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