The Elizabeth Cayzer Charitable Trust Reglstered Charity: 1059265 Report and Financial Statements Year ended 31 March 2025
The Elizabeth Cayzer Charitable Trust Contents Page Report of the trustees Independent examiner's report Statement of financial activities Balance sheet Statement of cash flows Notes to the financial statements
The Elizabeth Cayzer Charitable Trust Report of the trustees The trustees present their annual report and the financial statements of the charity for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note I to the actounts and comply with the charity's trust deed, the Charities 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 Address: Cayzer House 30 Buckingham Gate London SWIE 6NN Governed by- Irrevocable Deed of Appointment dated l November 1996 Trustees: The Hon. Mrs Gilmour Mr George Ponsonby Mr Dominic Gibbs Mr5 Sonia Barry Administrator.. The Cayzer Trust Company Ltd Cayzer House 30 Buckingham Gate London SWIE 6NN Solicitors: Broadfield Law UK LLP One 8artholomew Close London ECIA 78L Investment managers: Evelyn Partners Investment Management LLP 206 St Vincent Street Glasgow G2 55G Troy Asset Management Ltd 33 Davies Street London WIK 4BP Independent examiner.. S J Wakefield ACA Dixon Wilson Chartered Accountants 22 Chancery Lane London WC2A ILS
The Elizabeth Cayzer Charitable Trust Report of the trustees (contlnued) Structure• governance, and management The trnst was established by the Settlor, The Hon. Mrs Gilmour, through an irrevocable Deed of Appointment dated I November 1996. The charity was registered 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 trustee5 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 trust's existing resources. All donations to the charity since its inception have been made by the Settlor. The power of appointing new trustees 15 vested in the Settlor during her lifetime. New trustees may be appointed at any time, either by way of replacement or addition. The Hon. Mrs Gilmour was appointed on l November 1996. Mr Dominic Gibbs was appointed on 18 January 2008, Mrs Sonia Barry was appointed on 4 January 2021, and Mr George Ponsonby was appointed on 25 February 2021. All served throughout the year ended 31 March 2025. The trustee5 agree the broad strategy and areas of activity for the trust, including grant-making, investment, risk management. reserves. and performance. The day-to-day administration of grants and the processing and handling of applications prior to consideration is delegated to The Hon. Mrs Gilmour, and the financial affairs of the charity are handled by the administrator. Objectives and activities for the publlc 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 donations to such charitable institutions a5 the trustees in their absolute discretion 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, galleries, and the architectural heritage of the British Isles. The trustees identify 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 catalogues; academic conferences; conservation of works of art, as well as of buildings of architectural and historic interest, and restoration projects associated with them; support of young curators. conservator5, and heritage building apprentices; and archives and the preservation of artefacts. They do not consider grants to people or organisation5 who apply speculatively. The trust also has a policy of not responding to any correspondence unless 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 Commi55ion in accordance with section 17 of the Charities Act 2011. consider that the purpose and artivities of the charity satisfy the requirements of the public benefit test set out in section 4 of the same Act. Achlevements and performance Causes supported during the year included the restoration projert being undertaken by Sir John Soane's Museum of William Hogarth's series of el8ht satirical paintings, A Roke's Progre55. The charity agreed to fund the full restoration of painting no. 4, The Arrest, a5 well as supportin8 filming work in connertion with the restoration. The charity also made a final grant to The Landmark Trust in relation to the restoration of significant Tudor wall paintings at Calverley Old Hall. in West Yorkshire. Thi5 project took place over a number of years, and in the year to 31 March 2025 the work was completed and the property re-opened by The Landmark Trust for lettings.
The Elizabeth Cayzer Charitable Trust Report of the trustees lcontinued) Achlevements and performance (continued) In addition, the charity supported a number of exhibitions and colloquia, including: Dulwich Picture Gallery- firzah Garwood: Beyond Rovilious exhibition catalogue; The National Gallery- Francisco de Zurbaran exhibition catalogue; The National Portrait Gallery- Lucian Freud: Drawing into Painting exhibition- and The W311ace Collection - Winston Churchill.. The Pointer exhibition cataloEUe. Investment policy and performance The ch3rit¢s investment powers are prescribed in the trust deed. The deed gives the trustees very wide powers of investment and the investment policy of preserving 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 plu5 income} with a broad low to medium level of risk. The income from investments for the year was £202,853 {2024- £198,934). It is expected that income will remain stable in future years. The trustees have the power to spend the expendable endowment as necessary. No transfers were made during the financial year. Details of the charity's fixed asset investments are described in note 4 to the financial statements. Evelyn Partners portfolio The market value of the portfolio of stocks managed by Evelyn Partners rose by 3.1% over the year12024- no changel. The portfolio produced an average intome return of 2.8%12024 - 2.9%). At the year-end, the portfolio managed by Evelyn Partners comprised 38.6% {2024 - 38.9Yo) of the total capital assets of the charity, and includes both equities and UK and foreign interest-bearing securities. Caledonia Investments plc shoreholding At 31 March 2025, the investment in Caledonia represented 29.8% {2024- 28.7Y.l of the total capital assets of thecharity. Caledonia reported good performance fortheyear. It reports its performance over a long timescale given its longer-term investment strategy. The Caledonia Net Asset Value INAVI total return lannualisedl over 10 years was 9.0%12024 - 10.0%), well above the FTSE All Share Total Return over the same period of 6.0% {2024- 6.0%). The company continues to pay an increased dividend each year. TroyAsset Management- Trojon Income Fund Over the year to 31 March 2025 the Trojan Income Fund's unit market price increased by l.1%12024 - 2.3%}, and generated an income return of 3.1%12024- 3.2%). At the year end. the market value of the funds in the Troy Asset Management Trojan Income Fund comprised 23.5%12024- 24.2%} of the total capital assets of the charity. Risk management The trustees annually review the risks facing the charity. The charity's risks mainly relate to investment management and these have been ameliorated by diversified portfolio management. Evelyn Partners Investment Management LLP were appointed on 14 February 2007. and actively manage a diversified portfolio of UK and foreign equities and funds along with UK and foreign interest-bearin8 securities. Further investments were later made into managed funds, thereby introducing another investment 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) Reserve5 policy At 31 March 2025, the trustees carried forward a reserve of £126,464 {2024- £328,987) on the unrestricted fund and reserve of £8,129,01712024- £7,825,251) 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 5UPPOrt C05t5, easily maintaining free reserves to cover unrestricted charitable expenditure. Grants are made on a case by case basis, allowing the trustees to be flexible and adapt grant levels as necessary. Statement of tru5tee5' responsibilities 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 Prarticel. The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affair5 of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently", observe the methods and principles in the applicable Charities SORP; make judgement5 and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any departures that must be disclosed and exp12ined in the financial statements- and prepare the financial statements on a going concern basis 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 Charities Act 2011, the applicable Charities (Accounts and Reportsl 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 detection of fraud and other irregularities. Approved by the Trustees on a(0 and signed on their behalf by The Hon. Mrs Gilmour Trustee Mrs Sonia Barry Trustee
The Elizabeth Cayzer Charitable Trust Independent examiner's report to the trustees of The Elizabeth Cayzer Charitable Trust {'the TrusVI I report to the trustees on my examination of the accounts of the Trust for the year ended 31 March 2025. As the charity tru5tee5 of the trugt you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111.the Act'l. You are satlsfied that an audit Is not required for this year under charity law and that an independent examination 15 needed. I report in respect of my examination of the trusvs accounts carried out under Section 145 of the 2011 Art and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under Section 14515llb) of the Act. An independent exarnination 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 givin8 their opinlon on the accourbt5. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, l express no opinion as to whether the accounts present a true and fairf view and my report is limited to those specific matter$ Set out in the independent examinerfs statement. Independent examinerfs statement am qualified to undertake the examination by beins 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: accounting records were not kept in respect of the trust as required by section 130 of the Acl; or the account5 do not accord with those records: or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities IAccounts and Reportsl Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which 15 not a matter considered as part of an independent examination- or the accounts have not been prepared in accordance with the methods and principle5 of the Statement of Recommended Practice for accounting and reportin8 by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. 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. SJ WAKEFIELD ACA Dixon Wilson 22 Chaneery Lane London WC2A ILS 9 December 2025
The Elizabeth Cayzer Charitable Trust Statement of financial activities for the year to 31 March 2025 Expefidable endowment funds Expendable endowment funds Unrestrirted funds Total 2025 Unrestricted funds Total 2024 Note Income and endowments Donations and legacies Investment income 12.500 196,177 12,500 198,934 200,880 1.973 202,853 2.757 Totsl income 200.880 1.973 202.853 208.677 2.757 211,434 Expenditure Costs of raisingfunds Investment management costs Expenditure on choritoble octivities Charitable activitie5 12,211 12,211 12,071 12.071 403.403 403,403 122,305 122,305 Total expenditure 403,403 12.211 415,614 122,305 12,071 134,376 Net gains / {lossesl on investments 314,004 314,004 112,251) (12,251} Net (expenditure) / income and net movement in funds 1202,5231 303,766 101,243 86.372 f21.565} 64.807 Reconciliation offunds Total funds brought forward at l April 328.987 7.825.251 8.154,238 242.615 7,846.816 8 089,431 Total funds carrled forward at 31 March 126,464 8,129,017 8,255.481 328,987 7,825,251 8,154,238 All income and expenditure is in respect of continuing activities for the current and the previous year.
The Elizabeth Cayzer Charitable Trust Balance sheet at 31 March 2025 Expendable endowment funds Expendable endowment funds Unrestrlrted nds Total 2025 Unrestrlrted funds Total 2024 Note Fixed assets Investment5 7,730,508 7,730,508 7,426,626 7,426,626 7,730,508 7,730,508 7,426,626 7,426,626 Current assets Debtors Cash at bank and in hand 4,573 379,276 4,573 780,789 6,411 3t54,262 6,411 765,775 401,513 401,513 383,849 401,513 785,362 370,673 401,513 772,186 Creditors falllng due within one year 1231,9981 13,0041 1235,0021 (41,686) (2,888) f44,574J Net current assets 151,851 398,509 550,360 328,987 398,625 727,612 Credltors falllng due after one year 125,3871 125,387) Net assets 126.464 8,129,017 8,255,481 328,987 7,825,251 8,154,238 The funds of the charfty: Unrestricted funds Expendable endowment funds 126,464 126,464 8.129,017 328,987 328,987 7.825,251 8,129,017 7,825,251 Totsl charity funds 126,464 8.129,017 8.255,481 328,987 7,825.251 8.154,238 Approved by the Trustees on and signed on their behalf by The Hon. Mrs Gilmour Trustee Mrs Sonia Barry Trustee io
The Elizabeth Cayzer Charitable Trust Statement of cash flows for the year to 31 March 2025 Totsl funds 2025 Totsl funds 2024 Note Net cash used in operating artlvltles 1185,2041 (224,652) Cash flows from investing artivitie5 Interest and dividends Investment management fee5 Proceeds from sale of investments Purchases of investments Movement of cash within investment portfolio Net cash provided by investlng activitles 200,218 112,0951 182,917 1243,486} 72,664 196,177 f12,071) 132,978 (39,172) (81,655) 196,257 200.218 Change in cash and cash equivalents in the year 15,014 {28,395J Cash and cash equlvalents brought forward Cash and cash equivalents ¢arrled forward io 765,775 794,170 io 780.789 765.775
The Elizabeth Cayzer Charitable Trust Notes to the financial statements for the year to 31 March 2025 Accounting pollcles Summary of significant accounting pollcles and key a¢countlng estimates The principal accounting policies applied in the preparation of these flnancial statement5 are set out below. These policies have been con515tently applied to all the years presented, unless otherwise stated. Basls of preparatlon The financial statements have been prepared under the historical cost convention. with items recognised at cost or transaction value unless otherwise stated In the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practlce: 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 October 2019 and the Charities Act 2011. The trust constitutes a public benefit entity as defined by FRS 102. Golng concern The trustees consider that there are no material uncertainties about the trust's ability to continue as a going concern, and that there are no key assumptions that affect items in the accounts. Funds Structure The charity has an expendable endowment fund created by gifts from the Settlor. The trust deed allows this fund to be spent as income or retained as capital at the trustees, discretion. Income arising from the expendable endowment is unrestricted. Income recognltlon All income is recognised once the charity has entitlement to the income. it is probable that the income will be received, and the amount can be measured reliably. Divldends and other income from Investment5 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 aid reclaimable on donation5 to the charity is included with the amount received. Expenditure recognltion Liabi1Sties are recogni5ed as expenditure as soon a5 there Is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be reqLJired. and the amount of the obligation can be measured reliably. Grants are charged to the statement of f inancial activities when paid or when 3 constructive obligation exists, notwithstanding that they may be paid in future accounting period5. Other expenditure 15 included in the accounts 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. Irrecoverable VAT Irrecoverable VAT has been charged against the relevant expenditure. Creditors Creditors are recognised once the charity has a present obligation resulting from a past event that it Is probable will result in the transfer of funds to a third party, and the amount due to settle the obligation can be measured or estimated reliably.
The Elizabeth Cayzer Charitable Trust Notes to the financial statements for the year to 31 March 2025 Investment Income 2025 2024 UK listed investments Non-UK listed investments Interest income 144,121 36,202 22,530 141,562 37,241 20,131 202.853 198 934 All investment income is unrestricted income in both years. with the exception of accumulation dividends of £50312024 - £2.6741, excess reportable income of E2.41012024 - £83), and net accrued income charges of £94012024- £nill. Total expendable endowment investment income is £1,97312024- £2,757). Analysis of charitable activltie5 {Unre5tricted funds) 2025 2024 Donotion5 ond gronts {see 0150 Note 30) Archiving and cataloguing Conferences, exhibitions, and colloquia Conservation, restoration. and museum capital projects 32.000 39,582 45,076 116,658 216,225 181,774 397,999 Governonce costs Accounts preparation and administration fee Bank charges Independent examination l audit fee 3,780 4,050 1,620 5,404 1,590 5,647 Totsl expenditure on Charitable artivities 403,403 122,305 Note 3la} Reclplents of institutional grants: The charity undertakes its charitable activities through grant making and awarded grants to a number of institutions, art galleries, and museums and heritage trusts which are registered UK Charities. in furtherance of its charitable activities. 2025 2024 Recipients of institutional grants.. Dulwich Picture Gallery Sirjohn Soane's Museum The Landmark Trust The National Gallery The National Portrait Gallerv The Wallace Collection Venice in Peril Watts Gallery Guildford Wentworth Woodhouse Preservation Trust 34,450 121,774 50,000 92,425 50,000 39,350 32.000 19,000 1,600 32,982 10,000 26.076 397,999 116,658 10
The Elizabeth Cayzer Charitable Trust Notes to the financial statements for the year to 31 March 2025 Flxed asset Investments (Expendable endowment lunds) 2025 2024 Movement in fixed asset investmenls.. Opening market values at l April Additions Disposal proceeds Movement in cash Net gains / Ilossesl on revaluation and on disposal 7,426.626 245,459 1182,917) 172,6641 314,004 7,448,271 41,929 (132,978) 81,655 (12.251) C105ing market values at 31 March 7.730.508 7,426,626 Investments at fair value comprised: Equities Fixed interest Stocks Cash held within the investment portfolio 7,161,821 542,824 25.863 6,794,838 533,26J 98,527 7,730,508 7,426.626 Material investments at 31 March at fair value Caledonia Investments PIC Troy A55et Management-Trojan Income Fund 2,420,794 1.912,186 2,242,995 1,891,148 Debtors {Unrestrlcted funds 2025 2024 Gift Aid reclaimable Prepayments and accrued income 2,500 3,911 4,573 4,573 6,411 Credltors fallln8 due wlthln one year 2025 Z024 Unrestrictedfunds Grants pledged Accruals 226.598 5.400 231.998 36,076 5,610 41,686 Expendoble endowmentfunds Accruals 3,004 2.888 235,002 44,574 Creditor5 falling due after one year 2025 2024 Unrestrictedfunds Grants pledged 25.387
The Elizabeth Cayzer Charitable Trust Note5 to the financial statements for the year to 31 March 2025 The fvnd5 of the charlty 2025 2024 Unrestri¢ted Balance at l April Incoming resources Resources expended 328,987 200,880 1403,4031 242,615 208,677 (122.305) Balance at 31 March 126,464 328,987 Expendable endowment Balance at l April Incoming resources Resources expended Net gains /11055esl on investment assets 7,825,251 1.973 112,2111 314,004 7,846.816 2,757 112.071) (12,251) Balance at 31 March 8,129,017 7.825,251 Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltli 2025 2024 Net movement in funds Deduct investment income and expenses shown in investing artivities Net (gains) / losses on investment assets shown in investing artivitie5 Decrease I lincreasel in operating debtors Increase / Idecreasel in operating creditors 101,243 1190,6421 1314,0041 2,500 215,699 1185,2041 64,807 1186,863) 12,251 {6,411) (108,436) (224,652J io. Retontlliation of net debi Total 2025 Total 2024 At l April lall held in cashl Cash flows for the year At 31 March (all held in cashl 765,775 15.014 780,789 794,170 128,395) 765, 775 ii. Transartions wlth trustees or connected persons An administration fee of £3,78012024 - £4,050) is payable to a company of which The Hon. Mr5 Gilmour, Mr Dominic Gibbs, and Mrs Sonia Barry are directors. No other arrangement, including transactions, contracts, and grants, existed during the accounting period with trustees or connected persons. No trustees or connected persons received remuneration directly or indirectly from the charity during the accounting period nor did the trustees receive reimbursement of any expenses. 12. Employees The trust did not have any employees during the current or previou5 year. 12