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CHARITY REGISTERED NUMBER: 313952
WINSTON CHURCHILL MEMORIAL TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2015
Winston Churchill Memorial Trust 2 Year ended September 2015
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
Winston Churchill Memorial Trust 3 Year ended September 2015
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
Winston Churchill Memorial Trust 4 Year ended September 2015
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.
Winston Churchill Memorial Trust 5 Year ended September 2015
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).
Winston Churchill Memorial Trust 6 Year ended September 2015
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.
Winston Churchill Memorial Trust 7 Year ended September 2015
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.
Winston Churchill Memorial Trust 8 Year ended September 2015
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.
Winston Churchill Memorial Trust 9 Year ended September 2015
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.
Winston Churchill Memorial Trust 10 Year ended September 2015
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.
Winston Churchill Memorial Trust 11 Year ended September 2015
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.
Winston Churchill Memorial Trust 12 Year ended September 2015
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.
Winston Churchill Memorial Trust 13 Year ended September 2015
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.
Winston Churchill Memorial Trust 14 Year ended September 2015
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).
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.
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%.
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.
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.
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
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
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.
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
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.
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.
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.
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 -
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 -
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
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.
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
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.
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
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
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.
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.
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 ^* ‡• The 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
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
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
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
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
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