PETER COWLEY AFRICA TRUST R¢gistered Charity No 1037257 ANNUAL REPORT FOR THE YEAR ENDING 31ST DECEMBER 2024 OBJECTIVES To hold and invest the capital of the trust and apply its income in tenns of grants for, or towards projects assisting Kenyan youth in: a) Promotion of education. b) Relief of suffering, hardship, or diseasc. c) Advancement of the Christian religion. PRINCIPLES The Trustees have applied the following criteria when deciding upon ￿ant applications: a) The 'Peter Factor,. Whether the purpose of the ￿ant would have been consistent with Peter's oUt1￿k on life. b) The benefit to young people. c) The contribution towards developing education and understanding. d) Cross-cultural aspects in encouraging mutual understanding. e) Local development geared in a cost-effective way of improving opportunities and raising standards in Kenya. D The encouragement of Christian unity. The Trust operates in Kenya principally through 4 partners- Njarange Area Pmject of Kenya (NAPKENYA), Machakos Co-operative Union (MCU), Little Sisters of St Francis and MOKO Savings and Co-operative Society (MOKO SACCO). NAPIQENYA is an NGO operating in the Mbeere district of Eastern Kenya. MCU is a co-operative operating in the Machakos and Makueni counties of Southern Kenya. Little Sisters of St Francis is a Catholic welfare organization b&sed in K&8arani on the outskirts of Nairobi. MOKO SACCO is a savings scheme for women producers set up by MCU. One of the strengths of the Trust is the close relationship with their Trust partners, and the accounlability provided by them to the Trustees on the projects they are carrying out from the funds provided by the Trust. The Trust also supplies smaii grants to 2 schools- Kegonge and Kiamuya Secondary Schools in Centrdl Kenya. They will frdm time to time will fund other activities. In March 2024, the T￿te¢S decided the annual allocations applied lo projects woub>bRibÉ.SOne as in 2023, which are as follows.. a) For NAPKENYA projects, £7,500. b) For MCU projects £ l 0,000. c) For Little Sisters of St Francis projects £4,000. d) For MOKO SACCO £1 0,000. d) b'or Kegonge and Kiamuya Schools, £750 to each. These allocations however can be increased. Also payments to other bodies can be made by extra donations given to the Trust or other income generated by the Trust. The Trust h&8 also 2 other fijnds operating under its auspices: Projcct Riandu. 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 for individual nccdy children at the Makutano Orph(￿age, which 15 based in Central Kcny& The investment policy of the Trust is both to maiTrtain the real value of the fund and to provide an income for the types of projects as indicated. The assets invested arc subject to ihe ethical Criteria &s specified by the Trustees. In particular, investments are avoided, which are involved in annaments, nuclear processing, oppressive regimes, environmental damage, exploitative employment practices or the production of pOrno￿phY. CURRENT ACTIVITIES The Trustees met in person 3 times during the year to analyse the.Trust's finances and investments, discuss the Trust's policies and approve ￿ants. Long strategy will be dealt with in the I" meeting of 2025. There was also a meeting in person with the Chairnian of NAPKENYA. The following rol¢s had previously been assigned to the Trustees. Michael Cowley Invesiments and Makutano Relationship. Andrew Cowley Sccrctary and Trcasurer. Malcolm Macnaughton Networking and Kcgonge. David Eldridge Partncrships and Websitc. Alison Mbugua Research and Partner Relationships (Napkenya). Margaret Pedder Policies, Safeguarding and Risk Managemcnt. Louise Eldridge Ethical Investments and R¢searctdStrE AN INCOML bOR THE TRUST. bl I'O MAIP4'1'AIN I'HE RLAL VALUE OTr I'HL FVIYD. cl IN LINE WITH THE ETHICAL CRrrERIA AS iAID DOWN BY'I'HL'I'KUSI'LFS. DURING THE YEAR TO 31112124 TIIE CAprrAL FUND HAS DECREASED BY Ill￿7￿. COMPARED TO A 183Q/• INCREASE IN THK YEAR TO 31112r23. TRANSFER TO INCOME ACCOUNT COMPIUSES £IIIJIOO AGRLED BY THE TRIISTL Tr.S ANP4UAI.LY, ANOTHER £20,1)nO TrOK 21)24 Tn FUND EXTRA SPENDING AND £411(MJ BEING 5 YEAR TRANSFERS AS A RESULT OF 2 TRUSTEES INTRODUCTION OV CAPITAL OF £IOJ>OO EACH BALANCE AS AT 111124 CAPtrAL INfRODUCED 2024 LE&S TRANSFER TO INCOME AccouKf 2024 C.API'I'AL LOSS 111124,10 31112124 s￿4219 o.oo -34000.00 -7.41￿82 BALANCF, AS AT 31112n4 492JKKD8 THE INCOME F[￿ID IS USED TO FINANCE PROJECTS FOR THE TRUST AS DEtsIGf4ATED BY'fHE"fRUST. IN GENEIL4L. PROJEcfs SIIOULD NOT BE FINANCED OUT OF cAP￿AL. DIIRif4G THL YEAR TO 31n2n4 THE FUND HAS GENERATED AN INVESTMENT tNCOME RETURN OF 1311 V• NET OF MANAGEMENT CHARGES, COMPARED TO 1.57Yo DURING THE YEAR TO 31112123. 11 RESTRICTED FUNDING THERE WERE 6 RESTRICTED FUNDING STREAMS IN 2024, 2 OF WHICH WERE RLINDU AND MAKUTANO. 'I'HESL ARL SLPAKA'I'LLY ACCOUN'I'ED ￿0￿ IN'I'HL INCOME ACCOUNTS. THE OTHERS ARE JOHNSON AND MAK"fHA Mtri"Ii(Yl'A WHO ARb' VICARS IN MIIEERE DIOCESE SUPPORTING NEEDY FAMILIES" ST ANNE'S SCHOOL BURSARIE5, MWALA WHJCH IS MAINI.Y VAID I'IIROiIGII MCU- ST ANDREWS CHURCH. KIAMETHO FOR THE INSTALLATION OF WINDOWS; AI¥D WINCATE WHO IS SUPPORTED IN HER EDUCATION, WHICH IS PAID THROUGH NAPKENYA. JOHNSON Af4D MARTHA MUTUOTA BALANCE 111124 DONATIONS CHARITABLE EXPENDITURE BANK CHARGES -125.75 -75.110 BALANCE AS AT 31112r24 99.25 ST ANNE'S SCHOOL DONATIONS CRL4RITABLE EXPENDITURE IJ75.IKI -lJ75.110 BALANCE AS AT 31112n4 ST ANDREWS IUAMETHO DONATIONS CHARITABLE EXPENDITURE BANK CHARCES BALANC.E CONSOLIDATED INTO'fHE ACCOUNT 1.7511.00 ,7.SlJ.00 -25.00 25.00 BALANCE AS AT 31112124 .00 WINCATE DONATIONS CHARITABLE EXPENDITURE 775JMI 20.0 BALANCE AS AT 31112ll4 155.011 CHARITY COMMISSION FOR ENGLAND AND WALES Independent examinerfs report on the accounts Section A Independent Examiner's Report Report to the trustses PETER COWLEY AFRICA TRUST On accounts forthe year ended 31ST DECEMBER 2024 Charity no (if any) 1037257 Set out on pages 1T07 I report to the trustees on my examination of the accounts of the above charity (°the Trust'} for the year ended 3111212024. Responsibilities and basis of report As the charity's trustees, you are responsible for the preparation of the accounts in accordan￿ wilh the requirements of the Charities Act 2011 (°the ACV). I report in respect of my examination of the Trusfs accounts carried out under section 145 of the 2011 Act and in carying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent rfhe charity's gross income exceeded £250,000 and l am qualified to examinerfs statement undertake the examination by being a qualified member of [insert name of applicable listed body1]. Delete [ ] if not applicable. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below ") which gives me cause to believe that in, any material respect: the accounting records were not kept in accordance with section 130 of the Charities Act; or the accounts did not accord with the accounting records," or the accounts did not comply with the applicable requirements con￿mIng the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ttrue and fairf view which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Please delete the words in the brackels rf they do not apply. Signed: Date: 27- JUNE 2025 Name: TIM CROSS Relevant professional qualmcation(s) or body MEMBER IN PRACTICE OF THE CHARTERED INSTITUTE OF MANAGEMENT ACCOUNTANTS IER Oct 2018 (if any): Address: 55 WOODLANDS WAY TARPORLEY CHESHIRE CW6 OTP Section B Disclosure Only complete if the examiner needs to highlight material matters of concem (see CC32, Independent examination of charity accounts: directions and guidance for examiners). Give here brlef detalls of any items that the examiner wishes to disclose. IER Oct 2018