## African Promise Registered charity number 1122285 Trustees’ Report & Accounts for the year ended 31 March 2026 ## African Promise Index to the Annual Accounts 2025-26 |Legal, Reference and Administrative Information|1| |---|---| |Trustees’ Report|| |Structure, governance and management|2| |Objectives & activities|2| |Achievements & performance|2-3| |Plans for the future|3-4| |Financial review|4| |Statement of Trustees’ Responsibilities|5| |Risks & safeguarding|5| |Trustees’ declaration|5| |Statement of Financial Activities|6| |Balance Sheet|7| |Notes to the Accounts|8-11| |Independent Examiner’s Report|12| ## African Promise Legal and Administrative Information ## Registered Address 97a Stormont Road Battersea London SW11 5EJ Charity number 1122285 Trustees Christopher Ott (Chairman) Gary Shiels (Treasurer) Nicola Coldman Founding Director/Settlor Charles Coldman Principal bankers (in the UK) CAF Bank Ltd Kings Hill West Malling Kent ME19 4JQ Principal bankers (in Kenya) Absa Group Ltd (formerly Barclays Bank Kenya) Voi Branch PO Box 720 Voi 80300 Kenya Principal currency brokers Alpha FX Limited Brunel Building 2 Canalside Walk London W2 1DG Equals Money Vintners Place 68 Upper Thames Street London EC4V 3BJ Independent Examiner Ryan Evans FCA Cadence Accounting Suite 3, 157 Station Road East Oxted Surrey RH8 0QE 1 ## African Promise ## Trustees’ Report for the Annual Accounts 2025-26 The Trustees present their Report and Accounts for the year ended 31 March 2026. ## Structure, Governance & Management African Promise is a Charity under the terms of Section 3 of the Charities Act 1993 and 2006. The charity was registered with the Charity Commission on 13[th] January 2008 under the registration number 1122285. The charity is governed by the Charitable Trust Deed of 10[th] December 2007. Under the Trust Deed the power of appointing new Trustees of the Charity is vested in the Settlor, the charity’s founding director. The Trustees shall at no time exceed four in number. There are currently no official policies and procedures for the induction and training of new trustees. There were no appointments or resignations during the year meaning the Trustees currently number three. The Board of Trustees, in conjunction with the founding director, is responsible for the governance and strategic direction of the charity. The founding director is responsible for ensuring the charity delivers its objectives. ## Objectives and Activities ## Charitable purposes and public benefit The principal objective of the charity is to promote and provide for the advancement of education in primary schools in Kenya, in particular by supporting the development of schools in the Kasigau region by improving learning environments, enhancing pupil welfare and well-being, and removing barriers to accessing education. The trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives of the charity and when planning the future activities. The trustees assess how new activities planned will contribute to the overall aims and objectives they have set and periodically review existing activities to ensure ongoing public benefit. ## Activities in the year The year was one of significant change as we continued the transition into a new chapter for the charity and for our relationships with our eight partner schools in Kenya. As part of this transition: - we closed the Kenya end of our operations at the end of June 2025 including our arrangement with our on-the-ground representatives including our Project Manager who had supported delivery of our projects and programmes since 2008. - our founding director now runs the charity on a purely voluntary basis with a significantly reduced time commitment meaning that most of the charity’s day-to-day, proactive fundraising has ended - we have significantly scaled back the extent of our support for our partner schools and are no longer providing food (or the necessary funding) for a daily lunchtime meal for every pupil or 2 ## African Promise Trustees’ Report for the Annual Accounts 2025-26 funding towards the cost of employing additional teachers and support staff – two activities that had become a strain on the charity and a drain on its resources. The charity is now a much more hand-to-mouth organisation with no unfunded on-going spending commitments and operating through a model of providing support to our partner schools entirely and solely through financial donations sent from the UK (rather than making donations in cash as we had previously or undertaking and funding projects on schools’ behalf). ## Achievements and charitable activities Despite the changes outlined above we still provided significant support to our partner schools in the year. We provided foodstuffs (or the necessary funding) for a daily lunchtime meal for every pupil up to the end of the final term of 2025 and, with the support of some committed partners of the charity, were able to make modest donations towards food for term 1 2026 in six schools where parents are making efforts to feed their own children by contributing funds or foodstuffs themselves and/or by giving their time to help with efforts to grow food on spare land at school. Our contributions towards the salaries of around 75 school-employed teachers and staffs amounted to £17,822 before this support ended – with the exception of one school – at the end of 2025. We also provided support for improvements to school infrastructure, for essential resources and materials such as furniture and books, and for the development of the kitchen gardens which we have previously helped to establish at all of our partner schools. In the year we also made donations totalling £9,585 – more than we had donated in the previous four years combined - specifically for repair and maintenance activities to help ensure, as much as possible, that everything we have helped to build and create over the last 20 years remains (or returns to!) as good a condition as possible. ## Fundraising activities The nature and extent of the charity’s fundraising changed significantly as a result of the factors outlined above and voluntary income was significantly but expectedly down to just £37,045 compared to £130,046 in 2024/25. The majority of this income was from one-off donations from long-standing individual donors, funders and partners such as Aspect Capital (£5,000), Hugh Symons Charitable Trust (£5,000), Hazel’s Footprints Trust (£1,500), Mageni Trust (£2,500) and Oundle School (£900). The charity did not host any public fundraising events such as the Carol Service or Golf Day as it has in the past, whilst other partnerships (such as that with Aarven) also came to an end for one reason or another. ## Plans for the future The charity is clearly now a very different entity and the next financial period 2026/27 will be the first where this is fully reflected. 3 ## African Promise Trustees’ Report for the Annual Accounts 2025-26 We expect income to plateau at its current level – or to fall slightly lower – but we also expect the income profile of the charity to change significantly with almost all income coming from existing donors and partners – so _much_ will depend on how long they continue to support the organisation and at what level. Now that we have spent most of our resources (ending this financial year with available funds of just £37 compared to £46,749 in 2024/25 and £89,760 in 2023/24) we will only be able to support our partner schools with donations as-and-when we have sufficient funds to do so either from larger one-off donations or from accumulated small one-off donations and the approximately £650 per month (including Gift Aid) of recurring donations that we retain. Our priority will be to provide funds to keep schools in as good a working order as possible but we also expect to continue making donations towards the cost of food (although these will only be to those schools where these donations complement - rather than replace - the efforts of parents and will not be for more than 50% of the cost of food, and hopefully much less if schools’ efforts to grow food are successful). The days of supporting large infrastructure projects or entire school redevelopments are now behind us but we will make donations for small capital projects and minor improvement projects where we can. Some projects we are actively discussing with schools at the year-end include upgrade or modification of toilets, new energy-saving stoves for a kitchen, and upgrades of a couple of playgrounds. ## Financial Review ## Summary of financial position The Statement of Financial Activities to follow (page 6) shows the combined income and expenditure of the charity in the UK and Kenya for the year to 31[st] March 2026. The accounts show total income for the year of £39,411 (2024/25: £133,781) against expenditure of £86,162 (2024/25: £174,430), resulting in a deficit of £46,712 after accounting for exchange rate gains. The year closed with total funds of £37, down from £46,749 at the start of the year. The Trustees had anticipated a deficit for the financial year given that income had been received in years prior for projects that were undertaken in the reported financial year. ## Reserves policy The Trustees have determined that there is no need for the charity to maintain any reserves now that there are no on-going costs to which the charity is committed, other than some very nominal administration and fundraising costs. ## Currency exchange Unlike in previous years, no Kenyan shillings were purchased and sent to the charity’s bank accounts in Kenya during the year. The minimal local expenditure in Kenya during the year was paid from cash in hand at the end of the 2024/25 financial year. However, a total of KES 12,301,650 was sent directly to our partner school accounts from our account with Equals Money during the year. These shillings were purchased as-and-when required at a total cost of £72,527. 4 ## African Promise ## Trustees’ Report for the Annual Accounts 2025-26 ## Statement of Trustees’ Responsibilities Company law requires the trustees to prepare financial statements that give a true and fair view of the state of the affairs of the charity at the end of the financial year and of its incoming resources and application of resources. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently. - make judgments and estimates that are reasonable and prudent. - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and - prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for maintaining proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and which enables them to ensure that the financial statements comply with the Charities Act 2011 and the Statement of Recommended Practice 2005. The trustees are also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## Risks & safeguarding The charity is now exposed and vulnerable to significantly fewer risks than previously following the changes to the activities and operations of the charity and the Trustees believe that there are sufficient measures in place to mitigate against those risks that remain. There were no reported safeguarding incidents in the year. ## Declaration The Trustees’ Report was approved by the Trustees and signed on their behalf by: ## Trustee Date Christopher Ott ## Chairman Gary Shiels ## Treasurer 5 ## African Promise ## Statement of Financial Activities for the Annual Accounts 2025/26 |







Notes


Incoming resources
2


Incoming resources from generated funds
Voluntary income

Gift Aid & investment income
2
Total incoming resources

Resources expended
3
Charitable activities
Costs of generating voluntary income
Governance & administration
Total resources expended

Net income resources before transfers
Transfers
Gains and (losses) on currency exchange
6
Net movement in funds
Total funds brought forward
Total funds carried forward|
Unrestricted
Funds
2026

£




30,172
2,366
32,538
15,174
3,448
3,527
22,149
10,389
(49,144)
-
(38,755)
38,038
(717)|



Restricted
Funds
2026

£





6,873

-

6,873





64,013

-

-

64,013


(57,140)


49,144

39

(7,957)

8,711
754|


Total
Funds
2026

£




37,045
2,366
39,411




79,187
3,448
3,527
86,162

(46,751)


-


39
(46,712)

46,749

37|Total
Funds
2025

£




130,046
3,735| |---|---|---|---|---| |||||133,781| |||||155,160
13,263
6,007| |||||174,430| |||||(40,649)
-
(2,362)| |||||(43,011)
89,760| |||||46,749| 6 ## African Promise Balance Sheet for the Annual Accounts 2025/26 |



Notes

Fixed assets

Current assets
Debtors
Cash at bank and in hand
CAF Bank CAFCash account #00016284
Pounds sterling cash
Absa Bank account #0541079831
Absa Bank account #0541082433
Kenyan shilling in cash
Total current assets
Liabilities
7
Net assets
Funds of the charity
8
General ‘free’ funds
Restricted funds
Total funds|Total
Funds
2026

£








3,220
250
39
17
11
3,537

(3,500)

37




(717)
754
37|Total
Funds
2025

£

46,352
250
39
16
3,692| |---|---|---| |||50,349
(3,600)| |||46,749| |||38,038
8,711| |||46,749| The Accounts were approved by the trustees on _____________________ and signed on their behalf by: Gary Shiels Treasurer 7 ## African Promise Notes to the Annual Accounts 2025/26 ## 1. Accounting Policies The principal accounting policies are summarised below. They have been applied consistently throughout the period. ## a) Basis of accounting The Accounts have been prepared under the historical cost convention, in accordance with applicable accounting standard and comply with the Statement of Recommended Practice 'Accounting and Reporting by Charities' issued in March 2005 (SORP 2005). ## b) Fund accounting Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. Restricted funds are subjected to restrictions on their expenditure imposed by the donor. ## c) Incoming resources Income is recognised in the period in which the charity is entitled to receive it and when the income can be quantified with reasonable accuracy. Grants are recognised when the charity becomes beneficially entitled to them. Investment income is included when receivable. Incoming resources from tax reclaims are included at the same time as the gift to which they relate. ## d) Outgoing resources The cost of charitable activities includes costs incurred by the charity in carrying out its activities and services. It includes costs directly attributed to those activities and a share of indirect costs necessary to support them. Governance costs comprise the costs associated with meeting the constitutional and statutory requirements of the charity and include any costs associated with the preparation and examination of statutory accounts. All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs which relate specifically to a particular activity are allocated wholly and directly, others are apportioned between different activities on an appropriate basis. ## e) Foreign exchange This includes any gain or loss arising on translating transactions carried out in Kenyan Shillings to GB Pounds and vice-versa. Transactions during the year are translated at an average exchange rate for the year and closing cash balances are translated at the year-end exchange rate. ## f) Assets Kenyan cash and bank balances are converted to GB Pounds using the exchange rate operative at the year-end date. 8 ## African Promise ## Notes to the Annual Accounts 2025/26 ## 2. Analysis of incoming resources |2.
Analysis of incoming resources|||||| |---|---|---|---|---|---| |


Voluntary income
Individual giving
Trusts & foundations
Corporate
Supporter/community fundraising
Events
Charities & partners (inc. Kids4Kenya)
Investment & Gift Aid income
Interest
Gift Aid
3.
Analysis of resources expended



Projects & programmes
Infrastructure & buildings
Resources & equipment
Teacher & support staff salaries
Feeding programme
Water supply
Kitchen gardens
Support costs
Staff costs
Travel, transport & accommodation
Office costs
Fundraising materials & services
Advertising, PR & website
Events
Bank charges
Regulatory & membership
Other|Charitable
Activities
2026
£
13,028
5,136
17,882
33,633
-
3,513
2,926
2,639
430
-
-
-
-
-
-
79,187|Unrestricted
Funds
2026
£

14,103
8,000
7,699
370
-
-
30,172
24
2,342
2,366
Fundraising
& marketing

2026

£


-

-

-

-

-

-



1,152

-

-

748

1,548

-

-

-

-

3,448|
Restricted
Funds

2026
£


4,424

1,500

-

949

-

-

6,873

-

-

-

Gov. &

admin

2026
£


-

-

-

-

-

-





576

-

1,047

-

-

-

170

34

1,700

3,527|Total
Funds
2026
£


18,527

9,500

7,699

1,319

-

-

37,045


24

2,342
2,366
Total
Funds
2026
£


13,028

5,136

17,882

33,633

-

3,513





4,654

2,639

1,477

748

1,548

-

170

34

1,700

86,162|Total
Funds
2025
£

71,577
29,500
15,028
6,253
5,470
2,218| ||||||130,046| ||||||223
3,512| ||||||3,735| ||||||Total
Funds
2025
£

70,613
3,299
20,395
36,691
2,743
1,308
20,927
5,994
2,788
1,892
1,770
3,511
264
94
2,141| ||||||174,430| 9 ## African Promise Notes to the Annual Accounts 2025/26 ## 4. Support costs ## Staff costs Staff salaries are allocated 100% towards charitable activity for Kenya staff and 40% charitable activity, 40% fundraising and 20% administration for our Director's consultancy fees. All office and staff costs incurred in Kenya are allocated 100% towards charitable activities. ## Fees for examination of the accounts The independent examiner is charging a fee of £1,700 incl VAT for their services. ## 5. Taxation The charity is exempt from corporation tax on its charitable activities. ## 6. Gains and losses on currency exchange |6.
Gains and losses on currency exchange||| |---|---|---| |







Opening cash and bank balances translated
at closing rate for the previous year
KES 643,716.45 @ 171.79
Income less expenditure for the year translated
at average rate for the year
KES 632,274.00 @ 170.00
Kenya expenditure at budgeted average rate less
Kenya expenditure at actual average rate
KES 632,274 @ 170.00 less KES 632,274 @ 170.00
Closing cash and bank balances translated at
closing rate for the year
KES 11,442.45 @ 170.00


7.
Liabilities








Independent examiner fee (2023/24)
Independent examiner fee (2024/25)
Independent examiner fee (2025/26)

|2026
£

3,747
(3,719)
0
(67)

(39)
2026
£

-
1,800
1,700

3,500|2025
£

3,583
572
1,954
(3,747)| |||2,362| |||2025
£

1,800
1,800
-| |||3,600| 10 ## African Promise ## Notes to the Annual Accounts 2025/26 ## 8. Movement in funds |8.
Movement in funds||||||| |---|---|---|---|---|---|---| |

Restricted funds
Projects & programme management
Feeding Minds
Teacher salaries
Toilets4All
Water4Schools
Ngambenyi Primary School
Kiteghe Primary School
Mkamenyi
Mkamenyi (furniture)
Mkamenyi (rainwater)
WASH
Textbooks4All
Right2Play
Farm2Fork
Unrestricted funds
General funds|Balance at
01.04.25
£
-
523
-
101
-
4,326
-
3,062
98
(43)
558
(4)
90
-
8,711


38,038
38,038
46,749|
Incoming
Resources

£

-

3,727

118

-

49

1,500

578

-

-

-

-

-

-
901

6,873



32,538

32,538

39,411|
Transfers


£


5,995

28,402

17,144

-

-

(3,117)

9

(2,480)

-

-

1,290

4

153

1,745

49,144



(49,144)

(49,144)

-|
Outgoing
resources
£


5,995

32,248

17,203

-

-

2,682

587

582

-

-

1,847

-

243
2,626

64,013





22,149

22,149

86,162|Gains on
Currency
£

(32)

-

-

-

-

-

-

(4)

-

-

-

-

(3)
-

(39)





-

-

(39)|Balance at
31.03.26

£


32

404

59

101

49

27

-

4

98

(43)

1

-

3
20| |||||||
754| |||||||


(717)| |||||||
(717)| |||||||37| 11 ## African Promise ## Independent Examiner’s Report for the Annual Accounts 2025-26 I report to the trustees on my examination of the accounts of African Promise (the Trust) for the year ended 31 March 2026. ## Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## Independent examiner’s statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - (1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or - (2) the accounts do not accord with those records; or - (3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination. I have no concerns 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. ## Name: Ryan Evans Relevant professional qualification or body: FCA qualified - Member of the Institute of Chartered Accountants in England and Wales (ICAEW) Address: Cadence Accounting, Suite 3, 157 Station Road East, Oxted, Surrey, RH8 0QE ## Date: 12