Charity Registration No.

313770

THE WINCOTT FOUNDATION

TRUSTEES' REPORT AND ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2007

16 NOV 2007
THE WINCOTT FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Sir Geoffrey Owen - Chairman

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

Secretary D Crook

Charity number 313770

Principul address 50 Friars Avenue

Shenfield
Essex
CM15 8H1J

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 oi'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 2007

The trustees present their report and accounts for the year ended 30 June 2007.

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 Repprting by Charities", issued in March 2005.

Structure, governance and management

The Foupdation 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 (luring the period were:

Sir Geoffrey Owen - Chairman
Lord Hatris of High Cross (Deceased 31 October 2006)
J Gardiner
Professor G Wood
Mrs E Wincott Heckett
W M Clarke CBE
Professok C Robinson
R Pennatit-Rea
M Francis, CBE (Appointed 4 May 2007)
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 trlustees is required at any point in time. The trustees meet twice a year.

The Fou>I►dation 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
authoris8d 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 activitie: i

During the period, the activities of the Foundation fell under three headings:
-Annual iawards for excellence in Financial Journalism
-The Annual Wincott Lecture
-Research and other grants approved by the trustees

1
THE WINCOTT FOUNDATION

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2007

Annual Press & Broadcasting Awards

The awatds for 2007 were presented at a luncheon held at Mansion House in the City of London on 4 May 2007.

The winners were:

Senior Financial Journalist - Gillian Tett (The Financial Times)

Young Financial Journalist - Gabriel Rozenberg (The Times)

Personal Financial Journalist - Ian Cowie (The Daily Telegraph)

Business Broadcaster of the year - The Money Programme (BBC TV)

Television Programme of the year -'When M&S lost its billions' (Fulcrum TV for five)

Business News/Current Affairs Programme of the year -'PFI - Public service, Private profit (Channel Four Dispatches)

Radio Programme of the year -'Jay-Z - From Brooklyn to the Boardroom' (BBC Radio Current Affairs)

Annual Lecture
Richard Lambert delivered the annual lecture on the 31 October :2006 on the subject of "The future of news in a digital
age".

Research & Other Grants

In the year ended 30 June 2007, the trustees approved grants of £24,700 towards the expenses of one journalist from
Eastern I$urope in furtherance of the initiative undertaken with the Foreign and Commonwealth Office and organised by
the Reuter Foundation.

The Fourtdation also gave one prize of £500, for a student in the UKSIP Investment Management examinations.

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. ((n line with best practice, the policy will be reviewed annually.

On behalf of the board of trustees

Sir Geoftrey Owen - Chairman

Trustee
Dated: 6 September 2007

2
THE WINCOTT FOUNDATION

STATIMENT OF TRUSTEES' RESPONSIBILITIES

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

Law app)icable 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 depattures 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
operatiorl.

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.

3
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 2007 set out on pages 6 to 11.
These aacounts have been prepared under 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, and regulations made
under Soction 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 are required to 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, foC our audit work, for this report, or for the opinions we have formed.

Respecti ve responsibilities of trustees and auditors

As desctibed 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 repprt to you our opinion as to whether the accounts give a true and fair view and are properly prepared in
accordarAce 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 i'or our audit.

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 ofopinion
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 plarined 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 give reasonable assurance that the accounts are free from material
misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall
adequacy of the presentation of information in the accounts.

We have undertaken the audit in accordance with the requirements of APB Ethical Standards including APB Ethical
Standard - Provisions Available for Small Entities, in the circumstances set out in note 12 to the accounts.
THE WINCOTT FOUNDATION

INDEPENDENT AUDITORS' REPORT (CONTINUED)

TO T HE 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 2007 and of its incoming resources and application of resources in
the year then ended; and
- the accounts have been properly prepared in accordance with the Charities Act 1993.

CA

Myers C lark
Chartered Accountants
Registered Auditor
Iveco House
Station Road
Watford
He rt fordshire
WD17 1;OL

Dated: 118 September 2007

THE'WINCOTT FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR EVDED 30 JUNE 2007

2007 2006
Notes £ £
Incoming resources from g enerated funds
Investment income 2 28,491 32,413

Resourc ts expended 3
Charitable activities
Academic Grant Panel awards 28,200 9,300
Press and Broadcasting awards 12,201 15,397
Meeting and lecture expenses 3,960 4,967

Total charitable expenditure 44,361 29,664

Governance costs 1,410 1,058

Total resources expended 45,771 30,722

Net (outgoing)/incoming resources (17,280) ' 1,691

Other recognised gains a nd losses

Gains on investment assets 123,922 112,555

Net movement in funds 106,642 114,246

Fund baltnces at 1 July 2D06 1,008,830 894,584

Fund balances at 30 Jurie 2007 1,115,472 1,008,830

6
THE WINCOTT FOUNDATION

BALANCE SHEET

ASAT30JUNE2007

2007 2006
Notes £ £ £

10 1,111,770 997,848

Current,assets
Cash at bank and in hand 14,702 15,982
Creditors: amounts falling due within
one year 11 (1Il,000) (5,000)

Net curront assets 3,702 10,982

Total asSets less current liabilities 1,115,472 1,008,830

Income funds

Unrestricted funds 1,115,472 1,008,830

1,115,472 1,008,830

The.4ccoWnts were approved by the Trustees on 6 September 2007

Sir Geoff}ey Owen - Chairman

Trustee
THE WINCOTT FOUNDATION

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2007

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 In toming 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
recEognised 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 govern ance arrangements which relate to the general running of
thft charity as opposed to the direct management functions inherent in the charitable activity. This includes such
items as extern al audit, legal advice for trustees and costs associated with constitutional and statutory requirements,
in O uding trustee meetings.

1.4 Investments
Fixed asset investments are stated are market value.

2 Investment income

2007 2006
£ £

Income from listed investments 28,484 32,408

Interest receivable 7 5

28,491 32,413
P
THE
P'WINCOT
P'P- 7C FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2007

3 Total resources expended

Other Grant Total Total
costs funding 2007 2006
£ £ £ £

Charitable activities
AcAdemic Grant Panel awards
Grant funding of activities - 25,200 25,200 6,300
Support costs 3,000 - 3,000 3,000
Total 3,000 25,200 28,200 9,300

Prqss and Broadcasting awards

Activities undertaken directly 8,197 - 8,197 11,825
Support costs 4,004 - 4,004 3,572
Total 12,201 - 12,201 15,397

Mqeting and lecture expenses

Activities undertaken directly 3,960 - 3,960 4,967

19,161 25,200 44,361 29,664

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

20,571 25,200 45,771 30,722

Governance costs includes payments to the auditors of £1,410 (2006: £1,058) for audit fees.

4 Activities undertaken directly

Other costs relating to press and broadcasting awards comprise:
Business Broadcaster of the year - 2,000
Fulcrum TV 2,350 2,350
Petsonal Financial Journalist of the year 1,500 1,500
Plaques for awards lunch 1,087 575
Printing of invitations and reply cards 230 294
Senior Financial Journalist of the year 2,000 4,000
Young financial journalist of the year 1,000 1,000
Sundry expenses 30 106

8,197 11,825

Other costs relating to meeting and lecture expenses comprise:

Annual lecture 3,960 4,967

3,960 4,967

9
P THE WINCOT7C FOUNDATIO N
FPP'-

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2007

5 Gronts payable
2007 2006
£ £

Ac4demic Grant Panel awards 25,200 6,300

6 Su p port costs
Academic Press and Total Total
Grant Panel Broadcasting 2007 2006
awards awards
£ £ £ £

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

Trqstees'expenses - 788 788 373
Administration charge - 216 216 199

3,000 4,004 7,004 6,572

7 Governance costs
2007 2006
£ £
Other governance costs comprise:
Auditors' remunera°ion 1,410 1,058

1,410 1,058

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 ENDED 30 JUNE 2007

10 FiXed asset investments

MaIrket value at 1 July 2006 997,848

Di$posals at opening book value (97,967)
Acquisitions at cost 173,821
Change in value in the year 38,068

Market value at 30 June 2007 1,111,770

HiStorical cost:
At 30 June 2007 758,688

At 30 June 2006 723,898

The market value of the material investments included in the listed investments are as follows:

38 , 388 Charities Property Fund - £56,329

563,406.92 Barings Fund Managers Ltd Targeted return fund -£754,302

5,900 Barings Multi-Manager Funds Plc Sterling Bond Fund -£55,814

11 Creditors: amounts falling due within one year 2007 2006

£ £

Other creditors 11,000 5,000

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.