Charity Commis sione

Charity Registration No. 313770

THE WINCOTT FOUNDATION

TRUSTEES' REPORT AND ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2008

THE WINCOTT FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Sir Geoffrey Owen - Chairman

J Gardiner
Professor G Wood
Mrs E Wincott Heckett
W M Clarke CBE
Professor C Robinson
R Pennant-Rea
C Hird
M Francis, CBE
C Bowe

Secretary D Crook

Charity number 313770

Pri ncipal address 50 Fri ars Avenue

Shenfield
Essex
CM15 8HU

Auditors Myers Clark

Iveco House
Station Road
Watford
Hertfordshire
WD17 1DL

Bankers Barclays Bank Plc

2 Victoria Street
London
THE WINCOTT FOUNDATION

CONTENTS

Page

Trustees' report 1-2

Statement of trustees' responsibilities 3

Independent auditors' report 4-5

Statement of financial activities 6

Balance sheet 7

Notes to the accounts 8- 11

THE WINCOTT FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 30 JUNE 2008

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.

Structure, governance and management

The Foundation was established in memory of Harold Wincott, who died on 5th March 1969, for the advancement of
learning in economics and finance. The original endowment in the Foundation amounted to £100,000.

The trustees who served during the period were:

Sir Geoffrey Owen - Chairman
J Gardiner
Professor G Wood
Mrs E Wincott Heckett
W M Clarke CBE
Professor C Robinson
R Pennant-Rea
C Hird (Appointed 26 September 2007)
M Francis, CBE
C Bowe

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.

The Foundation may only use the funds as follows:

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.

Objectives and 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
THE WINCOTT FOUNDATION

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2008

Annual Press & Broadcasting Awards

The awards for 2008 were presented at a luncheon held at Mansion House in the City of London on 17 April 2008.

The winners were:

Senior Financial Journalist - Dan Roberts (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' (ITV West)

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".

Research & Other Grants

In the year ended 30 June 2008, the trustees approved grants of £7,404 towards the expenses of one journalist from
Eastern Europe in furtherance of the initiative undertaken with the Foreign and Commonwealth Office and organised by
the Reuter Foundation. Grants that had been provided for in a previous year have been cancelled totalled £5,000.

The Foundation awards grants in accordance with the Trust Deed.

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.

On behalf of the board of trustees

Sir Geoffrey Owen - Chairman

Trustee
Dated: 26 September 2008
THE WINCOTT FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES

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:

- 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 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

INDEPENDENT AUDITORS' REPORT

TO THE MEMBERS OF 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.

Respective responsibilities of trustees and auditors

As described on page 3, the trustees are responsible for preparing the Trustees' Report and the accounts in accordance
with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
Practice).

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

INDEPENDENT AUDITORS' REPORT (CONTINUED)

TO THE MEMBERS OF 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

Dated: 17 October 2008

THE WINCOTT FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 JUNE 2008

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

Total cha ri table expenditure 25,308 44,361

Governance costs 1,058 1,410

Total resources expended 26,366 45,771

Net incoming/(outgoing) resources 8,779 (17,280)

Other recognised gains and losses

(Losses)/gains on investment assets (120,657) 123,922

Net movement in funds (111,878) 106,642

Fund balances at 1 July 2007 1,115,472 1,008,830

Fund balances at 30 June 2008 1,003,594 1,115,472

THE WINCOTT FOUNDATION

BALANCESHEET

AS AT30 JUNE 2008

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)

Net current assets 12,481 3,702

Total assets less current liabilities 1,003,594 1,115,472

Income funds

Unrestricted funds 1,003,594 1,115,472

1,003,594 1,115,472

Th accounts were approved by the Trustees on 26 September 2008

P
ir Geofl'rey Owen - Chairman I R Pennant-Rea
Trustee Trustee
THE WINCOTT FOUNDATION

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2008

1 Accounting policies

1.1 Basis of preparation

The accounts have been prepared under the historical cost convention modified to include the revaluation of certain
fixed assets.

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.

1.2 Incoming resources

Investment income and other income are recognised as incoming resources when receivable, except insofar as they
are incapable of financial measurement.

1.3 Resources expended

Expenditure is recognised when a liability is incurred. Contractual arrangements and performance related grants are
recognised as goods and services are supplied. Grant payments are recognised where there is a current or
constructive obligation to pay. Resources expended are allocated to a particular activity where the costs relate
directly to that activity and include attributable VAT when this cannot be recovered.

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
£ £

Income from listed investments 35,136 28,484

Interest receivable 9 7

35,145 28,491
THE WINCOTT FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2008

3 Total resources expended

Other Grant Total Total
costs funding 2008 2007
£ £ £ £

Cha ritable activities

Academic Grant Panel awards
Grant funding of activities - 2,404 2,404 25,200
Support costs 3,000 - 3,000 3,000
Total 3,000 2,404 5,404 28,200

Press and Broadcasting awards

Activities undertaken directly 8,924 - 8,924 8,197
Support costs 4,132 - 4,132 4,004
Total 13,056 - 13,056 12,201

Meeting and lecture expenses

Activities undertaken directly 6,848 - 6,848 3,960

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

Governance costs 1,058 - 1,058 1,410

23,962 2,404 26,366 45,771

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

4 Activities undertaken directly

Other costs relating to press and broadcasting awards comprise:
Sculpture prize 1,014 -
Fulcrum TV 2,000 2,350
Personal Financial Journalist of the year 1,500 1,500
Plaques for awards lunch 700 1,087
Printing of invitations and reply cards 281 230
Senior Financial Journalist of the year 2,000 2,000
Young financial journalist of the year 1,000 1,000
Sundry expenses - 30
Online 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
THE WINCOTT FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2008

5 Grants payable
2008 2007
£ £

Academic Grant Panel awards 2,404 25,200

6 Support costs
Academic Press and Total Total
Grant Panel Broadcasting 2008 2007
awards awards
£ £ £ £

Secretarial fee 3,000 3,000 6,000 6,000

Trustees' expenses - 896 896 788
Administration 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 any persons connected with them) received any remuneration or benefits from the charity
during the year.

9 Employees

There were no employees during the year.

THE WINCOTT FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR EADED 30 JUNE 2008

10 Fixed asset investments

Market value at 1 July 2007 1,111,770

Disposals at opening book value (249,706)
Acquisitions at cost 148,022
Change in value in the year (18,973)

Market value at 30 June 2008 991,113

Histori cal cost:

At 30 June 2008 716,389

At 30 June 2007 794,446

The market value of the material investments included in the listed 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 our
auditors to assist with the preparation of the accounts.