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