Commerclal In Confidènce Registered charity no 1137950 Company no 07291653 THE ANDREW GRENE FOUNDATION (UK) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
Commercial in Confidence THE ANDREW GRENE FOUNDATION (UK) LEGAL AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 JUNE 2024 Company number: 07291653 Charity reglstratlon number: 1137950 Princlpal office: Nimlok House 45 Booth Drive Park Fan WELLINGBOROUGH Northamptonshire NN8 6NL Trustees: Mr T Perutz Mr G Grene Mr N Grene Bankers: Natwest 8ank PLC Market Street WELLINGBOROUGH Northamptonshire NN8 1AD Solicitors: Edwin Coe LLP 2 Stone Buildings Lincolns Inn LONDON WC2A 3TH Independent examlner: Edward Wilson 43 Top Lock Meadows STAMFORD Lincolnshlre PE9 3FF
Commerclal Sn Confldence THE ANDREW GRENE FOUNDATION (UK) INDEX FOR THE YEAR ENDED 30 JUNE 2024 PAGE Reporl of the Trustees Independent examinor's report ststement of flnanclal activities Balanc• sheel 10 Not•s to the flnancial stat•mants
Commercial in Conflden THE ANDREW GRENE FOUNDATION (UK) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 The Trustees present their report together with financial statements for the year ended 30 June 2024. Structure. governance and management The Andrew Grene Foundation (UK} ("AGF°) is a company limited by guarantee, incorporated in England and Wales, and is governed by Articles of Association dated 21 June 2010. Trustees The Trustees. who are also directors of the charitable company for the purpose of company law, who served the charitable company during the year were as follows: Mr Timothy Perulz Mr Gregory Grene Mr Nicholas Grene Th8 first Trustees were thos8 persons first notified to Companies House as the first Trust8es of thè charitable company. Subs8qU8nt Trustees may be appointed by ordinary resolution or by appointm8nt by the existing Trustees. Risk assessment The Trustees have assessed the malor risks to which the charitable company is exposed. The Trustees have a formal risk management process to assess the business risks and implement risk management strategies. This involved identifying the types of risks the charitable company faces, prioritising them in terms of potential impact and Ihe likelihood of occurrence and identifying means of mitigating the risks. As part of this process the Trustees have reviewed the adequacy of the charitable company's current internal controls. The Trustees are pleased to report that the charitable company's intemal fi'nancial controls, in particular, comply in all relevant areas with the guidelines issued by the Charity Commission. Objectives and activities In accordance with its Articles the charitable company's principal objeGlives are the prevention and reliefof poverty in Haiti and the advancement of education amongst children and young people in Haiti. Page 3
Commercl)I In Confiden THE ANDREW GRENE FOUNDATION (UK) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 Achievements and performance The Andrew Grene Foundation aims to provide the possibility of transformational change to individuals in Haiti through its projects in education and microfinance. The Foundation is named in memory of Andrew Grene, who worked in Haiti as part of the United Nations peacekeeping mission and died there in the earthquake of 2010. Despite continued severe political, security and economic challenges in Haiti over this reporting period. the Trustees are very pleased to report continued operations and strong performance of the Foundation's secondary school and microfinance operation. The trustees are grateful to the foundation's exceptional local partners who have worked with courage and focus to deliver continued SucsS against significant external headwinds. The An The Foundation built a secondary school in 2011. the Andrew Grene High School, in a part of Port au Prince Ihat previously had no secondary school. The Foundation works closely wlth the school's local management, who have responsibility for day-to-day operations. The foundation covers more than 90°/0 of the school's operatin9 expenses with student fees making up th8 balance. The Foundation's objective is to build a "light house" institution providing the highest quality educatlon to its students. We believe we are achieving that objective. rew Grene Hi h School In the academic year 202312024 the school had 237 full time students. Exam results were again exceptional wilh 92.80/0 of final year students passing the baccalaureate, compared to the Haitian national average of 49.4 % The Foundation continued to award University Scholarships to the School's most promising graduating students enabling them to continue their further education. During this period the total number of former students being fully sponsored through University was 13 {7 by the Foundation and 6 by external donors). The Andrew Grene branch of Fonkoze The Foundation has a partnership with the well-respected Haitian microfinance organisation, Fonkoze. In 2012 the Foundation financed the construclion of the Andrew Grene branch of Fonkoze in Aquin. on the south coast of Haiti, an area not previously well served by micro finance. The branch is an important part of the local community. and in the year to June 2024, provided small loans to more than 1.694 clients (Solidarity. Business Development and SME} and had 4,404 Savings accounts, (Regular and Term Deposits) for very poor local women. The branch also provides classes in literacy. numeracy and basic business skills. In August 2022, a 7.2 magnitude earthquake hit southern Haiti close to Aquin. The Foundation's premises were badly damaged in the earthquake. but operations continue from a converted shipping container. During this reporting period we w8r8 able to install a solar system for the Aken branch before the roads became completely inaccessible. This has provided significant relief in terms of fuel expenses for the branch. We remain committed to our misslon and are preparing to respond to the community's needs once the county moves into recovery mode. Page 4
CommercSal In Confidence THE ANDREW GRENE FOUNDATION {UK) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 Achlevements and pertormance (continued) Financial Summa In the year to June 2024 the Foundation generated total gross funds of £143,022 (2023: £151,752). During the year the Foundation deployed £44,149 (2023: £86.240> on the above projects. Surplus funds are held in r8s8rve for the Foundation's Endowment. The purpose of the Endowment is to provide security that th8 Foundations commitments and obj8Ctives can continue to be met over the long run. The Trustees report that the Foundation's administration, marketing, trav81 and other running costs during this period, continued to be covered by a donation from P3 Group Europe Ltd. The Trustees are very pleased and grateful that P3 Group Europe Ltd has pledged to undemrite worldwide expenses again in 202312024. This 8nables the Foundation to continue to deploy 1000/0 of funds received directly to its projects on the ground. The Trustees are encouraged by the stsbility and continued success of Its projects despite the multiple challenges facing Haltl at this time. The foundation remains firmly committed to Haitl and provldlng the support its projects need in order to advance the objective of making a meaningful long-term difference to the lives of those it serves. Assats The assets are held in pursuance of the charitable company's objectives. The net assets of unrestricted funds amounted to £254,784 as at 30 June 2024 (2023: £248.723). Reserves pollcy Unrestricted reseNes at 30 June 2024 amount to £254,784 (2023: £248,723). There were no restricted reserves at 30 June 2024 and 30 June 2023. Reserves are held to provide security 80 that the Foundation's commitments and objectives can be met for the foreseeable future. The Trustees expect th8se funds to be largely exp8nded in future years. Publlc benefit In accordance with its Articles the charitable company provides public benefit by using funds raised in schemes and projects established for the prevention and relief of povety in Haltl and the advancement of education amongst chlldren and young people in Haitl, without restriction. The Trustees confirm that they have referred to the guidance contained In the Charity Commission's general guidance on public benefit when revi8wing the charitable company's aims and objectives and in planning future activitl8S. Statement of Trustèés. rasponslbilities The Trustees (who are also directors of The Andrew Grene Foundation (UK) for the purposes of company law) are responsible for preparing the Report of the Trustees, and the financial statements in accordance with applicable law and regulations. Page 5
Cornmercial in Confidence THE ANDREW GRENE FOUNDATION (UK) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 Statement of Trustees, responsibllltles (contlnued) Company law requires the Trustees to prepare financial statements for each financial year. Under that law, the Trustees have elected to prepare financial statements In accordance wlth Unlted Klngdom Generally Accept8d Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the Trustees must not approve the financial statements unless they are satisfi8d that they give a true and fair vlew of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial ststements, the Trustees are required to.. select suitable accounting policies and then apply them consistently observe the methods and principles in the Charities SORP FRS102 make judgements and estimates that are reasonable and prudent prepare the financial statements on the going conc8rn basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and 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. In preparing this report. the Trustees have taken advanlage of the small companies exemption in Part 15 of the Companies Act 2006. ON BEHALF OF THE TRUSTEES T Perutz Trustee Date: Page 6
Commercial in Conhdence INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ANDREW GRENE FOUNDATION (UK) I report on the accounts of The Andrew Grene Foundation (UK) for the year ended 30 June 2024 which are set out on pages 9 to 16. This report is made solely to the charitable company's Trustees. as a body, in accordance with the regulations made under Section 154 of the Charities Act 2011. My work has been undertaken so that I might state to the charitable company's Trustees those matters l am r8quir8d to state to th8m in an independent examinerfs report and for no other purpose. To the fullest extent P8rmitted by law, I do not accept or assume responsibility to anyone other than the charitable company and the charltable company's Trustees. as a body, for my work. for this report. or for the opinions I have formed. R•spective responslbllltles of Trustees and •xaminer The Trustees {who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the accounts. The charitable company's Trustees consider that an audit is not required for this year end section 144(2) of the Charities Act 2011 8nd Part 16 of the Companies Act 2006 and that an independent examination is needed. Having satisfied myself that the charitable company is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: ex8mine the accounts under section 145 of the Chsrities Act 2011; to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011. and to state whether particular matters have come to my attention. Basls of Independent examinerfs statement My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a comparison of the accounts with the accounting records kept by the charitable company. It also includes consideration of any unusual items or disclosures in the accounts. and seeking explanations from you as Trustees concerning any such matters. The procedures undertak8n do not provide all Ihe evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fairf view and the report is limited to those matters set out in the statement below. Pagé 7
Commercial in Confidence INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ANDREW GRENE FOUNDATION (UK) Independent examiner's statement In connection with my examination, no matter has come to my attention.. which gives me reasonable cause to believe that in any material respect, th8 r8quir8m8nts: to keep accounting records in accordance with Section 386 of th8 Compani8s Act 2006; to prepare accounts which accord with the accounting records. to comply with the accounting requirements of Section 396 of the Companies Act 2006. to comply with the Statement of Recommended Practice (Accounting and Reporting by Charities.. Statement of Recommended Practlce applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) by the Charity Commission; have not been met: to which. in my opinion, attentlon should be drawn in order to enable a proper understanding of the accounts to b6 reached gives me reasonable cause to believe that in any material respect, the requirements. Edward Wilson Stamford Date: Page 8
CommercSal In Confidence THE ANDREW GRENE FOUNDATION (UK) STATEMENT OF FINANCIAL ACTIVITIES (including income and expenditure account) FOR THE YEAR ENDED 30 JUNE 2024 Note Unrestrlcted Restricted funds funds 2024 2024 Unrestricted Restricted funds funds 2023 2023 Total 2024 Total 2023 Income from: Donations and legacies 135,512 253 135,765 149,177 149,177 Interest received 7,257 7,257 2,575 2,575 Total incoming Resources 142,769 253 143,022 151,752 151.752 Expenditure on: Raising funds 92,812 92.812 73,776 73,776 Charitable activltl8s: Donations 43.896 253 44,149 86,240 86,240 Total resources expended 136,708 253 136,961 160,016 160,016 Not {outgolng)lincoming resources for the year 6,061 6,061 (8,264) {8,264) Fund balances brought forward at 1 July 2023 248,723 248,723 256,987 256.987 Fund balances carried forward at 30 June 2024 254,784 254,784 248,723 248,723 All incoming resources and resources expended derive from continuing activities. The accompanying accounting pollcies and notes form an Integral part of these financlal statements Pag8 9
Commercial in Confidence THE ANDREW GRENE FOUNDATION (UK) BALANCE SHEET AS AT 30 JUNE 2024 Reglstered number: 07291653 Note 2024 2023 Current assets Cash at bank and in hand 254,784 248,723 Total assets less current liabilitie5 254,784 248,723 Funds of tho ¢harltable company Unrestricted funds Restricted funds 254,784 248,723 254,784 248,723 Audlt exemption statement For the year ending 30 June 2024 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Trustees. responsibilitles: the members have not required the charitable company to obtain an audit of its accounts for the year in question in accordance with section 476 the Trustees acknowledge their responsibilities for complying with Ihe requirements of the Act with respect to accounting records and the preparation of accounts these accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime The financial statements hav8 been prepared and delivered in accordance with tha provisions appllcable to small companies within Part 15 of the Companies Act 2006. The financial statements were approved by the Board of Trustees on T Perutz Trustee The accompanying accounting policies and noles form an integral part of these financial statements Page 10
Commercial in Confldence THE ANDREWGRENE FOUNDATION (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accounting Policies The charitable company is incorporated in England and Wales with company number 07291653. Its registered office address is as follows.. Nimlok House 45 Booth Drive Park Fann WELLINGBOROUGH Northamptonshire NN8 6NL 1.1 Basls of preparation The financial statements have been prepared in accordance with the Statement of Recommended Accounting Practice: Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in th8 UK and Republic of Ir81and (FRS102) (effective 1 January 2019), the Charities Act 2011 and the Companies Act 2006. They hava been prepared under the historical cost convention. The Andrew Grene Foundation (UK) meets the definition of a Public benefit entity under FRS102. The Charitable Company's Function81 currency is £. 1.2 Incoming resources Voluntary Income All monetary donations and gifts are included in full in the Statement of financial activities (SOFA) when the charitable company has entitlement to the income. it is probable that the income will be received and the amount of the income r8c8ivable can be measured r81iably. Government grants Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performan conditions it is recognised in income when the proceeds are received or receivable. A grant received before the reGognition criteria are satisfied is recognised as a liability. 1.3 Resources expanded Expenditure is recognised once there is a legal or constructive obligation lo.transfer economic benefits to a third party, it is probable that a transfer of economic benefit will be required in settlement and the amount of the obligation can be measured reliably. Page11
Commerclal In Confidence THE ANDREW GRENE FOUNDATION {UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accounting Policies (continued) 1.3 Resourceg expended (continuod) Expenditure, which is charged on an accruals basis. is allocated between: raising funds which consists of the staffing wsts and administrative costs,, charitable activities which represent the grants made. Donations paid Donations are payments to institutions in the furtherance of the charitable objectives of the charitable company and are accounted for as they fall due. 1.4 Debtors Prepayments are valued at the amount prepaid net of any trade discounts due. 1.5 Cash at bank and In hand Cash al bank and in hand includ8s cash and short term highly liquid investments with a short maturity of three months or less from the dat8 of opening the account. 1.6 Credltors Accruals are recognised when there is an obligation at the year end as a result of a past event, it is probable that a transfer of economlc benefit will be required in settlement, and the amount of the settlement can be estimated reliably 1.7 Fund accountlng Unrestricted funds are voluntary income and other incoming resources received or generated for expenditure on the general objectives of the charitable company and which have not been designated for other purposes. Restricted funds are to be used for specified purposes laid down by the donor. Expenditure for those purposes is charged to the fund, together with a fair allocation of overheads and support costs. 1.8 Forelgn curroncies Monetary assets and Ilabilities denominaled in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currenci8s are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the SOFA. Page 12
Commercial in Confidence THE ANDREW GRENE FOUNDATION {UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accounting Pollcles (contlnuad) 1.9 Golng Concern The Trustees assess whether the use of going concern is appropriate, ie whether there are any material unc8rtainties related to events or conditions that may caus8 significant doubt on the ability of the charitable company to continue as a going concem. The Trustees make this assessment in respect of a period of one year from the dat8 of approval of the financial statements. Donations and legaclos 2024 2023 Donation from P3 Group Europe Limited for adminlstration costs Other donations 91,053 44,712 72,893 76,284 135.765 149,177 Inv•stment Income 2024 2023 Bank interest received 7,257 2,575 Page 13
Commercial in Confidence THE ANDREW GRENE FOUNDATION (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Expenditure analy815 2024 2023 Ralslng funds Staff costs Marketing Travel General administrative expenses Legal and professional 45,865 304 28,210 12,463 4.211 46.014 458 15,574 8,500 2,347 Paid for by P3 Group Europe Limited 91,053 72,893 Bank charges 1,470 1,249 Total expenditure 92,523 74,142 Lossl{gain) on exchange rates 289 (366} Total costs 92.812 73.776 Donations Unrestricted: The Andrew Grene High School Other Haiti projects 42,273 1,623 86,240 The Andrew Grene High School 43,896 86,240 Restricted: Period Pack project 253 Page 14
Commertial in Confidence THE ANDREW GRENE FOUNDATION (UK> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Staff costs 2024 2023 staff costs Gross salaries Employerfs national insurance costs Other pension costs 40,000 4,265 1,600 40,000 4,414 1,600 45,865 46,014 Average number of full time equivalent employees in the year was: 2024 No 2023 Fundralsing Staff are not directly employed by The Andr8w Grene Foundation (UK). There is no remuneration paid lo Key Management Personnel (who are defined as the Trustees) in 2024 or 2023. The staff have contracts with P3 Group Europe Llmlted who pay these costs and thus donate the equivalent amount to the charitable company. Payments to trustees and connected persons No Trustee or person with a famlly or business connection with a Trustee received remuneration or expens8s in the year directly from the charitable company. There are no employeés who received employee benefits of more than £60,000. Funds Unroslricted funds: At 1 July 2023 Incoming resources Expenditure At 30 June 2024 General fund 248,723 142,769 136,708 254,784 Restricted funds: At 1 July 2023 Incoming resources At 30 June 2024 Expendituro Period Pack project 253 253 Page15
Commercial in Confidence THE ANDREW GRENE FOUNDATION (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Related parties The administratlon costs of the charitable company amounting to £91,053 (2023.. £72,893) are paid by P3 Group Europe Limited, a company of which T Perutz is a director, and an equlvalent amount Is then shown as voluntary income. Pagè 16