Report and Financial Statements 2010
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Report and Financial Statements 2010 Contents Reference and administrative details............................................................................. 2 Chairman’s Foreword....................................................................................................... 3 Structure, governance and management ...................................................................... 5 The Trust Deed....................................................................................................... 5 Trustees.................................................................................................................. 5 Risk management statement.................................................................................. 6 Objectives and activities for the public benefit............................................................. 6 Our work in 2010.................................................................................................... 7 Statement of grant making policy........................................................................... 8 Achievements, performance and future plans.............................................................. 8 Social policy............................................................................................................ 8 Education................................................................................................................ 12 Capacity building.................................................................................................... 14 Nuffield Council on Bioethics.................................................................................. 18 Financial review................................................................................................................ 19 Investment management and governance............................................................. 20 Accounting for total returns and reserves policy..................................................... 21 Statement of Trustees’ responsibility...................................................................... 22 Independent Auditor’s report.......................................................................................... 23 Financial statements........................................................................................................ 24 Statement of financial activities.............................................................................. 24 Balance sheet......................................................................................................... 25 Cash flow statement............................................................................................... 26 Note to the financial statements............................................................................. 27 Grants awarded during 2010........................................................................................... 36 Summary of financial objectives and investment strategy.......................................... 41 Ten year financial history................................................................................................ 44 1 Reference and administrative details Trustees The Baroness O’Neill CBE FBA FRS (retired 30 September 2010) Mr Andrew Dilnot CBE Dr Peter Doyle CBE FRSE Professor Lord Krebs Kt MA, DPhil, FRS, FMedSci, Hon DSc Professor Terrie Moffitt PhD FBA FMedSci (appointed 1 September 2010) Professor Genevra Richardson CBE, FRA, LLB, LLM, FBA, HonFRCPPsych Professor David Rhind CBE FRS FBA (appointed Chairman 1 October 2010) Professor Sir David Watson MA PhD Senior staff Principal address Anthony Tomei, Director 28 Bedford Square London WC1B 3JS Sharon Witherspoon, Deputy Director Telephone: 020 7631 0566 Josh Hillman, Director of Education www.nuffieldfoundation.org James Brooke Turner, Finance Director Charity number 206601 Investment Consultants Custodian Trustee Cambridge Associates Capita Trustee Services 80 Victoria Street, 4th Floor, Cardinal Place 7th floor, Phoenix House, 18 King William Street London SW1E 5JL London EC4N 7HE Auditors Solicitors Horwath Clark Whitehill LLP Bates Wells & Braithwaite St Bride’s House, 10 Salisbury Square Scandinavian House, 2-6 Cannon Street London EC4Y 8EH London EC4M 6YH Global Custodian Bankers The Northern Trust Company Barclays Bank plc 50 Bank Street, London E14 5NT 180 Oxford Street, London BX3 2BB Principal Investment Managers Marathon Asset Management Ltd Harding Loevner Orion House, 5 Upper St Martin’s Lane 50 Division St., 4th Floor, London WC2H 9EA Somerville, NJ 08876 USA Acadian Asset Management Longview Partners One Post Office Square, Thames Court,1 Queenhithe, Boston, MA 02109, USA London EC4V 3RL Objective Completion The Bishop's House, 63-65 High Street Sevenoaks, TN13 1JY Chairman’s Foreword Having been a Trustee of the Nuffield Foundation since 2008, I was delighted to be appointed as Chairman in October. My appointment followed the retirement of Baroness Onora O’Neill, who had served as Chair since 1997. On behalf of my fellow Trustees and all at the Foundation I would like to thank Onora for her outstanding contribution to the work of the Foundation. She brought a characteristic clarity of thought and of purpose which has profoundly affected the way the Foundation sees its role and approaches its task. Onora will give the Nuffield Council on Bioethics 20th Anniversary lecture in May 2011, which is a fitting tribute in light of her role as a founder member and Chair of the Council. In September we welcomed Professor Terrie Moffitt to the Board of Trustees. Terrie is Professor of Psychology and Neuroscience at Duke University in North Carolina and Professor of Social Behaviour and Development at the Social Genetic and Developmental Psychiatry Centre at the Institute of Psychiatry, King’s College London. She will be an excellent addition, particularly in relation to our work in child development and family policy. We were saddened to hear of the death in June of two former Trustees: Professor Robin Matthews and Lord Brian Flowers. Robin Matthews was an economic historian of great distinction who held academic posts both at Oxford and Cambridge, where he was Master of Clare College. A Trustee for over twenty years (1975-1996) he brought a keen intelligence and a wry sense of humour to the Trustees’ discussions and was particularly influential in developing the Foundation’s role as a funder of social science. Lord Flowers was appointed a Trustee in 1982 and chaired the Foundation from 1987-1997. He was a theoretical physicist who became a central figure in UK science and university policy, but his interests went much wider. He had a strong sense of how a small Foundation could best use its independence and was influential in many of the key developments of the time, including the establishment of the Nuffield Council on Bioethics. The Nuffield Foundation’s year in 2010 I am pleased to report that 2010 has been a good year for the Foundation, with £9.6 million spent on charitable activities and an investment performance of 18 per cent. Making grants is the core of what we do but it is by no means the whole story. Our support does not begin and end with a grant cheque. We also work in many ways to ensure that the work we fund has a positive impact, especially on public policy and practice. For example, in 2010 we hosted some 200 events at the Foundation’s offices, attended by over 3000 people. Many of these events bring together researchers with those who have an interest in the outcomes. By convening discussions between researchers, policy makers and practitioners we help disseminate the findings to appropriate audiences. At the same time the meetings signal the Foundation’s continuing interests and thus help attract and sometimes to inspire and shape new projects. This report lists all the grants we made in 2010. But new grants are only the start of a story so we also provide examples of outcomes achieved in 2010 as a result of grants made in previous years. For projects that set out to influence policy or practice, as many do, this is hard to illustrate in any systematic way. Timescales can be long and variable and it is often difficult to prove causation. But we hope these few examples will serve to demonstrate how the Foundation’s programme of support for research and development can support our fundamental purpose, the ‘advancement of social well being’. Back to contents page 3 The Nuffield Foundation is unusual in certain respects. One of these is the high level of engagement of Trustees with planning and implementation of programmes. Much more in-house effort (such as ‘mid-wiving’ of good ideas that need nurturing) is also expended by the high calibre staff than in other research funders with which I am familiar. So I am enormously grateful for the commitment of all the Trustees and all the staff; their efforts are essential to our success. I would also like to thank our grant holders, applicants and referees, without whom our efforts to fund independent and rigorous research would not be fulfilled. Professor David Rhind Chairman Back to contents page 4 Trustees’ report Structure, governance and management The Trust Deed The Nuffield Foundation is an unincorporated charity registered with the Charity Commission (206601). It was established by Trust Deed on 9 June 1943 by Lord Nuffield, the founder of Morris Motors. The Trust Deed details the objects of the Foundation, which include: the advancement of health; the advancement of