THE HUGH PILKINGTON CHARITABLE TRUST ANNUAL REPORT AND ACCOUNTS Year Ended 31 December 2023 Auditors: Just Audit & Assurance Ltd Statutory Auditors 37 Market Square Witney Oxon OX28 6RE Registered Charity No. 328006
The Hugh Pilkington Charitable Trust Trustees Annual Report For the year ended 31 December 2023 Trustees: Alastair Hayward Peter F Hinton Eleanor Horne Neil Sandy Timothy Morris Secretary.. Magdalena Watson The Hugh Pilkington Charitable Trust is an unincorporated charitable body registered in England on 3rd October 1988 under registration number 328006. The initial Trustees 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 understanding of the ethos of the Trust, the geographical area (Eastern Africa) which is the ultimate focus of the Trust's support and the educational needs of refugee5 in that region. Induction includes conversations with existing Trustees and the provision of reports and minutes of previous meetings. In addition, Trustees are encouraged to make occasional familiarisation visits to Eastern Africa. Organi5ational 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 investments continued to be handled by J M Finn & Co Ltd. The Trustees benefit from regular meetin85 With Michael Burton of J M Finn & Co Ltd. The aLJditors are Just Audit and Assurance Limited, who have previously operated under the name Rees Russell LLP. Rlsk Mana8ement The Trustees have identified the major risks to which the Trust is exposed and systems have been established to mitl8ate those risks. By far the most significant risk facing the Trust is exposure to the investment market. Objerts The principal object of the Trust continues to be to provide educational opportunities to refugees and displaced students in Eastern Africa and to equip them to meet the challenges of development in Africa.
Grants Policy and Programme Funding The current beneficiaries of grants from the Trust are Windle International (Wll and Windle Trust International {WTI), which cornprise the Windle Family - Windle International covering Kenya, Uganda, Rwanda and Somalia and Windle Trust International covering South Sudan, Sudan and UK. Wl and WTI submit an annual grant proposal to the Trustee5 and then allocate the funds received to their respective Windle regions where best needed. These grants support activities corresponding to the Trust'5 objects as outlined in the previous paragraph. In determining grants, the Trustees bear in mind the need to conserve the endowment to provide resources for the longer term. Achievements and Performance For the year covered by this report, the Trustees undertook to provide funding of £400,OCrf). Of this £200,000 went to Windle International and £200,OOOto Windle Trust International. These grants were paid in full. Investments As shown in the Statement of Financial Activities and note 2 of the accounts, investment values decreased by £6,1851£56,747 realised gain and £62,932 unrealised lossl during the year, compared with a decrease of £313,795 {£26,254 realised and £287,557 unrealisedl in 2022. The investments ncome shows as £186,56812022, £189,665). 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 managers 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 returns. Property Loan to Wlndle Trust Internatlonal 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 £475,000, which is secured by a charge on the office premises at 37A Oxford Road, £306,000 and a charge on the flat at 37 Oxford Road, £169,000. 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 £10,000 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 £935,000. As these properties continue in use, there 15 no prospect of the inherent gain being realised in the foreseeable future. Addltlonal Loan to Wlndle Internatlonal 2021 th On July 19 , 2021, an amount of £80,000 was loaned to Wl to be paid back in full at a rate of £10,000 per annum without incurring interest. The £10,000 is to be repaid by the end of the I, quarter of the following year. Juba Land Development Loan During 2023, an additional portion of the amount promised of £125,000 (2022 £100,000) was paid to Windle Trust International totalling £225,000. This loan is charged at 4% and repayments started in 2024.
Reserves Policy- The Endowment Fund The Hugh Pilkington Charitable Trust maintains financial reserves in orderto ensure the future support of refugees in education. The Trustees regard the Trust's Endowment Fund as a long-term resource and it is their policy to maintain this fund as a base for the future grant-making activity of the Trust. Plans for Future Periods There is an outstanding commitment to consider providing a grant for property development in Nairobi. The original amount envisaged for this was £250,000, of which £12,000 was paid in 2014 towards the employment of a project manager. At the date of this report, no firm commitment to provide the remaining £238,000 had been made. In regard to this commitment, in 2023 a loan of £20,000 was given to Windle International Kenya to carry out the necessary surveys with regardsto feasibility study. This loan is repayable overthree years once external funding has been secured to start construction. Publlc 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 refugees and displaced persons in Eastern Africa falls safely within the criteria. Statement of Tru5tee5' Responslbllltles The trustees are responsible for preparing the trustees, report and the financial statements in accordance with general applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees 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 incoming 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 principle5 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 statement5 on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 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 Charitie5 Act 2011, the Charities {Accounts and Reports) Regulations 2008 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 tNstees have t•kon all steps that they ought to h•ve taken to make thernsefves iw•re of any relevant audlt Informatlon and to establlsh that the audltoi Is aware ol that Informatlon. Approved by the Board of Trustees on 25th October 2024 and s18ned on thelr behalf by: Eleanor Horne TRUSTEE prI1p41 TrustAddMII: Se(r•l•rr. •n•rt: CMS Hous•. W•tlln8ton Rd, Oxlord OX4 68Z Miqdalena Watson (CPA CAF B•nk Itd, 25 Klny Hlll Avenue, Klnis Hlll, West M•lllTr& #enl ME19 4JQ JM Flfin & Co Ltd, 4 Colernan Street, London, EC2R STA Just Audli & SUrn Lid, Chirter¢d AKouni*nts •nd 51ituwry Audltorn, 37 M•rket Squ•r•. Wftney, Oxfofdihlrt, OX28 6RE AudlioTh:
The Hugh Pilkington Charitable Trust Independent Auditorfs Report to the Trustees Oplnion We have audited the financial statements of Hugh Pilkington Charitable Trust {the 'Charity') for the year ended 31 December 2023, 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 frameworkthat has been applied in their preparation is applicable law and Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 {effective l January 20191- (Charities SORP {FRS 10211. 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 2023 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 Accountin8 Practice; and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for opinlon We conducted our audit in accordance with International Standards on Auditing {UKI (ISAS IUKI) and applicable 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, including the FRCS 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 relatlng to golng concern n 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 respectto 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, other than the financial statements and ourauditor'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 mi55tatement of this Other information, we are required to report that fact. We have nothing to report in this regard. Matters on whSch 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 incon5iStent 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 Re5pon51bilities of tru5tee5 As explained more fully in the Statement of Trustees, Responsibilities Iset 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. Auditorf5 responsibilities for the audlt of the financlal 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 statement5. 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. 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 statement5, 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 event5 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 auditorfs report. Jonathan Russell (Senior Statutory Auditor) For and on behalf of Just Audit & A55urance Ltd, Statutory Auditor 37 Market Square Witney Oxon OX28 6RE Date:
The Hugh PllklnBton Ch4rltablo Trust Balance Sh••t •1 •t JI D•comb•r 2023 202J 2022 NDI•i FIXED ASSETS Inv•stm•nls 3,908,OAI 4,163,629 alARENT ASSETS D•btor3: Amounts du• wFthln on• y•ir B•nk Attount 16,841 26,668 176,889 203,557 57,416 D•btordu• *ft•ron•y•ar; Loni T•nn Lo•ns 847 416 848 $57 CUAAENT IIABILlnES Cr•dltors: Amounts f•lllni du• wiihln on• y•ar NEf CURRENT ASSErs 835.555 833,517 NEf ASSETS 4 749 616 4 997 146 CAPITAL FUNDS Endowm•nt Funds 4,743.616 4,997,146 4,745,616 4,997,146 Approved and 4uthorlsed for1s5ue by the Trustees on: 26 October 2024 And slgned on theli behalf by Eleanof Horn•, Chilr of HPCT
c uo E l i c ¢v
The Hugh Pilkington Charitable Trust- Accounts for the Year Ended 31 December 2023 Cash Flows from Operating Activiti•s General Fund Endowment Fund Total 2023 Total 2022 Notes Net cash provided by (used Inl operating activities {411,3331 1135,174 1546,5071 1494, 1911 Cash flows from Investlng activltles: Dividends and interest Investment management costs Proceeds from sale of investments Purchase of investments Net cash provided by investing activities 186.542 16.3491 186.542 125,7131 330,231 1249,1631 241,898 189,531 137, 1851 996,965 1558,5821 590,729 119,3641 330,231 1249,1631 61,706 180,193 Transfer from Endowment 227,981 1227,9811 Chan8e in cash and equivalents during year 13, 1591 1301,4501 1304,6091 96,539 Reconclllatlon of cash and equlvalents openln8 and closln8 balances: Cash and equivalents at start of period CAF Bank JMFlnn&CoLtd 15,040 161,849 198,902 360,751 176,889 198,902 375,791 51,921 227.332 279,253 15,040 Cash and equivalents at end of period CAF Bank JMFinn&CoLtd 11,881 28,694 30,607 59,301 40,575 30,607 71,182 176,889 198,902 375,792 11,881 Change In cash and equivalents durlng year 13,1591 1301,4501 {304.6091 96,539 Note l) Reconclllatlon of net (Expendlturelllncome to net cash from operatln8 actlvltles Net lexpenditurel/lncome for the year 1227,9811 125,548) {253,5301 Adjustments for.. IGainsl/losses on investments Dividend5 and interest from investments Loan Payments Investment management costs Ilncreaselldecrease in debtors Increase/lDecreasel in creditors Net cash provlded by (used In) operatln8 artlvltles 1569,0011 6,185 6,185 313,795 1186,5421 {186,5421 1145.0001 25,713 9,826 13,1591 1189,5311 190.0001 37,185 19,2491 12,610 1145,000} 19,364 9.826 6.349 {3,159} 1411,333} 1135,1741 1546,5071 1494,1911 Note lil Bank Accounts The cash held at CAF Bank and that held byj M Finn & Co, the Investment Managers, is available on demand. 10
Notes to the Financial Statements for the Year Ended 31 December 2023 Note I: Principal Accounting Policie5 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 20191" except as explained in note Ibl below. Investments Investments are carried on the Balance Sheet at their valuation at that date. Realised Gain5 and Losses are reported based upon the sale value against the opening valuation or purchase price if purchased in the year. Unrealised gains and losse5 are reported as the movement between their closing valuation and opening valuation or purchase price if purchased in the year. All realised and unrealised gain5 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 51, 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 2019 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 and Windle Trust 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. 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 li.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 Categor5es Unrestrlcted 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 Trustee5 have approved a transfer from Endowment Funds to cover the net outgoing resources on Unrestricted Funds. 11
Note 2: Investments 2023 2022 Market value of Investments in stocks and shares 31 December 2022 Less.. Disposals at opening book value or cost when purchased during the year Add: Acquisitions at cost Net gain/llossl on revaluation at 31 December 2023 Market value of investments in stock5 and sh3res Cash held by investment managers J M Finn & Co Ltd Total market value 31 December 2023 3,964,727 4,716,905 1273.4841 11,023.2031 249.163 558,582 162,932 1287,5571 3.877,474 3.964,727 30,607 198,902 3,908,081 4,944,237 2023 2022 Reconclllatlon of total market values at 31 December 2022 and 2023 Balances 31 December 2023.. Market value of Investments in stocks and shares Cash held by investment mana8ers J M Finn & Co Ltd 3,964,727 198,902 4,163,629 56.747 162,9321 119,3641 1230,0001 iii 3,908,081 4,716,905 227,332 4,944,237 126,2541 1287,5571 121,7971 1445,0001 iii 4,163,628 Add: net realised gains on disposals during year Add/Less: Ilossl/galn on revaluation at 31 December 2023 Charges levied bylvia Investment mana8ers Net transfers between J M Finn & Co Ltd and the CAF Bank account Rounding Difference Total market value and cash held at 31 December 2023 Ori8lnal Cost Stocks and shares geographlcal analysls at 31 December 2023 comparlng hlstorlclorlglnal cost wlth current values Valuatlon % Valuatlon United Klngdom Europe North America Asia Global Total 1,741,651 353.161 61,159 205.967 309,808 2,196,865 2,149,484 259,626 208,041 245,300 428,583 2,761,186 54.96% 6.64% 5.32% 6.27Y• 10.96% 84.15%, 'Does not include fixed interest bonds {8.42%}, commoditie5, property & infra5tructure16.65%J, cash (. 78%) Unrealised profit from acquisition of holdings to date 564,321 The Investment Income on the Statement of Financial Activities comprises dlvidends and interest on bonds et £186,54212022 £189,665) and other interest £012022 £01. Total Return for year Portfolio Performance Comparable Ilossesl/gains- FTSE UK All Share Index MSCI WMA Portfolio Balanced 4.22% 7.92% io.ii% 12
Note 3: Analysis of Support Costs Comparative Figures 2022 Investment Grant Admlnls- Adminis- tration tration Investment Adminis- Tratlon Grant Adminis- tratlon 2023 Total Total Administrative Services Bank charges Office expenses Professional fees Trustees meetings. etc 6,667 54 3,333 27 10,000 81 40 20 60 3,347 2,962 6,349 1,673 1,481 3,174 5.020 4,443 9,523 3,720 4,932 15,372 1,860 2,466 7,686 5,580 7.398 23.059 2023 2022 Trustees, Expenses Included above Travel expenses to meetin8S 4,443 7,898 Elly Horne £2,140 A Hayward £2,221. P Hinton £82 No Trustee received remuneration from the Trust durin8 the year. 8reakdown of Professlonal Fees: Audit 3,480 3,480 3,240 3,240 Note 4: Grants 2023 2022 Wl and WTI.. Pro8ramme 8rants Special Grant 400,000 s,000 405,000 400,000 400,000 • An additional amount was given as part of the Bi8 Give matching Trustee Grant Note 5: Debtor5 2023 2022 Dividends due Windle International* 6,841 10,000 16,841 6,667 10,000 16.667 Current portion of Wl Loan 13
Note 6: Loan5 Long Term Loans 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 carf led 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. Loan to Wlndle Internatlonal 2021 On July 19, 2021, an amount of £80,000 was loaned to Wl to be pald back In full at a rate of £10,000 per annum without incurrin8 interest. The £10,000 each year is accounted for as the short-term portion of the loan and the remainder as lon8- term payable over the subsequent 7 years. The second instalment of £10,000 was made in QI 2024 for the year 2023. Addltlonal Loan to Wlndle Internatlonal Kenya In 2023 a loan of £20,000 was given to Windle International Kenya to carry out the necessary surveys with regards to feasibility in Nairobi. This loan is repayable over three years once external funding has been secured. Juba Land Development Loan During 2023, an additional portion of the amount promised of £125,¢XJO12022 £1¢)O,0001 was paid to Windle International totalling £225,000. This loan will be charged at 4% repayable once the office is occupied commencing in 2024. Note 7: Credltor5 2023 2022 Amount5 falllng due wlthln one year Accruals Meetings Administration expense 9,660. 2,221 3,240 11,800, 15.040 11,881 .2022 Auditor fees were pald in QI 2023 Note 8: Analy515 of A55et5 Unrestrlrted Endowment Funds Funds 2023 Z022 Investments Long Term Loans Current Assets Current Liabilities 3,908,081 790,000 57,416 3,908,081 790,000 57,416 111,8811 4,743,616 4,163,629 645,000 203,557 115,0401 4,997,146 111,8811 111,8811 4.755,497 During 2023. a portion of the Juba Land loan1£125.0001 promised to Wl was paid. Note 9: Related Partle5 During the year under review, Eleanor Horne, Trustees of the Trust, was also Directors of Windle Trust International and a Trustee of Windle International. 14
Note 10: Future Commitments The Trustees have agreed.. l. To provide a grant of £320,000 to be divided between Wl and WTI in 2024, payable quarterly. 2. 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). 15