this financial period other than the reimbursement of meeting refreshments costs incurred and reimbursement of expenditure incurred on behalf of the charity. No material transaction took place between the organisation and a trustee or any person connected with them.
## 12. RISK ASSESSMENT
The trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
## 13. RESERVES POLICY
The trustees have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The trustees aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The trustees will endeavour not to set aside funds unnecessarily. The general reserves policy is found on page 4 of these financial statements.
## 14. PUBLIC BENEFIT
The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Trustees report. The trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.
12
## **ENTERPRISE FOR DEVELOPMENT (A COMPANY LIMITED BY GUARANTEE)**
## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022**
|**Cash used in operating activities**
(a)
**Cash used from investing activities**
Interest income
Purchase of tangible fixed assets
**Cash provided by (used in)**
**investing activities**
**Cash flows from financing activities**
Introduction/(Repayment) of long term borrowing
**Cash used in financing activities**
Increase/(decrease) in cash and
cash equivalents in the year
Cash and cash equivalents at the
start of the year
**TOTAL cash and cash equivalents**
**at the end of the year**
(b)|2022
2021
£
£
**(61,798)**
**(26,382)**
-
-
-
(609)
-
(609)
-
-
-
-
(61,798)
(26,991)
629,176
656,167
**567,378**
**629,176**|
|---|---|
## **(a) Reconciliation of net movement in funds to net cash flow from operating activities**
|Net movement in funds
Add back depreciation charge
Deduct interest income shown
in investing activities
Decrease/(increase) in debtors
Increase/(decrease) in creditors
**Net cash used in operating activities**
**(b) Analysis of cash and cash equivalents**
Cash at bank and in hand
**Total cash and cash equivalents**|2022
2021
£
£
(100,881)
6,567
122
51
-
-
-
-
38,961
(33,000)
**(61,798)**
**(26,382)**
2022
2021
£
£
567,378
629,176
**567,378**
**629,176**|
|---|---|
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## **INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS**
I report to the trustees on my examination of the accounts of Enterprise for Development for the year ended 31st December 2022.
## **Responsibilties and basis of report**
As the charity’s trustees (who are also the directors of the company 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 charity are not required to be audited for this year 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 material matters have come to my attention which gives me cause to believe that:
- accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
- the accounts do not accord with such records; or
- the accounts do not comply with relevant accounting requirements under section 396 of the Companies
- Act 2006 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
- the accounts have not been prepared in accordance with the Charities SORP (FRS102).
I have no concerns and have come across no 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.
Signed:
Date: 22nd May 2023
Independent Examiners Ltd Unit 2 Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF
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