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 

5 

5 



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