2020-12-31-accounts

THE HUGH PILKINGTON CHARITABLE TRUST ANNUAL REPORT AND ACCOUNTS Year Ended 31 December 2020 Auditors.. lust Audit & Assurance Ltd Statutory Auditors 37 Market Square Witney Oxon OX28 6RE Re8lStered Charity No. 3280(

The Hugh Pilklnglon Charitsble Trust Trustees Annual Report For the year ended 310ecember 2020 Trustees: Geoffrey J Grime (retired March 27, 20201 Graham D Qcarr Peter F Hinton Eleanor Horne Alastair Hayward Neil Sandy Secretary: Michael B Nunn (retired March 27. 20201 M3gdalena Woloch lèppointed March 27, 20201 The Hugh Pilkington Charitable Trust is an unincorporated charitable body registered in England on 3rd October 1988 under registration number 328C￿6. The initial Trustee5 were appointed under the terms of the Trust Deed and future appointments of Trustees are at the discretion of the current Trustees. Inductlon and Tralnln8 of Trustees New Trustees are appointed on the basis of their professional expertise or experience and their understandin8 of the ethos of the Trust. the geographical area (Eastern Africal which is the ultimate focus of the TrLtst's support and the educational needs of refugees in that ie8ion. Induction includes conversations with existing Trustees and the provision of reports and minute5 of previous meetings. In addition, Trustees are encouraged to make occasional familiarisation visits to Eastern Africa. Organlsatlonal Structure The administration has been dealt with by the Secretary to the Board who reports directly to the Trustees. On March 27, 2020 Mike Nunn the SecreiaryiTreasurer retired and a new Treasurer, Magdalena Woloch, was appointed and reports directly to the Board supported by a Minutes Secreiarv. Throughout the year the management of the investments coniinued to be handled by l M Flnn & Co Ltd. The Tru5tee5 benefit from the assislance of Philip Lovegrove who ac15 as honorary Investment Adviser to the Trust and liaises regularly with Michael Burton of J M Finn & Co Ltd. The auditors are Just Audit and Assvrante Limited, who have previously operated under the name ReesRussell LLP. Rlsk Management The Trustees have identified the major risks to which the Trust is exposed and Systems have been established to mit¢gate those risks. By far the most significant risk facing the Trust is exposure to the investment market.

The Hugh Pilkington Charitable Twu5t The Trustees Annual Report. contlnued ... Objects The principal object ol the Trust continues to be to provide educational opportunitie5 at post- secondary level to refugees and displaced stLtrdents in Eastern Africa. with counsellin8 and support. to equip them to meet the challenges of development in Africa. Grants Policy and Programme Fundini The cuirent beneficiary of grants from the Trust Is Windle International, which acts for the Windle network Icomprising Windle Trust International. Windle International Kenya and Windle International Ugandal. Windle International submits an annual grafit propos31 to the Trustees and allocates the funds received to the Windle network. These grants 5UPPOrt activities in line with the Trust's objects as outlined in the previous paragraph. In determinin8 grants, the Trustees bear in mind the need to conserve the endowment to piovide resources for the longer term. Achlevements and Perforniance For the year covered by thi5 report. the Trustees undertook to provide funding of £400.WO to Windle International in support of the Windle network pro8rammes in the United Kingdom and Africa and up to £70,000 lor the support costs of the Windle International Executive DiiectoT. These grants were paid in full. Investments As shown in the Statement of Financial Artivities and note 2 of the accounts, investment value5 decreased by £457,7311£89,199 realised and £368,532 unrealisedl durinB the year, tompared with net gain5 of £735.4511£102,753 reali5ed and £632.698 unrealisedl in 2019. Allowing for draw-downs, the value of the portfolio investments decreased by 15.99% during 2020. The investments income show5 as £189,959 18912019. £226.5871. The Trustees had previously set the managers indicative asset allocation targets of 20% property, 20% fixed interest and 60% equities. but these proportions are variable to allow appropriate flexibility to the investment mana8ers in their aim of maximising the total return. In the year under review there continued to be a greater bias towards equities as fixed interest stocks offered unfavourable retvrns. Property Loan to Wlndle Trust Internailonal The Property Loan to Windle Trust International finances the office premises and a residential flat owned by that body. The office premises comprise a two-storey block and the adjacent flat both located in Oxford Road. Cowley. Oxford. The amount originally advanced, interest free. is £475,¢3)0, which is secured by 3 charge on the olfice premises at 37A Oxford Road, £306,000 and a charge on the flat at 37 Oxford Road. £169.OCQ. The terms of the charges and the associated agreement provide that the amounts repayable on disposal of the properties will be the net sale proceeds. As stated in note 6 to the accounts, the Trustees agreed in 2016 to provide an addition of £IO.OCK) to the loan to finance renovation of the flat, it being in the interests of the Trust to help ensure that the condition of the property is of a high standard. During 2016. Windle Trust International sought advice on the market value of the properties and was advised that the combined value was in the order of £935,(M)O. As these properties tontinve in use, there is no prospect of the Fnherent gain being realised in the foreseeable future.

The Hugh Pilkington Charitable Trust The Trustees Annual Report. ¢ontlnued... Short Term Loan to Windle Trust International The Trustees previously piovided bridging finance to Windle Trust International to enable it to support its projects where donoi funding is delayed. During 2020. all outstanding amounts were repaid bv Windle Trust International and at the year end, the amount outstanding was nil. Reserves Policy- The Endowment Fund The HuBh Pilkington Charitable Trust maintains financial reserves in orderto ensure the future support of refugees in education. The Trustee5 regard the Trusvs Endowment Fund as a long-term resource and it is their policy to maintain this fund as a base for the future grant-makin8 activity of the Trust. Plans for Future Periods The Trustees have agreed to provide a grant to Windle International of £400,(KKI, payable quarterly, during the year 2021 - there had been a previous agreement to fund the salary ol the Executive Director of Windle International up until June 2021. An atlditional amount of E35,000 for the Executive Director's salary has been agreed for the remainder 2021 and a loan of £80,000 to be provided if needed antl called upon. In addition, there is an outstanding commitment to consider providing a grant for propertv development in Nairobi. The oii8inal amount envisaged for this was £250,CW, of which £12.OCI) was paid in 2014 towards the employmeni of a project managef. At the date of this report, no firm commitment to provide the remaining £238.(W had been made. Publit Benefit The Trustees have complied with the duty in section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission and consider that the application of the grants to Windle International towards the educational needs of re￿Bee9 and displated persons in Eastern Africa falls safely within the criteria. Statemerrt of Trustees, Re5ponslbllltles The trustees are responsible for preparin8 the trustees. report and the financial statements in accordance with Eeneral applitable law and United Kin8dom Accountin8 Standards (United Kingdom Generally Accepted Accounting Prarticel. The law applicable to Charities in En8land and Wales requires the trustees to prepare financial statement5 for each financial year which give 3 true and fai¥ view of the state of affairs of the charitv and of the incoming resources and application of resijurces of the charity for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently: observe the methods and principles in the Charities SORP- 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: prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Hugh Pilkington Charitable Trust

The Trustees Annual Report, continued ...

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safekeeping the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

• there is no relevant audit information of which the charity's auditor is unaware; and

• the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

May, 2021 %[·] l �

Approved by the Board of Trustees, 1st of May, 2021

and signed on their behalf by:

Eleanor Horne TRUSTEE

Principal Trust Address: 37a, Oxford Road, Cowley, Oxford OX4 2EN Secretary: Magdalena Woloch (CPA) Bankers: CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4JQ Investment Managers: JM Finn & Co Ltd, 4 Coleman Street, London, EC2R STA Auditors: Just Audit & Assurance Ltd, Chartered Accountants and Statutory Auditors, 37 Market Square. Witney, Oxfordshire, OX28 6RE

4

The Hugh Pllkln8ton Charftsble Twst Independent Auditoes Report to the Trustees Opinion We have audited the financial statements of Hugh PilkinBton Charitsble Trust (the 'Charity'l for the year ended 31 December 2020. which comprise the Statement of Financial Activities, Balance Sheet, Cash flow statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191 (Charities SORP (FR5 10211. This report is made solety to the charity's trustees, as a body. in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Art. Our work has been undertaken so that we might state to the trustees those matters we are required to state to trustees in an auditors, report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, foi this report, or for the opinions we have formed. In our opinion the financial statements: give a true and fair view of the state of the Charity'5 affairs as at 31 December 2020 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended.. have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Charitie5 Act 2011. 8asls for oplnlon We conducted our audit in accordance with International Standards on Auditin8 IUKI IISAS IUKII and appl¢cable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, includinB the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficier*t and appropriate to provide a basis for our opinion. Conclu51ons relating to goin8 concern In auditing the financial statement5, we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial Statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant (loubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements wefe authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information The trustees are responsible for the other information. The other information comprises the information included in the annual report. otherthan the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the othei information and, except to the extent otherwise explicitly stated in our report, we do not express any form of èssurance conclusion thereon. In connection with our audit of the financial statements. our responsibility Fs to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial st8tements or our knowledge obtained tn the audit or otherwise appears to be mateiiallv misstated. If we identify such material inconsistencies or apparent material mi5Statements. we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If. based on the work we have performed, we conclude that there is 3 material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by exceptlon We have nothing to report in respect of the followin8 matters in which the Charities Act 2011 requires us to report to you if, in our opinion: the information given in the financial statements is inconsistent in any material respect with the trustees, repon- or the charity has not kept sufficient accounting records- or the financial statements are not in agreement with the accounting retords and returns; or we have not received all ihe information and explanations we require for our audit Responslbllltles of trustees As explained more fully in the Statement of Trustees, Responsibilitie5 Iset out on page 11, the tru5tee5 are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and fof such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosin8, as applicable, matters related to goin8 concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audlt of the financial statements Our objettives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi5Statement. whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detert a material mi5Statement when it exists. Mi55tatement5 can arise from fraud OT error and are considered material if, individually or in the aggregate, they could reasonab￿ be expected to inflLsence the economie decisions of users taken on the basts of these financial statements. Irregvlarities, including fraud. are instances of non-compliance with laws and reEulations. We desiBn procedures in line with our responsibilities. outlined above. to detect material misstatement5 in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below.

As part of an audit in accordance with ISAS, we exercise professional judgment and maintain professional scepticism throughout the audit. We also.. Identify and assess the risk5 of material misstatemeftt of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material mi55tatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion. forgery. intentional omissions. misrepresentations, Of the override of internal control. Obtain an understanding of internal control relevant to the audit in or(ler to design audit procedures that ale appropriate in the circumstances. but not for the purpose of expressing an opinion on the effectivene55 of the Charity's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and Telated disclosures made by management. Conclude on the appfopriateness of trustees. use of the going concern basis of accounting and, based on the audit evidence obtained. whether a material uncertainty exists related to events OT conditions that may cast significant doubt on the Charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we ale required to draw attention in our auditor's report to the related disclosures in the financial statements or. if such disclosures are inadequate, to modify our opinion. Ovr conclusions are based on the audit evidence obtained up to the date of our auditor's report. However. future events or conditions may cause the Charity to cease to continue as going concern. Evaluate the overall presentaiion, structvre and content of the financial statements, includin8 the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those tharged with governance re8afdin& among other matters. the planned Scope and timin8 of the audit and significant audit findings, includin8 any significant deficiencies in intern31 control that we identify during our audit. A further description of our responsibililies is available on the Financial Reporting Council's webslte at.. www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. nathan Russell (Senior Statutory Auditor) For and on behalf of JLFSt Audit & Assurance Ltd, Statutory Auditor 37 Market Square Witnev Oxon OX28 6RE Date....

The Hugh Pilkington Charitable Trust Balance Sheet 3$ at 31 December 2020 2020 2019 Notes FIXED ASSETS Investmeftts 4,912.212 5,847,218 CURRENT ASSETS Debtors.. Amount5 due wiihin one year Bank kcount 4.S26 54.567 59.093 35,237 59.863 95.100 Debtor due after one year.. Long Tèrm Loan 48S, 544,093 485.000 580.100 CURRENT LIABIUTIES Credltors.. Amounts fallin8 due within one year 12,5651 12.5781 NET CURRENT A55EfS 541.528 577,522 NET ASS 5.453.740 6,424.740 CAPITAL FUNDS Endowment Funds 5,453,740 6,424,740 5.653.740 6,424.740 Approved and authorised for issue by the Trustees on: 2021 And 51Bned on their behalf by.. Eleanor Horne TRUSTEE

m r Ln ¢ o m c wc C C ij

The Hugh Pllkington Charff¢able Trust- Atcounts lor the Year Ended 311)ecembÈr 2020 Cash Flows from Operatin8 Activities General Fund Endowment Fund Total 2020 Total 2019 Note5 Net cash provided by (used inl operatin8 activities 1672,793.341 30.711 1642.0821 1449,1981 Cash flows from investini activities: Dividends and interest Investment rnanagernent costs Proceeds from sale of investments Purchase of investments Nei cash provided by invesiing activities 189.959 15.5611 189.959 130,4481 662,702 1440,2911 381,922 226.587 137,1251 718,643 1497,5951 124.8871 662,702 1440,2911 197.524 184,398 Transfer from Endowment 4188,382 488.3821 410,510 Change in ¢ash and equivaltnts during year 113 260.1471 1260,1601 138,6881 R•conclll•tlon of cash and qufval•nts openlnl and dosln¢ balances: Cash and equ5valènts at start ol period CAF Bank IMFinn&CoLid 2.578 57,285 463,385 520,670 59,863 463,385 523,248 102,318 459.61B 561,936 2,578 Cash and equivalents at end ol period CAF 8ank JMFinn&CoLtd 2.565 52,CQ2 208.521 260.523 54,567 208.521 263.088 59,863 463.385 523,248 2.565 Chan8e Sn cash and equivalents durin8 year 1260.1471 1260.147 138,6881 Note11 R¢ontllktlon ol nèt (Ex￿ndhu￿1lInc0Mè to net cash from op*ratln8 actlvltlès Net lexpenditurèlllncome lor the year 1288.3821 1482.6181 1771.CXX)I Adjustmenis for.. IGain5l/losse5 on investment5 Dividends and interest from investrnents Investment managtmtnt tosts Ilntreaselldecrease in debtors Increase/lDecreasel in creditors 450,891 457.731 457.731 1735,4511 1189,9591 5.561 1189,9591 30.448 1169,2891 1131 1226.5871 37,125 24,990 11661 24.887 1169.2891 Net ush pro¥lded by lused Inl opeMlrv4 anlvltle5 1472,7931 1169.2891 1642,0821 1449,1981 Note 111 Bank Accounts The cash held at CAF Bank and that held byj M Finn & Co. the Investment Managers. is available on demand. io

The Hugh Pilkington Charitablè Trust Notes to the Flnanclal Statements fof the Year Ended 31 December 2020 Note I Prlnclpal A¢¢ountln8 Polkbes The financial statements have been prepared in accordance with Ihe Chèrities Aci 2011. Ihe applicable accountin8 Standards followin8 the FRS 102 format and the Statement of Recommended Oractite~Aceounting by Charities (Revised 20151- except as explained in note Ibl below. Investments Investments are carried on the 8alanct Sheet at their valuation at ihat dale. Realised Gains and Losses are reported based upon the sale value against the opening valuation or purchase price if purchased in the year. Unrealised 8ains and losses are reported as the movement between their c105ing valuation and opening valuation or pufchase price il purchased in the year. All realised and unrealised Rains and losses are treated as movemenis in the end¢)wment fund. The Market Value includè5 accrued interèst on fixed interest securities. Investment income is included in these accounts where rèteivtd by the Balance she￿ dale. UK Tam recoverable is normally accounied for in the period in which the related income was received Ibut see note 51. and is included in Investment Income. Costs incurred in the purchase and disposal of Investment5 are accounted for as'Exptnditurt on raising funds.. Grants pl￿ble Whi15t SORP 2015 rt4uirès tharilit5 to fecognise grant liabilities when a commitment has been made (providin8 ihi5 has been communicated to the beneficiary). the Trustee5 believe the main 8rants to Windle International should be included as expenses in the financial year5 in which the grants art due for payment, or when paid, if earlier. as this matthes ihe expenditure with the appropriate income. This departure is Thecessary in order to show a true and lair view. Wherè grants are agreed durin8 a finantial year for ihe followin8 linancial year they are shown by way ol a note as commitments. Other grants. not bèing subject to special conditions. are included as an expense when ihe cornmitment 15 made. bl Other Expensès. Expenditure is included on an accrua15 basis. and 15 recogniS￿ when there is a legal or onstruciive obl¢8ation to do so. Costs incurred in rtlatstsn to snve5tment transactTrons ate classified as Expenditure on Raisin8 Funds, otherwise the runnin8 CQSts are allocated as support C05t5. two-thirds to Expenditure on raislnR funds li.e. related tg the investment activitiesl and tsne-third to Expenditure on Charitablt Actiwt1è5 li.e. related to issues surroundin8 the considefation and administration of 8rant51. Irrecoverable VAT is included as part of the costs to which the VAT tharges atiach. Fund Categorles Unrestrirted Funds. These are lunds which may be used in accordance with the charitable objerts of the Trust at the discretion of the Trustees. Endowment Fund5. Although expendable. the Trustees regard these lunds as a Permanent Fund. The Endowment funds arose from an initial donation on formation ol the Trust. The Trustees have appfoved a transfer from Endowment Funds to cover the net outgoing resources on Unrestricted Funds. dl

The Hugh Pilkington charilab￿ Twst Accounts lor the Year Ended 31 Oetember 2020 Note I Invtsiments 2020 2019 Market value of Investments in stocks and Shares 31 December 2019 Le5S-. Disposals 3t opening book value or cosi when purchased during the year Add.. Acquisitions at cost Net gainlllossl on revaluation at 31 December 2020 Market value of investments in stocks and share5 Cash held by investment managers J M Finn & Co Ltd Total market value 31 December 2020 5.383.833 4,869,430 1751,9011 1615,8901 440,291 497.595 368.572 632,698 4,703.691 5.383.833 208,521 463.385 4,912,212 5,847.218 2020 2019 Re¢on¢lllatlon of totsl Ma￿et values at 31 Dtctmber Z019 and 2020 Balances 31 Detember 2019.. Market value of Investments in srocks and shares Cash held by in¥e5tmertt managers J M Finn & Co Lid 5,383.833 4.869.430 463,385 459,618 5,847,217 5,329,048 189,1991 102,753 1368,5721 632.698 124,8861 129,0761 1452,3881 1188,2061 Add.. net realised 8aiThs on disposals during ￿ar Add/Les5'.110s5118ain on revaluation at 31 December 2020 Charges levied bylvia Investment manè8ers Net transfers between J M FiThn & Co ttd and ihe CAF Bank account Rounding adjustment Total market value and osh held èt 31 December 2020 4,912,212 5,847.218 ortlnal Stocks and shares 8eo8raphi(al analysls at 31 December 2020 ¢omparln8 hlstorklorlilnal cosi wlth Current ¥alues Cost Vzluatbon Valuatlon Unired Kin8dom Europè North Amèrica Asia Global Total I.932,1￿6 487,384 138,441 232,897 255,028 3.045,820 2,292,783 46.68% 444.973 9.06% 334.522 6.81% 289.300 5.89% 333,765 6.97% 3.695.343 75.41% ' 'Doe5 nor includefixedsnterest bonds19.88%1. commodities & infrostructure110.65%J, cosh {4.24%J Unrealised profit from acqui51tion ol holdines to date 750.493 The Investment Income on the Statement of Financial Activities comprises dividends and Interest on bonds etc £189.88212019 £224,890) and other interest £7712019 £1.6971. Total Return for year Portfolio Pertormance comparable1105sesllgains= FTSE UK All Share Index MSCI WMA Portfolio 8alanced 4.45% -9.B2% 1.95% 12

Cornparative Figure$ 2019 In¥estmenl Grant Admlnl Admlnks- tration tration Note 3 Analysls of Support Costs Investment Adminh. tratbon Grant Adminls tration 2020 Total Total Administrative Services B*nk charges Office e%pen5es Professional lees Trustees meetin8s. etc 2.667 40 16 2.027 B12 5.561 1.333 20 2,7 1,350 20 20 855 1,777 4,022 4,050 24 1.013 3,040 1.218 8,341 1.710 3,559 8,049 2,565 5,336 12,071 2.780 2020 2019 Trustees. Expenses Included •bove Travel expenses to meetings loll meerings remote in 2020) 1,054 No Trustee received remuneration from the Trust durin8 the year. Breakdown ol Profe￿50n•1 Fe•s: Audit Recruitment lees 2,565 475 3,040 2,565 2,565 2020 2019 Note 4- Gronts Windlt International: Programrne 8rant Support of Exe£utivt Oiredor Juba Land Purchase 4C4),CW 400.OCKI 70.C(￿l 70.[￿0 2C#),000 670,0￿ 470.OQXJ In 2019. an agreement with Windle International to provide a grani ol up to £21X),rth Windle International to finance the acquisition or development of a property in Juba Isouthern Sudanl was put in place. The land was acquired on September 23. 2020. Z020 Z019 Notè 5. OèbtOfS Dividends due Windle Trust Iniernational.. 8ridBin8 loan ènd accrued interest 4.526 9.894 25.343 35.237 4.526 Note 6- Long Term Loan During the year ended 30 September 2CQ3. the Trust loaned £475.C(oio Windle Trust International to finance the purchase of office and residential accomrnodation lor use by that body. In the year 2016, an additional £10,000 was provided to enable essential mainienance to be carried out, making the total loan £485.OCKJ. The accommodaiion comprises offices and a flai ai 37 and 37a Oxford Road, Oxford. The loan is secured by charge5 on the two propertie5 and is interest free. The agreement 5tipulate5 that the amount to be repaid tsn disposal of either or both of the properties in discharge of thelgan or part thereof will be the net proceeds of 13

The Hu8h Pllkln8ton Charitable Trust Accounts for the Year Endtd 31 December 2020 sale. During 2016, Windle Trust International took advice on the current market value of the propertie5 and was advised figures of £650.OOOforthe office blockand £285.[￿10rthe flat. Thevaluegains will not, however, be available io the Tfust until such time as the properties are disposed of. and will at that time be subject to the offset of disposal costs. Notè 7 Credltor5: Amounts lallln¢ due *￿tthIn one year 2020 2019 Atcruals Expense claims pendin8 2,565 2,565 13 2.565 2,578 Nott 8 Analysls of Assets between Fund5 Unrestrkled Endowrnent Funds Funds 2020 1019 Investment5 Lon8 Term Loan Current Assets Current Liabilitits 4.912.212 4,857,238 S,847,218 485.OLKI 485,000 485,LXX) 59.093 59,020 95,100 12,565 12,578 5.456.305 5,453,740 6,424,740 12,56S Note 9 Related Partles During the year under review. Eleanor Horne. Trusttes of the Trust, Was also Diredors of Windle Trust Internatlonal and a Trustee of Windle International. Not• 10 Futyre Commltments The Trustee5 have agreed: i. ro provide a grant 01 £4Ch).C(10 lo Windle International in 2021, payable quarterty. 2. To provide a grant of up 10 £113,CW to Windle International towafds the remuneration of an Executive Dirertof over a period ol 1>5 years, £B.LXK) of which is lor recruitment costs and the remainder to a maximum of £70.0(X) for the linancial year 2020 and up 10 £35.(￿ in 2021. these payments may be reas5es5ed by the Trustees in 2021. These grant payment5 are Subject to there bein8 an Executive Director in post and will be charged in the accounts lor ihe years in which the payments are due. 3. An additional amount for the development of the land purchased in Juba may be provided by way of an interesi-bearin8 loan of up to £225.OCQ. The loan amount may be supplemented by the capitali5ation ol interest charged during the construction period. It has been agreed that the funding will be provided to Windle International for thi5 purpose. 4. To consider proposals for fundin8 a property development In Nairobi of up to £238.(O) (originally £250,0TrJ, of whi£h £12,000 has been paid). 14