The Wincott Foundation Accounts, Made Up to 30 June 2007

8/9/2019 The Wincott Foundation Accounts, Made Up to 30 June 2007

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THE WINCOTT FOUNDATIONLEGAL ANDADMINISTRATIVE INFORMATION

Trustees

Secretary

Charity number

Principul address

Auditors

Bankers

Sir Geoffrey Owen - ChairmanJ GardinerProfessor G WoodMrs EWincott HeckettWM Clarice CBEProfessor C RobinsonR Pennant-ReaM Francis., CBEC Bowe

D Crook

313770

50Friars AvenueShenfieldEssexCM15 8H1JMyers ClarkIvecoHouseStation RoadWatfordHertfordshireWD17 1D L

Barclays BankPlc2 Victoria StreetLondon


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THE 'WINCOTT FOUNDATIONCONTENTS

Trustees' report

Statement oi'trustees' responsibilities

Independent auditors' report

Statement of financial activities

Page

1-2

3

4-5

6

Balance sheet 7

Notes to th e accounts 8- 1 1


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THE WINCOTT FOUNDATIONTRUSTEES' REPORTFOR THE Y E A R ENDED 30 JUNE 2007

The trustees present their report and accounts for the year ended30 June 2007.The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and complywith the charity's governing document, the Charities Act 1993 and the Statement ofRecommended Practice, "Accountingand Repprting by Charities", issued in March 2005.Structure,governance and managementThe Foupdation was established in memory of Harold Wincott, who died on 5th March 1969, for the advancement oflearning in economics andfinance. The original endowment in the Foundation amounted to 100,000.The trustees who served (luring the period were:Sir GeoffreyOwen - ChairmanLordHatris ofHigh CrossJ GardinerProfessor G WoodMrs EWincott HeckettWM ClarkeCBEProfessok C RobinsonR Pennatit-ReaM Francis, CBEC Bowe

(Deceased 31 October 2006)

(Appointed 4 May2007)

Trustees are appointed by the board of trustees and serve for an indefiniteperiod. A minimum of four and amaximum oftwelve trlustees is required at any point in time. The trustees meet twicea year.The Fou>I dation may only use the funds as follows:a) The advancement ofeducationand the promotion of research for educational purposes in economics and finance; andb) The encouragementand promotion of the highest standards in economic and financial journalism.The trustees have the power under the Trust Deed to invest surplus funds in any bank deposit account or an y investmentauthoris8d b y law for the investmentoftrust funds orat their discretion anyother investments of a like nature.The trustees policy is to adopt a low risk approach an d has appointed Baring Fund Managers tomanage their investments.The portfolio has increased invalue in line with the stockmarket performance.The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place tomitigate the charity's exposure.Objectives and activitie: iDuring the period, the activities of the Foundation fell under threeheadings:-Annual iawards for excellence in Financial Journalism-The A n n u a l W i n c o tt Lecture-Research andother grants approved by the trustees

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THE W INCOTT FOUNDATIONTRUSTEES' REPORT (CONTINUED)FOR THE Y E A R ENDED 30JUNE 2007

Annual Press & Broadcasting AwardsThe awatds for 2007 were presented ata luncheon held at Mansion House in theCity ofLondon on 4 May2007.Thewinners were:Senior Financial Journalist - Gillian Tett (TheFinancial Times)Young Financial Journalist - Gabriel Rozenberg (The Times)Personal Financial Journalist - Ian Cowie (The Daily Telegraph)Business Broadcasteroftheyear - The MoneyProgramme (BBCTV)TelevisionProgramme of theyear -'When M&S lost its billions' (Fulcrum TV for five)BusinessNews/CurrentAffairs Programme of the year -'PFI - Public service, Privateprofit (Channel FourDispatches)Radio Programme of the year -'Jay-Z - FromBrooklyn to the Boardroom (BBCRadio Current Affairs)Annual LectureRichard Lambert delivered the annual lecture on the 31 October :2006 on the subject of "The future of news in a digitalage".

Research & Other GrantsIn the year ended 30 June 2007, the trustees approved grants of 24,700 towards the expenses of one journalist fromEastern I$urope in furtherance of the initiative undertaken with the Foreign and Commonwealth Office and organised bytheReuter Foundation.The Fourtdation also gave on e prize of500, for a student in theUKSIP InvestmentManagement examinations.The Foundation awards grants in accordancewith the Trust Deed.Financial reviewIn line with Charity Commission guidelines, the trustees have considered their reserve requirements. They have set apolicy which reflects the desire to commit as much as possible to providing awards and grants whilst retaining financialstability. ( ( n line with best practice, thepolicywill be reviewed annually.

On behalfof the boardoftrustees

SirGeoftrey Owen - ChairmanTrusteeDated: 6 September 2007

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THE W INCOTT FOUNDATIONSTATIMENT O F TRUSTEES' RESPONSIBILITIES

The trustees ar e responsible for preparing the accounts in accordance with applicable law and United KingdomGenerallyAccepted Accounting Practice.Law app)icable to charities in England and Wales requires the trustees to prepare accounts for each financial year whichgive a true and fair view ofthe charity's financial activities during the year and of its financial position at the end of theyear.In preparing accounts giving a true and fair view, the trustees should follow bestpractice and:- select suitable accounting policies an d then apply themconsistently;- makejudgements and estimates that arereasonable and prudent;-state whether applicable accounting standards and statements of recommended practice have been followed, subject toanydepattures disclosed and explained in the accounts; and- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue inoperatiorl.The trustees are responsible for keeping accounting records that disclose with reasonable accuracy the financial positionof the charity and which enable them to ascertain the financial position of the charity and which enable them to ensurethat the accounts comply with the Charities Act 1993 and the provisions of the trust deed. They are also responsible forsafeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud andother irregularities.

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THE WINCOTT FOUNDATIONINDEPENDENT AUDITORS' REPORTTO THE MEMBERS OF THE WINCOTT FOUNDATION

We have audited the accounts of The Wincott Foundation for the year ended 30 June 2007 set out on pages 6 to 11.These aacounts have beenprepared underthe accounting policies set out on page 8.This report is made solely to the charity's trustees, as a body, in accordance with Section 43 of, and regulations madeunder Soction 44 of, the Charities Act 1993. Our audit work has been undertaken so that we might state to the charity'strustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extentpermitted by law, we do not accept or assume responsibility to anyone otherthan the charity and the charity's trustees asabody, foC our audit work, for this report, or for the opinionswe have formed.

Respective responsibilities of trustees and auditorsAs desctibed on page 3, the trustees ar e responsible for preparing the Trustees' Report and the accounts in accordancewith applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted AccountingPractice). We have been appointed as auditors under section 43 of the Charities Act 1993 and report in accordance withregulations made under section 44 of that Act. Our responsibility is to audit the accounts in accordance with relevantlegal and regulatory requirements and International Standards on Auditing (UK and Ireland).We repprt to you our opinion as to whether the accounts give a true an d fair view and are properly prepared inaccordarAce with the Charities Act 1993. We also report to you if, in our opinion, the Trustees' Report is not consistentwith the accounts, if the charity has not keptproperaccounting records, or if wehavenot receivedall the information andexplanations we require i'or ouraudit.We read other information contained in the Trustees' Report, and consider whether it is consistent with the auditedaccounts. We consider the implications for our report if we become aware of any apparent misstatements or materialinconsistencies with the accounts. Our responsibilities do not extend to anyother information.Basis ofopinionWe conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by theAuditingPracticeS Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures inthe accounts. It also includes an assessment of the significant estimates and judgements made by the trustees in thepreparation of the accounts, and of whether the accounting policies are appropriate to the charity's circumstances,consistently applied andadequately disclosed.We plarined and performed ouraudit so as to obtain all the information an d explanations which we considered necessaryin order to provide us with sufficient evidence to give reasonable assurance that the accounts ar e free from materialmisstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overalladequacy of the presentation of information in the accounts.We have undertaken the audit in accordance with the requirements ofAPB Ethical Standards including APB EthicalStandard - Provisions Available for Small Entities, in the circumstances set out in note 12 to the accounts.


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THE WINCOTT FOUNDATIONINDEPENDENT AUDITORS' REPORT (CONTINUED)TO THE MEMBERS OF THE WINCOTT FOUNDATION

OpinionInouropinion:- the accounts give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice

of the state ofthe charity's affairs as at 30 June 2007 and of its incoming resources and application of resources inthe year then ended; and

- the accounts have been properly prepared in accordance withthe Charities Act 1993.

CA

Myers C larkChartered AccountantsRegisteredAuditorIveco HouseStation RoadWatfordHe rt fordshireWD17 1;OL

Dated: 1 1 8 September 2007


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THE'WINCOTT FOUNDATIONSTATEMENT OFFINANCIAL ACTIVITIESFOR THE Y E A R EVDED 30 JUNE 2007

Notes2007 2006

Incoming resources from g enerated fundsInvestment income 2 28,491 32,413Resourcts expendedCharitable activitiesAcademic Grant Panel awardsPress andBroadcasting awardsMeeting and lecture expenses

Total charitable expenditure

Governance costs

Total r e so u rc e s e x p e nd e dNet (outgoing)/incoming resourcesOther recognised gains a nd lossesGains on investment assetsNet movement in funds

Fundbaltnces at 1 July 2D06Fund balances at 30 Jur ie 2007

3

28,200 9,30012 ,2 01 15,3 97

3 ,9 60 4,9 6744,3 61 2 9,664

1,410 1,058

45,771 3 0,72 2(17,280) ' 1,691

123,922 112,555106,642 114,246

1,008,830 894,5841,115,472 1,008 ,8 3 0

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THE WINCOTT FOUNDATIONBALANCE SHEETASAT30JUNE2007

2007 2006Notes

10 1,111,770Current,assetsCashat bank an d inhand 14,702Creditors: amounts falling due withinoneyear 11 (1Il ,000)Net curront assetsTotal asSets less current liabilities

Income funds

Unrestricted funds

The.4ccoWnts were approved by theTrusteeson 6 September 2007

Sir Geoff}eyOwen - ChairmanTrustee

1 5 , 9 82

(5,000)

997,848

3 ,702 10 ,9 8 21,115 ,472 1,008 ,8 3 0

1,115,472 1 , 0 0 8, 83 0

1,1 15 ,47 2 1,008 ,8 3 0


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THE WINCOTT FOUNDATIONNOTES TO THE ACCOUNTSFOR THE Y E A R ENDED 30 JUNE 2007

1 Accounting policies1.1 Basis of preparation

The accounts have been prepared under the historical cost conventionmodified to include the revaluation of certainfixed assets.

The accounts have been prepared in accordance with applicable accounting standards, the Statement ofRecommended Practice, "Accounting and Reporting by Charities", issued in March 2005 and the Charities Act1993.

1.2 Intoming resourcesInvestment income and other income are recognised as incoming resources when receivable, except insofar as theyare incapable of financial measurement.

1.3 Resources expendedExpenditure is recognised when a liability is incurred. Contractual arrangements and performance related grants arerecEognised as goods and services ar e supplied. Grant payments ar e recognised where there is a current orconstructive obligation to pay. Resources expended ar e allocated to a particular activity where the costs relatedirectly to that activity an d include attributable VAT when this cannotbe recovered.Governance costs: These costs include th e costs of governance arrangements which relate to th e general running ofthft charity as opposed to th e direct management functions inherent in the charitable activity. This includes suchitems as external audit , legal advice for trustees an d costs associated with constitutional and statutory requirements,in O uding trustee meetings.

1. 4 InvestmentsFixed asset investments are statedare marketvalue.

2 Investment income2007 2006

Income from listed investments 28,484 32,408Interest receivable 7 5

2 8 ,491 3 2 ,413


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THE 'WINCOT 7 C FOUNDATIONPP ' P -NOTESTO THE ACCOUNTS (CONTINUED)FOR THE Y E A R ENDED 30 JUNE2007

3 Total resources expendedOther Grant Total T o t a l

c o s t s funding 2007 2006

Charitable activitiesAcAdemic GrantPanel awardsGrant funding ofactivities - 25,200 25,200 6,300Support costs 3,000 - 3,000 3,000Total 3,000 25,200 28 ,200 9,300Prqss an d Broadcasting awardsActivities undertaken directly 8,197 - 8,197 11,825Support costs 4,004 - 4 ,004 3,572Total 12,201 - 12,201 15,397Mqeting and lecture expensesActivities undertaken directly 3,960 - 3,960 4,967

19,161 2 5,2 00 44,3 61 2 9,664

Governance costs 1,410 - 1,410 1,0582 0,571 2 5,2 00 45,771 3 0,72 2

Governance costs includespayments to the auditors of 1,410 (2006: 1,058) foraudit fees.

4 Activities undertaken directlyOther costs relating topress and broadcasting awards comprise:BusinessBroadcasterof theyear - 2,000FulcrumTV 2,350 2,350Petsonal Financial Journalist of the year 1,500 1,500Plaques for awards lunch 1,087 575Printing of invitations andreply cards 230 294Senior Financial Journalist of theyear 2,000 4,000Young financial journalist of the year 1,000 1,000Sundry expenses 30 106

8,197 11, 8 2 5

Other costs relating to meeting and lecture expenses comprise:Annual lecture 3,960 4,967

3 ,960 4,967

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TH E WINCOT 7 C FOUNDATIO NPP'-NOTES TO THE ACCOUNTS (CONTINUED)FOR THE Y E A R ENDED 30 JUNE 2007

5 Gronts payable2007 2006

Ac4demic Grant Panel awards 25,200 6,300

6 Support costsAcademic Press and Total Total

GrantPanel Broadcasting 2007 2006awards awards

Secretarial fee 3,000 3,000 6,000 6,000Trqstees'expenses - 788 788 373Administration charge - 216 216 19 9

3,000 4,004 7,004 6,572

7 Governance costs2007 2006

Other governance costs comprise:Auditors' remuneraion 1,410 1,058

8 Trustees

1,410 1,058

None of the trustees (or anypersons connected with them) received an y remuneration or benefits from the charityduring the year.

9 EmployeesThere wereno employees during the year.


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THE WINCOTT FOUNDATIONNOTES TOTHEACCOUNTS (CONTINUED)FOR THE Y E A R ENDED 30 JUNE 2007

10 FiXed asset investments

MaIrket value at 1 July 2006 997,848Di$posals at opening book value (97,967)Acquisitions at cost 173,821Change in value in theyear 38,068Market value at30 June 2007 1,111,770

HiStorical cost:At 30 June 2007 758,688

At 30 June 2006 723,898

The marketvalue of thematerial investments included in the listed investmentsare as follows:38 ,38 8 Charities Property Fund - 56,329563,406.92 Barings Fund Managers LtdTargeted return fund -754,302

5,900 Barings Multi-Manager Funds Plc Sterling Bond Fund -55,814

11 Creditors: amounts falling due within oneyear 2007 2006

Other creditors 11,000 5,000

12 Auditors' Ethical StandardsThe relevant circumstances requiring disclosure in accordance with the requirements of APB Ethical Standard -Provisions Available for Small Entities are that, in common with many charities of our size and naturewe use ourauditors to assistwith the preparationofthe accounts.

The Wincott Foundation Accounts, Made Up to 30 June 2007

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