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← Partner Africa

2024-12-31-accounts

Registered number: 7770647 Charity number: 1144815

Partner Africa

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

PARTNER AFRICA

(A company limited by guarantee)

CONTENTS
Page
Reference and Administration Details 1
Trustees' report 2 - 7
Trustees' responsibilities statement 8
Independent auditors' report on the financial statements 9 - 12
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16 - 30

PARTNER AFRICA

(A company limited by guarantee)

REFERENCE AND ADMINISTRATION DETAILS

Trustees Mr. Martin Ryan
Ms. Catherine Fitzgibbon
Ms Winifred Johansen
Dr. (Ms.) Chinyere Almona
Company registered
number 7770647
Charity registered
number 1144815
Registered office Second Floor Westgate House Dickens Court
Hills Lane
Shrewsbury
SY1 1QU
Company secretary Mr Peter McDevitt (resigned 5th January 2024)
Winifred Johansen (appointed 5th January 2024)
Independent auditors RBK Audit UK Limited
Chartered Accountants & Registered Auditor
RBK House
Irishtown
Athlone
Co. Westmeath
Bankers Barclays Bank Plc
Shrewsbury
Shropshire
SY1 2WQ
Solicitors Withers LLP
16 Old Bailey
London
EC4M TEG

Page 1

PARTNER AFRICA

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees, who are also directors of the charitable company for the purposes of the Companies Act, present their annual report (including audited financial statements) of Partner Africa (the company) for the year ended 31 December 2024. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the governing document and the provisions of the Statement of Recommended Practice, "Accounting and Reporting by Charities" (SORP 2019).

Structure, governance and management

a. Constitution

Partner Africa is a company limited by guarantee, not having a share capital, the parent entity incorporated in UK under the Companies Act 1985 (registered number 7770647). The company is registered as a charity with the Charity Commission for England and Wales (Charity Number 1144815). It was incorporated on 12th September 2011. Partner Africa is registered in South Africa as an NPO registration number 133-305 NPO.

African

supply chains. Through its ethical auditing and responsible business advisory services, it positively engages with clients to identify, address and report on the salient environmental, social and governance (ESG) risks in their organisation and sup United Nations Guiding Principles on Business and Human Rights (UNGPs) and other international best practice standards. It works with companies, communities and governments to achieve its mission. Partner Africa has expertise in several industries, including agribusiness, apparel, manufacturing, services and extractives.

Partner Africa does not have a shareholding structure, and its sole member is Gorta (trading as Self Help Africa), a company limited by guarantee, incorporated in Ireland (company number 105601) with registered offices at Kingsbridge House, 17-22 Parkgate Street, Dublin 8, and registered as a charity (charity number CHY6663).

b. Methods of appointment or election of Trustees

The Board is empowered to appoint new trustees to its ranks. As the sole member, Gorta Self Help Africa must ratify appointments.

c. Policies adopted for the induction and training of Trustees

There is a Trustee Induction Policy and Programme in place to enable all Trustees to familiarise themselves with their duties and responsibilities, the Partner Africa governance framework and Partner Africa's work overseas. Any relevant training requirements of trustees are facilitated by the organisation.

d. Organisational structure and decision making

Partner Africa has registered branches in England, Kenya, and South Africa. Its ethical audit hub is based in Cape Town, its responsible business advisory hub is based in London, England and its operational hub in Nairobi, Kenya. The trustees have oversight of the activities and financial position. The management team deals with the day-to-day operation of the company.

Page 2

PARTNER AFRICA

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, governance and management (continued)

e. Risk management

The trustees have responsibility for, and are aware of the risks associated with, the operating activities of Partner Africa. They are confident that adequate systems of internal control are in place and that these controls provide reasonable assurance against such risks.

Objectives and activities

a. Objectives

Partner Africa is a pioneer in the field of ethical and socially responsible business practice that delivers high quality and innovative ethical audit and responsible business advisory services to clients.

Partner Africa is driven by a social mission to improve the livelihoods of workers and producers, while assisting access to international supply chains and bridging the skills and standards gap between Africa and the international community.

b. Activities

1. Supporting clients identify the salient labour issues in their supply chains.

Ethical Audits & Assessments

Partner Africa focuses its work on conducting high quality, worker-centered ethical audits in order to assess the working conditions in factories and farms throughout Africa and identify the salient labour issues for its clients.

All ethical audits involve assessing suppliers against the ILO conventions: - child labour will not be used; freedom of association; no excessive working hours, no discrimination, employment is freely chosen, workers are paid a minimum/living wage; working conditions are safe & hygienic, regular employment is provided, and no harsh or inhumane treatment is allowed.

Partner Africa also undertakes Small Producer Assessments to assess the ethical standards of small producers feeding into export supply chains. Applying codes of conduct to informal and often family run businesses is a complex process. We seek to establish the characteristics, needs and priorities of small producers and their workers, and outline recommendations to maintain standards required as well as to help improve livelihoods.

Page 3

PARTNER AFRICA (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Objectives and activities (continued)

2. Addressing the root cause through providing training and advisory services to clients

Partner Africa takes a approach to its work and is committed to forming partnerships with its clients to address the root causes of the salient labour issues identified during ethical audit. With our PanAfrica reach and experienced local teams in 23 countries we can deliver a wide range of high-end advisory services to international brands and retailers, as well as governments and NGOs.

Our advisory services allow clients to draw upon our knowledge of local capabilities, labour codes and culture to develop programmes that enable them to prevent and remediate non-compliances identified in their operations and supply chain. Our advisory services include:

Page 4

PARTNER AFRICA

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Strategic report

Partner Africa annual update 2024

a. General summary

In 2024, the focus of Partner Africa work was to invest in creating a robust and resilient business for the future which included:

IMPACT

engagement with organisations across diverse sectors and geographies, fostering sustainable improvements in working conditions and business practices.

In 2024, Partner Africa conducted 894 Social audits, with 794 firms across 28 industries and 22 countries. Through this they engaged 167,291 direct workers and 21,477 indirect workers. Those sites that were found to have noncompliances had over 150,000 Employees. PA recorded over 75% closure rate of NCs within the calendar year. As a result, Partner Africa contributed to the improvement of working conditions of just over 112,500 workers in 2024.

During the same period, the Responsible Business Advisory Department engaged in 33 projects, across 18 industries.

Page 5

PARTNER AFRICA

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Strategic report (continued)

Partner Africa annual update 2024 (continued)

b. Finance and operations

Over the last year, Partner Africa continued to build the capacity of its Finance and Operations programme. This included capacity building and a review of processes and structure to ensure they were efficient, effective and appropriate to the size and work of the organisation.

c. Plans for 2025

Over the next 12 months, Partner Africa plans to continue to grow the core parts of its business, i.e. ethical audits and responsible business advisory. In addition, it will seek opportunities to allow it to grow its revenue and reach. The core of the audit business remains in South Africa, with a satellite audit team based in Kenya. The advisory team will be expanded to enhance capacity, with resources in the UK, South Africa, Kenya and Italy.

Financial review

a. Going concern

The Board have a reasonable expectation that the organisation has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. Further details regarding the adoption of the going concern basis is included in the notes to the financial statements.

b. Political donations

No political donations were made during the year.

c. Post balance sheet events

At the balance sheet date, there are ongoing discussions regarding the potential acquisition of the Partner Africa business. This process is ongoing, and no definitive agreement has been reached. This post-balance sheet event has not impacted the financial results presented in this report. The financial statements have been prepared on a going-concern basis, and no adjustments have been made to the carrying values of assets or liabilities as a result of these negotiations. Any potential impact from the sale will be disclosed in future financial reports.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

This confirmation is given and should be interpreted in accordance with the provisions of S418 of the Companies Act 2006.

Page 6

PARTNER AFRICA

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Auditors

The Independent auditors, RBK Audit UK Limited, have indicated their willingness to continue in office in accordance with the Companies Act 2006. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Mr. Martin Ryan (Chair of Trustees) Date: 9/19/2025

Page 7

PARTNER AFRICA

(A company limited by guarantee)

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report including the strategic 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 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 Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by order of the members of the Board of Trustees and signed on its behalf by:

Mr. Martin Ryan (Chair of Trustees)

Date:

Page 8

(A company limited by guarantee)

PARTNER AFRICA

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PARTNER AFRICA FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion

We have audited the Financial Statements of Partner Africa (the 'charitable company') for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In applying that framework, the trustees have elected to have regard to the Statement of Recommended Practice applicable to Charities (SORP).

In our opinion, the Financial Statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the Financial Statements section of our report.

We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the Financial Statements in the United Kingdom, including the Financial Reporting Council's (the 'FRC') Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 9

(A company limited by guarantee)

PARTNER AFRICA

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PARTNER AFRICA (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Other information

The other information comprises the information included in the annual report other than the Financial Statements and our auditors' report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the Financial Statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Financial Statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the Financial Statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 10

(A company limited by guarantee)

PARTNER AFRICA

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PARTNER AFRICA (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the Financial Statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud or error.

In preparing the Financial Statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.

A further description of our responsibilities for the audit of the financial statements is located on the FRC's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was conducted capable of detecting irregularities including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the charitable company's industry and its control environment, and reviewed the charitable company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management, internal audit and directors about their own identification and assessment of the risks of irregularities, including those that are specific to the charitable company's business sector.

We obtained an understanding of the legal and regulatory frameworks that the charitable company operates in, and identified the key laws and regulations that:

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

Page 11

PARTNER AFRICA

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PARTNER AFRICA (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

As a result of performing the above, we identified the greatest potential for fraud in the following areas, and our specific procedures performed to address it are described below:

Completeness, accuracy and occurrence of income:

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Michelle O'Donoghue (Senior Statutory Auditor)

RBK Audit UK Limited Chartered Accountants & Registered Auditor RBK House Irishtown Athlone Co. Westmeath

Date: 19 September 2025

Page 12

PARTNER AFRICA

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Income from:
Charitable activities
4
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net expenditure before taxation
Taxation
11
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward
16		 Unrestricted
funds
2024
£
1,972,551
1,972,551
2,037,961
2,037,961
(65,410)
(3,834)
(69,244)
124,147
(69,244)
54,903		 Total
funds
2024
£
1,972,551
1,972,551
2,037,961
2,037,961
(65,410)
(3,834)
(69,244)
124,147
(69,244)
54,903		 Total
funds
2023
£
1,843,262
1,843,262
1,987,288
1,987,288
(144,026)
(7,522)
(151,548)
275,695
(151,548)
124,147

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 16 to 30 form part of these financial statements.

Page 13

PARTNER AFRICA

(A company limited by guarantee)

BALANCE SHEET AS AT 31 DECEMBER 2024

2024 2023 2023
Note £ £ £
Fixed assets
Tangible assets 12 11,985 12,982
11,985 12,982
Current assets
Debtors 13 153,251 98,393
Cash at bank and in hand 19 370,107 488,659
523,358 587,052
Creditors: amounts falling due within one
year 14 (480,441) (475,887)
Net current assets 42,918 111,165
Total assets less current liabilities 54,903 124,147
Total net assets 54,903 124,147
Charity funds
Restricted funds 16 - -
Unrestricted funds 16 54,903 124,147
Total funds 54,903 124,147

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mr. Martin Ryan Trustee

Date:

The notes on pages 16 to 30 form part of these financial statements.

Page 14

PARTNER AFRICA

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Cash flows from operating activities
Note
Net cash used in operating activities
18
Cash flows from investing activities
Purchase of tangible fixed assets
12
Net cash used in investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
20
Cash and cash equivalents at the beginning of the year
19
Cash and cash equivalents at the end of the year
19
The notes on pages 16 to 30 form part of these financial statements		 2024
£
(116,195)
(2,357)
(2,357)
-
(118,552)
488,659
370,107		 2023
£
(68,873)
(847)
(847)
-
(69,720)
558,379
488,659

Page 15

(A company limited by guarantee)

PARTNER AFRICA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. General information

The financial statements comprising of the Statement of Financial Activities, the Summary Income and Expenditure, the Statement of Financial Position, and the Statement of Cash Flows and the related notes constitute the individual financial statements of Partner Africa for the financial year ended 31 December 2024.

Partner Africa is a company limited by guarantee. The sole member of the company is Self Help Africa, a charitable company registered in Ireland. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

Partner Africa is incorporated and registered in the UK (company number 7770647). The registered office is Second Floor, Westgate House, Dickens Court, Hills Lane, Shrewsbury, SY11QU, which is also the principal place of business of the charity. The nature of the company's operations and its principal activities are set out in the Trustees' Report.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Partner Africa meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The functional currency of Partner Africa is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates.

In accordance with Section 60 of the Companies Act, 2006, the company is exempt from including the word "Limited" in its name. The company is limited by guarantee and has no share capital.

2.2 Going concern

The organisation's forecasts and projections, taking account of reasonable possible changes in performance, show that the organisation will be able to operate within the level of its current cash resources. The Board have a reasonable expectation that the organisation has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. Further details regarding the adoption of the going concern basis is included in note 3.

Page 16

(A company limited by guarantee)

PARTNER AFRICA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured.

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold.

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Company's accounting policies.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Company which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

Page 17

PARTNER AFRICA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.4 Expenditure (continued)

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.5 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the statement of financial activities.

2.6 Taxation

Partner Africa is a registered charity with the UK Charities Commission. Tax provided for in the financial statements relates to the Kenyan branch of Partner Africa. The tax expense for the financial year comprises current tax. Tax is recognised in the Statement of Financial Activities.

2.7 Current tax

Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.8 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment - 33%

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 18

(A company limited by guarantee)

PARTNER AFRICA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.

2.12 Deferred taxation

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable surpluses from which the future reversal of the underlying timing differences can be deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.

2.13 Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans, which are subsequently measured at amortised cost using the effective interest method.

2.14 Operating leases

Rentals paid under operating leases are charged to the statement of financial activities on a straightline basis over the lease term.

2.15 Pensions

The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.

Page 19

(A company limited by guarantee)

PARTNER AFRICA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.16 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

3. Going concern

While the organisation recorded an unrestricted deficit of £69k in 2024, it has an unrestricted reserves figure of £55k at year end.

The organisation's forecasts and projections, taking account of reasonable possible changes in performance and structure, show that the organisation will be able to operate within the level of its current cash resources.

The Gorta Group has also committed to provide financial support to Partner Africa (should it be required) for a period of not less than twelve months from the approval of the financial statements.

Accordingly, the trustees have reasonable expectation that the organisation has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of the financial statements and are continuing to adopt the going concern basis in preparing the annual financial statements.

4. Income from charitable activities

Audit Income
Advisory Services
Certification Audits Income
Other Income
Total 2024		 Unrestricted
funds
2024
£
1,340,819
623,648
5,672
2,412
1,972,551		 Total
funds
2024
£
1,340,819
623,648
5,672
2,412
1,972,551

Page 20

PARTNER AFRICA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

4. Income from charitable activities (continued)

Audit Income
Advisory Services
Other Income
Trade Development Projects
Total 2023		 Unrestricted
funds
2023
£
1,107,174
697,346
38,742
-
Total
funds
2023
£
1,107,174
697,346
38,742
-
1,843,262 1,843,262

5. Charitable activities

Ethical Audits
Advisory Services
Certification Audits
Support Costs (Note 6)
Ethical Audits
Advisory Services
Certification Audits
Support Costs (Note 6)		 Unrestricted
funds
2024
£
Total
funds
2024
£
1,368,780
1,368,780
640,492
640,492
5,825
5,825
22,864
22,864
2,037,961
2,037,961		 Unrestricted
funds
2024
£
Total
funds
2024
£
1,368,780
1,368,780
640,492
640,492
5,825
5,825
22,864
22,864
2,037,961
2,037,961
2,037,961
Unrestricted
funds
2023
£
1,205,456
755,252
-
26,580
1,987,288		 Total
funds
2023
£
1,205,456
755,252
-
26,580
1,987,288

Page 21

PARTNER AFRICA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6. Support costs

Audit fees
Legal fees
Other governance costs
Audit fees
Legal fees
Other governance costs		 Unrestricted
funds
2024
£
22,047
-
817
22,864
Unrestricted
funds
2023
£
17,991
6
8,583
26,580		 Total
funds
2024
£
22,047
-
817
22,864
Total
funds
2023
£
17,991
6
8,583
26,580

7. Analysis of expenditure by type

Ethical Audits
Advisory Services
Certification Audits
Support Costs (Note 6)		 Staff costs
2024
Depreciation
2024
£
£
488,983
5,123
227,438 2,383
2,069
22
-
-
718,490
7,528		 Other costs
2024
£
874,674
410,671
3,735
22,864
1,311,944		 Total
funds
2024
£
1,368,780
640,492
5,825
22,864
2,037,961

Page 22

(A company limited by guarantee)

PARTNER AFRICA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. Analysis of expenditure by type (continued)

Ethical Audits
Trade Development Projects
Advisory Services
Support Costs (Note 6)		 Staff costs
Depreciation
2023
2023
£
£
458,291
5,338



287,351
3,369




745,642
8,707
 Other costs
2023
£
741,827

___
464,532

26,580

1,232,939
 Total
2023
£
1,205,456
___
755,252
26,580
1,987,288

8. Net (expenditure) / income before taxation

Depreciation of tangible fixed assets
Auditors' remuneration
Auditors' remuneration - other overseas auditors for branches
Pension costs		 2024
£
2023
£
7,527
8,707
15,518
13,692
6,529
4,299
55,395
44,338
84,969
71,036

Auditor's remuneration of £22,047 in 2024 consists of £15,518 for the services of RBK Audit UK Limited, in respect of the 2024 statutory audit and £4,710 paid to PKF Kenya in relation to audit of the Kenyan branch and £1,819 in relation to South Africa branch audit.

9. Staff costs

Wages and salaries
Social security costs
Contribution to pension schemes		 2024
£
2023
£
559,928
599,858
14,183
26,107
55,395
44,338
629,506
670,303

Page 23

PARTNER AFRICA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

9. Staff costs (continued)

The average number of persons employed by the Company during the year was as follows:

2024 2023
No. No.
Average monthly number of employees 23 24

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2024 2023
No. No.
In the band £60,001 - £80,000 1 1

The total remuneration for key management personnel for the financial year amounted to £186,321 (2023: £235,751)

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £NIL) .

11. Taxation

Corporation tax
Current Tax - South African Branch
Current Tax - Kenyan Branch
Taxation on net expenditure		 2024
£
3,834
-
3,834		 2023
£
-
7,522
7,522

The current tax charge relates to increase in amounts received in advance current year 2024 at the South African branch of Partner Africa.

Partner Africa has been granted charitable tax-exempt status by the HMRC and therefore, no provision for UK corporation tax is required.

Page 24

(A company limited by guarantee)

PARTNER AFRICA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12. Tangible fixed assets

Cost or valuation
At 1 January 2024
Additions
Disposals

Foreign exchange movement
At 31 December 2023
Depreciation
At 1 January 2024
Charge for the year
On disposals

Foreign exchange movement
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023
13.
Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income
Deferred taxation		 Motor
vehicles
£
-
-
-
-
-
-
-
-
-
-
-
-		 Office
Furniture
and
Equipment
£
71,938
2,357
-
1,754		 Total
£
71,938
2,357
-
1,754
76,049 76,049
58,956
7,527
-
(2,419)		 58,956
7,527
-
(2,419)
64,064 64,064
11,985 11,985
12,982 12,982
2024
£
88,667
-
40,276
24,308
153,251		 2023
£
39,068
16,397
26,476
16,452
98,393

Page 25

PARTNER AFRICA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

14. Creditors: Amounts falling due within one year

Trade creditors
Amounts owed to group undertakings
Deferred income on TMEA Grant
Other taxation and social security
Other creditors
Accruals and deferred income		 2024
£
65,203
61,776
0
4,877
12,209
336,376
480,441		 2023
£
64,387
39,026
3,034
12,357
28,545
328,538
475,887

Amounts owed to group undertakings are interest-free and repayable on demand.

15. Financial instruments

Financial assets
Trade debtors
Financial liabilities
Trade creditors
Amounts owed to parent undertaking		 2024
£
88,667
2024
£

65,203
61,776
126,979		 2023
£
39,068
2024
£
64,387
39,026
103,413

Page 26

PARTNER AFRICA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16. Statement of funds

Statement of funds - current year

Balance at 1
January
2024
Unrestricted funds
£
Reserves
124,147
Statement of funds
prior years
Balance at 1
January
2023
Unrestricted funds
£
Reserves
275,695		 Income
£
1,972,551
Income
£
1,843,262		 Expenditure
£
(2,037,961)
Expenditure
£
(1,987,288)		 Taxation
£
(3,834)
Taxation
£
(7,522)		 Balance at
31
December
2024
£
54,903
Balance at
31
December
2023
£
124,147

Page 27

(A company limited by guarantee)

PARTNER AFRICA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

17. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Total
Analysis of net assets between funds - prior year
Tangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
11,985
523,358
(480,441)
54,903
Unrestricted
funds
2023
£
12,982
587,052
(475,887)
124,147		 Total
funds
2024
£
11,985
523,358
(480,441)
54,903
Total
funds
2023
£
12,982
587,052
(475,887)
124,147

18. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Decrease in debtors
Increase/(decrease) in creditors
Foreign exchange on consolidation
Net cash used in operating activities		 2024
£
(69,244)
7,527
(54,858)
(110)
(4,173)
(116,195)		 2023
£
(151,548)
8,707
16,965
54,448
2,555
(68,873)

Page 28

PARTNER AFRICA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

19. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 2024
£
370,107
370,107		 2023
£
488,659
488,659

20. Analysis of changes in net debt

Cash at bank and in hand At 1
January
2024
£
488,659
488,659		 Cash flows
£
(118,552)
(118,552)		 At 31
December
2024

£
370,107
370,107

21. Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions paid by the group to the fund and amounted to £55,395 (2023: £44,348).

22. Operating lease commitments

As at 31 December 2024 the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years

 2024
2023
£
£
2,051
2,237
-
2,051
2,051
4,288

Page 29

(A company limited by guarantee)

PARTNER AFRICA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

23. Post balance sheet events

At the balance sheet date, there are ongoing discussions regarding the potential acquisition of the Partner Africa business. This process is ongoing, and no definitive agreement has been reached. This post-balance sheet event has not impacted the financial results presented in this report. The financial statements have been prepared on a going-concern basis, and no adjustments have been made to the carrying values of assets or liabilities as a result of these negotiations. Any potential impact from the sale will be disclosed in future financial reports.

24. Controlling party

The results of Partner Africa are consolidated into the financial statements of Gorta (trading as Gorta Self House, 17 22 Parkgate Street, Dublin 8.

During the year, Gorta Self Help Africa (SHA) incurred a net of £144,087 (2023: £250,008) commitments rebilled to Partner Africa and received a net of £121,338 (2023: £240,378) from commitments to Partner Africa.

No funds were transferred to Partner Africa from SHA (2023: £Nil).

Therefore, the net balance owing to Gorta Self Help Africa at 31 December 2024 was £61,775 (2023: £39,026)

25. Approval of financial statements

The accounts were approved by the Trustees on 19 September 2025

Page 30