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
prI￿1p41 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 & ￿SUr*n￿ 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.
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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).
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