WINSTON CHURCHILL MEMORIAL TRUST ANNUAL REPORT AND ... · The Winston Churchill Memorial Trust (the...

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CHARITY REGISTERED NUMBER: 313952 WINSTON CHURCHILL MEMORIAL TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2015

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Page 1: WINSTON CHURCHILL MEMORIAL TRUST ANNUAL REPORT AND ... · The Winston Churchill Memorial Trust (the WCMT) was established as a living memorial to Sir Winston Churchill following a

CHARITY REGISTERED NUMBER: 313952

WINSTON CHURCHILL MEMORIAL TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2015

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CONTENTS

CHAIRMAN’S REVIEW 2015 3

TRUSTEES’ REPORT 4-19

GRANT MAKING 4-6

MEASURING IMPACT AND PUBLIC BENEFIT 7-9

2015 REVIEW 9-15

INVESTMENT REVIEW 16

FINANCIAL REVIEW 17

STATEMENT OF TRUSTEES’ RESPONSIBILITIES 18

PLANS FOR THE FUTURE 19

REPORT OF THE AUDITORS 20

FINANCIAL STATEMENTS 21-34

LEGAL AND ADMINISTRATIVE DETAILS (TRUSTEES’ REPORT CONTINUED) 35-37

ACKNOWLEDGEMENT FOR THE SUPPORT OF CHURCHILL TRAVELLING FELLOWSHIPS

AND THE WINSTON CHURCHILL MEMORIAL TRUST 38-41

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CHAIRMAN’S REVIEW 2015

This year has been a momentous one for the Trust. We marked our 50th anniversary, and the 50

years since the death of Churchill, with a wide range of activities. The highlight was the reception

in March, given by our Patron, Her Majesty the Queen, for our Fellows. Throughout the year

events of all sizes were held by our Associations and Fellows. In May over 1300 Fellows and their

guests came together at Blenheim Palace to celebrate 50 years of the Churchill Fellowships.

We achieved our aim of awarding 50 per cent more Fellowships and announced 150 new Fellows

in February. These additional Fellowships have been made possible by the generosity of our

donors who have so kindly contributed to our Anniversary Appeal, and to our partners.

In August we began a Strategy Review to follow on from our last in 2010. We have engaged the

help of consultants from the Cass Business School Centre for Charity Effectiveness so that we can

benefit from an external perspective. The Review will report in June 2016.

As well as being a year of celebration, 2015 was also a year of change as we said a sad and fond

farewell to Jamie Balfour, the Trust’s innovative and energetic Director General for the last eight

years. We were delighted to appoint Julia Weston as our first Chief Executive.

Our first partnerships are now concluding and we look forward to launching the results of our

Communities that Work programme of Fellowships, awarded in partnership with The Rank

Foundation, in 2016. We have also started to draw together Fellows’ findings within the Prison

Reform partnership, in conjunction with the Prison Reform Trust, and our Creative Ageing

partnership with the Baring Foundation.

I would like to conclude my final Chairman’s Review by thanking our donors, our fundraising

appeal committee, our partners, Trustees, Advisory Council and staff for working to ensure that

this unique living legacy of a remarkable man, will continue to enable UK citizens of all ages and

backgrounds to make significant contributions to our society and our country for another 50

years.

In February I shall hand over the Chairmanship of Trustees to where it belongs, with the Churchill

Family. I am delighted that Jeremy Soames, Winston Churchill’s grandson, will be my successor.

Robert Fellowes

Chairman

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TRUSTEES’ REPORT

The Trustees have pleasure in presenting their report together with the audited financial

statements for the year ended 30 September 2015. The financial statements have been prepared

in accordance with the accounting policies set out on pages 23 to 34 and comply with the Trust

Deed, the relevant Statement of Recommended Practice (the Charities SORP 2005) and applicable

law.

OBJECTS

The Winston Churchill Memorial Trust (the WCMT) was established as a living memorial to Sir

Winston Churchill following a public appeal after his death in 1965. The WCMT’s Objects (set out

in full on page 34) are “The advancement and propagation of education in any part of the world

for the benefit of United Kingdom Citizens”.

The WCMT aims to fulfil its objects by the granting of over 100 Travelling Fellowships a year. It

also provides up to ten Bursaries annually to undergraduates at Churchill College, Cambridge and

one Archive By-Fellowship each year. Occasionally further grants are awarded to individuals and

or organisations for purposes that fit with the WCMT’s objects.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Trustees are responsible for the overall governance of the WCMT. The minimum number of

Trustees is six with a maximum of twelve; currently there are eleven serving Trustees. The

Trustees meet four times a year, normally in February, June, September and December.

Trustees, including the Chairman, are recommended by the Nominations Sub-Committee and are

appointed by the Board of Trustees. The Nominations Sub-Committee regularly reviews the skills

represented on the Board and makes recommendations to the Trustees on possible new

appointments. The final selection of new Trustees is made by the Board of Trustees. Trustees

serve for an initial period of seven years after which they may put themselves forward for

reappointment for three year periods. All Trustees retire at the age of 75. New Trustees receive a

comprehensive induction pack and briefing from the Chief Executive and the Finance Director.

The Trustees have delegated, within their overall policy direction, the exercise of certain powers

in connection with the management and administration of the WCMT as described on pages 35

and 36. This delegation is controlled by regular reporting to the Trustees, so that decisions of

importance made under delegated powers are ratified by the Trustees.

The Chief Executive is responsible for the day-to-day management of the WCMT's affairs and for

implementing policies agreed by the Trustees. She is supported by a staff of eight in the WCMT’s

office.

PUBLIC BENEFIT

The Trustees confirm that the WCMT has had regard to the Charity Commission’s general

guidance on public benefit when reviewing the WCMT’s aims and objectives, and in planning

future activities and in making grants.

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GRANT MAKING

The Winston Churchill Memorial Trust was established to perpetuate Sir Winston’s name “by

creating a fund to further the cause of education”. Thousands of people, in gratitude for his

inspired leadership, gave generously so that a living memorial to the great man could benefit

future generations.

The WCMT carries forward his legacy by funding British citizens of all ages and all backgrounds to

travel overseas and bring back inspiration and examples of best practice, for the benefit of others

in their communities and professions. The WCMT aims to award over 100 Fellowships each year

and has supported over 5,000 to date.

The impact on the lives of these Churchill Fellows has been transformational; many have emerged

as role models and experts in their local communities and workplaces. The opportunity provided

by the WCMT has consistently inspired Fellows and their networks and improved life for people in

the UK.

The Trustees have undertaken to increase the number of Travelling Fellowships awarded each

year from 100 up to 150 from 2015. These additional awards will be funded through partnerships

with other charities and through raising capital to increase the value of the WCMT’s endowment,

which will sustain the additional annual Fellowships for future years.

Since 2006 the WCMT has awarded up to 10 Bursaries a year to undergraduates at Churchill

College, Cambridge. To date 77 Bursaries have been awarded.

During the last year extraordinary grants were made to support the commemorative events

coordinated by Churchill 2015 (see page 6) during the 50th

anniversary of Churchill’s death and

the foundation of the Winston Churchill Memorial Trust.

90% of grant making expenditure is awarded in Travelling Fellowships with the remainder spent

on Bursaries and the Archive By-Fellowship at Churchill College and the Churchill Archives and

grants supporting Churchill 2015 programmes.

Travelling Fellowships

The Travelling Fellowship scheme was born as a national memorial to perpetuate Sir Winston's

memory, the concept having met with his full approval before he died. Fellowships are awarded

within a number of categories which are refined each year to include a specific focus area if

appropriate.

The aim of a Travelling Fellowship is:

To widen an individual’s experience in such a way that he or she grows in confidence, knowledge,

authority and ambition, and to bring benefit to others in the UK through sharing the results of

their travel experience. This is achieved through:

• the inspiration provided by the individual’s example – his or her subsequent performance

and achievements, and

• the dissemination and application of new knowledge, different perspectives and

innovative solutions.

The WCMT prefers to award Fellowships to people unlikely to obtain funding from other sources.

The selection of Fellows has at its heart the ethos of providing British Citizens with the

opportunity to ‘travel to learn; return to inspire’, but is also one of individual challenge and

personal development, with emphasis on Fellows being responsible for their own visit and travel

programme and subsequent dissemination of their experiences. (See pages 7 to 9 for more detail

on the achievements of Fellowships).

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The WCMT invites applications for Travelling Fellowships in a number of subjects. The selected

subjects are intended to cover the broadest cross-section of interests, including those of topical,

social and welfare concerns in the UK, and some will link to subjects that have been agreed with

our partner charities. The Advisory Council recommends areas of interest for single year and

multi-year applications to the Trustees. Each year there is also an Open category so that all

interested may apply.

The WCMT makes awards based on the potential of the applicant, their project and their plans to

disseminate their experiences. Applications are open to all British citizens over the age of 18 and

resident in the United Kingdom.

Grants cover return travel to countries of interest, daily living, insurance, and travel within the

countries being visited and, in exceptional cases, some assistance with home expenses.

Partnerships

Since 2010 we have been working to increase the impact of the Fellowships by partnering with

charities and foundations working in specific areas of concern and relevance for the UK. First, by

working with “delivery” partners to improve the national and regional coordination and

dissemination of the lessons learnt from Fellowships, and second, by gaining funding partners.

(Pages 14 and 15 have a full list of our current partnerships).

Churchill College Bursaries and Archive By-Fellowship

Bursaries are awarded to UK students at Churchill College, Cambridge, the National and

Commonwealth memorial to Sir Winston. The emphasis for selection of Churchill College

Bursaries is on educational excellence and potential in Science, Mathematics and the Arts and in

particular on financial need. Each Bursary is worth £2,000 per year and is paid annually, subject to

the Bursar passing their exams, for the duration of the three or four year degree course. The total

amount of bursaries granted in any academic year is £60,000.

The Archive By-Fellowship is awarded on the basis of subject matter and its relevance to the

Churchill Archives. When selecting the short list the Fellowship Electors of Churchill College take

into consideration the recipient’s previous academic research. The recipient of the Archive By-

Fellowship receives £3,000.

Churchill 2015

Churchill 2015 is a unique international celebration of the life and legacy of Sir Winston Churchill,

fifty years after his death. Churchill related activity has taken place around the world to

commemorate his achievements and to highlight his existing legacy as well as promoting a range

of educational opportunities and bringing his life and work to new audiences.

The WCMT is part of the Churchill 2015 alliance of charities, institutions and organisations that is

coordinating the commemorative events. During the year funds were granted to support the work

of the alliance.

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MEASURING IMPACT AND PUBLIC BENEFIT

Travelling Fellowships

Given the wide-ranging subjects covered by the Travelling Fellowships the Trustees have

recognised that evaluating the overall impact of the awards in terms of the ‘difference’ that the

awards make to society as whole would be impossible. A survey of Fellows covering a span of 15

years led to the conclusion that Travelling Fellowships can result in three types of benefits, of

which some or all may result from a Fellowship and may take years to develop fully. These

benefits include:

− The dissemination and use of the subject matter of Travelling Fellowships.

− Through the Fellow acting as a role model in the wider community and inspiring others.

− Enhancing the Fellow’s personal development and skills, enabling and helping them to

realise their potential as individuals and as citizens.

At present the evaluation of the outcomes and impact of a Fellowship is assessed by surveys

conducted at intervals of one, three, five and ten years after a Fellowship and our initial findings

from the last three years’ surveys are shown below. In addition we are collating and analysing the

collective experiences and learnings of Fellows within a given thematic area through our

partnerships. These results will be reported during 2016.

The results from the last three years’ surveys have found:

− At the one year point, 55% of Fellows have developed or set up a new programme as a

result of their Fellowship. 50% have said that their findings directly influenced practice in

their field.

− Within three years, 20% of Fellows set up a new organisation. 22% have set up a new

organisation in 5 years.

− The number of Fellows talking about their projects in conferences/workshops etc within

the first five years has increased from 50% in 2011 to over 70% in 2015.

− As a result of a Fellowship, in 10 years confidence increases in over 80% and career

progression is achieved by 67% of individuals.

− The percentage of Fellows having papers/books published increases from 17.5% in year

three to 42% by year 10.

To illustrate some of the achievements of a Fellowship, a small cross-section of Fellows who have

travelled in previous years is shown below (more examples can be viewed on our website

www.wcmt.org.uk)

Inshore shell fishing industry on the East Coast David Sales 1968

Inshore fisherman David Sales visited the New England states of the USA and the Maritime

provinces of Canada in 1968 for eight weeks to study the lobster fishing industry.

David visited the Lobster Hatchery at Martha’s Vineyard and attended a two day seminar at Booth

Bay, Maine, with their lobster scientists. He went to sea with various lobster fishermen in the New

England states. At Bailey Island, Maine, he discovered the vast size of their lobster fishery

compared to the UK, and was introduced to new ways of measuring lobsters to ensure regulations

were met.

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To prevent overfishing, the UK defined the minimum legal catch size for lobsters to be 238mm

from head to tail. This caused difficulties as it was possible to stretch the lobster flat, making its

full length extremely variable. In Massachusetts however, the measurement was taken from the

eye socket to the back of the carapace (head), with the legal size set at 80mm. David realised that

the carapace measure would be much more beneficial for enforcement purposes. It took him over

two years to convince the Ministry to adopt this idea nationally. Since then it has had a dramatic

effect on the lobster population around the coast and elsewhere in Europe.

Following his Fellowship, David imparted his knowledge to a large variety of audiences and has

been an active member of several committees and is the chair of the local Fishermen’s

Association. David’s Fellowship enabled him to form several personal and political contacts. He

has since been involved in supporting the inshore fishing industry in the UK. He was able to exert

influence with the Devon Wildlife Trust in the successful creation of the Lyme bay Marine Reserve

in 2008.

Pattern of services for people with mental health problems Jim Sandhu 1972

Jim, an industrial designer, spent over three months in northern Europe on his Fellowship. His aim

was to obtain a holistic picture of provisions for people with mental health problems. In total, he

visited 83 organisations from research centres, social service departments to schools and

architectural firms. Travelling as a Churchill Fellow, he was able to speak to key government

departments, local institutions and experts.

On return from his Fellowship in 1972 he established a course that examined the relationship

between the design process and the built environment from the viewpoint of all users. This was

the first course of its kind in the world and was based at the Polytechnic of Central London (now

Westminster University).

Following work as a consultant Jim was approached to found the Special Needs Research Unit

(SNRU) at the University of Northumbria in 1979. The output of SNRU was widely acknowledged

throughout Europe. Since 1979 Jim has written extensively for peer reviewed publications and

received a number of research grants, including 13 from the European Commission. He is a

founder member of the UK Institute for Inclusive Design, European Disability Forum and European

Institute for Design and Disability amongst others.

The human cost of seeking asylum in Europe Rebecca Ominora Oyekanmi 2010

Rebecca spent her Fellowship investigating the motives and experiences of undocumented

migrants travelling through the European Union to the UK. She collected testimonies from asylum

seekers and migrants, NGOs and officials in Greece, Spain, France, Italy and the UK. Of the themes

that emerged from her research in early 2011, most striking, was the vast numbers of immigrants

suffering severe poverty and destitution in all of these countries.

In France, unaccompanied Afghan children lived in tents on the outskirts of coastal towns. On a

good day in Ceuta (Spain), African migrants could earn a few euros parking cars. In Palermo (Italy)

hundreds of Nigerian women were forced into prostitution. In Greece conditions in the country’s

border reception centres were so terrible that one NGO described them as medieval. The UK had,

and continues to have, its own problems; many immigrants languished in detention centres and

were caught up in the complicated asylum application process.

Meanwhile, the EU was drawing up the next stage of its common asylum and immigration system.

The rhetoric of EU documents was based on principles of liberty, justice and a commitment to

human rights. Yet she found the reality on the ground far removed from such ideals.

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Since her return in 2011 Rebecca has produced several news reports and features, helped set up a

human rights magazine, worked with charities and refugees themselves, all of which has

contributed to a better quality of public debate about the problems Britain faces. She has been

shortlisted twice for the prestigious George Orwell prize for political writing as a result of her

work, which she says couldn't have happened without that initial support and funding from the

WCMT.

Churchill College Bursaries

Of the 50 Bursars who have now graduated; 17 achieved Firsts and 20 received upper second

class honours. These results are above the College and University average. These Bursars’ co-

curricular activities included many charity/voluntary pursuits, with several mentoring Year 11

pupils in their old schools.

2015 REVIEW

Funding

As in previous years, the Trustees set a fixed budget at the beginning of the year and agreed that

funds to meet this expenditure would be drawn from both income and capital. The Trustees’

intention, depending on the quality of the applications, was to increase the number of Travelling

Fellowship Awards to 150 and to fund up to 10 Bursaries at Churchill College, Cambridge. During

the WCMT’s 50th

year the achievements of the 5,000 Fellows were celebrated in additional events

that brought together Fellows from the past 50 years and support was given to Churchill 2015.

Travelling Fellowships

From October through to December applications were assessed by staff and the selection panels.

Short listed applicants were interviewed throughout January by panels made up of members of

the Advisory Council, the Trustee Board, partner representatives and co-opted Fellows. The 150

awards were approved by the Trustees in February. In March all new Fellows were invited to

attend an introductory seminar at which they met Fellows who had completed their travels and

received advice and guidance about their own Fellowships from the WCMT team. From May

applications were opened for 2016 Fellowships.

2016 2015 2014

Number of applications received 989 1,009 1,182

Number of applications short listed for interview 263 264 256

Number of awards made 150 150 137

Ratio of awards to applications received 1 to 6.6 1 to 6.7 1 to 8.6

The table on the following page shows the number of applications received for 2015 Travelling

Fellowships by category and the percentage of applications put forward to each stage of the

assessment process.

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The 2015 Fellows are currently on their Fellowship travels. The duration of their Fellowships

ranges from 4 to 12 weeks and award amounts from £3,750 to £11,500, with an average grant

amount of £6,261. On over 330 visits they will travel to 40 countries, on seven continents, with

North America continuing to be the most visited continent and an increase in visits to

Europe/Asia.

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Some examples of 2015 Fellowships are shown below; more examples can be viewed on our

website www.wcmt.org.uk.

Adjoa Anyimadu is an events coordinator from London. She travelled to Germany, the

Netherlands and the USA to explore the future of museums, with a focus on museums as cultural

and community hubs.

Michael Davies, a history teacher from Lancaster, visited schools in Israel, Jordan and the

occupied Palestinian Territory. His aim is to create a balanced and innovative teaching module

about the conflict for secondary history students.

James Edmonds, a film and TV editor from Stroud, is travelling in the USA and Mexico to meet

with bereaved parents and the charities that help them through their loss. His aim is to produce

an informed and accessible film aimed at parents and care professionals.

Clare Hammerton, from Ipswich, is Head of Quality and Improvement with the Adult and

Community Service. She has travelled to the USA and is about to leave for Sweden to find out how

these countries embed creative activity throughout their social care processes.

Jacqueline Johnston-Lynch is Head of Service at Liverpool's Tom Harrison House, an addiction

treatment centre. She has returned from the USA where she was investigating the addiction

treatment of emergency personnel and military veterans.

Ben Jones is a volunteer researcher from Hook and a diagnosed dyspraxic. He succeeded in

attempting the first circumnavigation of Cuba by bike to prove that dyspraxia need not be an

embarrassment or a barrier to achievement.

Maria Lisorgorskaya has travelled to USA and will travel to China in spring 2016 to explore the

development of collective workspaces. Maria is a founding member of Assemble Design and

Architecture Collective who were winners of the Turner Prize in 2015.

Hugh Miller, a furniture designer and maker from Liverpool, has just returned from Japan where

he explored the traditions and techniques of Japanese cabinetry. One of his aims is to better

understand and share the lasting influence that Japanese design and crafts have on the UK

creative and craft industries.

Shaun McGuigan, an assistant head teacher from Stoke Newington, has visited China and Hong

Kong, along with other countries ranked highly for reading, maths and science. He investigated

best practice with an aim to raise the attainment and aspirations of disadvantaged students.

Steven Moncaster, a supply demand strategy manager from Newark, has returned from the USA

where he investigated stakeholder engagement and decision-making in water resource planning.

Rosemary Richardson, a speech and language therapist from Bicester, has travelled to Australia

and New Zealand to visit and learn from auditory verbal centres for deaf children.

Clare Simpson is a project manager for Parenting across Scotland, based in Edinburgh. She has

travelled across Scandinavia to investigate the use of childcare to provide support to vulnerable

families.

Lucy Slade, from London, is mentor manager for resettlement charity Key4Life. She went to the

Netherlands, Norway, Spain and Sweden to study best practice in resettling foreign national

prisoners.

Gavin Straffon, a senior physiotherapist from Nottingham, has travelled to Australia and the USA

to research the role of the physiotherapist within multidisciplinary tracheostomy care teams. His

employer, the Nottingham University Hospital Trust, believes in this project so much he has been

given 4 months paid leave.

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Applications for 2016 Fellowships

Applications have been received for 2016 Fellowships. Following assessment and interviews in

January 2016 the Advisory Council will make their recommendations, for 150 Fellowship awards,

to the Trustees in February 2016. The following table shows the regional distribution of the

number of applications received for 2016, 2015 and 2014. As in previous years the largest number

of Fellowships was received from the Greater London and southern areas of the U.K. The regional

distribution of applications is being considered as part of the Strategy Review.

Fellowship Publicity and Dissemination

Each year the WCMT publicises the Travelling Fellowships to encourage applications for the

forthcoming year. Publicity in previous years has predominantly concentrated on the regional

press. Whilst this remains a strong focus, of increasing importance is the demonstration to

employers of the value of knowledge gained overseas and applied in the workplace.

Increasingly our emphasis is on the dissemination of Fellowship experiences and their benefits to

others and this is supported by regional and thematic networks of Fellows.

Anniversary

An investment in the collective and individual achievements of over 5,000 Churchill Fellowships

was made at a series of eighteen events, run regionally, throughout the year celebrating 50 years

of Churchill Fellowships. These included a Fellows’ Day at Blenheim Palace at which 80 Fellows

and 2 Churchill Archive By-Fellows gave presentations and was attended by over 1,300 Fellows

and their guests. In March, our Patron, HM The Queen, gave a reception at Buckingham Palace,

attended by 300 Fellows drawn from each year since 1966. The events and associated publicity

has provided an excellent foundation and resource from which WCMT plans to develop its shared

learning.

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Administration

A selection process was run by Russam GMS to appoint the Director General’s successor. Major

General Jamie Balfour stood down after eight years with the WCMT, and was succeeded by Julia

Weston in July 2015.

During the year two new fixed term roles were employed. The first as part of the Rank Time to

Shine Intern programme is our community researcher who is drawing together the work of our 59

Fellows in the Communities that Work category. The second post supported our Appeal Director

and organised and administered the anniversary events.

During the summer the Trustees initiated a Strategic Review to submit recommendations by June

2016. The last Review was in 2009/10 and the WCMT has moved on considerably since then. The

review is being conducted by a strategy steering group, whose membership includes; Trustees,

staff and the Advisory Council, with the support of consultants from the Centre for Charity

Effectiveness at CASS Business School.

Fundraising

The Trustees would like to give more individuals the chance to travel to make a difference and

have expanded the number of Travelling Fellowships awarded from 100 to 150 each year by 2015,

the 50th

anniversary of the WCMT.

In order to fund the expansion the Trustees launched a fundraising appeal in 2011 to raise the

additional funds needed. The first phase aimed at developing relationships with individuals,

trusts, charities and organisations, gave rise to a number of mutually supportive partnerships, and

continues to do so.

The second phase, in 2012, approached Fellows for their support. The appeal included a

telephone call which not only outlined the ways a Fellow could support the WCMT; leaving a Gift

in their Will or by making a regular donation but, valuably, provided the opportunity to find out

about how Fellows’ lives had been affected as a consequence of their Fellowship.

The third phase of the appeal, the Anniversary Appeal, aimed to increase the WCMT’s expendable

endowment by £10 million and by so doing fund a further 50 Fellows each year. This phase was

coordinated by an external Appeal Committee, supported by the Appeal Director, a fundraising

consultant. As part of WCMT’s Anniversary Appeal to commemorate WCMT’s 50th

year a BBC

Radio 4 Appeal was broadcast in May.

As a result of approaches to our supporters, it has become clear that they are engaged with the

impact and effect of their funding and WCMT has seen an increased interest in supporting areas

of specific interest or individuals either from or travelling to a specific region. This has focused

attention on the balance between restricted and unrestricted funding. It has also encouraged

WCMT to consider the collective impact of its Fellows and to focus on drawing together the

common learnings and experiences in specific subject areas and or regions.

During the year £483,263 was received in capital donations for the year to end September 2015

and a further £322,000 in restricted funding for 2015 Fellowships. Overall the Appeal has raised

£6,000,000 including capital donations and grant funding commitments for future years.

A further £74,206 was received in general donations. These are held in a Designated Fund which

has been created by the Trustees to support and maintain the increase in the number of

Fellowship awards.

Due to this combined fundraising effort the WCMT was able to award 150 Fellowships in 2015 and

will be in a position to award up to 150 Fellowships in the immediate future.

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In addition £70,000 was donated during the year to support the 21st Century Statesmanship

Global Leaders Programme, part of the Churchill 2015 50th

Anniversary Events.

The Trustees are extremely grateful to the many individuals, charities and organisations who have

supported the Fellowships, financially and with their time, and they are listed on pages 38 and 41.

Partnerships

Within the partnership categories the aim is to use partners’ front line expertise and networks to

disseminate Fellowship results and ensure the Fellowship opportunity is promoted within specific

sectors. Co-ordinators and/or researchers within each of these categories will draw together the

collective findings and recommendations which will form the final reports on each partnership.

The duration of a partnership is between 2 and 3 years with a few extending beyond that time.

Concluding Partnerships

The findings from our Communities that Work category, a partnership with the Rank Foundation,

are being drawn together by a Rank Foundation funded researcher through their ‘Time to Shine’

intern programme. The final report will be presented through publications and a series of events,

as appropriate, during 2016.

The Arts and Older People partnership with the Baring Foundation is in its final year and findings

will be collated and disseminated during 2016.

2015 was the final year for the award of Fellowships in the Prison and Penal Reform category. Our

partnership with the Prison Reform Trust continues as they support Fellows, before and after

their Fellowship travels, and are actively involved in developing the network. In 2016 WCMT will

be working with the Prison Reform Trust to bring together Fellows’ learnings and to disseminate

them throughout the year.

The final Fellowships were awarded in one of our education categories: Increasing attainment

levels in Science, Technology, English and Maths in 5-19 year olds, a partnership with the Mercers’

Company.

Current Partnerships

The following partnerships, also with an education theme, are continuing;

− Aspiring Head Teachers with The Farmington Trust who are jointly funding 4 Fellowships.

− Two co-funded Fellowships with The Finzi Trust in music education.

− A renewed partnership with the Mercers’ with a new focus for 2016 on Education

Futures.

2015 was the second year for partnerships in the following subjects:

− Patient Care, Environment and Young People. 10 Fellowships were co-funded by the

Burdett Trust for Nursing. The Royal College of Nursing and FoNS Centre for Nursing

Innovation will work with the WCMT to disseminate the findings of this programme of

Fellowships. The Royal College of Physicians, Edinburgh have part funded a Fellowship.

− In the Environment category 2 Fellowships were co-funded by The Frank Jackson

Foundation.

− In the Young People category mentoring, advice and dissemination platform was provided

by the National Council for Voluntary Youth Services (NCVYS).

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Winston Churchill Memorial Trust 15 Year ended September 2015

During the year partnerships were launched in two new fields; Early Years Intervention and

Prevention and Arts, Crafts and Design:

− The Dulverton Trust co-funds 4 Fellowships a year and Wave Trust assists with

dissemination in the Early Years Intervention and Prevention category.

− The Arts, Crafts and Design category is supported by the Heritage Crafts Association, the

British Council and 2 Fellowships are co-funded by The Worshipful Company of

Carpenters.

Future Partnerships

For 2016 three new partnerships have been confirmed;

− Mental Health – Community Based Approaches. We are working with the Mental Health

Foundation and the category will have an emphasis on those in education and veterans.

− New Approaches to Social and Affordable Housing. We are working with both the

National Housing Federation and the Chartered Institute for Housing.

− As part of the Environment category we have started a small three year partnership with

the Royal Horticultural Society for garden and landscape designers and related

horticultural professions, to commemorate the Tercentenary of Capability Brown next

year.

Churchill College, Cambridge

Bursary

In March 2015 eight Bursars were selected from the 15 short listed for interview. All eight

achieved the required grades in their exams and started at Churchill College in October 2015. For

the academic year 2015/2016 there will be 27 Bursars at the College.

Archive By-Fellowship

Two Archive By-Fellowships were awarded to Dr Roland Quinault whose research topic was “Filial

Politics: the influence of Lord Randolph Churchill on Winston Churchill” and to Mr Christopher

Catherwood for his research into “Britain, Yugoslavia and SOE in World War Two”.

Churchill 2015

During the year the WCMT gave extraordinary grants and, in conjunction with some of our

supporters, contributed to administration costs for the 21st Century Statesmanship Global

Leaders Programme. This was established, as part of the Churchill 2015 events, to provide a

fitting tribute to Churchill’s memory and his legacy as a world statesman and to identify today’s

top level strategic issues. Sixteen panels spanning geopolitics, business and finance, the sciences,

society and faith, explored the challenges facing leaders today and the skills needed for effective

leadership in the modern world. Their reports were published on the Churchill Central website

www.churchillcentral.com in October.

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Winston Churchill Memorial Trust 16 Year ended September 2015

RISK MANAGEMENT

The Audit and Risk Sub-Committee, working with the Chief Executive and the Finance Director,

monitors the WCMT's systems and controls on an ongoing basis. The risk assessment process

identifies risks faced by the WCMT and ensures that, where appropriate, adequate measures are

in place to minimise each risk. The most significant risks facing the WCMT are reviewed at two of

the four Trustee meetings during the year.

The most significant risks facing the WCMT, aside from risks associated with investment markets,

include the impact of; reputational damage, the effects of failing to sustain the increase in

number of Fellowship awards from 100 to 150, and business continuity in the event of a failure

with the cloud-based database.

The Trustees are satisfied that the major strategic business and operational risks which the WCMT

faces have been identified, and that systems and controls exist to mitigate those risks.

INVESTMENT REVIEW

The Trustees have adopted a five year medium risk strategy for the BlackRock portfolio. This seeks

to develop sufficient return to meet the cost of the charitable activities during the year, while

maintaining the capital value of the portfolio in real terms. In May 2012, the investment strategy

was revised in order to manage the portfolio’s risk exposures across the investment horizon and

included an element of active allocation.

BlackRock focuses on delivering total returns comprising both capital growth and income

generation, and implements the strategy through investing in individual BlackRock Funds which

pursue clearly defined strategies. BlackRock manages these strategies in aggregate to ensure

levels of risk commensurate with the WCMT’s overall objectives.

The Trustees continue to hold 10% of the expendable endowment in the Trojan Fund, managed

by Troy Asset Management Ltd, due to its differentiated strategy.

The overall value of the WCMT’s portfolio, as at 30 September, totalled £35,418,402 (2014:

£35,435,161) of which £31,485,368 was under management by BlackRock and £3,933,034

invested in the Trojan Fund managed by Troy Asset Management Ltd. The downturn in the

markets at the end of the summer had a short term effect on the value of the portfolios which

coincided with the end of the financial period.

The Investment Sub-Committee reviewed the investment strategy during the summer and again

in early October in light of market activity. No significant revisions were made.

The portfolio managed by BlackRock is measured annually against a composite benchmark set by

the Trustees. Performance for the year for the portfolio managed by BlackRock was 2.08% as

compared to benchmark performance of 1.36% and for 5 years since 2009, has returned 36.5%

compared to benchmark performance of 35%.

Performance for the Trojan Fund, an absolute return fund, is measured by the fund’s total return

and for the 12 months the fund returned 3.1%. Since inception in 2009, the Fund has returned

58.3%.

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Winston Churchill Memorial Trust 17 Year ended September 2015

FINANCIAL REVIEW

For the year ended 30 September 2015 the Trustees set a budget for the general fund of

£1,893,682 to meet the grant making and support costs of the WCMT and additional anniversary

activities. The budgeted expenditure was met by £1,309,189 being the 4% drawdown of the total

value of the investment portfolio, and restricted grants and donations to fund Fellowships in

specific categories and some of the anniversary events.

Incoming Resources

The continued donations to the Anniversary Appeal maintained total incoming resources for the

year at £2,004,652 (2014: £2,013,360). This reflects the donations given to the Appeal and the

support given to the WCMT by the many individual donors and our partner charities. During the

year £74,206 (2014: £17,025) was received in unrestricted donations. There was a significant

increase in restricted funds £599,239 (2014: £222,290), of which £519,239 funded 2015

Fellowships, £70,000 (2014: £0) was received to support the Global Statesmanship programme,

part of the Churchill 2015 commemorative activities and £10,000 to support fundraising events.

£483,263 (2014: £855,384) was received in capital donations to the Anniversary Appeal and has

been applied to the Capital Fund which is invested as part of the WCMT’s expendable

endowment.

Investment income for the year totalled £815,489 (2014: £896,980) and, in accordance with the

4% drawdown policy, the Trustees withdrew £524,269 from the portfolio. This is shown as a

transfer between funds on the Statement of Financial Activities.

Expenditure

During the year charitable expenditure increased by 21% from £1,425,625 to £1,730,696. Within

which 2015 grant expenditure increased by 10% as 150 Fellowships were awarded (2014: 137) at

a total grant cost of £949,583 (2014: £882,221) of which £411,174 (2014: £192,576) was funded

by restricted funds.

Grant commitments for the year included £66,000 (2014: £59,000) to fund eight Bursars for their

three/four year undergraduate courses and two Archive By-Fellowships at Churchill College. A

further £36,800 (2014: £15,175) was also granted by WCMT to charities involved with the 21st

Century Statesmanship Global Leaders Programme, part of the Churchill 2015 activities.

Grant programme and related support costs increased, exceptionally, to meet expenditure related

to the 50th

anniversary regional events and the coordination of the Statesmanship Global Leaders

Programme. This latter was met, generously, by donors listed on page 38.

Direct fundraising costs totalled £76,158 (2014: £81,063) and are considered an investment in the

WCMT’s aim to sustain 150 Fellowships each year. Overall fundraising costs, including allocation

of staff and support costs, totalled 8% of expenditure excluding anniversary costs and investment

management fees.

Distribution and Cash Management

The Trustees have adopted a policy to withdraw from the investment portfolios 4% of the total

value (on a 12 quarter trailing average) of the investments. This figure is advised to investment

managers annually and is reviewed by the Investment Sub-Committee and Trustees. The figure for

2014/2015 was £1,309,189.

The WCMT holds sufficient cash on short-term deposit to meet immediate expenditure and to

manage cashflow fluctuations. This is reviewed regularly by the Investment Sub-Committee.

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Winston Churchill Memorial Trust 18 Year ended September 2015

RESERVES POLICY

The reserves policy has been drawn up to ensure that there are sufficient resources:

− To enable the WCMT to cater for any unforeseen shortfall in income without incurring

excessive loss through selling securities in the midst of a possible downturn in the

financial markets.

− To provide funds to protect the charity against unforeseen adverse circumstances.

During the year the Trustees reviewed the amount of cash held on deposit and considered the

WCMT’s free reserves. Given the increase in charitable activities the Trustees have taken the

decision to increase the balance from three month’s expenditure to six month’s expenditure,

approximately £0.6m.

In addition the Trustees have designated unrestricted funds to fund and maintain the increase in

the number of Fellowship awards and to fund the bi-ennial Awards Ceremony. These

designations are reviewed annually. Designated funds at the balance sheet date amounted to

£198,895 (2014: £124,689) for additional Fellowships and £15,000 (2014: £30,000) for the Awards

Ceremony.

The Trustees review reserves annually and are satisfied that the Charity is in a position to meet all

its current and anticipated future commitments.

STATEMENT OF TRUSTEES' RESPONSIBILITIES AND GOVERNANCE

The Trustees are responsible for their annual report and for the preparation of financial

statements for each financial year, which give a true and fair view of the incoming resources and

the application of those resources by the WCMT during the year and of the state of affairs at the

end of the financial year.

In preparing financial statements, the Trustees are required to: -

− Select suitable accounting policies and apply them consistently.

− Observe the methods and principles of the Charities Statement of Recommended Practice

(SORP).

− Make judgements and estimates which are reasonable and prudent.

− State whether applicable accounting standards have been followed, subject to any

material departures disclosed and explained in the financial statements.

− Prepare the financial statements on a going concern basis, unless it is inappropriate to

presume that the WCMT will continue in operation.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable

accuracy at any time the financial position of the charity, and to enable them to ensure that the

financial statements comply with the Charities Act 2006 and UK accounting regulations.

The Trustees are also responsible for safeguarding the assets of the WCMT and for their proper

application as required by charity law, and hence for taking reasonable steps for the prevention

and detection of fraud and other irregularities and to provide reasonable assurance that: -

− The WCMT is operating efficiently and effectively.

− All assets are safeguarded against unauthorised use or disposition and are properly applied.

− Proper records are maintained and financial information used within the WCMT, or for

publication, is reliable.

− The WCMT complies with relevant laws and regulations.

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Winston Churchill Memorial Trust 19 Year ended September 2015

PLANS FOR THE FUTURE

The Trustees will continue to support improvements to the way the WCMT meets its objectives

through the awards of Travelling Fellowships and support to Churchill College, Cambridge. In 2016

the focus will be:

− The continued award of up to 150 Fellowships.

− The dissemination of the learnings from the Fellowships supported by our concluding

partnerships.

− Ongoing development of Fellowship monitoring and evaluation.

− Post Fellowship support programmes.

− Forming strategy recommendations and developing a programme for implementation.

This report was approved by the Trustees on 25th February 2016 and signed on their behalf by

Robert Fellowes

Chairman of the Trustees

Winston Churchill Memorial Trust

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Winston Churchill Memorial Trust 20 Year ended September 2015

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE WINSTON

CHURCHILL MEMORIAL TRUST

We have audited the financial statements of the Winston Churchill Memorial Trust for the year ended 30

September 2015 which comprise the Statement of Financial Activities, the Balance Sheet, and the related

notes numbered 1 to 17, pages 1 to 37 inclusive.

The financial reporting framework that has been applied in their preparation is applicable law and United

Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the charity’s Trustees, as a body, in accordance with section 154 of the

Charities Act 2011. 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, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of Trustees and Auditor

As explained more fully in the Statement of Trustees' Responsibilities, the Trustees are responsible for the

preparation of the financial statements and for being satisfied that they give a true and fair view.

We have been appointed as Auditor under section 151 of the Charities Act 2011 and report in accordance

with regulations made under section 154 of that Act.

Our responsibility is to audit and express an opinion on the financial statements in accordance with

applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to

comply with the Auditing Practices Board's Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements

sufficient to give reasonable assurance that the financial statements are free from material misstatement,

whether caused by fraud or error. This includes an assessment of: whether the accounting policies are

appropriate to the charity’s circumstances and have been consistently applied and adequately disclosed;

the reasonableness of significant accounting estimates made by the trustees; and the overall presentation

of the financial statements.

In addition, we read all the financial and non-financial information in the Trustees’ Report and the

Chairman’s Review 2015 to identify material inconsistencies with the audited financial statements. If we

become aware of any apparent material misstatements or inconsistencies we consider the implications for

our report.

Opinion on financial statements

In our opinion the financial statements:

• give a true and fair view of the state of the charity’s affairs as at 30 September 2015 and of its

incoming resources and application of resources for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting

Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to

report to you if, in our opinion:

• the information given in the Trustees’ Annual Report is inconsistent in any material respect with

the financial statements; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Crowe Clark Whitehill LLP

Statutory Auditor

London Crowe Clark Whitehill LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Signed on 17th

March 2016

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Winston Churchill Memorial Trust 21 Year ended September 2015

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 SEPTEMBER 2015

Notes General

Fund

Restricted

Fund

Capital

Fund

Total

2015

Total

2014

£ £ £ £ £

Incoming resources

Voluntary Income 2 74,206 599,239 483,263 1,156,708 1,094,699

Investment Income 3 815,489 - - 815,489 896,980

Other incoming resources 2 32,455 - - 32,455 21,681

Total incoming resources 922,150 599,239 483,263 2,004,652 2,013,360

Resources expended

Charitable Activities:

Grants payable 4 604,066 416,173 - 1,020,239 930,114

Grant programme and

related support costs 5 540,909 169,548 - 710,457 495,512

Total cost of Charitable Activities: 1,144,975 585,721 - 1,730,696 1,425,626

Costs of Generating Funds:

Fundraising Costs 5 132,674 5,988 - 138,662 120,452

Investment Management Costs 11 - - 96,314 96,314 93,964

Total cost of Generating Funds: 132,674 5,988 96,314 234,976 214,416

Governance costs

Total cost of Governance: 5 48,921 - - 48,921 35,246

Total resources expended 1,326,570 591,709 96,314 2,014,593 1,675,288

Net (outgoing) / incoming resources

before investment gains (404,420) 7,530 386,949 (9,941) 338,072

Net investment gains 9 - - 104,099 104,099 1,676,842

Net movement in funds (404,420) 7,530 491,048 94,158 2,014,914

Transfer between funds 16 524,269 (4,012) (520,257) - -

Funds at 30 September 2014 563,335 1,171 35,180,613 35,745,119 33,730,205

Funds at 30 September 2015 15 683,184 4,689 35,151,404 35,839,277 35,745,119

The above Statement of Financial Activities includes all recognised gains and losses.

All activities giving rise to such gains and losses are continuing.

The notes on pages 23 to 34 form part of these financial statements.

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Winston Churchill Memorial Trust 22 Year ended September 2015

BALANCE SHEET

AT 30 SEPTEMBER 2015

Notes Total Funds Total Funds

2015 2014

£ £

FIXED ASSETS

Tangible fixed assets 10 135,345 155,208

Investment assets 11 35,418,402 35,435,161

35,553,747 35,590,369

CURRENT ASSETS

Stocks 18,778 13,993

Debtors 12 150,468 115,053

Cash and deposits 686,542 583,132

855,788 712,178

CREDITORS:

Amounts falling due within one year 13 (518,067) (498,228)

NET CURRENT ASSETS 337,721 213,952

TOTAL ASSETS LESS CURRENT

LIABILITIES

35,891,468 35,804,319

CREDITORS:

Amounts falling due after more than

one year

14 (52,191) (59,200)

NET ASSETS 35,839,277 35,745,119

REPRESENTING 15

GENERAL CHARITABLE FUNDS

Capital Fund 35,151,404 35,180,613

Restricted Fund 4,689

1,171

Unrestricted Funds represented by:

Designated Fund – Fellowships 198,895 124,689

Designated Fund – Awards & Events 15,000 30,000

General Fund 469,289 408,646

35,839,277 35,745,119

The notes on pages 23 to 34 form part of these financial statements.

The financial statements were approved and authorised for issue by the Trustees on 25th

February 2016 and signed on their behalf by Robert Fellowes

Chairman of Trustees

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Winston Churchill Memorial Trust 23 Year ended September 2015

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

a) Basis of financial statements

The financial statements have been prepared on an accruals basis under the historical cost

convention with the exception of listed investments, which are included at market value. The

financial statements have been prepared in accordance with applicable accounting standards and

the Statement of Recommended Practice, "Accounting and Reporting by Charities" issued in

March 2005, and the Charities (Accounts and Reports) Regulations 2005.

b) Fund accounting

The WCMT’s principal Fund is an expendable endowment, which is unrestricted and may be used

to support all the WCMT’s objects. However, in order to demonstrate adherence with the policy

adopted to preserve the capital of the WCMT, the Trustees have created the following funds:

The capital fund which represents the expendable endowments.

The unrestricted fund which consists of:

i) The designated fund - Fellowships is monies set aside from the general fund by the

Trustees for the funding of Travelling Fellowships over and above the annual 100 awards

funded by the WCMT each year.

ii) The designated fund - Awards and Events is monies, set aside from the general fund

by the Trustees for the funding of the bi-ennual Award Ceremony and the 50th

anniversary

events celebrating 50 years of Travelling Fellowships in 2015.

ii) The general fund which represents unexpended income and/or liabilities.

The restricted fund which represents monies raised for, and their use restricted to, a specific

purpose, or donations subject to donor imposed conditions.

c) Incoming Resources

All incoming resources are included in the Statement of Financial Activities when the WCMT is

legally entitled to the income and the amount can be quantified with reasonable accuracy. The

following specific policies are applied to particular categories of income:

Voluntary income received by way of donations and gifts is included in full in the Statement of

Financial Activities when receivable.

Grants, where entitlement is not conditional on the delivery of a specific performance by the

WCMT, are recognised when the WCMT becomes unconditionally entitled to the grant. Such

grants are carried forward to the extent that the grantor specifies that the grant is for expenditure

in future accounting periods, or when the charity has to fulfil conditions before becoming

entitled. Grants carried forward in this way are accounted for as deferred income.

Income tax recoverable on covenanted giving and Gift Aid donations is accounted for in the year

of receipt of the associated income on an accruals basis.

Donated services and facilities are included at the value to the charity, where this can be

quantified.

Donated assets are included at the value to the charity, where this can be quantified.

Investment income is accounted for when receivable, and includes related tax credits.

Legacies are accounted for when the conditions of entitlement, certainty and measurement are

satisfied.

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Winston Churchill Memorial Trust 24 Year ended September 2015

1. ACCOUNTING POLICIES (continued)

d) Resources Expended

Expenditure is recognised on an accruals basis as a liability is incurred.

Cost of Charitable Activities

Charitable activities expenditure comprises those costs incurred by the WCMT in the delivery of

its grant making activities. It includes both costs that can be allocated directly to such activities

and those costs of an indirect nature necessary to support them.

Fellowships and Bursaries (single and multi-year) are recognised in the accounts as liabilities once

they have been approved by the Trustees and the recipients have been notified.

Any revision of these estimates to actual is recorded in the year the revision is made.

Cost of Generating Funds

Costs of generating funds comprise fundraising costs and investment management fees.

Fees due in respect of investment management are charged against the relevant Fund as the cost

of generating funds. The figures shown are the fees charged in accordance with the fee scale set

out in the investment management agreement for the WCMT’s portfolio, managed by BlackRock,

before the receipt of any rebate for the management fees for in-house managed funds.

Underlying management fees for the common investment funds, managed funds and hedge funds

have been incurred and have been charged to those funds. These fees have been calculated and

the gross fee due on the WCMT’s portfolio is set out in Note 11.

Governance costs

Governance costs include those costs associated with meeting the constitutional and statutory

requirements of the charity and include audit fees and costs linked to the strategic management

of the WCMT.

Allocation of Support Costs

All costs are allocated between the expenditure categories of the Statement of Financial Activities

on a basis designed to reflect the use of the resource. Costs relating to a particular activity are

allocated directly, others are apportioned on an appropriate basis e.g. staff time, as set out in

Note 5.

e) Investments

Listed investments are stated in the balance sheet at their market value, as at the balance sheet

date. Historical costs are included for information.

f) Cash and bank balances

Cash and bank balances represent money on deposit and on current accounts with banks. Cash

held by investment managers as part of their discretionary mandate is included with investments.

g) Pension costs

The WCMT contributes 10% of gross salary towards personal pension plans for some of its

employees. Contributions to employees' personal pension plans are charged to the Statement of

Financial Activities in the year in which they become payable.

h) Tangible fixed assets

All assets, including donated assets, costing or with a value more than £1,000 and with an

expected useful life exceeding one year, are capitalised on acquisition. Such assets are capitalised

and included in the balance sheet.

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Winston Churchill Memorial Trust 25 Year ended September 2015

1. ACCOUNTING POLICIES (continued)

h) Tangible fixed assets (continued)

Tangible fixed assets are depreciated on a straight line basis over the asset’s anticipated useful

life. Depreciation begins in the year following purchase.

Leasehold improvements - 10 years

Furniture and equipment - 10 years

Computer equipment - 4 years

Website - 4 years

i) Paintings held by the WCMT

The WCMT’s offices are used for displaying paintings by or of Sir Winston Churchill which were

donated many years ago. The paintings are for display in connection with the WCMT’s public

benefit aims. These paintings are fully insured and visitors to the WCMT’s offices are welcome to

view them by prior arrangement, the Trustees consider that no reliable carrying value can be

ascribed to them for accounting purposes. As permitted by FRS15, these pre-2000 assets have

therefore not been capitalised in the accounts.

A heritage asset is a tangible asset of historical or artistic importance held and maintained

principally for its contribution to knowledge and culture. A painting, by Sir Kyffin William, a

Churchill Fellow, is displayed in the WCMT’s offices. This asset has been capitalised, but no

depreciation has been charged because the asset has a very long useful life and the estimated

residual is not materially different from the carrying amount. The asset is subject to an annual

impairment review by the Trustees and there was no reduction in the value of the heritage asset

during the year.

j) Stock

Stock is stated at the lower of cost or net realisable value.

k) Cashflow

The WCMT has not prepared a cashflow statement as it qualifies as a small entity as defined by

FRS1 (Revised 1996).

l) Irrecoverable VAT

Irrecoverable VAT is included in the Statement of Financial Activities within the expenditure to

which it relates.

m) Realised and unrealised investment gains and losses

Realised and unrealised investment gains and losses are credited or charged to the Statement of

Financial Activities in the year in which they occur.

Gains or losses on investments are calculated as the difference between the disposal proceeds

and the historical cost, and are included in the Statement of Financial Activities.

n) Related party transactions

The WCMT’s policy is for Trustees, executives or advisers to declare their interest and exempt

themselves from all relevant discussions and decisions which may involve a transaction with a

related party, or in which they may have a conflict of interest.

o) Operating leases

Rentals payable under operating leases are charged to the Statement of Financial Activities on a

straight line basis over the lease term.

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Winston Churchill Memorial Trust 26 Year ended September 2015

2.a VOLUNTARY INCOME Total Total

2015 2014

£ £

Donations 19,206 16,025

Legacies 55,000 1,000

Restricted Income 599,239 222,290

Capital Donations

483,263 855,384

1,156,708 1,094,699

2. b During the year other incoming resources totalled £32,455 (2014: £21,681) of which:

£28,095 (2014: £21,249) for donated services received in relation to; publicity materials,

meeting venues and refreshments and the annual licence fee for the use of the database.

£472 (2014: £323) was received from sales of WCMT memorabilia to Churchill Fellows.

£3,888 (2014: £0) was received for ticketed attendance at an anniversary event.

2. c RESTRICTED INCOME Total Total

2015 2014

£ £

Funding for Travelling Fellowships

Axa Group 32,000 -

The Baring Foundation 1,250 1,250

Lord Barnby’s Foundation - 8,000

The Michael Bishop Foundation 67,000 -

Burdett Trust for Nursing 40,453 40,000

Carpenters' Company 8,000 -

Churchill Fellows 4,334 4,709

The Dulverton Trust 25,000 -

The Englefield Trust 5,000 -

The Farmington Trust 8,000 12,106

The Finzi Trust 8,655 8,000

The J Paul Getty Jnr Charitable Trust 6,667 6,667

The Jackson Foundation 8,000 8,000

The Lloyd George Foundation 20,000

The 29th

May 1961 Charitable Trust 10,000 10,000

The Mercers’ Charitable Foundation 43,000 43,000

Mr Nagel 8,000 -

The Oak Foundation 200,000 -

The Rank Foundation 19,880 80,558

RCPE 4,000 -

519,239 222,290

Funding for Generating Funds

Anonymous 2,500 -

KPMG 7,500 -

10,000 -

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Winston Churchill Memorial Trust 27 Year ended September 2015

2.b RESTRICTED INCOME (Continued) Total Total

2015 2014

£ £

Funding for Churchill 2015

BlackRock 50,000 -

The British Council 5,000 -

Chartered Institute of Management Accountants 5,000 -

Møller Centre 5,000 -

Anthony Rosenfelder 5,000 -

70,000 -

599,239 222,290

3. INVESTMENT INCOME Total Total

2015 2014

£ £

Dividends 677,127 765,044

Bond interest 134,485 128,903

Bank interest 3,877 3,033

815,489 896,980

4. ANALYSIS OF GRANTS CHARGED DURING THE YEAR

4. a GRANTS AWARDED Total Total

2015 2014

£ £

Grants awarded during the year 1,052,383 956,396

Addition or withdrawal of Grants

Travelling Fellowships adjustments (26,811) (21,615)

Churchill Bursary adjustments (5,333) (4,667)

Charge for the year

1,020,239

930,114

Grants accrued as at 1 October 2014 384,725 389,800

Grants payable in the year

1,404,964

1,319,914

Grants paid during the year 868,556 865,881

Bursaries, By-Fellowships 60,000 54,133

Extraordinary grants to Churchill 2015 21,800 15,175

Payable as at 30 September 2015 of which 454,608 384,725

Travelling Fellowships 355,608 302,725

Bursaries due within one year 42,000 42,000

Bursaries due after more than one year 42,000 40,000

Churchill 2015 grant 15,000 -

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Winston Churchill Memorial Trust 28 Year ended September 2015

4.b GRANTS CHARGED BY FUNDER Total Total

2015 2014

£ £

Travelling Fellowships

Axa Group 22,112 -

Lord Barnby’s Foundation - 8,000

The Michael Bishop Foundation 61,575 -

Burdett Trust for Nursing 33,344 32,945

Carpenters' Company 7,650 -

Churchill Fellows 4,335 4,709

The Dulverton Trust 22,750 -

The Englefield Trust 5,000 -

The Farmington Trust 7,000 9,025

The Finzi Trust 8,250 12,000

The J Paul Getty Jnr Charitable Trust 6,667 6,667

The Jackson Foundation 5,575 6,750

The Lloyd George Foundation 19,537 -

The 29th

May 1961 Charitable Trust 10,000 10,000

The Mercers’ Charitable Foundation 27,561 30,850

Mr Nagel 7,750 -

The Oak Foundation 158,068 -

The Rank Foundation - 71,630

RCPE 4,000 -

Winston Churchill Memorial Trust 538,409 689,645

949,583 882,221

Churchill College, Cambridge Bursaries & By - Fellowship

Winston Churchill Memorial Trust 60,000 56,000

Archive By-Fellowship 6,000 3,000

66,000 59,000

Churchill 2015 Extraordinary Grants

Anthony Rosenfelder 5,000 -

Winston Churchill Memorial Trust 31,800 15,175

Grants awarded for the year 1,052,383 956,396

5. a TOTAL RESOURCES EXPENDED

Charitable Cost of

Generating Funds

Total Total

Activities Governance 2015 2014 £ £ £ £ £ £

Grants 1,020,239 - - - 1,020,239 930,114

Staff costs 273,492 36,355 - 15,844 325,691 269,118

Direct costs 233,372 76,158 96,314 22,494 428,338 307,644

Support costs 203,593 26,149 - 10,583 240,325 168,412

2015 1,730,696 138,662 96,314 48,921 2,014,593 1,675,288

2014

1,425,626

120,452

93,964

35,246

1,675,288

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Winston Churchill Memorial Trust 29 Year ended September 2015

5. b ALLOCATION OF SUPPORT COSTS

Charitable Cost of

Generating Funds

Total Total

Activities Governance 2015 2014 £ £ £ £ £

Office Expenses 126,887 16,616 7,552 151,055 109,632

IT Services 24,758 3,242 1,474 29,474 18,255

Finance 26,156 3,425 1,557 31,138 30,201

Staff Support 25,792 2,866 - 28,658 10,324

2015 203,593 26,149 10,583 240,325 168,412

2014 145,248 15,260 7,904 168,412

6. RELATED PARTY TRANSACTIONS

Expenses of £1,057 (2014: £955) were reimbursed to two Trustees during the year to cover their

travel expenses in the fulfilment of their duties. No Trustee received any remuneration for their

services during the year (2014: £0).

Trustee indemnity insurance amounted to £2,086 (2014: £2,084) during the year.

Fellowships were awarded in the third year of the partnership with the Farmington Trust. Mr

Harry Henderson, a Trustee of the Winston Churchill Memorial Trust, is the Farmington Trust’s

Chairman of Trustees. The amount received from the Farmington Trust totalled £8,000 (2014:

£9,356).

7. NET INCOMING RESOURCES 2015 2014

Are stated after charging: £ £

Auditors’ remuneration: Audit fee 9,660 9,420

Depreciation of tangible fixed assets 22,291 13,472

8. STAFF COSTS 2015 2014

£ £

Wages and salaries 324,329 265,788

Employer’s National Insurance 33,087 24,972

Pension costs 28,071 18,883

385,487 309,643

The number of employees (full time equivalent) during the year was 8.6 (2014: 6.5). There was

one employee with remuneration within £60,001 - £70,000 (2014: 1) and no pension

contributions were made in respect of one employee (2014: £0).

Pension contributions were made to all other members of staff.

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Winston Churchill Memorial Trust 30 Year ended September 2015

9. GAINS AND LOSSES ON INVESTMENT ASSETS 2015

£

2014

£

Realised gain 309,963 420,455

Unrealised (loss)/ gain (205,864) 1,256,387

Net gain for the period 104,099 1,676,842

10. TANGIBLE FIXED ASSETS

Fixture

&

Fittings

Office

Refit

Office

Furniture

Website Computer

Equipment

Total

£ £ £ £ £ £

Cost

1 October 2014 45,000 66,975 50,624 26,372 19,159 208,130

Additions - - 2,428 - - 2,428

At 30 September 2015 45,000 66,975 53,052 26,372 19,159 210,558

Depreciation

1 October 2014 - 29,021 18,265 - 5,636 52,922

Charge in year - 6,699 5,062 6,593 3,937 22,291

At 30 September 2015 - 35,720 23,327 6,593 9,573 75,213

Net book value

At 30 September 2015 45,000 31,255 29,725 19,779 9,586 135,345

At 30 September 2014 45,000 37,954 32,359 26,372 13,523 155,208

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Winston Churchill Memorial Trust 31 Year ended September 2015

11. INVESTMENTS 2015 2014

£ £

Market value of listed investments as at

1 October 2014 34,655,528 32,928,410

Proceeds on sales during the year (4,557,055) (3,966,023)

Purchases during the year 4,989,718 4,016,299

Net investment gains 104,099 1,676,842

Market value of listed investments as at

30 September 2015

35,192,290

34,655,528

Cash deposits with Investment Managers 226,112 169,633

Cash committed with Investment Managers - 610,000

Cash holdings with Investment Managers

226,112

779,633

Total investments held 35,418,402 35,435,161

Historical cost of listed investments

as at 30 September 2015

30,461,645 29,606,290

Market value of listed investments comprises: 2015 2014

£ £

Trojan Fund 3,933,034 3,842,537

Portfolio managed by BlackRock:

Fixed Income Fund* 3,958,708 3,148,626

UK Equities 10,905,857 10,962,909

Overseas Equities 5,453,386 5,516,069

Property Unit Trusts 1,624,768 1,501,365

Hedge Funds - 1,841,219

Diversified Growth Fund 7,737,139 7,841,803

BSF Multi Strategy Fund 1,569,296 -

Liquidity Fund 10,102 1,000

35,192,290 34,655,528

*Invested in both government and corporate bonds

Gross fees payable for managing the WCMT’s investment portfolio were £210,253 (2014:

£290,124) these include direct charges and the underlying fees charged by each fund. Fees paid

for the portfolio managed by BlackRock in accordance with the fee scale in the investment

management agreement totalled £96,314 (2014: £93,964). A rebate of £16,415 (2014: £86,135)

was received from BlackRock for the difference between the fees due and the gross fees charged

by each fund. The decrease in rebate reflects the reduction in fees charged within the Charinco

and Charishare funds.

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Winston Churchill Memorial Trust 32 Year ended September 2015

12. DEBTORS: 2015 2014

£ £

Recoverable tax on dividends and fixed income 1,925 981

Investment income due but not received 71,115 62,256

Gift Aid due but not received 13,131 764

Prepayments 32,007 21,836

Restricted grants due 28,000 26,356

Other debtors 4,290 2,860

150,468 115,053

13. CREDITORS: amounts falling due within one year 2015 2014

£ £

Fellowship grants outstanding 355,608 302,725

Churchill college bursaries 42,000 42,000

Deferred grant income 43,148 98,917

Other grant creditors 15,000 9,833

Other creditors and accruals 62,311 45,047

518,067 498,228

14. CREDITORS: amounts falling due after one year 2015 2014

£ £

Sinking fund - 19,200

Church House Corporation 10,191 -

Churchill College Bursaries 42,000 40,000

52,191 59,200

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS :

General Designated Restricted Capital Total

£ £ £ £ £

Fixed Assets - - 135,345 135,345

Investments - - - 35,418,402 35,418,402

Net Current

Assets

469,289 213,895 4,689 167,915 855,788

Creditors - - - (570,258) (570,258)

At 30.09.15 469,289 213,895 4,689 35,151,404 35,839,277

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Winston Churchill Memorial Trust 33 Year ended September 2015

16. FUND MOVEMENTS

At 01.10.14 At 30.09.15

Total Income Expenditure Gains Transfers Total

£ £ £ £ £ £

Unrestricted Funds:

General Fund 408,646 847,944 (1,296,570) - 509,269 469,289

Designated Fund -

Fellowships

124,689 74,206 - - - 198,895

Designated Fund - 30,000 - (30,000) - 15,000 15,000

Awards and Events

563,335 922,150 (1,326,570) - 524,269 683,184

Restricted Funds:

Axa Group - 32,000 (31,543) - - 457

The Baring Foundation - 1,250 (1,250) - - -

Lord Barnby’s Foundation 151 - - - - 151

The Michael Bishop Foundation - 67,000 (67,000) - - -

Burdett Trust for Nursing - 40,453 (40,453) - - -

Carpenters' Company - 8,000 (8,000) - - -

Churchill Fellows - 4,334 (4,335) - - -

The Dulverton Trust - 25,000 (25,000) - - -

The Englefield Trust - 5,000 (5,000) - - -

The Farmington Trust - 8,000 (8,000) - - -

The Finzi Trust 1,020 8,655 (8,250) - - 1,425

The J. Paul Getty Jnr Charitable

Trust

- 6,667 (6,667) - - -

The Jackson Foundation - 8,000 (7,794) - - 206

The Lloyd George Foundation - 20,000 (20,000) - - -

The 29th May 1961 Charitable

Trust

- 10,000 (10,000) - - -

The Mercers’ Charitable

Foundation

- 43,000 (40,550) - - 2,450

Mr Nagel - 8,000 (8,000) - - -

The Oak Foundation - 200,000 (200,000) - - -

The Rank Foundation - 19,880 (19,880) - - -

RCPE - 4,000 (4,000) - - -

Total Travelling Fellowships 1,171 519,239 (515,722) - - 4,689

Anonymous - 2,500 (2,500) - - -

KPMG - 7,500 (3,488) - (4,012) -

Total Generating Funds - 10,000 (5,988) - (4,012) -

BlackRock - 50,000 (50,000) - - -

The British Council - 5,000 (5,000) - - -

Chartered Institute of

Management Accountants

- 5,000 (5,000) - - -

Møller Centre - 5,000 (5,000) - - -

Anthony Rosenfelder - 5,000 (5,000) - - -

Total Churchill 2015 - 70,000 (70,000) - - -

Total Restricted Funds 1,171 599,239 (591,709) - (4,012) 4,689

Capital Fund 35,180,613 483,263 (96,314) 104,099 (520,257) 35,151,404

At 30.09.14 35,745,119 2,004,652 (2,014,593) 104,099 - 35,839,277

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Winston Churchill Memorial Trust 34 Year ended September 2015

Transfers between the General Funds and Designated Fund - Fellowships represent the unrestricted

donations and grants received during the year. Transfers between the General Funds and Designated Fund

– Awards and Events represented monies set aside to fund the bi-ennial Award Ceremony.

Transfers between the Restricted and Capital Funds represent the balance of restricted funding for a

fundraising event that was applied, in accordance with the donor's request to the Anniversary Appeal, a

capital fundraising campaign.

Transfers between the Capital and Unrestricted Funds represents the difference between investment

income of £814,290, the expenditure within the Designated Fund Events of £30,000 and the annual 4%

drawdown from the investment portfolio which totalled £1,309,189.

The annual drawdown from the Capital Fund to fund the Trust’s annual expenditure is made up of

investment income and capital. The drawdown is calculated on a 4% trailing average of the preceding 12

quarters of the market value of the WCMT’s expendable endowment.

Restricted Funds, Travelling Fellowships, represents monies received to fund the Travelling Fellowship

programme and include: the funding of specific Fellowships and/or Travelling Fellowship categories.

Restricted Funds, Generating Funds, represents monies received to fund specific fundraising events.

Restricted Funds, Churchill 2015, represents monies received to fund the Global Leadership programme.

17. OPERATING LEASE COMMITMENTS

At year end the WCMT held a five year lease for its premises with a break clause option in 2018. Rental

payments amount to £47,748 per annum.

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Winston Churchill Memorial Trust 35 Year ended September 2015

LEGAL AND ADMINISTRATIVE DETAILS (TRUSTEES’ REPORT CONTINUED)

Registered Office: 29 Great Smith Street, London, SW1P 3BL

Telephone: 020 7799 1660

Website: www.wcmt.org.uk

Chief Executive: Julia Weston (from July 2015)

Major General Jamie Balfour CBE DL (to July 2015)

Charity Registration: 313952

CONSTITUTION

The original Trust Deed dated 28 January 1965 and subsequent Deeds of Variation, were revised

in 2005 and in 2007 and consolidated in an amended Deed of Variation, dated 7 December 2007.

The Trustees of the Charity were incorporated as a corporate body under Part VII of the Charities

Act 1993 (now the Charities Act 2011), by a certificate issued by the Charity Commission on 13

September 2007. The incorporated name of the Trustees being “The Trustees of the Winston

Churchill Memorial Trust”.

OBJECTS

The Winston Churchill Memorial Trust (WCMT) was established in 1965 as a living memorial to Sir

Winston Churchill. The WCMT’s objects are: -

'The advancement and propagation of education in any part of the world for the

benefit of United Kingdom Citizens of all walks of life in such exclusively charitable

manner that such education will make its recipients more effective in their life and

work, whilst benefiting themselves and their communities, and ultimately the United

Kingdom as a whole.'

MANAGEMENT AND ADMINISTRATION

Trustees are listed on page 36. All served throughout the year.

The Trustees have delegated, within their overall policy direction, the exercise of certain powers

in connection with the management and administration of the WCMT as described below. This

delegation is controlled by regular reporting to the Trustees, so that decisions of importance

made under delegated powers are ratified by the Trustees.

In 2013 an Appeal Committee was established to coordinate the 2015 Anniversary Appeal. There

are six members of the Appeal Committee, two of whom are Trustees and they are listed below.

In 2015 a Strategy Steering Group was established to review progress against the strategic

objectives set in 2010 and to develop new recommendations for the next five year period. There

are five members, four of whom are Trustees and they are listed below.

Advisory Council

The Advisory Council comprises a Chairman, Mrs Anne Boyd, and up to 24 other members who

are listed on page 37, although the precise number is not fixed.

Members of the Advisory Council, who are proposed by the Chairman of the Council and

approved and appointed by the Trustees, are men and women who represent a balance of

expertise across a spectrum of occupations, interests and issues of current relevance.

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Winston Churchill Memorial Trust 36 Year ended September 2015

Members can also include those co-opted for specific projects from partner organisations. All

Trustees are ex-officio members of the Advisory Council. All members of the Advisory Council take

part in the selection and interview process.

Two Members of the Advisory Council sit on the selection panel for the Churchill College

Bursaries, alongside the Senior Tutor from Churchill College. The WCMT’s Chief Executive also

attends all the Bursary interviews. The selection panel is responsible to the Trustees for selecting

the Bursary recipients. The Archives Committee put forward their initial selection for the By-

Fellowship to the Fellowship Electors of Churchill College. The Fellowship Electors put forward

their candidate for final approval by the WCMT.

Audit and Risk Sub-Committee

The Audit and Risk Sub-Committee considers and reviews all matters relating to the annual audit,

including the appointment and relationship with the external auditors. It reports and makes

recommendations to the Board on matters of risk and audit. It has two members who are listed

below.

Fundraising Sub-Committee

The Fundraising Sub-Committee coordinates fundraising activities with the exception of the

Capital Appeal. It has four members who are listed below.

Investment Sub-Committee

The Investment Sub-Committee reports directly to the Trustees. It advises on matters pertinent to

the investment of funds, including the receipt of income, expenditure incurred and the

management of WCMT funds. It has three members who are listed below.

Nominations Sub-Committee

The Nominations Sub-Committee is responsible for identifying and nominating for the approval of

the Trustees, prospective candidates to fill Trustee vacancies and for overseeing the good

governance of the WCMT. It has three members who are listed below.

Remuneration Sub-Committee

The Remuneration Sub-Committee is responsible for considering all aspects of the remuneration

of the senior staff. It has four members who are listed below.

TRUSTEES ^* ॠThe Rt. Hon The Lord Fellowes GCB GCVO QSO (Chairman)

^* ‡+ Mrs Anne Boyd

∞ + Mr John Baker

Viscount Brookeborough

Professor Brian Clarke

∞*‡ Mr Randolph Churchill

‡ Mr Dinesh Dhamija

◊+ Mr Harry Henderson

^*+ Ms Merlyn Lowther

ץ The Hon Jeremy Soames

◊ Sir Brian Williamson CBE

∞ Member of the Audit and Risk Sub-Committee

• Member of the Appeal Committee

‡ Member of the Fundraising Sub-Committee

◊ Member of the Investment Sub-Committee

^ Member of the Nominations Sub-Committee

* Member of the Remuneration Sub-Committee

+ Member of the Strategy Steering Group

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Winston Churchill Memorial Trust 37 Year ended September 2015

APPEAL COMMITTEE The Baroness Grey-Thompson DBE

(Appeal Patron)

Mr David McDonough OBE

Sir Simon Robertson

(Chairman)

The Rt Hon The Lord Marland

HE Sir Sherard Cowper-Coles KCMG LVO Mr Simon Murray CBE

Mr Bertie Way

ADVISORY COUNCIL

Mrs Anne Boyd (Chairman)

Dr David Jeffrey

Dr Mark Bailey PHd FRHistS (to June 2015)

Baroness Linklater of Butterstone

Mr Sandy Balfour

Professor Chris McGregor

Miss Judith Barber MBE Mr Chris Mullin

Professor Alec Boksenberg CBE

Ms Lucy Parker

Mr Nicholas Danziger

Mrs Chandrika Pathak

Mr Peter Dixon

Professor Chris Rapley CBE

Lady Eatwell OBE BMus

Professor Dame Lesley Rees DBE MD DSc FRCP

FRCPath FAcadMedSci (to June 2015)

Dr Victoria Edwards OBE

Lady Henrietta Spencer-Churchill

Mrs Rose Foster

And all Trustees

Baroness Tanni Grey-Thompson DBE

BANKERS

Barclays Bank PLC

Piccadilly Corporate Banking Centre

PO BOX 15165

LONDON SW1A 1QF

CAF Bank Ltd

25 Kings Hill Avenue

Kings Hill, West Malling

KENT ME19 4JQ

INVESTMENT MANAGERS

BlackRock Investment Management UK Ltd 12

Throgmorton Avenue

LONDON EC2N 2DL

Troy Asset Management Ltd

Brookfield House

44 Davies Street

LONDON W1K 5JA

AUDITOR SOLICITOR

Crowe Clark Whitehill LLP

St Bride’s House

10 Salisbury Square

LONDON EC4Y 8EH

Withers LLP

16 Old Bailey

LONDON EC4M 7EG

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Winston Churchill Memorial Trust 38 Year ended September 2015

ACKNOWLEDGEMENT FOR THE SUPPORT OF CHURCHILL TRAVELLING ACKNOWLEDGEMENT FOR THE SUPPORT OF CHURCHILL TRAVELLING ACKNOWLEDGEMENT FOR THE SUPPORT OF CHURCHILL TRAVELLING ACKNOWLEDGEMENT FOR THE SUPPORT OF CHURCHILL TRAVELLING FELLOWSHIPS ANDFELLOWSHIPS ANDFELLOWSHIPS ANDFELLOWSHIPS AND

THE WINSTON CHURCHILL MEMORIAL TRUSTTHE WINSTON CHURCHILL MEMORIAL TRUSTTHE WINSTON CHURCHILL MEMORIAL TRUSTTHE WINSTON CHURCHILL MEMORIAL TRUST

The Trustees of the Winston Churchill Memorial Trust would like to thank the following for their

generous donations and support of the Winston Churchill Memorial Trust’s Travelling Fellowships.

The Trustees would also like to thank all those who have contributed but who wish to remain

anonymous.

Support for the 2015 Anniversary Appeal

AM Conseil The Emmanuel Kaye Foundation

Mr Michael Allsopp KPMG

Mr Philippe Altuzarra Mr Robert Lloyd George

John Armitage Charitable Trust LVMH (Louis Vuitton, Moët Hennessy)

Axa Group Hon Col (Retd) Fred Mannix

The Band Trust The Morant Charitable Trust

The Beaverbrook Foundation Mr Jean-Pierre Meyers

The Michael Bishop Foundation Mr Robert Miller

Mr John Bodie Mr & Mr Allan Murray with

Mrs Molly Borthwick Mrs Carol Zimmern

The Duke of Buccleuch and Queensbury The Oak Foundation

Mr Hamish Buchan Mrs Lubna Olayan

Mr John Burns Ondra Partners

Catlin Holdings Ltd The Erlling Persson Family Foundation

Sir Edward Cazalet Mr Ian Ratazzi

The Cazenove Charitable Trust Sir John Ritblat

Mr Algy Cluff Sir Simon Robertson

Sir Sherard Cowper-Coles Mr Emmanuel Roman

Mr Henri de Castries The Rothermere Foundatioin

Mr Pierre-André de Chalendar The Rothschild Foundation

Churchill Heritage Ltd Château Lafite Rothschild

Mr Robert Conway The Dr Mortimer and Theresa Sackler Foundation

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Winston Churchill Memorial Trust 39 Year ended September 2015

The Estate of Jonathan Edwards Mr Wafic Rida Saïd

Mr Johan Eliasch The Morgan and Sarah Charitable Trust

The Englefield Charitable Trust Mr Björn Savén

The Eranda Foundation The Marquess of Salisbury

Lord & Lady Fellowes of West Stafford Sanofi et Cie

Ms Felicia Fenston Morriss Mr Steg & Mrs Segalen

Mr Albert Figg M. J. C. Stone Charitable Trust

Mr David Fisher J. W. C. Swartz

The Earl Fitzwilliam Charitable Trust The Swire Charitable Trust

Lord Garel-Jones Thales Group

The Golden Bottles Trust The Tjh Foundation

The Hintze Family Charitable Foundation The Ward Family Fund

Mr Robert Hiscox The Garfield Weston Foundation

HM Treasury – The Libor Fund Viscount Windsor

The Anthony Hornby Charitable Trust The Winton Charitable Foundation

Mr John Kemp-Welch The Wyfold Charitable Trust

Support for the 21st

Century Statesmanship Global Leaders Programme

BlackRock Chartered Institute of Management

Accountants

The British Council Møller Centre

Mr Anthony Rosenfelder

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Winston Churchill Memorial Trust 40 Year ended September 2015

Support for Travelling Fellowships – partnership categories.

Prison and Penal Reform Medical

The 29th May 1961 Charitable Trust

J. Paul Getty Jr. Charitable Trust

The Prison Reform Trust

The Burdett Trust for Nursing

The Foundation of Nursing Studies Centre for

Nursing Innovation (FoNS)

Royal College of Nursing

Royal College of Physicians of Edinburgh

Education Early Years Intervention and Prevention

The Finzi Trust Music Education

The Farmington Trust Aspiring Head Teachers

The Mercers’ Charitable Foundation Increasing

attainment levels in Science, Technology, English

and Maths

The Dulverton Trust

Wave Trust

Creative Industries Citizen and Society, Communities that Work

The Worshipful Company of Carpenters

The Heritage Crafts Association

The British Council

The Rank Foundation

Environment The Arts and Older People

The Jackson Foundation The Baring Foundation

Support for Travelling Fellowships

Churchill Heritage Ltd The John Slater Foundation

A & S Graham Charitable Trust The Swire Charitable Trust

Higher Education International John Swire 1989 Charitable Trust

The Paravicini Trust Troy Asset Management Ltd

The Sammermar Trust Westminster Abbey

Schroder Investment Management Ltd

Sir Timothy Bevan Mr David Rosier

Sir Peter Bottomley The Estate of Geoffrey Sibley

Mr Mark Cornwall-Jones The Estate of Lady Soames

Mr John Hatt The Estate of Brian Sparks

Mr Meredith Lloyd-Evans The Estate of Elizabeth Stickle

Mr Robert Prentice Mr Michael Stubbs

Christopher and Phillida Purvis Sir David Tang

And individual Trustees and members of the

Advisory Council of the Winston Churchill

Memorial Trust

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Winston Churchill Memorial Trust 41 Year ended September 2015

Fellows’ Support for Travelling Fellowships

The Trustees would like to thank all Fellows, and those who wish to remain anonymous, who have

supported the WCMT through donating or undertaking fundraising events on the WCMT’s behalf:

Dr Stuart Aitken Mr Peter Hope Jones Mr David Ransley

Ms Susan Bain Mr Struan James-Robertson Mr Marty Reid

Mr Peter Banyard Dr David Jeffrey Mr Timothy Reynish

Miss Yvonne Barrett Mr Dan Jones Mrs Juliet Robertson

Miss Lisa Baum Mr Edward Jones Mr James Robinson

Mr Michael Best Mr Gary Kass Mr John Robinson

Mr Colin Birt Mrs Grace Kimble Miss Dominy Roe

Mrs Penny Birt Mr G. Ian Kingdon Mrs Ivy Ryalls

Mr Tony Charalambides Mr Adrian J. Lock Mr Martin F. H. Shearn

Dr Gillian Chowns Mr Edward Lowe Mr David Shreeves

Mrs Bridget Cook Dr Sheenagh Macdonald Mr Stuart Smith

Miss Fiona Cooper Miss Teresa Maguire Mr Mark Southgate

Ms Katherine Dale Mr Richard May Mr Martin Stott

Mr David Dotting Ms Shauna McLaughlin Mr Brian Taylor

Mrs Patricia Driscoll Ms Joanne McPeake Mrs Rosanne Turley

Mr John Eaves Mr Timothy Miall Mr Austin Varney

Dr Victoria Edwards Dr John Miles Dr Peter Walsh

Mrs Barbara Fitch Miss Victoria Moyes Miss Alice Walters

Mrs Olwen Finlay Miss Virginia Nash Miss Audrey Watson

Mr Roy Fleming Mrs Karen Neale Mr Darren Way

Miss Sarah Frost Mrs Alison O’Neal Mrs Elizabeth Whiteside

Mr Jonathan Gillespie-

Payne

Ms Joanne Parker Mr Peter Winfield

Mr. J.F. Giltrow-Tyler Mrs Anne Pascoe Dr Tom Ziessen

Mr David Hall Dr Jenny Pickerill

Dr Melissa Hardie-Budden Mrs Liz Postlethwaite

Mrs Mary Haynes Ms Catriona Prebble

Miss Jemima Hoadley Dr Fionnuala Quinn

Mr Neal Hockley Mr Sidney Rankin