GMET – 2021 Audited Financial Statements

GMET – 2021 Audited Financial Statements

The Board of Trustees of Griffin Memorial Endowment Trust (GMET) represented by the Chairman, Mr Joseph Gitonga and the Treasurer, Mr David Wachira presented the Audited Financial Statements of the Trust for the year ended 31st December 2021 to the Founders today. At hand to receive the Financial Statements on behalf of the Founders were Starehe Director Mr. Josephat Mwaura and Deputy Director Mr. Fred Okono.

In summary GMET reported a net investment income of KES 27M equivalent to a return of 10.625% net of tax up from KES 24M the previous year while the Primary Fund grew to KES 234M up from Ksh 224M
representing 12% of the targeted KES 2 Billion.

The goal of the Trust remains to grow the Primary Fund to KES 2 Billion in order to be confident of sustaining the growth and sustenance of the Starehe Schools into perpetuity.

The two Starehe Schools and OSS are beneficiaries of GMET. The Trust will be disbursing a total KES 19 million to the beneficiaries this year with KES 14M going to Starehe Boys’ Centre, KES 4M going to Starehe Girls’ Centre and KES 1M to the OSS Welfare Fund.