Finance and investment

Our income comes from the interest on our investments. We do not fundraise or receive funding from the Government. We are financially and politically independent. 

Investment Committee
The Investment Committee is responsible for devising and delivering our investment strategy in accordance with the trustees’ financial objectives. These objectives are to maintain our endowment in real terms whilst generating a consistent amount to spend on our charitable activities.

We plan for a long term nominal return of 8% per annum. Asset allocation is 10% in Gilts, 70% in global equities and 20% in private assets. We aim to distribute 4.5% of our long-term endowment value. 

The Investment Committee comprises three Trustees and two external experts appointed by Trustees. It operates under terms of reference set by Trustees. The two external experts, together with the Director of the Foundation and the Finance Director, form a sub-committee which conducts regular, routine business on behalf of the committee.

Current members


James Banks

James Banks was appointed Trustee in January 2013. He is Professor of Economics at the University of Manchester and Deputy Research Director at the Institute of Fiscal Studies (IFS).

James has a PhD in Economics from University College London (UCL). He joined IFS in 1990 and led its research into consumption and savings from 1992-1999. He was appointed Deputy Director there in 1997, changing roles five years later to become Deputy Research Director, alongside a new role as Professor of Economics at UCL. He took up his current post at the University of Manchester in 2010, and splits his time between this role and his work for IFS.

James is Co-Principal Investigator of the English Longitudinal Study of Ageing, Co-Director of the ESRC Centre for the Microeconomic Analysis of Public Policy, and chair of the Understanding Society Scientific Advisory Committee.

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Neil Honebon

Neil Honebon is Non-executive Chairman of the Murray Income Trust PLC, as well as Non-executive Director of two Henderson AlphaGen companies. He is also a member of the Investment Committee of the National Trust.

Neil was formerly a Director of Fleming Family and Partners Asset Management, where he was Chief Investment Officer, and has over 30 years’ experience in investment analysis and research

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Dame Colette Bowe

Colette was appointed Trustee in December 2011. She is Chairman of the Banking Standards Review Council and a Board member of Axa Deutschland GmBH and the UK Statistics Authority. Colette is also a Governor of Bancroft’s School, and a Trustee of the Tablet Trust.

Dame Colette began her career at the Department of Trade and Industry before undertaking senior roles at the former Independent Broadcasting Authority, and the Securities and Investment Board.  She has a PhD in economics from Queen Mary College, where she was later appointed Chairman of the College Council. She is a former member of the board of management at the National Institute for Economic and Social Research.

She has been Chairman of the communications regulator Ofcom, founding chairman of its Consumer Panel, Chairman of Electra Private Equity plc, and founding Chairman of the Telecoms Ombudsman Council. She was formerly executive chairman of Fleming Fund Management, and chief executive of the Personal Investment Authority. 

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Peter Dunscombe

Peter Dunscombe is an independent Non-executive Director of Murray International Trust plc. He was formerly joint Managing Director at Imperial Investments Limited and Head of Pension Investments at the BBC Pension Trust.

He is a member of the investment committees of The Pensions Trust, Reed Elsevier Pension Fund and St James’s Place plc.

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Professor David Rhind CBE FRS Hon FBA

Professor David Rhind was appointed Chairman in 2010. He has been a Trustee since 2008.

Professor Rhind is also Chair of the government’s Advisory Panel on Public Sector Information and Chair of Portsmouth Hospitals NHS Trust Board. He is Deputy Chair of the UK Statistics Authority and has previously held posts as a Director on the Court of the Bank of England and Vice Chancellor and President of City University in London.

Until 1998, Professor Rhind was Director General of the Ordnance Survey and oversaw the creation of the world’s first national digital topographic database. He has been a member of the Economic and Social Research Council and Chaired the Academy of Social Sciences’ Commission on the Social Sciences.

Professor Rhind holds the rare distinction of being both an elected Fellow of the Royal Society and an Honorary Fellow of the British Academy.

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