THE HUGH PILKINGTON CHARITABLE TRUST ANNUAL REPORT AND ACCOUNTS Year Ended 31 December 2024 Re8iStered Charlty No. 328006 cs Camscanner
Charlty Detalls Legal status: The Hugh Pllklngton Charltable Trust IHPCT) Is an unlncorporated charltable body registered In England and Wales on 3rd October 1988. Charity number: 328006 Address: CMS House Watllngton Road Oxford OX4 6BZ Trustees: Eleanor Home (Chalrl Alastalr Hayward Peter Hlnton {reslgned 25 Mar 2025) Neil Sandy Tirnothy Morrls Wlll¢w Weatherby (appolnted 24" July 2025) Secretary: Magdalena Watson Auditors: Just Audlt and Assurance Ltd Ipreviously ReesRussell LLP) 37 Market Square Witney OX28 6RE Bankers: CAF Bank Ltd 25 Klngs Hlll Avenue Kings Hill West Malling Kent ME194JQ Investment Managers: J.M. Flnn & Co Ltd 25 Copthall Avenue London EC2R 7AH Page I cs Camscanner
Objerts The prlnclpal object of the Trust Is to provide educational opportunitles to refugees and dlsplaced students in E•5tern Afrlca. Grants Pollcy and Programme Fundln8 The current beneficiarles of grants from the Trust are Wlndle International (Wll and Windle Trust International IWTII. Wl covers Kenya, Uganda, Rwanda and Sornalla and WTI covers South Sudan, Sudan and the UK. Wl and WTI submit annual grant proposa15 to the Hpcf Trustees in accordance with activities correspondlng to the Trust's objects. Funds are allocated at the sole discretion of HPCT Trustees accordlng to need. HPCTTrustees contlnue to balance the need to conserie the endowment to provide resources forthe longer term With Immedlate needs. Achlevements and Performance For the year 2024, the Trustees provided £320,000; £120,OOOto Wl and £200.000 to IArri. Investments As shown in the Statement of Flnancial Activltles, investment values increased by £114,787 (£261 reallsed gain and £114,526 unrealised gain) during the year, compared with a decrease of £6,185 (£56,747 realised galn and £62,932 unrealised loss) In 2023. Investment Income was £186,20712023 - £ 186,542}. The Trustees have agreed an indlcatlve asset allocauon of 20% property, 20OA flxed interest and 6A equitles. The investrnent managers are tasked to maxim5se the total return within thls framework. Loans Hpcf Trustees, at their sole dlscretion, may provide operational support to Windle organisations on an ad hoc basls. As shown In the accountlng statements, a number of loans are currently In place including: Windle Trust Internatlonal Propelty Loan (UK office prernlses loan and an addltlonal upkeep loan) Wlndle frust Internatlonal Property Loan (Juba office premises loan) Windle International Uganda Property Loan (Kampala offlce premlses loan - agreed In 2024 but paid out in 20251 Windle International Secretariat Loan There Is a further agreed In princlple Property Loan to Wlndle Internatlonal Kenya of £250,000 for development of their office premlses, of thls £12,000 was pald out in 2014 toward the employment of a project manager and a further £20.000 was paid In 2023 for a feaslbllity study with the agreement that this loan of £20,000 will be repayable over three years once external fundin8 has been secured to start construction. At this point, no request for f urther funds frorn the ori8inal commltrnent of £2SO,000 has been put forward to the Board of HPCT. Reserves Pollcy- The Endowment Fund HPCT malntains financial reserves to ensure the future support of refugees In education. The Trustees regard the Endowment Fund as a long-term resource. Current policy Is to malntain thls fund as a base for the f uture grant-makin8 activity of the TrusL Plans for Future Periods Consideration Is being glven to support Wl - Kenya wlth some propertydevelopment In Nalrobl, The original amount envisaged for this was £250,000, of whl¢h £12.000 was pald in 2014 towards the Pa8e 2 cs Camscanner
employment of a project manager. At the date of thls report, no firm commitment to provide the remaining £238,000 had been Made. In 2023 8 loan of £20,OtJO wa5 glven to Wl- Kenya to carry out a feasibility study on this matter. Thi5 loan is repayable over three years once external fundlng has been secured to start constructlon. In January 2025, an addltlonal loan of £140,000 was granted to Wl Uganda for land purchase. The loan is repayable in quarterly instalments over a fi¥e-year term at SONIA + 1% Interest. Public Benefit The Trustee5 have complied wlth the duty in section 4 of the Charitles Act 2011 to have due regard to the public benefit guidance publlshed by the Charity Commission. In the view of the Trustee5, financlal support provided to members of the Windle network to support the educational needs of refugees and displaced persons in Eastern Africa falls within the Act. Inductlon and Tralnln8 of Trustees New Trustees are appointed on the basis of thelr professional expertise and experience, their understandlng of the eth05 of the Trust, their knowledge of Eastem Afrlca and of the educatlonal needs of refugees in that region. Induction includes conversations with existing Trustees and other stakeholders as well as a substantlal review of documentatlon. As part of their due diligence, Trustees are encouraged to make occasional familiarlsation vlsits to Eastern Africa. Organlsational Strurture Future appointments of Tr Ustees are at the dlscretion of the current Trustees. Adrnlni5trdtlon Is dealt with by the Secretary to the Board who reports to the chalrof Trustees. There are no ernployed staff. Managernent of the investmer+t portfollo Is entrusted to profosslonal fund rnanagers. who are appointed by, and report regularly to, the Tf Ustees. Risk Management The Trustees have reviewed major rlsks to which the Trust is exposed and mitigations have been considered. The m05t significant risk Is the ongoing exposure to the investment market. Statement of Trustees, Responsibllitles The Trustees are sponSible for preparlng the Trustees, Report and Flnanclal Statements In accordance with general applicable law and Unlted Kln8dom Accountin8 Standards (Unlted Klnqdorn Generally Accepted Accounting Practlcel. The law applicable to charities In En8land and Wales requires the tW5tees to prepare flnanclal statements for each financial year whlch give a true and falr vlew of the state of affairs of the charlty nd of the Incorning resources and application of resources of the charlty for that perlod. In preparinz these financlal statements, the trustees are requlred t¢". select suitsble a¢countin8 policles and then apply them consistently: observe the rnethods and princlples in the Charities SORP: make lud8ment5 and estimates that are reasonable and prudent; state whether appllcable accounting standards have been followed, subjert to any rnaterial departures disclosed and explalned in the financial statements: Page 3 cs Camscanner
prepare the financial statements on the goin8 concern basis unless it is Inappropriate to presume that the charity will continue in busines5. The trustees are responsi ble for keeplng proper accounting records that disclose with rea50nable acctsracy at any time the fi nancial position of rhe charity and enable them to ensure that the financlal statem*nts cornply with the Charities Act 2011, the Charities (Accounts and Reports) Regulation5 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 releva nt audit information of which the charit¢s auditor Is unaware; and the trustees have taken all steps that they ought to have taken ta make themselves aware of any relevant audit information and ro establish that the auditor is aware of that infcrmation. Approved by the Board ofTrustees on: 21, and slgned on thelr behalf bv: Eleanor Horne (Chalr) PaEe 4 cs Camscanner
The Huih Pilklryton Ch•rilable Trv
Independerf Auditor's Report lo the Tfuslees
Oplni
Ie ". è4e aA teé the f papc:al 5tate-..ts of Th• HLgh Pilt,"stoi Charitable Trust It,e 'Charity'l for
-tre (ear e."deA 31 D•:efftir 2C24, crtrnpnse the Stalwment of Financial Activ.,tie5. 8a arce
Other Inlomiatlon The trustees are responsible fof the other Informatlon. The other Informatlon comprises the Inforinatlon Included In the annual report, other than the flnanclal staternents and our audltor's report Ihereon. O(Ir oplnloii on the flnanclal statements does not cover the other Informatlon and, except to the extent otherwlse expllcltly stated In our report, we do not express any form of assurance concluslon thefeon. In connectlon wlth our audlt of the Ilnanclal statements, our responslblllty Is to read the other Informatlon and, In doln8 so, conslder whether the other Informatlon Is materlally Inconsistent wlth the flnanclol statements or our knowledge obtalned In the audlt or otherw15e appears to be rnaterlally misstated, If we Identlly such materlal Inconslstencles or apparent material mlsstèternents, we are required to determlne whether there Is a materlal ml55tatement In the financlal starements or material mlsstatement of the other Informatlon. If, based on the work we have performed, we conclude that there Is a rnaterial rnis5tatemÈnt of thls other Informatlon, we are required to report that fact. We have nothln8 to report In thls re8ard. Matters on whlch we are requlred to report by exceptlon We have nothln8 to report In respect of the following matters In whlch the Charltles Act 2011 requlres us to report io you if, In our oplnlon: the Informatlon glven In the finan¢lal staternents 1$ inconslstent In any materlal respect wlth the trustees, report, or the charlty has not kept sufliclent accountln8 records; or the flnanclal statements are not In agreement wlth the accountlng records and returns; or we have not recelved all the Informatlon and explanatlons we requlre for our audlt Responslbllltles of trustees As explalned more fully In the Statement of Trustees, Responsibllltles Iset out on page 1], the trustees are responsible for the preparatlon of the flnanclal statements and for being satisfled that they Elve true and fair view, and for such Internal control as the trustees determine Is necessary to enable the preparation of Iinancial statements that are free from materlal mlsstatement, whether due to frnud or error. In preparing the financlal statements, the trustees are responsible for asses$lng the Charlty's ablllty to ontinue as è 80ing concern. dlscloslng, as applicable, matters related to qolng concern and usln8 the going concern basi5 Of accountlng unless the trustees elther Intend to Ilquldate the Charlty or to cease operatlon5, or have no reallstlc alternatlve but to do so. Audltorfs responslbllltles for the audlt ol the flnanclal statement$ Our objectlves are to obtaln reasonable assurance about whether the financlal statements as a whole are free from material misstatement, whether due to fraud or error, and to Issue an auditorfs report that includes our opinlon, Reasonable assurance Is a hlgh level ol a55urance. but Is not a guarantee that an audit conducted In accordance with ISAS IUKI wlll always detect a materlal mlsstatement when It exists. Mlsstatements can arlse from fraud or error and are consldered materlal If, Indlvidually or In the a88reg3te, they could reasonably be expected to Influence the economlc declslons of user5 taken on the ba51s of these financlal statements. Irregularities. in¢ludlng fraud, instances of non-compllance with laws and regulations. We desl8n procedure5 In line wlth our responsibllltles, outllned above, to detect rnaterlal mlsstatements in respe"t of Irregularltles, Including fraud. The extent to whlch our procedures are capable of detecting IrreRularlties. Including Iraud Is detailed below. Page 6 cs Camscanner
As part ol an i udlt In accordance wlth ISAS, we exerclse professlonal judgment and maintain prolcssinn31 sceptlcism througliout the audit. We a150'. Identify and iissess Iho risks of materlal misstatement of the financlal statements, whether due to fraud or error, design and perform audit procedures responslve to those rlsk5, and obtain audit evidence ihat Is sulficlent and approprlate to provlde a basls for our oplnlon. The rlsk of not detecting a malerlal rnisstatement resultSng from fraud Is hlgher than for one re5ultlng from error, as Iraud may involve colluslon, forgery, Intentlonal ornlsslons. rnlsrepresentatlons, or the override of Internal control. Obtaln an vnderstJndlng of Internal control relevant to the audlt In order to design audit proceduros that are appropriate In the circumstances, but not for the purpose of expresslng an ripinion on the eff ectlveness of the Charlry's Internal control. Evaluate the appropriateness of accountlng policles used and the rea50nableness of accountlng estimates a nd related d Istlosure5 made by management. Conclude on the appropriatene55 of trustee5' use of the eoln8 concern basls of a¢countlng and, based on the audlt evldence obtalned, whether a materlal uncertainty exlsts related to events or conditions ihat may cast 51gnlficant doubt on the Charlty's ability to continue as a going concern. If we conclude that a material uncertalnty exlsts, we are rèquired to draw attentlon In our auditor's report to the related disclosures In the financial statements or, if such dlsclosure5 are Inadequate, to Modify our opinlon. Our concluslons are based on the audit evidence obtalned up to the date of our èudllor's report. However, future events or condltlons may cause the Charlty to cease to continue as a going concer n. Evaluate the overall presentation, structure and content of the flnanclal statements, Includlng the disclosure. and whether the flnanclal statements represent the underlylng transactlons and events in a manner that achieves falr presentatlon, We communicate with those charged wlth governance rezarding, among other rnatters. the planned scope and tirning of the audit and slgnlficant audlt flndlng5, Including any SiRnlficant deficlencles In internal control that we Identlfy durlng our audlt. A lurrher de5criptlon of our responslbilitles Is avallable on the Financial Reportlng Councll's webslte at: www.Irc.org.uk/audltorsrespon51bllitles. Thls descrlption forms part of our auditorfs report. &SJ<4. onath¢in Russell Isenior Statutory Audltor} For and on behalf of Just Audlt & Assurance Ltd, Statutory Audltor 37 Market Square Witney Oxon OX28 6RE Date.. Page 7 cs Camscanner
Th• H4h mkknfvnCh•rtt•bI•TNn.Amf¥f•rth0 yr£bd $1 D•E•ffib•i207A Sl•l•rn•NolFkn•ncl•l Actl¥klu 24 29 Q•n•rnl Fnd•wm•rt Tolal Tffl•l Intom• In¥•rtrn•nt Ineom li¢¥e5t Ind Dlvldènds 184207 IB6.107 186342 186,542 R••lis•d In¥tstmtni ¥•lnJll1055til U)loo115ed Ibve5trneftl 841n.41110$5es1 N•t Inv•rtm•r•¢ i•lnsllloJs•sl 261 114,S26 114 787 261 114.526 114.7 56,747 162,9321 56,747 62,9321 16,1851 Total IrnI 186.207 J147a7 186 SIZ 180 357 p•ndltur• iy)•ndlluf• on T•lni lund IDvtslw?)t maniiement costs SvppDrt re in¥eitmeni •dmlnlslr•tlon 18,731 18,731 J9.364 19.364 6.349 25.713 6,211 6,211 24,942 6,349 J9.364 Exp•rdlTUi• On Ch•tlt•bl• Artlvhl•A Gr•t: WiDdl¢ Trull Th1¢r Sypporl ¢>as ie ii•nt 4dmlnSsiiioA J?o,orL) 320.orrf) .4,IC6 405.OLX) 3.1714 408.174 405,C 3,174 408.114 323.106 r•t•l Rnourc•J E¥wnd•d 329,317 18,731 348,048 414 523 18.364 433J87 N•1 trom•/li¥wbdblur•l IiiJ.iioi 96,056 147,0541 1227.9811 125,5491 IZ53,5301 143,110 143 110 147,0541 227,981 rno¥•m•nt In Fundx 1227.981 1253.530) 1253.5301 147.OSIII Fund b*lknr•s >1 C4(•mbw 202J 4,743,616 4.743,616 4,997.146 4,997.146 FuNlb•l•ntrt Ji rm•1 2024 4 696 fa62 4.696 562 4 743 616 4.743 616 Payo cs Camscanner
The Huih Pllkln8ton Charltable Trust Balance Sheet as •t 31 December 2024 2024 2023 Notes FIXEO ASSETS Investments 3,895,137 3.908,081 DEBTORS DUE AFTER ONE YEAR Long Tcrm Loans 721,996 790,000 TOTAL NON-CURRENT ASSETS 4,617,133 4,698,081 CURRENT ASSETS Debtors.. Amounts due within one year BaTik Account 35.101 49,097 84,198 16,841 40,575 57.416 CURRENT LIABILITIES Creditor: Amounts falling due withln one vear ¢4,769) (11,8811 NET CURRENT ASSErs 79.429 45.535 NET ASSErs 4 696,562 4 743 616 CAPITAL FUNDS Endowment Funds 4,696,562 4,743,616 4 696 562 4 743 616 Appr¢Jved and authorlsed lor Issue by the Trustees on: And slgned on their behall bv: Page 9 cs Camscanner
Th• Huih Pllhlniton Chirithbl• TfU•t - A¢<wnts lof th• Y••r Ended 310•(4mkn 21124 C•ih Fl(Mi liom Op•f•tlni Noi•• G•ner•l Fund Net rash pruvlded by (used in) operatinq aclivitles ?30,21P) 4 j. 7f4 {jrt j,A741 Cash flows from lrtvestln8 actlvllles: Dividcnds and interest Investment management costs Proceeds from sale of Investrnents Purchase of Investments Net c•sh provlded by Investlng actlvltles 186,207 16,2111 (18,731) 124.94£j 4? 3*g? J? 1122.564} 1249. 179.996 Transfer from Endowment 143,110 1143,1101 Change In cash and equlv8lents (7,1121 197.727 199.Ki= Reconclllatlon of c•sh and equlvalents openlng and closln8 balances: Cash and equivalents at start of period CAF Bank JMFlnn&Co 11.881 28,694 30,607 40,S7i 175.989 13? 92 37=,7= 11,881 Cash and equivalents at end of perlod CAF Bank JMFinn&Co 71,182 4,769 44,328 212,700 257,028 49.C87 212,7¢yJ 261,797 40.575 30.$07 71,ia2 4,769 Change In cash and equlvalents 17.112) 197,727 190,615 1304.609) Note l) Reconclllatlon of net IExpendlture)/lncome to net Cash from operatln£ actlvltles Net lexpenditure)Iincome for the year Adjustments for- (143,110) 96.056 (Gainsl/losse5 on investments Dividends and interest frorn investments Net Loan payments / {advancesl Investment rnanagement costs (Increa%e)/decrease In debtors Increase/(Decreasel in creditor5 Net cash pio¥lded by (used In) operatlnl acllvltes {47.054) 1253,S30) {114.7871 (114.787) 1186,2071 68,004 24.942 118,260) (7,112) 6.185 1186.542) {145.CQO) 25.713 9.826 (3.158) 1186,2071 68,004 18,731 118,260) 6,211 (7,1121 {330,218) 49,744 1280,4741 1546,506) Note Il) Bank Accounts The cash held at CAF Bank and that held by J M Finn & Co. the Investrnenl Managers, Is available on demand. Pa8e 10 cs Camscanner
The Hu8h Pllklngton Charllable Trust Notes to the Hnanclal Statements for the Year Ended 31 December 2024 Note I: Prlndpal Accotsntlni Pollcles The financial statements have been prepared in accordance with the Charities Act 2011, the applicable accountinE Standards following the FRS 102 format and the Statement of Recommended Practice "Accountlng by Charities (Revised 20151" except as explained in note (b} below. Investments Investments are carried on the Ba5ance Sheet at their valuation at that date. Reallsed Gains and Losses ère reported based upon the sale value a83inst the opening valuation or purthase price If purchased in the year. Unreali5ed galns and losses are reported as the movement between their closing valuation and opeiing valuation or purthase price if purchased in the year. All realised and unrea lised 8a in5 and losses are treated as movements in the endowrnent fund. The Market Value includes accrued interest on fixed interest securities. Investment income is recognised when the charity is entitled to the Income, receipt is probable, and the amount can be measured reliably including accrued incorne not yet 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 S}, and is included in Investment Income. Costs incurred in the purchase and disposal of investments are accounted for as '£xpenditure on ralslng funds,. b) Grants Payable Whilst SORP 2015 requires charitles to recognise grdnt liablllties when a commltrnent has been made {providing this ha5 been communicated to the beneficiary), the Trustees believe main grants to the Windle International network should be included as expenses in the finan¢ial years In which the grants are due for payment, or when paid, if earlier. as this matches the expenditure wlth the approprlate income. This departure is necessary in order to show a true and fair view. Where grants are a8reed 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 Ewpenses. Expenditure is included on an accruals basis, and is recognised when there is a legal or constructive obligation to do so. • Costs inctsrred in relation to investment transactions are classified as Expenditure on Raising Funds, otherwise the runnlng costs are allocated as support costs, two-thirds to Expenditure on raising f unds11.e. related to the Investment activities) and one-third to Expenditure on Charitable Activities li.e. related to issue3 surroundin8 the consideratlon and administration of grantsl. Irrecoverable VAT is induded as part of the costs lo which the VAT charges attach. Fund categorles . Unreslrlcted Funds. These are funds which may be used in accordance with the charitable object5 of the Trust at the discretion of the Trustees. . Endowment Funds. Althotsgh expendable. the Trustees regard these funds as a PenTtanent Fund. The Endowment funds arose from an initial donation on forrnation of the Trust. TheTrustees have approved a transfer from Endowment Funds to cover the net outgoin8 resour5 on Unrestricted Funds. d) Page 11 cs Camscanner
The Hugh PIlkInon Ch•rlt•ble Trust Notes to the Flnanclal Statement$ for ihq Ye•r Ended 310ecember 20241cont.) Note 2: Investments 2024 2023 m•et value of Investments In stocks Ind shares 31 December 2023 3.877,474 3.964,727 Disposals at opening book value or cost when purchased during the year Add: Acquisitions at cost Net gainl{loss) on revaluation at 31 Decernber 2024 {438,126) (273,4841 128,564 114,525 249,163 162,932) Market value of investments In stocks and shares Cash held by investment rnanagersj M Finn & Co Ltd Total market value 31 Decernber 2024 3,682,437 212,700 3 895,137 3,877A74 30,607 3,908.081 Reconclllatlon of total market values at 31 December 2023 and 2024 BalanS at 31 December 2023 . Market value of Investments In stocks and shares Cash held by investment mènagersj M Finn & Co Ltd 3,877,474 30,607 3,908,081 261 114,526 (18,731) 172,752 3,964,727 198,902 4,163,629 56.747 162,932) 119.364) 186,542 Add: net reallsed gains on dlsposals durlng year Add/Less: {lossl/gain on revaluatlon at 31 December 2024 Charges levied bylvia Investrnent managers Investment porfolio income recelved In year Net transfers between J M Finn & Co Ltd and the CAF Bank account (281,752) (416,541) Totsl marketvalue and cash heldat 31 December 2024 3 895.137 3 908 081 Stocks and shares ieoeraphlcal analysls •t 31 December 2024 Vlluatlon %Valuatlon United Klngdom Global Asia Europe North America Altern•tives 2,546.216 544,286 241,000 228,477 208,559 126.600 65.4% 14.0% 6.2% 5.9% 5.4% 3.3% 3 895 137 100.0% P•ge 12 cs Camscanner
The Hugh Pllklntton Charltabl• Trust Notes to the Flnand•l Statements for th• Year Ended 31 De¢efflber 2024 {cont.) Note 3: An•lysb of Support Costs Admlnlstratlon Costs 2024 Grant 2023 Grant Investment Total Investment Total Admlnlstratlve Services Bank charges Offlce expenses Professlonal fees Trustees meetings. etc 40 20 20 60 3.080 3,091 1,540 1,546 4,620 4,637 3,347 2,962 1,673 1,481 5,020 4,443 9.523 2024 2023 Trustees, Travel Empenses Included In Trustee Meetln8s Total expenses (£) £4,638 £4,443 Number of Trustees recefving expenses No Trustee recelved remuneratlon frorn the Trust durlnq the year. Included In Professlonal Fees: Audlt 4,620 3,480 Not• 4- Gr•nts 2024 2023 Windle Intematlonal Programrne grant Wlndle Trust International Pn)gramme 8rant Spe¢lal grnnt 120,OCLI 200,000 200,000 200,OIXI 320 000 405 000 Note 5- Debt(Ys due less than one year 2024 2023 Invertment Income du• Juba land Development Loan Wlndle Internatlon41• 2,805 22.296 10,000 35,101 6,841 •Current portlon of Wl Loan cs Camscanner
Nul•i lil Ili# trliidlll I1 stiieiii•nli fili 1110 Y•ar I'nded JI Dèc•mber ?_024 {cont.) 111 Iiii I lity Ydl ¥l14lvil .11 i ¥d#iJl eiiili¢i Jllll-l, Ilitb l i Iisi loaiittd f.415,ono to Windle Trust International to finance the l11111114¥k i il iitlii w •iiil i ¥ililG.Iilidl di i.i)i)Iiiii)Ildlil)ii fi)r iise ljy tlidt bo(Iy. In (he year 2016, an addltional £10,000 lil li¥ lili.. Il lil vii•lilii bll¢li114111)dliilttiidiii o lo kia r.arf led niil, miikirig the total loan £485,000. 1111. •1 114111111ililAll4bll l illiiiiilic> 41tlli& aiiil i Ildl ai 31 anil 47a Oxford fioad, Omford. l-he loan Is secured bv Ili#i¥r> illl Ili¢ Iwbi liliiiirilleb Aiiilib Iiilei#&l tiee. Tlitr d8r¢ement sllpuldtes that the amount to be repald on Ili>l li Ilil i il v. iilirl i Il Iii Il li i Il I litt 111 i Trllvl Ilts111111s1 Iidlde <)1 Ihe Inan or part tliereof wlll be the net proceeds of sale. Iiii Iiid 111 l li Wiiii Iln 111151 1111tr11141 laiii411(11 >k dilvlL'ts nii ilie ciiirtrnt market value of the properties and was advised Ill Iiiiil lill Ili Iillii e. Iiliii k diiil I'IH'.i,O(IU l(Ir Ili¥ Ilat. The valije qaln$ will not, however, be available to Il1¥ 11141 iiiilil blli li IIiiiL' •¥ Illu IllllllLiiles ditt ill>iii)sed Lbf wlll at tliat tlme be subject to the offset of disposal JI 121, Mil diiii Iiiiil ilt I Ilil,i)Iin Wds Inèiittil in Wl to be pald buck In full at a rate of £10,000 per annurn Iii I Iiu I. 111141 ltti IAI trai li yedi willii)Iil Iiii Iii I In8 Iiilvrest, Tlie f10,000 each year Is accounted for as the short-term l li 11 I li.li i il Il1•11 1411 dllil I li• l ¥iiiii[Iilei 4$ liiiiu leim paydhle aver the subsequent 7 years. l i 11 114 iall wilvdiii L. ¥ i èl i J I 5,111 In wer# n'iailt In Wiiidl¥ Inlernatlonal between Oct 2022.june 2023, The loan Is I l i•1 Il al 41111 Ivi Idydlile Iii Iiiidi lefly Inslalinvnts t)ver a period of 7 years, The final quarterly Instalment is Ili isll lèl I li liiliui 111_411 -1110 Iidldlll'tj ijt the loan as at.11 necember 2024 Is E189,292 2024 2023 4,769 11,881 Noi• li Anilyili ol N•1 1•1• b•iw••n Fund• 2024 Total Unf•*tilct•d 2023 Total Endowm•nt l iini l •iiii InAn• 3,895,137 721,996 79,429 3,895,137 721,996 84,198 3,908,081 790,000 57A17 11,881 4 743 617 4,769 4 696 562 4 696 S62 Paa• 14 cs Camscanner
Th• Huih Pllklniton Ch•rltibl• Trust Noi•• to lh• Flft•nclil St•lem•nts lor lh• Ye•r Ended 31 De¢emb•r 2024 (cont.) 51• 9; P•rtl•J N•ll S•n4*y, l Nsl••, h•s be•n Invlt•d to •ssl$t Wlndl• Internallonil Kenyi IWIKI, a key beneflclary of 8rants from trIPLI, vl4 th• Inv•5tment minai•m•nt Ilrm Wèll•r$ Imyct In whlch he has 4 51gnlficont Interest, to help the WIK bolid •ssess th• Wi•ntl•l lor WIK to develop th•lr htidquarters In Ambosell Road, NiSrobl. forthe purposes of ¢r••tlni • D•w Jtr••m ol iind•slinited Incom• lor WIK. Nom 10: Firtur• rommltm•nls I he Triijtves hive IS¢d., l. To pru¥ldo •nnuil Ar•nts of £120,000 to Wlndl• Int•Tn•tlonal and £200,000 to Wlndle Trust Intern•tl¢Jnal In 20,5. wyible qu•n¢ity, 2. To wislder prop05dlJ lor lundlna • property development In N4lYobl of up to £238,OCM) lorlglnally £250,000, of whlch £l?.LKIO his be•n p•ldl. 4. To viilti Into •n Inteiest bearlryq loan 48reernent wlth Wlndle Internitlonal Uganda to provlde fundlng of £140.CW for th• fuluio piirrhase of lind. Funds were dlsbursed In Jin 202S. The loan Is repayable quarterly over ilod 015 y¢•rs Irom 3 Inonths alter pur¢h15e of property. Interest Is thgrqed at SONIA+l% pa P•8• 15 cs Camscanner