THE NUFFIELD FOUNDATION REPORT AND FINANCIAL STATEMENTS · The Nuffield Foundation Report and...

Charity Number 206601

THE NUFFIELD FOUNDATION

REPORT AND

FINANCIAL STATEMENTS

YEAR ENDED 31ST DECEMBER 2005

www.nuffieldfoundation.org

The Nuffield Foundation

Report and Financial Statements for the year ended 31st December 2005

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LEGAL AND FINANCIAL INFORMATION

Principal Office28 Bedford SquareLondon WC1B 3JS

Telephone: 020 7631 0566Fax: 020 7323 4877

TrusteesThe Baroness O’Neill CBE FBASir Tony Atkinson MA FBADr Peter Doyle CBE FRSEProfessor Lord May AC OM PPRSProfessor Genevra Richardson LLB, LLM, HonFRCPsychProfessor Sir Michael Rutter CBE MD FRCP FRCPsych FRSMrs Anne Sofer MA Dip Ed (until 19th October)Professor Sir David Watson MA PhD (from 19th October)

DirectorAnthony Tomei

BankersBarclays Bank plc54 Lombard StreetLondon EC3P 3AH

Investment ConsultantsCambridge Associates105 Wigmore StreetLondon W1U 1QY

Custodian TrusteeCapita Trustee ServicesGuildhall House81-87 Gresham StreetLondon EC2V 7QE

AuditorsHorwath Clark Whitehill LLPSt Bride’s House10 Salisbury SquareLondon EC4Y 8EH

SolicitorsBates Wells & BraithwaiteCheapside House138 CheapsideLondon EC2V 6BB

Principal Investment ManagersBarclays Global Investors LtdMurray House1 Royal Mint CourtLondon EC3N 4HH

OLIM LtdPollen House10/12 Cork StreetLondon W1S 3NP

Marathon Asset Management LtdOrion House5 Upper St Martin’s LaneLondon WC2H 9EA

Payden & Rygel Global Ltd10 King William StreetLondon EC4N 7TW

Global CustodianThe Northern Trust Company50 Bank StreetLondon E14 5NT



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Structure, Governance and Management

Constitution and objectsThe Nuffield Foundation is an unincorporated charity registered with the Charity Commission(206601). It was established by trust deed on 9th June 1943 by Lord Nuffield, the celebratedphilanthropist and founder of Morris Motors. The Foundation has wide objects. These include: theadvancement of health; the advancement of social well being; the advancement of education; "thecare and comfort of the aged poor"; the relief of handicaps; the benefit of the Commonwealth and"such other charitable purposes as shall be declared in writing by all the trustees”.

The trust deed and organisationThe trust deed has been amended on a number of occasions, most recently in 2003. A CommonInvestment Fund was established by a Charity Commission scheme which took effect on 1st January1980. It allowed the investments of different charities (but for which the Foundation trustees were alsoresponsible) to be invested as one unit. Subsequently these funds (the Oliver Bird Fund, ElizabethNuffield Educational Fund and the Commonwealth Relations Trust) have been classified as‘subsidiary charities’ of the Foundation and are only identified separately in the notes to theseaccounts.

The Foundation has seven trustees. Trustees are appointed by the other trustees, following arecruitment process that involves advertisement and interview. Following a review in 2003, it is theFoundation’s policy to appoint trustees for an initial term of 5 years, with the option of renewal for afurther 4 years, followed by a possible further and final term of 3 years. As well as employingprofessional staff the trustees are advised by a number of individuals, committees and panels havingrequisite experience in the relevant fields. Trustees are given an induction appropriate their needs butthis is not reflected in a formal policy.

The trustees are advised by an Investment Committee (which includes three trustees and twoindependent investment professionals), an Audit Committee (which includes two trustees and anindependent accountant), and a remuneration committee (comprising two trustees) to agreearrangements for the remuneration of staff. The trustees appoint an external Chairman of a ‘Panel forTrustee Remuneration’ which meets periodically to review the remuneration of trustees. For severalof the grant programmes decisions are delegated to sub-committees and panels. Trustees set termsof reference for all committees and panels.

TrusteesDuring the year Mrs Anne Sofer retired as a Trustee, after fifteen years in post. Drawing on hermany and various roles in public life, including Director of Education for Tower Hamlets, Chairman ofthe National Children’s Bureau, Trustee of various voluntary organisations and member of severalimportant government and local government bodies, she brought to the Foundation wisdom andexperience based on a lifetime of public and voluntary activity.

Her particular interest within the Foundation was education, where she played a key role in thedevelopment of a significant portfolio of work, always with an eye to its professional and policyrelevance. She chaired the Elizabeth Nuffield Committee and the Commonwealth programme, aswell as playing a full part in the revision of the Foundation’s governance framework. To all of thesemany roles she brought a wise and careful eye, a pragmatic approach and a characteristically positiveoutlook, always seeking out possibilities rather than problems. With her disarming modesty, humourand lightness of touch she has been a key influence in the Foundation’s development over the pastfifteen years.

Her successor is Sir David Watson. Sir David was Vice Chancellor of the University of Brighton(formerly Brighton Polytechnic) from 1990. He retired from the post in September 2005 and took anew Chair at the Institute of Education, University of London.

An historian by training, Sir David has contributed widely to developments in UK higher and furthereducation. He has been a member of numerous committees and commissions including the DearingCommittee on Higher Education, the Hamlyn Foundation’s National Commission on Education andthe ESRC’s Teaching and Learning Research Programme, which he chaired. He is currently amember of the Board of the Qualifications and Curriculum Authority and he chairs the AdvisoryCommittee for the Foundation’s Review of Education and Training 14 – 19.



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Dr David Tyrrell CBE FRS died on 2 May 2005. David Tyrrell was a Trustee of the NuffieldFoundation from 1977 to 1992. A distinguished clinician and virologist, he took a keen interest in thewhole range of the Foundation’s activities, and especially its work in education.

Among many other contributions he played an important part in the development of bioethics in theUK. He was a member of one of the first research ethics committees in the country, at NorthwickPark hospital, and he encouraged the Foundation to develop an interest in the (then) new field ofmedical and bio-ethics. He played an important role in the discussions that led, in the late 1980s, tothe establishment of the Nuffield Council on Bioethics. He is fondly remembered by staff andTrustees alike as a kindly and above all fair minded man who made an immense contribution to theFoundation’s work.

Objectives, activities and achievements

Lord Nuffield wanted the Foundation to ‘advance social well being’, particularly by research andpractical experiment. It aims to achieve this by supporting work founded on careful reflection andinformed by objective and reliable evidence which will bring about improvements in society. The widerange of activities it supports fall into two main categories:

• support of research and innovation that will bring about beneficial social change

• development of research and professional capacity, especially in the sciences and the socialsciences, targeted at people in the early stages of their careers.

The Foundation pursues these goals by making grants to external organisations (listed at the back ofthis report), by supporting and hosting seminars and other events to encourage reflection of findingsof areas of funded work, and by funding individuals and organisations to consider and report onparticular fields. The Foundation also conducts its own programme of work in the area of the schoolcurriculum through its in-house Curriculum Centre.

In all areas of work the Trustees look to make best use of the Foundation’s defining characteristic,which is its independence, and to build on and develop its reputation as an organisation that supportsobjective studies and developments of high quality and relevance. They prefer not to support workthat can be funded by government agencies (such as the Research Councils), although they will do soon occasion when a project is particularly close to the Foundation’s interests. They are especiallyinterested in funding projects where there is a strong argument that government should not be theprime funder. The work of the Nuffield Council on Bioethics is one such example, as are many of theprojects funded through the Access to Justice programme, and the various projects that theFoundation has funded over the years on constitutional reform and the role of parliament.

The Foundation reviews all its programmes regularly, usually every five years. The Foundation doesnot look for change for its own sake but these reviews (which usually involve some independentexternal input) frequently lead to significant modifications to programmes, or indeed to their closure.At the same time new initiatives and programmes are also being developed. Thus the overall shapeof the Foundation’s programme of activities is continually evolving. In 2005 work began on reviewingfour of the the Foundation’s major programmes: the Science grant schemes; the Access to Justiceprogramme; the Older People and their Families programme, and the Nuffield Curriuclum Centre. Allthese reviews are expected to be completed during 2006.

Work also began on a new programme, on Adolescent Mental Health. This programme grew out of aseries of seminars with policy makers, academics, senior practitioners and others which showed thatthere was a real need for some more thoughtful analysis of the life experiences of adolescents in theUK today, especially in comparison without young people in other countries. In particular it seemedthat there was a need for a multidisciplinary look at adolescent mental health problems, and theirrelationship to education, family and social lives. The Trustees have agreed to fund a three yearprogramme of research, consisting largely of reviews and analysis of existing data. The project isheaded by Dr Ann Hagell, a research psychologist and Editor in Chief of the Journal of Adolescence.

In previous years the Foundation has produced an annual review, designed to supplement the annualreport by giving a more comprehensive view of its activities. In 2005 we replaced this publication witha Newsletter, published three times a year, which gives up-to-date information on work funded by theFoundation, focusing particularly on outcomes. The Newsletter is linked to the Foundation website,



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www.nuffieldfoundation.org which is now the main means of disseminating information to applicants,grantholders and a wider public. Use of the website is substantial. In 2005 our three constituentwebsites (The Nuffield Foundation, the Nuffield Council on Bioethics, and the Nuffield CurriculumCentre sites) received in excess of 2.5miliion visits. All publications (including the Newsletter and theAnnual Report) are accessible on the website.

Social Research and Innovation (£2.6m, 28%)

The Foundation’s interest in social research and social welfare is concentrated in a number ofdistinct topic areas, as well as through the ‘Open Door’ programme. In each of these, grants aremade both for research and for practical and innovative projects. In addition, in each area theFoundation is increasingly active in promoting discussion and debate through programmes ofseminars, lectures and other events, usually held at the Foundation’s premises.

Child Protection and Family Justice supports work to help ensure that legal and institutionalframeworks are well adapted to meet the needs of children and families. Topics of interestinclude UK systems of family justice (including the family court system, family law, localauthority services for children and families); evidence about outcomes of interventions involvingchildren at risk; and policies or practices related to the legal and financial issues of divorce orseparation.

Two important themes which have for some time been the centre of debate and discussion infamily law are organising contact between children and parents following parental divorce orseparation, and the legal and social consequences of cohabitation, as compared to marriage.The Foundation made grants on both topics in 2005.

It made a number of grants for work on contact, including a grant to the GrandparentsAssociation for practical work with grandparents, often paternal grandparents, who wereconcerned about losing contact with their grandchildren; an underlying aim was to try to avoidgoing to law with these concerns. The Foundation also funded some secondary analysis of alarge representative study of mothers’ and fathers’ accounts of contact problems, to be carriedout by One Parent Families, in conjunction with an advisory group of a number of organisations.This latter project was also done in preparation for a larger study of this issue.

The Foundation also made a grant to Anne Barlow and others for a follow-up to their earlierstudy of the ‘myth of common law marriage’ to explore whether more people knew that thereare important legal differences in the rights, especially the property rights, that stem frommarriage as compared to cohabitation, and to explore further social attitudes in this area.

A grant made to Professor Susan Golombok, now of Cambridge University, for her longitudinalstudy of children, now adolescents, conceived by donor insemination, is expected to contributeto the growing understanding of the links between family relationships and child developmentas issues like identity and trust may become more explicit. This follows a long tradition of workin this area with adopted young people, and the Foundation hopes the project may yieldpractical insight as well as scientific understanding.

The current objectives of the Access to Justice programme are to promote developments inthe administration of justice to improve its accessibility to all people; the promotion ofdevelopments in dispute resolution methods such as mediation; the better understanding ofethical and legal issues related to mental incapacity; human rights and civil justice; and thepromotion of greater public understanding of the role of law.

The Foundation started a review of this area in 2005, and this may result in some refocusing in2006, though the Foundation’s commitment to fund work in this general area will continue. Thereview is being carried out by Professor Kate Malleson of Queen Mary, University of London.

During 2005 the Foundation made a number of grants related to administrative justice, the areaof law to do with relationships between citizens and the state. These included grants toProfessor Maurice Sunkin and Ms Varda Bondy at the University of Essex on the permissionstage of judicial review, and to Ms Sarah Craig at the University of Glasgow for a study ofScottish asylum and immigration appeals.



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In addition, Professor Sunkin has been co-ordinating a series of seminars on administrativejustice, continuing into 2006, which will form part of a review of what future work the Foundationmight seek to stimulate in this area over the next few years.

Older People and their Families focuses on work that starts from the perspectives, needs andpreferences of older people rather than those of service providers. Issues of interest include:family obligations and solidarity; autonomy and decision making; and financial circumstancesand economic planning for later life. Only five grants were made during the year and theprogramme was underspent. Work began on reviewing the programme and this is expected tobe completed during 2006.

In 2005 and early 2006 the Foundation hosted a series of seminars on pensions reform led bythe Pensions Policy Institute, bringing together researchers, practitioners and policy makers todiscuss different models and outcomes of reforms in this area.

Two further areas are concerned with the promotion of research capacity in the Social Sciences.

Social Science Small Grants are available for social science research expenses. Awardsare normally up to £7,500 and priority is given to younger researchers and also to projectsthat address the Foundation’s wider interests. They can also be used to fund pilot projectsthat might in due course lead to a full scale application (whether to the Foundation orelsewhere).

The scheme continues to attract good quality applications in large numbers. 71 awards weremade in 2005.

The New Career Development Fellowships support social scientists in the early stages oftheir post doctoral careers. Three year fellowships are offered with support for anexperienced partner who acts as a partner and mentor for the junior fellow. A maximum offour awards are made each year and the scheme is heavily over subscribed. The schemewas reviewed in 2004 and the trustees agreed that it should continue for a further five years,with some modifications.

Science (£1.2m, 13%)

The Foundation funds a range of activities aimed at developing research and professional capacity inscience. It does this through a variety of grant programmes which cover different career stages. Allthe schemes, with the exception of the Oliver Bird Programme, are undergoing review in 2005/6.

Science Bursaries for Schools and Colleges of £70 per week are available to studentsstudying academic or vocational post-16 science courses such as Advanced levels orHighers. The scheme helps students to take part in science based projects, lasting 4-6weeks, in universities, industry or research institutions during the summer holidays. Studentscarry out projects which are well defined from the start, have an outcome that is achievablewithin the time available and which will make a contribution to the work of the hostorganisation. Each year the Foundation offers about 600 bursaries, working through anetwork of 19 regional co-ordinators. The scheme attracts significant co-funding, notablyfrom the Wellcome Trust, the Royal Society and the Research Councils

Undergraduate Research Bursaries provide support of £150-160 per week to enablescience undergraduates who are considering scientific research as a career to work in aresearch laboratory during the summer vacation before their final year. The bursaries allowstudents practical experience of research as a career choice before they finally commit to thatpath. 274 grants were made in 2005 with a success rate of around 60%. This was the thirdhighly competitive year and we were able to offer additional bursaries by reducing themaximum number of weeks allowed.

Newly Appointed Lecturers in Science, Engineering and Mathematics can apply forgrants of up to £6,000 to help them develop innovative research projects in the early stages oftheir independent careers. The grants are not large, but for many of these young researchersit is their first peer reviewed grant and marks a significant achievement. 85 grants wereawarded in 2005, with a success rate of 37%. These awards are only a small contribution tothe financial and mentoring support required by new university lecturers.



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During 2005 we met many current and former grant holders to discuss both schemes and toinform the Trustees’ ongoing five year review of the science schemes. The Trustees haveasked Sir Richard Brook, Director of the Leverhulme Trust and Dr David Clark (sometimeDeputy CEO of the Engineering and Physical Science Research Council) to produce anindependent report on the schemes. They are expected to report early in 2006.

The Oliver Bird Rheumatism Programme which provides doctoral training in rheumaticdisease research for 25 students in five UK universities is now into its first full year of PhDstudentships. Coordinators recruited 17 excellent and committed students for the 2004/5 yearand a further 6 students joined in the 2005/6 academic year. The highlight of the year wasundoubtedly the first student conference in Glasgow and its follow on to the EuropeanWorkshop for Rheumatology Research. Each Centre is developing their own distinctivetraining model and several students have begun to present and publish some of their earlyresearch work.

Education (£2.5 m, 26%)

Education has been a central feature of the Foundation’s work for most of its life. Currently there arethree strands:

Grants for research and development in education - There are four areas of priority at themoment. The education and training of 14-19 year-olds continues to be an area of interest,with the Nuffield Review of the area now well-established and providing a focal point for thesynthesis of research and evidence in the field. The Review’s second Annual Reportcommented on unprecedented policy activity in this phase – but criticised the system as awhole for too many uncoordinated initiatives. The international comparative thrust of the Reviewwas boosted during the year with a grant to Dr. Chris Winch and Professor Linda Clarke toexplore cross-national equivalence of vocational skills and qualifications.

Support for the priority area of specific speech and language difficulties was considerablyboosted with the addition of four major new projects to the cluster already funded in this area. ANuffield Speech and Language Review Group was set up under Professor James Law’sdirection, to undertake systematic reviews in the area, in consultation with other professionalsand policy-makers. Two large-scale intervention studies were also funded, which, takentogether, will make a significant contribution to building capacity in this generally poorlysupported field. One study, based at City University under Dr. Victoria Joffe, will involvesecondary school students with specific language impairments; the other, based at theUniversity of Manchester under Dr. Cathie Adams, concerns younger children with pragmaticlanguage impairments. A final new grant allows Professor Gina Conti-Ramsden to continue tostudy her cohort of children with Specific Language Impairment, linking with ICT specialistProfessor Kevin Durkin to look at how the cohort members – now young people entering theadult world – use new communications technology for work, leisure and education purposes.

The third priority area is assessment, where the Foundation has a major project exploringassessment systems for the future using expert seminars and consultation meetings to exploreteacher assessment in particular. The work was complemented during the year by a grant toDr. Chris Harrison and colleagues at King’s College London, exploring ways of strengtheningteachers’ summative assessments.

The final priority is curriculum policy and practice, where the Foundation’s principal interests areexpressed through the Nuffield Curriculum Centre.

The Nuffield Curriculum Centre continues to play a major role in the design and developmentof teaching of individual subjects. The main areas of interest are Science, Design andTechnology, Mathematics and Citizenship.

In 2005, the main focus was on science education. The Twenty First Century Science teamundertook a complete rewrite of all the resources that had been piloted over the previous twoyears. In addition the project expanded to produce print and electronic resources to supportEntry level and Separate Science courses.



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The centre has been collaborating with a range of organisations wishing to support the newscience curriculum. This has included a project with the secondary schools in the LondonBorough of Haringey to link school science with the practice of science locally. The outcomewas a set of videos accompanied by teaching and learning activities together with animationsand quizzes for us with interactive whiteboards.

Through the Centre’s links with the Design and Technology community, it has been possible tocreate very valuable resources for teaching the new science curriculum in partnership withSoftware Production Enterprises. The two products are Energy Foresight and Making Sense ofHealth. Teachers learn how to make good use of these resources by attending training coursesat the new Science Learning Centres.

The Centre also worked with the team that leads the Cape Farewell expeditions to the Arctic toexplore the impact of climate change from both scientific and artistic perspectives. The result isa DVD with high quality videos that show scientists from the National Oceanography Centre inSouthampton collecting, analysing and interpreting data. The video clips are accompanied byteaching and learning activities.

Use of the web sites continues to grow rapidly. Practical Physics is new. It is the outcome of acollaboration with the Institute of Physics. The site supports all teachers of physics with detailedadvice about how to succeed with hundreds of laboratory activities and make effective use ofthem in class. Another new web sites offers tried-and-tested lessons to show how Citizenshipcan be taught explicitly across the curriculum.

The Centre continued to support teachers that have adopted Nuffield courses or resources.This included the setting up of a network to help schools that adopted the Salters-NuffieldAdvanced Biology once it became freely available from September 2005.

Grants for WomenThese grants are made through the Elizabeth Nuffield Educational Fund (a gift from LordNuffield’s wife) to women studying to improve their employment prospects. Awards are madeby the ENEF Committee, which also monitors the changing landscape of support for womenstudents with caring responsibilities, identifying gaps in provision that the Fund can help to plug.

In 2005, ENEF interests diversified. The Fund continued to assist women studying in highereducation with the cost of caring for children and/or adult relatives with a disability. 107 grantswere given to individual women for these purposes. And a further grant was made to theRefugee Education and Training Advisory Service (RETAS) to support refugee women seekingprofessional re-qualification.: 27 award-holders, the majority of whom are doctors, received helpwith costs incurred during their studies, including childcare, travel, course and exam fees. Newdirections for the Fund this year embraced both further education and postdoctoral work. Agrant to five London Colleges of Further Education was made as part of a pilot project that willhelp women studying at level 3 who find themselves unexpectedly in difficult financialcircumstances which impinge on their ability successfully to complete their course. ENEF hasalso sponsored a two-year Daphne Jackson Trust postdoctoral fellowship; the Trust providesfellowships for promising people (mostly women) to return to science or engineering after acareer break of at least two years for family reasons.

In addition to supporting individuals, grants are made to fund initiatives that will help inform andshape the future policy of ENEF. In 2005 one such grant led to the publication of a handbookfor adult learners in England who are also family carers. The Guide to support for adult learnerscaring for disabled children or other family members has been enthusiastically received bycarers’ organisations. Plans are underway to update the original version of the guide and toproduce versions for Scotland, Wales and Northern Ireland where different arrangements apply.A follow-up grant will establish a pilot project with local authorities to improve access andsupport for adult learners with caring responsibilities and to write a guide which will bedisseminated to all local authorities.

ENEF celebrates its 50th anniversary in 2006 and the Fund will mark the occasion in variousways, including a survey of other trusts and funds supporting women through courses ofeducation and training.



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Open Door (£0.7m, 8%)

The Foundation keeps an "open door" to applications for grants that span its main areas of interest, orvery occasionally the exceptions that lie outside those areas. These must have some bearing on ourwidest charitable object - 'the advancement of social well-being'. It is through Open Door funding thatthe Foundation from time to time identifies emerging areas that justify more sustained attention overseveral years.

Much of the work of the ‘Open Door’ falls generally in the area of social policy research or practice.Two of the larger grants made in 2005 were of this kind. The first was a grant made to Dr LeslieMcAra and Professor David Smith of the University of Edinburgh for their continuing study of a cohortof Edinburgh school children and their transitions after school. This has a particular focus ondelinquency and crime but includes a wide range of evidence about families, neighbourhoods, schoolsand peer groups, in addition to information about the young people themselves. This project may beparticularly suggestive about the links between social settings and individual behaviour, and will beuseful in informing the Foundation’s initiative in adolescent mental health. A second social policyproject was the grant given to Professor Richard Berthoud at the University of Essex for a series oflinked studies on disability and employment.

Other projects funded under the ‘Open Door’ included some with links to teaching and education andto training in sub-Sarahan Africa. While none of these were eligible for funding within theFoundation’s specialist funding streams, all these projects shed light or advanced practice in areasthat bear directly on some the Foundation’s enduring interests.

Other activities (£1.0m, 11%)

The Nuffield Council on Bioethics examines ethical issues raised by new developments in biologyand medicine. Established by the Nuffield Foundation in 1991, the Council is funded jointly by theFoundation, the Medical Research Council and the Wellcome Trust but operates independently of allthree.

In May 2005, the Council published a Report on The ethics of research involving animals, whichseeks to clarify the debate and aims to help people think through the scientific and ethical issues. Italso makes practical recommendations for future policy and practice. A wide range of organisationsinvolved in the debate welcomed the Report and it was downloaded from the website more times in itsfirst year than any other publication produced by the Council. A short Guide to the Report waspublished in November 2005, and a number of dissemination activities, including public meetings anda parliamentary briefing, were carried out in the months after publication. Follow-up activities willcontinue for several years.

The Working Party on Critical care decisions in fetal and neonatal medicine: ethical issues met seventimes in 2005 and a consultation with the public was held between March and June. Over 100responses were received from a range of individuals and organisations and these are beingconsidered carefully by the Working Party. The group also held a number of fact-finding meetings withexperts to inform their deliberations. The Report will be published in November 2006.

The Commonwealth Programme supports initiatives that will bring about long-term improvements inhealth, education and civil justice in Eastern and Southern Africa and will foster North-Southpartnerships. It focuses on projects that improve services through the development of the expertiseand experience of practitioners and policy makers, and where active involvement from the UK-basedorganisation will increase the initiative’s effectiveness. A grant competition is held every two years andsufficient funds are available to fund four grants of up to £250,000 each. Although no new grantswere made in 2005, preparations for the 2006 round began, advising potential applicants on theirideas for proposals. Progress on work funded by grants made in 2003 was reviewed by members ofthe Commonwealth Committee; all three were found to be on track and the second stage of fundingsubsequently agreed.



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Financial review

The Foundation had a mixed financial year; on the one hand its investment portfolio increased invalue by £27m (13%) after drawing income of £7m, but on the other it was unable to spend the fullamount that the trustees had allocated for expenditure - realising an underspend of £0.8m (2004:underspend of £0.3m). However the trustees had made only modest reductions to expenditurebudgets in 2003 in response to the sharp fall in investment values so these recent underspends havevindicated their decision not to make deeper cuts. The new Expenditure Reserve is well positioned tobenefit from rising distributions as higher market values feed into the distribution formula.

Income for the year was £7.8m (2004: £7.6m), expenditure was £9.3m (2004: £9.7m) and net assetswere £230m (2004: £202m). During 2003 grant commitments of £2.8m for rheumatism research (asdescribed in the Trustees’ Report) were funded by the Oliver Bird endowment. This has caused thereto be a negative restricted expenditure (£553k). As this is a commitment, rather than payment, and nomaterial spending is anticipated over the next two years, this fund will be restored to a positive figureby the end of 2007. Similarly the Commonwealth Relations Trust is expected to return to surplus inthe future (2005: £321k).

Increasingly the Foundation makes large grants (over £250k) which require considerable planning. Itis difficult to predict when these applications will be sufficiently far advanced to be confirmed as‘grants’, and the trustees are keen that such decisions should not be driven by a financial timetable.Non grant costs were in line with the budget for the year. Activities are delivered through differentmechanisms; sometimes responsive grant-making is the most appropriate, but on other occasions aseries of seminars may be more fruitful. These distinctions are analysed in Note 3 to the accountswhich separates grants, other direct costs, and an allocation of overhead costs. Each componentplays an appropriate and indispensable part in how the Foundation delivers its objectives.

Investment management and governance (£1.3m, 14%)

The investment performance summarised below (the Foundation’s performance is shown net of fees,benchmark figures are gross of fees).

Total Returns 1 Year 3 Years 5 Years

Nuffield Foundation 17.3% 14.9% 2.8%Bespoke Benchmark 19.1% 15.6% 3.7%WM Total Charities 20.4% 16.3% 3.3%

KeyNuffield Foundation Actual performanceBespoke Benchmark WM2000 to 3/03; then bespokeWM Total Charities Including property

Performance in the year was adequate; over the past three years the Foundation has been increasingits exposure to Private Equity which has led to temporary distortions against our benchmark as moneyis invested but shows no immediate return. The portfolio returns excluding Private Equity for one yearwere 17.3% (benchmark: 18.7%), and since March 2003 18.7% pa (benchmark 18.3%). Full details ofthe trustees’ investment policy are given at the end of this document.

Investment management fees of £1,202k (2004: £1,501k) were lower in the year because the 2004figure includes a performance related bonus paid to one manager that was not earned in 2005.Governance costs for the year (£110k) are notably lower than the costs for management andadministration in 2004 (£348k). This is due to a change in the basis of allocation introduced by theSORP 2005.



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Accounting for Total Returns and Reserves Policy

The trustees’ policy is to distribute 4% of the trailing twelve-quarter average market value of itsinvestments (based on values at 30th June). Cambridge Associates have advised this as asustainable amount to distribute. The intention is to produce a consistent and sustainable amount forexpenditure and to maintain (at least) the purchasing power of the endowment over the long term.

The trustees’ Reserves Policy is driven by two components: the first is to keep the unrestricted‘Expenditure Reserve’ at a level of + / - £2m to allow for cumulative under-spending or overspendingfrom year to year. Stepping outside this range would trigger a review of spending. On 31st Decemberthis reserve was worth £154k.

The second part of this policy reflects how the trustees seek to preserve the endowment’s value. The‘Core Endowment’ represents that part of the assets which the trustees seek to maintain in real terms.It is based on the value of the endowments on 31st December 2003 together with an allowance forsubsequent inflation. Because stock markets fluctuate an ‘allowance for market volatility’ is alsoincluded. This accounts for the difference between the Core Endowment and the actual value of theendowment. However if this allowance became too large (or small) a review of the distribution ratewould be triggered (without necessarily leading to a change). At 31st December 2005 this allowancefor volatility represented 13% of the core endowment. The acceptable range is + / - 16%, which is alsothe volatility implicit in the investment portfolio.

Total

£000sCore endowment

‘Preserved Value’ at 31 Dec. 2003 188,311Allowance for inflation 13,655

Balance at 31st December 2005 201,966

Allowance for market volatility 28,999

Endowment total 230,965

Expenditure ReserveRestricted (818)

Unrestricted 154Total funds 230,301

Staff, volunteers and applicants

The Foundation is indebted to grant applicants, to the many people who sit on committees andpanels, review applications, contribute to seminars and contribute to the Foundation’s work in myriadother ways. Finally thanks are due to the staff of the Foundation for their hard work and commitmentduring the year.

Grant making policy

The Foundation currently operates 12 different grant programmes. Each programme publishes acomprehensive guide on its aims, policies and process for application, together with expectations forevaluation. All applications are reviewed by independent referees. Details of all programmes, togetherwith application forms which can be downloaded, can be found on the Foundation’s web site. Allprincipal grants are shown in the list of grants at the back of this document.

Risk statement

The trustees are responsible for the management of the risks faced by the charity. Detailedconsiderations of risk are delegated to the Audit Committee, who are assisted by senior charity staff.Risks are identified, assessed and controls established throughout the year. A formal review of thecharity’s risk management processes is undertaken on an annual basis. The key controls used by thecharity include:



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STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted Restricted Endowed Total TotalNotes Funds Funds Funds 2005 2004

£000s £000s £000s £000s £000s

INCOMING RESOURCESIncoming resources fromgenerated funds 2 Voluntary income - 509 - 509 544 Activities for generating funds 44 - - 44 131Investment income Investment portfolio 6 - - 7,127 7,127 6,761 Other interest 37 - - 37 86

Other income 28 - - 28 57

Total incoming resources 109 509 7,127 7,745 7,579

RESOURCES EXPENDEDCosts of generating fundsInvestment management costs - - (1,202) (1,202) (1,501)

Net incoming resources availablefor charitable application 109 509 5,925 6,543 6,078

Charitable activitiesSocial research & innovation 2,338 228 - 2,566 2,310Science 1,106 138 - 1,244 1,214Education 2,277 169 - 2,446 2,288Open Door 741 - - 741 726Other activities 664 322 - 986 1,350Total charitable expenditure 7,126 857 - 7,983 7,888

Governance 110 - - 110 348

Total resources expended 3 7,236 857 1,202 9,295 9,737

NET OUTGOING RESOURCESbefore transfers (7,127) (348) 5,925 (1,550) (2,158)

Transfers 11 7,281 833 (8,114) - -

NET OUTGOING RESOURCESafter transfers 154 485 (2,189) (1,550) (2,158)

Revaluation of Fixed Assets - - - - -

Net gain on investment assets 6 - - 29,426 29,426 17,235

NET MOVEMENT IN FUNDS 154 485 27,237 27,876 15,077

Fund balances brought forwardat 1 January - (1,303) 203,728 202,425 187,348

Fund balances carried forwardat 31 December 11 154 (818) 230,965 230,301 202,425

Notes 1 – 11 form part of these Financial Statements



Page 16

NOTES TO THE FINANCIAL STATEMENTS

1. Principal accounting policies

(a) Basis of accountingThe financial statements have been prepared under the historical cost convention, as modified bythe revaluation of investments and in accordance with applicable Accounting Standards. Thetrustees have adopted the recommendations contained within the Statement of RecommendedPractice "Accounting and Reporting by Charities" (SORP) issued by the Charity Commission inMarch 2005, applicable UK accounting standards, and the Charities Act 1993.

(b) IncomeInvestment income represents dividends and interest on fixed investments and deposits, with anyassociated tax credits or recoverable taxation, which are included on an accruals basis. Investmentincome and other gains (or losses) are allocated to the individual funds in proportion to theirholding in the Common Investment Fund at the beginning of the year

Grants and donations are credited to incoming resources when they are due. They are deferredwhere the donor has imposed restrictions upon when the money can be spent.

(c) ExpenditureCosts of generating funds represent amounts paid to the Foundation's external investmentadvisors.

Charitable expenditure comprises grants and other payments made by the trustees in accordancewith criteria set out in the trust deed.

Grants are charged to the Statement of Financial Activities when allocations are approved by thetrustees and promised to the recipient, less any awards cancelled or refunded. Grants which areawarded subject to conditions are included as expenditure at the point at which the trustees agreethat they no longer have control over the fulfilment of the condition.

'Other costs' include staffing, hosting seminars and conferences, commissioned research orevaluations together with any direct costs immediately attributable to a specific activity. 'Supportcosts' reflect the apportionment of costs shared by all activities. The basis of this apportionment isheadcount. ‘Governance’ comprises costs incurred in trust administration and compliance withregulatory requirements, together its share of apportioned costs.

(d) Basis of allocation of costsInvestment management costs and charity administration costs are allocated to the funds inproportion to their holding in the Common Investment Fund at the beginning of the year. Whereidentifiable costs related to Charitable Activities or Governance are attributed to appropriateactivities and funds in full, or where not separately identifiable they are apportioned on the basis ofheadcount.

(e) InvestmentsInvestments are included in the accounts at mid market value at the balance sheet date.

(f) TaxationThe Foundation carries on activities which are exempt from corporation tax and income tax.Irrecoverable VAT is included with the expenditure to which it relates.

(g) Exchange gains and lossesAll realised and unrealised exchange gains and losses on investments are accounted for in theStatement of Financial Activities.



Page 18

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

3 Resources expended

Direct costs Support Total TotalGrants Other Costs 2005 2004£000s £000s £000s £000s £000s

Cost of Generating Funds Investment management - 1,202 - 1,202 1,501

Charitable Expenditure

Social Research & InnovationChild Protection & Family Law 741 89 33 863 791

Social Science Small Grants 481 42 42 565 520New Career Development Fellowships 349 20 17 386 501

Older People & Their Families 213 31 17 261 134Access to Justice 371 40 17 428 364

Adolescent Mental Health - 13 50 63 -2,155 235 176 2,566 2,310

ScienceNewly Appointed Lecturers 405 35 25 465 436

Undergraduate Research Bursaries 353 44 25 422 386School Science Bursaries 209 83 - 292 304

Rheumatism 7 41 17 65 88974 203 67 1,244 1,214

EducationNuffield Curriculum Centre - 722 266 988 777

Education Grants 670 89 50 809 1,060Grants for Women 548 51 50 649 451

1,218 862 366 2,446 2,288

Open Door* 683 33 25 741 726

Other ActivitiesNuffield Council on Bioethics - 491 266 757 708Commonwealth Programme 191 21 17 229 641

Nuffield Languages Programme - - - - 1191 512 283 986 1,350

Governance costsAudit fee - 16 - 16 15

General costs - 42 - 42 289Trustees’ remuneration - 51 - 51 39

Trustees’ expenses - 1 - 1 1Legal fees - - - - 4

- 110 - 110 348

Total Charitable Expenditure 5,221 1,955 917 8,093 8,236

Total Resources Expended 5,221 3,157 917 9,295 9,737

* The ‘Open Door’ funds projects of exceptional merit lying outside the areas of special interest.

Each trustee is entitled to an annual allowance by virtue of the provisions of the Trust Deed. This is currently£7,250 per annum. One trustee waived £600 of this entitlement and two trustees directed that payment in lieu ofan allowance (in full or in part) be made to other charitable institutions. During the year two trustees claimed re-imbursement of travel and subsistence expenses (2004: two).



Page 24

GRANTS AWARDED DURING THE YEAR

Name Purpose Value (£) Term

Social research and Innovation

Child Protection & Family Law

Mrs L Chesterman; Grandparents'Association

To promote contact between children and extendedfamilies without using litigation

125,601 36 months

Ms S Conroy, Dr T Freeman, Dr MaureenMarks, Dr Paul Moran;; Section ofPerinatal Psychiatry, King's CollegeLondon

The relative effects of maternal personality disorderand depression on infant development at 18months

110,702 24 months

Ms A Barlow, Dr C Burgoyne; School ofLaw, University of Exeter

The Common Law marriage myth and cohabitationlaw reform revisited

98,068 21 months

Prof S Golombok, Dr T Freeman; Familyand Child Psychology Research Centre,City University

Adolescents conceived by donor insemination 88,887 24 months

Ms S Rowlands; Immigration Law,Practitioners' Association

Age-disputed children subject to immigrationcontrol

52,512 10 months

Prof C Hamilton; Children's Legal Centre Complaints from children and the new PoliceComplaints Procedure

39,782 7 months

Ms R Jeyarajah-Dent, Prof A Finkelstein;The Bridge Child Care DevelopmentService

Keeping children's stories alive: the use ofcomputing to support the protection of children fromabuse and neglect

15,000 12 months

Ms P Mansfield; One Plus One One Plus One Biennial Lecture and Seminar 15,000 8 months

Ms T Haux, Mr C Pond; One ParentFamilies

Secondary analysis of FACS on contact 13,581 4 months

Dr Julia Brophy, Department of SocialPolicy and Social Work, University ofOxford.

The role of paediatricians in child protection cases 6,000 8 months

Ms Ranjit Kaur, Rights of Women Update of Domestic Violence Handbook 5,000 8 months

Other grants 170,564

Cancelled grants -

Total: Child Protection & Family Law 740,697

New Career Development Fellowships

Dr S Collishaw, Prof A Pickles; Social,Genetic and Developmental PsychiatryCentre, King's College London

Testing causes of time trends in adolescent mentalhealth

149,323 30 months

Dr F Dietrich, Dr C List; Centre forPhilosophy of Natural and Social Science,London School of Economics

Judgment aggregation: A new model of collectivedecision-making

144,886 24 months

Dr S Halligan, Prof L Murray; School ofPsychology and Clinical LanguageStudies, University of Reading

The longitudinal development of child self-regulation

141,421 24 months

Other grants 20,701



Page 25


New Career Development Fellowships (continued)Cancelled grants (106,850)

Total: New Career Development Fellowships 349,481

Social Science Small Grants 71 awards 501,967

Grants cancelled (21,462)

480,505

Older People & their Families

Ms C Bromley, Prof J Curtice, Dr HFawcett; Scottish Centre for SocialResearch, National Centre for SocialResearch

Providing for old age: public attitudes anddilemmas

57,550 24 months

Prof E Grundy, Prof A Fletcher, Dr DLamping, Ms S Smith; Centre for Ageingand Public Health, London School ofHygiene and Tropical Medicine

Family support and well-being among the oldest old 56,818 12 months

Mr S Burke, Dr K Froggatt, Ms D Wild;Counsel and Care

Advanced care planning in care homes for olderpeople

50,000 24 months

Dr A Cebulla; National Centre for SocialResearch

Working Beyond the State Pension Age 37,074 9 months

Dr J Beadle-Brown; Tizard CentreUniversity of Kent

Exploring the prevalence, risk factors, nature andmonitoring of adult protection alerts

9,178 6 months

Other grants 3,000

Grants cancelled (1,150)

Total: Older People & their Families 212,470

Access to Justice

Prof M Sunkin, Ms V Bondy; HumanRights CentreUniversity of Essex

The permission stage of the judicial reviewprocedure

115,974 19 months

Ms S Craig, Ms M Fletcher, Dr K Goodall;School of Law, University of Glasgow

An evaluation of onward immigration and asylumappeals in Scotland

50,412 18 months

Mr R Smith; Justice Access to justice, human rights and the rule of lawin the European Union

39,460 18 months

Prof M Sunkin; Department of Law,University of Essex

Administrative Justice seminars - salary andadministrative costs

30,000 12 months

Mr S Montgomery, Ms S Chakrabarti; CivilLiberties Trust

Facilitating public interest litigation 21,464 5 months

Ms A Hannah; Legal Action Group Redesign of magazine, development of on-lineservice and upgrading of subscription service

15,000 12 months

Ms H Wadham; Electronic ImmigrationNetwork

Best Practice Guide to Asylum and Human RightsAppeals: electronic update and factsheets

15,000 6 months

Prof K Malleson; Department of Law,Queen Mary, University of London

Review of Access to Justice Programme 15,000 12 months

Ms C Hellicar; The Fawcett Society Project to inform the development of communityinitiatives for women offenders

11,922 8 months



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Access to Justice (continued)

Mr T Buck; Faculty of Law, University ofLeicester

Reporting systems in the tribunal sector 7,000 12 months

Mr C Haley; Public Law Project Third party interventions - a practical guide 6,351 12 months

Other grants 43,652

Grants cancelled -

Total: Access to Justice 371,235

Total: Social Research & Innovation 2,154,388

Science

Rheumatism Programme

Other grants 7,551

Cancelled grants -

Total: Rheumatism 7,551

Undergraduate Research Bursaries 274 Awards 361,383

Newly Appointed Lecturers 85 Awards 404,603

School Science Bursaries 620 Awards 208,840

Cancelled grants (7,772)

Total: Science 974,605

Education

Education

Dr V Joffe, Ms M Foster, Ms N Madhani;Department of Language andCommunication Science, City University

Enhancing language and communication insecondary school children with specific languageimpairment through two intervention programmes:narrative and vocabulary enrichment

272,988 36 months

Prof. R Pring, Dr G Hayward, Mrs SJohnson, Prof E Keep, Dr A Hodgson, DrK Spours

Nuffield Review of 14 – 19 Education (3rd year) 183,582 12 months

Prof G Conti-Ramsden, Prof K Durkin;Division of Human Communication andDeafness, University of Manchester

'Hw r u?' - interpersonal and educational uses ofICT among adolescents with Specific LanguageImpairment (SLI)

141,529 30 months

Dr C Harrison, Prof P Black, Mr J Hodgen,Ms B Marshall; Department of Educationand Professional Studies, King's CollegeLondon

Strengthening teachers' summative assessments 108,117 18 months

Dr C Winch, Prof L Clarke; Department ofEducation and Professional Studies,King's College London

Cross-national equivalence of vocational skills andqualifications

99,315 24 months



Page 27


Education (continued)

Prof P Blatchford, Dr E Baines; School ofPsychology and Human Development,Institute of Education

A follow up national survey of breaktimes in primaryand secondary schools

58,353 12 months

Ms L Beckett; National Association ofTeachers of Travellers

A further exploration of ICT enhanced distancelearning for Traveller pupils

7,692 6 months

Prof A Heath, Dr C Rothon; Department ofSociology, University of Oxford

The educational attainments of the SecondGeneration: a comparative study of Britain, Canadaand the US

4,548 1 months


Total: Education 669,941

Grants for Women’s Education 141 awards 577,817


548,313

Total Education 1,218,254

Other activities

Open door

Dr L McAra, Prof D J Smith; School ofLaw, University of Edinburgh

The Edinburgh Study of Youth Transitions andCrime: Phase 4

159,277 15 months

Prof R Berthoud; Institute for Social andEconomic Research, University of Essex

Disability and employment: A quantitative analysis 152,547 24 months

Prof H Clemens, Prof W Ogana, Dr SHuggett; London Mathematical Society

Two year pilot project in support of mathematicsand its teaching in Anglophone countries of sub-Saharan Africa

105,000 24 months

Prof F Green, Prof S Machin, Dr Y Zhu;Department of Economics, University ofKent

The economic role of independent schools inBritain

61,161 12 months

Ms S Palm; Mildmay International Paediatric training programme for healthprofessionals in Greater Harare, Zimbabwe

45,992 6 months

Prof J Mansel, Dr J Beadle-Brown; TizardCentre, University of Kent

Person-centred support for people with severeintellectual disabilities

37,509 12 months

Mr H Jones; European CulturalFoundation UK National Committee

Knowledge and Application of Foreign Languagesin the UK

25,000 10 months

Mr M Brewer, Ms A Goodman; Institute forFiscal Studies

Poverty and inequality in Britain: 2006 16,205 3 months

Mr C Pond; One Parent Families Lone parents and employment sustainabilityseminars

14,805 4 months

Ms C Roberts; Social ResearchAssociation

Social Research Association stragegic membershipdevelopment initiative

14,800 8 months

Dr K Rake; The Fawcett Society Next steps for equalities legislation reform 14,432 4 months



Page 28


Open Door (continued)

Dr T Wallace; Business School, OpenUniversity

The aid chain 10,000 9 months

Prof R Rose; Centre for the Study ofPublic Policy, University of Strathclyde

Ethnic and cross-cutting cleavages in the Ukrainianelectorate

9,790 9 months

Dr L Martin; Womankind Worldwide Quantitative data collection for challengingviolence, changing lives

9,705 12 months

Ms C Brierley; City College LozellsCentre, City College Birmingham

Vocational languages project development phasefor new accreditation: Introduction to TranslationStudies

7,800 4 months

Ms J Shaw; Partnerships in HealthInformation

Library partnership for better dissemination ofhealth information in Kenya

5,000 36 months

Lady J Wilson; Hearing ConservationCouncil

Development of ear care in Malawi 2,500 12 months

Mr S Burke; Daycare Trust International Policy Paper - Securing Childcare forAll

2,500 1 month

Dr R Jones, Mr D Henderson; Assemblyfor Social Care and Socal WorkEducation, Training and Research

Assembly for Social Work and Social CareEducation Forum

1,815 10 months

Other grants 59,602


Total: Open Door 682,990

Commonwealth Programme

Mr S Blunden; Link CommunityDevelopment UK

Phakama Project 93,750 18 months

Ms G Gordon; International HIV/AIDSAlliance

Training Teachers in Zambia to provide sexualityand life skills education to pupils aged 8-14 years

68,549 28 months

Other grants 28,425

Cancelled grants -

Total: Commonwealth 190,724

Total: Other Activities 873,714

Total: Grants Awarded 5,666,312

Total: Grants Cancelled (445,351)

Total All Programmes 5,220,961



Page 29

Objectives1. Financial Objective

1.1. to maintain (at least) the Foundation’sendowment in real terms

1.2. to produce a consistent andsustainable amount for expenditure

1.3. to deliver 1.1) and 1.2) withinacceptable levels of risk

2. Capital Maintenance2.1. The Foundation seeks to protect its

endowment from its currentexperience of inflation (based on 62%Average Earnings Index and 38%Retail Price Index).

2.2. The Foundation’s composite inflationindex will be applied to theendowment value of £188,310k (thevalue on 31s December 2003).

3. Distribution rate3.1. The Foundation intends to distribute

4% of the average of the previoustwelve quarter rolling market values.

3.2. Where market values lie outside theindexed base value with an allowancefor volatility (+/- 16%) a review ofdistribution rates will be triggered.

Investment Principles4. Decision Making & Governance

4.1. The Investment Committee isresponsible to the trustees forinvestment decisions. It includes threetrustee members and twoindependent investment professionalsas advisors (who serve for three yearterms). The committee is supportedby staff of the Foundation. It isadvised by investment consultants(appointed annually).

4.2. The committee appoints investmentmanagers (and terminates theirappointments), recommends totrustees strategic asset allocationsand reviews investment performance.

4.3. Investment management is delegatedto authorised commercialdiscretionary managers, properlylicensed by the FSA, whoseappointments are reviewed at leastevery three years

5. Investment objective5.1. The Foundation requires a diversified

portfolio which will provide the bestreturn for an agreed measure of riskand liquidity

6. Ethical and other restrictions6.1. Prohibitions on segregated investment in

tobacco companies (equity or bond).6.2. No stock lending, nor speculative

hedging or other derivative products.

7. Asset allocation and rangesAsset Class Target Range

UK Equities 40% +/- 5%O’seas Equities 20% +/- 5%Private Equity 10% -Fixed Interest 15% +/- 5%Property 10% +/- 5%Cash 5% +/- 2%

8. Principal benchmarks8.1. Investment performance will be assessed

against total returns relative to acomposite benchmark based on assetallocation at the beginning of eachperiod.

8.2. Performance is also compared to the WMCharities Unconstrained Index

8.3. Individual manager benchmarks are setout below.

9. Manager Structure and benchmarksAsset Class Manager

UK Equities BGI Active UK GrowthUK Equities OLIMO’sea Equities MarathonPrivate Equity VariousFixed Interest Payden & RygelCash BGIProperty 3 pooled fundsCustodian Northern Trust

Asset Class Benchmark Target

UK Equities FTSE All Share + 2%O’seas Equities FTSE All World Ex UK + 2%Private Equity FTSE All Share + 4%Fixed Interest 85% World Gov;

15% High Yield-

Property IPD -Cash 30 day LIBID +0%

10. Performance assessment10.1. Performance is assessed in £GBP on

rolling twelve quarter periods.10.2. Performance targets are net of fees

11. Effective from 1st April 2003.

Summary of Financial Objectives and Investment Strategy

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