Professional Documents
Culture Documents
No8
ACCOUNTS
Secretary D Crook
CONTENTS
Page
Trustees' report 1 -3
Auditors' report
Balance sheet
TRUSTEES1 REPORT
FOR THE PERIOD ENDED 30 JUNE 2003
The 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 comply
with 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.
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 andfinance;and
b) The encouragement and promotion of the highest standards in economic andfinancialjournalism.
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 lowriskapproach and has appointed Baring Fund Managers to manage their investments.
The portfolio has declined in value in line with the stockmarket performance.
Review of activities
During 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
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THE WINCOTT FOUNDATION
Annual Lecture
Professor Charles Goodhart, from the London School of Economics delivered the annual memorial lecture. The subject
was "The constitutional position of the Central Bank".
In 2003, the lecturer will be Richard Epstein, Professor of Law at the University of Chicago. The date will be Monday
October 13th.
- £5,800 towards the expenses of one journalistfromEastern Europe who benefited from the initiative undertaken with the
Foreign and Commonwealth Office and organised by the Reuter Foundation,
The Foundation also gave one prize of £250, for a student in the UKSIP Investment Management examinations.
Trustees
The trustees who served during the period were:
Sir Geoffrey Owen - Chairman
Lord Harris of High Cross
J Gardiner
Professor I Morison (Resigned 31 December 2002)
Professor G Wood
Mrs E Wincott Heckett
WM Clarke CBE
Professor C Robinson
R Pennant-Rea
C Bowe (Appointed 4 April 2003)
Reserves policy
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.
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THE WINCOTT FOUNDATION
TRUSTEES' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2003
Risk factors
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.
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THE WINCOTT FOUNDATION
Law applicable to charities in England and Wales requires the trustees to prepare accounts for eachfinancialyear which
give a true and fair view of the charity'sfinancialactivities during the year and of itsfinancialposition at the end of the
year (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:
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to
any 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 in
operation.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial
position of the charity and which enable them to ensure that the accounts comply with the applicable law. They are also
responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and
detection offraudand other irregularities.
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THE WINCOTT FOUNDATION
We have audited the accounts of The Wincott Foundation forthe 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 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 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 arerequiredto 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 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 are notrequiredto consider whether the statement in the Trustees' Report concerning the major risks to which the
charity is exposed covers all existing risks and controls, or to form an opinion on the effectiveness of the charity's risk
management and control procedures.
We read other information contained in the Trustees' Report, and consider whether it is consistent with the audited
accounts. We consider the implications for our report if we become aware of any apparent misstatements or material
inconsistencies with the accounts. Our responsibilities do not extend to any other information.
Basis of opinion
We conducted our audit in accordance with United Kingdom Auditing Standards issued by the Auditing Practices Board.
An audit includes examination, on a test basis, of evidencerelevantto the amounts and disclosures in the accounts. It
also includes an assessment of the significant estimates and judgements made in tbe preparation of the accounts, and of
whether the accounting policies are appropriate to the charity's circumstances, consistently applied and adequately
disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary
in order to provide us with sufficient evidence to givereasonableassurance that the accounts are free from material
misstatement, whether caused byfraudor other irregularity or error. In forming our opinion we also evaluated the overall
adequacy of the presentation of information in the accounts.
Opinion
In 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 incoming
resources and application ofresourcesin the period then ended and have been properly prepared in accordance with the
Charities Act 1993.
HvetsXI
MyetajClark Woodford House
Chartered Accountants Woodford Road
Registered Auditor Watford
Herts. WD17 1DL
Dated: 26 November 2003
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THE WINCOTT FOUNDATION
2003 2002
Notes £ £
Incoming resources
Investment income 2 19,758 27,351
Other incoming resources 3 3 2
Resources expended
Charitable expenditure
Academic Grant Panel awards 12,550 3,075
Press and Broadcasting awards 9^65 23,971
Meeting and lecture expenses 4,032 4,846
Management and administration 7,267 8,076
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THE WINCOTT FOUNDATION
BALANCE SHEET
AS AT 30 JUNE 2003
2003 2002
Notes
Fixed assets
Investments 746318 822.645
Current assets
Debtors 667 646
Cash at bank and in hand 8,948 11,622
9,615 12,268
Creditors: amounts falling due within
one year (10,800)
Income funds
745,133 834.913
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THE WINCOTT FOUNDATION
1 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 «3 Investments
Fixed asset investments are stated are market value.
2 Investment income
2003 2002
£ £
19,758 27,351
2003 2002
£ £
Other income
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THE WINCOTT FOUNDATION
Charitable expenditure:
Academic Grant Panel awards 12350 3,075
Press and Broadcasting awards 9365 23,971
Meeting and lecture expenses 4.032 4.846
Management and administration 7,267 8,076
33,214 39,968
Unrestricted funds
12,550 3,075
Unrestricted funds
Broadcasting awards - BAFTA 1.740
Business Broadcaster of the year 2,000 4,000
Caterers - awards lunch - 6,341
Mansion House - 700
Personal Financial Jounalist of the year 1,500 3.000
Plaques for awards lunch 480 820
Printing of invitations and reply cards 339 259
Senior Financial Journalist of the year 2.000 6,000
Special award - 500
Sundry expenses 306 351
Young Financial Journalist of the year 1,000 2,000
9,365 23,971
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THE WINCOTT FOUNDATION
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2003
Unrestricted funds
Meeting and lecture expenses 4,032 4,846
4,032 4.846
2003 2002
£ £
Unrestricted funds
Administration charge 346 276
Auditors' remuneration 1,116 911
Secretary's salary 5,500 6.250
Sundry expenses (1) -
Trustees' expenses 306 639
7.267 8,076
5 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charily
during the period,
6 Employees
Number of employees
There were no employees during the period.
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THE WINCOTT FOUNDATION
Historical cost:
At 30 June 2003 635,323
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