1
## **THE HUGH PILKINGTON CHARITABLE TRUST**
## **ANNUAL REPORT AND ACCOUNTS**
## **Year Ended 31 December 2021**
## Auditors:
Just Audit & Assurance Ltd Statutory Auditors 37 Market Square Witney Oxon OX28 6RE
Registered Charity No. 328006
The Hugh Pllkln8ton ChaTltable Trust
Truslee5 Annual Roport
For the year ended 31 Dmber 2021
Trustees:
Nell Sandy
Graham D Q Carr (retlred July 16. 20211
Peter F Hinton
Eleanor Home
Alastair Hayward
rimothy Simon Morris (appointed March 25. 20221
Magdalena Woloch
The Hugh Pilkington Charitable Trust is an unirKorporated charitable body registered in England on
3rd October 1988 under registration number 328CK16. The initial Trustees were appointed under the
terms of the Trust Deed and future appointments of Trustees are at the disuetion of the current
Trustees.
Induction and Training of Trustees
New Trustees are appointed on the basi5 of their professional expertise or experience and their
understanding of the ethos of the Tms¢ the geographical area (Eastern Africa) which is the ultimate
focus of the Trusys support and the educational needs of refvgees in that region. Induction includes
conversations With existing Tru5tee5 and the provision of reports and minutes of previous meetings.
In addition. Trustees are encouraged to make oas1Onal familiarisation visits to Eastern Africa.
Organisational Structure
The administration has been dealt with by the Secretary to the Board who reports directly to the
Trustees.
Throughout the year the management of the irNe5tments contlnued to be handled by J M Flnn & Co
Ltd. The Trustees benefit frorn the assistance of Philip Lovegrove who acts as honorary Investment
Adviser to the Trust and liaises regularly with Michael Burton of J M Finn & Co Ltd.
The auditor5 are Just Audit and Assurance knmited. who have previously operated under the name
ReesRussell LLP.
Rlsk Management
The Trustees have identified the major risks to whith the Trust is exposed and systems have been
established to mitigate those risks. By far the most significant risk facing the Trust is exposure to the
investment market.
Oblerts
The principal objert of the Trust continue5 to be to provide educational opportunitles at post-
secondary level to refugees and dlsplaced students In Eastern Afrlca, with counselling and support, to
equip them to meet the challenges of development in Africa.
The Hu8h Pllkln8ton Charftable Trust
The Trustee5 Annual Report, contlnued ...
Grants Pollcy and Programme Fundlng
The current beneficlary of Brants from the Tnjst Is Windle Internatlonal, whlch acts for the Windle
Trust network IcomprisinK Windle Trust International. Windle Internatlonal - Kenya and Wlndle
International - U8andal. Windle International submits an annual grant proposal to the Trustees and
allocates the funds recewed to the three Trusts. These Brants support activities corresponding to the
Trust's objects as outlined in the previous paragraph.
In detemiining grants. the Trustees bear in mind the need to conserve the endowment to provlde
resources for the longer terni.
Achievements and Performan
Forthe year covered by thi5 report, the Trustees undertook to provide funding of £400,CX)O to Windle
International in support of the Windle network programmes in the United Kingdom and Africa. There
was a one time Grant to Windle Uganda, this was to support the financial costs related to the death
of the long time Windle Executive Director. These grants were paid In full.
Investments
As shown in the Ststement of Financial Attivitles and note 2 of the accounts. investment values
increased by £442,7961£61.817 realised and £380,979 unrealisedl during the year, compared with
net1055es of £457.7311£89,199 realised and £368.532 unrealisedl in 2020. Allowing for draw-downs.
the value of the portfolio investments increased by .68% during 2021 Idecrea5e by 15.99 in 20201.
The investments income shows as £179.44212020. £189,959).
The Trustees had previously set the managers indicative asset allocation targets of 20% property. 20%
fixed interest and 60% equities. but these proportions are vaKiable to allow appropriate flexibility to
the investment manager5 in their aim of maximi%ng the total return. In the year under revlew there
continued to be a greater bias towards equities as fixed interest stocks offered unfavourable returns.
Property Loan to Windle Trust Internatlonal
The Property Loan to Windle Trust International finances the office premises and a resident131 flat
owned by that body. The office premises comprise a tVXFStorey block and the adjacent flat both
located in Oxford Road, Cowley, Oxford. The amount originally advanced. interest free. is £475,000,
which is secured by a charge on the office premises at 37A Oxford Road. £306.000 and a tharge on
the flat at 37 Oxford Road, £169,0. The temis of the charge5 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,OLL) to the loan to
finance renovation of the tlat, it being in the iftterests 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 wa5 advised that the combined value was in the orderof £935.0.
As these properties continue in use. there no prospett of the inherent gain being rÈali5ed in the
foreseeable future.
Additlonal Loan to Wlndle Internatlonal 2021
On July 19 , 2021, an amount of £80.QKJ was loaned to Wl to be paid bac* in full at a rate of £lO,IJ]O
per annum without incurrlng interest.
The Hueh Pllklngton Charltsble Trust
TheTru5tees Annual Report, contlnued_.
Reserves Pollcy-The Endowment Fund
The Hugh Pilkington Charitable Trust maintainsfinanclal reseThes in orderto ensure the future support
of refu8ee5 in education. The Trustees regard the Trust's Endowment Fund as a long.rerm resource
and it 15 their policy to maintain thi5 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 WiThlle International of £40J.000. payable quarterly.
dLsring the year 2022. An amount for Executive Direttor support of £70,IJOO was be supported through
2021. this SUPPOrt will not be continued in 2022.
A loan in the amount of £225.OC(J is available to Wl for the construction and development of land for
the Windle Juba ofpice. This loan will be charyed at 4% repayable once the office is occupied.
In addition. there is an outstandin8 commltment to consider providing a grant for property
developrnent in Nairobi. The original amount envisa8ed for this was £250,000, of which £12,OCfJ was
paid in 2014 towards the employment of a project manager. At the date of this report, no firm
commitment to provide the remaining £238.IXIO had been made.
Public Benefit
The Tnjstees 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 applitation of
the grants to Windle International towards the educational needs of refvgees and displaced persons
in Eastern Africa falls safely within the criteria.
Statement of Truste Responslbllities
The trustees are responslble for preparing the trustees. report and the financial statements in
accordance with general applicable law and United ngdorn Accourting Standards (United Kingdom
Generally Accepted Accounting Prattice}.
The law applicable to charities in England and W&s require5 the trustee5 to prepare financial
statements for each financial year which give a true and fair view of the state of affairs of the charity
and of the incomlng resources and application of resources 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 materfal
departures disclosed and explained in the financial statements;
prepare the financial staternents on the going concem basis unless fc is inappropriate to
presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose wlth reasonable
accuracy at any time the financial position of the charity and enable them to ensure that the financial
statements comply with the Charitie5 Act 2011, the Charities (Accounts and Reports) Regulations 2C(18
and the provisions of the trust deed. They are also responsible forsafekeeplngthe assets of the charlty
The Hugh Pllkington Charitsble Trust
The Trurtees Annual Repo¢ contlnued..
and hence for taking reasonable step5 for the prevention and detection of fraud and other
irregularitie>
In so far as the trustees are avRre:
there is no relevant audit information of which the charitvs 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 e5tabli5h that the auditor is aware of that information.
Approved by the Board of Trustees on 15 July 2022
and signed on their behalf by:
Eleanor Horne
TRUSTEE
Prlt)dpal TntsiAddre55'.
Se¢reta.
Banker5:
Investment M¥rwKers:
Audltors:
CMS H£e. Watfin8ton Rd Oxford OX4 6BZ
Magdalena Woloch ICPAI
CAF Bank Ltd. 25 King5 Hil Avenue. Kings Hill. West Mallin& Kent ME19 4JQ
JM Finn & Co Ltd. 4Coleman Street, LondoTr. EC2R STA
Just Atsdrt & Assuran Ltd, Chartered ADunttsand StatutoryAudttor5.
37 MarketS4uare. Wrtw. Oxford5h¥e. OX28 6RE
## **The Hugh Pilkington Charitable Trust**
## **Independent Auditor’s Report to the Trustees**
## **Opinion**
We have audited the financial statements of Hugh Pilkington Charitable Trust (the 'Charity') for the year ended 31 December 2021, 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 (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)).
This report is made solely 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 Act. 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, for 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's affairs as at 31 December 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s 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, including 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 sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, 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 doubt 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 were 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.
5
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, 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 a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following 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’ report; or
- the charity has not kept sufficient accounting records; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities [set out on page 1], the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for 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, disclosing, as applicable, matters related to going 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.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
6
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 risks of material misstatement 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 misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Charity's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness 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 or 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 are 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. Our 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 a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
...................................... Jonathan Russell (Senior Statutory Auditor) For and on behalf of Just Audit & Assurance Ltd, Statutory Auditor
37 Market Square
Witney Oxon
OX28 6RE
Date:.............................
7
Th• Huih Pllklniton (h•iliabl• liuil
Bal•nt• Shiel #i #i JI D•t•mb•i 2011
3031
707fJ
AXED ASSETS
Inve5tnicnls
4.944.237
4 912,212
CURRENT ASSETS
Debtors= Amounts due
wlthin ono year
Bank Account
17,119
51.921
*S.526
54.567
59.093
Debtor due alter one year..
Lon8 Term Loans
555.C
624.339
485.CXJO
544,C93
CURRETr LIABIUTIES
Creditors.. Amounis fallin8 due
within one year
12.4301
12.5651
NET CURRENT ASSETS
621.910
541.528
NET ASSETS
5.566.147
5.453.740
CAPITAL FUNOS
Endowment Funds
5,566,147
S.453.740
5.566.147
5.453,740
Approved and authori5ed for issue by the Trustees on: 15 July 2022
And signed on their behalf by:
## **The Hugh Pilkington Charitable Trust - Accounts for the Year Ended 31 December 2021 Statement of Financial Activities**
|**Notes**
**Income**
Investment Income
2
Interest and Dividends
Realised investment gains/(losses)
Unrealised investment gains/(losses)
**Total Income**
**Expenditure**
Expenditure on raising funds
Investment management costs
Support costs re investment administration
3
Expenditure on Charitable Activities
Grants: Windle Trust Network
4
Support costs re grant administration
3
**Total Resources Expended**
**Net Income/(Expenditure)**
**Transfers between Funds**
**Net movement in Funds**
**Fund balances 31 December 2020**
**Fund balances 31 December 2021**|**Total**
**Comparative Figures 2020**
**General**
**Endowment 2021**
**General Endowment**
**Total**
**£**
**£**
**£**
**£**
**£**
**£**
179,442
-
179,442
189,959
-
189,959
-
61,817
61,817
-
(89,199)
(89,199)
-
380,979
380.979
-
(368,532)
(368,532)|
|---|---|
||179,442
442,796
622,238
189,959
(457,731)
(267,772)|
||179,442
442,796
622,238
189,959
(457,731)
(267,772)|
||24,770
24,770
24,887
24,887
3,374
3,374
5,561
5,561|
||3,374
24,770
28,144
5,561
24,887
30,448|
||480,000
-
480,000
670,000
-
670,000
1,687
-
1,687
2,780
-
2,780|
||481,687
-
481,687
672,780
-
672,780|
||485,061
24,770
509,831
678,341
24,887
703,228|
||(305,619)
418,026
112,407
(288,382)
(482,618)
(971,000)
305,619
(305,619)
-
288,382
(288,382)
-|
||-
112,407
112,407
-
(971,000)
(971,000)
-
5,453,740
5,453,740
-
5,453,740
5,453,740
-
5,566,147
5,566,147
-
5,453,740
5,453,740|
9
**The Hugh Pilkington Charitable Trust - Accounts for the Year Ended 31 December 2021 Cash Flows from Operating Activities**
|||**General**|**Endowment**|**Total**|**Total**|
|---|---|---|---|---|---|
|**Notes**||**Fund**|**Fund**|**2021**|**2020**|
|||**£**|**£**|**£**|**£**|
|Net cash provided by (used in)||||||
|operating activities|i)|(481,822)|(2,895)|(484,717)|(642,082)|
|**Cash flows from investing activities:**||||||
|Dividends and interest||179,442|-|179,442|189,959|
|Investment management costs||(3,374)|(24,770)|(28,144)|(30,448)|
|Proceeds from sale of investments||-|867,217|867,217||
|Loan Payments|||(80,000)|(80,000)|662,702|
|Purchase of investments||-|(437,633)|(437,633)|(440,291)|
|Rounding Adjustment||||||
|Net cash provided by investing activities||176,068|324,814|
500,882|381,922|
|Transfer from Endowment||305,619|(305,619)|||
|Change in cash and equivalents during year||(135)|(16,300)|(16,165)|(260,160)|
|**Reconciliation of cash and equivalents opening and closing balances:**||||||
|Cash and equivalents at start of period||||||
|CAF Bank||2,565|52,002|54,567|59,863|
|J M Finn & Co Ltd||-|208,521|208,521|463,385|
||ii)|2,565|260,523|263,088|523,248|
|Cash and equivalents at end of period||||||
|CAF Bank||2,430|49,491|51,921|54,567|
|J M Finn & Co Ltd||-|227,332|227,332|208,521|
||ii)|2,430|276,823|279,253|263,088|
|Change in cash and equivalents during year||(135)|16,300|16,165|(260,147)|
|**Note i) Reconciliation of net (Expenditure)/Income to net cash from**|**Note i) Reconciliation of net (Expenditure)/Income to net cash from**|**operating activities**|**operating activities**||
|---|---|---|---|---|
|Net (expenditure)/Income for the year|(305,619)|418,025|112,406|(771,000)|
|Adjustments for:|||||
|(Gains)/losses on investments|-|(442,796)|(442,796)|457,731|
|Dividends and interest from|||||
|investments|(179,442)|-|(179,442)|(189,959)|
|Loan Payments||80,000|80,000|-|
|Investment management costs
|3,374
|24,770|28,144|30,448|
|(Increase)/decrease in debtors|-|(82,894)|(82,894)|(169,289)|
|Increase/(Decrease) in creditors|(135)|-|(135)|(13)|
|**Net cash provided by (used in) operating activities**|(481,822)|(2,895)|(484,717)|(642,082)|
## **Note ii) Bank Accounts**
The cash held at CAF Bank and that held by J M Finn & Co, the Investment Managers, is available on demand.
10
## **The Hugh Pilkington Charitable Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
## **Note 1**
## **Principal Accounting Policies**
The financial statements have been prepared in accordance with the Charities Act 2011, the applicable accounting standards following the FRS 102 format and the Statement of Recommended Practice “Accounting by Charities (Revised 2015)” except as explained in note (b) below.
## **a) Investments**
Investments are carried on the Balance Sheet at their valuation at that date. Realised Gains and Losses are reported based upon the sale value against the opening valuation or purchase price if purchased in the year. Unrealised gains and losses are reported as the movement between their closing valuation and opening valuation or purchase price if purchased in the year. All realised and unrealised gains and losses are treated as movements in the endowment fund. The Market Value includes accrued interest on fixed interest securities.
Investment income is included in these accounts where received by the Balance Sheet date. UK Tax recoverable is normally accounted for in the period in which the related income was received (but see note 5), and is included in Investment Income. Costs incurred in the purchase and disposal of investments are accounted for as ‘Expenditure on raising funds’.
## **b)**
## **Grants Payable**
Whilst SORP 2015 requires charities to recognise grant liabilities when a commitment has been made (providing this has been communicated to the beneficiary), the Trustees believe the main grants to Windle International should be included as expenses in the financial years in which the grants are due for payment, or when paid, if earlier, as this matches the expenditure with the appropriate income. This departure is necessary in order to show a true and fair view. Where grants are agreed during a financial year for the following financial year they are shown by way of a note as commitments. Other grants, not being subject to special conditions, are included as an expense when the commitment is made.
## **c)**
## **Other Expenses.**
- Expenditure is included on an accruals basis, and is recognised when there is a legal or constructive obligation to do so.
- Costs incurred in relation to investment transactions are classified as Expenditure on Raising Funds, otherwise the running costs are allocated as support costs, two-thirds to Expenditure on raising funds (i.e. related to the investment activities) and one-third to Expenditure on Charitable Activities (i.e. related to issues surrounding the consideration and administration of grants).
- Irrecoverable VAT is included as part of the costs to which the VAT charges attach.
## **d) Fund Categories**
- **Unrestricted Funds.** These are funds which may be used in accordance with the charitable objects of the Trust at the discretion of the Trustees.
- **Endowment Funds.** Although expendable, the Trustees regard these funds as a Permanent Fund. The Endowment funds arose from an initial donation on formation of the Trust. The Trustees have approved a transfer from Endowment Funds to cover the net outgoing resources on Unrestricted Funds.
11
**The Hugh Pilkington Charitable Trust Accounts for the Year Ended 31 December 2021**
|**Note 2**
**Investments**
Market value of Investments in stocks and shares 31 December 2020
Less:
Disposals at opening book value or cost when purchased during the year
Add: Acquisitions at cost
Net gain/(loss) on revaluation at 31 December 2021
Market value of investments in stocks and shares
Cash held by investment managers J M Finn & Co Ltd
Total market value 31 December 2021
**Reconciliation of total market values at 31 December 2020 and 2021**
Balances 31 December 2020:
Market value of Investments in stocks and shares
Cash held by investment managers J M Finn & Co Ltd
Add: net realised gains on disposals during year
Add/Less: (loss)/gain on revaluation at 31 December 2021
Charges levied by/via Investment managers
Net transfers between J M Finn & Co Ltd and the CAF Bank account
Rounding Difference
Total market value and cash held at 31 December 2021
**Stocks and shares geographical analysis at 31 December 2021**
**comparing historic/original cost with current values**
United Kingdom
Europe
North America
Asia
Global
Total|**Original**
**Cost**
**£**
1,668,868
451,978
78,421
220,621
309,808|**2021**
**2020**
**£**
**£**
4,703,691
5,383,833
(807,836)
(751,901)
440,071
440,291
380,979
(368,572)|
|---|---|---|
|||4,716,905
4,703,691
227,332
208,521|
|||4,944,237
4,912,212|
|||**2021**
**2020**
**£**
**£**
4,703,691
5,383,833
208,521
463,385|
|||4,912,212
5,847,217
61,817
(89,199)
380,979
(368,572)
(24,770)
(24,886)
(386,000)
(452,388)
(1)|
|||4,944,237
4,912,212|
|||**Valuation**
**%**
**Valuation**
**£**
**£**
2,230,492
45.22%
413,341
8.38%
258,938
5.25%
276,025
5.59%
447,559
6.97%|
||2,729,696|3,626,355
71.41% *|
_*Does not include fixed interest bonds (10%), commodities, property & infrastructure (12.87%), cash (4.61%)_
Unrealised profit from acquisition of holdings to date 764,954
The **Investment Income** on the Statement of Financial Activities comprises dividends and interest on bonds etc £179,442 (2020 £189,882) and other interest £0 (2020 £77).
|£179,442 (2020 £189,882) and other interest £0 (2020 £77).||
|---|---|
|**Total Return for year**||
|Portfolio Performance|12.7%|
|Comparable (losses)/gains:||
|FTSE UK All Share Index|18.32%|
|MSCI WMA Portfolio Balanced|12.54%|
12
|||||**Comparative Figures**|**Comparative Figures**|**2020**|
|---|---|---|---|---|---|---|
|**Note 3**|**Investment**|**Grant**||**Investment**|**Grant**||
|**Analysis of Support Costs**|**Adminis-**|**Adminis-**|**2021**|**Adminis-**|**Adminis-**||
||**tration**|**tration**|**Total**|**tration**|**tration**|**Total**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Administrative Services|-|-|-|2,667|1,333|4,000|
|Bank charges|64|32|
96|40|20|60|
|Office expenses|-|-|-|16|8|24|
|Professional fees|1,710|855|2,565|2,027|1,013|3,040|
|Trustees meetings. etc|1,600|800|
2,400|812|406|1,218|
||3,374|1,687|
5,061|5,561|2,780|8,341|
||||||**2021**|**2020**|
|**Trustees' Expenses included above**|||||||
|Travel expenses to meetings (_most meetings remote in 2021_)|||||-|-|
|No Trustee received remuneration from the Trust||during the|year.||||
|**Breakdown of Professional Fees:**|||||||
|Audit|||||2,565|2,565|
|Recruitment fees|||||-|475|
||||||2,565|3,040|
||||||**2021**|**2020**|
|**Note 4 – Grants**|||||**£**|**£**|
|Windle International:|||||||
|Programme grant|||||400,000|400,000|
|Support of Executive|||||||
|Director|||||70,000|70,000|
|Juba Land Purchase *||||||200,000|
|Special Grant JA**|||||10,000||
||||||480,000|670,000|
* In 2019, an agreement with Windle International to provide a grant of up to £200,000 Windle International to finance the acquisition or development of a property in Juba (Southern Sudan) was put in place. The land was acquired on September 23, 2020.
** Special Grant for James Aryam’s family, the Executive Director of WI Uganda, passed away in 2021 from Covid-19, Trustees agreed to assist with funeral costs.
|**Note 5 - Debtors**
Dividends due
Windle International*|**2021**
**2020**
**£**
**£**
7,418
4,526
10,000|
|---|---|
||17,418
4,526|
*Current portion of WI Loan
13
## **The Hugh Pilkington Charitable Trust Accounts for the Year Ended 31 December 2021**
## **Note 6 – Long Term Loan**
During the year ended 30 September 2003, the Trust loaned £475,000 to Windle Trust International to finance the purchase of office and residential accommodation for use by that body. In the year 2016, an additional £10,000 was provided to enable essential maintenance to be carried out, making the total loan £485,000. The accommodation comprises offices and a flat at 37 and 37a Oxford Road, Oxford. The loan is secured by charges on the two properties and is interest free. The agreement stipulates that the amount to be repaid on disposal of either or both of the properties in discharge of the loan or part thereof will be the net proceeds of sale. During 2016, Windle Trust International took advice on the current market value of the properties and was advised figures of £650,000 for the office block and £285,000 for the flat. The value gains will not, however, be available to the Trust until such time as the properties are disposed of and will at that time be subject to the offset of disposal costs.
## **Additional Loan to Windle International 2021**
On July 19[th] , 2021, an amount of £80,00 was loaned to WI to be paid back in full at a rate of £10,000 per annum without incurring interest. The £10,000 each year is accounted for as the short-term portion of the loan and the remained as long-term payable over the subsequent 7 years.
|**Note 7**
**Creditors: Amounts falling due within one year**
Accruals
**Note 8**
**Analysis of Assets between Funds**
Investments
Long Term Loans
Current Assets
Current Liabilities|**Unrestricted**
**Endowment**
**Funds**
**Funds**
-
4,944,237
-
555,000
-
69,339
(2,430)
-|**2021**
**2020**
**£**
**£**
2,430
2,565|
|---|---|---|
|||2,430
2,565|
|||**2021**
**2020**
**£**
**£**
4,944,237
4,912,212
555,000
485,000
69,339
59,093
(2,430)
(2,565)|
||(2,430)
5,568,576|5,566,146
5,453,740|
## **Note 9**
## **Related Parties**
During the year under review, Eleanor Horne, Trustees of the Trust, was also Directors of Windle Trust International and a Trustee of Windle International.
## **Note 10**
## **Future Commitments**
The Trustees have agreed:
1. To provide a grant of £400,000 to Windle International in 2022, payable quarterly.
2. An additional amount for the development of the land purchased in Juba may be provided by way of an interest-bearing loan of up to £225,000. The loan amount may be supplemented by the capitalisation of interest charged during the construction period. It has been agreed that the funding will be provided to Windle International for this purpose.
3. To consider proposals for funding a property development in Nairobi of up to £238,000 (originally £250,000, of which £12,000 has been paid).
14