PETER COWLEY AFRICA TRUST Registered Charity No 1037257
ANNUAL REPORT
FOR THE YEAR ENDING 31ST DECEMBER 2025
OBJECTIVES
To hold and invest the capital of the trust and apply its income in terms of grants for, or towards projects assisting Kenyan youth in:
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a) Promotion of education.
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b) Relief of suffering, hardship, or disease.
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c) Advancement of the Christian religion.
PRINCIPLES
The Trustees agreed in 2025 to update the criteria when deciding upon grant applications as detailed below:
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a) The ‘Peter Factor’ Is the project consistent with his known experience or in the view of the Trustees with what his wishes might have been.
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b) The Youth Factor. Does the project benefit youth up to the age of 24.
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c) The Educational Factor. Does the project contribute to the wider concept of education and experience which would be otherwise denied to the recipient.
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d) Other Objectives. Does the project have any Christian content and any element which relieve hardship or disease. This would include disabled youth.
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e) The Cross-Cultural factor. Does the project seek to bring understanding across cultural and ethnic boundaries eg to what extent is contact with British youth envisaged.
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f) The Identification Factor. Is the project clearly identifiable in its own right or is it a contribution to a general or government fund.
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g) The Ecumenical Factor. Does the project seek to bring a greater unity amongst Christian people and to develop understanding across denominational boundaries.
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h) Local development. Is the project a cost-effective way of improving opportunities and raising standards in Kenya. The Trust will not generally fund university and college fees outside Africa but will seek to invest in education and development locally.
The Trust operates in Kenya principally through 4 partners- Njarange Area Project of Kenya (NAPKENYA), Machakos Co-operative 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 Kenya. MCU is a co-operative operating in the Machakos and
Makueni counties of Eastern Kenya. Little Sisters of St Francis 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 Trust is the close relationship with their Trust Partners, and the accountability provided by them to the Trustees on the projects they are carrying out from the funds provided by the Trust. This will be strengthened further in 2026 by developing a Memorandum of Understanding with them.
The Trust also supplies small grants to 2 schools- Kegonge and Kiamuya Secondary Schools in Central Kenya. They will from time to time will fund other activities.
In March 2025, the Trustees decided the annual allocations applied to projects would be the same as in 2024, which are as follows:
a) For NAPKENYA projects, £7,500.
b) For MCU projects £10,000.
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c) For Little Sisters of St Francis projects £4,000.
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d) For MOKO SACCO £10,000.
d) For 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 has also 2 other funds operating under its auspices:
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Project Riandu. Used to fund the building and equipping of St Mary Magdalene’s School for the Deaf at Riandu near Siakago.
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Makutano Children’s Home. Used to provide bursaries for individual needy children at the Makutano Orphanage, which is based in Central Kenya.
The investment policy of the Trust is both to maintain the real value of the fund 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 Trustees. In particular, investments are avoided, which are involved in armaments, nuclear processing, oppressive regimes, environmental damage, exploitative employment practices or the production of pornography.
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 grants. Also the Trust’s long-term strategy was considered in the light of increased resources becoming available in late 2025 and in 2026. The following roles had previously been assigned to the Trustees;
Michael Cowley Investments and Makutano Relationship. Andrew Cowley Secretary and Treasurer. Malcolm Macnaughton Networking and Kegonge. David Eldridge Partnerships and Website. Alison Mbugua Research and Partner Relationships (Napkenya). Margaret Pedder Policies, Safeguarding and Risk Management. Louise Eldridge Ethical Investments and Research/Strategy.
The Trustees arranged the following grants to be made during 2025 to the following:
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NAPKENYA. £11,719.00 has been used to fund the following in the Mbeere district of Eastern Kenya:
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a) £8,977.00 for Community Water Piping at Cieria and Gatothia benefitting 9 villages and 1 Primary School.
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b) £2,742.00 for finishing and furnishing 2 classrooms at Kierangi Primary School.
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MOKO SACCO. £10,000.00 has been used to fund a Savings Scheme for Women’s Groups in the Machakos and Makueni counties of Eastern Kenya that facilitates the purchase of water tanks, solar energy, cooking stoves, tents, chairs and cooking stoves and pots, and solar lamps benefitting 4,450 households.
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.
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MCU. £9,247.00 has been used to fund the following in the Machakos and Makueni counties of Eastern Kenya:
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a) £2,520.00 for the construction of a Water Pan.
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b) £2,457.00 for planting a Tree Nursery.
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c) £2,100.00 for Food Relief.
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d) £1,120.00 for Bee Keeping.
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e) £1,050.00 for Seed Planting.
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Little Sisters of St Francis. £4,600.00 has been used to fund the following to the Joy Women’s Group in Kasarani on the outskirts of Nairobi;
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a) £2,800.00 for Bursaries to 6 students to continue their study at the St Francis School of Nursing. (2026 allocation)
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b) £1,800 for a Catering Course for 2 students for 1 year. (2026 allocation)
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St Anne’s School. £2,000.00 has been used to fund the school, which is located at Mwala in Southern Kenya for bursaries for 5 students (financed by extra donations).
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Bursary Support. £1,200.00 has been used to support Wincate’s University Fees. (financed by extra donations).
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Johnson and Martha Mutuota. £1,200.00 was given for relief and support to needy families in Mbeere Diocese where they are vicars (financed by extra donations).
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Kiamuya Secondary School. No money has been given to them this year.
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Kegonge Secondary School. No money has been given to them this year.
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Riandu Secondary School for the Deaf. No money has been given to them this year.
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Makutano Children’s Home. £5,100 has been used to provide bursaries for individual needy children in respect of school fees (financed by specific donations).
The restricted funding streams in 2025 were donations to Riandu, Makutano, Johnson and Martha Mutuota, St Anne’s School and Wincate.
There was a significant cash injection into the Trust in 2025 of just over £186,000 from a bequest from Robert Cowley’s Estate to both Income and Capital Accounts, as well as an Emergency
Income Fund being set up to be used for food, flood and drought relief, or any other emergency event. It is expected there will be further significant instalments of the bequest to both the Income and Capital Accounts of the Trust in 2026.
FUTURE PLANS
The Trustees have the following objectives in mind for the Charity for the future: a) To continue to set out a long-term strategy for the next 3-5 years with the help of outside bodies providing recommendations and possible next steps. It is hoped this will be carried out in the 1[st] half of 2026.
b) To continue and strengthen the good relationship built up with the 4 Trust partners in KenyaNAPKENYA, MCU, Little Sisters of St Francis and MOKO SACCO and so develop the financial support of their work even further.
c) To continue to support the 2 Secondary Schools being directly funded- Kegonge, Kiamuya.
d) To increase the income of the Trust for charitable purposes.
e) To work effectively with other charities, where possible.
f) To facilitate the financing of the 2 separate funds operating under PCAT’s auspices – Project Riandu and Makutano Children’s Home as well as other restricted funding schemes.
g) To continue to encourage the input of a younger generation into the running of the Trust.
h) To continue to visit Kenya every 3-5 years, when possible.
i) To continue to review policy documents on Financial Controls, Investment Principles, Data Protection, Safeguarding and the Risk Register, and to develop further policy documents.
PUBLIC INTEREST STATEMENT
By carrying out objectives and principles of the Trust, the Trustees can clearly demonstrate that it is run for the public benefit. Grants are provided to finance water, agriculture, educational, health and micro-finance projects that benefit whole communities in the districts of Kenya as previously specified in the Report.
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY REGISTRATION NO: 1037257
GOVERNING INSTRUMENT: TRUST DEED NAMES OF TRUSTEES: MR M.L. COWLEY MR A.P. COWLEY BISHOP W.M.MACNAUGHTON MR D.A. ELDRIDGE MRS A.M. MBUGUA MRS M.A PEDDER MISS F.L. ELDRIDGE
NAME AND ADDRESS OF HONORARY CORRESPONDENT: MR A.P. COWLEY
73 WELBECK ROAD SHEFFIELD S6 5AY NAMES AND ADDRESSES OF BANKERS: CAF BANK LTD 25 KINGS HILL AVENUE KINGS HILL, WEST MALLING, KENT. ME19 4JQ. NAME AND ADDRESS OF STOCKBROKER: RATHBONES, PORT OF LIVERPOOL BUILDING PIER HEAD, LIVERPOOL. L3 1NW.
NAME AND ADDRESS OF INDEPENDENT EXAMINER: MR T.D. CROSS PHOENIX ACCOUNTS 55 WOODLANDS WAY PORTAL PARK TARPORLEY CHESHIRE. CW6 0TP
PETER COWLEY AFRICA TRUST
INCOME AND EXPENDITURE ACCOUNT FOR YEAR ENDING 31/12/25- MAIN FUND
| 2025 | 2024 | ||
|---|---|---|---|
| NOTE | £ | £ | |
| INVESTMENT INCOME: | |||
| INTEREST RECEIVED | 1 | 4,676.14 | 1,519.27 |
| DIVIDENDS RECEIVED | 10,747.51 | 10,558.64 | |
| **--------------- ** | --------------- | ||
| TOTAL INVESTMENT INCOME | 15,423.65 | 12,077.91 | |
| DONATIONS: | 2 | ||
| GIFT AIDED DONATIONS | 10,065.16 | 16,106.25 | |
| ROBERT COWLEY ESTATE BEQUEST | 39,000.00 | 0.00 | |
| OTHER DONATIONS | 974.96 | 2,676.16 | |
| **--------------- ** | --------------- | ||
| TOTAL DONATIONS | 50,040.12 | 18,782.41 | |
| **--------------- ** | --------------- | ||
| TOTAL INCOME | 65,463.77 | 30,860.32 | |
| **--------------- ** | --------------- | ||
| LESS EXPENDITURE: | |||
| CHARITABLE EXPENDITURE MAIN FUND: | 3 | ||
| NAPKENYA | 11,719.00 | 17,894.25 | |
| MOKO/SACCO | 10,000.00 | 30,000.00 | |
| MCU | 9,247.00 | 13,041.55 | |
| LITTLE SISTERS OF ST FRANCIS | 4,600.00 | 8,300.00 | |
| ST ANNE'S SCHOOL | 2,000.00 | 1,375.00 | |
| FAMILY SUPPORT | 1,200.00 | 4,075.00 | |
| BURSARY SUPPORT | 1,200.00 | 620.00 | |
| ST ANDREWS KIAMETHO | 0.00 | 1,750.00 | |
| KIAMUYA SECONDARY SCHOOL | 0.00 | 1,700.00 | |
| **--------------- ** | --------------- | ||
| TOTAL CHARITABLE EXPENDITURE | 39,966.00 | 78,755.80 | |
| ADMINISTRATIVE EXPENDITURE: | |||
| RATHBONES MANAGEMENT CHARGES | 3,577.38 | 3,545.16 | |
| BANK ADMINISTRATION CHARGES | 265.00 | 493.75 | |
| INDEPENDENT EXAMINATION FEE | 216.00 | 216.00 | |
| WEBSITE COSTS | 145.05 | 0.00 | |
| COURSE FEES | 93.00 | 0.00 | |
| **--------------- ** | --------------- | ||
| TOTAL ADMINISTRATIVE EXPENDITURE | 4,296.43 | 4,254.91 | |
| **--------------- ** | --------------- | ||
| TOTAL EXPENDITURE | 44,262.43 | 83,010.71 | |
| **--------------- ** | --------------- | ||
| NET INCOME FOR THE YEAR | 21,201.34 | -52,150.39 | |
| INCOME FUND BROUGHT FORWARD | -5,910.21 | 12,240.18 | |
| TRANSFER FROM CAPITAL ACCOUNT | 14,000.00 | 34,000.00 | |
| **--------------- ** | --------------- | ||
| INCOME FUND CARRIED FORWARD | 4 | 29,291.13 | -5,910.21 |
| **--------------- ** | --------------- |
INCOME AND EXPENDITURE ACCOUNT FOR YEAR ENDING 31/12/25- EMERGENCY INCOME FUND
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| ROBERT COWLEY ESTATE BEQUEST | 50,000.00 | 0.00 | |
| LESS EXPENDITURE: | 0.00 | 0.00 | |
| **--------------- ** | --------------- | ||
| NET INCOME FOR THE YEAR | 50,000.00 | 0.00 | |
| INCOME FUND BROUGHT FORWARD | 0.00 | 0.00 | |
| **--------------- ** | --------------- | ||
| INCOME FUND CARRIED FORWARD | 4 | 50,000.00 | 0.00 |
| **--------------- ** | --------------- |
INCOME AND EXPENDITURE ACCOUNT FOR YEAR ENDING 31/12/25- RIANDU FUND
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| INTEREST RECEIVED | 1 | 15.58 | 14.48 |
| DONATIONS: | 2 | ||
| GIFT AIDED DONATIONS | 450.00 | 450.00 | |
| OTHER DONATIONS | 147.11 | 161.77 | |
| **--------------- ** | --------------- | ||
| TOTAL INCOME | 612.69 | 626.25 | |
| **--------------- ** | --------------- | ||
| LESS EXPENDITURE: | |||
| RIANDU SCHOOL | 0.00 | 0.00 | |
| BANK ADMINISTRATION CHARGES | 60.00 | 60.00 | |
| **--------------- ** | --------------- | ||
| TOTAL EXPENDITURE | 60.00 | 60.00 | |
| **--------------- ** | --------------- | ||
| NET INCOME FOR THE YEAR | 552.69 | 566.25 | |
| INCOME FUND BROUGHT FORWARD | 7,576.18 | 7,009.93 | |
| **--------------- ** | --------------- | ||
| INCOME FUND CARRIED FORWARD | 8,128.87 | 7,576.18 | |
| **--------------- ** | --------------- |
INCOME AND EXPENDITURE ACCOUNT FOR YEAR ENDING 31/12/25 MAKUTANO FUND
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| INTEREST RECEIVED | 1 | 17.51 | 21.75 |
| GIFT AIDED DONATIONS | 2 | 4,350.00 | 3,350.00 |
| **--------------- ** | --------------- | ||
| TOTAL INCOME | 4,367.51 | 3,371.75 | |
| **--------------- ** | --------------- | ||
| LESS EXPENDITURE: | |||
| MAKUTANO ORPHANAGE BURSARIES | 3 | 5,100.00 | 6,100.00 |
| BANK ADMINISTRATION CHARGES | 135.00 | 135.00 | |
| **--------------- ** | --------------- | ||
| TOTAL EXPENDITURE | 5,235.00 | 6,235.00 | |
| **--------------- ** | --------------- | ||
| NET INCOME FOR THE YEAR | -867.49 | -2,863.25 | |
| INCOME FUND BROUGHT FORWARD | 8,999.49 | 11,862.74 | |
| **--------------- ** | --------------- | ||
| INCOME FUND CARRIED FORWARD | 8,132.00 | 8,999.49 | |
| **--------------- ** | --------------- | ||
| INCOME FUND SUMMARY FOR YEAR ENDING 31/12/25 | |||
| 2025 | 2024 | ||
| £ | £ | ||
| TOTAL INCOME CARRIED FORWARD MAIN FUND | 4 | 29,291.13 | -5,910.21 |
| TOTAL INCOME CARRIED FORWARD EMERGENCY FUND | 50,000.00 | 0.00 | |
| TOTAL INCOME CARRIED FORWARD PROJECT RIANDU FUND | 8,128.87 | 7,576.18 | |
| TOTAL INCOME CARRIED FORWARD MAKUTANO FUND | 8,132.00 | 8,999.49 | |
| **--------------- ** | --------------- | ||
| TOTAL INCOME CARRIED FORWARD TO BALANCE SHEET | 95,552.00 | 10,665.46 | |
| **--------------- ** | --------------- |
BALANCE SHEET AS AT 31/12/25
| 2025 | 2024 | ||
|---|---|---|---|
| NOTE | £ | £ | |
| LONG TERM ASSETS: | |||
| INVESTMENTS | 5 | 583,450.92 | 451,550.94 |
| LOANS | 6 | 25,000.00 | 25,000.00 |
| **--------------- ** | --------------- | ||
| TOTAL LONG TERM ASSETS | 608,450.92 | 476,550.94 | |
| CURRENT ASSETS: | |||
| DEBTORS | 7 | 5,240.39 | 3,981.25 |
| CASH BALANCES | 8 | 106,056.45 | 23,214.67 |
| **--------------- ** | --------------- | ||
| TOTAL CURRENT ASSETS | 111,296.84 | 27,195.92 | |
| LESS CREDITORS | 9 | 1,221.11 | 1,073.32 |
| **--------------- ** | --------------- | ||
| NET CURRENT ASSETS | 110,075.73 | 26,122.60 | |
| **--------------- ** | --------------- | ||
| TOTAL NET ASSETS | 718,526.65 | 502,673.54 | |
| **--------------- ** | --------------- | ||
| REPRESENTED BY: | 10 | ||
| CAPITAL FUND | 622,974.65 | 492,008.08 | |
| INCOME FUND | 95,552.00 | 10,665.46 | |
| **--------------- ** | --------------- | ||
| TOTAL FUND | 718,526.65 | 502,673.54 | |
| **--------------- ** | --------------- |
NOTES TO THE ACCOUNTS
1)INVESTMENT INCOME
a) INTEREST RECEIVED FROM TREASURY STOCK AND CASH HELD BY RATHBONES, CAFCASH INTEREST AND HMRC INTEREST.
b) DIVIDENDS RECEIVED GROSS FROM SHARES HELD BY RATHBONES.
2)DONATIONS
GIFT AID DONATIONS RECEIVED GROSS OF TAX CREDITS AND ALSO INCLUDES GIFT AID ON CAPITAL INJECTION MADE OF £10,000 DURING THE YEAR.
3) CHARITABLE EXPENDITURE
WITH THE MAIN FUND, ACTUAL EXPENDITURE HAS BEEN MAINLY MADE THROUGH 4 TRUST PARTNER ORGANISATIONS IN KENYA TO FUND INDIVIDUAL PROJECTS:
A) TO NAPKENYA FOR COMMUNITY WATER PIPING, AND EQUIPPING SCHOOL CLASSROOMS IN THE MBEERE DISTIRCT OF EASTERN KENYA
B) TO MOKO SAVINGS AND CO-OPERATIVE SOCIETY TO FUND A SAVINGS SCHEME PROVIDING MICROFINANCE TO COMMUNITY GROUPS IN THE MACHAKOS DISTRICT OF EASTERN KENYA.
C) TO MCU FOR THE DEVELOPMENT OF A TREE NURSERY, CONSTRUCTION OF WATER PANS BEE KEEPING AND FOOD RELIEF IN THE MACHAKOS DISTRICT OF EASTERN KENYA.
D) TO LITTLE SISTERS OF ST FRANCIS FOR BURSARIES FOR NURSING AND CATERING COURSE STUDENTS FOR A WOMEN'S GROUP ON THE OUTSKIRTS OF NAIROBI.
ALSO FUNDING HAS BEEN MADE AVAILABLE TO THE FOLLOWING:
A) TO ANNE'S SCHOOL FOR STUDENT BURSARIES.
B) TO JOHNSON AND MARTHA MATUOTA FOR FAMILY RELIEF AND SUPPORT IN THE MBEERE DISTRICT OF EASTERN KENYA.
C) TO WINCATE FOR BURSARY SUPPORT
WITH THE MAKUTANO FUND, EXPENDITURE HAS BEEN MADE TO PROVIDE BURSARIES FOR INDIVIDUAL NEEDY CHILDREN AT MAKUTANO CHILDREN'S HOME IN RESPECT OF SCHOOL FEES.
4) INCOME FUND
DURING THE YEAR THERE HAVE BEEN 2 CASH INJECTIONS TOTALLING £186,630.55 FROM THE ESTATE OF ROBERT COWLEY, £42,630.55 OF WHICH HAS BEEN TRANSFERRED TO THE MAIN INCOME FUND. ANOTHER £50,000 HAS BEEN TRANSFERRED TO A NEW FUND CALLED THE EMERGENCY INCOME FUND, WHICH WILL BE USED FOR FOOD, FLOOD OR DROUGHT RELIEF, OR FOR ANY OTHER EMERGENCY EVENT.
5) INVESTMENTS
THE INVESTMENTS OF THE TRUST ARE HELD BY RATHBONES AND ARE BASED ON THEIR MARKET VALUE AS AT 31/12/25 WHICH ARE LISTED BELOW:
| NAME 0.875% TREASURY GREEN GILT-EXP 31/7/33 CAPITAL 0.875% TREASURY GREEN GILT-ACCRUED INTEREST 0.125% TREASURY STOCK- EXP 22/3/26 CAPITAL 0.125% TREASURY STOCK- ACCRUED INTEREST 0.125% TREASURY STOCK- EXP 22/3/29 CAPITAL 0.125% TREASURY STOCK- ACCRUED INTEREST 4.375% KREDITANST FUR WIE-EXP 31/1/28 CAPITAL 4.375% KREDITANST FUR WIE-ACCRUED INTEREST AEGON ASSET MANAGEMENT UK RATHBONE ASSET TRUST MGMT ETHICAL BOND HALMA PLC PERSIMMON SMITH AND NEPHEW PLC ASTRAZENECA PLC GSK PLC VODAFONE GROUP PLC SPIRAX EXPERIAN PLC SSE PLC LLOYDS BANKING GROUP PLC LONDON STOCK EXCHANGE GROUP PLC PRUDENTIAL PLC M&G PLC RTW BIOTECH OPPS CT UK ICVC V JANUS HENDERSON INVESTMENTS BROWN ADVISORY FUNDS ASML HOLDINGS EDENTREE INV MGMT ROCHE HOLDINGS AG VESTAS WIND SYSTEMS IMPAX FUNDS (IRE) PLC STEWART INVESTORS ABERDEEN OEIC I IMPAX ENVIRONMENTAL MKTS PLC KBI ASSET MGMT POLAR CAPITAL FUND RATHBONE ASSET MGMT GREENBANK GLOBAL FORESIGHT SOLAR FUND LTD GREENCOAT UK WIND PLC RENEWABLES INFRASTRUCTURE GRP RATHBONE ASSET MGMT GREENBANK TOT RTN TOTAL STOCKS AND SHARES CASH TOTAL INVESTMENT |
QUANTITY PRICE £ 18872 0.782122 7,432 1.56226056 6,023 1.6782094 9,000 1.0114 17,500 0.9322 8,893 1.0099 750 35.38 640 13.585 400 12.385 134 137.9 364 18.245 4,909 0.9888 71 68.2 257 33.63 800 21.79 10,000 0.9824 97 89.52 450 11.445 2,760 2.864 2,541 USD 2.16 8,400 2.128 7,268 1.801 2,471 USD 32.05 8 EUR 921.40 6,539 4.495 30 SWF 328.20 200 DKK 173.40 2,239 2.429 3,500 4.1479 7,503 3.1328 10,000 3.97 600 49.103 932 9.8132 10,000 1.5072 15,000 0.64 13,329 0.981 8,250 0.689 23,852 0.9795 |
VALUE C/F |
|---|---|---|
| £ 14,760.21 68.79 11,610.72 4.28 10,107.86 4.14 9,102.60 361.40 16,313.50 8,980.95 26,535.00 8,694.40 4,954.00 18,478.60 6,641.18 4,854.02 4,842.20 8,642.91 17,432.00 9,824.00 8,683.44 5,150.25 7,904.64 4,081.00 17,875.20 13,089.67 58,879.00 6,436.00 29,392.81 9,240.00 4,054.00 5,438.38 14,517.65 23,505.40 39,650.00 29,461.80 9,145.90 15,072.00 9,660.00 13,075.75 5,684.25 23,363.03 --------------- 535,572.92 47,878.00 --------------- 583,450.92 --------------- |
THE TRUST ASSETS ARE SUBJECT TO THE ETHICAL CRITERIA SPECIFIED BY THE TRUSTEES. IN PARTICULAR INVESTMENTS ARE AVOIDED WHICH ARE INCLUDED IN ARMAMENTS, NUCLEAR PROCESSING, OPPRESSIVE REGIMES, ENVIRONMENTAL DAMAGE, EXPLOITATIVE EMPLOYMENT PRACTICES OR THE PRODUCTION OF PORNOGRAPHY.
6) LOANS
5 LOANS OF £5,000 RAISED BETWEEN 2017 AND 2019 TO FUND A SAVINGS SCHEME FOR WOMEN PRODUCERS IMPLEMENTED BY MOKO SAVINGS AND CO-OPERATIVE SOCIETY CHANNELLED THROUGH MCU. THE TRUSTEES AGREED FROM 2020 TO TREAT THESE PAYMENTS AS CHARITABLE EXPENDITURE.
| 7) DEBTORS | |
|---|---|
| £ | |
| GIFT AID TAX RELIEF CLAIMED MAIN ACCOUNT 2025 | 4,013.03 |
| GIFT AID TAX RELIEF CLAIMED RIANDU 2025 | 90.00 |
| GIFT AID TAX RELIEF CLAIMED MAKUTANO 2025 | 870.00 |
| DIVIDENDS RECEIVED NOT CREDITED TO BANK | 267.36 |
| --------------- | |
| TOTAL | 5,240.39 |
| --------------- | |
| 8) CASH | |
| £ | |
| CASH BALANCE CONSISTS OF THE FOLLOWING CAFCASH ACCOUNTS: | |
| MAIN ACCOUNT | 90,755.59 |
| RIANDU | 8,038.86 |
| MAKUTANO | 7,262.00 |
| TOTAL | --------------- |
| 106,056.45 | |
| --------------- | |
| 9) CREDITORS | |
| £ | |
| RATHBONES MANAGEMENT CHARGES 1/10/25 TO 31/12/25 | 1005.11 |
| ACCRUAL FOR INDEPENDENT EXAMINATION FEE | 216.00 |
| TOTAL | --------------- |
| 1,221.11 | |
| --------------- |
10) TOTAL FUND
THE CAPITAL FUND IS INVESTED: a) TO PROVIDE AN INCOME FOR THE TRUST. b) TO MAINTAIN THE REAL VALUE OF THE FUND. c) IN LINE WITH THE ETHICAL CRITERIA AS LAID DOWN BY THE TRUSTEES.
DURING THE YEAR TO 31/12/25 THE CAPITAL FUND HAS INCREASED BY 26.62%, COMPARED TO A 7.76% DECREASE IN THE YEAR TO 31/12/24. THE CAPITAL FUND RECEIVED 2 CASH INJECTIONS TOTALLING £104,000, OF WHICH £94,000 WAS RECEIVED FROM ROBERT COWLEY'S ESTATE.
TRANSFER TO INCOME ACCOUNT COMPRISES £10,000 AGREED BY THE TRUSTEES ANNUALLY AND £4,000 BEING 5 YEAR TRANSFERS AS A RESULT OF 2 TRUSTEES INTRODUCTION OF CAPITAL OF £10,000 EACH
| £ | |
|---|---|
| BALANCE AS AT 1/1/25 | 492,008.08 |
| CAPITAL INTRODUCED 2025 | 104,000.00 |
| LESS TRANSFER TO INCOME ACCOUNT 2025 | -14,000.00 |
| CAPITAL GAIN 1/1/25 TO 31/12/25 | 40,966.57 |
| --------------- | |
| BALANCE AS AT 31/12/25 | 622,974.65 |
| --------------- |
THE INCOME FUND IS USED TO FINANCE PROJECTS FOR THE TRUST AS DESIGNATED BY THE TRUST. IN GENERAL , PROJECTS SHOULD NOT BE FINANCED OUT OF CAPITAL. DURING THE YEAR TO 31/12/25 THE FUND HAS GENERATED AN INVESTMENT INCOME RETURN OF 2.36 % NET OF MANAGEMENT
CHARGES, COMPARED TO 1.50% DURING THE YEAR TO 31/12/24.
11) RESTRICTED FUNDING
THERE WERE 6 RESTRICTED FUNDING STREAMS IN 2025, 3 OF WHICH WERE RIANDU, MAKUTANO AND THE NEWLY SET UP EMERGENCY FUND. THESE ARE SEPARATELY ACCOUNTED FOR IN THE INCOME ACCOUNTS. THE OTHERS ARE JOHNSON AND MARTHA MUTUOTA WHO ARE VICARS IN MBEERE DIOCESE SUPPORTING NEEDY FAMILIES; ST ANNE'S SCHOOL BURSARIES, MWALA WHICH IS MAINLY PAID THROUGH MCU, AND WINCATE WHO IS SUPPORTED IN HER EDUCATION, WHICH IS PAID THROUGH NAPKENYA.
£
JOHNSON AND MARTHA MUTUOTA
| BALANCE 1/1/25 | -99.25 |
|---|---|
| DONATIONS | 1,375.00 |
| CHARITABLE EXPENDITURE | -1,200.00 |
| BANK CHARGES | -50.00 |
| BALANCE CONSOLIDATED INTO THE MAIN ACCOUNT | -25.75 |
| --------------- | |
| BALANCE AS AT 31/12/25 | 0.00 |
| --------------- | |
| £ | |
| ST ANNE'S SCHOOL | |
| DONATIONS | 2037.50 |
| CHARITABLE EXPENDITURE | -2000.00 |
| BANK CHARGES | -25.00 |
| BALANCE CONSOLIDATED INTO THE MAIN ACCOUNT | -12.50 |
| BALANCE AS AT 31/12/25 | --------------- |
| 0.00 | |
| --------------- | |
| WINCATE | |
| DONATIONS | 1,175.00 |
| CHARITABLE EXPENDITURE | -1,200.00 |
| BANK CHARGES | -25.00 |
| BALANCE CONSOLIDATED INTO THE MAIN ACCOUNT | 50.00 |
| --------------- | |
| BALANCE AS AT 31/12/25 | 0.00 |
| --------------- |
EXAMINER'S UNQUALIFIED REPORT (FOR A NON-COMPANY CHARITY PREPARING ACCRUALS ACCOUNTS) WITH A GROSS INCOME OF £250,000 OR LESS IN THE RELEVANT FINANCIAL YEAR Independent examlnerf5 report to the trustees of Petsr Cowley Africa Trust {Charlty no. 1037257) I report to the trustee5 on my examination of the accounts of the Peter Cowley Africa Trust for the year ended 31 Dember 2025. Responslbllftles and basls of report As the charity trustees of the Trust, you are responsible for the preparation of accounts in accordance with the requirements of the Charities Act 20111'the ACYI. I report in respect of my examination of the Trusys accounts carried out under section 145 of the 2011 Act. In carrying out my examination. I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examlnerfs ststement I have completed my examination. I confirm that no material matters have come to my attention in tonnection with the examination giving me cause to believe that in any material respert.. accounting COrdS We not kept in respect of the Trust as required by settion 130 of the Act,. or the accounts do not accord with those records; or the accounts do not compty with the applicable qu1MentS concerning the fom) and content of accounts set out in the Charitie5 IAccounts and Reports) Regulations 2CM)8, other than any qUirement that the accounts give a 'true and fairf view. which is not a matter Considered as part of an independent examination. I have no concems ond 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. Signed: Tim Cross, BA, ACMI CGMA Member in Practice of the Chartered Institute of Management Accountants 25 June 2026