The Wincott Foundation Accounts, Made Up to 30 June 2008

8/9/2019 The Wincott Foundation Accounts, Made Up to 30 June 2008

1/14

sioneharity CommisCharity Registration No. 313770

THE WINCOTT FOUNDATIONTRUSTEES' REPORT AND ACCOUNTSFORTHE YEAR ENDED 30 JUNE 2008


2/14

THE WINCOTT FOUNDATIONLEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Secretary

Charity number

Principal address

Auditors

Bankers

Sir GeoffreyOwen - ChairmanJ GardinerProfessor G WoodMrs EWincott HeckettW M ClarkeCBEProfessor C RobinsonR Pennant-ReaC HirdM Francis, CBEC Bowe

D Crook

313770

50 Friars AvenueShenfieldEssexCM15 8HU

Myers ClarkIvecoHouseStation RoadWatfordHertfordshireWD17 1DL

Barclays BankPlc2 Victoria StreetLondon


3/14

THE WINCOTT FOUNDATIONCONTENTS

Trustees' report

Statement oftrustees' responsibilities

Independent auditors' report

Statement of financial activities

Page

1-2

3

4-5

6

Balance sheet 7

Notes to the accounts 8- 1 1


4/14

THE WINCOTT FOUNDATIONTRUSTEES' REPORTFOR THE Y E A R ENDED 30 JUNE2008

The trustees present their report and accounts for the year ended30 June 2008.

The accounts have been prepared in accordancewith the accounting policies se t out in note 1 to the accounts and complywith the charity's governing document, the Charities Act 1993 and the Statement ofRecommended Practice, "Accountingand Reporting by Charities", issued in March 2005.

Structure, governance andmanagementThe Foundation was established in memory of Harold Wincott, who died on 5th March 1969, for the advancement oflearning in economics and finance. The original endowment in the Foundationamounted to 100,000.

The trustees who served during the period were:SirGeoffrey Owen - ChairmanJ GardinerProfessorG WoodMrs EWincott HeckettWM Clarke CBEProfessor C RobinsonR Pennant-ReaC HirdM Francis, CBEC Bowe

(Appointed 26 September 2007)

Trustees are appointed by the board of trustees and serve for an indefinite period. Aminimum offour and a maximumoftwelve trustees is required at any point in time. The trusteesmeet twice a year.

TheFoundationmay only use the funds as follows:

a) The advancement of education and the promotion ofresearch for educational purposes in economics and finance; andb) The encouragement and promotionofthehighest 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 investmentauthorised by law for the investment of trust funds or at their discretion an y other investmentsofa like nature.The trustees policy is to adopt a low risk approach and has appointed Baring Fund Managers tomanage their investments.The portfolio has increased in value in linewith 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 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 trustees


5/14

THE WINCOTT FOUNDATIONTRUSTEES' REPORT (CONTINUED)FOR THE Y E A R ENDED 30 JUNE2008

Annual Press & Broadcasting AwardsThe awards fo r 2008 were presented at a luncheon held at Mansion House in theCity ofLondonon 17 April 2008.Thewinners were:Senior Financial Journalist - DanRoberts (The Sunday Telegraph)Young Financial Journalist - Saskia Scholtes (The Financial Times)Personal Financial Journalist - David Prosser (The Independent)

On Line Award -'Alphaville' (The Financial Times)Special Award -'West Eye View' (ITVWest)Television Programme of theYear -' CanGerry Robinsonfix the NHS?' (BBC Factual OpenUniversity)BusinessNews/Current Affairs Programme of the year - Robert Peston for reporting onNorthernRock (BBC TV)Radio Programme of theyear -'MortgageMayhem File onfour (BBC Radio CurrentAffairs)

Annual LectureProfessor Max Corden, with commentary by Martin Wolf delivered the annual lecture on the 26 September 2007 on thesubject of"The International Monetary System and its problems".Research&OtherGrantsIn the year ended 30 June 2008, the trustees approved grants of 7,404 towards the expenses of one journalist fromEastern Europe in furtherance of the initiative undertaken with the Foreign and Commonwealth Office and organised bythe Reuter Foundation. Grants that hadbeenprovidedfor in a previous year havebeencancelled totalled 5,000.

The Foundation awards grants in accordance with 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 an d grants whilst retaining financialstability. In line with best practice, the policy willbe reviewed annually.

On behalfof the board of trustees

Sir Geoffrey Owen - ChairmanTrusteeDated: 26 September 2008


6/14

THE WINCOTT FOUNDATIONSTATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the accounts in accordance with applicable law and United Kingdom GenerallyAcceptedAccounting Practice.

Law applicable 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 and thenapply them consistently;

- make judgements and estimates that are reasonable and prudent;-state whether applicable accounting standards and statements of recommended pract ice have been followed, subject toany 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 inoperation.

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.


7/14

THE WINCOTT FOUNDATIONINDEPENDENT AUDITORS' REPORTTO THE MEMBERS OFTHE WINCOTT FOUNDATION

We have audited the accounts ofThe Wincott Foundation for the year ended 30 June 2008 set out on pages 6 to 11 .These accounts havebeenprepared in accordancewith the accounting policies set out on page 8.This report is made solely to the charity's trustees, as a body, in accordancewith Section 43 of theCharities Act 1993 andregulations made under Section 44 ofthat Act. Our auditwork has been undertaken so that we might state to the charity'strustees those matters we are required to state to them in an auditors' report and for noother purpose. To the fullest extentpermitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, forour audit work, for this report, or for the opinionswehave formed.

Respective responsibilities of trustees and auditorsAs described on page 3, the trustees are 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 with regulationsmade under section 44 of that Act. Our responsibility is to audit the accounts in accordance with relevant legal andregulatory requirements and International Standards onAuditing (UK andIreland).

We report to you our opinion as to whether the accounts give a true and fair view and are properly prepared inaccordance 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 hasnot kept proper accounting records, or if we have not received al l the information andexplanationswe require for our audit.

We read the Trustees' Report, and consider the implications for our report if we become aware of any apparentmisstatementswithin it.

Basis of opinionWe conducted our audit in accordance with International Standards onAuditing (UK and Ireland) issued by the AuditingPractices 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 and adequately disclosed.

We pl anned and performed our au dit so as to obtain all th e information and explanations which we considered necessaryin order to provide us with sufficient evidence to give reasonable assurance th at the accounts are free from materialmisstatement, wheth er caused by fraud or oth er i rregularity or error. In forming our opinion we also evaluated th e overalladequacy of the presentation of information in th e accounts.

We have undertaken the audit in accordance with th e requirements ofAPB Ethical St an dards including APB EthicalStandard - Provisions Available for Small Entities, in the circumstances set o ut in note 12 to th e accounts.


8/14

THE WINCOTT FOUNDATIONINDEPENDENT AUDITORS' REPORT (CONTINUED)TO THEMEMBERS OFTHEWINCOTT FOUNDATION

OpinionIn 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 ofresources, including itsincome and expenditure, for the year then ended; and

- havebeenproperly prepared in accordance with theCharitiesAct 1993.

Myels,ClarkChartered AccountantsRegisteredAuditorIveco HouseStation.RoadWatfordHertfordshireWD17 1DL

Dated: 17 October 2008


9/14

THE WINCOTT FOUNDATIONSTATEMENT OF FINANCIAL ACTIVITIESFOR THE Y E A R ENDED 30 JUNE 2008

Notes2008 2007

Incomine resources from e enerated fundsInvestment income 2 35,145 28,491Resources expended 3Charitable activitiesAcademic Grant Panel awardsPress and Broadcasting awardsMeeting and lecture expenses

Total charitable expenditure

Governance costs

Total resources expended

Net incoming/(outgoing) resources

Other recognised gains and losses(Losses)/gains on investment assets

Netmovement in funds

Fund balances at 1 July 2007

Fund balances at30 June 2008

5,404 28,20013,056 12,2016,848 3,960

25,308 44,3611,058 1,410

26,366 45,7718,779 (17,280)

(120,657) 123,922(111,878) 106,6421,115,472 1,008,8301,003,594 1,115,472


10/14

THE WINCOTT FOUNDATIONBALANCESHEET

AS AT30JUNE 2008

2008 2007Notes

Fixed a s s e t sInvestments 10 991,113Current assetsCash at bank and in hand 12,481 14,702Creditors: amounts falling duewithinone year 11 - (11,000)Net current assets 12,481Total assets l ess cu r r e n t liabilities 1,003,594

Income funds

Unrestricted funds 1,003,594

1,003,594

Th accounts were approved by the Trustees on 26 September 2008Pr Geofl'rey Owen - Chairman I R Pennant-Rea

1,111,770

3,7021,115,472

1,115,4721,115,472

Trustee Trustee


11/14

THE WINCOTT FOUNDATIONNOTES TO THE ACCOUNTSFOR THE Y E A R ENDED 30 JUNE2008

1 Accounting policies

1. 1 Basis of preparationThe accounts have been prepared under the his tor ica l cost convention modified to include the revaluation ofcertainfixed 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 Incoming resourcesInvestment income and other income are recognised as incoming resources when receivable, except insofar as theyare incapableoffinancial measurement.

1. 3 Resources expendedExpenditure is recognised when a liability is incurred. Contractual arrangements and performance related grants arerecognised as goods and services are supplied. Grant payments are recognised where there is a current orconstructive obligation to pay. Resources expended are allocated to a particular activity where the costs relatedirectly to that activity and include attributable VAT when this cannotbe recovered.

Governance costs: These costs include the costs of governance arrangements which relate to the general running ofthe charity as opposed to the direct management functions inherent in the charitable activity. This includes suchitems as external audit, legal advice for trustees and costs associated with constitutional and statutory requirements,including trustee meetings.

1. 4 InvestmentsFixed asset investments are stated are market value.

2 Investment income

2008 2007

Income from listed investments 35,136 28,484Interest receivable 9 7

35,145 28,491


12/14

THE WINCOTT FOUNDATIONNOTES TO THE ACCOUNTS (CONTINUED)FOR THE Y E A R ENDED 30 JUNE2008

3 Total resources expended

Charitable activitiesAcademic Grant Panel awardsGrant funding ofactivitiesSupport costsTotal

Press and Broadcasting awardsActivities undertaken directlySupport costsTotal

Other Grant Total T o t a lc o s t s f u n d i n g 2 0 0 8 2 0 0 7

- 2,404 2,404 25,2003,000 - 3,000 3,0003,000 2,404 5,404 28,200

8,924 - 8,924 8,1974,132 - 4,132 4,004

13,056 - 13,056 12,201Meeting and lecture expensesActivities undertaken directly 6,848 - 6,848 3,960

22,904 2,404 25,308 44,361

Gove r n ance cos ts 1,058 - 1,058 1,41023,962 2,404 26,366 45,771

Governance costs includes payments to the auditors of1,058 (2007: 1,410) for audit fees.

4 Activities undertaken directlyOther costs relating to press an d broadcasting awardscomprise:Sculpture prize 1,014 -FulcrumTV 2,000 2,350Personal Financial Journalist of the year 1,500 1,500Plaques for awards lunch 700 1,087Printing of invitations and reply cards 281 230Senior Financial Journalist ofthe year 2,000 2,000Young financial journalist of theyear 1,000 1,000Sundry expenses - 30Online Award 429 -

8,924 8,197

Other costs relating to meeting and lecture expenses comprise:Annual lecture 6,848 3,960

6,848 3,960


13/14

THE WINCOTT FOUNDATIONNOTES TO THE ACCOUNTS (CONTINUED)FOR THE Y E A R ENDED 30JUNE 2008

5 Grants payable2008 2007

Academic Grant Panel awards 2,404 25,200

6 Support costsAcademic Press and Total Total

Grant Panel Broadcasting 2008 2007awards awards

Secretarial fee 3,000 3,000 6,000 6,000Trustees' expenses - 896 896 788Administration charge - 236 236 216

3,000 4,132 7,132 7,004

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 an y persons connected with them) received any remuneration or benefits from the charityduring theyear.

9 Employees

There were no employees during the year.


14/14

THE WINCOTT FOUNDATIONNOTES TO THE ACCOUNTS (CONTINUED)FOR THE Y E A R EADED 30JUNE 2008

10 Fixed asset investments

Market value at 1 July 2007 1,111,770Disposals at opening book value (249,706)Acquisitions at cost 148,022Change invalue in the year (18,973)Market value at 30 June 2008 991,113

Histori cal cos t:At 30 J u n e 2008 716,389At 30 June 2007 794,446

The marke t value of the materia l investments included in the l isted investments are as follows:705,551.97 Barings Fund Managers Ltd Targeted return fund -687,349

11 Creditors: amounts falling due within one year 2008 2007

Other creditors - 11,000

12 Auditors' Ethical Standards

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 ourauditors to assist with the preparationofthe accounts.

Date post:	30-May-2018
Category:	Documents
Upload:	spin-watch
View:	214 times
Download:	0 times

The Wincott Foundation Accounts, Made Up to 30 June 2008

Documents