2024-03-31-accounts

The Elizabeth Cayzer Charitable Trust Registered Charity: 1059265 Report and Financial Statements Year ended 31 March 2024

The Elizabeth Cayzer Charitable Trust Contents Page Report of the trustees Independent examiner's report Statement of flnancial activities Balance sheet ststement of cash flow5 Notes to the financial statement5

The Elizabeth Cayzer Charitable Trust Report of the trustees The trustees present thelr annual report and the financial statements of the charity for the year ended 31 March 2024. The financial statements have been prepared In accordance with the accounting policies Set out in note I to the accounts and comply with the charitWs trust deed. the Charitles Act 2011. and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 2 October 2019. Reference and administrative information Addre55: Cayzer House 30 Buckingham Gate London SWIE 6NN Governed by: Irrevocable Deed of Appointment dated l November 1996 Trustees: The Hon. Mrs Gllmour Mr George Ponsonbv Mr Dominic Gibbs Mrs Sonia Barry Administrator: The Cayzer Trust Company Ltd Cayzer House 30 Buckingham Gate London SWIE 6NN Solicitors: BDB Pitmans LLP One Bartholomew Close London ECIA 7BL Investment managers: Evelyn Partners Investment Management LLP 206 St Vincent Street Glasgow G2 5SG Troy Asset Management Ltd 33 Davie5 Street London WIK 4BP Independent examiner.. S J Wakefield ACA Dixon Wilson Chartered Accountants 22 Chancery Lane London WC2A ILS

The Elizabeth Cayzer Charltable Trust Report of the trustees (continued) Structurep governance, and management The trust was established by the Settlor, The Hon. Mr5 Gilmour. through an irrevocable Deed of Appointment dated l November 1996. The charity was re8lStered by the Charity Commissioners for England and Wales on 19 November 1996 under charity number 1059265. The trust does not actively fund-raise. and it is not the intention of the trustees to seek or accept donations other than from the Settlor, although the governing document allows them to do so. The trustees are prohibited, under the trust deed, from undertaking any permanent trading activities to raise funds for the charity. The trustees seek to continue the philanthropic work desired by the Settlor through the careful stewardship of the trusys existing resources. All donations to the charity since its inception have been made by the settlor. The power of appointing new trustees is vested in the Settlor durinE her lifetime. New trustees may be appointed at any time. either bywayof replacement oraddition. The Hon. Mrs Gilmour wa5 appointed on l November 1996. Mr Dominic Gibbs was appointed on 18 January 2008. Mrs Sonia Barry was appointed on 4January 2021. and Mr George Ponsonby was appointed on 25 February 2021. All served throughout the year ended 31 March 2024. The trustee5 asree the broad strategy and a￿a$ of activity for the trust. including grant-making, investment, rlsk management, reserves. and performance. The day-to-day administration of grants and the processing and handling of applications priorto consideration is delegated to The Hon. Mrs Gilmour. and the financial affairs of the charity are handled by the administrator. Objertlves and aetivitles for the public benefit The trust deed gives the trustees the power to apply the income and all or such part or parts of the capital for or towards such charitable purposes and to make donation5 to such charitable institution5 as the trustees in their absolute distretion think fit. In formulating policy, the trustees have taken into account the wishes of the Settlor, which are that the assets of the charity should be used to support and promote the work of museums, gallerles, and the archltectural heritage of the British Isles. The trustees Identlfy projects and organisations they wish to support and that benefit the public. Projects Usually fall within one of the following categories: exhibitions which otherwise would not be mounted: exhibition cotalogues- academic conferences,. conservation of works of art, as well a5 Qf buildings of architertural and historic interest. and restoration projects associated with them: support of young curators, conservators, and heritage building apprentices,. and archives and the preservation of artefacts. They do not consider grants to people or org3nisations who apply speculatively. The trust also has policy of not responding to any correspondence unle55 it relates to grants it has agreed to make or to the general management of the trust. The trustees. having regard to the Public Benefit Guidance published by the Charity Commission in accordance with section 17 of the Charities Act 2011. consider that the purpose and activities of the charity satisfy the requirements of the public benefit test set out in Section 4 of the same Act. Achievements and performance Significant grants unconditionally pled8ed and cau5e5 SUPPOrted durin8 the year were as follows: Sir John Soane's Museum - Drawing Office di8itisation project; The Landmark Trust- restoration of Tudor wall paintings at Calverley Old Hall; The Wallace Collection - Ranjit Singh- Sikh, Warrior, King exhibltion catalo8ue; and Wentworth Woodhouse Preservation Trust- restoration of railin85 and steps.

The Elizabeth Cayzer Charitable Trust Report of the trustees Icontinued) Achlevements and performance {contlnued} In addition to the donations made during the year, a number of grants pledged in the prior year were paid down in theyearto31 March 2024. These included. among others. the second yearof supportfor a curatorial post at the Ashmolean Museum's department of prints and drawings, and the funding of the catalogue for the Dulwich Picture Gallerfs exhibition "Rubens ond Women". The trustees carefully monitored the progre55 of these projects. as well a5 Other donations paid, during the year. Investment policy and performance The charit¢s investment powers are prescribed in the trust deed. The deed gives the trustees very wide powers of investment and the investment policy of preSe￿ing the real value of the trust fund falls within them. The trustees have set a policy that the expendable endowment should be invested to maximise the total return (capital growth plus income) with a broad low to medium level of risk. The income from inve5tment5 for the year was £198.93412023- £305.299)- The figure for the prior year was unusually high as a result of a special dividend received from the charity's material investment in Caledonia Investments plc in the year. It is expected that income will be more stable in future years. The trustees have the power to spend the expendable endowment as necessary. No transfers were made during the flnanclal year. Detai15 of the charity's fixed a55et investments are described in note 4 to the financial statement5. Evelyn Partner5 Portfolio The market value of the portfolio of stocks managed by Evelyn Partners remained stable over the year {2023- fall In value of 7.4Yol. Thls compares wlth an intre3se of 4.3%12023- fall of 0.7%) in the value of the FTSE All Share Index. The portfolio produced an avera8e income return of 2.9%12023 - 2.8%). At the year-end, the portfolio managed by Evelyn Partners comprised 38.9%12023- 38.8%) of the total capital assets of the charity, and includes both equities and UK and foreign interest-bearing securities. Caledonio Investments plc shoreholding At 31 March 2024, the investment in Caledonia represented 28.7% {2023- 29.S%l of the total capital assets of the charity. Caledonia reported good performance for the year. in the context of challenging market conditions. It reports Its performance over a long timescale Eiven its longer-term investment strategy. The Caledonia Net Asset Value INAV) total return lannualised) over 10 years was 10.0%12023 10.8%1. well above the FtSE All Share Total Return over the same period of 6.0%12023- 5.8%1- The company continues to pay an increased dividend each year. TroyA55et Management- Trojan Income Fund Over the yearto 31 March 2024 the Trojan Incorne Fund's unit market price increased by2.3%12023- fall of 7.1%). and generated an income return of 3.2%12023- 2.9%). At the yearend, the market value ofthefunds in theTroyAsset ManagementTrojan Income Fund comprised 24.2%12023-23.5%1 of the total capital assets of the charty. Risk management The trustees annually review the risks facing the charity- The charitvs risks mainly relate to investment mana8ement and these have been ameliorated by diversified portfolio management. Evelyn Partners Investment Management LLP were appointed on 14 February 2007. and actively mana8e a diversified portfolio of UK and foreign equities and funds along wtth UK and foreign interest-bearing 5ecuritie5. Further investments were later made into managed funds, thereby introducing another Snvestment manager. The portfolio performance is reviewed at least annually by the trustees. Regular meetings are held with the investment manager at Evelyn Partners.

The Elizabeth Cayzer Charitable Trust Report of the trustees (continued) Reserves pollcy At 31 March 2024, the trustees carried forward 3 reserve of £328,987 {2023 £242,615) on the unrestricted fund and a reserve of £7,825.251 12023 - £7.846.8161 on the expendable endowment fund. The expendable endowment fund is significant enough to weather the ups and downs of the markets, and the trust has very low governance and support costs. easily rnaintaining free reserves to cover unrestricted charitable expenditure. Grants are made on a case by case basi5. allowing the trustees to be flexible and adapt grant levels a5 necessary. Statement of trustees. resP0115ibilities The trustees are responsible for preparing a trustees. annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charltles in EnBland and Wales requlres the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charlty and of the incoming resources and application of resources of the charity forthat perlod. In preparing the flnancial statements, the trustees are required to., select suitable accounting policies and then apply them consistently; obseNe the methods and principles in the applicable Charities SORP; make judgements and estimatesthat are reasonable and prudent: state whether applicable accounting standards have been followed. subject to any departures that must be disclosed and explained in the financial statements- and prepare the financial statements on a going concern basi5 unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charitie5 Att 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detertion of fraud and other irregularities. Approved by the Trustees on 15 and signed on their behalf by The Hon. Mrs Gilmour Tru51ee Mrs Sonia Barry Trustee

The Elizabeth Cayzer Charitable Trust

Independent examiner’s report to the trustees of The Elizabeth Cayzer Charitable Trust (‘the Trust’)

I report to the trustees on my examination of the accounts of the Trust for the year ended 31 March 2024.

As the charity trustees of the trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). You are satisfied that an audit is not required for this year under charity law and that an independent examination is needed.

I report in respect of my examination of the trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner’s statement

I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the trust as required by section 130 of the Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

S J WAKEFIELD ACA 24 January 2025 Dixon Wilson 22 Chancery Lane London WC2A 1LS

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The Elizabeth Cayzer Charitable Trust Statement of financial activities for the year to 31 March 2024 Exper￿able endovmient fund5 Expendable endovment fvnds Unre5tr1cted fund$ Total 2024 Unrestrkted funds Totsl 2023 N￿¢ Intome and endowments Donatiorhs and legacles Investment income 12.500 196.177 12,5rxi 198,934 2.757 300,939 4,360 305.299 Total Incomè 208,677 2,757 211,434 300,939 4,360 305,299 ExpeThdlture Costs of rtiisingfvnd5 Inve5tmeni management costs Expendlture on chorltoble t7ctivitie5 Charitable artivitie5 12.071 12.071 12,695 12,695 122,305 122,305 344,562 344,562 Total expeThdlture 122,305 12,071 134,376 344,562 12,695 357,257 Net losses on investments 112,2511 112,2511 1489,058) 1489,055) Net inrume I lexpebxliture) and nel movement in fuTrd5 86,372 121.5651 64,807 143.623) f497.393} 1541.016J ReconciliotKJn offvnds Total funds brought forward at l April 242,615 7.846,816 8,089,431 286.238 8.630.447 Total funds carried lon¥ard at 31 March 328,987 7,825,251 8,154,238 242,615 7.846,816 8,089,431 All income and expenditure is in respect of continuing activities forthe current ar￿ thè previous year.

The Elizabeth Cayzer Charitable Trust Balance sheet at 31 March 2024 Expèndablè endovmient fund5 ExpendablÈ endowment Unrestricted fvnds Total 2024 Unrestrlcted lunds Total 2023 Fixed assets Investments 7,426.626 7.426.626 7.448 271 7,448,271 7,426.626 7,426,626 7.448,271 7,448.271 Current as￿$ Debtors Cash at bank and in hand 6.411 364.262 6.411 765,775 401.513 392.657 401513 794.170 370,673 401.513 772,186 391657 401.513 794.170 Creditors fallirg due wlthln one year 141.6861 12,8881 144.5741 f150.042J 12,968J f153,OlOJ Net cuThent assets 328,987 398,625 727,612 241615 398,545 641,160 Net assets 328,987 7,825,251 8.IS4,238 242,615 7,846,816 8,089,431 The funds of the charlty: Unrestricted funds Expendable endowment funds 328,987 328,987 7,825.251 242,615 242,615 7.846.816 7.825.251 7.846,816 Total char5tyfunds 328,987 7,825,251 8,154,238 242 615 7,846,816 8,089,431 Approved by thè Tnjstees on Is 2ozr and signed on their behalf by The Hon. Mrs Gilmour Trustee Mrs Sonia Barry Trustee

The Elizabeth Cayzer Charitable Trust ststement of cash flows for the year to 31 March 2024 Totsl lunds 2024 Totsl funds 2023 Note Net cash used in ￿rnt[ng actmlles 1224.6521 f231.580J Cash flow5from In¥estlngacllvitie5 Interest and dwidends Investment management fees Proceeds from sale of investments Purchases of investments Movement of cash within investment portfolio Net cash provided by in¥estlng actlv5t5es 196,177 112.0711 132.978 139,1721 181,6551 300,939 (12,695) 80,387 (76,660) 5.928 196,257 297.899 Chan8e in cash and cash equl¥alents in ihe year 128.3951 66.319 Cash and cash equivalents brou8ht forward Cash and cash e4Uivaleh￿ carrled fonyard 794,170 765,775 727,851 794,170

The Elizabeth Cayzer Charitable Trust Notes to the financial statements for the year to 31 March 2024 Accounting poliaes Summary of slEnlfl¢ant a¢¢ountlng pollcies and key accountlng estimates The prlnclpal accounting policies applied in the preparation of these financial statements are set out below. These pollties have been conslstently applied to all the years presented, unle55 Otherwise stated. Basls of preparation The financial statements have been prepared under the historical cost convention. with items retognised at cost or transaction value unless othenwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 issued on 2 Ortober 2019 and the Charities Act 2011. The trust constitutes a public benefrt entity 35 defined by FRS 102. Golng concern The trustee5 consider that there are no material uncertainties about the trust's ability to continue as a going concem. and that there are no key assumptions that affett items in the accounts. Funds structure The charity has an expendable endowment fund created by 8lfts from the settlor. The trust deed allows thls fund to be spent as income or retained as capitsl at the trustees, diKretS0n. Income arising from the expendable endowment is unrestricted. In¢ome recognition All income is recognised once the charity has entitlement to the income. it is probable that the income wlll be received. and the amount can be measured reliably. Dividends and other income from investments are recognised in the financial statements when the charity is entitled to the income. Income from cash deposits is included on an accruals basis. Gift ald reclaimable on donations to the charity is Included with the amount received. Expendi￿re recosnltlon Liabilities are recognised as expenditure as 500n as there is a legal or constructive obli8ation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Grants are charged to the staternent of financial activities when paid or when a construrtive obligation exists, notwithstanding that they rnay be paid in future accounting periods. Other expenditure is included in the account5 on an accruals basis. Investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date using the closing market price. The statement of financial activites includes the net gains and losses arising on revaluation and disposals throughout the year. Irre¢overable VAT Irrecoverable VAT has been char8ed against the relevant expenditure. Credltors Creditors are recognised once the charity has a present obligatlon resulting from a past event that it is probable wlll result in the transfer of funds to a third party. and the amount due to settle the obligation can be measured or estimated rellably.

The Elizabeth Cayzer Charitable Trust Notes to the financial statements for the year to 31 March 2024 Investment Income 2024 2023 UK listed investments Non-UK listed investments Interest income 141.562 37,241 20,131 253.863 41.829 9.607 198.934 305,299 All investment income 15 unrestritted income in both years. with the exception of accumulation dividends of £2.67412023 - £151 and excess reportable income of £8312023 - £49}. Total expendable endowment investment income is £2.75712023 - £4.3601. and in the prior year additionally included dividends received in specie of £4.091 and net accrued income charges of £69. Analysis of charitsble activitie5 (Unrestricted fundsl 2024 2023 Donorions and grants f5ee 0150 Note 3a) Archiving and catsloguing Conferences, exhibitlons, and colloquia Conservation. restoration, and museum capital projertS 32,lJ)O 39,582 45,076 116,658 119,964 106,400 107,633 333.997 Governonce costs Accounts preparation and administration fee Bank charges Independent examination / audit fee 4,050 4,560 1.590 5.647 10.565 Totsl expenditure on charitable activitie5 122,305 344.562 Note 3{al Recipients of instltutlonal grant5: The charity undertakes its charitsble activlties through grant making and awarded grants to a number of institution5, art 8alleries. and museums and heritage trusts which are registered UK Charities, in furtherance of tts charitsble actÉvitles. 2024 2023 Recipients of institutlofiol gronts.- Dulwith Picture Gallery Sirjohn Soane's Museum TheAshmolean Museum The Landmark Trust The National Gallery The National Portratt Gallery The Wallace Collection Venice in Peril Wentworth Woodhouse Preservation Trust 49,500 32,000 119,964 19,OC(J 77,633 50.000 32,982 26,076 30,CiYJ 116,658 333,997 10

The Elizabeth Cayzer Charitable Trust Notes to the financial statements for the year to 31 March 2024 Fixed assel inveslments {Expendable endowment fvnds) 2024 2023 Movement In fixed asset Investments: Opening market values at l April Additions Disposal proceeds Movement in cash Net105ses on revaluation and on disposal 7.448.271 41.929 1132.9781 81.655 112,2511 7.942.624 81,020 f80.387J 15,928) f489,058) C105ing market value5 at 31 March 7.426,626 7.448,271 Inve5tmenls at fair value comprlsed: Equities Fixed interest stocks Cash held within the investment portfolio 6,794,838 533.261 98.527 6,887.867 543,532 16.872 7.426.626 7.448,271 Material investments at 31 March at falr value Caledonia Investments PIC Troy Asset Management- Trojan Income Fund 2,242.995 1.891.148 2.318,218 1.847,901 Debtors {Unrestrlcted funds) 2024 2023 Gift Aid reclaimable Prepayments and accrued income 2,5C4J 3.911 6,411 Credltors falllng due within one year 2024 2023 Unrestrictedfvnds Grants pledged Accruals 36,076 5.610 41.686 139.482 10,560 150,042 Expendable endowmentfund5 Accruals 2,888 2.968 44,574 153,010 The funds of the charlty 2024 2023 Unrestrlcted Balance at l April Incoming resources Resource5 expended 242,615 208,677 {122.3051 286,238 300.939 {344,562) Balance at 31 March 328,987 242,615 11

The Elizabeth Cayzer Charitable Trust Notes to the financial statements for the year to 31 March 2024 The fvnds of the chavlty (continued) 2024 2023 Expendable endowment Balance at l April Incoming resour￿5 Resources expended Net losses on investment assets 7,846.816 2.757 112.0711 112,2511 8,344,209 4.360 (12.695) {489.058J Balance at 31 March 7,825,251 7.846.816 Reconciliation of net movement In fvnds to net cash flow from operating adlvltles 2024 2023 Net movement in funds Deduct investment income and expenses shown in investing activities Net losses on investment assets Ilncreasel / decrease in debtors (Decrease} / increase In credltors 64,807 1186,8631 12,251 16,4111 1108,4361 1224,6521 (541,016) {292,604) 489,058 72 112,910 1231,580) Reconciliation of net debt Total 2024 Totsl 2023 At l April lall held in cashl Cash flows for the year At 31 March (all held in cashl 794,170 {28.3951 765,775 727,851 66,319 794,170 io. Transactions with trustees or connerted peKsons An administration fee of £4.05012023 - £4.5601 is payable to a company of which The Hon. Mrs Gilmour, Mr Dominic Gibbs. and Mrs Sonia Barry are dirertors. No other arrangement, including transactions. contracts, and grants, existed during the accountinE period with trustees or connected persons. No tIU5tees or connected per50ns received remuneration directly or indirectly from the charity during the accounting period nor did the trustees re￿1ve reimbursement of any expenses. ii. Employees The trust did not have any employees during the current or previou5 year. 12