Professional Documents
Culture Documents
313770
NO '~
ACCOUNTS
2 0 FES 2006
TEAM,
RECEIVED BY POST
COMPLIANCE DIVIS ION-
I!f
THE WINCOTT FOUNDATION
D Crook
313770
50 Friars Avenue
Shenfield
Essex
CM15 8HU
Myers Clark
Woodford House
Woodford Road
Watford
Herts. WD17 1DL
page ~a
Trustees' report 1 -3
Auditors' report 5
Balance sheet 7
TRUSTEES' REPORT
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FOR THE YEAR ENDED 30 JUNE 2005
The trustees present their report and accounts for the year ended 30 June 2005 .
have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply
hI~ accounts
ith the charity's governing document, applicable law and the requirements of the Statement of Recommended Practice,
Act counting and Reporting by Charities" issued in October 2000 . ,
ustees are appointed by the board of trustees and serve for an indefinite period . A minimum of four and a maximum of
elve trustees is required at any point in time . The trustees meet twice a year .
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Tile advancement of education and the promotion of research for educational purposes in economics and finance; and
Tlie encouragement and promotion of the highest standards in economic and financial journalism.
trustees have the power under the Trust Deed to invest surplus funds in any bank deposit account or any investment
oq'sed by law for the investment of trust funds or at their discretion any other investments of a like nature.
T trustees policy is to adopt a low risk approach and has appointed Baring Fund Managers to manage their investments .
T po~tfolio has increased in value in line with the stockmarket performance.
Re iew of activities
D ng1~the period, the activities ofthe,Foundation fell under three headings :
ual awards for excellence in Financial Journalism
Annual Wincott Lecture
arc'h and other grants approved by the trustees
ele'vision Programme -'The Man who Broke Britain' Wall to Wall TV (BBC 2)
usiness News/Current Affairs - The Future of Marks and Spencer (BBC Business Team)
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ual Lecture
ofe~ssor Alan Budd delivered the annual memorial lecture on the subject of "Black Wednesday" .
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search & Other Grants
the year ended 30 June 2005, the trustees approved grants of £5,800 towards the expenses of one journalist from
tem Europe in furtherance of the initiative undertaken with the Foreign and Commonwealth Office and organised by
Reuter Foundation .
F6undation also gave one prize of £500, for a student in the UKSIP Investment Management examinations .
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trustees who served during the period were :
S Geof&ey Owen - Chairman
L d Harris of High Cross
J diner
Pr ssor~G Wood
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E Wincott Heckett
W, C~larke CBE
Pr essor C Robinson
R nnant-Rea
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C we
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Re rves policy
In e with Charity Commission guidelines, the trustees have considered their reserve requirements . They have set a
pol y which reflects the desire to commit as much as possible to providing awards and grants whilst retaining financial
stati, ityh In line with best practice, the policy will be reviewed annually .
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THE WINCOTT FOUNDATION
Law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which
give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the
year (unless the charity is entitled to prepare accounts on the alternative receipts and payme'ints basis).
,
In preparing accounts giving a true and fair view, the trustees should follow best practice and:
prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in
peration .
e trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position
]the charity and which enable them to ensure that the accounts comply with the applicable law. They are also responsible
r safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud
d other irregularities . ,
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THE WINCOTT FOUNDATION
We have audited the accounts of The Wincott Foundation for the year ended 30 June 2005 set out on pages 6 to 11 . These
accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets
and the 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 the Charities Act 1993 . Our
'auiiit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to
~them in an auditor's report and for no other purpose. To the fullest extent permitted by+law, we do not accept or assume
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responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for
the opinions we have formed .
We read other information contained in the Trustees' Report, and consider whether it 'is consistent with the audited
ounts. We consider the implications for our report if we become aware of any apparent misstatements or material
onsistencies with the accounts . Our responsibilities do not extend to any other information .
Basis~of opinion
JWe conducted our audit in accordance with United Kingdom Auditing Standards issued by the Auditing Practices Board.
i~audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the accounts . It also
ncludes an assessment of the significant estimates and judgements made in the preparation of the accounts, and of
hether the accounting policies are appropriate to the charity's circumstances, consistently applied and adequately
isclosed .
e 'planned and performed our audit so as to obtain all the information and explanations which we considered necessary
o1rder to provide us with sufficient evidence to give reasonable assurance that the accounts are free from material
sstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall
eq'uacy of the presentation of information in the accounts .
t. I
ninion
our opinion the accounts give a true and fair view of the charity's state of affairs as at 30 June 2005 and of its incoming
sources and application of resources in the year then ended and have been properly prepared in accordance with the
arities Act 1993 .
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R istered Auditor Watford '
Herts. WD17 1DL
D 13 September 2005
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THE WINCOTT FOUNDATION
Incoming resources
Investment income
Charitable expenditure
Academic Grant Panel awards
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Press and Broadcasting awards
Meeting and lecture expenses
Management and administration
loutgoing resources
BALANCESHEET
AS AT 30 JUNE 2005
2005 2004
Notes £ £ £ £
Fixed assets
Investments 6 885,294 805,998
`Current assets
Debtors 7 831 793
!,Cash at bank and in hand 13,459 " 3,029
, 14,290 3,822
;reditors : amounts falling due within one
ear 8 (5,000) (7,500)
Income funds
894,584 802,320
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Accounting policies
The accounts have been prepared in accordance with the Statement of Recommended Practice, "Accounting and
, Reporting by Charities" issued in October 2000 .
1` .2 Incoming resources
I, Investment income and other income are recognised as incoming resources when receivable, except insofar as they
}I are incapable of financial measurement.
.3 Investments
Fixed asset investments are stated are market value.
Investment income
2005 2004
£ £
27,010 20,443
THE WINCOTT FOUNDATION
Charitable expenditure :
Academic Grant Panel awards
Press and Broadcasting awards
Meeting and lecture expenses
Management and administration
Unrestricted funds
Business Broadcaster of the year
Fulcrum TV
Personal Financial Jounalist of the year
Plaques for awards lunch
Printing of invitations and reply cards
Senior Financial Journalist of the year
ndry expenses
Young
~u Financial Journalist of the year
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THE WINCOTT FOUNDATION V
4,382 11,834
4,382 11,834
2005 2004
£ £
Unrestricted funds
Administration charge 233 147
, Auditors' remuneration 1,028 999
Secretarial fee and expenses 6,000 6,084
; Sundry expenses - 2
,. Trustees' expenses 369 444
7,630 7,676
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity
during the year .
Employees
Number of employees
There were no employees during the year .
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s Historical cost :
, At 30 June 2005 777,851
Contingent liabilities
In the year the Foundation agreed funding for two further initiatives for.Research, which had not begun at the year
erid .
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