31 S i n 6

s4 Charity Registration No. 313770

THE WINCOTT FOUNDATION

TRUSTEES' REPORT AND ACCOUNTS

FOR THE PERIOD ENDED 30 JUNE 2003

No8
ACCOUNTS

RECEIVED BY POST TEAM,

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THE WINCOTT FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Sir Geofirey Owen - Chairman

Lord Harris of High Cross
J Gardiner
Professor G Wood
Mrs E Wincott Heckett
W M Clarke CBE
Professor C Robinson
R Pennant-Rea
CBowe

Secretary D Crook

Charity number 313770

Principal address 50 Friars Avenue

Shenfield
Essex
CM15 SHU

Auditors Myers Clark

Woodford House
Woodford Road
Watford
Herts. WD17 1DL

Bankers Barclays Bank Pic

2 Victoria Street
London
THE WINCOTT FOUNDATION

CONTENTS

Page

Trustees' report 1 -3

Statement of trustees' responsibilities

Auditors' report

Statement of financial activities

Balance sheet

Notes to the accounts 8-11

THE WINCOTT FOUNDATION

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.

Objects of the charity

The Foundation was esablished in memory of Harold Wincott, who died on 5th March 1969, for the advancement of
learning in economics andfinance.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 of
twelve 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;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

The Foundation awards grants in accordance with the Trust Deed.

Annual Press & Broadcasting Awards

The awards for 2002 were presented at a luncheon held at Mansion House in the City of London on April 4th 2003. The
guest 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)

Business Journal' The Economist

Business Broadcaster - Adrian Chiles (BBC)

Business Broadcast TV Programme - Troubles Waters (Carlton/HTV West Region)

Business News/Current Affairs - Wake up to Money (Radio 5 Live)

Radio Broadcast - Big Bad Business (BBC Radio 4)

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THE WINCOTT FOUNDATION

TRUSTEES' REPORT (CONTINUED)

FOR THE PERIOD ENDED 30 JUNE 2003

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.

Research & Other Grants

In 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 the
Foreign and Commonwealth Office and organised by the Reuter Foundation,

- £5,000 towards Dr Mark Holmes research costs.

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.

Currentlythe reserves are made up as follows:

- available for current needs £ (1,185)
- invested for longer term responsibilities £746,083

In line with best practice, the policy will bereviewedannually.

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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.

On behalf of the board of trustees

Sir Geoffrey Owen - Chairman

Trustee
Dated: 21 November 2003

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THE WINCOTT FOUNDATION

STATEMENT OF TRUSTEES* RESPONSIBILITIES

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:

- 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;

- 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

INDEPENDENT AUDITORS' REPORT

TO THE TRUSTEES OF 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.

Respective responsibilities of trustees and auditors

As described on page 4 , you are responsible as trustees for the preparation of accounts in accordance with applicable law
and United Kingdom Accounting Standards. 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 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 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 notreceivedall the information and
explanations werequirefor our audit.

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

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE PERIOD ENDED 30 JUNE 2003

2003 2002
Notes £ £
Incoming resources
Investment income 2 19,758 27,351
Other incoming resources 3 3 2

Total incoming resources 19,761 27,353

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

Total resources expended 33.214 39,968

Net outgoing resources (13,453) (12,615)

Gains/flosses) on investment assets (76^27) (153,748)

Net movement in funds (89,780) (166,363)

Fund balances at 1 July 2002 834,913 1,001,276

Fund balances at 30 June 2003 745,133 834,913

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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)

Net current (liabilities)/assets (1,185) 12,268

Total assets less current liabilities 745,133 834,913

Income funds

Unrestricted funds 745,133 834,913

745,133 834.913

The accounts were approved by the Trustees on 21 November 2003

Sir Geoffrey Owen - Chairman R Pennant-Rea

Trustee Trustee

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THE WINCOTT FOUNDATION

NOTES TO THE ACCOUNTS

FOR THE PERIOD ENDED 30 JUNE 2003

1 Accounting policies

1.1 Basis of preparation

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

The accounts have been prepared in accordance with the Statement of Recommended Practice, "Accounting and
Reporting by Charities" issued in October 2000.

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 Investments
Fixed asset investments are stated are market value.

2 Investment income

2003 2002
£ £

Income from listed investments 19,719 26,965

Interest receivable 39 386

19,758 27,351

3 Other incoming resources

2003 2002
£ £

Other income

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THE WINCOTT FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE PERIOD ENDED 30 JUNE 2003

4 Total resources expended

Total Total
2003 2002
£ £

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

Academic Grant Panel awards

2003 2002
£ £.

Unrestricted funds

Dr Mark Holmes 5,000 -

Dr R W Roberts grant 1,500 -
John Raybould - 2,500
Joint Eastern Europe Journalists Initiative 5,800 (200)
Prizes/expenses UKSIP Examinations 250 775

12,550 3,075

Press and Broadcasting awards

2003 2002
£ f

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

4 Total resources expended (continued)

Meeting and lecture expenses

2003 2002
£ £

Unrestricted funds
Meeting and lecture expenses 4,032 4,846

4,032 4.846

Management and administration

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

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE PERIOD ENDED 30 JUNE 2003

Fixed asset investments

Market value at 1 July 2002 822,645

Disposals at cost (84,110)
Acquisitions at cost 90,900
Change in value in the period (83,117)

Market value at 30 June 2003 746318

Historical cost:
At 30 June 2003 635,323

At 30 June 2002 628,533

8 Debtors 2003 2002

£ £

Prepayments and accrued income 667 646

9 Creditors: amounts falling due within one year 2003 2002

£ £

Other creditors 10,800

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