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 me￿On 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 PL1rp￿Ès 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 $1
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing docum•nt
The goveming document under which the Trust operates is the Memorandum and Articles of Association
2020. The Trust is a ¢harity and consliluled as a company limited by guarantee and having a share capital.
The current Objects ol the Trust are, broadty, lo further the profession of occupational therapy through
educatr'on and scholarship activity and to develop the provision of occupational therapy services through
evidence-infomied practice. In pa￿'cUlar. the Trust's objectives are..
a. To support the participation of registered oc¢upalional therapists, both in the Unlled Kingdom and
Internationally, in higher education and professional development activities thr￿gh the provision of funding
awdrds.
b. To provide support in the provision of Qccupalional therapy services, wheresoever the service is being
dellvered, lo improve the heatth and wellbeing of indlviduals, groups and communities experiencing
occupational disruption, with a vlew lo the dissemination of knO￿edge, bc*th within and beyond the
profession, to further the profession of occupational therapy,
c. To establish sustainable centres for the study and research into occupational therapy and
occupation.focused interventions wlh a view to improving all aspects of the occupational therapy process
through the implementation and adoption of new evidence and knowledge.
d. To generally raise the profile of and promote the profession of occupational therapy and its benefi'ts lo the
health and wellbeing of individuals, groups and communllie5 through the activities of the Trust and trustees.
e. To offer scholarships, grants and awards lo registered occupational therapists on Such lerrns and
conditions and in such amounts as the Iruslees agree al their absolute discretion.
Trustsg Board
The Board is the Trusvs key slrategle decision maker and oversee$ 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
a￿0mmOdate 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 re￿ul1ment. 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 Imp￿Mented 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 ne￿￿kIng, 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 identif￿S 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$ivity runs through all of our business structure. developmgntsl and
funding intentions.
i. We are intentionally aware of the need for greater diveTSity and representation across our work.
ii. We value integrity, openness and transparency.
2. We embody a pion•oring spirit. The unique spirit of Elizabeth Ca3son is visible and relevant in how we
work and engage ¥￿th others.
i. We are focussed on sharing the spirit of El￿abeth Cas$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 nefv￿rks
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 stren￿hen 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 Art￿les, 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 ne￿rkS 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 9￿uPatiOnal 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$l. This new
model will deliver significant Savings and enable the Trust lo continue offering the programme in fvlure
years. On-going evaluation of the programme will continue. The long-lerm aim is to create a self-sustsining
mentoring community for occupational therapists.
1.3 Focus on Faimess Observatory.. the trustees approved this Important project in 202110 address diversity,
equity and inclusion in the profession al all stages of an o¢¢upational Iherapisl's career. The first three
events in this series were.. A focus on education120221. A focus on starting your career (20231 and A focus
on establishing your career120241. The 2025 event, A Focus on advancing practlce, included participants
from the NHS, social ￿re. RCOT. HCPC, variou5 unwersities and each of the OT affinity groups such as
BAMEOTUK. Attèndees considered what P￿cl$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 occupat￿nal therapists
across the Unrted Klngdom and internationally an(J includes individuals in health, social ¢are,
thirdlindependenl sector and edUCa￿On. 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-fO￿ard, 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$u￿j 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 offe￿d 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 appl￿tIonS 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 CoMpan￿S 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 re￿vant 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 Signif￿nI 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 resoU￿e$ 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 a￿ordanCe 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 $tst•mènts
Our objectives are to obta1n reasonable assurance about whether the financial ststements as a thole are
free from material misstatement, whether due to fraud or error, and lo issue a Report of the Independent
Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audlt conducted in accordance with ISAS IUKI will always delect a material misstatement
when rt exists. Misstatements ean arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected lo influence the economic decisions of usors tsken on the
basis of these financial statements.
Thè extent lo which our procedure5 are capable of detecting irregularities, includlng fraud is detailed below..
We gained an understanding of the legal and regulatory framework applicable lo the charity and the sector in
which il operates and Considered the risk of acts by the charity that were contrary to applicable laws and
regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk
of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting
from error, as fraud may invo￿e deliberate concealrnenl by. for example. forgery or intentional
misrepresentations, or through collusion.
We focussed on laws and regulat￿n3 which eould gwe rise to a materi81 mis51alement in the financial
ststements, including, b(rt not limrted lo, the Charities Act 2011. Our tests included agreeing the financial
ststement disclosures lo underfying supporting do¢umenlalion, enquiries with management and. if deemed
necessary, enquiries of legal Counsel. There are inherent limilalion$ 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 charit￿e8 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 cOnd￿onS 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 9x￿ndit￿re 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
un￿alISed 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