# " * — • * " - ^

THIS BEKC l o oa^o t h e ZhfTS Coy o t i4/A^

One tiiouaand nlno hundred and s i a t y - n l n e B E ff w B E H .DAVID
GBAHAZ* HUT^ON, O.B.S. of 38 Oonaaught SQuare, ».2* i n t h e bounty
of London of tbe one p a r t and ViIiJ.iAil HAJ.PAS CLAKKE of 3
S t r e a t l e y t l a c c Hanpotead, R»v;#3# i n t h e bounty of London
JPROFESSOR SJANLEX BAYMOHJ) DE^I3IS0SfC.ii,E. of Onlverolty of i a e - c ^ t a e
SevoG6tlG«*upon-$yne ^laremont Sower ^Xarenont Uoafi E e ^ e a e t l o -
upon*Xyne t HEX 7KU ^HK H^GH? HOHUUKABLE CHABITS GABliETX' F0HS0&B7
MOOBH a?ai: EARIP OP DHOGIU-BA, K.B.E. of Perkeld© House ^ngXefleld
Green i n t h e County of Surrey HIOHABD BP'^ARD GEOPRHni HOtfB, Q.C.
of 3 S^ump Court fferaple B.0.4* In t h e City of London t h e s a i d
DAVIS? GUAHAE aUSPTOH, O.B.B. MVID .--OHB SOiSAR^S Of 7 Smith Square
S,U.1 # In t h e City of tfeotninoter PROCESSOR KABOLD BEB^JRAH EOSE
of 40 Bumham Green Road Yeuln Welwyn i n t h e County of H e r t s
PETEK FAAdCIS acOT^'t H . A . of P r o v i n c i a l XnouroncG Company Limited
Stra&ongate Kendal i n the County of Westoorland PEO^ESSOH ALAH
AHTHUR WALTEHS of 74 Lawn Rooa Hanpstoad rJ.v;.3. i n t h e County
of London and JOHK BHA2)3HAtt WOOD of 2 Oheyne BOB B.V;«3* in the
0
County of London ( h e r e i n a f t e r c a l l e d the Original Truatees")

'%>
of t h e o t h e r p a r t
W H 'jg a S A S t -

(A) i'he Foundation hereby e s t a b l i s h e d f o r the advanoeiaent of

l e a r n i n g i n eoonoaios and finance s h a l l e o n s t t t u t e a
aemorial t o Harold Wineott vho died t h e f i f t h day of Marcb
r

One thousand nine hundred and elxty-nine and who eaeop-

lified in hie writings the highest standards of finanoial
joumoliasi
(B) She said David Graham Button has paid to the Original
frusteee the sum of One hundred pounds (£100) to be held
by then upon the Sruots and with and subject to the
powers and provisions of this Deed and the Original
•i $rueteee have accepted the same accordingly
i
\
(C) It la apprehended that further gifts and bequests of money
and other property may be oade to the Trustees to be held
by them on the trusts and with and subject to the powers
and provisions of this Deed
*

SOW «HIS BBEB t / i y n E S S B S H A T O I S I S msiiEBY DlflOLAfitSD

as follows 8-
2Iffi
*• oano o^ the Trust hereby established (hereinafter
colled "the Charity") shall be "fhe v;incott Pounflation0
2
« TS this Deed the following expreoolono shall where the
context so admits have the following meanlfics t-
(1) "The Srust ffund0 shall mean and include firstly the said
sum of one hundred pounds (£100) paid as aforesaid and
secondly any other monies investments and property
which c^y at any time hereafter (whether by gift sub-
scription bequest or otherwise) be paid transferred
or conveyed to and accepted by the Sruoteee as an
addition or accretion to the monies investnento and
property for the time being representing the Irust
Fund

(ii) "charitable" shall have the meaning assigned thereto

by the law for the timo being in force in Englcrd and
and Waleo
(lit) "She Trustees11 shall aeon the Original Trustees and
the survivors or survivor of them and other the
trusteoo or trustee for tho time being of this Deed
3* TBB Trustees hereby declare that they will hold the
'jrusttfunfiand the inoone thereof (subject only to any
express conditions imposed by any donor or testator) Vi-Oll
TRUST and subject to the exercise by the Trustees of the
powers hereby or by law conferred upon them to pay or apply
the whole thereof to or towardo either or both of tho following
objeot% namely «-
(a) the advancement of education and the promotion
of research for educational purposes in economics
and finance and
(b) the encouragemont and promotion of the highest
standards in economic and financial journalism
4# I H the execution and for the purposes of tho trust
hereby declared the Trustees shall have the following powers
so far as the ease cay be exercised by a body of persons
established for charitable purposes only (that is to oay) «~
(i) power to pay and discharge any rent rates taxes costs of
insurance iaprovements repairs or other outgoings or
liabilities payable from timo to time in respect of ony
property held subject to the trust hereby declared and to
pay and discharge all expenses incurred in the exercise
of any powers conferred upon the Trustees by or oonf~
ornably with the provisions of this Seed or by any
assurance to the Trustees upon the trust hereby declared
of any freehold leasehold o r other property and any
legal or adniniotrntive expense payable from time to
time In connection with the trust hereby declared or
with any property held aubjeot thereto

(ii) power to purchase tafte on lease or by any other means

acquire and hold cany real or personal property or
righto whatsoever and to construct convert and maintain
any houses or other buildings in furtherance of the
trust hereby declared
(iii) power in negotiating the purchase of any property or
properties to enter into suoh contracts and covenants
and to purchase subject to such conditions and stipul-
ations as the Trustees may deem reasonable or approp-
riate in the oircumotanoes
&•
(iv) power (subject to any consent required by lav^ at any
timo or times to sell call in or convert into money the
whole or any port or parts of tho investments and
property comprised in the Truot Fund and so that the net
proceeds of sale ahall be held upon the truot hereby
declared of the Trust Fund and the income thereof
(v) power to invest the monies produced by such sale calling
in or conversion and any other monies for the time being
comprised in tho Truot Fund and aleo spy income of the
Trust Fund in the hands of the Trustees and for the time
being unapplied in the names or under the control of
the Trustees in or upon any Investments hereby author-
ised with power to vary or transpose investments for or
into others of any nature hereby authorised
(vi) power to accept or disclaim any property real or pers-
onal which may from time to time be devised bequeathed
or given to the Trustees upon the truot hereby
 declared or as an addition or accretion to the funds or
property of the Trust Fund
(vii) power in any part of the world to appeal for and to
borrow or raise funds or money with or without security
and upon suoh terms (as to Interest or otherwise) as the
Trustees shall think fit and power for suoh purposes
or any of them to employ or engage any person or
organisation at suoh remuneration and generally on suoh
terms as the Trustees shall think fit

(viii) power to vest all or any real and personal property whioh
shall from time to time be I^ld subject to the trust
hereby declared in either a custodian trustee within the
meaning of the Public Trustees Act 1906 or the Official
Custodian of Charities within the meaning of the
Charities Aot I960 or a company which is under tJbs
control of the Trustees

(ix) power to make suoh rules and regulations for the manage-
ment and administration of the Cha*i$y and for matters
connected therewith as the Trustees shall in their
discretion think fit and from time to time to add to
amend vary revoke or replace any such rules and
regulations but so that nothing in this subclause shall
be deemed to authorise any applioation of any part of
the Trust Fund or the income thereof otherwise than in
conformity with the trust hereby declared

(x) power to appoint and constitute suoh committees boards

or bodies (whether advisory or not) as the Trustees may
consider desirable for the better management and
administration of the Ohotity and (pursuant to the
general power in that behalf conferred by subclause (ix)
of this clause) to make amend vary revoke and replace
rules and regulations for the purpose of defining their
functions powers and organisation and power also (if
the Trustees shall think fit) to pay an honorarium or
fee or salary to and defray expenses incurred by any
member of suoh committee board or body appointed as
aforesaid PUOVIDED THAT no Trustee who shall be suoh a
member shall be entitled to any fee or salary
(xi) power to employ and pay suoh officials or staff as the
Trustees may deem proper and to enter into any oorvlce
agreements which they may consider desirable including
power to determine any suoh employment upon suoh terms
as the Trustees may decide and to enter into and
defray the cost or any part of the cost of any Pension
or Superannuation Soheme which the Trustees shall
think proper for the benefit of any such officials or
staff whom the Trustees shall so employ
(xii) power to accept and retain or refuse any new shares
stocks debentures or debenture stock in any company or
undertaking whioh may be allotted to the Trustees in
respect of investments held by them as part of the
Truot Fund
(xiii) power to promote or assist in promoting any further
trust or trusts or any society or company proposed to
be incorporated by Aot of Parliament or &oyal Charter
or under tho Companies Aot 1948 (or any modification
or re-enactment thereof) being a body of persons
estailiehed for charitable purposes only with a view
to suoh truot or trusts or suoh sooiety or company
taking over and carrying on the undertaking of the
Charity and power to tronofer to any suoh trust or
trusts sooiety or company the whole or any part or
parts of the Trust Fund and the income thereof and
power to delegate and transfer to the trustees of any
suoh trust or trusts or to any suoh society or company
all or any of the trusts powers and diooretions
conferred on the Trustees by this Deed

(xiv) power to co-operate with any other charity in pursuance

of the trust declared by clause 3 hereof on suoh terms
as the Trustees may deem appropriate and if thought fit
to transfer to any other charity or charities the
whole or any part of the Trust Fund or income thereof
(xv) pov/er to elect one of their number to aot and serve as
Chairman of Trustees either for the duration of a
single meeting of Trustees or for a specified period
and power to elect persons as Sponsors or Vico-Chairman
of the Charity or ae honorary members thereof
 (xvi) power generally to do all suoh other acts and things aa
the Trustees may think fit in furtherance of the trust
declared by clause 3 hereof
5. (a) THE Trustees shall stand possessed of any freehold or
leasehold properties forming part of the Trust Fund
UPON TRUST to sell the saise with power to postpone the
sale thereof and to hold the net proceeds of sole and the
net rente and profits thereof until sale upon the trust
hereby declared of the Trust Fund and the income thereof
i
i

(b) ^ending the sale of any suoh freehold or leasehold

properties as aforesaid the Trustees shall (in addition
to any statutory or other powers) have the following
additional powers namely s-
(i) power to occupy or permit to be occupied for the
purposes of the trust hereby declared the whole or
any part of suoh properties and to permit such
occupation for suoh period or periods and in
consideration of suoh rent or other payment (if any)
and generally upon suoh terms and conditions as the
trustees shall determine
(11) full and unrestricted power (subject to any consent
ca3tt&z&dt:byl£&w£ to .ralee any money required for the
purposas of the trupt hereby declared by mortgage
or charge of any ouch freehold or leasehold
properties or aay part thereof in suoh manner in all
respects as the Trustees may from time to time
determine and so that no mortgagee or charges shall
be concerned to see that any money so raised is
wanted or that no more than is wanted ie raised or
to enquire aa to the purposes for which the same is
raised
6. ALL cheques and orders for payment of money out of the
Trust Fund or the income thereof may be signed by any two of
the Trustees or by any two persons (not being Trustees) who
shall in writing be authorised by all the Trustees or by one
suoh person and one Trustee and neither the Bank nor any other
person concerned with the payment of money under the authority
of any cheque or order so signed shall be concerned to enquire
whether the consent of the Trustee or Trustees not sigAing suoh
 cheque or order has been obtained in respect of such payment
7* (a) ANY trustee hereof or member of a committee appointed
hereunder who is for the time being a holder of any
shares stocks or other seourities of any Company of a
class for the time being quoted or dealt in on a Stock
Exchange in the United Kingdom shares stocks or other
seourities of whioh shall for the time being be
comprised in the Trust Fund may concur in exercising all
powers and discretions hereby given to the Trustees by
this Deed or by law notwithstanding that he may by reason
of his being a holder have whether directly or
indirectly a personal Interest in the mode or result of
any suoh exercise
(b) Any trustee or member of any suoh committee as aforesaid
may retain for his own benefit and without any liability
to account therefor any remuneration fees or profits
received by him as Chairman Director tfanager or other
officer of any Company or any subsidiary thereof shares
whereof may for the time being be comprised in the
Trust Fund notwithstanding that hie appointment or
continuance in office as such Chairman Director Manager
or other officer may have been or be due to the holding
by the Trustee of shares subject to the trust hereby
declared or have been otherwise obtained or retained by
reason of his position ae a trustee hereof
8» TRUST monies requiring to be invested may be invested not
only in any mode for the time being authorised by law for the
investment of trust funds but also in the purchase or upon the
security of suoh freehold or leasehold land or such shares
stocks seourities or other investments or property of whatever
nature and in any part of the world and whether involving
liability or not and whether producing income or not as the
Trustees shall determine to the intent that the Trustees shall
be empowered to invest and transpose the investment of trust
monies in the same unrestricted manner as if they were the
beneficial owners of suoh monies
9, THE Trustees may at any time or times enter into any
compromise or arrangement with respect to or may release or
forbear to exercise all or any of their rights as shareholders
 stockholders debenture stookholders debenture holders or v
creditors of any Company &&& whether in connection with a soheme !
or reconstruction or amalgamation or otherwise and may accept ]
in or towards satisfaotion of all or any of suoh rights suoh |
consideration as they shall think fit whether in the form of
shares stocks debentures debenture stock cash obligations or
securities of the same or any other company or companies and in
any other form whatsoever |
10, EVERT discretion hereby conferred upon the Trustees shall i
i
!
be an absolute discretion
11* XH the professed execution of the trust hereby declared >
no Trustee or member of any committee appointed hereunder shall i
be liable for any loss^arising by reason of any improper invest- i
i
i

ment or applioation of the Trust Fund or any part thereof made \

in good faith or for the negligence or fraud of any agent emp- j
loyed by him or by any other Trustes hereof although the
employment of suoh agent was not strictly necessary or expedient
or by reason of any mistake or omission made in good faith by
...
any Trustee hereof or member of suoh committee or by reason of
i

any other matter or thing except wilful and individual fraud |

or wrongdoing on the part of the Trustee or member of such
committee who is sought to be made liable 1
12. (a) THi! power of appointing new or additional Trustees shall •
be vested in the Trustees for the time being of this Deed
(b) The number of Trustees shall be not less than four and
not more than twelve
(o) Any Trustee not being a sole Trustee shall be at liberty
to resign his trusteeship at any time by notice in
writing addressed by registered letter to the other
Trustees for the time being of this Deed
(d) Whenever the number of the Trustees shall by reason of
death retirement removal or otherwise fall below four a
new Trustee or new Trustees shall be appointed as
hereinbefore provided as soon as practicable thereafter
to fill the vacancy so occurring but pending suoh
appointment the continuing Trustees may continue to aot
13• UPON the appointment of any new or additional Trustee or
Trustees all monies investments and property representing the
capital end income of the Trust Fund shall be paid or
 transferred to or placed under the control of suoh new or
additional Trustee or Trustees jointly with the other Trustee
or Trustees for the time being of this Deed and all aote deeds
and things necessary for such purpose shall be done and
executed and all costs of and incidental thereto shall be paid
by the Trustees out of the fund to which suoh costs relate
14. PROPER^ books of account shall be kept by or on behalf of
the Trustees and entiles made therein of all receipts and
payments and the accounts of the Charity shall be audited
annually by a qualified Chartered Accountant to be selected by
the Trustees
15» IE case the Trustees shall not be unanimous upon any
matter arising out of or about the trust hereby declared the
decision of the majority of the Trustees shall bind the
dissentient minority and the aote of the majority in the
execution of the powers and trusts reposed in them shall be as
valid as if they had acted in such matter unanimously In the
case of equality of votes the Chairman of Trustees shall have
a second or casting vote
16* ZF at any time hereafter it shall appear to the Trustees
either by reason of changes in the law affecting the admin-
istration of charitable or other trusts or of changes in social
or political conditions or by reason of any defects or
omission in the preceding provisions of this Deed that it would
conduce to the better administration of the Charity and the
more effectual execution of the charitable trust hereby created
that the powers hereby conferred upon the Trustees should be
supplemented amended or revoked it shall be lawful for the
Trustees at their discretion by any Deed or Deeds revocable
or irrevocable to supplement or alter or amend the provisions
of this Deed to such extend but to suoh an extent only as may
in the opinion of the Trustees be requisite for the purposes
aforesaid PROVIDED ALWAYS that nothing in this clause shall
authorise or be deemed to authorise any departure from or
modification of the primary trust declared by clause 3 hereof
or the application of any part of the Trust Fund or the income
thereof otherwise than in conformity with the trust hereinbefore
declared or for any purpose whioh ie not an exclusively
charitable purpose
 17* IF the Trustees shall for any reason consider that it
is impracticable or undesirable to carry out the main objeota
of the trust as set out in Clause 3 tj^e Trustees shall be at
liberty to pay transfer or apply the Trust Fund to or for the
benefit of such charitable institution or institutions in the
United Kingdom in suoh manner and in suoh proportions as they
in their absolute disoretion shall think fit PROVIDED TEAT
auoh institution or institutions shall have as its or their
principal object the advancement of learning
18. AOT Trustee for the time being hereof teing a
Chartered Accountant Solicitor or other person engaged in any
profession or business shall be entitled to charge and be paid
all disbursements paid by him or his firm on behalf of the
Trustees and all usual professional or other charges made by
him €P hie firm for business done by him or his firm in
relation to the execution of the trusts hereof whether or not
in the ordinary course of his profession or business and
whether or not suoh business requires the employment of a
person engaged in any such profession or business
IN WITNESS whereof the parties have hereunto set their
hands and seals the day and year first aSove written

SIGHED SEALED and DELIVERED)

by the said DAVID GRAHAM ) (S d ) David Graham Hutton L.S,
HUTTOH in the presence oft )

(Sgd) Ralph Harris, r •

2 Lord North Street,
London S.W.I.
Economist.

SIGHED SEALED and DELIVERED)

by the said tt>LLIAM MALPAS ) (sgd) William Malpas Clarke L.S,
CLARKE in the presence of s )
(Sgd) M. Mackie, -
9 Ridgely Drive,
Ponteland, Newcastle on Tyne,
Secretary

SIGHED SEALED and DELIVERED

by the said PROFESSOR STAHLEY ,
RAYMOND DEHHISOHtO.B.E* in the) )^d) S.R, Dennison L.S
presence oft
(Sgd) Ralph Harris,
As above.
 SIGHED SEALED a n d DELIVERED )
b y t h e s a i d THE RIGHT
HOrJOUKABLE CHARLES GAHBBTT
(Sgd) Drogheda. L.S.
POHSOHBY HOOHE THE EARL OF
DROGKEDA* K.B«E» i n t h e
presence oft
(-]Sgd) Ralph H a r r i s ,
As a b o v e .

SIGI^ED SEALED and DELIVEIUSD

by the said HIOHAED EDWARD (Sgd) R.E. Geoffrey Howe
GEOSyRBV HOWE, Q.C, In the L.S.
presence oft

(Sgd) Ralph H a r r i s ,
As above.

SIGHED SEALED and DEXIVEEED

by the said DAVID GRAHAH
HUTTOH 0.0.E. in the (Sgd) David Graham Hutton L.S.
presence oft

(Sgd) Ralph Harris,

As above.

SIGHED SKALED and DELIVERED

by the said DAVID JOHH
ROfiARTS in the presence oft (Sgd) D.J, Roberts L.S.

(Sgd) Ralph Harris,

As above.

SIGHED SEALED and DBLIVBHBD )

by the said FH0FBS30H QAROID )
BEfiTHAH EOSE in the presence oft) (%<*) HB, Rose L.S.

(Sgd) Grazia Tomasello (Miss)

7^ Bazous Court Road,
London W.l4.
Secretary
SIGHED SLALED and DELIVERED )
by the said HsTEB fRAHCIS ) (Sgd) P.F. Scott L.S.
SCOTT M.A. in the presence oft)
(Sgd) Lewis G. Whyte,
50 Finsbury Square,
London E.G.2.
Actuary

SIGHED SEALED and DELIVERED

by the said PROFESSOR ADAH (Sgd) Alan Arthur Walters L.S.
ARTilUH WALTERS in the
presence of;
(Sgd) Ralph H a r r i s ,
As above.

SIGHED SLALED and DELIVERED

by t h e said JOHN BRADSHAtt (Sgd) John B. Wood L.S.
VOOD i n t h e preoeno© oft
(Sgd) Monica Mann,
Drayswood, Stone Cross,
Bilsington, Kent.
Secetary
 t/t/
DATED rf'' **r 1969

T H I S T DUBD

-of-

TRE fci;:COTT PODHrAfflOB

We Certify this to be a true and

exact copy of the Trust Deed of which
it purports to be a copy.

Herbert Oppenheimer, Nathan

& Vandyk,
20 Copthall Avenue,
London E.G.2.

13th June 1969