Professional Documents
Culture Documents
Secretary D Crook
CONTENTS
Page
Balance sheet 7
TRUSTEES' REPORT
The trustees present their report and accounts for the year ended 30 June 2008.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply
with the charity's governing document, the Charities Act 1993 and the Statement of Recommended Practice, "Accounting
and Reporting by Charities", issued in March 2005.
Trustees are appointed by the board of trustees and serve for an indefinite period. A minimum of four and a maximum of
twelve trustees is required at any point in time. The trustees meet twice a year.
a) The advancement of education and the promotion of research for educational purposes in economics and finance; and
b) The encouragement and 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 any investment
authorised by law for the investment of trust funds or at their discretion any other investments of a like nature.
The trustees policy is to adopt a low risk approach and has appointed Baring Fund Managers to manage their investments.
The portfolio has increased in value 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 to
mitigate the charity's exposure.
Television Programme of the Year -' Can Gerry Robinson fix the NHS?' (BBC Factual Open University)
Business News/Current Affairs Programme of the year - Robert Peston for reporting on Northern Rock (BBC TV)
Radio Programme of the year -'Mortgage Mayhem' File on four (BBC Radio Current Affairs)
Annual Lecture
Professor Max Corden, with commentary by Martin Wolf delivered the annual lecture on the 26 September 2007 on the
subject of "The International Monetary System and its problems".
Financial review
In line with Charity Commission guidelines, the trustees have considered their reserve requirements. They have set a
policy which reflects the desire to commit as much as possible to providing awards and grants whilst retaining financial
stability. In line with best practice, the policy will be reviewed annually.
The trustees are responsible for preparing the accounts in accordance with applicable law and United Kingdom Generally
Accepted Accounting Practice.
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.
In preparing accounts giving a true and fair view, the trustees should follow best practice and:
-state whether applicable accounting standards and statements of recommended practice have been followed, subject to
any departures 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 in
operation.
The trustees are responsible for keeping accounting records that disclose with reasonable accuracy the financial position
of the charity and which enable them to ascertain the financial position of the charity and which enable them to ensure
that the accounts comply with the Charities Act 1993 and the provisions of the trust deed. They are also responsible for
safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and
other irregularities.
THE WINCOTT FOUNDATION
We have audited the accounts of The Wincott Foundation for the year ended 30 June 2008 set out on pages 6 to 11.
These accounts have been prepared in accordance with 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 and
regulations made under Section 44 of that Act. Our audit 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 auditors' report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for
our audit work, for this report, or for the opinions we have formed.
We have been appointed as auditors under section 43 of the Charities Act 1993 and report in accordance with regulations
made under section 44 of that Act. Our responsibility is to audit the accounts in accordance with relevant legal and
regulatory requirements and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the accounts give a true and fair view and are properly prepared in
accordance with the Charities Act 1993. We also report to you if, in our opinion, the Trustees' Report is not consistent
with the accounts, if the charity has not kept proper accounting records, or if we have not received all the information and
explanations we require for our audit.
We read the Trustees' Report, and consider the implications for our report if we become aware of any apparent
misstatements within it.
Basis of opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing
Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in
the accounts. It also includes an assessment of the significant estimates and judgements made by the trustees in the
preparation of the accounts, and of whether the accounting policies are appropriate to the charity's circumstances,
consistently applied and adequately disclosed.
We pl anned and performed our audit so as to obtain all th e information an d explan ations which we considered necessary
in order to provide us with sufficient evidence to give reasonable assurance th at the accounts are free from material
misstatement, wheth er caused by fraud or oth er i rregularity or error. In forming our opinion we also evaluated th e overall
adequacy of the presentation of information in th e accounts.
We have undertaken the audit in accord ance with th e requirements of APB Ethical St an dards including APB Ethical
Standard - Provisions Available for Small Entities, in the circumstances set out in note 12 to th e accounts.
THE WINCOTT FOUNDATION
Opinion
In our opinion the accounts:
- give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the state
of the charity's affairs as at 30 June 2008 and of its incoming resources and application of resources, including its
income and expenditure, for the year then ended; and
- have been properly prepared in accordance with the Charities Act 1993.
Myels,Clark
Chartered Accountants
Registered Auditor
Iveco House
Station.Road
Watford
Hertfordshire
WD17 1DL
2008 2007
Notes £ £
Incomin e resources from e enerated funds
Investment income 2 35,145 28,491
Resources expended 3
Cha ri table activities
Academic Grant Panel awards 5,404 28,200
Press and Broadcasting awards 13,056 12,201
Meeting and lecture expenses 6,848 3,960
BALANCESHEET
2008 2007
Notes £ £ £
Fixed assets
Investments 10 991,113 1,111,770
Current assets
Cash at bank and in hand 12,481 14,702
Creditors: amounts falling due within
one year 11 - (11,000)
Income funds
1,003,594 1,115,472
P
ir Geofl'rey Owen - Chairman I R Pennant-Rea
Trustee Trustee
THE WINCOTT FOUNDATION
1 Accounting policies
The accounts have been prepared in accordance with applicable accounting standards, the Statement of
Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005 and the Charities Act
1993.
Governance costs: These costs include the costs of governance arrangements which relate to the general running of
the charity as opposed to the direct management functions inherent in the charitable activity. This includes such
items as external audit, legal advice for trustees and costs associated with constitutional and statutory requirements,
including trustee meetings.
1.4 Investments
Fixed asset investments are stated are market value.
2 Investment income
2008 2007
£ £
35,145 28,491
THE WINCOTT FOUNDATION
Governance costs includes payments to the auditors of £1,058 (2007: £1,410) for audit fees.
8,924 8,197
6,848 3,960
THE WINCOTT FOUNDATION
5 Grants payable
2008 2007
£ £
6 Support costs
Academic Press and Total Total
Grant Panel Broadcasting 2008 2007
awards awards
£ £ £ £
7 Governance costs
2008 2007
£ £
Other governance costs comprise:
Auditors' remuneration 1,058 1,410
1,058 1,410
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity
during the year.
9 Employees
The market value of the material investments included in the listed investments are as follows:
The 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 nature we use our
auditors to assist with the preparation of the accounts.