## **ENTERPRISE FOR DEVELOPMENT** **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025** **CHARITY REGISTRATION No: 1143851** **COMPANY REGISTRATION No: 07740926** Independent Examiners Ltd The Grain Store Hills Barns Appledram Lane South Chichester, West Sussex PO20 7EG 1 ## **ENTERPRISE FOR DEVELOPMENT** ## **(A COMPANY LIMITED BY GUARANTEE)** ## **CONTENTS** Page 3 Pages 4 to 7 Page 8 Page 9 Page 10 Pages 11 to 15 Page 16 Legal and Administrative Information Report of the Directors Independent Examiners Report to the Trustees/Directors Statement of Financial Activities Balance Sheet Notes to the Financial Statements Cashflow Statement 2 ## **ENTERPRISE FOR DEVELOPMENT (A COMPANY LIMITED BY GUARANTEE)** ## **REPORT OF THE DIRECTORS** ## **FOR THE YEAR ENDED 31 DECEMBER 2025** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **CHARITY NAME CHARITY NUMBER COMPANY REGISTRATION NUMBER START OF FINANCIAL YEAR** Enterprise for Development 1143851 07740926 1st January 2025 ## **END OF FINANCIAL YEAR** 31st December 2025 **TRUSTEES THAT SERVED DURING THE YEAR TO 31 DECEMBER 2025 (ALSO DIRECTORS UNDER COMPANY LAW)** Dr K Palmer Mr T Yapp Ms E Wilson Mr M Cooper Mr A MacCormack ## **REGISTERED ADDRESS** The Farm Rettendon Place Chelmsford Essex CM3 8DR ## **DATE OF INCORPORATION GOVERNING DOCUMENT BANKERS** 15th August 2011 Memorandum and Articles of Association Lloyds Bank Plc ## **INDEPENDENT EXAMINERS** Independent Examiners Ltd The Grain Store Hills Barns Appledram Lane South Chichester, West Sussex PO20 7EG 3 ## **ENTERPRISE FOR DEVELOPMENT** ## **(A COMPANY LIMITED BY GUARANTEE)** ## **TRUSTEES' ANNUAL REPORT** ## **Introduction** The trustees present their report and financial statements for the year ended 31 December 2025. 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 improve the lives of those on low incomes and have potential to scale. It achieves its goals by: - Providing targeted grants to support public benefit components of sustainable enterprises with the aim of generating significant pro-poor benefits for those on low incomes in Africa; - 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 Africa and those in other countries with similar aims; - Fund research to investigate the strengths and weaknesses, benefits and costs of innovative models of sustainable private and social enterprise; - 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 paid due regard to its guidance in deciding which activities the charity should undertake. ## **Achievements and performance** The highlight of the year was the completion of first financial close for the **Resonance Enterprise Investment Fund (REIF)** , a groundbreaking social investment vehicle in the UK. EfD committed £100,000 as a Type 2 mezzanine investor alongside Ceniarth Foundation (£300K) and Unity Trust Bank (£1.2M), 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 Café. 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's 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 2026-27. 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's black soldier fly larvae (BSFL) 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's 2022 grant funding for their Clinical Decision Support System, Penda conducted the largest-ever study of clinical AI in actual practice, analysing 40,000 patient visits across 15 clinics. The results demonstrated a 16% reduction in diagnostic errors and 13% reduction in treatment errors, with the potential to prevent diagnostic errors in 22,000 visits and treatment errors in 29,000 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. 4 ## **ENTERPRISE FOR DEVELOPMENT (A COMPANY LIMITED BY GUARANTEE)** ## **TRUSTEES' ANNUAL REPORT (Continued)** ## **Achievements and performance (Continued)** Building on this success, EfD approved a further $50,000 grant to scale BP Sawa, Penda's 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's 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 200,000 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 1,400 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 5,000 mothers and babies in the Sengerema District. This initiative will integrate PROMPTS into telehealth and transportation programmes focused on infants. These expansions demonstrate Jacaranda's 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 100,000 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. ## **Financial Review** Unrestricted year-end balance was £555,997, £65,834 more than last year. The Charity aims to have 6 months reserve in the value of £15,000 and the reserves value is reviewed annually. 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 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. 5 ## **ENTERPRISE FOR DEVELOPMENT** ## **(A COMPANY LIMITED BY GUARANTEE)** ## **TRUSTEES' ANNUAL REPORT (Continued)** ## **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. 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. ## **Statement of Responsibilities** The trustees (who are also the directors of Enterprise for Development for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees 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 charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and apply them consistently. - ▪ observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent. - state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 6 ENTERPRISE FOR DEVELOPMENT (A COMPANY uMrrED BY GUARAiifEE) TRiisfEES' AMPIUAL REPORT (Contlnued) St•tement of Responslbllttles (Contlnued) Sm•ll ¢ompanl*J provlslon sl•t¢ment This report ha5 been prepared In accordance wlth the small companie5 reglme under the Companles Act 2006. roval The annual report was approved by the trustee5 of the tharlty and $1gned on Its behalf: D?te'. Slgned.. Prlnt Narne: ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ENTERPRISE FOR DEVELOPMENT** I report to the charity trustees on my examination of the accounts of Enterprise for Development for the year ended 31st December 2025 set out on pages 9 to 16. ## **Responsibilities and basis of report** As the charity’s trustees of Enterprise for Development (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 Enterprise for Development 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 Enterprise for Development 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. Zita Derbak MAAT AATQB Sign: Independent Examiners Ltd The Grain Store Hills Barns Date: 05.03.2026 Appledram Lane South Chichester, West Sussex PO20 7EG 8 ## **ENTERPRISE FOR DEVELOPMENT** ## **(A COMPANY LIMITED BY GUARANTEE)** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025** |Notes
**Income**
Income from investment
2a
Donations and legacies
2b
**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
2025
2024
£
£
£
£
£
3,883
-
-
3,883
15,282
125,000
-
-
125,000
-
128,883
-
-
128,883
15,282
64,285
-
-
64,285
24,455
64,285
-
-
64,285
24,455
64,598
-
-
64,598
(9,173)
-
-
-
-
-
64,598
-
-
64,598
(9,173)
-
-
-
-
-
64,598
-
-
64,598
(9,173)
490,163
-
-
490,163
499,336
554,761
-
-
554,761
490,163| |---|---| 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 11 to 16 form part of these financial statements. 9 ENTERPRISE FOR DEVELOPMENr (A COMPANY UMITED BY GUAIiAp¥fEE) tho.: 07740926 BALANCE SHE AS AT 31 DECEMBER 2025 Unrestrfcted De51gnoted Re5trfcted FuThJs Fund5 Funds 31-Dec-25 3J-Dec-24 Totsl Total Tangible assets 70 70 192 Debtors Cash at bank ant1 In hand Tot81 Current Assets 179,390 379,005 558.395 179,390 379.005 558,395 79.390 411,595 490,985 Creditors.. amounts lallSng due wlthln one year (3.704) 13,704) 11,0141 NET CVRRENf ASSErs 554.691 554,691 489,971 TOTAL ASSETS l•u curr•nt Ioabllftl 554.761 554,761 490,163 Credltors: amounts fallsng due In mor• than one year NeT AsseTS 554,761 554.76L 490.163 General Funds Deslgnated Funf1s Restrlcted FuTh4s 554,761 554,761 490,163 490.163 For Iht financlèl year ended 31st December 2025 the charfty was entitled to exemptK)n from audr( under section 477 of the Companle5 Act 2006 relatlna to srnall companles. Dlrectorn. ruponilbllltlu: The rnembers havè not requlred the Company to obtaln an audlt of its accounts for the par In questlon In accordance wlth sertlon 476 or the Companles Act 2006. • The d1￿ctOrS acknowledge thelr ￿ponSIbIlIty for complylng wlth the Nulrwnents of the Art wf(h respect to attountlng records and the preparatlon of attounts. These flnanclal statements have l)een prepared In accordante wlth the spedal provlslons relatlng to companles subject to the small companles reglme w￿h1n Part 15 of the Companbes Att 2TrJ6. The nnanclal statements on pages 9 to 16 were approved by the trustees. and authorised for tssue '. Approved by the Dlrectors on the Signed on their behalf by ... Prlnt Name.. Jo ## **ENTERPRISE FOR DEVELOPMENT (A COMPANY LIMITED BY GUARANTEE)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **1.1 Charity Status** The charity is limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation. ## **1.2 Accounting policies** ## **Summary of significant accounting policies and key accounting estimates** The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. ## **Statement of compliance** The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011. ## **a.) Basis of preparation** 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. 11 ## **ENTERPRISE FOR DEVELOPMENT** ## **(A COMPANY LIMITED BY GUARANTEE)** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025** ## **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. ## **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. 12 ## **ENTERPRISE FOR DEVELOPMENT (A COMPANY LIMITED BY GUARANTEE)** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025** ## **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. |**2. INCOME**
a) Income from Investments
Interest earned
b) Donations and legacies
Donations
Gift Aid received|Unrestricted
Designated
Restricted
TOTAL
TOTAL
Funds
Funds
Funds
2025
2024
£
£
£
£
£
3,883
-
-
3,883
15,282
3,883
-
-
3,883
15,282
100,000
-
-
100,000
-
25,000
-
-
25,000
-
125,000
-
-
125,000
-| |---|---| **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
Penda Health Grant Funding|Unrestricted
Funds
£
17,452
406
1,133
122
37,882
7,126
47
117
64,285|Designated
Restricted
TOTAL
TOTAL
Funds
Funds
2025
2024
£
£
£
£
-
-
17,452
16,293
-
-
406
5,018
-
-
1,133
1,021
-
-
122
122
-
-
37,882
-
-
-
7,126
1,482
-
-
47
272
-
-
117
247
-
-
64,285
24,455
Institutions
Individuals
2025
2024
£
£
£
£
37,882
-
37,882
-
37,882
-
37,882
-| |---|---|---| |a) ii) Analysis of governance costs
Independent examiner's fees
Legal and professional costs|2025
2024
£
£
1,215
1,031
5,911
451
7,126
1,482| |---|---| 13 ## **ENTERPRISE FOR DEVELOPMENT (A COMPANY LIMITED BY GUARANTEE)** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025** |**4. TANGIBLE FIXED ASSETS**
Cost
01-Jan-25
Additions
Cost at
31-Dec-25
Depreciation
01-Jan-25
Charge
Disposals
Depreciation at
31-Dec-25
Net Book Value
31-Dec-25
Net Book Value
31-Dec-24|Computers
Total
£
£
609
609
-
-
609
609
417
417
122
122
-
-
539
539
70
70
192
192| |---|---| Operating leases and capital commitments: There are no capital commitments ending over 12 months after the balance sheet date. |**5. DEBTORS AND PREPAYMENTS**
Chanzi Investment Loan
REIF
**6. CASH AT BANK AND IN HAND**
Current accounts
Deposit Account
Accruals
HMRC PAYE and NI
NEST pension
Wages
**7. CREDITORS AND ACCRUALS: AMOUNTS**
**FALLING DUE WITHIN ONE YEAR**|Unrestricted
Restricted
Total
Total
Fund
Fund
31-Dec-25
31-Dec-24
£
£
£
£
79,390
-
79,390
79,390
100,000
-
100,000
-
179,390
-
179,390
79,390
Unrestricted
Restricted
Total
Total
Fund
Fund
31-Dec-25
31-Dec-24
£
£
£
£
179,005
-
179,005
111,595
200,000
-
200,000
300,000
379,005
-
379,005
411,595
Unrestricted
Restricted
Total
Total
Fund
Fund
31-Dec-25
31-Dec-24
£
£
£
£
1,056
-
1,056
1,014
90
-
90
-
-
-
-
-
2,558
-
2,558
-
3,704 - 3,704 1,014| |---|---| 14 ## **ENTERPRISE FOR DEVELOPMENT (A COMPANY LIMITED BY GUARANTEE)** **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025** ## **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. ## **10. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT** |Gross Wages and Salaries
Employer's National Insurance Costs (net of employers annual allowance)
Employer's Pension Costs|**2025**
**2024**
**£**
**£**
17,125
16,000
-
-
327
293
17,452
16,293| |---|---| The monthly average of employed staff was 1. Staff are paid through the PAYE system. No employees received emoluments in excess of £60,000 (2023: 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 Nil.(2024: Nil) The charity offers a workplace pension scheme and enrolled all eligible employees. Employer contributions have been budgeted for and £327 of contributions were paid on behalf of 1 employee during 2024 in accordance with legislation.(2024: £293 paid to one employer) ## **11. TRUSTEES AND OTHER RELATED PARTIES** In 2024 a total amount of £7,259 was paid to Dr K Palmer, trustee and his wife in the financial year. This cost relates to expenses paid on their behalf for their travel and accommodation cost when they visited Africa to carry out their responsibilities in relation EfD projects in the area. No other material transaction took place between the organisation and a trustee or any person connected with them. (2025: Nil) In 2025 Mr K Palmer donated £100,000 to the charity towards the Resonance Enterprise Investment Fund in the financial year. ## **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. 15 ## **ENTERPRISE FOR DEVELOPMENT (A COMPANY LIMITED BY GUARANTEE)** ## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025** |**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)
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**
**(a) Reconciliation of net movement in funds to**
**net cash flow from operating activities**|**2025**
**2024**
**£**
**£**
**(36,473)**
**(105,053)**
3,883
15,282
-
-
3,883
15,282
-
-
-
-
(32,590)
(89,771)
411,595
501,366
**379,005**
**411,595**
**2025**
**2024**
**£**
**£**
64,598
(9,173)
122
122
(3,883)
(15,282)
(100,000)
(79,390)
2,690
(1,330)
**(36,473)**
**(105,053)**
**2025**
**2024**
**£**
**£**
379,005
411,595
**379,005**
**411,595**| |---|---| 16