2023-12-31-accounts

Pestalozzi International To nurture gnd develop •r 47 J )' Iri/ 2023 Accounts and Annual Reports

Pestalozzi International

2023 Accounts and Annual Review

Registered Charity No: 1172364

Contents

Legal.........................................................................................................2 Why We Exist.....................................................................................4 Trustees Report.................................................................................7 Independent Auditors Report..............................................20 Statement of Financial Activities........................................23 Balance Sheet..................................................................................24 Statement of Cash Flows.........................................................25 Notes to the Financial Statements...................................26

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Zambian Students celebrating
Graduation
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Legal and Administrative Information

Trustees Mr K J Greatbatch Mrs C Doggart Mr F von Hurter Mr S Wakely Lady Butler (resigned 26th January 2023) Mr A Rizk (appointed 27th April 2023) Ms C Stevens (appointed 27th April 2023)

Address Unit F8 Worth Corner Business Centre Turners Hill Road Crawley West Sussex RH10 7SL Independent Auditors Sumer Auditco Limited The Beehive Beehive Ring Road, London Gatwick Airport, Gatwick, United Kingdom, RH6 0PA

Bankers HSBC Covent Garden London WC2 8JF Credit Suisse P.O. Box 100. CH- 8070 Zurich

Investment Advisors Mr S Pahlson-Moller Mr R Macleod

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Merger Announcement

An exciting new chapter for Pestalozzi

We are pleased to announce that, effective 13th September 2024, Pestalozzi International Foundation (PIF) merged with Pestalozzi World Children’s Trust (PW). PIF's assets will transfer to PW and the newly unified organisation will support PW’s existing programmes operating under the name Pestalozzi International.

• PIF, established in 1957, operated the renowned Pestalozzi Children’s Village in Sedlescombe, Sussex until 2019. This offered scholarships in the UK to children from the Global South, and subsequently at United World Colleges in Europe and the UK.

• Since 1995, PW has supported over 37,000 children in Zambia, Nepal, and India, with a particular focus on refugee communities and gender equality.

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The merger represents a strategic decision to amplify our collective impact. By unifying resources and expertise, Pestalozzi International will be better positioned to provide holistic education and essential vocational skills to the brightest children from the most disadvantaged backgrounds globally.

Pestalozzi International will be the only international NGO in the World implementing a modern interpretation of Pestalozzian principles in the Global South, rooted in local cultures and relevant to their societies. Together we will honour the Swiss and UK Pestalozzian legacy.

The merger occurred after the financial period reported in this document.

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Why we exist

Mission

We offer child-centred education to disadvantaged children in the Global South, supporting economic growth and social mobility. Recognising the uniqueness of every child's fullest potential, we educate beyond the classroom, prioritising the nurture of emotional, social and mental well-being and developing future-oriented vocational skills. This education for life creates self-reliant adults with the tools and moral confidence to pay forward their education for the benefit of their communities.

The Problem

Even the brightest children are held back by extreme rural poverty, early marriage, inadequate local schools, displacement due to conflict and the pressure to work. High School completion rates for the most disadvantaged rural communities are just 3% in Zambia, 13% in India and 10% in Nepal (UNESCO UIS 2019z).

In Africa and Asia, children are often educated:

• in unsuitable buildings by teachers who are unqualified and poorly paid

• in schools where corporal punishment is prevalent and much of the learning is rote in classrooms where students are rarely active, and the education offered bears little or no relation to the realities of the children’s lives and likely futures

• without expectation, ambition or encouragement to pursue further education and children have minimal knowledge of the diversity of educational and career paths available.

Beyond schools, access to formal vocational training is limited and requires children to have secondary-level education. It is aimed at broad subject mastery over years, time that those living on less than $2 a day cannot afford at the expense of opportunities that might present for informal, temporary work they need to survive. Inadequate education perpetuates underemployment and intergenerational poverty. It excludes disadvantaged children from contributing to the formal economy, the development of their nations and from being global citizens.

Where would you be without Pestalozzi?

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I would have been just like my elder sister just sitting at home without hope of being independent and fulfilling my dreams. Getting married just like my other school friends at a very young age. My life and intellect would have been nothing more than a waste. It is hard to think about.

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Our programmes Future Leaders

Today our core programme involves the nurture and education of bright children in three ‘home from home’ campuses in Zambia, India and Nepal. Regarded as centres of excellence for childcentred care, our campuses allow us to educate children in their country of origin cost-effectively.

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[Selected for their potential to become leaders and changemakers, the children live in] small family units with a Housemother who takes care of their material and emotional needs throughout their time in the campus. There are dedicated spaces for the completion of schoolwork, libraries and computer rooms. Skills and activities fill the children's days when they are not at school.

12 different nationalities are represented at the three Pestalozzi campuses contributing to diverse communities, cross-cultural exposure and fostering tolerance. Two girls are selected for each boy and around one-third are refugees.

Our campuses are staffed exclusively by local people. Our expert caregiving staff include trained counsellors, social workers, experienced teachers and Alumni. This is because their understanding of the children’s contexts is vital to caring for them in culturally appropriate ways and because they best understand how to produce positive outcomes for our children in their countries. At our campuses the children receive:

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An excellent education

at top-quality schools close to our centres. Our residences offer a conducive environment for learning and our children receive additional academic support from staff, Alumni and peers.

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Practical Life Skills

A nurturing environment

with child-centered care looking Our children participate in many after their physical and sports and hobbies to develop their emotional wellbeing. personal interests and passions. They Encouraging them to take care learn a variety of vocational and life of others and inspiring their skills to improve employability and to ambition. encourage independence.

Outreach

Pestalozzi International has supported non-selective, non-residential programmes since our inception in 1995. Our teams are always looking for innovative ways to share the Pestalozzi values with more communities, often through partnerships with existing schools or other partners. The programmes chosen for support align with our Head, Heart and Hands ethos.

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Ethos

Our ethos is underpinned by the philosophy of Johann Heinrich Pestalozzi, (1746-1827) widely regarded as the 'Father of Modern Education'. He focused on providing a practical and child-centered education to poor children. Pestalozzi’s holistic Head, Heart and Hands approach to education influenced many, including Montesorri. It is an evidenced and valuable tool for social change.

Pestalozzi International has developed a comprehensive set of materials, toolkits and teaching aids to teach Pestalozzian values in a modern education setting.

The nurturing relationship between staff and children, the example set by our staff and the celebration of kindness shown to their peers all help the children to develop confidence, skills and compassion. We encourage the children to reflect the care and compassion they are shown by demonstrating those qualities through social work projects in the surrounding communities.

This encourages them to realise their agency to help others, becoming role models and changemakers in their communities as they give back.

Like JH Pestalozzi, we believe that charitable giving is only effective if people become independent and empowered. Your support equips the children to become adults who can help themselves, their local communities and their countries.

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What sets us apart?

Our Head, Heart, Hands Ethos

Our Toolkit

Our People

Our Depth

We believe Programmes Pestalozzi Commitment education is not locally led by International has to a broad 7/8 only knowledge. It expert pioneered a year education develops children's educators, modern, secular, with residential, critical thinking, counsellors and interpretation of child-centred, their character care-givers, JH Pestalozzi’s care at and their practical managed by pedagogy with Pestalozzi skills. local Boards. emphasis on campuses. altruism.

Our Proven Concept

Excellent results are delivered cost effectively, we can prove life-transforming outcomes for our children, and our Alumni having a lifetransforming impact on others.

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Structure, Governance and Management

Background

On 13th September 2024 Pestalozzi International Foundation (Charity Number 1098422) merged with Pestalozzi World Children’s Trust (Charity Number 1172364). Assets were transferred to Pestalozzi World, which was renamed Pestalozzi International on the same date.

The full name of the charity is Pestalozzi International and was registered with the Charity Commission on 31 March 2017 . The charity was formed as a charitable incorporated organisation (CIO) and is governed by its founding constitution.

The charity previously operated under charity number 1046599 as an unincorporated trust, constituted under a trust deed dated 24 January 1995 and its activities and assets were transferred to the new CIO effective 1 January 2018.

The Trustees confirm that they have complied with the duty in Section Four of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit.

Structure, Governance and Management

The charity’s governing instrument is the Constitution. The Board of Trustees is independent of the charity’s membership. The Board of Trustees is responsible for managing the charity finances in support of the objectives defined by the charity’s Executive. There are a minimum of three and a maximum of twelve trustees.

If a vacancy arises, the trustees may appoint any eligible person as a trustee. In selecting individuals for appointment as trustees, the trustees will consider the skills, knowledge and experience needed for the effective running of the charity. Upon appointment, trustees are provided with an induction to the charity. This consists of a briefing paper, as well as meetings with the Chair, CEO, and others as deemed appropriate. Regard is given to the training and development needs of any trustees that may arise.

The Board of Trustees meets quarterly and is supported by key management personnel. Four meetings were held in 2023. The Trustees come from a range of professional backgrounds, and bring new skills and highly relevant experience.

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Structure, Governance and Management Cont.

Trustees serving during the year were:

Mr K J Greatbatch

Mrs C Doggart Mr F von Hurter

Mr S Wakely Lady Butler (resigned 26th January 2023) Mr A Rizk (appointed 27th April 2023) Ms C Stevens (appointed 27th April 2023)

The Chief Executive is responsible for the day-to-day operation of the charity on behalf of the trustees. The remuneration of key management is reviewed annually by the Board and is set against established pay scales, benchmarked in comparison with similar-sized entities. The Trustees give their time freely and no remuneration was paid in the year. Details of Trustee expenses are disclosed in note 8 to the accounts.

Key Management Personnel during the year were:

James Haughton (Chief Executive Officer)

Emily Joseph (Finance and Compliance Manager)

The Pestalozzi Family

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USA
UK
Switzerland
Zambia
India
Nepal
Thailand
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Pestalozzi International is a Family of not-for-profit organisations. All organisations operate as separate legal entities but share standard policies on philosophy and purpose. Johann Heinrich Pestalozzi's educational philosophy is vital to our programmes' success and marks us out from other charities that educate children.

The primacy of local Boards, and their executives, in exercising control over their organisations is an enshrined principle of governance in our Family. Fundraising Trusts exist in the USA, Switzerland and the UK, and our implementing Trusts are in Zambia, India and Nepal. Pestalozzi International seeded the Thai Pestalozzi Foundation which is now self-sufficient.

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CEO’s Report

Introduction

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It is with pleasure that I present our 2023 Annual Report and Audited Accounts. I would like to begin by thanking Pestalozzi International’s dedicated supporters, whose generosity funds our expert teams overseas, delivering life-transforming educational opportunities for some of the world's most disadvantaged children. Without the support of our donors, none of the impact described below would be possible. It is a privilege to visit our partners overseas and meet the incredible children you support there.

At our core is the belief that the nurturing bond between mentor and child is the bedrock upon which empathy, ambition, and ethical values are nurtured. These relationships instil the confidence to navigate life's challenges with resilience and determination. I want to pay tribute to the caregivers in Zambia, India and Nepal who provide the love and nurture that enables the children to overcome the difficulties they have faced in their resource-constrained early years.

Achievements

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Children supported Children supported in Total Children Cumulative years of
Residentially Outreach Supported education & nurture
2,291 34,031
31,740 43,020
(2023: 452) (2023: 2,452)
(2023: 2,000)
Avg. Cost Avg. Cost Nationalities Female : Male
£2,040 £81 12 70 : 30
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Zambia:

Skills were diversified in Zambia, offering a richer experience for the children

• Leadership Programme delivered in conjunction with the African Leadership Academy

High Achieving, Low Income (HALI) Access Network conference held at School

India:

Around half the children transferred to Cambrian Hall School in April 2023, which has closely related values and high academic standards Outstanding National Exam results gained for both Class 10 and 12

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CEO’s Report Continued

Products created through Entrepreneurship Training were sold in the community

Nepal:

Social work included the recycling and distribution of clothes to the needy

• Alumni staff visited Pestalozzi India for exchange of ideas and training

• Oldest children now entering final two years of education with admission to excellent sixth form colleges

Coming in 2024: SkillsHub Vocational Programme

The SkillsHub concept was developed in 2023. The SkillsHub is a multifunctional vocational training facility focused on digital and agricultural science skills for young people. It will introduce new skills elements to our “Hands” programming for our resident children in Zambia-a key priority in our 2023-26 Plan.

In addition, we will target children (Not in Education, Emloyment or TrainingNEET) from surrounding communities who otherwise face unemployment and exclusion from formal economies:

• 97% of children (lowest wealth quintile) do not finish secondary school, 74% never enter sustained, salaried, employment

• Formal vocational training requires youth to have secondary-level education, excluding those who need it most

SkillsHub will democratise access to vocational training through the inclusion of remedial Foundation numeracy and literacy programs (Head) designed to bring them up to a minimum standard required to develop a skill.

In addition to knowledge, our program will also foster confidence, self-reliance, employability and entrepreneurship, so that when the learning stops, earning starts (Heart). Vocational training will be targeted to in-demand skills and services to produce sustainable livelihoods, quickly (Hands). The SkillsHub will promote clients to a network of employers to ensure sustainable livelihoods.

This diversification of programming in Zambia is an exciting moment for Pestalozzi International as we commit our focus to increasing our economic and social impact. We were delighted to receive funding in early Summer 2024 to make this project a reality.

Thank you once again for your support.

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Impact Statistics

2015-18 Graduates (Future Leaders):

High School Graduation

If every girl worldwide received 12 years of quality education, lifetime earnings for women could increase by $15 trillion to $30 trillion globally (World Bank).

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Upper Secondary completion rates for Poorest
2015-18:
Rural Wealth Quintile (Unicef 2021):
Zambia 3% 99%
India 13% 96%
Our Zambian and our Indian more likely to finish High School
children are 33 x children are 7 x than averages in the places they
come from
Tertiary Enrolment
National Avg. Tertiary Enrolment Rates
2015-18:
(UNESCO UIS 2019z)
Zambia
4% 62%
India
29% 96%
more likely to be enrolled in Tertiary
Our Zambian and our Indian Education than national averages which
children are 15 x children are 3 x do not factor socio-economic
disadvantage or gender
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Alumni Careers

Our Alumni are a new generation of teachers, health professionals, entrepreneurs, aid workers and leaders equipped with the knowledge, compassion and skills to impact their communities positively. Our data demonstrates contributions from our Alumni towards all 17 Sustainable Development Goals.

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Other
Skilled Professional 1.3%
20.1%
Teaching
38.3%
Bus. and Fin.
20.1%
Health/NGO's
20.1%
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UNESCO research on sub-Saharan Africa shows an average of one trained teacher per 58 students at the primary level, while in secondary school, the ratio is closer to 43 pupils per trained teacher. This means less teacher-student contact, less individualised teaching, and lower quality of education. As recipients of progressive education, our Alumni make excellent teachers.

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Nurturing change-makers:

Ahmed Kazadi’s journey & vision for Community Empowerment

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What has been your most memorable experience at Pestalozzi International?

Pestalozzi provided me with a place I could always call home and feel safe. Pestalozzi has taught me to give back and to be caring within my environment. I look forward to opportunities through which I can empower my community with the lessons that I’ve learnt. My long term goal is to empower my community. I really want to create spaces where young refugees can actually develop the different skills that they have.

What are your ambitions for the future?

In the near future, I hope to graduate with a Master’s in Engineering, a qualification that will allow me to initiate my own engineering consultancy firm. Through this firm, I aim to empower other aspiring young engineers in my community by providing them with opportunities to practice their technical and mechanical skills. I hope to use the knowledge I'll gain in the field to impact a lot of other people's lives.

Can you tell us about any other ways you are giving back?

While at Pestalozzi, I was involved in multiple community programmes, including volunteering at Cheshire Homes, Beit & Bill Orphanage, tutoring at Kalikilik Community Schools, and helping with house chores for elderly women during World Women's Day. Continuing with the Pestalozzi ethos of Head, Heart and Hands, I have also been engaged in the prestigious Bezos Scholars Programme. Through this programme, my team and I initiated a community project that empowered over 20 youths with career readiness skills, directly addressing the youth unemployment challenges in Johannesburg.

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Alumni Giving Back

2015-18 Graduates (Future Leaders Programme):

Working in careers of public service

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58%
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7 out of 10

are in at least one category: careers of public service, such as teaching or healthcare, have volunteered to help their communities, or support their families financially. Others contribute back to society through entrepreneurial and business activities.

Actively Volunteering PW/Communities

57%

9 out of 10

have remained in their country of origin, contributing back to their societies, 7% are currently studying overseas and just 3% have emigrated. The benefit of our programmes on wider communities remains in their country of origin.

Financially support Family

14%

Alumni Sentiment: PW was life-transforming (316 respondents)

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Agree Disagree
Life-transforming 97%
0% 20% 40% 60% 80% 100%
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“What is the most important single quality you gained”

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Without the empowerment I was provided, I might not have had access to high-quality education or the chance to develop essential skills like resilience and effective communication. I may not have discovered my passion for teaching or had the confidence to pursue a role in education. The support and diverse environment significantly shaped my aspirations, enabling me to contribute positively to my community and beyond.

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Nurturing change-makers:

Elase Nyirenda’s journey with Pestalozzi International

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What has been your most memorable experience at Pestalozzi International?

The “Hands” (Practical) skills I learned at Pestalozzi remain my most memorable experience. Today, as the sole breadwinner for my family, I am proud to say that farming and gardening are key sources of our food security. Looking back, I cannot thank Pestalozzi enough for laying the foundations for my career.

What are you currently doing?

I am currently doing a Mastercard Foundation Associate Programme with the One Acre Fund in Kabwe, Zambia. I am eternally grateful to the Mastercard Foundation for the opportunity and also to Pestalozzi for supporting me during the application process. Meanwhile, I am exploring opportunities for a Master’s degree as I feel there is more to learn for the sake of my community.

Can you tell us about any other ways you are giving back?

Today, I am a graduate in Agronomy with a degree in Agricultural Science from EARTH university in Costa Rica. After graduating in 2021, I decided to spend a year in the USA doing an internship before finally coming back to Zambia in 2023. When I came back, I was surprised at how challenging it was for me to get a job in Zambia. I almost regretted my decision to come back and then I remembered the reason why I wanted to come back. When I was a student at Pestalozzi, I always told myself, ‘I have to do well for the sake of my community’ and I had almost forgotten my community because I was too busy trying to find a job for myself. After this realisation, I decided to volunteer at the Ministry of Agriculture in my hometown, Lundazi. The time I spent volunteering with the smallholder farmers was one of the best experiences I have had since graduating. Having the opportunity to share what I had learnt and figuring out some things together with the farmers remains unforgettable. Since then, I have vowed to myself to open a well structured farm for the learning purposes of the smallholder farmers in my community.

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Financial Review

PI’s income is primarily from private individuals, Trusts and Foundations.

In 2023, total income increased to £2,621,160 from £631,105 in the previous year. Of which, donations from the US Trust were £324,336 (2022: £438,059). £1,581,949 was received from the Swiss Trust (2022: nil).

Therefore, income from our partner fundraising trusts represented 73% (2022: 69%) of the total income in 2023. Donations from UK trusts and individuals fell to £94,400 (2022: £188,011). This reflects an intentional focus on developing fundraising from overseas markets due to oversubscribed UK Trusts and Foundations.

The restricted fund of £15,000 carried forward from 2022 from the Reed Foundation for investment in technology, along with all other restricted funds received in 2023, were utilised during the financial year.

Our total expenditure in the year increased to £1,646,733 (2022: £1,563,645). This was largely due to a planned increase in fundraising costs. Funds raised in the USA and CH are solicited by UK staff and flow to the UK, where programme expenditure is made. This is to present a complete view of financial and administrative activity coordinated by the UK Trust.

Grants to Zambia, India and Nepal programmes decreased to £967,205 (2022: £1,037,832) largely due to favourable foreign exchange, and funding for Outreach Programmes in Zambia and Thailand decreased to £201,110 (2022: £231,150).

Monitoring and Evaluation costs increased to £139,173 (2022: £136,060) due to inflation. Direct Charitable Spend, therefore, decreased to £1,307,488 (2022: £1,405,042).

Investment in staff to generate future income, and cover for a member of staff suffering prolonged illness in 2023, increased support costs to £339,245 (2022: £158,603).

The financial results before gains/losses on investments showed an in-year surplus of £989,427 (2022: deficit of £932,540).

Loss on revaluation of investments of £62,773 (2022: £161,220), and exchange losses of £22,308 (2022: £59,325), decreased the overall surplus for the year to £904,346 (2022: Deficit of £1,034,435).

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Reserves

The reserves policy is reviewed annually by the finance committee and approved by the Board of Trustees.

At 31 December 2023, total funds held at PI were £2,290,536 (2022: £1,438,468).

PI policy is to hold a minimum of 12 - 18 months of operating costs. Free reserves of £2,290,536 (2022: £1,438,468), represented approximately 16 months of budgeted operating costs and as far as possible are invested to derive income. Income is currently back-loaded in the financial year, and our reserves allow for the management of cash flows. Funds held, allow for Trustees to grant for capital expenditure at their discretion.

Each scholar we select represents a funding commitment on our part of up to eight years. The Trustees are very much aware that the funds needed to support the children each year are subject to inflationary/foreign exchange movements and shortfalls of future receipts are possible. PI is transitioning from a limited number of major donors to a broader donor base and it is justified that we hold a higher level of reserves until a sustainable donor base is established.

Investment Powers and Policy

The Constitution provides full and unrestricted powers of investment to the Trustees. The investment of the reserve fund is managed and reviewed by the Trustees and advised by a qualified investment committee composed of two Trustees and two Advisors.

Some of the graduating batch in India

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Risk Management

The Trustees have identified the principal risks and uncertainties to which the charity is exposed. These are regularly reviewed and policies, systems and procedures have been established and implemented to mitigate or manage any potential impact on the charity should those risks materialise.

Given the context within which PI works, the principal risks for PI are:

Safeguarding : PI requires absolute duty of care and accountability to children supported by Pestalozzi International programmes. PI ‘s Safeguarding Policy and Code of Practice for working with children and young people sets out in detail how any Pestalozzi International representative, including staff, board members, volunteers, consultants, and partners must conduct themselves in their interactions with children at all of the programmes we support.

Loss or Misappropriation of Charity Assets : Pestalozzi International Policies and Procedures are reviewed annually and contain control procedures for approving financial transactions, purchasing processes, the requirement for annual Audit, regular reporting against budgets and quarterly reporting to the Board of Trustees across our funding and implemented partner organisations. Annual monitoring trips are undertaken by our staff.

Lack of regular donations : A comprehensive fundraising plan is in place to meet our future costs. The charity is maintaining a reserves policy of between 12 and 18 months of operating costs that are partially invested in UK and overseas investment portfolios, foreign currency deposits as well as sterling on deposit. This will provide the charity with income each year and will ensure funds are available to meet any direct charitable and management & administration expenditure.

Foreign currency : The risks associated with holding a single dominant currency for a global charity are mitigated by holding deposits in gold and other major currencies.

Stability of the political environment : In 2023, the stability of the governments of Zambia, India and Nepal continued; however, the precedent of national turbulence in these countries means PI remains vigilant of this risk. The Board of Trustees noted the increasing difficulties the Foreign Contributions Regulation Act in India is presenting for international NGO’s.

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Plans for the future

The SkillsHub investment in 2024 will increase the capacity of the school during teaching hours by an additional 100 children. Income from fee payers will reduce the international funding required for our Zambian Trust in 2025 and beyond. In India and Nepal we are supporting the development of our local partners to attract domestic and international funding.

Our investment in income generation overseas reduces the reliance of our partners on our funding and justifies the use of reserves that would otherwise be invested with more modest returns.

SkillsHub expenditure will increase total spend but our income and expenditure will balance in each of the next three years. With a comprehensive fundraising plan in place and efforts underway to boost the income-generating capacity of our partners, we look to the future with confidence and ambition to develop our social and economic impact further in Sub-Saharan Africa.

The merger announced on page 3 of the report above will further strengthen the sustainability of the organisation with an approximate inflow to reserves of £1m and projected additional annual income of £250,000 per annum.

The Board of Pestalozzi International look to the future with confidence and ambition to increase the impact of the charity.

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Selected children arriving at Foundation
House in Zambia for the first time
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Statement of Trustee Responsibilities

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the incoming resources and application of the resources of the charity during the year and of its state of affairs at the end of the year. In preparing these financial statements the trustees should follow best practice and:

• Select suitable accounting policies and apply them consistently;

• Observe the methods and principles in the Charities SORP;

• Make judgements and estimates that are reasonable and prudent;

• State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation;

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the Charity’s constitution. They are also responsible for the charity’s system of internal financial controls, for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditors

A resolution to reappoint Sumer Auditco Limited as auditors will be put to the Trustees.

ON BEHALF OF THE TRUSTEES

KGreatbatch

KJ GREATBATCH Date: 31/10/24

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Pestalozzi International Independent Auditors Report To the Members of Pestalozzi International

Opinion

We have audited the financial statements of Pestalozzi World Children’s Trust (the ‘charity’) for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, 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 our opinion, the financial statements:

• give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s 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 charity’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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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 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.

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 the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the trustees' report; or sufficient accounting records have not been kept; or

20 6

Pestalozzi International Independent Auditors Report (Cont.)

the financial statements are not in agreement with the accounting records; or we have not received all the information and explanations we require for our audit.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 auditor's 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.

Irregularities, including fraud, are instances of noncompliance 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.

• Obtaining an understanding of the legal and regulatory framework in which the charity operates, focusing on those laws and regulations that had a direct effect on the financial statements and operations;

• Obtaining an understanding of the charity's policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud; and

• Discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud through our knowledge and understanding of the charity and our sector specific experience.

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: compliance with the Charities Act 2011 and the Charities SORP (FRS102).

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

• Making enquiries of management, about any known or suspected instances of non-compliance with laws and regulations and fraud;

• Reviewing minutes of meetings of the board and senior management; and

• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planed and performed in accordance with the ISAs (UK). For instance, the further removed noncompliance is from the events and transactions reflected in the financial statements, the less likely

21 6

Pestalozzi International Independent Auditors Report (Cont.)

the auditor is to become aware of it or to recognise the non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Kristina Perry FCCA (Senior Statutory Auditor) for and on behalf of Sumer Audit

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose.

To the fullest extent permitted by law, we do not

==> picture [102 x 27] intentionally omitted <==

==> picture [79 x 14] intentionally omitted <==

...............................

Chartered Accountants Statutory Auditor Worthing

Sumer Audit is the trading name of Sumer Auditco Limited

22

Pestalozzi International Statement of Financial Activities For the year ended 31 December 2023

Donations and Legacies Investments Other Income 3 Notes TOTAL 4 INCOME FROM Charitable Activities Raising Funds 8 TOTAL 8 EXPENDITURE ON Net income/(deficit) TOTAL FUNDS BROUGHT FORWARD 9 Net income/(deficit) before gains and lossses on investments Net gains/(losses) on investments 5 Other gains/(losses) TOTAL FUNDS CARRIED FORWARD NET MOVEMENT IN FUNDS	Unrestricted Funds 2023 £ 2,586,913 1,644 103 2,588,660 (1,404,327) (194,906) (1,599,233) 989,427 (62,773) (22,308) 926,654 904,346 1,438,468 2,342,814	Restricted Funds 2023 £ Total Funds 2023 £ Total Funds 2022 £ 32,500 - - 2,619,413 1,644 103 626,070 5,035 - 32,500 2,621,160 631,105 (47,500) - (1,451,827 (194,906) (1,505,739) (57,906) (47,500) (1,646,733) (1,563,645) (15,000) 974,427 (932,540) - (62,773) (161,220) (15,000) 911,654 (1,093,760) - (22,308) 59,325 (15,000) 15,000 889,364 (1,034,435) 1,453,468 2,487,903 - 2,342,814 1,453,468

All of the above are derived from continuing activities. There were no other gains or losses other than those stated above.

The notes on pages 26 to 32 form part of these financial statements.

23 6

Pestalozzi International Balance Sheet 31 December 2023

	Notes	2023	2022
		£	£
Fixed Assets
Investments	9	373,175	1,106,651
Equipment, net	10	1,038	-
Current Assets
Debtors	11	1,502,912	240,055
Cash at Bank and in Hand		494,420	120,858
		1,997,332	360,913
Current Liabilities	12	(28,731)	(14,096)
NET CURRENT ASSETS		1,968,601	346,817
TOTAL ASSETS LESS CURRENT		2,342,814	1,453,468
LIABILTITES
Total Unrestricted Funds Brought		1,453,468	2,487,903
Forward
Net Movement in the year Unrestricted		904,346	(1,049,435)
Restricted		(15,000)	15,000
Carried Forward TOTAL FUNDS	14	2,342,814	1,453,468

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Trustees on 31st October 2024 and signed on their behalf by

KGreatbatch

KJ GREATBATCH

The notes on pages 26 to 32 form part of these financial statements.

6 24

Pestalozzi International Statement of Cash Flows 31 December 2023

			2023		2022
		£	£	£	£
Cash flows from operating activities			(275,378)		(1,165,991)
Cash flows from investing activities
Purchase of investments		(219,436)		(613,283)
Purchase of equipment		(1,099)		-
Proceeds of investment disposals		1,042,036		1,252,013
Dividends, interest and rents from		1,644		5,035
investments
Net cash provided by investing			823,145		(643,765)
activities
Foreign exchange differences			(22,308)		59,325
Change in cash and cash equivalents	in the year		525,459		(462,901)
Cash and cash equivalents b/f			176,564		639,465
Cash and cash equivalents c/f			702,023		176,564
			2023		2022
Reconciliation of net (expenditure)/income to net			£		£
cash flow from operating activities
Net income/ (deficit) for the year per the SOFA			889,346		(1,034,435)
Adjustments for: (Gains)/losses on investments Dividends, interests and rents from investments			85,081 (1,644)		101,895 (5,035)
Decrease/(increase) in debtors			(1,262,857)		(235,835)
Increase/(decrease) in creditors			14,635		7,419
Depreciation			61
			(275,378)		(1,165,991)
			2023		2022
Analysis of cash and cash equivalents			£		£
Cash in hand			494,420		120,858
Cash held by investment manager			207,603		55,706
Total cash and cash equivalents			702,023		176,564

The charity had no debt during the current or comparative period.

25 6

Pestalozzi International Notes to the Financial Statements For the year ended 31 December 2023

1. ACCOUNTING POLICIES

a) Basis of Preparation

The financial statements have been prepared in accordance with the 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).

PI constitutes a public benefit entity as defined by FRS 102. The accounts are prepared in Sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

As described in note 2, the financial statements include the results of both Pestalozzi International (Charity number 1046599) and Pestalozzi International (Charity number 1172364) in accordance with merger accounting rules. The financial statements have been prepared under the historic cost convention, with the exception of listed investments which are included at their market value. The principle accounting policies adopted are set out below.

b) Going Concern

The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern. On the basis of these projections the trustees are confident that the charity will have sufficient funds to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on the going concern basis.

c) Investments

Investments are initially recorded at cost. At the end of each financial period investments are revalued as at the balance sheet date at their market value. Any unrealised movement in market value from one year to another is recognised in the SOFA.

d) Incoming Resources

Donated assets are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the user by the charity of the item is probable and that economic benefit can be measured realiably. The value of donated assets provided to the charity are recognised at fair value.

e) Resources Expended

All expenditure is accounted for on an accruals basis, and where incurred directly to further the Trust’s charitable objects, is shown under the headings of Scholarship Costs and Monitoring and Evaluation.

Certain expenditure is directly attributable to specific activities and has been allocated to those cost categories. Where the costs are attributable to more than one activity they have been apportioned to the other activity based on the time spent on those activities.

f) Expenditure on Raising Funds

Expenditure on raising funds are those costs, including staff costs, relating to fundraising activities and management fees of its investments.

26 6

Pestalozzi International Notes to the Financial Statements For the year ended 31 December 2023

g) Charitable Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

h) Foreign Currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds in the statement of financial activities.

i) Financial Assets

Financial assets are recognized in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price included transaction costs. Donated assets are recognised at fair value.

Financial assets are derecognized only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

j) Financial Liabilities

Basic financial liabilities are initially measured at transaction price. Financial liabilities are derecognized when, and only when, the charity’s obligations are discharged, cancelled, or they expire.

k) Taxation

No provision has been made for taxation as the charity is a public benefit entity which is exempt from UK direct taxation on its charitable activities.

l) Financial Instruments

Debt instruments like loans from related parties and other receivables and payables are initially recognised at transaction price. Debt instruments that are payable or receivable within one year are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

2. CHARITY INCORPORATION

On 1 January 2018, Pestalozzi International (Charity number 1046599) transferred its trade and assets to Pestalozzi International (Charity number 1172364). Both charities have the same charitable objects, which are detailed in the Trustees’ Report, and the transaction has been accounted for using the merger accounting rules.

27 6

Pestalozzi International Notes to the Financial Statements (continued) For the year ended 31 December 2023

3.	DONATIONS	2023 £	2022 £
	UK Trust Donations	94,400	188,011
	US Trust Donations	324,336	438,059
	CH Trust Donations	1,581,949	-
	Other Income	103
	Donated Asset	618,728
		2,619,516	626,070

Included within donated assets is £618,728 relating to a transfer of ownership of a loan on 31 December 2023, of which the charity will receive future repayment. The value of the asset has been recognised within incoming resources as a donation, and an equivalent balance included within other debtors. See note 11 for further details.

4. INVESTMENT INCOME

4.INVESTMENT INCOME
	2023		2022
	£		£
Dividends Received from investments	1,644		5,035
	1,644		5,035

5. OTHER GAINS AND LOSSES

		2023		2022
		£		£
	Foreign exchange (losses)/gains	(22,308)		59,325
6.	STAFF COSTS
		2023		2022
		£		£
	Salaries and Wages	272,140		175,321
	Social Security costs	24,591		14,510
	Pension costs	14,586		4,737
		311,317		194,568

The average number of employees during the year was 6 (2022: 4). At 31 December 2023, the number of staff was 7 (2022:4). One employee earned over £60,000 in the current year.

During the year, remuneration of key management personnel totalled £76,883 (2022: £68,954).

7. AUDITOR’S REMUNERATION

A total fee of £9,600 (2022: £3,000) was provided in relation to the audit services for this year.

28 6

Pestalozzi International Notes to the Financial Statements (continued) For the year ended 31 December 2023

8. ANALYSIS OF RESOURCES EXPENDED

	Scholarship	Monitoring	Mgmt &	Raising		Total
	Costs	& Evaluation	Admin	Funds		2023
	£	£	£	£		£
Zambia Future Leaders	657,182	-	-	-		657,182
Indian Future Leaders	186,859	-	-	-		186,859
Nepal Future Leaders	123,164	-	-	-		123,164
UK Staff	-	122,485	46,295	142,537		311,317
Travel	-	15,238	4,740	3,815		23,793
Office	-	1,450	60,657	6,259		68,366
IT/Website/Other	-	-	23,047	-		23,047
Audit Fee	-	-	9,600	-		9,600
Investment Mgmt	-	-	-	1,694		1,694
Outreach Programmes	201,110	-	-	-		201,110
Marketing/Fundraising	-	-	-	8,025		8,025
Consultant Fees	1,168,315 -	139,173 -	144,339 -	194,906 32,576		1,646,733 32,576

The trustees did not receive any fees, emoluments or reimbursement of expenses in the year ended 31 December 2023 (2022 - £nil).

Expenditure included under "Mgmt & Admin" above meets the definition of support costs as defined in the Charities SORP. Included within this expenditure are governance costs totaling £17,506 (2022: £25,665).

	Scholarship		Monitoring		Mgmt &		Raising		Total
	Costs		& Evaluation		Admin		Funds		2022
	£		£		£		£		£
Zambia Future Leaders	725,784		-		-		-		725,784
Indian Future Leaders	184,573		-		-		-		184,573
Nepal Future Leaders	127,475		-		-		-		127,475
UK Staff	-		116,687		46,372		31,509		194,568
Travel	-		19,373		2,205		-		21,578
Office	-		-		28,885		-		28,885
IT/Website/Other	-		-		18,255		-		18,255
Audit Fee	-		-		4,980		-		4,980
Investment Mgmt	-		-		-		2,259		2,259
Outreach Programmes	231,150		-		-		-		231,150
Marketing/Fundraising	-		-		-		24,138		24,138
	1,268,982		136,060		100,697		57,906		1,563,645

29 6

Pestalozzi International Notes to the Financial Statements (continued) For the year ended 31 December 2023

9. INVESTMENTS

9.INVESTMENTS
Market value	2023		2022
	£		£
At 1 January	1,050,945		1,850,895
Additions	219,436		613,283
Disposals	(1,042,035)		(1,252,013)
Revaluation	(62,773)		(161,220)
Transfers	-		-
At 31 December	165,572		1,050,945
Cash on deposit	373,175 207,603		1,106,651 55,706

Investments were liquidated to transfer to a new investment manager (Credit Suisse to Cazenove). The portfolio included both UK and overseas investments. Investments are held to provide a return to cover future charitable expenditures.

10. FIXED ASSETS

10.FIXED ASSETS
Computer Equipment	2023		2022
	£		£
Cost at 1 January 2023	-		-
Additions	1,099
Cost at 31 December 2023	1,099		-
Depreciation charge Net Book Value 31 December 2023	1,038 61		- -

11. DEBTORS

Amounts falling due withing one year	2023		2022
	£		£
Other Debtors	683,866		214,972
Pre-payments	2,621		-
Accrued Income	816,426		25,083
	1,502,913		240,055

Accrued income of £816,426 represents a donation from Pestalozzi Overseas Children’s Foundation which was received on 4 January 2024. Included in other debtors is a loan of £618,728 (2022: £nil) due from a related party, Pestalozzi Zambia Children's Trust, which was transferred on 31 December 2023 from Pestalozzi Overseas Children's Foundation.

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

	2023		2022
	£		£
Taxation and social security	8,444		6,637
Accruals	20,287 28,731		7,459 14,096

6 30

Pestalozzi International Notes to the Financial Statements (continued) For the year ended 31 December 2023

13. STATEMENT OF FUNDS

13.STATEMENT OF	FUNDS
	As at 1 Jan		Income	Expenditure		As at 31 Dec
	2023					2023
	£		£		£	£
The Reed Foundation	15,000		-		15,000	-
Chalk Cliff Foundation	-		5,000		5,000	-
St James Foundation	-		2,500		2,500	-
The Coles Medlock Trust	-		10,000		10,000	-
Charities Trust	-		15,000		15,000	-
Total Restricted Funds	15,000		32,500		47,500	-
Total Unrestricted Funds	1,438,468 1,453,468		2,588,660 2,621,160		1,684,314 1,731,814	2,342,814 2,342,814
	As at 1 Jan		Income	Expenditure		As at 31 Dec
	2022					2022
	£		£		£	£
The Reed Foundation	-		15,000		-	15,000
Total Restricted Funds	-		15,000		-	15,000
Total Designated Funds	1,100,000		-		-	-
Total Unrestricted Funds	1,387,903 2,487,903		616,105 631,105		1,665,540 1,665,540	1,438,468 1,438,468

All restricted grants in 2022 and 2023 were awarded to support the Future Leaders programme in Zambia.

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fund balances at 31st Dec are	Unrestricted	Unrestricted
represented by:		income
		£
Fixed Assets		374,213
Current Assets		1,997,332
Creditors: Amount falling due within one year		(28,731)
Total Funds		2,342,814

6 31

Pestalozzi International Notes to the Financial Statements (continued) For the year ended 31 December 2023

15. RELATED PARTY TRANSACTIONS

During the year, donations of £324,336 (2022: £438,059) were received from Pestalozzi US Children’s Charity Inc. (PUSCCI). These donations were made from the proceeds of US fundraising events and individual donations. PUSCCI is a US-registered not-for-profit foundation, founded in 1998 in order to raise funds for Pestalozzi International by providing US donors with tax-deductibility.

Sir Richard Butler Bt., founder of Pestalozzi International is a director of the US Charity.

On 23 April 2022, the Pestalozzi International Trust (PI) provided an interest-free unsecured loan of £206,594 to Pestalozzi Overseas Children’s Foundation (POCF) in Switzerland. The loan was advanced in order to fund the school’s expansion in Lusaka Zambia and was repaid on 20 January 2023. Total donations received from POCF were £2,200,676 (2022: £31,096).

On 31 December 2023, an interest-free unsecured loan of £618,727 to Pestalozzi Zambia Children's Trust (PWCT) was transferred from the original lender, Pestalozzi Overseas Children's Foundation (POCF), to Pestalozzi World Children's Trust. This has been included within income from donations in kind.

During the year donations made to the family organisation Pestalozzi Zambia Children's Trust totalled £625,181 (2022: £723,606)

During the year donations made to the family organisation Pestalozzi Children's Village Society totalled £134,042 (2022: £184,416)

During the year donations made to the family organisation Nepal Pestalozzi Foundation totalled £114,467 (2022: £102,343)

During the year donations made to the family organisation Thai Pestalozzi Foundation totalled £32,318 (2022: £43,791)

16. POST BALANCE SHEET EVENTS

On 13 September 2024, Pestalozzi World Children's Trust merged with another charity, Pestalozzi International Foundation, with a name change for the combined entity to Pestalozzi International. Both entities share the same charitable aims, and all assets, liabilities and funds have been combined. At the date of the merger, Pestalozzi International Foundation held an estimated net assets of £1.02mil.

6 32

Alumnus message to donors

“From the deepest part of my heart, I would like to thank all the donors for their unconditional support. We are forever grateful and we will make sure to become a wonderful global citizens.”

Contact Us

Pestalozzi International Unit F8 Worth Corner Business Centre Crawley RH10 7SL

Tel: [phone] Email: [e-mail] www.pestalozziworld.com