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s4 3 1 S i n 6Charity Registration N o. 313770T HE WIN COT T FOUN DAT ION

TRUSTEES' REPOR T AN D ACCOUN TSFOR TH E PERIOD EN DED 30 JUN E 2003

No8ACCOUNTS

RECEIVED BY POST TEAM,

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I'JJ T H E W IN C O T T F OU N D A TIO NLEGAL AND ADM IN ISTRATIVE IN FORM ATION

Trustees Sir Geofirey Ow en - ChairmanLord Harris of High CrossJ GardinerProfessor G W oodM rs E Wincott HeckettW M Clarke CBEProfessor C RobinsonR Pennant-ReaC B o w e

SecretaryCha r i t y num be rPr inc ipa l address

D Crook31377050 Friars AvenueShenfieldEssexCM 15 SHU

Audi tors M yers ClarkWoodford H ouseWoodford RoadWatfordHerts. WD17 1DL

B a n k e r s B arclays B ank Pic2 V ictoria StreetLondon

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T HE WIN COT T FOUN DATIONC O N T E N T S

Pa geTrustees' report 1 - 3

Statement o f trustees' responsibilities

Auditors' report

Statement of financial activities

B alance sheet

N otes to the accounts 8 -1 1

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T HE WIN COT T FOUN DATIONTRUSTEES1 REPORTFOR THE PERIOD EN DED 30 JUN E 2003The trustees present their report and accounts for the period ended 30 June 2003.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, applicable law and the requirements of the Statement of Recommended Practice,"Accounting and Reporting by Charities" issued in October 2000.Objects of the charityThe Foundation was esablished in memory of Harold Wincott, who died on 5th M arch 1969, for the advancement oflearning in economics and finance.The original endowment in the Foundation amounted to 100,000. At 30th June 2003,the Trust Fund balance was 744,898.Trustees are appointed by the board of trustees and serve for an indefinite period. A minimum of four and a maximum oftwelve trustees is required at any point in time. The trustees meet twice a year.The Foundation niay only use the funds as follows:a) The advancement of education and the promotion of research for educational purposes in economics andfinance;andb) The encouragement and promotion of the highest standards in economic andfinancial ournalism.The trustees have the power under the Trust Deed to invest surplus funds in any bank deposit account or any investmentauthorised 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 lowriskapproach and has appointed B aring Fund M anagers to m anage their investments.The portfolio has declined in value in line with the stockmarket performance.Review of activitiesDuring the period, the activities of the Foundation fell under three headings:-Annual awards for excellence in Financial Journalism-The Annual Wincott Lecture-Research and other grants approved by the trusteesThe Foundation awards grants in accordance with the Trust Deed.Annual Press & B roadcasting AwardsThe awards for 2002 were presented at a luncheon held at M ansion H ouse in the City of London on April 4th 2003. Theguest speaker was Sir Howard Davies, Chairman of the Financial Services Authority.The winners were:Senior Financial Journalist - Anthony Hilton (Evening Standard)Young Financial Journalist - Tobias Buck (The Financial Times)Personal Financial Journalist - William Kay (The Independent)B usiness J ou rna l' The EconomistB usiness B roadcaster - Adrian Chiles (BBC)B usiness B roadcast TV Programme - Troubles Waters (Carlton/HTV West Region)Business N ews/Current Affairs - Wake up to M oney (Radio 5 Live)Radio B roadcast - B ig Bad B usiness (BBC Radio 4)

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T HE WIN COT T FOUN DATIONTRUSTEES' REPO RT (CONTIN UED)FOR THE PERIOD EN DED 30 JUN E 2003Annual LectureProfessor Charles Goodhart, from the London School of Economics delivered the annual memorial lecture. The subjectwas "The constitutional position of the Central B ank".In 2003, the lecturer will be Richard Epstein, Professor of Law at the University of Chicago. The date will be M ondayOctober 13th.Research & Other GrantsIn the year ended June 30th 2003, the trustees approved grants of:- 1,500 to enable Dr R Roberts to go on a research trip to Washington.- 5,800 towards the expenses of one journalistfromEastern Europe who benefited from the initiative undertaken with theForeign and Commonwealth Office and organised by the Reuter Foundation,- 5,000 towards Dr M ark Holmes research costs.The Foundation also gave one prize of 250, for a student in the UKSIP Investment M anagement examinations.TrusteesThe trustees who served during the period were:Sir Geoffrey Owen - ChairmanLord Harris of High CrossJ GardinerProfessor I M orison (Resigned 31 December 2002)Professor G WoodM rs E Wincott HeckettWM Clarke CBEProfessor C RobinsonR Pennant-ReaC B owe (Appointed 4 April 2003)Reserves policyIn 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.Currentlythe reserves are made up as follows:- available for current needs (1,185)- invested for longer term responsibilities 746,083In line with best practice, the policy will be reviewedannually.

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THE WIN COTT FOUN DATIONTRUSTEES' REPORT (CONTINUED)FOR THE PERIOD EN DED 30 JUN E 2003Risk factorsThe 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.On behalf of the board of trustees

Sir Geoffrey Owen - Chairm anTrusteeDated: 21 N ovember 2003

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T HE WIN COT T FOUN DATIONSTATEM EN T O F TRUSTEES* RESPON SIB ILITIES

Law applicable to charities in England and Wales requires the trustees to prepare accounts for each financialyear whichgive a true and fair view of the charity's financialactivities during the year and of itsfinancialposition at the end of theyear (unless the charity is entitled to prepare accounts on the alternative receipts and payments basis).In preparing accounts giving a true and fair view, the trustees should follow best practice and:- select suitable accounting policies and then apply them consistently;- make judgements and estimates that are reasonable and prudent;- state whether applicable accounting standards and statements of recommended practice have been followed, subject toany departures disclosed and explained in the accounts;- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue inoperation.The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financialposition of the charity and which enable them to ensure that the accounts comply with the applicable law. They are alsoresponsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention anddetection offraudand other irregularities.

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T HE WIN COT T FOUN DATIONINDEPENDENT AUDITORS' REPORTTO THE TRUSTEES OF THE WIN COTT FOUNDATIONWe have audited the accounts of The Wincott Foundation forth e period ended 30 June 2003 set out on pages 6 to 11 .These accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixedassets 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 44 of the Charities Act 1993.Our audit work has been undertaken so that we might state to the charity's trustees those matters we arerequired o stateto them in an auditor's repo rt and for no other purpose. To the fullest extent permitted by law, we do not accept orassume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for thisreport, or for the opinions we have formed.Respective responsibilities of trustees and auditorsAs described on page 4 , you are responsible as trustees for the preparation of accounts in accordance with applicable lawand United Kingdom Accounting Standards. We have been appointed as auditors under section 43 of the Charities Act1993 and report in accordance with regulations made under section 44 of that Act. Our responsibility is to audit theaccounts in accordance with relevant legal and regulatory requirements and United Kingdom Auditing Standards.We report to you our opinion as to whether the accounts give a true and fair view and are properly prepared inaccordance with the C harities Act 1993. We also report to you if, in our opinion, the Trustees' Report is not consistentwith the accounts, if the charity has not kept proper accounting records, or if we have notreceivedall the information andexplanations werequirefor our audit.We are notrequired o consider whether the statement in the Trustees' Report concerning the major risks to which thecharity is exposed covers all existing risks and controls, or to form an opinion on the effectiveness of the charity's riskmanagement and control procedures.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 any other information.B asis of opinionWe conducted our audit in accordance with United Kingdom Auditing Standards issued by the Auditing Practices B oard.An audit includes examination, on a test basis, of evidence relevant o the amounts and disclosures in the accounts. Italso includes an assessment of the significant estimates and judgements made in tbe preparation of the accounts, and ofwhether the accounting policies are appropriate to the charity's circumstances, consistently applied and adequatelydisclosed.We planned and performed our audit so as to obtain all the information and explanations which we considered necessaryin order to provide us with sufficient evidence to givereasonableassurance that the accounts are free from materialmisstatement, whether caused byfraudor other irregularity or error. In forming our opinion we also evaluated the overalladequacy of the presentation of information in the accounts.OpinionIn our opinion the accounts give a true and fair view of the charity's state of affairs as at 30 June 2003 and of its incomingresources and application ofresourcesn the period then ended and have been properly prepared in accordance with theCharities Act 1993.

HvetsXIM yetajClark Woodford HouseChartered Accountants Woodford RoadRegistered Auditor Watford

Herts. WD17 1DLDated: 26 N ovember 2003

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T HE WIN COT T FOUN DATIONSTATEM EN T OF FIN AN CIAL A CTIV ITIESFOR THE PERIOD EN DED 30 JUN E 2003

Incoming resourcesInvestment incomeOther incoming resourcesTotal incoming resourcesResources expendedCharitable expenditureAcademic Grant Panel awardsPress and B roadcasting awardsM eeting and lecture expensesM anagement and administrationTotal resources expendedN et outgoing resourcesGains/flosses) on investment assetsN et movement in fundsFund balances at 1 July 2002Fund balances at 30 June 2003

N otes23

2003

19,7583

19,761

2002

27,3512

27,353

12,5509 ^ 6 54,0327,267

33.214(13,453)(76^27)

3,07523,9714,8468,076

39,968(12,615)

(153,748)(89,780) (166,363)834,913 1,001,276745,133 834,913

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T HE WIN COT T FOUN DATIONBALANCE SHEETAS AT 30 JUN E 2003

N otes2003 2002

Fixed assetsInvestmentsCurrent asse tsDebtorsCash at bank and in hand

Creditors: amounts fall ing due withinone yearN et cu rren t (liabilities)/assetsTotal assets less current liabilities

746318 822.645

6 6 78,948

9,615

(10,800)(1,185)

745,133

6 4611,622

12,268

12,268

834,913

Income fundsUnrestricted funds 745,133

745,133

834,913

834.913

The accoun ts were approved by the Trustees on 21 N ovember 2003

Sir Geoffrey Owen - C hairmanTrustee

R Pennant-ReaTrustee

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T HE WIN COT T FOUN DATIONN OTES TO THE ACCOUNTSFOR THE PERIOD EN DED 30 JUN E 20031 Acc oun ting policies1 .1 B as is of prepara t ion

The accounts are prepared under the historical cost convention modified to include the revaluation of certain fixedassets.The accounts have been prepared in accordance with the Statement of Recommended Practice, "Accounting andReporting by Charities" issued in October 2000.

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

1 3 InvestmentsFixed asset investments are stated are market value.2 Investm ent income

Income from listed investmentsInterest receivable

3 Ot he r incoming resources

Other income

2 0 0 3

19,7193 9

19,758

2002

26,965386

27,351

2003 2002

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THE WIN COTT FOUN DATIONN OTES TO THE ACCOUNTS (CON TIN UED)FOR THE PERIOD EN DED 30 JUN E 20034 Total resources expended

Charitable expenditure:Academic Grant Panel awardsPress and B roadcasting awardsM eeting and lecture expensesM anagement and administration

Academic G ran t Panel awards

Tota l2003

123509 3 6 54.0327,267

33,214

2003

Total2002

3,07523,9714.8468,076

39,968

2002.

Unrestricted fundsDr M ark HolmesDr R W Roberts grantJohn RaybouldJoint Eastern Europe Journalists InitiativePrizes/expenses UKSIP Examinations

5,0001,500

-5,800

250

--

2,500(200)775

Press and B roadcasting awards

Unrestricted fundsB roadcasting awards - BAFTAB usiness B roadcaster of the yearCaterers - awards lunchM ansion HousePersonal Financial Jounalist of the yearPlaques for awards lunchPrinting of invitations and reply cardsSenior Financial Journalist of the yearSpecial awardSundry expensesYoung Financial Journalist of the year

12,550

2003

1.7402,000-

-1,500

480339

2.000-

30 61,000

9,365

3,075

2002f

4,0006,341700

3.00082025 9

6,000500351

2,000

23,971

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THE WIN COTT FOUN DATIONN OTES TO THE ACCOUN TS (CONTINUED)FOR THE PERIOD EN DED 30 JUN E 20034 Total resources expended (continued)

M eeting and lecture expenses2003 2002

Unrestricted fundsM eeting and lecture expenses 4,032 4,846

M anagement and administration

Unrestricted fundsAdministration chargeAuditors' remunerationSecretary's salarySundry expensesTrustees' expenses

4,032

2003

3461,1165,500

(1)306

7.267

4.846

2002

276911

6.250-

6398,076

5 TrusteesN one of the trustees (or any persons connected with them) received any remuneration or benefits fro m the charilyduring the period,

6 EmployeesN umber of employeesThere were no employees during the period.

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THE WIN COTT FOUN DATIONN OTES TO TH E ACCOUN TS (CONTINUED)FOR THE PERIOD EN DED 30 JUN E 2003

Fixed asset investments

M arket value at 1 July 2002 822,645Disposals at cost (84,110)Acquisitions at cost 90,900Change in valu e in the period (83,117)M arke t va lue a t 30 June 2003 746318

Historical cost:At 30 June 200 3 635,323At 30 June 2002 628,533

8 Debtors 2003 2002

Prepayments and accrued income 667 646

9 Cred itors: am ou nts fall ing due within one year 2003 2002

Other creditors 10,800