REGISTERED COMPANY NUMBER,. 00456587 (England and Walos) REGISTERED CHARITY NUMBER.. 227168 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 FOR THE ELIZABETH CASSON TRUST Bronsens Chartered Certified Accountants Statutory Auditors Eden House Two Rivers Business Park Witney Oxfor¢Jshire OX28 48L
THE ELIZABETH CASSON TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Pag• Rgfgrgnce and Administrativg Dfrtalls Report of t Trustoas 2 to 12 R•port of th• Indepgndent Auditorn 13 to 1S statsm•nt of Flnanclal Activltlos 16 8alan¢e Sheet 17 Notes t¢ th• Flnanclal Statam?nts 18 to 22 Detalled Statement of Flnancial Activities 23 to 24
THE ELIZABETH CASSON TRUST REFERENCE AND ADAIINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2025 TRUSTeES Mrs D J Christie OBE FRCOT IChair} s N E Flelcher-Hanklnson FRCOT {Vlce Chair- resigned 22,10.251 Mr V W Griffiths FCA Iresigned 23.10.24} Dr C Bennett Iresigned 22.10.25) ProfA E R Drummond FRCOT Prof J meOn MBE FRCOT (Vice Chair from 22.10.251 MsCSLane Mr E O Vera-cruz Dr M Ghosh Ireslgned 23.10.241 Dr R E Khanna Ms S L Tuppeny (resigned 22.10.251 Mrs A Odutayo Mr P J J Lennon ACMA. CGMA18ppoinled 23.10.241 Dr M M C Ramafikeng (appointed 22.10.251 Dr V Sriram (appointed 22.10.25) Ms H E Roberts (appointed 23.10.24) Dr C S Y Chung lappointed 23.10.24 COMPANY SECRETARY Mrs P Anderson (resigned 23,10.241 Dr K A Tumer lappoinled 23.1 D.241 REGISTERED OFFICE Eden House Two Rivers Business Park station Lane Wtney Oxlordshire OX28 4BL REGISTERED COMPANY NUMBER 00456587 (England 8nd Wales) REGISTERED CHARITY NUMBER 227166 AUDITORS Bronsens Chartered Certified Accountants Statutory Auditors Eden House Two Rivers 8u$ines8 Park vwtney Oxfordshire OX28 48L Page 1
THE ELIZABETH CASSON TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 The trustees who are also the directors of the charity for the PL1rpÈs of the Companie5 Act 2006, present their report with the financial slalements for th8 year ended 31 August 2025. The Iruslees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charrties pieparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 201 $1 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing docum•nt The goveming document under which the Trust operates is the Memorandum and Articles of Association 2020. The Trust is a ¢harity and consliluled as a company limited by guarantee and having a share capital. The current Objects ol the Trust are, broadty, lo further the profession of occupational therapy through educatr'on and scholarship activity and to develop the provision of occupational therapy services through evidence-infomied practice. In pa'cUlar. the Trust's objectives are.. a. To support the participation of registered oc¢upalional therapists, both in the Unlled Kingdom and Internationally, in higher education and professional development activities thrgh the provision of funding awdrds. b. To provide support in the provision of Qccupalional therapy services, wheresoever the service is being dellvered, lo improve the heatth and wellbeing of indlviduals, groups and communities experiencing occupational disruption, with a vlew lo the dissemination of knOedge, bcth within and beyond the profession, to further the profession of occupational therapy, c. To establish sustainable centres for the study and research into occupational therapy and occupation.focused interventions wlh a view to improving all aspects of the occupational therapy process through the implementation and adoption of new evidence and knowledge. d. To generally raise the profile of and promote the profession of occupational therapy and its benefi'ts lo the health and wellbeing of individuals, groups and communllie5 through the activities of the Trust and trustees. e. To offer scholarships, grants and awards lo registered occupational therapists on Such lerrns and conditions and in such amounts as the Iruslees agree al their absolute discretion. Trustsg Board The Board is the Trusvs key slrategle decision maker and oversee$ the management and 8dmlnistration of the Trust. It may delegate certain responsibilities lo sub40mmirtees or individual$ within the operations Te8m-, bul the Board remains accountable and responsible for all decision5 made. Key matters reserved lo the Board include strategic direction, vision, values and approval of the Trusys business plan and pdicies. The 8oard must lake declsions the best interest of the Trust. Trustees have liabilities antl responsibilities under both chanty law and company law. In addition, Iruslees are expected to comply with the Nolan Principles of selflessness. integrity, oblectivty, accountability. openness, honesty and leadership. During the financial year, thirteen trustees seNed on the Board ten of whom ore oecupalional Iherapisls by professKJnal baekground and the remaining three weie lay members. Three member5 are required to form a quorum. All meetings of the Board of Trustees during the year were quorate. The 5ub-committee$ in operation during the year were.. The Finance an¢J Govemance Board I'FAB'I vthose membership is the Chair, Flnance Trustee I Treasurer, the Executive Officer I Company Secretary and two additional trustees (one of whom is usually the Vice-chair and the other a lay tru$lee}. This ensures that the committee form8 a quorate group and can act on behalf of the main Board in defined circumstances Imainty around finance, govemance, contracts, risk management and IT). Project Reference Groups these are reserved for the Trust's larger and, most likely, exlernally-commis5ioned projecls and will be made up of three trustees, the Executive Officer and the extemal projecl lead. P8ge 2
THE ELIZABETH CASSON TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 202S Rècfuitmtrnt and appolntment of trustee$ Trustees have s lemi of three years and are able lo sland for 8 maximum of Nvo terms. An allowance lo this limit can be made at the discretion of the Board in ex¢eplional rArcumstances. Due lo the stsggered nature of appointments, there is a need lo actively recruit Iruslees each year. In preparation for recruitment, the skill$ and experience of indivh1ual trustees and the Board as a whole are reviewed and mapped to the Trust's current and lulure activities and projects. Con8equenlty, the recruitment proffile may differ each year lo a0mmOdate changes in the Board composition and to respond lo the Trust's activities. As reported in 2024, Ms Naomi Hankinson's second term as trustee officially ended at the October 2024 AGM, However, Ms Hankinson. who is ViGe-Chair of the Trust, agreed lo a request lo remain as a trustee for further 12 months to support the organisation's continuty of leadership, given the recruitment of 8 new Executive Offl¢er and the imminent completion of the second temi ol office for the Chair of Iruslees. At the same tlme, the decision was taken to advertise and fill Ms Hankinson's trustee role during the 2024 recruotrnenl process. Consequenfjy. a third trustee vacancy was created for an occupational therapist to join the Board. To support reul1ment. thè Trust onoe again commlsyioned Peridot Partners, an executive search organisation specialising in recruiting trustees for charities and the third sector. Peridot Partners generated an excellent pOnse, with 21 applications received from occupational therapists, three from individuals w(th a finance background and one from a managemenvleadership per5peclive. Following the recrurtmenl process, the Trust were delighted to appoint Mr Phillip Lennon (lay trustee Finan¢el, and Mrs Helen Jackson and Mr Chadie Chung (both occupational therapi$ts} lo the Board at the October 2024 AGM. Guidance from the Charity Commission on truslee responsibilities is available lo all trustees through the Tru$l'$ secure portal. Additionally, Iru51ees are asked to identbfy any leaming and development needs they may have lo fulfil their role as trust88$, and the Trust funds this activity. General Governance An explicit governance Structu supports the work ol the Trust with project groups that broadw align to activltles stemming from the objectives within the Twst Strategy and operational framework. Project groups are ty)vemed by documented terms of reference ¥Mlh clear authorities. responsibillties and methods of womting, and project leadslsponsors report lo the Board al ea¢h meeting detailing the present slate, forward plans, issues and risks, and budget requirements. Thls reporting approach allows full di$cussion by the trustees and provides opportunities for approvals and amendments to planned activllies. The 2025 annual Away Day way facilitate(J by an oulgide consultant and was focused on the ¢re816on of a new strategy ftsr the Trust for the next three year period, 2025-2028. A working group wa5 fomied at the Away Day lo complete the work so that the new stralegy could be Pfesented at the October 2025 AGM. Flnanclal Governance The Trust has developed a Scheme of Delegation lo clarify the responsibilities and powers of trustees and those delegated lo either sub ¢ommitlees of the Board, the Executive Officer or the Operations Team in spect of key aspects of the leadership and management of the Trust in order to ensure oompliance th all legal wquirements. The Scheme is split into three main areas Govemance and Leadership, Opfyralions, Finance and Risk - and is reviewed regularfy lo ensure that the roles and re3ponsibililies contonually rèfflect organisational realities and updates lo guidance or legis14ti0n, The Trust's investments are managed by Quilter Cheviot Inv8stmenl Managernent. All infomalion ihey provide is shared with FAB arKI summary informalK)n is communicated lo the main Board. The firm produce5 8 quarterty financial report on the investments held, and a represenlalive also attends a meeting of the main Trust Board at least annually. The Trust's general investment pdicy and ethical investment policy are current and reflect the wishes of the Board. A budget is agreed by the Board al the beginning of each financial year and the Tru8Vs performance against this budget is fftported al each Board meeting., This reporting ensures project groups and Iru818es are sufficiently informed to meet their duties concerning ffinancial management. As SLJ¢h, the budget is a 11exible 'living documenv that positions and allows the Tru$l to respond to situations as they evolve. The Trust continues lo meet the Charity Commission's Internal Financial Controls for Charities ICC 8) recommendations. Page 3
THE ELIZABETH CASSON TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 Data Govgmancg The Trust fully complies with the requirements of the General Data Protection Regulauon IGDPRI and The Data Protection Act 2018. The Trust is registered with the Information Commissionerfs Office. During the financial year, the Trust ImpMented a new online Customer Relationship Management ICRMI system for managing all applications made lo the Trust. The new platfom), built on Microsoft 365, was formally launched al the end of March 2025 and provides a secure and robust end-to-end process for all ¢¢)mmunic4titsns with applicants. General Managamont The general management of the Trust is conducted by an Operations Team which comprises an Executive Officer, a Deputy Executive Officer and an Adminislralive Assistant, all of whom are sew-employed contractor3 providing their seNices on a part-time basis. The Trust holds four Board meetings annually to provide oversight and direction for its work. one of which includes an annual Away Day. Two meetings are held virtually, recognising thal the geographlcal gpread of the Iruslees can place unreasonable lime demands for travel lo in-person meetings. Two mselings are held In-petson, with an option to attend virtually if preferredlnecessary. These in-peTson meetings provide an opportunity for informal discu$sion$ and nekIng, while the virtual meetings make il practical for the Trust lo appoint trustees from geographically diverse regions. The fomiatlon of task-and-finish working groups continues lo allow areas of interest to be explored and project group5 to work outside of these Board meetSngs. Rlsk Manag&ment The Iruslees consider a comprehensive risk reglster on an annual basis. The reglster identifS risks and ouanlifies the exposure and impact of these risks using a RAG rating. This approach allows the Board lo assess, quantify and tske action to manage or mrtigale risk5 likety lo affect the operations and sustainability ol the Trust as well as to aid planning for the future. Any in-year changes to risk are reported al Board meetings. A signrficant risk for the Trust has conts'nued to be the potential impact on the Trusys investments from the global environment. The Trust lakes a medium lo long-lem view of these Investments whilst closely monitoring any implications for its income and charitable activities each year. An additional risk thls year has been around the planned changos in leadership for the Trust in respect of both the Chair and Executive Officer {EO and Chairl. Close attention has been given lo this and the Board is confident the risks have been well managed in order to provide a 8moolh transits'on in both Instances. The new Executive offi.cer commenced their contract in October 2025 and the retiring Executive Officer provided a handover through lo December 2025. The new Chair, who is Currenlly the Pre$idenl of the World Federation of Occupational Therapists. will fomially lake up this role in April 2026 and the existing Chair has agreed lo Continue in post unb'l then so that they can use this lime to work together on a phased induetion. Public Ban•frt The trustees conffim that they have paid due regard lo the Charty Commissioner's guidance on public benefit in deciding which activities the Trust should undertake. The public 1$ the ultimate beneficiary of the success of the grants towards research, education, and professional developnRnt. As slated in ils objectives. the Trust provides grants for occupational Iherapisls lo further develop their professional skills through continuing education either al a range of universities or by attending relevant wurses and Conferences. Po$lgrafJuate fesearch activities add lo the evidence base that underpins the practic& of occupational therapy in Ihe UK and intemationally, a$ does the annual research study award. This impa¢l on practice improves the standard of care occupational Iherapi515 provide lo the general publiG. Voluntggrs The Trust has no volunteers delivering th• Tru5Vs work. except Ihe Iruslees, who are not pabd for Ihelr services. Page 4
THE EUZABETH CASSON TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 ALIGUST 2025 Fundraislng Actlvitie8 The Trust is not dependent on the serwlces of unpaid volunteers, pald fundraising consullanls, donalions-in-kind or other intangible income. The Trust does not engage in any direct fvndr8ising activities. However. it does record the fees paid to the Investment Fund manager as 'Expenditure on Raising Funds, in the Slalemenl of Financial Actlvities in these accounts, Page 5
THE EUZABETPI CASSON TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 OBJECTIVES AND ACTIVITIES Value$ The values of the Trust are explicit for stakeholders and fom) the foundation for all that we do. Our commitments articulate the adions we take lo tJemonslrate living by our values. These are as fd19.. 1. We are Intentionally inclusiv•. In¢lu$ivity runs through all of our business structure. developmgntsl and funding intentions. i. We are intentionally aware of the need for greater diveTSity and representation across our work. ii. We value integrity, openness and transparency. 2. We embody a pion•oring spirit. The unique spirit of Elizabeth Ca3son is visible and relevant in how we work and engage ¥th others. i. We are focussed on sharing the spirit of Elabeth Cas$on lo create greater visibility, be more courageous and take appropriate risks across our relationships. ii. We value lenacily, eourage and innovation. 3. A fabric of falmess runs through us. We are fair, balanced and considered in all of our interactions wth others. I, We are open. honest and considered in how we do business. ii. We valuè generosty, sharing and meaningful learnSng. Stratsgic Intentlons and Operatlonal Framèwork The Strategic Intenlltsns and Operational Objectives of the Trust under the 2020-2025 strategy are as follows.. 1. Explore and develop relalien8hip and action$ required by the Trust and trustees to become an indusi organisation. Equality and diversity from the board table lo funding awards and fvlure focus b. Partnership working across all organisations where occupational therapists have a presence c. Partnership working with relevant agencies and organi8th.ons that can support the Trust with equality. diver$ity and inclusion 2. Define outward facing strategies for engagement of occupational Iherapi$ts land associated stakeholders) al all stages of their leaming and career joumey. a. Visibilty as a necessity b. Share leaming in ways that are accessible lo all, across the profession and wider c. Embrace existing nexibility and motivation to stretch thinking about risk taking and fvnding alkJcalion$ d. Create Spa for insp1ring things to happen 3. Define in detail our processes and procedures in simple and a¢ssIble language that Gan be widely understood and Shared. a. Keep under review the alignment of the work, lo our vision, values and strategic intentions b. Act on feedback and make tough decisions about what the 'fabric of fairne58' looks and feels like to others c. Ensure that we are generous across the board in how we share and grow leaming through the creation of learning nefvrks Page 6
THE EUZABETH CASSON TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 Our annual operatsonal framework defines our projects and delivers against our strategy by commissioning special projects and research, and funding professional development awards for individuals and teams.. 1. Contribute lo the development of occupational therapists, helping lo build their confidence, capability and der inclusion lo lake the profession forward in all settings, inGluding wf(hin the Trust. a. Explore other configurations for the Board of Trustees lo en$ure inclusion of under-represented groups. b. Explore, develop and irnplemenl opportunillès with occupational therapists from all areas and relevant organisati¢ns that wll facilitate Confiden building, c8pabilily and inclusion. c. Investigate and commission a ran9e of *aming and development opportunities lo enhance and support professlonal confidence, growth and the indusion of occupational therapigts from under-represented groups. 2. Further development of the evidence base of occupational therapy in order to strenhen the understanding of the efficacy. utility and unique contribution of occupational therapy. Facilitate the production of evidence about the value of occupation and participation including impact and potentwl economic value. b. Facilitate the implementation and adoption of evbdence In prath'ce. 3. Commit to robust governance lo ensure legal compliance by the organisatlon and nurture development of the profession and our services. a. Maintain strong and transparent governance procedures to ensure the sustsSnabilty, relevance and alignrnenl of the work of the Trust with our Artles, our strategic intentions and thè needs of the profession and its place in society. b. Develop the practice of occupallonal therapy by supporting requests for projects, research and leaming activities Ihal develop the qualty and equality of occupational therapy practice wf(hin all settings and lo reach diverse communities in both the UK and intemationally. Page 7
THE ELIZABETH CASSON TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 ACHIEVEMENTS AND PERFORMANCE Charitable activitigs All activities undertaken by the Trust directly relate lo the 2020-2025 strategy and operatSonal framework and are kept under review al each Board meeting through reports by project 5ponsorsAeads and review of the Trust's finances against the agreed budget. Op?rdtlonal Alm I 1.1 The Tru51 continues to focus on recnJitm¢nl to inlenlionally create a Board that reflects the ¢x¢upational therapy prole8sion and the diversty thIn it. During the year, the recruitment fimi Peridot Partners supported the Trust with Ihis lo ensure the Trust reached outside ils own nerkS lo ensure fair opportunblies are offered. 1.2 Mentoring.. the Trust has offered an annual mentorin9 programme to occupational Iherapisls slnce 2020. Following a comprehensive evaluation exercise in 2024. the decision was taken to move the programme 'in house,. This allows the programme lo become more sustainable and meet it5 original objertive ol being 'by OT'5 for OT'S. through the ¢realion of a working group of Mentoring Champions, all of 0M are highly experienced 9uPatiOnal therapists and who musl have been mentors in al leasl tsvo prior cohorts of the Trust's mentoring programme. A mentor development event was offered in October 2024, and digital asset8 were created lo support the onboardlng of future mentors into the programme. The Trust supported 136 occupational Iherapisls through this programme durin9 the year 182 mentors and 74 mènlee$l. This new model will deliver significant Savings and enable the Trust lo continue offering the programme in fvlure years. On-going evaluation of the programme will continue. The long-lerm aim is to create a self-sustsining mentoring community for occupational therapists. 1.3 Focus on Faimess Observatory.. the trustees approved this Important project in 202110 address diversity, equity and inclusion in the profession al all stages of an o¢¢upational Iherapisl's career. The first three events in this series were.. A focus on education120221. A focus on starting your career (20231 and A focus on establishing your career120241. The 2025 event, A Focus on advancing practlce, included participants from the NHS, social re. RCOT. HCPC, variou5 unwersities and each of the OT affinity groups such as BAMEOTUK. Attèndees considered what Pcl$e support mechanisms minoriti5ed occupational Iherapi818 might fi'nd helpful as they moved into the more specialist stages of their careers. The event also had threg expert Speakers, participating in a panel discussion. The panellists were.. Dr Vimal Sriram - Director of Allied Heahh Professionals al UniveT511y Hosprtals Bristol and Weston NHS Foundab"on Trust.. Professor Matthew Molineux Professor of O¢¢upalional Therapy and Deputy Head of School (Leaming and Teaching) al Griffith University, Australia and Dr Lisa Chaffey - Non-Execulivè Director of Launch and Disability Inclusion ConsLbllant and O¢cupalional Therapist at Equipped foi Action. Dr Chaffey is also an award-winning Paralympian In women's wheelchair basketball. The Focus on Falrness Observatory has generated a number of assets to 8UPPOrt the diversity and bèlonging of individuals with protected characleri$ti¢s in the profession. The Focus on Fairnes5 Observatory project team will now pause the event lo enable an evaluation lo be conducted against the project's original aims as well as disseminallon of the assets derived lo date. As part of this, the project group for the Observatory has also submitted an abstract lo the Worlfj Federation of Occupational Therapi515 Congress, which will be held in Bangkok, Thailand, in February 2026. This will permil the sharing of the learning derived from the Observatory to a diverse audience of occupational Iherapisls from across the globe. 1.4 Leadership.. the Trust first offered ils personal leadership programme, delivered by Fiona MacNeill, in 2021 and has continued with an annual offer Since then. The programme is open lo occupatnal therapists across the Unrted Klngdom and internationally an(J includes individuals in health, social ¢are, thirdlindependenl sector and edUCaOn. Participants work in small groups led by two facilitators in addition lo completing independent tasks. The programme runs for six months and continues lo be exlrernely well-received. Demand has increased yearly through word-of-moulh recommendations. wlh the Trust receiving around three applications lor every place available,. for the 2025 cohort, there were a total of 72 places available. In line with good practice. an evaluation of this project is in the pro¢e5s of being conduded at the time of writing this report. However. such Is the popularity of the programme and the continued demand for places on it, the programme has been recommissioned for 2026, any feedback from the evaluation likely to take effect from 2027. P8ge 8
THE ELIZABETH CASSON TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 This year. the Trust again funded a fom)al facilitator training group as part of the Leadership programme, recognising that past partieipants have stepped fornard to become facilitators of future group5 and that they would benefit from addrtional training. This 'pay-it-fOard, approach creates sustainability in the programwe. In addition. The skills developed are also transferable lo other areas of the facilitators, pracb'ce. 1.5 Fellowship Award.. lo honour Elizabeth Casson's bold and pioneering spirit and in recognition of our 75th year, the Iruslees created the Elizabeth Casson Fellowship. The Fellowship is intended as a pre51igious and unique opportunity for an occupational therapist lo embark on a subslantlal project that has the potential lo fvrther the profession in a significant and impactful way. The inaugural Elyzabelh Casson Fellowship was awarded lo Professor Lisa Taylor who is developing an employability and career hub for ¢xcupalional therapists IEACH_OTI. The hub will hold relevant, meaninglul and practical guidance for occupational therapists al any career stage, from just qualifying lo preparing for retirement, across all sectors and in any practice area. The inrtial findings of the EACH_OT were pr8sented by Professor Taylor Its the Oeeupational Therapy Show in November 2024 and Professor Taylor also used this opportunity lo garner feedback on the 'ndings through a creatlve hands-on exercise as p8rt of the Trust's wider stskeholder engagement at this event. 1.6 Demystifying Boards and Trusleeship.. Ouring the financial year. a new project lo add to the Leadership offèr for occupational theraplsls was developed in partnership with the Dir8¢10ry of Social Change. This development programme 1$ desi9ned to support occupational therapists lo appty for. and take a seat at. board tables within health and social care and across the voluntary and community sectOT3, in order to represent and share the value of the occupational therapy profession at the highest levels. The Demystifying Boards programme offers slxteen places lo occupatKX)al therapists wth the first cohort commencing in September 2025. 1,7 Stskeholder involvemenumarkeling.. The Trust ctsmmissioned a short biography of Dr Elizabeth Casson's life as part of the celebralion of the Trust's 75th anniversary. This biography is intended to raise the profile of the Tru8t and the support we offer the profession. as well as to Inspire occupational therapists to be fair, bold and innovative, which are the Trust's and Dr Ca5son's values. The biography was written by Professor Annv Turner and was launched at the Occupational Therapy Show in Bimingham in November 2024. Copies of the biography were also distributed to Universitle8 across ihe UK that have an occupats'onal therapy training programme. Havlng exhausted the copies from within the first print run of the blography. the Trust will invest in a second printing in the 2025126 financial year. In 2024, the Trust was inviled lo ¢onlribule o monthly article to OT Today. a free digital occupational therapy magazlne with a subscription of around 14,000 individuals, for a period of e1ve months. The first article was submitted in October 2024 with each month showcasing a different range ol projects and funding routes open lo occupational therapists. Such was the popularity of this monthly SLJbmisyion from the Trust that the Trust has agreed lo a further yearfs partnership wrth OT Today, wth articles continuing to be submitted until August 2026. The Trust once again hosted a sland at the Occupational Therapy Show in November 2024. Thi5 is an In-person conference, lch allowed the trustees and operations team to meet stakeholders and have informal discussions about the Trust's ¢urrent projects on offer. These Conversations were also a mechanism for the trustees lo understand what occupational therapists would like lo see offered in the future. The Trust was very warmly re¢eived by the OT Show attendee5, receiving a Constant stream of visitor5 10 the stsnd across the two days of the Show. The Trust was also delighted to host Professor Lisa Taylor. Dr Sophie Knight, and Mrs Jemma Channing lo showcase their Trusl-funded projects - the EACHOT Fellowship and an Exhibition of Occupational Therapy, re8pecb'vely. The Trust has subsequently been approached by the organisers of the OT Show lo partner on a special attraction for the November 2025 Show -Thè Elizabeth Ca$son Feature Zone - which wll provide an educational overvlew tsf the life and legacy of Dr Elizabeth Casson and the Trust founded In her name. During thè year, the Trust 3UPPOrted Dr Sophi¢ Knight and Mrs Jerrma Channing vllh preparations for nats'onal occupational therapy exhibrtion lo showcase the profession to an extemal, public audiance. The exhibition, tilled 'Strike a Light.. The Art and Science of Occupational Therapy., will be held at Rugby Mu8eum and Art Gallery for six weeks in the Spnng of 2026. Page 9
THE EUZABETH CASSON TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 OperatSonal Aim 2 2.1 The Trust is$uj its annual research call wlth a maximum available award of £100,000 in February 2025. To encourage applications from acr05S the profession, the call was open, wlh no fixed topic, except that proposals musl demonstrate value for money for the Trust and have 8 significant expected impact on the profession and the communf(ies il serves. Followng a hlghly compellllve shortlisling and extemal scoring process, the annual research award wa5 offered to Dr Miranda Cunningham and colleagues from the University of Plymouth to enable them lo conduct a re81ist review of the benefits of occupational therapy within gengrol praGti¢e. The research project is expected to begin in late 20251earty 2026 for a period of up to three years. 2.2 The Trust offers on-line masterclasses for occupational therapists. During the year, a live online webinar was offered by the Trust in partnership with grant awardees Dr Anita Atwal, Dr Vimal Sriram and Professor McKay who had conducted research on the creation of Safe Spaces for BME occupational therapists, from which a new model of practice had been derived. The webinar attracted over 100 attendees as a lunch time leaming session and has been added to the Trust's website as a new masterclass. During the fjnancial year, plans were also agreed lo host a series of six further webinars or 'conversations wth. key represenlatwes from across the occupational therapy profession. 11 is anticipated that this series of six webinars will also be offered as ma8lerclasse5 in the future. 2.3 The trustees re¢ognise Ih81 the environment (time, sp8¢e, yupport and funding) to Start research activity can often be a barrier to earty career researchers dèveloping and progress1ng their 8kills. To address this. the Twsl has historically offed a pump-primer research award for grants of £500 - £5,000. The award is intended lo fund activities supporting an individual developing their research career. $u¢h as submitting athcles for publication, conducting small-scale projects. elc During the year, and in recognition of the rising costs of living, the maximum amount for this award was raised to £10,000 and the Trust was pleayed to support four early career researchers under this award. 2.4 Early career researchers are also supported by the Trust in their doctoral studies and, during th& year, 10 awards were made under this funding to doctoral Tesearehers in the UK and intemalionally. Oporational Alm 3 3.1 The Trust is a virtual organyzation that relies heavily on infom)ation technology platforms. The Trust recognises the legal responsibilities this brings but also the opportunrties for operational efficiencies. As such. the Trust has invested lo tran$form the technology platfomi stakeholders use when submitting funding application5, creating a closed environment for managing the end.lo-end process of applying, CeiVIng fvnds and provlding feedback. The transformation also includes Microsoft Power Bl as part of the new CRM and application portal, which can provide detailed reports lo support business intelligence for the trustees and operations team. As the CRM went 'live' partway during the financial year, this resource will provide greater transparency and feedback on the application pro¢ess for trustees during 2025126 when rt can be utllised auoss an entire financial year. 3.2 Continuing Professional Development Awards.. this award category includes qUeStS for fvnding support to attend courses and for learning opportunities designed by the applicant. During the year, 22 occupational therapists were 8UPPOrted under this fund. 3.3 Post-gIstration masters level $tudy awards.. this award category provides funding for masters level study for registered occupats'onal Iherapisls for up to 60 CATS Points IA¢ademic Credits under the Credit Accumulation and Transfer Points Scheme) in any academic year. During the year, 19 occupational Iherapisls were 8UPPOrted under this fund. 3.4 Conference Awards.. Conference appltIonS are accepted at tsvo points in the year and this year we received a high number of applications due to the Occupational Therapy Africa Regional Group Conference that was held in Tanzania. During the year, 24 occupational Iherapisls were supported under Ihls fiJnd. The Trust also agreed that rt would, once again, support occupational tharapists attending the World Federation of Occupational Therapists Congress which will be held in Thailand in February 2026. A budgetary amount of £25,000 way agreed to support attendees and two official represenlalive5 from the Trust. Page 10
THE ELIZABETH CASSON TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 3.5 Innovation Awards.. COVID necessitated the heatth and care sector lo think differently about how lo deliver services,. in response. the Trust created our innovation award. The award 15 intended lo meet a growing demand for funding innovative projects and was inspired by our founder who demonslraled a pioneering spirit and innovation throughout her career. The award encourages occupatSonal therapists to think creatsvely about servicè design and provides funding to support the implementation and delivery of su¢¢essful ideas. During the year. six awards were made under this fund. 3.6 Intemalional Development Awards.. this award was fomalised in 2020, and this year represents the fifth Cohort of dbploma-qualified occupational therapists Commencing their Studies to achieve a BSC. End-of-year reports from the individu815 show they are Iranslaling their 1eaming into praetice and supporting the development of theli colleague5 and practice more widely in their home countries. Once again. the Occupats'onal Therapy Africa Regional Group IOTARGI adership supported the tru$lee$ in assessing applications received and interviewing the eight shortlisted candidates. Followng the interview process, five OCCUPobonal therapists We supported under this award to lop up, their diplomas lo Bsc level. 3.7 The Iruslees continue wrth activities lo promote the opportunities the Trust gffers the profession. This includes delivering presentations lo local. regional and national groups of oecupalional therapists, 3.8 The Trust continues lo add Content lo the Trust's website as this r8presents the 'shop fronf of the organisation, offering pocket guides, blogs, vlogs, and maslercla55es lo occupational therapists as well as case studies from previous beneficiaries of the Trust. The Trust has approximately 1,500-2.000 visitors lo the web511e each month (source.. Google Analylics} and has a growing audience through social medla outlets. raising awareness of the Trust, its actiwties and the support available lo the profession. FINANCIAL REVIEW Financial posltion The investment income received in the year was £310,55512024.. £299.1761. Spendlng In the year Inel of amounts unpaid commitied to be paid In previous years) was £427,916 12024.. £334,171>. Thg operating deficf( for the year was £117,361 12024.. £34,995). Cash transfers lo the General Fund of £230,000 conlribLrtod to a decrease in value of the investment portfolio of £110,075 {2024.' increase of £939,686). At 31 August 202S the Trusl's reserves amounted to £9,403,78712024'. £9.341,5961. Resgrvgs poII¢y The Trust's medium to long tem) objective is to maintain, in real lem$, an investsnent portfolio to generate sufficient in¢ome to fund rts grant making and Commissioning activitie8, and lo cover its admini$lralion and operating costs. The Trust capital18 mainly held as an endowment hjnd. bul this is a spendable endowment which can be applied where a major capitsl project is undertaken by the trustees. Unspent income is held on an unrestricted income fund in anlicipalion of being applied in the following 12 months. STRUCTURE. GOVERNANCE AND MANAGEMENT Govgmlng document The chanty is controlled by ils goveming document, a deed of trust, and nstItuteS a limlte(I cornpany. Ilmiled by guarantee, as defined by the CoMpanS Act 2006. TRUSTEES. RESPONSIBILITY STATEMENT The trustees (who are also the directors of The Elizabeth Casson Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statement$ in ac¢ordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Page 11
THE ELIZABETH CASSON TRUST REPORT OF THE TRUSTEES FOR THE YEAR EP4DED 31 AUGUST 2025 TRUSTEES, RESPONSIBILITY STATEMENT- continued Company law requires the Iw$lees lo prepare financial stslements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice Iunrted Kingdom Accounting Standards and appltable lawl. Under company law the Iruslees must not appiove the financial statements unless they are Satisfied that they give a true and fair view of the slate of affairs of the charitable company and of the incoming resour¢e8 and application of resources. including the income and expendbture, of the charitable company for that period. In preparin9 those financial stslements, the trustees are required lo select suitable accounting policies and then apply them con$islenlty', observe the methods and principles in the Chariliey SORP., make judgements and estimates that are reasonable and prudent., prepare the finan¢ial stslements on the going concern basis unless r( is inappropriate lo presume that the charitable company will Continue in business. The trustees are responsible for keeping proper accounting records sthich disclose th reasonable accuracy al any lime the financial posrtion of the chaiilable company and to enable them to ensure that the financial statements comply wlh the Companies Act 2006. They are also respc*n5ible lor safeguarding the assets of the charitable company and hence for taking re88on8ble steps for the prevenlK)n and detection of fraud and other irregularities. In so far as the Iruslees are aware.. there is no revant audit information of vthich the charitable company's auditors are unaware.. and the trustees have taken all steps that they ought lo have taken lo make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. AUDITORS The auditors, Bronsens, will be proposed for re-appoinknent at the forthcoming Annual General Meeting. Approved by order of the Board of Trustees on 21 January 2026 and signed on ils behaff by: Mrs D J Christie OBE FRCOT- Trustee Page 12
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE ELIZABETH CASSON TRUST Opinion We have audited the financial slatemenl$ of The Elizabeth Casson Trust {the 'charitable company'l for the year ended 31 August 2025 which comprise the Slalemenl of Financial Activrfcies. the Balance Sheet and notes to the fi'nancial stslements, including a summary of SignifnI accounting policie5. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Aecounlin9 Practice). In our opinion the financial statements.. give a true and fair view of the State of the chaTilable company's affaSrs as at 31 August 2025 and of ils inc¢ming resoUe$ and application of resources, including ils income and expenditure, for the year then ended., have been properfy prepared in accordance Unked Klngdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan wlh Inlemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilitie8 for the audit of the finanrjal statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the fi'nancial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis lor our opinion. Con¢luslon$ relating to going concern In audiling the financi81 slatemenls, we have coneluded that the trustees, use of the 90ing concem basis of accounting in the preparation of the financial statements is approprlate. Based on the work we have perfomied, we have not identified any matefial uncertainties relating to events or conditions that, individualty or colleetivèly, May cast significant doubt on the charitable ¢ompany's ability to continue as a going concern for a period of at least twelve months from when the financial statements are aLthorisod for issue. Our responsibilities and the spOnsibl1((les of the trustees with respe¢l lo golng concern are described in the relevant sects'ons of this report. othgr inforniation The Iruslees are responsible lor the other Information. The other information compriyes the information included in the Annual Report. other than the financial slalemenls and our Report of the Independent Auditors Ihereon. Our opinion on the fi'nancial slalements does not cover the other information and, except lo the extent otherwise expllcitly ststed in our report. we do not express any form of assurance conclusion Ihereon. In connection wth our audit of the financial statements, our responsibility is to read the other infomalion and, in doing 80, eonsider whether the other information Ss materially inconsistent with the financial statements or our knowledge oblalned in Ihe audit or Otherwise appear5 to be materially misytaled. If we idenlfy such malerial in¢onsislencie8 or apparent material misststements, we are required to determine whether this gives rise lo a material misslalemenl in the financial statements themselves. If. b85ed on the work we have perfomed, we conclude that there is a material misslalemenl of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Opinions on olhor matters preycrib•d by th• Companles Act 2006 In our opinion, based on the thvrk undertaken in the course of the audit.. the information given in the Report of the Tru8lees for the financial year for which the financlal statements are prepared 15 consistent with the financial stslemenls,. and the Report of the Trustees has been prepared in aordanCe wlh applicable legal requirements. Page 13
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE ELIZABETH CASSON TRUST hlatters on whl¢h we are requlred to report by •xc8Ption In the light of the knowledge and understanding of the charitable Company and its environment obtsined in the Course of the audit, we have not identified material misstslemenls in the Report of the Trustees. We have nothing to report in respect of the followng matters where the Companies Act 2006 require$ us to report to you if, in our oplnion". adequate accounting reeords have not been kept or returns adequate for our audrt have not been received from branche5 not visited by us,. QT the financial slalemenls are not in agreement wth the accounting records and retums.. or certain dl$clo$ure$ of trustees. remuneration specified by law are not made., or we have not received all the informab'on and explanations we require for our audlt.. or the trustees were not entitled lo lake advantage ol the small companies exemption from the requirement to prepare a Strategic Report or in preparing lh8 Report of the Trustee5. Responslbllltles of trusteos As explained more fully in the Trustees, Re$ponsibililies Slalemenl, the trustees {who are also the directors of the ¢harilable company for the purposes of company law} are responsible for the preparation of the financial statements and for being $81i$fied that they give a true and fair view, and for such intemal ntrol as the ttuslees determine 18 necessary to enable the preparation of financial statements that are free from material mis$latement, whether due lo fraud or error. In preparing the financial stslements, the Iruslees are responslble for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going con¢em basis of accounting unless the trustees erther intend lo liquidate the charitable company or to cease operalions, or have no Tealislic alternative bul to do so. Our rnsponslbilities for the audit of thg flnan¢lal $tst•mènts Our objectives are to obta1n reasonable assurance about whether the financial ststements as a thole are free from material misstatement, whether due to fraud or error, and lo issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audlt conducted in accordance with ISAS IUKI will always delect a material misstatement when rt exists. Misstatements ean arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of usors tsken on the basis of these financial statements. Thè extent lo which our procedure5 are capable of detecting irregularities, includlng fraud is detailed below.. We gained an understanding of the legal and regulatory framework applicable lo the charity and the sector in which il operates and Considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may invoe deliberate concealrnenl by. for example. forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulatn3 which eould gwe rise to a materi81 mis51alement in the financial ststements, including, b(rt not limrted lo, the Charities Act 2011. Our tests included agreeing the financial ststement disclosures lo underfying supporting do¢umenlalion, enquiries with management and. if deemed necessary, enquiries of legal Counsel. There are inherent limilalion$ in the audlt procedures described above and the further removed non-compliance wth laws and regulations is from the events and transactions refl¢¢led in the financial statements, the le35 likely we would become aware of it. As for all our audrf(s. we also addressed the risk of management override of inlemal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due lo fraud. In carrying out this review we did not idenlfy any key audit matters relating lo Irregularities, including fraud. A further description of our responsibilities for the audlt of the financial statements is le¢aled on the Financial Reporting Council's website at ww.fr¢.org.ukJauditorsresponsibilkies. Thi3 de3CriPtI'on forms part of our Report of the Indèpendent Auditors. Page 14
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE EUZABETH CASSON TRUST Use of our report This report is made Solely lo the charitable Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable company's members those matters we are required to state to them in an auditors. report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitsble company and the ¢haritable company's members as a body, for our audit wot*, for Ihls report. or for the opinion8 we have formed. Philip Burton Bsc FCA (Senior Slalutory Auditor) for and on behalf of Bronsens Chartered Certified Ac¢ountant$ Statutory Auditors Eden House Two River$ Business Park Witney Oxtordshire OX28 4BL Dale.. 202 Pag•1S
THE ELIZABETH CASSON TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 202S 31.8.25 Totsl funds 31.8.24 Totsl fvnds Unrestricted Endovmienl fund fund Notes INCOME AND ENOOINME14TS FROM Investment income 310.555 310 555 299 176 EXPENDITURE ON Raising funds 46,710 46,710 41,650 Charltablè actlvlties Grants and scholarships Mentoring Observatory 200,973 41.477 (3,1761 200.973 41.477 {3.1761 97.712 10,920 30.100 Support and govemance $1$ 141 932 141 932 153789 Total 381,206 46.710 427,916 334.171 Net gains on investments 179,552 179.552 1,087,842 NET INCOMEI{EXPENDITURE} Transfors b8fvMèn fund5 170,651} 132,842 62,191 1,052.847 Nèt movement In funds 62,191 62.191 1,052,847 RECONCILIATION OF FUNDS Total funds brought forward 9,341.596 9,341,596 8,288,749 TOTAL FUNDS CARRIED FORWARD 9,403,787 9,403,787 9 341.596 Thè notes form part of these financial sl*ement¥ Page 16
THE eLIZABETH CASSON TRUST IREG18TERED NUMBER: 004S65871 BALANCE SHEET 31 AUGUST 2025 31.8.25 Total nds 31.8.24 Total funds Unreslricled Endowmenl fund fund Notes FIXED ASSETS Inve8tmenls 9.197,532 9.197,532 9,307,607 CURRENT ASSETS Debtors Cash al bank 42,225 176.332 42.225 382,587 34,677 463,024 218.557 206.255 424,812 497.701 CREDITORS Amounts falling due within one year 10 1218,5571 1218,5571 1463,7121 NET CURRENT ASSETS 206.255 206,255 TOTAL ASSETS LESS CURRENT LIABILITIES 9,403.787 9.403,787 9,341,596 NET ASSETS 9.403,787 9,403.787 9.341 596 FUNDS Endomenl funds 11 9 403,787 9 341 596 TOTAL FUNDS 9.403,787 9.341 596 These financial statements have been prepared in ac¢ordance wlh the provisions applicable to charitable ompanies subject lo the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 21 January 2026 and were signed on its behalf by,. LQL Mrs D J Christie OBE FRCOT- Trustee Mr P J J Lennon ACMA. CGMA- Trustee The note$ form part of these financial statements Page 17
THE ELIZABETH CASSON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ACCOUNTING POLICIES Basi# of preparing th• flnanclal statements The financial slalemenls ol the charitable company, whlch is a public benerrt entity under FRS 102. have been prepared in accordance wth the Charities SORP IFRS 1021 'Accounts'ng and Reporting by Charities.. Statement of Recommended Practice applicable lo charite8 preparing their accounts in accordance with the Financial Reporting Standard applicabl& in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191,. Financial Reporting Standard 102 'The Financial Reporting Slandar(i applicable in the UK and Republic of Ireland, and the Companies Act 2006. The hnancial statements have been prepared under the historical cost convention. with the exception of investments which are included al market value, as modified by the revaluation of certain assets. In¢om• All income is recognised in the Slatemenl of Financial ActNities once the charity has entitlement to the funds, il is probable that the income WTII be received and the amount Can be measured reliabty. Expenditur8 Liabilities art recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, il is probable that a transfer of e¢onornic benerrts will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified headings that aggregate all cost related to the category. Where costs cannot be directly attributed lo particular headings they have been allocated lo activf(les on a basis con81Stenl vthh the use of resour$. Grants offered subject to conditions which have not been met at the year*nd date are noted as a commitrnent bul not accrued as expenditure. Volunt88r $ervi¢fr5 The charity does not rely on the support of volunteer servicos. Support and govornance Gosts This Is expenditure on the administration of the charity, including all expendllure not direclly related to charitable aclivilies. Taxation The charity is exempl from corporation tsx on its charitable a¢tivilios. Fund accounting Unrestricted fvnds can be used in accordance with the charltsble objectives at the discretion of the trustees. Reslricled funds can only be used for particular re8lri¢led Purposes wthin the objects ol the Charity. Restrictions arise when specified by the donor or when fund5 are raised for particular reslricted purposes. The Endowment Fund reflects activty in the charity'B investment portfolio. Further explanation of the nature and purpose of each nd 1$ included in the notes lo the financial $talemenls. Grnnts payabl& Grants payable have to fall wlhin the temis of the Trust's objects and need Ihe approval of the trustees. Recipients musl Gomply wllh the terms and cOndonS of the grant. Page 18 continued...
THE ELIZABETH CASSON TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2025 INVESTMENT INCOME 31.8.25 31.8.24 Investment income Deposit acc¢Junl interest 302,994 283,745 310.555 299 176 RAISING FUNDS Investm8nt man•g•m•nt costs 31.8.25 31.8.24 Portfolio management 41,650 CHARITABLE ACTIVITIES COSTS Grant funding of 8Ctivities Oirecl Costs Total8 Grants and schosarships Mentoring Observatory 200,973 200,973 41,477 41,477 38,301 200,973 239 274 SUPPORT COSTS Governance costs Management Tota15 other resources expended 96,671 45,261 141,932 Support co818, included in the above, are as follows.. 31.8.25 other resources expended 31.8.24 Tot81 a¢tlvilles IT and website costs ExeculNe officer DepLty executlve officer Adminlstralive assistance Trustees, expenses Auditors, remuneration Auditors, remuneration for non-audit work Insurance Travel and subsistence Other board costs Bank charges Sundry expenses Monitoring ¢osls 5,680 46,695 31,200 13,096 4,325 3,$60 9,301 41.415 13.517 13,456 3,284 4,080 1,344 283 1,587 249 385 81 1,200 765 570 705 800 Carried forward 108,485 89,093 Page 19 continued...
THE ELIZABETH CASSON TRUST NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 AUGUST 2025 SUPPORT COSTS - continued 31.8.25 Other resources expended 31.8.24 Totsl activities Brought forwar Stakeholder engagement and mattteting Trustee training Trustee recruitment Subscriptions and memberships IT Iransfom)alion review Programme evaluation Media and graphics 108,485 9,799 7,500 13,850 1,846 89,093 9,994 1,934 14,600 2,200 30,462 5,506 452 141 932 153,789 NET INCOMEIIEXPENDITUREI Nel incomellexpenditure} 15 slated after chargingllcreditingl.. 31.8.25 31.8.24 ALsditors' remuneration Auditor$' remuneratitin for non-audit work 3,560 1.344 4,080 TRUSTEES. REMUNERATION AMD 8ENEFITS There were no trustees, remuneration or other benefrts for the year ended 31 August 2025 nor lor the year ended 31 August 2024. Trust••$' exp•ns8s Travel costs and other expense8 tolalling £4,324 were 1mbUr8ed to eleven truslees12024'. £3,284 lo six trustees). FIXED ASSET INVESTMENTS Listed investments MARKET VALUE Al 1 September 2024 Additions Disposals Revaluations 9.307,607 1.684,041 11,990,2211 196 105 Al 31 August 2025 9 197,532 NET BOOK VALUE Al 31 August 2025 9,197.532 Al 31 August 2024 9,307,607 There were no investment assets outside the UK. The cost of investments held al 31 August 2025 was £7,660.652 {2024'. £7,476,121). Page 20 continued...
THE ELIZABETH CASSON TRUST NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 AUGUST 2025 DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.25 31.8.24 Accrued interest and dividends Prepayments 36.883 5.342 34.677 42,225 34.677 10. CREDITORS.. AMOUNTS FALLING DUE WITHIM ONE YEAR 318.25 31.8.24 Grants payable . other recipients Accrued expenses 183,380 35,177 457,381 6,331 218,557 463,712 11. MOVEMENT IN FUNDS Nel movement in funds Transfers befvleen funds At 31.8.25 Al 1.9.24 Unrostrlcted fund8 General fund (70.6511 70,651 Endovmient funds Expendable Endowment Fund 9,341,596 132,842 170,6511 9,403,787 TOTAL FUNDS 9 341 596 62,191 9,403,787 Net movement in funds, included in the abovg arg as follows.. Incoming resources Resources expended Gains and Movement losses in funds Unrgstrlctèd funds General fund 310,555 1381,206) (70,8511 Endowment fund$ Expendable Endowment Fund 146,7101 179,552 132,842 TOTAL FUNDS 310,555 427,916 179.552 62 191 Page 21 contlnued.,.
THE ELIZABETH CASSON TRU8T NOTES TO THE FINANCIAL STATEMENTS - contlnu9d FOR THE YEAR ENDED 31 AUGUST 2025 11. hlOVEMENT IN FUNDS- contlnued Comparativ9$ for movement In funds Net movement in funds Transfers befvrfeen funds Al 31.8.24 Al 1.9.23 Unrestrlctèd funds General fund 134,9951 34,995 Endowment funds Expendable End¢)wment Fund 8,288,749 1.087,842 {34,995) 9,341,596 TOTAL FUNDS 8,288,749 1.052.847 9,341.596 Comparatwe net movement in fvnd8, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrastrictsd funds General fund 299,176 1334,1711 134.9951 Endowmant fundg Expendable Endowment Fund 1,087,842 1,087.842 TOTAL FUNDS 299,176 334,171 1.087 842 1052 847 12. RELATED PARTY DISCLOSURES There were no related party transactiCA)s for Ihe year 8nded 31 August 2025. Page 22
THE ELIZABETH CASSON TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025 31.8.25 31.8.24 IMCOME AND ENDOWMENTS Invèstrnont Incomg Investment income Deposit account interest 302,994 283,745 15.431 Total Incomlng r•sourceg 310,555 299,176 EXPENDITURE Invèstmènt management costs Portfolio management 46,710 41,650 Charltsblo a¢t6vlties Mentoring Observatory Granty and scholarships lo individuals 41.477 13,1761 200 973 10.920 30,100 97,712 239,274 138,732 Support CO8t8 Management IT and website costs Exe¢utNe oificer Deputy executive officer Adminislralive assistance 5,680 46,695 31,200 9,301 41,415 13,517 13,456 96,671 77,689 Gov8manc• ¢osts Tm3tees' expenses Auditors, remuneration Auditors. remuneration for non-audil work Insurance Travel and subsistence Other board costs Bank charges Sundry éxpenses Monitoring costs Stskeholder engagement and m8rketing Tru51ee training Tru51ee recruilmeTrl Subscriptions and memberships IT transformation review Programme evaluation Media and graphics 4,325 3,560 1,344 283 1.587 249 385 81 3,284 4,080 1,200 765 570 705 800 9.994 1,934 14,600 2.200 30,462 5.506 9,799 7,500 13,850 1,846 452 45.261 Total resources expended 427916 Nat 9xnditre bgfor9 galns and108805 1117,361} 134,9951 This page does ntst form part of the stslulory financial slalernents Page 23
THE ELIZABETH CASSON TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025 31.8.25 31.8.24 R•alls•d r•cogni$od gains and losses unalISed gainslllossesl on investments Realised gain{lOSSeS) on investments 196,105 16,5531 1,031.874 55.968 Not Incomg 62.191 1,052,847 This page does not form p8rt ofthe statutory financial stslemenls Page 24