PETER COWLEY AFRICA TRUST Rewtered Charity No 1037257 ANNUAL REPORT FOR THE YEAR EI¥DING 31ST DECEMBER 2023 OBJECTIVES To hold and invest the capital of the trust and apply its income in temis of grants for, or towards projects &5SiSting Kenyan youth in: a) Promotion of educatiotl b) Relief of suffering, hardship. or disease. c) Advancement of the Christian religio PRINCIPLES The Trustees have applied the following criteria when deciding upon grant applications: a) The 'Peter Faor,. Iether the pU0$e of the ty would have been consistent with Peter's outlook on life. b) The benefit to young people. ) The contribution towar&g developing education and underSt[ng. d) Cross-cultural aspects in encouraging mutual understanding. e) Local development geared in a cost-effective way of improving opportunities and raising standards in Keny& fj The encouragement of Christian unity. The Trust operates in Kenya principally through 4 partners- Jarallge Area Project of Kenya (NAPKEWYA). Machakos COpera[1ve Union (MCU), Little Sisters of St Francis and MOKO Savings and Co-operative Society (MOKO SACCO). NAPKENYA is an NGO operating in the Mbeere district of Eastern Keny& MCU is a cfroperative oEmting in the Machakos and Maku¢ni counties of Southern Keny& Lit(le Sisters of St Frdncis is a Catholic welfare organization based in Kasarani on the outskirts of Nairobi. MOKO SACCO is a savings scheme •• for women producers set up by MCU. One of the strengths of the Tt is the close relationship wkiii uirir i ruSL Pdfliirri. <lllU u&¢ aLwu(IL¢*VIIALy yrvvluJ i)y ui¥iu Lv i rSL¢S Vii VI'VJW Liiry kUti'yUi¥ UUL Ui¥ Aw15 pfvvAuru uy ui¢ irusL i IrL ÉU¥V (urruY Iullii)" £ )¥lAw tatiu Diilllluya XLUlliMry lIVIS iii
In March 2023, the Triistees decided the annual allocations applied to projects would be the same as in 2022, apart from Little Sisters which would be increased to £4,0(K) from £2.000. So they are as follows: a) For NAPKENYA Projec £7.5. b) For MCU projects £10,000. c) For Little Sisters of St Francis projects £4,000. d) For MOKO SACCO £10,000. d) For Kegonge and Kiamuya khools, £750 to each. These allocations however can be increased. Also payinents to other bodies can be made by extra donations given to the Tnth or other income generated by the TrusL The Trust has also 2 other funds operating under its auspices: Project Rland Used to fund the building and equipping of St Mary Magdalene's School for the Deaf at Riandu near Siakago. Makutano Children's Home. Used to provide bursaries ft)r individua] needy children at the Makutsno Orphanag4 which is based in Central Keny& The investment policy of the Trust is both to maintsin the real value of the fijnd and to provide an income for the types of projects as indicated. The assets invested are subject to the ethical criteria as specified by the Tn$. In particular, investments are avoide<L which are involved in annaments, nuclear processin& oppressive regimes, environmental damage, exploitative employment practices or the production of Pornwdphy. CURRENT ACTIVITIES The TrLLStees met in person twice and by Zoom once during the year to ana]yse the Trust's financ&s, approve grants 8t discuss long terni strate. The following roles had previously been assigned to the Trustees. Michael Cowley Investments and Makut2no RelatIo8hIp. Andrew Cowley Secretary and Treasurer. Malcolm Macnaughton Networking and Kegonge. David Eldridge Partnaships and Websi*. Alison Mbugua Research and Partner Relationships (Napkenya). Margaret Pedder Policies, Safeguarding and Risk M3nagement. Louise Eldridge Ethical Investments and Researchlstrategy. The TnteeS arranged the following grants to be made during 2023 to the following: MOKO SACCO. £12,(K)O has been used to fund the following in the Machakos and M2kueni counties of Southern Keny& a) £10,0 to develop new products tents. chai. water tanks, clean energy, cooking stoves and pots, and solar lamps benefitting 2,450 households. b} £2.000 for Food Relief to allevAate suffuing as a result of the droughL MCU. £11,735.25 has been used to fund following in the Macbakos and Makneni counties of Southern Keny
a) £2.164.30 for a Tree Nut5cry. which consists of 2 water tanks, tree seeds and nursery, foresty expert fees and water tank statKIs. b) £4.821.25 to Mathima Dispensary for Maternity wing equipment and COStrUCtIon of a house for medical staff. c) £3,678.25 for Food Relief to alleviate suffejing &8 a resuEt of the droughL d) £1,071.45 for Product Development to develop new products, market research and benchrnarking. NAPKEA. £8,300.00 has been used to fund the following in the Mbeere district of Eastern Keny& a) £5,000 for Food Relief to alleviate suffering as a result of drought. b) £3,300 for Water TaDks for 5 Sch(ls and 5 Churches. c) St Anne's School. £6.218.75 has been Sed to fijnd the following school, which 0$ located at Mwala in SoLrthern Kenya (financed by extra donations). a) £4,(K)O for sch1 equipment including computers, projectio a solar system and books. b) £2218.75 for Bursaries for 7 students St Anne's School. £62] 8.75 has been used to fijnd the following school. which is located at Mwala in Southern Kenya (financed by extra donations). a) £4,(X)O for school equipment including computers, Projectio a solar system and b) £2218.75 for Bursaries for 7 students Little Sisters of St Francis. £4,6(M).00 has been used to fund the following to the Joy Women's Group in Kasarani on the outskirts of Nairobi. a) £2,000 for Tuition fees for 5 students to continue tlieir study at the St Francis School of Nursin& b) £1.400 for a Catering Course for 2 students for l year. ) £1200 for a Bread Oven. Johnson and Martha Mirtuot& £1,656.31 w&s given for relief and supw)rt to neety families in Mbeere DioLxe where they are vicars (financed by extra donations). Kiamuya Secondary School. £850.00 has been used to purchase 10 Desktop Computers, and for essay prizes for the school. which is located in Central Keny& Bursary SupporL £350. has been used to supFx)rt Wincate's educatiorL (fitwiced by extra donations). Kegonge Secondary School. No money bas been given to them this year. Riandu Secondary School for the Deaf. No money has been given to them this year. Makutano Childrni's Home. £5,900 has been used to provide bu]eS for individual needy children in respect of school fees (financed by specific donations). The restricted funding streams in 2023 were donations to Rland Makn0, St Arne's School, Johnson 2nd Martha Mutuota and Wincate.
In 2021 it was agreed by the Trustees to transfer £IO.000 annually from the Capitsl Account to the Income Account in order to provide extrd funds for Charitable Expenditure without materially reducing the real value of the Capital AccounL FUTURE PLANS The Trustees have the following objectives in mind for the Charity for the future: a) To continue and strengthen the good relationship built up with the 4 Trust partners in Kenya- NAPI<ENYffj MCU, Lillle Sisters of St Francis and MOKO SACCO and so develop the financial support of their work even fillther. b) To continue to support the 2 Secondary Schcols being directly funded- Kegonge, Kiamuy& c) To increase the income of the Trust for charitable purposes. d) To work effectively with other charities, where wssible. e) To facilitate the fujancing of the 2 separate funds operating under PCAT'S auspices- Project Riandu and Makutano Children's Home as well as other restricted funding schemes. fj To continue to encourage the input of a yory generation into the running of the TThL g) To continue to visit Kenya every 3-5 years. when possible. h) To continue to set out a long-ternl strdtegy for the next 3-5 years. i) To continue to review policy documents on Financial Controls. Investment Principles, Dats Protectio SafeguardÉng and the Risk Register, and to develop further policy documents. PUBLIC JNTEREST STATEMEKr By carrying out objectives and principles of the TrusL the Trustees can clearly demonstrate that it is nm for the public benefiL Grants are provided to finance water. agriculth, educational, health and micrfrfuwice projects that benefit whole communities in the districts of Kenya as previously specified in the ReporL li EGAL Al ADMIMSTrATIVE INFORMATION CHARITY REGISTRATION NO: 1037257 TRUST DEED NAMES OF TRUSTEES: MR M.L. COWLEY MR LP. COWLEY BISHOP W.M.MACNAuGF0N MR D.A. ELDRJDGE MRS M. MBUGUA MRS M.A PEDDER Mtss F.L. ELDRIDGE F4AME AND ADDRESS OF HONORARY CORRESPONDEDrr: fvtR KP. COWLEY 73 WELBECK ROAD SHEFFIELD S6 SAY
NAMES AND ADDRESSES OF BANKERS: CAF BANK LTD 25 KJNGS HILL AVENUE KINGS HtLL, WEST MALLING, KENr. ME19 41Q. NAME AND ADDRESS OF STOCKBROKEIL. RATRBONES, PORT OF LIVERPOOL BUILDING PIER HEAD, LIVERP(X)L. L3 INW. NAME AND ADDRESS OF ITr4DEPENDETr EXAMINER: R T.D. CROSS PHOENIX Accouwrs 55 WOODLANDS WAY PORTAL PARK TARPORLEY CHESFIIRE. CW6 OTP
PETER COWLEY AFRICA TRUST OME AND EXPENDrrLfRE AC uNr FOR YEAR ENDING 31112123- MAIN FUND NOTE INfEREST R£CEIITD 330.41 IOJ(&99 IOh6&67 TOTAL D4VEsfMENf L¥COME 11091.13 IW7AO DONATIONS: GIFT AIDED DONATIONS OTHER DOf4ATIOWS 2A18&70 2103158 &04&W U3S TOTAL DONATIONS TOTAL INCOME 4QJ23A3 3&01)4S8 LESS EENDURE. MOKOISACCO MCU NAPKENYA ST A1lE's SCHOOL LrrrLE sisfERS OF FRANCIS FAN£ILY SUPPORT KJAMUYA SECOYI DARY SCHOOL BURSARY SIJPPORT KEGONGE SECOKDARY SCHOOL 11.73U5
j00 19ts50JK)
621&75 1171.74 4S71QJI 59,421.74 114THBONES WAGEMENT (MARGXS BANK ADMr4isfRATION CHARGES I[DEPEp4DENT EXAMThAT10Tr4 FEE WEBsE COSTS 3JSiJ4 465&68 313 3SI.69 21&thJ 21&00 li&Q5 71.86 419S39 423 4971) 63,7ts97 l+fET INCOME FOR THE YEAR .9J8ASI .2&72th99 INCOME FUND BRoucEfFORWAIID TAIANSFER FROM CAprrAL ACCOUNr I{(100 IL24(1.18 952105
INCOMI AND EXP URE AccoirNr FOR YEAR END rEREsf RECEIVED DONATAONS: ClFf AIDEDWNATIONS OTHER DONATIONS J170 30J.79 TOTAL INCOME 2W79 LESS EXPENDrruRE: RLINDU SCHOOL o.fy) &L( 8LOO TOTAL EXPENDrruRE 81.1)0 NET INCOLblE FOR TILE YEAR 7x79 INCOME FUND BROUG FORWARD 42IS14 3S4Q76 7JJ0993 43IS14 COME AND EWDITURE A ouwr F ENDING 3111Y23 2022 INfEREST RECEIVED DONATIONS: GJFW klDED DONATIONS OTEITRDONATIONS 2& 11.64 IL50 TOTAL DONATIONS 42(#X03 43x14 TOTAL llYCOME 43•3 432414 LESS £XPEf4DITURE: MAKUTANO ORPHANAGE BURSARIES 49(Ki.fA) 15&00 TOTAL EXPENDrruRE NET INcoh FOR THE YEAR -14S9. 26&14 INCOME FUND BROUGHT FORWABD 1172171 13A54S7 INCOME FiJND CARRf£D FORWAJiD IIJ6Z74 11722.71 COME FUND suMy FOR YEAR IYDIYG 31n2ll3 1424Q18 7JNYJ.93 I174 TOTAL INCOME cARRD FORWARD PROJEcf RL41%T>U FU14D TOTAL INCOME CARRIED FORWARD MAKtrrANO FUP4T> 421&14 1172171 31.11185 27.759J)
BALANCE SHEET AS AT 31112ll3 LONG TERM ASSM: 482.67&24 489,495S8 LOAP4S TOTAL LONC TERM ASSETS Sn,074 51449 DEBTOI S419.02 27.73&10 52J37.19 57.979S3 157. I,1202 1.13022 SA859Si 3402&90 TOTAL NET ASSETS P£PH£SENfED BY: CAPTfAL FUND ll¥COME FUND 531421*) $1&76198 3J.IlUS 27.759.90 564535.75 yA52188
NOTES TO THE Accol[rS DONATI GIFfAID IX)NATIOIITS RECEIVED GROSS OF TLX CREDn& ORGANL8ATIONS IN TO FUND INDIVIDUAL PROJEcr&. AI TO MOKO SAVLYGS AND clPERATIvE socirrYTO FUND A &4VINGS SCKEME PROVll)ING ICROFINANCE ANDALSO FOOD REUEF FOR SEVERAL WOMEN CROUPS Ili THE MACHAKOS B) TO MCU FOR DEVELOPM OF A DISPEI¥SARY ANDOF A TrEE NUBSERY. PRODUCT DEVELOPhfEKf AND FOOD IiEUEF IN THE MACHAKOS DLSTRICT OFSOUIHERN Q TO NAPkTNYA FOR WATER TANKS FOR SCHOOLS ANDCIIURCHESAND FOR FOOD RELIEF TEIE MBEERE D1SfRI OF L4sfERN KENY D) TOLifTLE sisrw OF ST Fk4NasFoR BUIL$AR FOR NVRSLNG Af4D CATERING cDifsL8£ STUDENfs AND AN OVEN FOR BAKJ24G BRL4D IN A WOME$ GROVPON THE OUISKIRTS OF NAIROBL ALSO FuTrfDJNG &4S BEEN MADE AVAILABLE TO THE FOLLOWING: A) TO ANNE'S SCHOOL FOR sfuDEFfl BtIRSARtES AND PROVIDll4G EQUIPMENr. B) TO JON AND MARTE4 MATUOTA FOR FAMILY REUEF Af4D SUPPORT THE MBEERE DISTRtCT OF EASTEIUI KENY Q TO IUAMUYA SECONDARY SCHOOL TO PURCHASE Compur wrrH THE 1AKLTAO FtIND, EXPENDITURE BAS BEEN MADE TO PROVIDE BUL$AR FOR JJDIVIDUAL NEEDY CHILDRLW AT mAK[AN0 CHtLDREWS HOME IN RESPEcf OF SCHOOL FEE&
VALUE AS AT 31112ll3 WHIC& ARE IISTED BELOW: NAME VALIJE CIF Om5% TREAsifRY GREEN GILT-ckprrAL 31n133 O.S75% TREASURY GREEN GiLT.Ir(rEREST31nts3 2tsV• TRL4SiIRY sfocK-cApfrAL 1714r24 2sil/ts TREASURY $rQKK.EREgf 171JW24 0.125°h TREAStJRY sfocK. CAPAL 22r3n6 18872 0.7830S18 14Tn.751 / 692 JO28&33 117.6 lo101 / 1114932 7A32 1.4sn6371 .125% TREASURY OcK. CAPAL 22tsn9 IAS94151 9,671S9 - 41 15m3SO &763.09 17.130. 9,1.i) 1&7XOO 7.71KOO 4314.1)0 21JOO.(• ST1&73 AEGON ASSET.WAGEMENT UK RATBBOryE ASSErn<LSI MGMT 17 iIS042 750 OXFORD $fRUmENTS P RENISHAW PLC BEtLWAY PLC SII IITH AND NEPHEW PLC ASTIiAZENECA PLC GSK PLC 2195 3&78 10.78S 106 14.$02 0.14 VODAFONE GRoifp PLC SSE PLC LLOYDS BANKIT4G GROUP PLC AfvTVA PLC PRi)DENfL4L PLC JLfpiTER PLC M&G PLC BIOSCIENCE INV LTD UK ICVC V JANUS HENDERSON fWLThf4TS BROITrT4 ADVISORY Fuf4DS EDKTrmiEE INV MGKr ROCHE HOLDtNGS AG I4MOO T7LrAI 3,403.70 3W140 2W2.( (138.24 114771 4J47 783 934 760 1SJ3th00 IlJ4&&5 Is100 USD2&67 3519 48KOO 2W DKK 2143 1.931 IMPAX FUNDS (IRE) PLC FJRST SEKfiER INVT05 (UK) ABERDEEN OEIC I IMPAX ENVIRONMENfAL Micrs PLC KBI ASSET MGhfT RATEBof4E Assrf MGMr FORESIGHT SOLAR FLif4DLTD GREENCOAT i]KWIND PLC 432A39 1&0711J 14Yfv3.7S If214 ¥08&WJ lJ378 14nfM) 1.02 tsJ30. I15 193.44 1.138 988.) IS499.63 ISIA) 1¥29 RATEtBONE ASSET MG[ IA213 4133334.12 49.14L12 CASH 48L67&24 THE TRUST ASSETS ARE SUBJEcfTO THE EThICAL CRrrEBIA SP£CIFIED BY ThE TRUSfEL& INPAKrtCUIAR OPPRESSIVE REGIN& ENTrTrOP4MENTAL DAMAGL ELo[rATIVE EJ(PLOYMENf PllAcfIcES OR THE PRODUCTION OF PORNOGRAPIIY. 5 LOANS OF 4IIXI RAISED BEIWEEN2(117 AND2Q19 TO FUTrID A SAVJNGS SCHEME FORWOTrIENPRODUC
DEET 637J4 00 83XOO GIFf AID TAX RELIEF CLUMED MAKtrrAN021)13 DIVIDEf4DS RECEIVED 21123 NOT CREDnEDTO BK TOTAL CASII BALANCE COIYSISTS OF FOIIOSIING CAFCASH AccoirNI&. MAIN ACCOUNT 11.027.74 .. TOTAL $2J37.19 REDrro ACCRUAL FOR INDEPENDE1 LYAMINATION FEE 21&00 TOTAL I,1202
AL K(fND THE CAPAL FUND IS ENVFsfETr 9) TO PROVIDE AN JF4COME FOR THE TRUST. FALL IEE ITAR TO 31112121 Tk4NSFER TO INCOlbtE ACCOUKI COMPRISFS£IQCW AGREED BYTHE TRusfEES ANNUALLY AND£4IMKI BEfiG TRE 4TH ITAR OF A 5 YEAR TrAP*SFERASA RESULT OF A TRusfEE'S TOTAL f4TRODUCTION OF C4prrAL IN 2020 AND 21lll. A FiIRTHER£iIXiKN) WAS INTRODUCED 2023 BY AIYOTHER TRusfEL BAiANCE AS AT 111123 cAprrAL iTrrrRODUCED 21)23 LE&S TRANSFER TO INCOME ACCOtINf21ll3 CAPITAL GAIN 111123 TO 31112111 $1&76198 IW9.92 BALiNCE AS AT 31112r23 THE INCO11 FUP4D IS USED TO FINANCE PROJECTS FOR THE TRUST AS DFSIGNATED BY TBI TRUST. IN GENEIL4L. PROJECTS SHOULD NOT BE FINANCED OiTr OF CAprrAL DuRG TRE T031111Q3 THE Fufffj HAS GENE114TEDAN INVESTMETrrr IliCOME RETUBN OF IS7 % NET OF HANAGEMEKr CHARGES COMPARED TO L09% DURL¥G THE YEAR TO 3V12QI IIIESE ARE SEPARATELY ACcOlTED FOR DI THE INCOME ACCOUNTS TI[£ O'FHEILS ARE JOHNSON AND MARTHA MiryUOTA WHO ARE VICARS lTrq MBEERE DIOCESE SUPPORTING NEEDY FAMILIES AFFECTED BY COVIti ANNE'S SCIIOOL MWAIA WUJCH IS MAINLY PAID THROUGH MCU APID WINCATE WBO Is suppowfED IN BER EDUCATION IVEt(S IS PAID THROUGH NAPIXINY JOELNSON AND MT MufuoTA BALANCE Illf23 DONATIONS -IWO.41 -1,656Ji -2&75 BAIAIYCE AS AT31112ll3 -175 ST ANT4E'S SCHOOL DONATIONS 6383.7S 421&75 BAJ¥K CHARGES LANCE CONSOLIDATED ]Nfo TH£ ACCOL1Nr -15. BALANCE AS AT 3m2r23 WINCATE DONATJOf4S BALANCE AS AT 3VIV23 00
CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the truste members of PETER COWLEY AFRICA TRUST On accounts for the year ended 31ST DECEMBER 2023 Charity no (if any) 1037257 Set out on pages 1T07 .emi O&.. Is incl,.&> Page nbm. I report to the trustees on my examination of the accounts of the above charity {Ihe Trusf) for the year ended 3111212023. Responsibilities and As the charity trustees of the Trust, you are responsible for the preparation basis of report of the accounts in accordan with the requirements of the Charities Act 2011 {°the Acr). I report in respect of my examinatlon of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. I have completed my examination. I confirm that no material matters have corne to my attention in connection with the examination which gives me cause to believe that in, any material respect.. accounting records were not kept in accordan with section 130 of the Act or the accounts do not accord with the accounting records I have no cOnmS and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. Independent examIneS ststement Signed: Date: 24Tr1 JUNE 2024 Name: TIM CROSS Relevant professional qualification(s) or body (if any): MEMBER IN PRACTICE OF THE CHARTERED INSTITUTE OF MANAGEMENT ACCOUNTANTS Address: 55 WOODLANDS WAY TARPORLEY CHESHIRE CW6 OTP IER October 2018
Section B Disclosure Only complete rf the examiner needs to highlight rnatters of conrn (see CC32, Independent examination of charity accounts: directions and guidance for examiners). Give here brief details of any items that the examiner wishes to disclose. IER October 2018