Our big project for 2008 was to raise the money to buy a new school in Guatemala.
At the end of 2007 we found the perfect location close by our existing schools, in a town called San Felipe, which has the potential to hold an extra primary school as well as a secondary school. We managed to secure a years contract to rent the building with an option to buy at the end of 2008.
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New School - San Felipe |
New School - San Felipe |
We had a brilliant year for fundraising and secured £150,000 in donations and pledges. But sadly the exchange rate took a huge tumble as 2008 went on. We had previously been getting Q16 (Guatemalan Quetzals) for £1, but by December 2008 this had fallen to just Q11 for every £1. This 35% drop meant that our money was £69,000 short of the asking price.
We tried to negotiate with the landlord but he sadly would not accept our offer. He did. however, allow us to sign another year's rental contract until the end of 2009. This means that we will have time to hope that the exchange rate may change in our favour, that we may raise above our annual budget to be able to put more money into the school, or that we will be able to find an alternative option.
Whatever happens in 2009, we are absolutely dedicated to keeping the education secure of the 279 children who learn at our Primary School.
We will keep you updated as the story unfolds....
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