Development Ratings

There are three POCT trusts (in the UK, New York and Ireland) that together fund the scholarships and capital costs. POCT does not actively fundraise in the UK as this is where PIVT seeks its funds. The funding from the US trust is a significant part of the POCT’s income. Relations with the trustees are hugely important. Sir Richard is very active in raising funds, through his network of banking colleagues and via fundraising events.

Funds are required to complete the African Village (£300,000), and to fund scholarships for over 500 children over the next few years. Regular funding needs would reduce once the construction period is completed. The goal is to establish an endowment or capital fund to ensure that all administrative costs are covered by income on the capital, and the majority of operating costs are assured. Additional annual income for this purpose of £0.5-1m a year is anticipated over the next few years to build a £5m endowment. Each scholarship currently costs around £500 a year, amounting to £2,500 for a minimum 5 year secondary education period. Therefore, to support each scholar, this requires capital of at least £10,000 on a yield of 5-6% per annum. The current capital fund will allow the main administrative expenses to be met by interest income and the trustees.