the CHURCHILL fellowship Annual report and financial statements for the year ended 30 September 2024 Registered charity number313952 WINSTON CHURCHILL MEMORIAL TRUST (KNOWN AS THE CHURCHILL FELLOWSHIP) LEGAL AND ADMINISTRATIVE INFORMATION Trustees The Hon Jeremy Soames Simon Bevan Bharatti Crack Maria Iredale Mary Ann Mulready Lucy Parker Catherine Smith David Taylor-smtth Joanne Thompson James Williams Susan Wood (Appointed 6 October 20231 Charlty number 313952 Reglstered offlce 29 Great Smith Street London SWIP 3BL Audltor HW Fisher Audit Acre House 11-15 William Road London NWI 3ER Bankers Uoyds Bank PIC 25 Gresham st￿et London EC2V7HN Solicitors BDB Pitmans LLP So Broadway London SWIH OBL Investmènt adwsors Schroder & Co Ltd 12 Moorgate London EC2R 6DA WINSTON CHURCHILL MEMORIAL TRUST (KNOWN AS THE CHURCHILL FELLOWSHIP) CONTENTS Page Chairman's review Trustees, annual report 2-14 Statement of trustee5' responsibilitie5 Is Independent auditor's report 16-18 Statement of finanoal 3ctivrf(ies 19-20 Balance sheet 21 Statement of cash flows 22 Notes to the financial statements 23-37 Acknowledgement of support Chairman's review of 2024 It is my pleasure to present our annual report for the year ending September 2024, a year marked by Significant growth and achievement for the Churchill Fellowship. As we reflett on this year, l am particularly proud of how our expanded staff team has risen to meet our ambitious goals, deliverinE Imp￿fUl programmes and welcoming new Fellows to our ever-growing community. This year saw numerous exciting achievements for the Churchill Fellowship. We concluded our important work on Migration, developed strong new prcgrammes in Education and Health. and welcomed 134 new Fellows to our community at our Connect & Inspire event. Coming together in person is a vital part of our ethos and our bi-annual Award Ceremony was another highlight of the year. showcasing the remarkable contributions our Fellows continue to make across the United knngdom. A further highlight this year was the confirmation that His Majesty King Charles111 ha5 accepted the Patronage of the Winston Churchill Memorial Trust. We thank His Majesty and his entire staff for his ongoing support, which means so very much to everyone involved with thework ofthe Fellowship. In 2025 we will be marking a significant milestone in our organisation's history. During our 60th anniversary year, we will celebrate the achievements of more than 6.0￿ Fellows across six decades. Our anniversary programme will include gatherings across the four nations of the UK, an Oral History projertto capture the experiences of Fellows. staff, Trustees and Advisory Council members, and a partnership with the UK Philanthropy Archive at the University of Kent to preserve and protect materials spanning our rich 60-year history. Crucially, our anniversary year will also be forward lookn'ng as we begin the next chapter for the Churchill Fellowship. That is why we are launching a £IOm Anniversary Appeal for our new Activate Fund, which will support Fellows to turn their Fellowship learning and ideas into real change across the UK. With the Activate Fund on the horizon and the organisation in the pr(￿eSS of developing three new Fellowship programmes aimed at addressing the current challenges of society across the UK- under our Arts and Culture. Communities and Citizenship, and Economies and Enterprise themes- l am more confident than ever that the Churchill Fellowship is equipped to build on our successes and learnings and continue to create opportunities for committed individuals to tackle the most pressing challenges across the UK. In closing, my gratitude goes out to everyone who makes our work possible= the Trustees. Advisory Council members, staff team. partners, supporters, and most imwrtantly, the Fellows themselves, whose commitment to learning, development, and creating positive change in the UK is the very reason for the existence of this organisation l am so proud to serve. This is a unique point in the history of the Churchill Fellowship, a moment to reflect on all that has been ￿hIeVed while also moving forward with purpose and vision. Jeremy Soame5 Chairman Trustees, Report Trustees, Annual Report The Trustees present their report with the financial statements of the charity for the year ended 30 September 2024. The Trustees have ￿0pted the provisions of Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporung Standard applicable in the UK and Republic of Ireland (FR5 1021 (effective l January 20191. 1.0 Objectives and activities The Churchill Fellowship is the working name of the Winston Churchill Memorial Trust. It was established after the death of Sir Winston Churchill in 1965, by a nation grateful for his national leadership. It was funded entirely from public donations and a small government grant. From the beginning, its purpose has been to offer overseas educational opportunities for people from all parts of UK society. 1.1 Our purpose The Fellowship's objective5 are= Yhe advancement and propagation of education in any part of the world for the benefit of United Kingdom citizens of all walk5 of life in such exclusively charitable manner that such education will make its recipients more effective in their lrfe and work, whi15t benefiting themselves and their communities. and ultimately the United Kingdom as a whole., 1.2 Our main activities 1.2.1 The Fellowship The objectives are fulfilled by awarding Churchill Fellowships for UK citizens to seek innovative solutions worldwide for today's crucial challenges and bring backElobal insights that can enhance their communities and professions in the UK. Fellowships are open to all UK resident citizens aged 18 or over, regardless of qualifications, background, age or professional seniority. As a result, the Fellowship attracts applicants from all parts of society and all areas of the UK. Selection of successful candidates is based on the strength of their proposal, its public benefit, and their likely ability to effect change on their return to the UK. 1.2.2 Engagement The Engagement and Communication functions of the organisation have undergone significant change in recent years with the creation of a consolidated Engagement & Knowledge team which is now fully onboarded and delivering positive results for the organisation. The Engagement function of our organisation is focused on supporting Fellows to create change in the UK through the dissemination of their ideas. In order to do this. we develop targeted Programmes for cohorts of Fellows under our universal themes. These Programmes allow us to bring together groups of Fellows working on similar, timely, and impactful topics so that they can benefit from network effects. We support Fellows to produce and publish their findings atthe end of their Fellowship learning phase and work closely with sector partners to help spread these ideas further. Our Communications work focuses on the promotion of Fellows. ideas and the development of our own communication channels to support the work of the organisation and promote our brand. Some of the activities in this area include.. media engagement, the maintenance of our website, social media content creation, running our digltal mailing list, and the production of various publications such as our annual newsletter. Trustees, Report 1.2.3 Fundraising This year has been a posltive one for our fundraising efforts, marked by the e5tabli5hment of new funding partnerships and the receipt of significant new legacy income. We would like to extend our sincere thanks to all our donors, both large and small, whose generosity supports the work of the Fellowship. Every contribution plays an im￿rtant role in enabling us to support Fellows and help turn their ideas and learning into positive change in communities across the UK. These achievements have provided a stronE foundation for the work of the Fellowship and helped us to look ahead with confidence a5 we prepare to celebrate our 60th Anniversary in 2025. A key highlight wa5 the inaugural"In Conversation With... ' Churchill Fellowship Ambassador event, featuring prominent leaders in sustainability and social impact, John Elkington CF and Lucy Parker CF. This event not only created new connections and network5 but also engaged new audiences in the work of the Fellowship. We were delighted to welcome Baroness Young of Horn5ey. Baroness Grey-Thompson CF DBE, and both Clive Watson and Archie Soames as Anniversary Ambassadors, roles dedicated to supporting our 60th Anniversary celebrations. These inspiring figures have already made a tremendous contribution to expanding our reach and strengthening our connection5. Our fundraising activities have also secured several IM￿rtant new funding partnerships, reflecting the recognition of the importance and impact of Churchill Fellow5 acro55 the UK and beyond. A5 we near our milestone anniversary, our fundraising efforts have focused on celebrating the remarkable achievements of our Fellows while ensuring that their legacy continues to inspire future generations. Looking ahead, 2025 will be a landmark year for our organisation. Our plans include: Anniversary Teas= Bringing Fellows and sUPPOrters together in person acr05S the four nations of the UK to celebrate the spirit of community that defines the Churchill Fellowship. Oral History Project: Capturing the reflections, journeys, and experiences of Fellows, staff, and volunteers from the past six decades. UK Philanthropy Archive Partnership= Preserving our 60-year history through a collaboration with the University of Kent, ensuring that future generations can learn from our legacy. As we reflect on the past 60 years of achievement. we are also looking firmly to the future. The launch of our £10 million Anniversary Appeal will enable us to establish the Activate Programme, a transformative initiative designed to help Fellows turn their learning and ideas into real-world impact across the UK. This yearf5 fundraising success posltion5 uswell for the crucial year5 ahead, ensuring that we can celebrate our past while boldly advancing into the next chapter of the Churchill Fellowship's history. Approach Under The Charities IProtection and Social Investment) Act 2016, the Trustees are required to report on how the charity conducts its fundraising activities. The charity partners with other trusts and foundations and individuals to support Fellowships in categories that align with their own objectives and interests. Regular giving is received from Fellows. Unsolicited donations are also received from the general public and private individuals known to the charity- The charity is a member of and abides by the standards set by the Fundraising Regulator and the Chartered Institute of Fundraising ICIOFI. All supporter data, for both individuals and or8anisations, is secured in line with the UK Data Protection Act 2018 (incorporating the UKGeneral Data Protection Regulation IUK-GDPRII. Voluntary Scheme for Regulating Fundraising The charity has nothing adverse to report on any of itsfundraising activities. Complaints The charity did not receive any complaints about its fundraising activities during the year. Trustees, Report 1.3 Benefit to the public The Trustees confirm that the Churchill Fellowship has had regard to the Charity Commission's general guidance on public benefit when reviewing its aims and objectives, and in planning future activities and in making grants. 1.4 Organisational values We use our organisational values to guide decisions and behaviours throughout the organisation. Our values are: Inclusivity - We welcome everyone who is working to benefit society into our community. We know there is strength in diversity and are committed to equity across all of our activities. We celebrate individuality and are proud to support people on their own temis. Investment in people- We aim to empower everyone in our community. Our investment supports people to believe in their ability and achieve their potential. We believe the possibilities for development are unlimited and we invest in people who are dedicated to building a better society. Appreciation - We recognise the importance of people and their potential. We place trust in the members of our community and their ability to utilise their expertise and knowledge. We value the opinions of others and create a positive environment for people to share. Collaboration - We thrive on collaboration and supportive relationships. We continue to build our community and promote long-term partnerships and connections. We appreciate the Importan￿ of our networks and how these can contribute to change. Creativity - Our approach is to listen, learn and improve. We adapt to change and build on what we discover. We have a responsibility to learn from the world in order to improve Society. 2.0 Achievements and performance This yearthe Fellowship community was joined by 134 inspiring new Fellows, individuals immersing themselve5 in cutting-edge practices and forging valuable international connection5. We were also very pleased to see that our application campaign for our 2025 cohort of Fellows was extremely Successful. We trialled a number of innovative approaches to promotion and pre-application support, and combined with our online promotion. sector specific outreach. and promotion through traditional media channels we reached a substantially increased number of people and received almost 1300 application5, a significant increase year-on-year from 730 last year. We also held a number of flagship event5 for the organisation. We welcomed our new Fellows in person at our Connect & Inspire event where Fellows, Staff. and sector contacts came together. We were privileged on the day to hear from four Fellows from previou5 year5 who all openly shared the achievement5 and challenges of their Fellowship5.' Lucy Potter, Christina Taylor. Zara Todd. and Tony Wright. At our biannual Award Ceremony, we celebrated the extraordinary achievements of 122 Fellow5 a5 they were presented with their Churchill Medallion5, and our inaugural 'ln Conversation With, event featured a fascinating debate on global sustainability i55ues between Churchill Fellow and Ambassador, John Elkington. and Adviy)ry COU￿11 Chair and leading sustainability business advi50r, Lucy Parker. In the past year, we a150 welcomed Barone55 Tanni Grey-Thompson and Barone55 Lola Young who also became Churchill Fellowship Ambassadors this year. All of our Amba55ador5 are leading figures across UK society and offer inspiration and sUPPOrt to our entire organi5ation. Trustees, Report In preparation for our 60 Anniversary, we also welcomed Archie Soames and Clive Watson as Anniversary Ambassadors. In the past year, we have developed two strong new programmes under our Education and Health universal themes.. Supporting engugement in education, and Promoting lifelong health. Both new programmes have been developed with a strong equity lens and with due consideration for our environmental values. The programme development process was sgnificantly updated this year and we will be looking for opportunities across the coming year to improve this further. As part of our Migration pr(eramme concluding phase, we held an in-person event with Fellows and sector participants to launch a report to help disseminate the programme findings of all Fellows. The report was produced in collaboration with all Fellows on the programme and then written up by Jacqui Broadhead CF, who is the Co-Director of the Centre on Migration, Policy and Society ICOMPASI at the University of Oxford. This report captured the learning of Fellows in this programme which was shared across our platforms and networks. Our launch event was held on the 31stof May atthe Second Home in Spitalfields for Fellows, funders, and members of the migration sector and was well attended, with lively discussion during the panel session and after the event. We are grateful for the support from The Linbury Trust in funding this work. We also arranged a number of convenings for Fellows in both our structured programmes and forthose working across themes. These included meetings for Fellows involved in our Education and Suicide Prevention programmes, as well as for Fellows working on issues of Rural Racism and Violence Against Women and Girls. In response to requests from Fellows, we have been testing and piloting new ways to offer support to Fellows this year through our Fellowship team. Additionally, a focus for the Engagement & Knowledge team this year has been on skills development and support for Fellows. Much of this has come in the form of individualised support around report production and next year we hope to make significant changes to the current report process in line with the feedback we have received from Fellows during this prc(ess. We have also trialled a new approach to skills development for Fellows prior to their travel/learning by hosting a photography and video workshop led by Council member Nick Danziger CF. Itwas attended by more than 20 new Fellows and received glowing reviews. A big focus for in the past few months has been on how we can put an additional spotlight on the work of the Fellows. We have developed a much tighter pipeline for Fellows, reports, ensuring all findings are promoted by the organisation. To this end, we have published 58 blogs in the last 12 months and added 120 Fellows updates to our site in this period, up from 78 for the 12 months prior. Another area in which we have made strides is in our ability to identify Fellows involved in other institutions from long public lists using a system we developed to compare our data with that information. Some notable examples from this year have been having a complete list of all Fellows awarded Honours lone MBE and OBES in the King's Birthday Honour51 a5 well as identifying and contacting our Fellows in Parliament since the latest election.. we can proudly Say we have four Fellows who are MPS in the current parliament. In terms of our public messaging, we have grown our email subscribers by 12% and increased the number of total messages sent to our lists to nearly a quarter of a million l Open rates remain high, above the industry average for our sector. On Linkedln, our priority social channel, we have grown our audience by 53% in the last 12 months, with our engaEement rate increasing to over IO% recently. Instagram has similarly seen audience growth by 27% since the start of 2024. However, it has been less positive in terms of X Iformerly Twitter) and Facebook where audiences have plateaued and slightly decreased, respectively, although there are a number of external factors which have contributed to this on both platforms. Our website has also shown a positive trend with a growth in 51te visitors and time spent on the site by individuals. Mainstream media coverage of our Fellow5 remains high, with significant pieces about theworkof Fellows. all citingtheir direct aS50ciation with the Churchill Fellowship. featured in the Fr, the Guardian. The Times, The Telegraph and others. Finally. following a comprehensive review, we were proud to Share confirmation that Hi5 Majesty King Charle5 111 has accepted the Patronage of the Winston Churchill Memorial Trust. We thank His Majesty and his entire Staff for his ongoing support. which mean5 $0 very much to everyone involved with the work of the Fellowship. Trustees, Report Our 2024 Fellows The composition of this year's applicants and awarded Fellows continues to reflect the diversity of UK society in line with our key goal to make our offering available for all UK citizens. There are several notable positives from our analysis of our 2024 cohort of Fellows. Our positive trend in term5 of Fellows declaring a disability has continued and in 2024, 26.8% of our Fellows told us they have a disability, which is above the prevalence of disability ￿rOSS the UK population124%1. In line with our ongoing commitment to diversity, equity, and inclusion, we believe that fair access to the transformational learning experience of the Fellowship should be available to all and we See the trend of more people with a declared disability applying for and being awarded Fellowships as a p051tive reflection on the support offered. In 2024, there were some other notable trends. There was an increase in Fellowships awarded to younger people 118-25 years old) and an increasing number of Fellows heard about the opportunity from public comms as opposed to through their existing networks. In recent years, we have made the option available to applicants to interview in person or online and as a positive validation of the fairness of the process, applicants in 2024 had proportionally the same chance of being awarded a Fellowship, regardless of online or in person interwew. Measuring impart In the year we started to redeveloped our post-Learn survey in order to provide more data which can offer more insights into the support we offer for Fellows. While this is still in its early stages of implementation, we do not yet have sufficient data to report meaningfully on the new measures. However, we do have data from our previous format which can inform the development of offering for the coming year. Response rates to our existing survey have been lower than we would like wth only 36% of those sent the survey respondin& and while we have the aim of increasing the number of respondents, we are able to take some conclu5ion5 from the results. Across the completed surveys, there wasgeneral consensus that Fellows felt supported byTCF before embarking on the learn phase of the Fellowship194%}. 98% of Fellows said that their grant award had been adequate to cover their needs with 55% stating it was 'totally adequate,. One individual did not find the grant sufficient but their costs were affected after the grant was set as their travel plans were disrupted and last minute changes needed to be made on two separate occasions. A Churchill Fellowship is about exploring ideas and we very much expect Fellows to adapt their plans as they go. However, 72% of Fellows still managed to accomplish what they intended and 43% even surpassed what they had intended for their Learn phase. This year, led by a working group of members of our Advisory Council, we will work closely with external MEL support to reassess our approach to overall organisational impact measurement and which methodologies are appropriate for an organisation with as uniquely diverse a set of focuses as ours. Case studies of Fellows, impact As ever, our wonderful new Fellows and the incredible long-term members of our community continue to create waves, headlines, and meaningful impact across the UK. Churchill Fellows change lives on a daily basis and while many do not receive the public recognition that they so thoroughly deserve, we are continuously heartened to see so many of our Fellows held up and celebrated as examples of the very best of UK society. Below are some examples from this year ofincredible achievement from ￿[055 our community. Pete Donnelly Revolutionising Wheelchair Skills and Disability Innovation Pete Donnelly's ICF 20231 groundbreaking work in disability advocacy reached new heights this year with his appearance in a Channel 4 documentary highlighting the challenges of accessible public transport in London. This national platform amplified his ongoing mission to transform how society approaches disability and innovation. As founder of The Wheelchair Skills College, established in 2021, Pete has pioneered a peer-led approach to teaching essential daily living skills to wheelchair users - from navigating curbs to carrying coffee. His work Trustees, Report emphasises that disability affects around 25% of the UK population. challenging narrow perceptions of what disability looks like and advocating for a social model that focuses on removing barriers rather than limiting individuals. Pete's Churchill Fellowship took him to Australia and AotearoalNew Zealand, where he studied how disabled communities leverage lived experience for social impact. His research, documented in "Building Innovation Through Lived Experience of Disability,, presents a compelling blueprint for empowering disabled innovators. A key discovery was Australia's National Disability Insurance kheme, which gives disabled people greater autonomy over funding allocation - a model that could inform UK policv. Now based in London, Pete continues to work for legislative change while expanding The Wheelchair Skills College's impact. Looking ahead. he plans to pursue a PhD researching community-based wheelchair skills trainin& further strengthening the evidence base for his transformative approach to disability innovation and independence. Nina Smith Trunsfom?ing School-Based Suicide Prevention Nina Smith's ICF 20231 vital work in suicide prevention gained national attention through compelling coverage on ITV New5, Manchester Evening News, Liverpool Echo and other major media outlets. A former teacher turned PhD researcher at Edge Hill University. Nina brings ix)th professional expertise and profound personal understanding to her mission of preventing youth suicide. Her Churchill Fellowship research focuses on integrating s(hools into national suicide prevention strategies, building on her master's degree work developing targeted interventions for at-risk adolescents. Nina's research in Australia and the USA examines successful school-based programmes, with the aim of informing UK policy and pr￿tice. Having lost her younger brother to suicide in 2021. Nina combines academic rigour with powerful lived experience in her advocacy. Her media appearances have helped raise awareness of youth suicide prevention while highlighting the crucial role Sch￿lS can play in early intervention and support. Through her Fellowship and ongoing research at Edge Hill University, Nina is working to transform how UK schools approach mental health and suicide prevention, ensuring that evidence-based strategies are accessible tr) all students who need them. Monica Lakhanpaul Chompioning Child Heolth ond Heolth Equity Professor Monica Lakhanpaul's exceptional contributions to child health were celebrated this year with the Groundbreaking Researcher of the Year Award at the National BAME Health and Care Awards 2024. As Professor of Integrated Community Child Health at Universty College London, her innovative work spans the intersections of health. education, and environment, with a particular focus on underserved communities. Her appointment a5 the National Institute for Health and Care Research INIHRI National Strategic Specialty Lead for Children marks another Significant milestone in her career dedicated to improving children's health outcomes. This role reinforces her position as a leading voice in shaping national healthcare policy and research direction5. Monica's commitment to highlighting critical social issues was also demonstrated this year through her participation in BBC Newsround's 'No Place to Call Home, feature, where she shared insights about the impact of housing instability on young children in the UK. As both an academic and pr￿ticinE Consultant Paediatrician at Whittington NHS Trust, she brings a unique perspective to addressing the complex challenges facing children in temporary accommodation. particularly in the wake of the Covid-19 pandemic and ongoing economic pressures. Josh Babarinde From Soci(Jl Entery)ri5e to P(Jrliament Josh Babarinde's (CF 20191 remarkable journey reached new heights in 2024 with his election as Liberal Democrat MPfor Eastbourne, securing a commanding majorityofover 12.000 votes. His appointment as Trustees, Report Liberal Democrat Spokesperson for Justice builds upon a distinguished career in social entrepreneurship and community service. Josh's impact on criminal justice reform began during his Fellowship in 2019, where he worked with at-ri5k youth in East London. This experience led him to found Cracked It, an innovative social enterprise training ex- offenders in smartphone repair. The venture's success earned multiple accolade5, including Social Enterprise of the Year from both the Centre for Social Justice and the Evening Standard, and contributed to Josh's recognition in Forbes, 30 Under 30 list. From Eastbourne, Josh's commitment to his hometown has been unwavering. During the COVID-19 pandemic, he trained as a volunteer vaccinator at the Harbour NHS Vaccination Centre, directly serving his community- His dedication to public service was recognized with an OBE in the 2020 Birthday Honours for his contributions to criminal justice, social enterprise, and the economy. As a local councillor in Hampden Park. J05h played a crucial role in developing a £250.000 sUPPOrt package to help residents through the cost-of-living cri515. Now, a5 an MP. he continues to advocate for social justice and community development, bringing his experience in s(Kial enterprise and criminal justice reform to national policy-making. Nicole Devlin Tronsfoming Sports Culture to Prevent Violence The Northern Ireland Assembly took note of Nicole Devlin's {CF 20231 groundbreaking research in 2024 when MLA Cara Hunter highlighted her work on the Futures Without Violence's Coaching Boys into Men programme. This recognition at Stormont demonstrates the growing momentum behind sports-based approaches to preventing violence against women and girls. With a background in psychology and expertise in social identities and intergenerational trauma, Nicole's Churchill Fellowship research addresses the critical intersection of sports culture and gender- based violence. Her work examines how engaging young male athletes through positive coaching can reshape attitudes toward women and girls, creating lasting cultural change. The Coaching Boys into Men programme, which formed the centrepiece of Nicole's Fellowship research in the USA, offers a practical framework for using sports as a vehicle for social transformation. Her findings are now info￿ning policy di5CUS5ion5 at the highest leve15 of Northern Ireland's government, potentially paving the way for widespread implementation across the region. Nicole's commitment to preventing violence against women stems from firsthand observations of misogynistic behaviour's impact on communities. Her work represents a proactive approach to creating positive change, utilizing sports, unique position in society to foster respectful attitudes and behaviours among young men. Churchill College, Cambridge Since 2009 we have funded an Archive By-Fellowship atthe Churchill Archives at Churchill College, Cambridge. The purpose of the By-Fellowship is to widen access to and use of the papers held by the Archives. In 2024 the By-Fellowship was awarded to Mari Takayanagi who will use the papers to support her research into legislative progress on women's rights in Britain from 1918 to 1945. Looking ahead 2025 will be an important milestone in the history of The Churchill Fellowship. We have reorganised and expanded our team post-pandemic in order to better meet the evolving needs of our Fellows and UK society and we are really beginning to see the fruits of this new structure. We are midway through our current three- year strategic cycle, with a focus on both embedding new ways of workin& team structures, and strategies while also startingto turn our attention to the opportunities arising in the coming years. 2025 will also mark our 60th anniversary when the organisation and the thousands of members of our Fellowship community will have a unique opportunity to reflect on the achievements of a remarkable group of more than 6,000 Fellows across Six decades. As well as coming together in person across the four nations of the UK at our Anniversary tea5 to celebrate the spirit of community that defines the Churchill Fellowship, we will be running several projects to specifically commemorate and preserve the leg￿Y of this wonderful community of people. This urill include an Oral History project to capture the journeys, reflections, and Trustees, Report experiences of Fellows, staff, and volunteers from the last 60years. and a truly remarkable partnership with the UK Philanthropy Archive at the University of Kent to preserve and protect materials spanning our 60-year history. Crucially, our anniversary year will also be forward looknng and focus on all that is to come as we begin the next chapter for our organisation. That is why we are launching a £10 million Anniversary Appeal to support our new Activate Programme, which will support Fellows to turn their Fellowship learning and ideas into real change across the UK. Next year will be not only a crucial moment for us to reflect on and celebrate our 60 years of remarkable achievement but it will be an optX)rtunity to launch the Churchill Fellowship into the next phase of its history. 3.0 Structure, governance and management of the charity 3.IStructure and governance The Churchill Fellowship is the working name of the Winston Churchill Memorial Trust. It was established as a living memorial to Sir Winston Churchill after a public appeal following his death in 1965. The chariws governing document IS Its Trust Deed. The original Deed 15 dated 28 January 1965 and ha5 been subsequentlv amended. The Charitywas incorporated as a corporate body under Part Vll of The Charitie5 Act 1993 (now The Charities Act 20111. by a certificate issued by the Charity Commission on 13 September 2007. The Trustees are responsible for the overall governance of the charity. The minimum number of Trustees is six with a maximum of twelve,. at year end the number of serving Trustees exceeded this number. During each financial year, the Trustees meet three times in addition to their attendance and participation at Subcommittee meetings. The Nominations and Remuneration Subcommittee regularly reviews the skills represented on the Board. Trustees Serve for an initial period of seven years. after which they may put themselves forward for reappointment for a further term of three years. Additional time is allowed for substantive posts such as the role of Chairman. New Trustees receive a comprehensive induction from the Chair, Chief Executive and members of the senior staff team where appropriate. Chair of Trustees The Hon Jeremysoames Treasurer Simon Bevan Trustees Bharatti Crack Catherine Smith Maria Iredale CF Molly Mulready Lucy Parker CF Jacob Polny (retired 21" March 20241 David Taylor-smith MBE Joanne Thompson James Williams CVO DL (Deputy Chairl Susan Wood lappointed 30 November 20231 Governance code The charity reviews its governance against The Governance Code {the "Code"), which is endorsed by The Charity Commission and leading charity sector bodies. Having reviewed annually for the first 4 years and acted on the results, in 2023 the trustees agreed to reduce the regularity of the review to every three years. The charity reviews policies and procedures on a regular basis for best prartice. Safeguarding The Trustees take Safeguarding seriously and are planning to undertake an organisational review next year. There were no Safeguarding incidents to declare during the year. Equity, diversity and inclusion Equity, Diversity and Inclusion are core to the values and ethos of the charity's work across all activities. The chariws policy takes account of relevant legislation and aims to avoid discrimination which the Trustees Trustees, Report recognise is a barrier to equity, diversity and inclusion. Through the implementation of the policy, the charity has due regard to the protected characteristics detailed in The Equality Act 2010. 3.IManagement and administration The Trustees have delegated, within their overall policy direction. the exercise of certain powers in connection with the management and administration of the charity as described below. Thi5 delegation is controlled by regular reporting to the Trustees, so that decision5 of importance made under delegated power5 are ratified by the Trustees. The Chief Executive, supported by members of the Senior leadership team. is responsible for the dayto-day management of the charitls affairs and for implementing wlicies agreed by the Trustees. At year end, the Churchill Fellowship employed 23 individua15. Wlth a full-time equivalent of 19 on payroll. There were a total of 6 members of the senior leadership team. 3.2Audit, Risk and Governance Subcommittee The Audit, Risk and Governance Subcommittee considers and reviews all matters relating to risk management, governance, financial and management reporting, and the annual audit, including the appointment of and relationship with the external auditors. It reports and makes recommendations to the Board on matters of financial reporting, risk management, governance and audit. At year end, the subcommittee members were: Simon Bevan IChairl.JeremySoames& Joanne￿Mp50n. 3.31nvestment Subcommittee The Investment Subcommittee a(fvi5es on matter5 pertinent to the investment of funds. including the receipt of income, expenditure incurred and the management of funds. Atyear end, the subcommittee members were.. James Williams Ichairl. Susan Wood & Simon Bevan. 3.4Development and Communications Subcommittee The Development & Communications Subcommittee advise5 on matter5 relating to fundraising development and communication activities. including the AmbaS￿d0r5. Atyear end, the subcommittee memberswere.. David Taylor-smith MBE Ichairl. Maria Iredale CF,Jeremy Soames & Catherine Smith. 3.5Remuneration and Nominations Subcommittee The Remuneration and Nominations Subcommittee is responsible for identifying and nominating prospective candidates, for approval by the Trustees. to fill Trustee vacancies. It is also responsible for the appointment of the Chief Executive and overseeing all aspects of the remuneration of the Chief Executive and the senior leadership team. Atyear end, the subcommittee members were.. Bharatti Crack Ichairl, Jeremy Soames & Jameswilliams. -1 Trustees, Report 3.6Advisory Council The Advisory Council comprises up to 24 members, including a Chair. Current members and those whose terms ended within the year are listed below. Members of the Advisory Council, who are proposed by the Chair of the Council and approved and appointed by the Trustees, are individuals who represent a balance of expertise across a spectrum of occupati ons, interests and issues of current relevance. The Advisory Council leads the selettion of Fellows and their role covers four strategic f unctions= Sourcing partners & quality applications Identlfylng the Programmg Selertlng F•llows Ampllfylng Ilows, r•ach Interpreting the broad theme Connecting to potential partners and alty network5 Connecting Fellow5 with networks. platforms and influencer5 who can amplify their reach and impact 8ringing expenise the selertion and intprvipw prcJr.ps% Identifying emerging areas of need for three year programme Reaching into relevant networks to rind stronR Potential candidates Hosting events with atMI foi Fellows All Trustees are ex-offficio members of the Admsorycouncil. Advisory Council members Lucy Parker CF Ichairl Philip Avery CF Marina Brounger Prof Peter Liss CBE Prof Juliet Lyon (IE Liam McAleese CF (from 22 March 20241 Dr Anna Morrison Joanne Bosanquet Nick Danziger CF Claire Dove Kate Organ CF (until 8June 20241 Flora &)ames AndrewTrotman (until 7 Ortober 20231 Steve Tyler Caroline Waters Dr Carlene Firmin CF MBE Prof Paul Greenhalgh luntil 13 Sept 20241 Baroness Grey-Thompson OBE CF Prof Charles Hinds luntil 14 Sept20241 Pat Hughes (until 24 February 20241 Kai Wooder CF (until 8 June 20241 -li- Trustees, Report 4.0 Financial review The Trustees set a fixed budget at the beginning of the year and agreed that the charity would draw down and expend sufficient funds to achieve the approved budget (taking into account funds raised) up to a maximum of 4% of the value of the endowment calculated on the basis of a 12-quarter rolling average. For the year ended 30 September 2024, the Trustees set a budget of totsl exFenditure for the general fund of £3,789,35912023 - £3,440.1871 to meetthe core grant-making and support costs of the Fellowship. 4.Ilncome Duringthe year, total incomeincreased by 116%from £1,308,271 in 2023, to £2.806.931 in 2024. The increase was mainly due to.. a significant one-off unrestricted major donation increased legacy donations securing of new partnership funding increased investment income. There was restricted funding of £634,s4￿ received in the year compared to £536,101 in 2023. A total of £1,217,09512023 - £6,919) was received in unrestricted donations and legacies. Investment income for the year totalled £954,69112023 - £763.2511. 4.2Expenditure During the year. total expenditure increased by 8% from £3,IM4.451 in 2023 to £3,298,961 in 2024. Total grant commitments were £1,206.506 compared to £1.434.021 in 2023, this includes £183,66612023- £9,783) of refunded or withdrawn Fellowship5 from previousyears. The grant commitments awarded in previous years accrued in the accounts have been included in creditors at the year end. The balance in the creditors 15 slowly reducing as the majority of these grants are being paid to Fellows after the lifting of restrictions plKed on travelling arising from the Covid-19 pandemic. P05t-Fellowship funding payments totalled £012023 - £49.800 of which £45.000 have been accrued) to enable Fellows to build on the results of their Fellowship and take the next step. The charity continues to invest in staff resources to strengthen the skills and abilities of the chariVs team in order to support the Fellowship programme. The full-time equivalent headcount during the year increased to 23 12023 - 151. Costs to fundraise for the year were £234,483 {2023 - £209.0461, excluding Investment management fees of £178,13612023- 185,0481 Governance costs for the year totalled £30.22212023- £29.1431. 4.3Distribution and Cash Management The Trustees have adopted a policy to distribute up to 4% of the total value lon a 12-quarter rolling average basis) of the investment portfolios and will draw down and expend sufficient funds to achieve the approved budget (taking into account funds raised). The charity holds sufficient cash on short-term deposit to meet immediate expenditure and to manage cashflow fluctuations. This is reviewed regularly by the Investment Subcommittee. -12- Trustees, Report 4.4 Remuneration The Board of Trustees and the senior leadership team {the Chief Executive. Finance & Operations Director, Engagement & Knowledge Director. Development Director and the C(FDirectors of Programmel comprise the key management personnel of the charity. in charge of direrting and controlling its day-to-day operations. The remuneration of the senior leadership team is reviewed annually bythe Remuneration and Nominations Subcommittee and put to the Trustees for their approval. Inflation. market benchmarks and affordability are taken into account when considering salary increases. Benchmarking is carried out, using independent resources with grant-making charities of a similar size and activities to ensure that the remuneration set is fair and not out of line with that paid in similar roles. None of our Trustees receive remuneration or other benefits from their work with the charity. 5.0 Investment review The Trustees have adopted a five-year, medium-risk strategy for the management of the Charity'5 Endowment. The primary investment objective is to generate a totsl return {income and capital) which at least matches UK CPI inflation plus 4% on a three-year rolling basis, net of investment management COSt5. This should allow the Charity to maintain the real value of the Endowment, whilst funding its annual expenditure, via a 4% annual drawdown. The greater part of the ChariV5 Endowment Is managed by Cazenove Capital, the specialist charity fund manager. under the ownership ofthe Schroder & Co ￿mIted. The Investment Subcommittee, all of whom are Trustees of the Charity, oversee5 the relationship with Cazenove. Investment return5, Portfolio structures, and risk leve15 are reported and di5CUssed with the Subcommittee The investment performance of Cazenove is compared with a composite benchmark comprised of relative indices in proportion to the long-term strategv agreed with the Trustees. They are also compared to an amalgam of peer group investment managers. the ARC Steady Growth Charity index. The Charity through its Endowment is committed to investing in accordance with the highest ethical and sustainable standards. External managers. such as Cazenove, must demonstrate their adherence to Environmental, Social and Governance IESGI principles. their recognition of United Nations Principles for Responsible Investment IUNPRII and a strong capability in monitoring investments for ethical qualities. In addition to Cazenove, a prO￿rtIOn of the fund is held in other funds, the Trojan Fund managed by Troy Asset Management, and The GMO Climate Change Investment Fund. These are selected to provide manager diversification, and direct acce￿ to investments that are addressing the climate crisis. The overall value of the chariws investment portfolio. as at 30 September 2024, totalled £47,445,05612023 - £44,624,790), of which £38,920.090 {2023 - £34,933.8981 was under discretionary management by Cazenove, £5,764,39612023 - £7,825,723) was held by Cazenove on an execution only basis. and £2.760,57012023 - £1,865,168) was held in cash. During the year the total value of the investment increased by £4,043,711, taking into account withdrawals of £2,000,000 to fund the ongoing work of the Charity in pursuing its objectives. Subsequent to the year end, the Investment Subcommittee has conducted an in-depth review of the capabilities of Cazenove, which is standard practice after a manager has been incumbent for at least 7 years. Following this review, the Trustees agreed to adjust some of the Endowment's portfolio managed by Cazenove, to own a larger portion of directly held equities. rather than going through funds. This will be implemented over the course of the next few months. 6.0 Reserves policy The reserves policy ensures that there are sufficient resources: To enable the charity to meet any unforeseen shortfall in income without incurring excessive loss through selling securities in the midst of a possible downtum in the financial markets. To provide funds to protect the charity against unforeseen adverse circumstance5. -13- Trustees, Report At the end of the reporting period. total funds held were £46.538,S9712023 £42.986,9161. During the year, the Trustees compared the chariws reserves policy and the free reserves and aimed to maintain a balance exceeding or equivalent to one yearfs net operating expenditure. At year end, there was a total of £2,760.570 held in the BlackRock cash account, with £594,04712023 - £397,951) in the main operating bank accounts. The restricted fund balance totalled £232,46412023 - E155,8801. This fund will be used, in accordance with the terms of the grant agreement. to fund the annual number of Fellowships and or subsidiary grants offered by the charity, and to provide direct and indirect support for the development of the Fellowship and Activate grant programme over the coming years. The Trustees review liquidity quarterly and reserves annually and are satisfied that the charity is in a position to meet all its current and anticipated future commitments. 7.0 Risk management The Trustees are ultimately responsible for risk management and internal controls. The Chief Executive and the senior leadership team manage the risks with advice and input from the Audit, Risk and Governance Subcommittee. The charity's systems and controls are monitored by the Audit, Risk and Governance Subcommittee and the senior leadership team on an ongoing basis. Risks are assessed in terms of the likelihood of the risks occurring and the severity of their impact on the delivery of the charitws strategy. Trustees are satisfied that the major strategic and operational risks that the charity faces have been identified. Subcommittees reviewthe risks they managewith appropriate executive support, and reportto the Board. The Audit, Risk and GoVernar￿e Subcommittee reviews the Risk Register annually. and the Board receives the full Register once a year. The core risk identified is the disorderly breakdown of financial markets and systems leading to losses in investment income as well as the investment capital. The impact of this would affect the Trust's ability to facilitate the Fellowship activities, however the occurrence of a financial crisis is outside of the Trusys control. The Investment Subcommittee has been appointed to ensure regular monitoring and evaluation of our appointed Investment managers, and a crisis plan has been developed in response to the possible unfolding of a financial crisis. -14- Trustees, Report 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. with applicable law and United knngdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. 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 ISORPI. Makejudgements and estimate5which arereasonable 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 charity wll continue in operation. The Trustees are responsible for keeping proper accounting record5 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 2011, the applicable Charities IAccounts and Reports) Regulations. and the provisions of the Trust Deed. They are also responsible for safeguarding the a55ets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements. The Trustees are monitoring and improving Eovernance pr*ice in line with the guidance and advice provided by the Charity Governance Code. Jeremy Soames Chairman of the Trustees Winston Churchill Memorial Trust Date: 01 May 2025 -15- WINSTON CHURCHILL MEMORIAL TRUST (KNOWN ASTHE CHURCHILL FELLOWSHIP) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WINSTON CHURCHILL MEMORIAL TRUST Opinion We have audited the financial statements of Winston Churchill Memorial Trust (the 'chariVI for the year ended 30 September 2024 which comprise the statement of financial actiwties, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporbng framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards. including FRS 102 The Finonciol Reporting Standardopplicoble in the iIKond Republic of Irelond (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements- give a true and fair viewof the state of the charitrfs affairs asat 30 September 2024 and of its incoming resources and application of resources, for the year then ended. have been properly prepared in accordance with Unrted Kingdom Generally Accepted Accounting Practice: and have been prepared irb accordance with the requirements of the Charitie5 Act 2011. Basis for opinion We conducted our audit in accordancewith International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the oudit of the financial statements section of our report. We are independent of the charity in accordance ￿th the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRCS Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden￿ we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusion5 relatingto going concern In auditing the financial statements. we have concluded that the trustees, use of the going con￿rn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identrfied any material Un￿rtaIntieS relating to events or conditions that, individually or collectively. may cast significant doubt on the charitys ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilitie5 of the trustees with re5pert to going concern are described in the relevant sertion5 of this report. Other information The other information comprises the information induded in the annual report other than the financial statements and our aud itor's report thereon.The trustee5 are responsible forthe other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance condusion thereon. Our responsibility 15 to read the other information and, in doing so, consider whether the other informats.on is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit. or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this give5 rise to a material misstatement in the financial statements themselves. If. based on the work we have performed. we condude that there is a material mi55tatement of this other information, we are required to reportthat fact. We have nothing to report in this regard. Matters on whlch weare requked to repLVt by exceptSon We have nothing to report in respert of the following matters in relation to which the Chhrities (Accounts and Reports) Regulations 2008 require us to report to you if. in our opinion.. the information given in the ffinancial Statements 15 incon5iSterrt in any material respect wth the trustees, report. or sufficient accounting records have not been kept" or the financial statements are not in ag￿ement with the accounting records,. or we have not received all the information and explanations we require for our audit. WINSTON CHURCHILL MEMORIAL TRUST (KNOWN ASTHE CHURCHILL FELLOWSHIP) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WINSTON CHURCHILL MEMORIAL TRUST Responsibilities of trustees 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 wew. and for such internal contrd as the trustees detemiine is ne￿Ssary to enable the preparation of financial statementsthat are freefrom material mi55tstement, whethei due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charivs abiltty to continue as a going concern. disclosin& as applicable, matters related to going con￿rn and using the going concern basis of accounting unless the trustees either intend to ￿ase operations, or have no realistic alternative but to do so. Audrtor's responsibilrties for the audit of the financial *tements We have been appointed as auditor under section 144 of the Charities Att 2011 and report in accordance wth the Act and relevant regulations made or having effert thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi55tatement, whether due to fraud or erior. and to issue arb audttor's report that include5 our opinion. Reasonable assurance 15 a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the agg￿gate, they could reasonably be expected to influence the economic deosions of users taken on the basis of these finanaal statements. Irregularities. including fraud. are instances of non-compliance wth laws and ￿gUlations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud. is detailed below. As part of our planning process.. We enquired of management the systems and controls the tharity has in place. the areas of the financial statements that are most suS￿ptib1e to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The charity did not inform us of any known. suspected or alleged fraud.. We obtained an understanding of the legal and regulatory framework5 applicable to the charity. We determined that the following were most relevant." the Charity SORP. FRS 102. and the Charities Act 2011.. We considered the incentives and opportunitie5 that exist in the charity, including the extent of management bia5, which present a potential for irregularities and fraud to be perpetuated. and tailored our risk assessment accordinglv,. Using our knowledge of the charity. together with the discussions held with the charity at the planning stage. we formed a conclusion on the risk of misstatement due to irregulartties including fraud and tailored our procedures according to this risk assessment. The key procedures we undertookto detert irregularitie5 includingfraud during the course of the audit induded.. Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual. Rewewing the financial statement disc105ures and determining whether accounting ty)licies have been appropriately applied. Assessingthe extent of compliance, or lack of, with the relevant laws and regulations. Testing key income lines. in particular cut-off. for ewdence of management bias. A55essing the validtty of the cla55ification of income, expendtture, assets and liabilities between unrestricted, restricted and endowment funds. Performing a physical verification of key assets. Obtainingthird-party confirmation of material bank balarhce Documenting and verifying all signrficant related party balance5 and transaction5. Reviewing documentation such as the charity board minutes for discussions of irregularities including fraud. Owingto the inherent limitstions of an audit. there is an unavoidable risk thatwe may not have detected some material misstatements in the financial statements even though we have propedy planned and performed our audit in accordance with auditing 5tandards.The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors of the company. A further description of our responsibilities is available on the Financial Reporting Counol's website at.. https'.//www.frcorg.uV auditorsresponsibilities. This description forms part of our auditor's report. -17- WINSTON CHURCHILL MEMORIAL TRUST (KNOWN ASTHE CHURCHILL FELLOWSHIP) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WINSTON CHURCHILL MEMORIAL TRUST Usè ol our report This report is made solely to the charitls trustees, as a body, in accordance with part 4 of the Ch3Tities IAccounts and Reportsl Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors. report and for no other purpose. To the fullest extent permttted by law, we do not accept or assume responsibility to anyone other than the charity and the ch3rit¢s trustees as a body. for our 3udit work. for this report, or for the opinions we have formed. Ibt/ F,l.- A.J,4 HW Flsher Audlt Chartered Accountants Statutory Audttor Acre House 11-15 William Road London NWI 3ER 01 May 2025 HW Fisher Audit is eligible for appointment a5 auditor of the charity by virtue of its eligibility for appointment a5 auditor of a company under section 1212 of the Companies Act 2006. -1& WINSTON CHURCHILL MEMORIAL TRUST (KNOWN ASTHE CHURCHILL FELLOWSHIP) STATEMENT OF FINANCIAL ACflVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 Currentfinantial year Unrestrrtted Restritted Endovment Total Total fund5 fund5 funds 2024 2023 Notes Income and endowments from: Donations and legacies Investments Other income 1.217.(Y35 954,691 236 634.￿3 1.852. 954,691 236 543.020 763,251 Totsl incomè 2.172.022 634,￿) 2,806.931 1,308,271 ènditurè on: Raisingfunds 234.483 178,136 412,619 394,094 Charitable artwities 2.328,017 558,325 2,886,342 2,650,357 Total resouros empended 2.562.5(K) 558.325 178,136 3,298.961 3.044,451 Net gains on investment5 202,186 3,841,525 4,(W3,711 109,126 Net Incomlnglloutgolngl resources before transfers 1188,2921 76,584 3,663,389 3,551,681 11,627,054) Gr055 transfer5 between fund5 188,292 11882921 Fund balan￿5 at l Ortober 2023 1,064,474 155B80 41,766,562 42,986,916 44,613,970 Fund balances at 30 September 2024 1.064,474 232,4EA 45,241,659 46,538,597 42,986,916 The statement of financial artivities includes all gains and105se5 recognised in the year. All income and expenditure derive from continuing attivtties. -1 WINSTON CHURCHILL MEMORIAL TRUST (KNOWN ASTHE CHURCHILL FELLOWSHIP) STATEMENT OF FINANCIAL AcfiviTIES (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Prior linancial year Unrestricted fvnd5 2023 Restricted fvnds Endowment fvnd5 2023 Totsl 2023 Notes Income and endowments from: Donations and legacies Investments Other income 6.919 763.251 536.101 543.020 763.251 2,0(KJ Totsl income 772,170 536,101 1,308,271 Ex enditure on: Raisingfunds 209.046 185,048 394,094 Charitable actwities 2.066.950 583.407 2.650.357 Total resour￿$ expended 2,275,996 583,407 185,048 3,044,451 Net gains on investments 109,126 109,126 Net outgolng resources before transfers 11.503.826) 147.3061 175.9221 11.627.0541 Gross transfers between funds 21 1.633.(1)O 11.633,ct￿) Net movement In funds 129.174 147.3061 11.708.922) 11.627.0541 Fund balan￿5 at l October 2022 935,3 203,186 43,475,484 44,613,970 Fund balances at 30 September 2023 1.064.474 155,880 41,766.562 42,986,916 The statement of financial artivities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. -2(> WINSTON CHURCHILL MEMORIAL TRUST (KNOWN ASTHE CHURCHILL FELLOWSHIP) BALANCE SHEEr ASAT30SEPTEMBER 2024 2023 Notes Fixed a55ets Intangibleassets Tangible assets Heritage a55ets Investments 12.S39 35.983 45,( 47.445.056 27,577 43,866 45,tKIo 44,624.790 47,538.578 44,741,233 Current assets Stocks Debtors Cash at bank and in hand 1,505 140,642 397,951 212,250 594,047 807,745 IL807.7261 540,098 12,294,415) Creditors: amountsfalling due within one ye Net current liabilities 1939,9811 11,754,3171 Total assets less current liabilities 46,538.597 42,986,916 Endowment fvnds Expendable endowment 45.241.659 41,766.562 Income funds Restricted funds 232.464 l.(H.474 155,880 1,064,474 Unrestricted funds 46,538,597 42,986,916 Stock and prepayments have been reanalysed as at 30 September 2023 resulting in an increase to debtors of £42.299 and a decrease to stock of the same amount (see at note 181. 01 May 2025 The financial statementswere approved bytheTrustees on......................... The Hon Jeremy Soames Trustee -21- WINSTON CHURCHILL MEMORIAL TRUST (KNOWN ASTHE CHURCHILL FELLOWSHIP) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Notes Cash flows from operating adiwties Cash absorbed by operation5 27 11,976,377) 12,459,801) Investing activitie5 Purchase of tangible fixed assets Proceeds on disposal of investments Investment income reC￿ved 15.6631 1.223.445 954.691 19.0801 1.925.781 763.251 Net cash8enerated from investin8artiyities 2.172,473 2,679,952 Net intrèase in cash and cash equi￿alents 196.096 220,151 Cash and cash equivalents at be￿nnIng0f ye 397.951 177,8 Cash and cash equlwalents at end of year 594.047 397,951 WINSTON CHURCHILL MEMORIAL TRUST (KNOWN ASTHE CHURCHILL FELLOWSHIP) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accountin8 pdicies Charity infomiation The Churchill Fellowship is the working name of the Winston Churthill Memorial Trust. It was established after the death of Sir Winston Churchill in 1965, by a nation grateful for his national leadership. It was funded entirely from public donations and a 5m311 government grant. From the bewnnin& tt5 purpose ha5 been to offer over5ea5 educational opportunities foi people from all parts of UK society. 1.1 Accountlng conventlon The financial statements have been prepared in accordan￿ wrth the chartty's Trust Deed and subsequent Deeds of Variation, the Charities Act 2011 and Accounting and Reporting bycharities.. Ststement of Recommended practi￿ applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191" The charity is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2￿8 onlyto the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Prartice which is referred to in the Regulations but which ha5 Sin￿ been withdrawn. The financial statements are preparLxl in sterlin& which is the funrtional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical c05t convention. The principal aCCDunting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements. based on funds held and a review of expected future finanaal performance. the trustees have a reasonable expertation thatthe chartty ha5 adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of theircharitable objectives. Restricted funds are subjectto specificconditions bydonors asto how they may be used. The purkx*ses and uses of the restricted funds are set out in the notes to the financial statements. Expendable endi)wment fund5 are fund5 where theTrustees have the powerto convert the fund5 into income. Investment gain5 and losse5 are allocated to the endowment fund and irhcome arising 15 added to unrestricted fund5. Income Income is recognised when the charity is legally entttled to it after any performance conditions have been met. the amounts can be measured reliably. and it is prOba￿e that income wll be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are accounted for a5 the eadier of the date on which either: the charity 15 aware that probate has been granted, the estate has been finalised by the execvtorlsl to the Trust that a distribution will be made, orwhen a distribution will be made, or when a distribution is received from the estate. Re￿Ipt of a legacy. in whole or in part. is only conSide￿d probable when the amount can be measured reliably. and the charity has been notified of the executor's intention to make a distribution. Where legacie5 have been notified to the tharity, orthe charity 15 aware of grants.ng of probate, and the criteria for income recognition has not been met, then the legacy is treated as a contingent asset and disdosed if material. -2> WINSTON CHURCHILL MEMORIAL TRUST (KNOWN AS THE CHURCHILL FELLOWSHIP) NOTESTO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accountin8 policies (Continued) Grants, where entttlement 15 not conditional on the delwery of a 5pectfic perforrnan￿ by the tharity, are recognised when the charity becomes unconditionally entitled to the grant. 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. Donated assets are included at the value to the charf(y. where this can be quantified. Investment income is recognised as re￿Ivable when a security is listed as ex-dividend. Expenditure Expendf(ure has been charged to the statement of financial activities on an accruals basis. Charitsble artivities Charitable activities expenditure comprises those costs incurred by the charity in the delivery of its grant-making activities. It includes both costs that can be allocated directly to such actiwties and those costs of an indirect nature ne￿$sary to support them. Fellowships and Bursaries Isingle and multi-yearl and other grants are recognised in the accounts as liabilities once they have been approved by the Trustees and the reciyents have been notified. Grants awarded but unpaid atthe balance sheet date are recognised a5 grant commitments under creditors. Grant5 Wlthdr3wn or cancelled in the year are credited against new grant commitments made in the same year. Raising funds Expenditure on raising funds indudes the direct costs paid to serwce providers for managing the investment assets, the direct Costs of activities including staff salaries and other expenditure, and an allocation of related support costs. Support costs are allocated according to an estimate of the proportional usage across different activities supported. on a staff-time basis. Fees due in respect of investment management are charged against the Endowment Fund as the cost of generating funds. The figures shown are the fees charged in accordance with the fee scale set in the investment management agreement for the charity's portfolio. Underlying managementfees forthe common investmentfunds, managed funds and hedge funds have been incurred and have been charged to those funds. Governance Governance costs include those costs associ3ted with meeting the constitutional and statutory requirements of the charity and include audit fees and costs linked to the charitVs Trustees and committees. Allocatlon of support costs All costs are allocated between the expenditure categories of theststement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular actiwty are allocated direcdy. others are apportioned on an appropriate ba&5. 1.6 Intanglble fSxed assets Intangible assets acquired are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised so a5 to write off the cost orvaluation of a55ets le55 their residual values over their usefvl live5 on the following bases: Website 4 years -24- WINSTON CHURCHILL MEMORIAL TRUST (KNOWN AS THE CHURCHILL FELLOWSHIP) NOTESTO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accountin8 polcies (Continued) 1.7 Tar¥ibk rimed assets Tangible fixed assets are initially measured at cost and subsequently measured net of depreciation and any impairment losses. All assets, including donated assets. costing orwith a vèlue morethan £500 and with an expected useful life exceeding one year, are caprtalised. The cost of assets includes the original purchase pri￿ of the asset and the costs attributable to bringing the asset to its working condition for its intended use. tkpreciation begins in the following month hfter purchase. Leasehold improvements are included at cost and depreciated on a straight-line basis over the remaining term of occupation of the charivs premises. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Leasehold improvemerhts Fixtures and frttings Computers 10 years 10 years 4 years The gain or loss arising on the disposal of an asset is determined as the differen￿ between the sale pr￿eedS and the carrying value of the asset, and is recognised in net incomellexpenditurel for the year. 1.8 Heritage assets The charity owns various paintings which are held as heritage assets. This includes paintings by. or of. Sir Winston Churchill and a painting by Sir Kyffin Williams. The paintings are of historical or artistic Importan￿ and held primarilyfor their contribution to knowledge and ujlture. The paintings of, or by, Sir Winston Churchill were donated many years ago and no amount is ascribed to them in the accounts as permitted bythe SORP given the information is not available and obtaining such information is not considered commensurate with the value which would be obtsined. The painting by Sir Kyffin Williams is included at the value obtained at the time of donation in 2011 and is now t￿ated as deemed Cost. This painting was valued by art valuers upon the charitVs receipt in 2011. Depreuation has not been charged because the asset has a very long useful life and the estimated residual value is not materially different from the carrying amount. 1.9 Flxed asset Investments Fixed a55et investments are initially measured attransaction price excluding tran5artion costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/lexpenditurel for the year. Transartion costs are expensed as incurred. Gains arising from fixed investments presented through the rthtement of finanoal actiwties are apportioned between funds according to the level of funds held. 1.10 Impairment offixed a￿ts At each reporting end date, the charity reviews the carrying amounts of its tanyible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any suth indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). 1.11 StcKks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. C05t comprises of dirert material5. 1.12 Cash and tash equi￿lentS Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid investments with original maturities of three months or less. -2& WINSTON CHURCHILL MEMORIAL TRUST (KNOWN AS THE CHURCHILL FELLOWSHIP) NOTESTO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accountin8 pdicies (Continued) 1.13 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instrumerrt5 are recognised in the charity5 balance Sheet when the chartty iEcomes party to the contractual provisions of the instrument. Financial asset5 and liabiltties are offset, with the net amount5 presented in the financial rtatements, w￿n there 15 a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Bqsicfinanciolo5sets Basic finanoal assets. which include debtors and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financingtransartion. where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial a55ets classthed a5 receivable wthin one year are not amortised. Bositfinantiallitibifrties Basic financial liabilities, including creditors and bank loans are initially recognised at transaction pri￿ unless the arrangement constitutes a financing transartion, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities dassified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cosL using the effective interest rate method. Dereco9nitioft oAfintsncitslliobilities Financial liabilities are derecognised when the charitvs contractual obligationsexpire or are discharged or cancelled. 1.14 Employee beneffts The cost of any unused holidayentrclement is recognised in the period in which the employee's seNces are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to prowde termination tRnefrts. 1.15 Retirement beneffts Payments to defined contribution retirement benefft schemes are tharged as an expense astheyfhll due. 1.16 Leases Rentals payable under OFErating leases, including any lease incents.ves re￿1ve￿, are charged a5 an expense on a straight line basis over the term of the rdevant lease. Critical atcounting estimatesand judgemènts In the application of the charitys accounting policies. the trustees are requiredto make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions a￿ reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the rewsion and future periods where the revision affects both current and future periods. There were no critical accounting estimate5 orjudgments in the year. WINSTON CHURCHILL MEMORIAL TRUST (KNOWN AS THE CHURCHILL FELLOWSHIP) NOTESTO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Donations and legacies Urnestritted Restrirted fvnd5 lund5 Total Unrestricted fund5 Restricted funds Total 2024 2023 2023 2023 Donations and gifts Legacies recewable I,{K)7,￿)5 210,0 634,9C 1,642,(K)4 210,(XKI 1,897 5,022 536,101 537,998 5,022 1,217.(Y35 634.9(Y3 1.852.( 6,919 536.101 543,020 Detai15 of restricted donations recognised duringthe year can be seen at note 2Z In¥esknientS Unrestritted fund5 Unrestricted funds 2024 2023 Income from listed investments 954,691 763.251 Other Incithe Unrestricted funds Unrestricted funds 2024 2023 Other income 236 2,OtK) -27- WINSTON CHURCHILL MEMORIAL TRUST (KNOWN AS THE CHURCHILL FELLOWSHIP) NOTESTO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Raising funds Urnestritted End¢)vMent funds Total Unrestricted funds Endowment funds Total nds 2024 2023 2023 2023 Fundraisin stsff costs Reallocated support costs Otherfundraisingcosts costs 173,943 22.257 38.283 173,943 22.257 38.283 118,477 58.899 31.670 118,477 58,899 31,670 234.483 234.483 209.046 209,046 Investment management 178.136 178.136 185.048 185,048 234.483 178.136 412.619 209.046 185.048 394,094 Charitableactiifjties Fellthp￿1 FellcAvship programme 2023 programmE 2024 Directcosts Direct staffing costs Direct operating costs Reallocated support costs15ee note 91 578,96E 330,267 221,84 417.415 183,826 125,118 1,131,07C 726,359 Grant funding of activities Isee note 81 1,206.50E 1,434,021 Operational costs Operational support costs (see note 91 Operational governan￿ costs15ee note 91 518,531 30,222 460,834 29,143 2.886.34 2.650.357 Analysls by fvnd Unrestricted funds Restricted funds 2,328,Oli 2,066,950 583,407 2,886,34k 2,650,357 -2& WINSTON CHURCHILL MEMORIAL TRUST (KNOWN AS THE CHURCHILL FELLOWSHIP) NOTESTO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Anaty￿s of fellowship8rants 2024 2023 Grants payable at the stsrt ofthe year 1.984,310 1.760.313 Grants awarded in the year I.3￿,172 1.424.238 Grant adjustments in the year 1183.6661 9,783 Grants paid in the year 11,634,440) 11,210,024) Grarrts payable at the end of the year 1,556,376 1,984,310 Support costs Support costs Governance osts 2024 Support costs Governance costs 2023 Stsff costs 449.646 49.824 107,547 40,642 57,338 3.732 236 449.646 49.824 107,547 40,642 57,338 3.732 236 331.446 95,996 103,764 12,331 47,075 3.254 679 331,446 95,996 103,764 12,331 47,075 3,254 679 Staff related costs Faolities Media and communications IT services Hospitality Travel Administration 25.091 28,584 25.091 28,584 22.683 27,623 22,683 27,623 Depreciation Audit fees Legal and professional Trustee expenses Other 21.420 4,512 4.2￿) 21.420 4,512 4.24) 21.C 1,650 5.328 1.165 21.000 1,650 5,328 1,165 762.64C 30.222 792.862 644.851 29.143 673,994 Analysed betsveen Fundraising Direct Operational 22.257 221.848 518,535 22.257 221.848 548,757 58.899 125.118 460,834 58,899 125.118 489,977 30,222 29,143 762.64C 30.222 792.862 644.851 29.143 673,994 Support Costs are allocated on staff acbvtty- Governance costs includes payments to the audttors of £21,42012023- £21,000) for Statutory audit fees. Amounts paid to auditors for non audit services totaled £3.57012023= nil) and are shown within legal and professional fees. -2 WINSTON CHURCHILL MEMORIAL TRUST (KNOWN AS THE CHURCHILL FELLOWSHIP) NOTESTO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 io Trustees Expenses of £2,519 were reimbursed to threeTrustees12023.. £2.960 reimbursed to two Trustees) during the yearto cover their travel expenses in the fulfilment of their duties. No Trustee received any remuneration or received any other benefits for their ServI￿S during the year12023: £nill. Trustee indemnity insurance amounted to £1.772 (2023.. £1.6541 during the year. li Employees The average monthly number of employees during the year was.. 2024 2023 Number Number 23 15 Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs I,￿1,569 98,952 102,036 740,808 64,826 61,704 1,202,557 867,338 The key management personnel of the charity comprises the Trustees. the Chief Executive. the Development Director, the Programmes tirectors, the Engagement and Knowledge thrector and the Finance and Operations Director. TheTrustees do not receive any remuneration. The total employee benefits of the other key management personnel of the charity were £518,869 12023.. £420,5941. There were £nil12023." £38.1251 redundancies paid OLrt in the year. Pension contributions for employees with emoluments greaterthan £60,000 amounted to £34,60712023- £17,584) The number of employee5 whose annual remuneration including pension contributions was £60,IXK) or more were= 2024 Number 2023 Number £70,000- £79,999 £80,000- £89,999 £90,000- £99.999 £110,000- £119.999 -3(> WINSTON CHURCHILL MEMORIAL TRUST (KNOWN AS THE CHURCHILL FELLOWSHIP) NOTESTO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Net gains on investmerrts Unrestricted Endovment fvnd5 fvnd5 2024 2024 Total Endowment fund5 2023 2024 Gains on investments 202.186 3.841.525 4.043,711 109,126 Intangible fixed assets Website C05t At l October 2023 and 30 September 2024 60,154 Amortlsatlon and Impalrment At l October 2023 Amortisation charged for the year 32,577 15,038 At 30 September 2024 47,615 Carrying amount At 30 September 2024 12,539 At 30 September 2023 27,577 14 Tangible fixed assets Lease1￿ld FNture5 rittin8S Computer5 Total C05t At l October 2023 41.Tr33 24.930 25.463 5.663 91,486 5.663 Additions At 30 September 2024 41,CP33 24,930 31,126 97,149 Depreciation and impairment At l October 2023 Depreciation charged in the year 22,010 4.111 14,853 2.494 10,757 6.941 47,620 13,546 At 30 September 2024 26,121 17,347 17,698 61,166 CarryinB amount At 30 September 2024 14.972 7.583 13.428 35,983 At 30 September 2023 19,083 10,077 14,706 43,866 -31- WINSTON CHURCHILL MEMORIAL TRUST (KNOWN AS THE CHURCHILL FELLOWSHIP) NOTESTO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Heritage assèts At l October 2023 and at 30 September 2024 45,000 Heritage assets relate to a painting donated to the charity by &r Kyffin Williams la Churchill Fellow) and paintings by. or of, Sir Winston Churchill. The paintings by, or of, Sir Winston Churthill a￿ not included at cost or value within the accounts Isee accounting policy 1.81. The painting by Sir Kyffin Williams is included at deemed cost being the value obtained from an independent art valuer on receipt in 2011. No depreciation is tharged as set out in the accounting policy in note 1.8. Flxed asset Invesknents Listed investments Cost orvaluation At l October 2023 Valuation changes Income received from investments Investment m3nagementfee5 Disposals 44,624,790 4,043,711 954,691 1178,1361 12,0(K),(KlOI At 30 September 2024 47,445.056 Carrying amount At 30 September 2024 47,445,056 At 30 September 2023 44,624,790 Historical c05t of listed investments as at 30 September 2024 wa5 £36,818,62612023.. £33,206,521). 17 Financial instruments 2024 2023 Carrying amount of financial assets Instruments measured at f7ir value through proftt or loss 47,445,056 44,624,790 Stod(5 2024 2023 Raw materials and consumables 1.505 Stock and prepayments have been reanalysed as at 30 September 2023 resulting in an increase to debtors of £42.299 and a decrease to stock of the same amount. This is considered to better represent the nature of the asset. WINSTON CHURCHILL MEMORIAL TRUST (KNOWN AS THE CHURCHILL FELLOWSHIP) NOTESTO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 19 Debtors 2024 2023 Amountsfalling duè within one yèar: Trade debtors 112.5C So.￿0 2.865 87,777 Other debtors Prepayments and accrued income 99,750 212,250 140,642 See note 18 for reanalysis of stock and prepayments as at 30 September 2023. Creditors: amountsfalling due within one 2024 2023 Other taxation and social seojrity Trade creditors Fellowship grants outstanding Other creditors 21.975 14,665 1,984.310 53,906 219,559 123,414 1,556.376 34.698 93.238 Accruals and deferred income 1,807,726 2,294,415 -3> rs Ln O 0￿0 Ln o - Ln 0 17) oomo o Ni o CJ rs ￿ Ln Ln Ln o p4 o Ln rfj Ln o ooo&i o p4 r4- O O O Ln 888 oovA ry 01 mo ffj £ T5 O O Ln W O M Ln V V N Ln o tyJ r CD Ln CO o p4 Ln O V v Ln ¢> m o Ln Ln f*1 mvorfj WINSTON CHURCHILL MEMORIAL TRUST (KNOWN AS THE CHURCHILL FELLOWSHIP) NOTESTO THE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 24 Contingent assets As at 30 September 2024. the chartty has a contingent asset in the form of a legacy they are entitled to. Certainty over the amount receivable is not known and so amounts cannot be reliabty measured to be included within the financial ststements. However an estimation of likely amounts is £l(K)k 25 Operating leasecommrtments At the reporting end date the tharity had ovtstanding commitments forfuture minimum lease payments under non-cancellable operating leases, which fall due a5follows.' 2024 2023 Within one year Between two and fwe years 93.533 23,383 93,533 116,917 116.916 210,450 Related partytransartions There were no disclosable related party transactions duringthe year12023- none). 27 Cash generated from operatlons 2024 2023 Surplu51ldefiotl for the year 3,551,681 11,627,054) Adjustments for- Investment income recognised in statement of financial activtb.es Gain on disposal of investments Depreciation and impairment of tan@ble fixed assets 1954.6911 14,043,711) 28.584 1763,2511 1109,1261 27,623 Movement5 in working capital.. Decrease in stocks Ilncrea5el in debtors IDecreasel/increase in creditors 57 171,6081 1486,6891 116,6331 28,639 Cash absorbed by operations 11.976.377) 12,459,801) 28 Analysls of changes In netfunds The chartty had no debt during the year. -37- Acknowledgement of support for the Churchill Fellowship Donors and funding partners The Trustees would like to thank all those who hwe generously supported the charity and the Fellowships, including those who wish to remain anonymous. In 2024. ourworkwas supported by contributions from these generous donors: Angela Ward Clive Watson Randolph Churchill Simon Bevan The Mercers, Company The Michael Bishop Foundation The Robertson Trust Dr Eddie Goldfinch CF The Burdett Trust for Nursing The Hadley Trust The John Armitage Charitable Trust The LinburyTrust lan Evans Joan Guilliat Maria Iredale CF Legacy Gifts The Trustees would like to thank all those who harfe generously supported the charity through legacy giving, including those who wish to remain anonymous. In 2024, we were supported by: JP Hammond CF Pamela White Fellows, support for the Churchill Fellowship The Trustees would like to thank all Fellows and individuals who have supported the Fellowship through their generous donations. In 2024, we received support from.. erald White Peter Walsh Knowledge partners The Trustees would like to thank all partner organisations who contribute their expertise and knowledge in support of the Fellowship. In 2024, we received support from: Marie Curie The Royal Countryside Fund Coram ukactive Samaritans Donations in kind The Trustees would like to thank all those who generously dedicate their time to the Churchill Fellowship. In particular, they would like to acknowledge all members of the Advisory Council, who are pivot31 to the success of the Fellowship programme and our associated activities. -38-