PHARO FOUNDATION

Company number

07678862

Status

Active

Incorporation

2011-06-22

Last accounts made up

2024-12-31

Account category

GROUP

Primary SIC

88990

Hubs

UK Healthcare

Accounting basis

FRS 102

Reporting scope

Consolidated (group)

Auditor

Buzzacott Audit LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“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.”

Subsidiaries

• Pharo Development Investment Limited ('PDIL') · 100% held · England & Wales · receive profit distributions from Pharo Management (UK) LLP and make charitable donations to Pharo Foundation.
• Pharo Enterprises Limited ('PEL') · 100% held · England & Wales · a holding company whose principal activity is to establish Social Enterprises in East Africa.
• Pharo Ventures Somaliland Limited ('PVSL') · 100% held · Somaliland · to serve as a holding company for social enterprises with overall goal of creating jobs, ensuring positive social impact and generating profits for long-term sustainability of both subsidiaries and the company
• Pharo Construction Somaliland LTD (PCSL) · 99.9% held · Somaliland · the hire of construction equipment and the sale of ready-mix concrete.
• Pharo Real Estate Somaliland · 100% held · Somaliland · the provision of real estate services as an income-generating entity of Pharo Ventures Somaliland Limited. The company remained dormant during the year.
• Pharo Farm LTD Somaliland (PFSL) · 100% held · Somaliland · operate as an income-generating farm under Pharo Ventures Somaliland Limited. The company remained dormant during the year.
• Pharo Integrated Agriculture & Manufacturing PLC Ethiopia (PVET) · 99.9% held · Ethiopia · engaging in manufacturing of edible oil, farming and agro-processing of oil seeds, wholesale of own products with the objective of generating profits.
• Pharo Foundation Farm ('FARM') · 100% held · Ethiopia · operate as an income-generating farm within Pharo Foundation's Ethiopia programme. The company remained dormant during the year.
• Pharo Ventures Kenya Limited ('PVKL') · 100% held · Kenya · build and grow, commercially and environmentally sustainable businesses, with a focus on maximising creation of economic value and jobs, for the local communities.
• Pharo Ventures Rwanda Ltd ('PVRWL') · 100% held · Rwanda · develop sustainable businesses that create economic value and jobs. The company remained dormant during the year.

Significant events

• “2023 was a major turning point for the Foundation from a strategic standpoint. We joined the world of 'moonshot philanthropy', as we streamlined our activities into three key missions: empowering the next generation through education, solving Africa's water shortage, and removing obstacles to productivity and employment. ... consolidated our strategy, refraining from further geographical expansion this year.”
• “On water, we confirmed our decision to make our Somaliland hafir dams the central means of delivering our water mission. These dams are the traditional large rectangular catchment basins to which we add a high-quality plastic geomembrane. By the end of the year, we had 4 such dams with an average size of 40,000 cubic meters, and a fifth one was under construction.”
• “On productivity and employment, on the one hand, we strengthened our commitment to the fight against non-communicable diseases (NCDs) by creating an NCD centre at Hargeisa hospital, reaching more than 67,000 people through mass awareness campaigns in Somaliland and 750 in Kenya.”
• “Our Pharo Schools in Ethiopia have outperformed, by attaining a 100% passing rate in the national exams at both Grade 8 and Grade 12.”
• “We've pioneered an innovation known as the 'Camel Cam,' a computer vision system that uses high-resolution video linked to object detection algorithms to track both the number of users and the volume of water extracted from each dam.”
• “One particularly uplifting story on this front is that the Hargeisa Water Agency advertised for 5 plumbers at the end of 2024, received 34 applications, of which 13 were our graduates. Our graduates secured four of these positions, which is a great milestone and a testament to the quality of our training programmes.”
• “Its first project, which is a processing facility of speciality oils for the export market, had almost completed construction by December 2024. In the same month it was inaugurated ahead of plans to begin commissioning the plant for production and sale of speciality oils in 2025.”
• “The other strategic decision which we made on Pharo Ventures, this time in Somaliland was to streamline our activities by closing down Pharo Construction business under Pharo Construction Somaliland Limited (PCL) and focusing on our now profitable Ready-Mixed Concrete business.”
• “Indeed, in 2024, our Ready-Mix Concrete (RMC) operations continued to deliver strong performance with a total volume of 8,072 cubic meters and sales reaching $1m. This marks a slight increase in volume over the previous year (2023: 7,415 m³) and represents our highest annual revenue to date.”
• “Following the year-end, the charity made significant commitments to expand its operations in Somaliland. These include a new farming and social development programme in Wajale and the construction of a private international school in Hargeisa.”

Auditor / going-concern / subsidiary information is extracted from the PDF version of the latest annual accounts and is not tagged in iXBRL. About these numbers