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 6￿A 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•:effti￿r 2C24, crtrnpnse the Stalwment of Financial Activ.,tie5. 8a arce =t 401 l ar.4 reju è•ioDs rna.e L+ rider section 154 of that Act. Our work has been undertaken 'Kr.t 5 th.e:? tne trL'5'Lees tfr,cs# rnaY•rs we are required tQ State to trustees in a n a uditors, ,'em ard 'or.-a cl￿e.. pLrpcse. errnitted by law. we do noi accept or assume responsibility to anyone other tr• char.Prf its tnJ5tees as a body. for Dur audit work, for this report, or for the opinions we 4ave f=-. Tre¥. 11 ￿￿.. CFiP.Icn fin2n.ial 5taterrents: gve a triie i,-d fair Vi•W Gf t>.e rtate of the Charity's affair5 as at 31 December 2024 and of its rccT.i-. ¥'r:es ar.d application of resource5, including its Income and expenditure, for the year tren en¢•d: *e•n p.'oF•riY prepareLI in acccrda nce with United Kingdom Generally Attepted Accounting -?1:e,' and ha ét èeen ¢reFared in accordance With the requirements of the Charities Act 2011. BasIs for oplnlon We cor,dL'Cted c, r aud t in accordance with International Standards on Auditlng (UK) IISAS (UK)) and '.e 13w. CJr respgnsibilifies under those standards are further described in the Auditor. -Il,,t.es f?r the audit of t￿.e fina ncial srdtements section of our report. We are independent of the C4¢fity in acco,"d4n.ce with the ethica I requirements that are relevant to our audit of the financial at•rr,•r.iS .'7 ￿l,e UK. includin8 rfr.e FRC'S Ethical Standard. and we have fulfilled our other ethical r*spGn5ib" 14ies .'n acco". dance Viith these requirements. We believe that the •udit evidence we have iie¢a is suff.cie*t and appropriate to provlde a basis for our opinion. Conclusions relating w goln8 concern In akndit+r,g the f Inorhcial staternents. we have concluded that the trustees. use of the goin8 concern bas',s of a￿￿Ou￿ Itin8 in the preparation of the financial statements Is appropriate. 8?se4 cn the wrrk we have performed. we have not identified any materlal uncertaintles relating to events or cond,,tisns tP,at, Individually or collectively, may cast Sl8nificant doubt on the Charity's ability ro coit,nuA as a goin8 concern for a period of at least twelve month5 from when the original financial s*2t&ments were authorised for issue. Our responsibiliL'"es and the responsib'.lities of the trustee5 Wlth respect to going concern are descnbed in ttr,e relevant sections of this report. Pa8e 5 cs Camscanner 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.A￿mf¥f•rth0 y￿r£b￿d $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* l*i¢¥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 I￿rnI 186.207 J147a7 186 SIZ 180 357 p•ndltur• iy)•ndlluf• on T•l￿ni 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 4dmlnSsii*ioA 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 tr*om•/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 r￿m￿•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¢ 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 Il*il 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¥ 111*41 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