Chaiity Re8tstered Number." 1115306 PRECIOUS SlsfERS REpofff AND FINANaAL sfATEMENTS FOR THE YEAR ENDED 31 IXCEMBER 2024
PREaous sisfERS REPORT AND FINANaAL sfATEtVlEKrs FOR THE YEAR ENDED 31 DECEMBER 20 CONTEiirs Trustees. report Independent examlnerfs raport to the trustees Statsment of flnanclal actlvltles Balanc• sheet 12 Notes to the flnanclal ststements 13 Detalled Income and expendlture account
PREaous SERs REPORT AND RNANCIALSTATEMErirs FOR THE YEAR ENDED 31 DECEMBER 2024 CHARrfY INFORMATION Trustees: Paul Sindair Ichair) Wallace Garland Keith Slei8ht {Secretaryl Sandra Ferrlera Andrea Robottom (Trustee slnce June 2024) Mark Tomlinson (Treasurer) Gerald Maithya Ute 05wald Prlndpal Addres& 331 Cromwell Tower The Barblcan London EC2Y 8N8 Attountanls: Peafce Accounts Llmlted 58 Sermon Drlve Swanley Kent BR8 7HT Bankers: CAF 8•nk Ltd 25 Kln8s Hlll Avenue Klngs Hlll West Malllng Kent ME19 4TA
Page I PRECIOUS SISTERS TrUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present thelr annual report with finandal statements of the charity for the year ended 31 December 2024. STrUCTURE, G0VEftNAN AND MANAGEMENT At the end of 2024. the charity had eight trustees. The full board of trustees met three tlmes durlng the year Imarch. June, Novernberl wlth attendance over MS Teams and In per50n. Durlng 2024 operatlonal respon51blllty for the charlty contlnued to be owned by the NGO based In Kenya (also known as Preclous Slstersl. The full list of tiustees In offlce durlng the year: Paul Slnclalr (Chali). Gerald Maithya (Founder)", MarkTomllnson (Treasurer), Kelth Slelght (Secretary), Wallace G•rland'{Operatlon5 Dlrector), Ute Oswald, Sandra Ferrelra, Andrea Robottom. based In Kenya Andrea Robottom was nornlnated and elected to the baard of trustees at the UK board meetlng In June 2024. The trustees confirm that the Charlty Commlsslon's 4uldan¢e on publlc beneflt h8s been consSdered In decldlng whl¢h actlvltles the charlty should undertake. OBJEcnvES AND ACTIVITIES Preclous Slsters flnds sponsors ftx •odemlc4lly brlght Kenyan glrls from very dls4dvant8ged backgrounds, so they can reeèlve a secondary educatlon. As well as paylng lor the school fees. we provlde mentorlng through all years In school to 8ive the young women we support the best opportunlty to fulfill thelr potential. We work In partnershlp wlth flve Kenyan slate boardlng schools; Preclous Blood Kilungu, Preclous Blood Rlruta, Blshop Gatlmu Ngandu. Starehe Glrls Centre and Maryhlll Glrls Hlgh School. The total numbw of glrls supported each year Is shown In the table below; Year 201S 2016 2017 2018 2019 2020 2021 2022 2023 2024 Glrls Sponsored 93 104 iii 85 90 97 96 In 2024 we sponsored 135 glrl& This is the hlahest number wè have ever supported. Precious Slsters Is not affiliated to any polltical or religious organizatlon. We selert glrls from all ethnl< relbglous and trlbal backgrounds. wlth the ambltlon of supportlng glrls from across Kenya based on thelr academk potentlal.
Page 2 TrusrEES' REpoKr FOR THE YEAR ENDEO 31 DECEMBER 2024 MEASURING suc5$ In Kenya• prlmary school education is free for all thildreft. However. secondary educatlon In Kenya at stste boar(fing sthools requires parents to make a substsntial financial Contribuon to the overall cost. and many of the brightest prfmary puplls onnot affofd to continue their studles. Precious Slsters provides opportunltles to brlght glrls from very disadvantaged backgrounds to fulfill their potentlal by completin8 their secondary education. At the end of the academlc year. final year secondary sthool students slt the Kenya Certlftcate of Secondary Education (KCSE). This examinatlon marks the culrnlnatlon of the girls, secondary educatlon. rather Ilke A Levels In the UK. and the 8rade5 obtained play a fundamental role in eath 8lrl's future. In 2024 the Kenyan Government announced major chan8e5 to the educatlon system. whlth began to be Implemented in 2025. A new national ojrriculum Is being introduced. Free prlmary school educatlon is belng extended by one year. to nlne years. The stste secondary schools we partner wlth, whlch are fee payln& wlll provlde three years of senlor educatlon Instead of four. The results of the KCSE examlnatlon for the aass 012024 were released at the start of 2025. Thlrty two of our Ilrls sat the exams, wlth 100% scoring grade C+ and above thus qualifying for public unlverslty admlsslon. Three qlrls obtalned Grade A's and another seven Grade A-,5. Thls table shows the spread of results. PS Results Summa Sthool Kllun RFruta Gatlmu Stsrehe Ma Total Totsi The proportlon of •ll glrls sponsored sln¢e the Inceptlon of Precious Slsters who have achieved • government sponsored place at unlverslty IS 98%. We ore extremely provd of these results. The overridlng objectfve and arnbltlon of our chaflty rem•lns to give brlght girls from very poor bad(8rounds the opportunlty to fulfill their potentlal. BENEFrrs OF MENTORING Over tlme, we have come to understand that a hlgh level of academlc success at sthool Is dosely Ilnked to our mentorlng programme. This is a unlque aspect of our tharttvs wor Mentoring provides guidance on matters beyond the school currlculum. Our ABC menlorinE programrne fouJse5 on developing Ambltlon. {sein Belief and Commltment. Mentoring is dellvered through events held at the stsrt of each school term. attended all the girfs we sponsor. Each event Is supported by a team of about 50 volunteer mentors and speakers. induding many Preci¢)w Slster5 arnna¢. In 2024 we delivered three mentoring events in January. May and AugusL The work of the charlty In Kenya is managed by our Pro8rnmme Manager. Ann Waweru. supported by Rosemary Wambul our Mentoring Pro8rarnrne Officer. under the dtrection of Wallace Garland our Operations Director and the Pred0ts5 Sisters Kenyan tKld.
Page 3 TrUSfEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 All three mentoring e¥ents were compliant with our saftrguardI poficy. In addit)n, Ann and Rosemary malntsined close contact with the"Precious SisteTS" vJsliln8 them In sthool, encouraging them, coachlng them and building their skills. CLOSING THE LOOP We are extending our support to the young women we sponsor to help them prepare for the transition into universlty and then Into worthwhile employrnenL Our aosing the Loop wogramme provides training to our sdiooi leaver5 and alurnnae to help them prepare for unNersity and work. Topics covered include Life in Unlversity; Careers and Employment: Emottonal Intelligence; Financial Management Mental Health and Relationshlps. We also wovide 5UPPOrt with applications for 5tholarshlps at foreÉgn universitie5, and some work internship eernents. Tlxs is an area that the dwrlty b tooking to develop over tlme. OPERATIONAL ORGAN15ATION The operational management of Precious Sisters continues to be run by our Kenyan NGO lalso calted Precious Sisters). The UK charity board is responsible for the maiorlty of the fundTaisin& while thÈ Kenyan board focuses on the day-t(Hlay operational njnning of the tharity. Two trustees sit on both 8oards enablin8 good co- ordlnatton between the two bothes. RAISING FUNDS In 2024 ralslng funds In the UK contlnued Ihrwh contscts with friends and supporters of the tharlty. Predous Sisters sponsored 135 young women durlng 2024. the hl8hest number we have ever supported. We ralsed funds In the f¢Al¢)wing ways: l. By securing individual sponsors who eath sponsor a named girl. Sponsor and Khoolgirl are able to omrnunkate with eath other by letter. and each sponsor receives a copy of ihe girl's school report and exarnlnation resvlts. We offer ¢fifferent Iv•els of sponsorship: £700 per annum, to cover all costs associated with the 8tr1's education and mentoring or £400 per annum, whith covers the ¢ost of 5th001 fees. l Ad4( donatlons from individuals or cwni1atio in the UK 3. Support from UK Charitable tnsts 4. Gfft Ald recoverles t)n dOnatiOr from UK laxpayers 5. Donations through "Glve as Ilve" djawltsble donation website and slmilar platfom 6. Donatlon5 through our Ken NGO
Pa8e 4 PREaous &sfERS FOR THE YEAR ENDED 310ECEMBER 2024 SAFEGUARDING POUCY As a responsible charlty, deafmg with the educatlon of youry wornen, we do everythlng posslble to mlnlmtse the rlsk of harm lo the chlldren that we sponsor. mentor and supporL usslsters.o Our Safeauardln8 Pollcy b 4vaHable to eW on our webstte: bl1p1l and Due to hel8htened publk awareness of thls Issue and the Importance of ensuTln8 the salety and well belng olthe glrls we sponsor. safeguardlng ts on every full UK 8oard meetin8 agenda, as a sltuation revlew. The charlty revlews Its safeUardIn8 pollcy annually and ensures th•t safeuardlng documenlatlon relatlng to Its mentQTlni events In Kenya Is up to date. We have also reviewed the safewarrfin¢ polldes of the sd01$ whkh our alrts attend to ensure that they conshtent and all In alnment with those of the Charlty. RISKS The key rlsks identlfied for Prectous Slsters •re set out below. Tl*se are Tecognized and accepted risks which we eontlnualfy work to mlnlmlze by takln8 the approprlate actlons to mlJ8ate them. The selectlon of •pwoprl•teiiTls for fvndin8 is rnltyt through a pnxess whlch has been further reflned and Improved over the years. followi an overhaul of prdureS In 2013. In addltlon to a set of clearly defined entrance crlterla, application forms artd back8round checks, and regular dlalogue between Wallace Garland aod the Head Teachers of the flve schools wlth whlch we work, we now condurt two rounds of Interylews in order to Khleve a more robust selectlon process, as well Inter¥lews wlth parents and 8uaidl•ns. The over-rellance of five Kenyan Sch¢1$ upon Preclous Ststers for fundlng Is rnltlgatsd by the fact that we Ilmlt the number ol8Srls receMn8 our support in any one sthool to a maxlmum of IO% of 411 puplls of the school. We safeguard ag8lnst the potential rlsk to our glrls frorn the adults who Interact wlth them by means of our safeguarding pollcy (see above). All mentors are required io read and sign this policy before each mentOn event. The lack of predlctable tTrcome streams is mltleated by spreadlry our fundralslng efforts Kross a large number of individual donors. trust donorsi grants and fundralsSng events, as well as by ensurlng the maintenance of oui resep•es poll¢y. whlch sees us hold on account a Sum of money equivalent to one yeafs overhead requlrement and the cost ol sthool fees for all our 81rfs untll the end of thelr sthoollni. The appropriats management of our charitys funds Is ensured by our Treasurer. a Chartered Aountant and by our use of pear Aett4unts COrulne¥ Services Urnlted. The unpredictable nature of the exchange rate of the UK Stertln8 relatlve to the Kenyan Sbllllng due to the volatlllty of the foreign exchange markets wlth relative uncertalnty surroundin8 the markets due to current Inflallonary pressures as well as other wd event
Paae S PREaou5 sisfERS FOR THE YEAR ENDED 31 DECEMBER 2024 FINAf4aAL REVIEW DuriTrg 2024, Preclous kn rdised i)ver £135.(KK) from its sourw of donations (see above). Thls compared to over £97.000 in 2023. The charlvs eXpendIre was £90.189 during t year, compared wlth £70.366 in 2023. £39,210 was used to pay the school fees and £8,101 was spent on mentorlng events and alumnl to enable girls to complete appllcatlons and study during the period between 5th001 arml university. The Programme Manager and Mentoring Piogirnme Officerfs costs amounted to £3LIS4. Bank charges. fees and foreign exdwnge adjustments amounted to Q712. Governance wsts were £1,267 for 2024. The surplus of income over expenthture came to £45.306 compared to a surplus lastyear of £27,126. RESERVES POUCY The charity held £224,135 in a General Reserve at the end of the year. In the 2024 finandal year these reserves have remained in the Preclous Sisters bank and fixed rate deposit accounts earning interesL Our re5enw policy Is to hold sufficient funds to cover one yearfs overhe?d requirement and the cost of school fees for all gifls currently sponsored until the end of their sthooling. The current level of Reserve515 sufficient to comply wlth the policy. KEY AREAS OF FOCUS FOR 2025 We as the UK Board have declded to rnaintsin the number of girls we support at approximately 100-120. The 8oard would Ilke to focus on providing high quality support indu(fin8 mentorln& rather than on 8rowln8 the totsl number of students Sponsored. We reco8nize that twr 4rnnae are stlll in need of our support as they progress frorn secondary education to unlversity and then into the world of work. The Trustees feel it is approprlate to support our alumnae until they are in employment. We have called this proEramme"aosing the Lorf. Thls initiative was launthed in 2021. The pro8ramme Offe tralning and mentorin8 to our school leavers and alumnae. sUPPOrt with applications for stholarships at forelgn universitles. and some work intemships.
Page 6 PRECIOUS SISTERS FOR THE YEAR ENOED 31 DECEMBER 2024 PRIORrnES FOR THE FUTURE Continue to support the clrls within the aims and objectives of Precious >e(s. Malntain our rnent0ri progfamme. Continue to develop and refine the"aoslng the loo Wogfamme for our alumnae. Attract more individual sponsors and Sere rnOTe I-terffl income from charftable trusts and grants. Endeavour to achieve other potential sources of fvndin& Maximize revenues from the rnulti-tiered sponsorship offer• giving donors the possbility of contributinE £700 per glrl per year {or rnorel, whilst malntalnln8 lower level contribulions as well. Ensure we adapt our offering to the thae$ in the Kenydn education sy5tern being implemented In 2025 and beyon TRUSTEES RESPONSI8ILmE5 The Trustees are responsible for preparing fmanclal ststements for each finandal year which gwe a true and falr vlew of the charitys financial actiwties during the year and of its finanaal posftion at the end of the year. In preparing those financial ststements theTrustee5 are required to: select suitable policies and the apply them con5btently.' D make judgements and estlmates that are reasonable and prudent: O follow apicab accountlng slandards. sutyectto any materlal departyres disdosed and explalned in the accounts: D wepare the finandal ststements on the going concern basis unless It is Inappropriate to presume that the charity will ntinue in business. The Trwtees are responslble for keeplng adequate accounting recoTrts that are suffiaent to show and explaln the charlvs transathon5 4fKI disclose with reasonable accuracy at any time its financial position and to enable them to ensure that the financlal statements compty wlth the regulations made under the Charitie5 Act. ThLy are also responsible for safeguarding the assets ofthe tharity and hence for tsklng reasonable steps for the prevention and detertion of fraud and other irregular1t. Thls Reportwas approved by a Trustee on behalf of the board on 21/5sZzoZ ar slgned by Paul Slndalr Chalrnian and Trustee
Page 7 Ir4DEPENDEKf EXAMINERY REpoKfTO THE TRusfEES OF PREaous sisfEILS FOR THE YEAR ENDED 31 DEMBER 2024 I have examined the financial ststements on p4es 8 to 13. Thesè financial statements have been prepared under the hlstorlcal cost convention and the accounthK poreS set out thereln. Respective responsll)ilfties the tntee5 and examlner The Tru5tees' responsibilitles for preP1ng the Annual Report and Ihe finanoal 5tstements in accordan wlth appCable law and Unlted ngdorn Accounting Standards are set outln the Staternent of Trustees Responslbilities. The tharit5 Trustees cOnder that an audit is not required lor this year urKler sectlon 14q21 of the Charltles Act 2011 and that an independent examinatSon is needed. It Is my responsibility to: examlne the accourts under sectlon 145 of the 2011 Act to follow the prlxedures laid down in ihe General Directions given by the tharitles Commlssloner under sertion 1451$1(b) of the 2011 Act: arKI to state whether partiojlar matters have come tr• my attention. Basls of oplnlon My examinatlon was carrled out in accordance with the General Directions eiven ty the Charlty Commissloner. An exarnination Indudes a review of the accountlng records kept by the charity and a comparison of the accounts presented with those records. It also indudes consideratlon of any unusual items or dlsdosures in the accounts, and the seeking ofexplanation5 from you as trustee concerning any such matters. The procedure5 undertaken do not provide all the evideno thatwoubj be requlred in an audlt and. consequendy no oplnlon15 glven as to whether the accounts present a 'true and fair vievl and the rewt is Ilmlted to those matters set out in the statement below. Independent examlnerf5 Statemwrt In connectlon wlth my examlnatiorn no matter has come to my attentlon: whlth Elves me reasonable cause to believe that In any matefial respe¢ the requirernents: la) to keep accountin8 records in accordan with section 130 of the 2011 Act; and Ib) to prepare accounts whTch a¢mrd wlth the accounting records to comply wlth the accounting requlrements of the 2011 ACL. have not been rne¢" or to which. in my oplnbn. attention should be thawn In order to enable a proper understanding of the accounts to be reached. Debbie Pearce Pearce Accounts Limited Chartered Certlfled Accountsnts 58 Sermon Drive 5wanley Kent BR8 7Frr Dated: IS.0 s .ioZ5
Page 8 PRECIOUS sisfERS STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 31 December 20Z4 Unre¥lrlrt•d ReJtrl¢led Total JI December 2023 Tot•1 Fundi Funth INCOMING RESOURCES Voluntary Income Incomlng resources from chirltsble actlvltles Investment Income 39,094 87,963 6,438 39.094 2,000 89963 6,438 36,728 57,657 3,107 Fundralslng TOTAL INCOMING RESOURCES 133,495 2,000 135,495 97,492 RESOURCES EXPENDED Chirltsble actlvltl 88351 1,267 571 88,922 1,267 69,IS7 1,209 Governincecosts TOTAL RESOURCES expENDED 89,618 571 90,189 70,366 Net IncomInouOIn8 resources 43,877 IN29 45,306 27,126 Totsl funds brought folrd 180.258 16,067 196,325 169,199 Totsl funds carrled forw•rd 224,135 17,496 241,631 196,325 The StY4tement of Flninaal Actlvltles Includes all 8ains and losses In the year. All Incoming and expended resources derive from contlnulng artivltles.
Pa8e 9 PREaous SMERS AS AT 31 DECEMBER 2024 2024 2023 Not CURRENfASSETS Debtors Cash atbank and In h•nd 46990 251387 298377 32543 213.159 245.702 CIIEDITORS: Awwnts hlllne due wlthln oneyr 56,746 49?77 NAssETS 241ffi31 196325 FUNDS Restrlcted Funds 17A96 224,135 16P67 180,258 General funds 241fi31 196,325 Approved by the Board of Trustees on 1 /' 8Z2o2S and signed. fy< Paul Sinclalr Chairrnan arKI Trustee
Page 10 NOTES TO THE FINANCIALSTATEMENT5 FOR THE YEAR ENDED 31 DECEMBER J114 ACCOUPfflNG POUaES Bas1$ of preparatlon of Ilnand•l statements The Fmanaal Ststements are prepared In accordan wlth Accounting and Reportlng by Charltles.. Statement of Recommended Practlce appllcable to charlties preparlng thelr accounts in accordance wlth the Financlal Reportlng standard appllcable in the UK and Republlcof Ireland (FRS1021 leffectlve ljanuary 2015)- (Charltles SORP IFRS10211, the Finanaal Reporting Standard applicable ITh the UK and Republlc of Ireland {FRS102}. The fln•ndal ststernents are prepared, on a gokng concern basls, under the hlstorfcal cost conventlon. The chaTIty meets the definltlon of a publlc benellt entity under FRS 102. Assets and Ilabilltles are Inltlally recoanised at hht¢)rlcal cost or transKtlon value unless otherwlse stated In the relevant accounting policy rlote. Grnnts and don•tlons Revenue grants and donatltsns are credited to the Statement of Financial Acti¥itles on the earlier date of when they are recel¥ed or when they are receivable. unless they relate to a $pe¢lfi¢ future perfod, In whlch c•se they are Induded in credStors on the Balance Sheet as Income recelved In advance to be reco8nised in the futuie accounting period. Glft •ld T•x reclalrns on 81ft aid are inchjded In the ac¢(wJnts when they are recelved or when the amount recefvable 1$ known wlth cerlalnty. Interest recelved Investrnent Income Is recognlsed ort a recelvable b1 L5 Resources empended Expendlture Is recognlsed when a Ilabllity Is inCued wlthln the charltsble objects and Is dassSfled between charltable acllvltles arml aov¢rnance ¢osts in accofdance with SORP 2005. Forelgn currencles Transactions in foreien currency are recognlsed at the exthange rate pr•vallh)g at the d•te of the transact10 any gain or loss arising is separatety shown wlthln the tncome and empendliure accounL V•lue Added Tax Value added tax Is not recoverable by the th•rity and as suth is Induded In the relevant costs in the Statement of Flnandal ktlvitles. R¢strfcted funds Restricted funds are to be used lor the purposes spedfied by the donor. Income and related expenditure whlch meets these criterla Is identllled to the fvn(L UThrestrfded funds Vnre5tricted funds are yants, donatlons and other Iorne rKelved OT generated fol the objects of the tharity wlthout further specified purpose aNI b avalkble as general fvnds. l.lo Dul8nated lunds/end¢y¢mxrtfunds Oesignatedlendowment funds are unrestrlcted funds set aside by the Truste&s for spedfic purposes.
Page 11 PREaous sTERs NOTES TO THE FINANaAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 i.ii Llabllltles Liabilltles are recoBnised where a legal obllgatlon to transfer economlc benefft exists. srAFF COSTS 2023 Staff costs durlng the perlod: Salarles and wages Penslon costs Medlcal Insuran 28,176 1,862 21,948 1,681 829 The average number of employees during the period was 2 (2023-2). TRusfEE REMUNERATION AND EXPENSES No romuneratlon was pald to any Trustee during the period nor were any expenses reimbursed to them. DEBTORS 2024 2023 Sponsor debtors Glft ald 1475 2,150 CREDITORS: Amounts falllng due wlthln one year 2024 Deferred Income. PAYE Accruals 55,413 733 600 48,250 527
Page 12 PRECIOUS sisfERS NOTES TO THE FINANaAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 FUNDS Balancè at Income Expondlture Transfers 841oll¢• 4t YI D¢(*mber 2024 l January 2024 Restrlrt•d Funds ao$ln8Thè lJ¥op 16.067 2,000 571 17h96 Total 16,067 2,000 571 17,496 Unrojtrlcted aeneral 180,258 133,495 89,618 224.135 Tot fund• 196325 135 495 241,631 Restrlcted Funds Closlng The Loop was a grant recelved with • restrlcted purpose ta provkle support to the glrls who have been sponsored by Prec10 Slsters through thelr secondary school educatlon as they prepare for •nd experlence Ilfe at unlversity.
Page 13 PRECIOUS SISTERS NOTES TO THE FINANaAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2024 INCOME AND EXPENDITURE Accourir 2024 2023 INCOME Indlvldual sponsors Grants recelvèd Interest recelved Glft¥ld Don•llgns 73.632 2,000 6.438 14,331 39,094 53,108 3,107 4,549 36,728 TOTAL INCOME 135A95 97h92 £XPENDmJRE Ch•rlt4blo 4rtl¥lths School feqs Mentorln8 co$ts and support prlor to unlverslty IT Equlpment Alumnl expenses Travelllng o(pen$es NITAIHousln8 levy Salarles Penslon costs Medlcal Insurance Offlce &¥penses Bank chari Just glvlngfee Forel8n •xehange loss Telephon¢ Stsdonery and prlntlni Computer and offlce expenses Subs¢rlptlons Insurance Consultsncy 39.210 6376 990 28,855 3,180 735 3,486 950 2,128 2,823 239 21,948 1,681 829 28,176 1,862 1,116 382 271 217 iii 351 317 4fi52 395 2,250 832 452 604 464 575 967 224 431 rjovornano tosts countsncy Audlt fee 600 61JO 667 609 TOTAL tXPENDrniRE 90,189 70A66 SURPLUS FOR THE FINANCIAL YEAR 45A06 27,126