CHARITY NUMBER: 507950 THE ELIZABETHAN TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2020
THE ELIZABETHAN TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS CONTENTS CONTENTS ADDRESS AND PRINCIPAL ADVISERS TRUSTEES, REPORT INDEPENDENT AUDITORS, REPORT STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET 10 NOTES TO THE FINANCIAL STATEMENTS
THE ELIZABETHAN TRUST ADDRESS AND PRINCIPAL ADVISERS YEAR ENDED 31 AUGUST 2020 CHARITY NAME The Elizabethan Trust REGISTERED CHARITY NUMBER 507950 REGISTERED ADDRESS Chapel Close Market Place Oakham Rulland LE15 6DT AUDITORS Haysmacintyre LLP 10 Queen Street Place London EC4H 1AG BANKERS Barclays Bank PLC 10 High Street Oakham Rulland LE15 6AN
THE ELIZABETHAN TRUST TRUSTEES, REPORT YEAR ENDED 31 AUGUST 2020 TRUSTEES. REPORT Thg Trustees present Ih8ir annual report and financial Statements ol the charity for the year 8nded 31 August 2020. The financial statements have been prepared in accordance with the accounting policies 8et out in notes 1 and 2 to the accounts and comply with the charitls trust deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT The purpose ol the Trust is lo raise the quality and extend the scope of education availablo lo young persons, and supporting the objectives ol Oakham School. The Trustees confirrn that they have referred to the Charity Commission's guidance on public benefit when reviewing the Trust's aims and objectiV8S, in planning future activities and selling the grant making policy lor tha year. Thg Trust furthers ils charitable purposes for the public banefil through ils grant making policy which is designed to fund specrfic means-tested bursaries awarded by Oakham School. GRANT MAKING POLICY The Trust has established its grant making policy lo achieve its objects for th8 public benefit. On an annual basis, the Trust liaises with Oakham School to id8nlily bursary awards made in respect of an academic year which meet the criteria relating lo ils own specific Endowed and Designated funds. These awar(Is enable inuividual chilllren io aiiend Oakham school who would Oiherwise noi bo able io. A REVIEW OF OUR ACHIEVEMENTS AND PERFORMANCE: HOW OUR GRANT PROGRAMME DELIVERED PUBLIC BENEFIT In the year a lolal of £208.000 12019.. £207.6751 was transferred to Oakham School to fund mean8- tested bursaries awarded to 13 pupils12019: 13 pupils) and £0 {2019.. £3251 was transferred lo support specific awards made at the School's annual prize giving. FINANCIAL REVIEW Tho financial results are set out on page 9. Th8 Trustees are pleased lo report that th8 nel income from investments (after investment managers, lees) was £129,650 {2019: £107,410) and that a payment of £208,000 12019.. £208.0001 was made to Oakham &hool towards primarity means-tesled bursaries that the school provides lo ils pupils. INVESTMENT POLICY AND PERFORMANCE The Charity's investments have continued lo bo managed in conlormily with our policy and the Trust Deed. All investments are held in common investment funds which are managed by two regulated UK based fund managers, CCLA and Heronbridgo. The primary long-lem performance benchmark adopted by the Charity is the Retail Price Index plus 4 /¢. Our secondary benchmark, the Total Return on UK equili8s is also monitored in order to measure the impact of the diversilicalion away from UK equiti8s which are our natural asset class.
THE ELIZABETHAN TRUST TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2020 The total retum on the Trust's investments, after fees, for the year ended 31 August 2020 was -2.3% against the 4.5Q/o return of the primary long-lerm benchmark. The Total Return on UK eqLJities for the year was-12.7Yts. The excess return of the Trust's investments over this secondary benchmark is due to the strong performance achieved by CCLA relative lo their mandale and because that mandate includes non-UK equities which outperformed UK equities significantly. Since inception of the new strategy five years ago performance is cumulatively 1.6¥D behind the Trusfs long lerm benchmark bul significanlly1+16 % l ahead of the secondary benchmark. RISK MANAGEMENT The Trust needs long term capital preservation in real terms in OTder to maintsin ils UK glvlng programme in real terms. The major part of the Trust's investments is in equities particularly in the UK. The principal risk faced by the Trust is inadequate returns from its investments relative to its primary benchmark which encapsulates the demands of our giving programme. The Trust has appointed two outside investment managers each of whom has considerable and successful experience in achieving the results which we expect from them. The target returns which we expect from the two managers differ reflecting the diversification in the policy mandates they have been given. The risk that the combination of these mandates is inconsistent with our overall target return has been carefully considered by the Trustees. RESERVES POLICY The Trustees aim lo make an annual transfer lo Oakham School of approximatety 4Yo of the total funds balance. The vast majority of the lolal funds are held in two common investment funds with minimal cash balances held on a day to day basis. The Grant lo Oakham School is funded, where appropriate, from cash held as a result of distributions from the investment funds but in the main is met by a one-off Wllhdrawal of fun(Js from the Investments. As of 31 August 2020. Permanently Endowed Funds lolalled £1,870.632. Restricted Funds were £456,746 and Unreslr¢cted Funds {Designaled and Generall were £2,514,431. All but £196,739 of the overall total reseTves of £4,841,809 was represented by holdings in common investment funds. To meet the annual transfer to Oakham School, the Trustees aulhorise a part realisalion ofthe common investment fund holdings to augment any existing cash holdings. The actual level of transfer is determined in light of the impact on the overall resetves level from market movements in the value of the common investment funds held. PLANS FOR THE FUTURE For the foreseeable future the Trustees, intention is to maintain the overall transfer to Oakham School at or around 4°/0 of the total funds balance. Vvilhin that overall target, the aim is to ensure that as many as possible of the individual named awards are allocated and funded on an annual basis. The designation of unreslricled funds IS to be reviewed lo ensure that the previously identified priorities remain the most relevanL STRUCTURE, GOVERNANCE AND MANAGEMENT The Trust is a registered charity. number 507950. The Trust was established by a Deed of Selllement dated 1 November 1974 between TCS Haywood and the original Trustees and its terms were subsequently varied by a Deed of Appointment dated 25 April 1978.
THE ELIZABETHAN TRUST TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2020 Subject to a power to accumulate income during the first 21 years ol the Trust Period as defined, the Trustees musl pay or apply the income ol the Trust Fund for charitable purposes, which must, as far as possible, be for the purposes of Oakham School. They are also empowered to pay or apply capital in any manner in which they are aulhorised lo apply income, except where specified otherwise by donors. On expiry of the Trust Period, the Trust Fund, including any accumulations of income. is to be held for such charitable foundations andlor charitable purposes as the Trustees may approve. New Trustees are appointed by the existing Trustees and there is no stated limitation on the length ol their tenure. Trustee meetings are held haFI-yearly at which Ihg broad strategy, invostmont porfomiance and the level of grant lo be made lo Oakham School are considered. The Trustees receive regular information from the School lo support the means-tesled bursaries that have been awarded so that a direct link can be maintained b8lwe8n them and the underlying funds held within the Trust. KEY MANAGEMENT PERSONNEL REMUNERATION The board of Trustees are the key management personnel ol the charity in charge of directing and controlling the charity. All Trustees give ol their lime freely and no.Irusl88 remuneration was paid in the year. There were no tnjslee expenses pald or related paty Iransaclions in the year. Trustees are required to disGlose all IElevaiit inteipsts aiid in aGGordaiiGB willi tlie Trust's policy withdraw from decisions where a conflict ol inteiesl arises. REFERENCE AND ADMINISTRATIVE INFORMATION TYustee$ Th8 following Trustees seNed throughout the year: Mr H koulkes Prof N Gorman Mrs J Lucas Mr H Haefeli Mr IR Summerton Irgsigned 7 July 2020,. t31 July 20201 lappoinled 9 July 20201 Detalls of the Gharity's principal officg and prof8ssional advisers a¥8 provided on page 1.
THE ELIZABETHAN TRUST TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2020 Trustee$, responsibilities in relation to the financial statements The charity Trustees aye ¥èspon8ible for prepartng a Trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Aceounling Praclicel. The law applicable lo charities in England and Wales requlres the charity Trustees to prepare financial statements lor each year which give a true and lair view ol the state ol affairs ol the charity and ol the incoming resources and application of resources, of the charity for that period. In preparing the financlal slalements, the Trustees are required to.. Solect suitable accounting policies and then apply Ihgm consist9ntly' obseNo the methods and principlos in the applicable Charities SOFIP 2015 IFRS 1021. make judgements and estimates that are re&8onable and prudent- stal8 whelhor applicable accounting standards have been followed, subject to any material departures that musl be disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume Ih&l th8 charity will continue in operation. The Trustees aro responsibl8 lor keeping proper accounting records that disclose with roasonable accuracy al any lim6 the financial position ol the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Rogulalions 2008, and the provisions of the Trust deed. They aro also rosponsible lor safeguarding the a88ets of the charity and taking reaeonable etep8 for the proventlon and detection of fraud and other irregularities. The Trusteos are responsible for the maintenance and integrity of the charity and linancial information included on the Charity's website In aOrdanCe with legSslallon In the Unfted Klngdom govemlng the preparation and dissominalion ol financial statoments. Approved by the Trustees on.. And signed on their behalf by.. Tiusle9'. Date..
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE ELIZABETHAN TRUST YEAR ENDED 31 AUGUST 2020 Opinion We have auditod tho financial 3tatement3 01 The Elizabothan Trust for tho ycar ondod 81 Au9USt nofjo which comprise the Statement of Financial Aclivitl8S, the Balance sheet and notes lo the financial statemenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, includlng Financlal Fieporting Standard 102 The Financial Roporting Standard 2ppllcable In th8 UKand Republic ol Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion, the financial slatemenls: give a true and lair view ol the slate ol the charity's attairs as at 31 August 2020 and of the charity's ng1 movement in funds for the year then ended., hav8 been properfy prgpared in accordance with Unitgd Kingdom Ggn8rgllyAc¢eptgd Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit In accordanco wllh InlBrnational Standards on Auditing {UK> IISAS IUKI) and applicable law. Our responsibilities under those standards are further described in the Audilo¢s responsibilities for the audit of the financial statements section of our report. We ai8 independent of the group in accordance with the ethical requirements that are relovanl to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical r8sponsibili118s in accordance with these requirements. We b8li8V8 that the audit ovidence wo have obtained is sufficient and appropriate lo provide a basis for our opinion. Responsiblllties of Trustees for the financlal statements As 8xplain8d moro fully in the Trusl8es' responsibili118S Stalom8nt set out on pag8 5, the Trusl8es ar8 E&SVUI Il>ibl¥ Ivi Ilif3 PIEPcirii1Sui i ol Lli¥ 11(ial)[al sliil¥iii¥iilb, lur JJeSiiy l>uliblitrd Ilial Iliey yive a Iruv aiid lalr view,. and lor su¢h Internal control, as the Trustees determine is necessary to enable the preparallon ol financial statements that are free from material misstatement, whether due to fraud or error. In preparing th8 financial slalemenls, the Trustees are responsible lor assessing the charity's ability lo Gontinue as a going ¢onGein, disGlo&ing, as appliGable, tnatteiE I"elated to 90ing GOIiGei"n and using the going concem basis of accounting unless the Trustees either intend to liquidate the charity or lo cease operations, or have no realistic alternative but lo do so. Audltor's responslbllltles for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are flee from mateiial misslalemenl, whether due to fraud or errol. and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslalemenl when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggrogate, they could reasonably be expecl8d lo Influence th8 8conomic decisions ol users taken on th8 basis of these financial statements. A further dgscription of our 19sponsibililies for the audit of the linancial statements Is located on the Financial Reporting Council's website at: www.lrc.or .uklauditorsres onsibililies. This description forms part of our auditor's report.
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE ELIZABETHAN TRUST (CONTINUED) YEAR ENDED 31 AUGUST 2020 Concluslons relatlng to golng ¢oncern We have nothing to report in ro8peGt of the following matters in relation to whiGh the IVAS IUKI require us to report lo you where.. the Trustees, use of the going concem basis ol accounting in th8 preparation of the financial statements is not appropriate., or the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubl about the ¢harity'$ ability lo ¢onlinue lo adopt the going concern basis of accounting for a period of al least tW8lv8 months from the dal8 when the financial statements are aulhorised lor issue. Other Information The Trustees are responsibl6 lor th8 other Informallon. Th8 other information ¢omprls8s th8 information included in the Trustees, Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audll ol th8 financial slatemenls, our r88pon8ibilily is lo read the other informallon and, in doing so, consider whether th8 other information is materially inconsislenl with the financial slalemenls or our knowledge obtained in the atjdil or otherwise appears to be materialty misstated. It we idenlily such material inconsistencies or apparent material misslatemenls, we are required to determine whether there is a material misslatemenl in the financial statements or a material misstatement of tho othor information. If, basod on the work we have performod, wo con¢lude that therts is a material misslalemenl ofthis other information., we are required lo report that lacl. We have nothing lo report in thls regard. Matters on whlch we are requlred to report by gXCgPtlon We have nothing to report in respect ol the following matters in relation to which tha Chariti08 Act 2011 requires us lo report to you il, in our opinion.. adequate accounting records have not been kept by the charity, or returns adequate for our audit have not been received from branches not visited by us., or the charity financial statements are not In agreement with the accounting records and returns. or certain disclosures of Trustees, lemuneralion specified by law are not made., or we have not received all the informallon and explanations we require lor our audit.
THE ELIZABETHAN TRUST TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2020 Uae of this report This report is made solely lo the charity's Trustees. as a body, in accordance with section 144 of th8 Chari1188 Act 2011 and rggulations made under sèction 154 01 that Act. Our audit work has been undertaken so that we might stale to th8 charity's Trusle&s those mallers we are required to slate to them in an Auditor's report and for no other puipose. To the fullest extent permllled by law, wé do not accept or assume responsibility lo anyone other than the charity's Trustees as a body for our audit work, lor this report, or lor the opinions we have formed. Haysmacinlyre LLP Slalulory Auditors 10 Queen Street Place London EC4R IAG Haysmacinlyre LLP is eligible lo act as an auditor in terms of section 1212 of the Companies Act 2006 15 December 2020
THE ELIZABETHAN TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020 Note Unrestricted Restricted Endowed Funds funds funds 2020 2019 Income and Endowments Investment income 92,193 37,457 129.650 107,410 Total income 92.193 37,457 129,650 107,410 Expenditure Expenditure on charitable activities.. Cost of grant making 201,449 11,278 212,727 212.446 Total expenditure 201,449 11,278 212,727 212.446 Net lexpenditurel l income and net movement in funds before gains on investments 1109,2561 26.179 (83,OT7) (105,036) other recognlsed galns and losses Nel gain I Ilossl on investments 1327,7551 2,990 34,395 (290,370) 110.257 Net income I lexpenditurel and net movement in funds for the year 1437,0111 29,169 34,395 1373,447} 5.221 Balances brought forward at 1 September 2019 2,951.442 427.577 1,836.237 5,215.256 5,210,035 Balances carried forward at 31 Auoust 2020 2.514,431 456.746 1,870.632 4,841.809 5.215,256 The not8s on pages 11 to 19 form part of these financial statements.
THE ELIZABETHAN TRUST BALANCE SHEET 31 AUGUST 2020 Nolg 2020 2019 FIXED ASSETS Investments 4,645,070 5,096,500 CURRENT ASSETS Bank and Cash 201,419 123, 183 CREDITORS: amounts falling due within one year (4,680) (4,427) NET CURRENT ASSETS 196,739 118,756 TOTAL ASSETS LESS CURRENT LIABILITIES 4,841,809 5,215.256 NET ASSETS 4.841,809 5,215,256 FUNDS Endowed 1,870,632 1,836,237 Restrl¢ted io 456,746 427,577 I 1nrr4qtrir.tftd Designated and General Funds 2.514,431 2,951,442 TOTAL FUNDS 4,84Y,809 5,215,256 Approv8d by the Board of Trustees on and signed on its behalf by Trustees The notes on pages 11 to 19 form part of these flnanclal statements. 10
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2020 1. BASIS OF PREPARATION AND ASSESSMENT OF GOING CONCERN I he accounts Ihnancial slatemenlsl have been prgpare(J un(Jer the historical cost conventson with items recognised at cost or transaction value unless olhenNise slated in the relevant nolels) lo these accounts. The financial slalements have been prepared in accordance with the Statement ol Recommended Practice.. Accounting and Reporting by Chari118s preparing th81¥ accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Financial Reporting Standard applicable in the United Kingdom and Republic ot Irelanij {FRS 1021 and the Charities Act 2011. The trust constitutes a public benefit onlity as defined by FRS 102. The TrLJStees consider that there are no material uncertainties about the Trusys ability lo continue as a going concern. With r8specl lo the next rgporting period, 20221, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of inveslmenl return and th8 performance of investment markets 18e8 the inv881menl policy and performan¢0 and risk management sections of the Trustees. annual report for more informalionl. The Trust is a qualifying enlily under FRS 102 and has taken advantage of the exemptions available to qualifying enlilies in relation to th8 preparation ol a cash flow statement, disclosure ol the remun8ralion ol key management personnel and di8closure Oof financial inslrumenls. 2. ACCOUNTING POLICIES la) Funds Structure Tho Elizabothan Trust's Funds aro split into throg catQgo¥ios-. unrostrictod funds, rogtrlct•d funde and permanent endowmont funds. A brief outline ol the nature ol these funds is as follows.. Unreslrlded funds Unrestricted funds may be expended at the discretion ol the Trustees in the furtherance of the objecis of ihe Trusl. Restricted funds Restricted funds a¥8 funds subject lo specific trusts as declared by the original donorfs} but which are still within the objects of the Trust. The income ol Ihg restricted funds may only b8 expended in accordanco with the terms of the specific trusts and the capital may or may nol be expended dependent upon the terms ol the specific trusts. Permanent endowment Parmanent &ndowm8nt fund8 ar8 capital funds wh8re there is no powgr to conv8rt th8 capital into incom8 and which musl generally be held indefinitely. Certain assets can be exchanged and may be subject lo depreciation or loss. Further details of each fund are disclosed in notes 9, 10 and 11.
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS {COMTINUED) YEAR ENDED 31 AUGUST 2020 (b) Income Recognltlon All income is recognised Oft the charlty has entitlement lo the Ino)me, 11 Is probablo Ihat the income will be received and the amount ol income receivable can be measured reliably. Donations are recognised when tho Trust has been notified in writing of both the amount and S8111emenl dale. In th8 event that a donation is subject lo conditions that requir8 a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either thosg conditions ar8 lully mel, or the fullilmenl of those conditions is wholly within the contml of the charity and it18 probable that those conditions will be fulfilled in the reporting p8ri0d. Legacy gifts are rocognised on a case by case basis tollowing the granting ol probate when the administratorlexe¢utor for the eslale has communicated in writing both th8 amount and settlement date. In the event that th8 gift is in the form of an asset olhor than cash or a linancial assol traded on a recognised stock exchange, recognition is subject lo the value of the gift being reliably measurable with a degree ol reasonable accuracy and the title to the assel having been transfgrr8d lo the charity. Interest on funds held on deposit is included when receivable and the amount can be measured raliably by the charity., this is normally upon notification ol the interest paid or payable by th8 bank. Dividends are recognised once the dlvidend has been declared and nolilication has been received of the dividend due. (c) Expendlture Recognltlon Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation commilling th8 charity lo that axpendilure, il is probable that selllemenl will b8 required and the amount of the obligation can b8 measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned lo the applicable expenditure headings. Grants payab19 ar9 payments made to third partlgs in the furtherance of Ihg charitable objects ol the Trust. In Ihg caso ol an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notilicalion gives tho recipient a reasonable expectation that they will r¢¢¢iv¢ tho on¢-year or multi-year grant. Grants awards that are subject to tho r¢¢ipiont lullilling performance conditions are only accrued when the recipient has been nolilied ol the grant and any remaining unfulfilled condition allaching lo that grant is outside ol the control of the Trust. Provisions lor grants are mad8 when the inlontion to mak8 a grant has been communicated lo th8 recipient bul there is uncertainty as lo the liming ol th8 grant or the amount of grant payable. (d) Irrgcoverable VAT Irrecoverablo VATIS charged against th8 expondilure heading for which it was incurred. (e) Allocatlon of costs Costs primarily relate to govemance costs relating lo the stalulory audit and ar8 apportion8d across individual funds- restricted and unrestricted. {f) Charltable actlvltleg Costs ol charitable activities includ8 grants madg and governance Costs as shown in no18 3. 12
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2020 {gl Fixed asset investments Investments are a fom of basic financial instrument and are initially recognised al their transaction value and subsequently measured at their fair value as at the balance sheet dale using closing quoted market PriS. The statement of financial activities includes the nel gains and losses arising on revaluation and disposals throughout the year. The Trust does not dlreclly acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volalilily in equity markets and investment markets due lo wider economic conditions, the 8tlilude of investors to investment risk, and changes in sentiment conceming equities and within particular sectors or sub sectors. Ihl Reallsed gains and losses All gains and losses are taken to the Slalemenl of Financial Activities as they arise. Realised gains and losses on investments are calculated as the differen¢e between sales proceeds and their opening carrying value or their purchase value if acquired subsequent lo the first day of the financial year. Unrealised 9ains and losses are calculated as the difference between the fair value at the year-end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. 3. COST OF GRANT MAKING Unrestricted Restricted Funds Funds Total 2020 Total 2019 Grants lo Oakham School Governance costs 197,320 4.128 10,680 599 208,000 4,727 208,000 4,446 201,448 11,279 212,727 212.446 An external grant of £208,00012019'. £208,000) was paid lo Oakham School as a contribution primarily towards means-tested bursaries that the schoK)I provides lo its pupils. 13
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2020 4. INVESTMENTS 2020 2019 Math81 value as at 1 September 2019 Acquisitions at cost Disposals al carrying costs Unrealised gain on revaluation ma1 value as at 31 August 2020 5,096,500 5, 131,912 78.622 546.295 (239,681) (691,964) (290,371) 110.257 4.645.070 5,096,500 Historical cost as at 31 August 2020 4,011,770 4, 149,254 All investments are held in common investment funds which are managed by regulated UK based fund managers. The suilabilily ol these financial instruments to the ongoing financial sustainability of Ihe Trust is considered in the financial review and investment policy and performanc8 88Ction8 01 the Trustees, Annual Rgport. 5. CREDITORS- amounts falllng due wlthln one year 2020 2019 Accruals 4,680 4,427 6. KEY MANAfjEMENT PERSONNEL The board ol Trustees are the key management personnel ol the charity in charge of directing and -tcc rcmuncration wa- Controlling tho charity. All TruBtOC= givo of thcir timc Irccly and no tru- year12019.' £nill. paid in tho 7. AUDITOR'S REMUNERATION The audllor's remun8rallon of £8,900 {2019.. £3,690} was solely in iespect of the audil le9. 14
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2020 8. ANALYSIS OF NET ASSETS BETWEEN FUNDS Investments Ngt Current Assets Total 2020 Endowed Restricted Unrestricted 1,870,632 426.502 2.347.936 1,870,632 456.746 2,514,431 30.244 166.495 4,645,070 196,739 4,841,809 Investments Net Current Assets Total 2019 Endowed Aeslricled Unrestricted 1,836,237 412.549 2,847,714 1,836,237 427,577 2,951.442 15,028 103,728 5,096,500 118,766 5,215,256 15
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2020 9. PERMANENTLY ENDOWED FUNDS Balance Movement in sources Balance I September 20f9 Investment Gains I (Lossl Income Expenditure 31 August 2020 Odell Beque51 Fund Anderson Prize Duesbury-Bowgs Fund Ll. Col John Wilson Scholarship Fund Dewar Memorial Fund BAF Smith Sports Scholarship Fund Anna Haefeli Scholarship Fund Endowment Fund Mehra Scholarship Scholarship Funds Prize Funds 9.474 10.145 22.430 409.438 27.956 167.791 206.942 596,521 217.284 149.066 19,192 1,836,237 210 9,684 225 10,370 497 22.927 9,073 418,509 619 28,575 122,0631 145,728 4,586 211,528 32,704 629,225 4.815 222,099 3,303 152.369 426 19,618 34,395 1.870.632 Balance Movement in resources Balance 1 September 2018 Investment Gains I {Loss} 31 August 2019 Income Expenditure Odell BeqLJQSt Fund Anderson Prize Duesbury-Bowes Fund Lt. Col John Wilson S¢holar8hip Fund Dewar Memorial Fund BAF Smith Sports Scholarship Fund Anna Haefeli Scholarship Fund Endowment Fund Mehra Scholarship Scholarship Funds Prvze Funds 8,870 9,498 21,000 283,328 26,173 170,879 193,746 540,626 203,429 139.561 17,968 1,715.078 604 9,474 847 10,145 1,430 22,430 28.108 400,436 1.783 27,956 13.088} 167,791 13.196 206,942 55.895 596,521 13.855 217,284 9.505 149,066 1.224 19,192 121,159 1,836.237 Endowed funds are defined as those that are lo be Irealed as capital and may not be spent as income. The donors of the above funds have slipulaled that tha investment income arising may only be usod for the purpose of funding scholarships and prizes for Oakham School. The Ll. Col. John Wilson Scholarship Fund represents a legacy from a former pupil of Oakham School. The income from the investment is to be applied specifically to assist boys who would otherwise have been forced to leave 08kh8m School through lack of funds. The Anna Haefeli Scholarship Fund provides funding for an Arts Scholar to join Oakham School for the duiation of the sixth fomi. The Mehra Scholarship provides funding for a pupil with outstanding talent moving into the Sixth Form. 16
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2020 10. RESTRICTED FUNDS B¢ili*llU¥ MuV¥iii11I iii i¥buuitse¥ BalanGe 1 September 2019 Investment Gains I (Lossl Income Expendiluie 31 August 2020 Odell Bequest Fund Anderson Prize Duesbury-Bowes Fund Lt. Col John Wilson Scholarship Fund Dewar Memorial Fund BAF Smith Sports Scholarship Fund Anna Haefeli Scholarship Fund Endowment Fund M8hra Scholarship Scholarship Funds Prizg Funds 6,345 4,868 7.034 160,931 9,222 2,345 12,283 1,109 31,107 190,034 290 310 686 12.526 855 83 6,331 53 6,647 9,088 588 191 171 1101 110,9051 {131 131 {171 6,626 5,171 7,710 162,552 10,064 2,117 18,597 1.180 37.710 202,135 13081 19 {441 12661 131 {11,2781 3.279 427,577 37,457 2,990 456.746 Balan¢e Movement In resources Balance 1 September 2018 Investment Gains / (Logs) Income Expendllure 31 August 2019 Odell Bequest Fund Anderson Prize Duesbury-Bowes Fund Ll. Col John Wilson S¢holarshlp Fund Dewar Memorial Fund BAF Smith Sports Scholarship Fund Anna Hagloli gcholarghip FLind Endowment Fund Mehra Scholarship Scholarship Funds Prize Funds 6,069 4.745 6,369 159.122 8,445 2,331 6,085 1,003 24,621 171,907 1,825 392,522 284 304 673 12,279 838 59 6,208 52 6,517 8,909 576 36,697 181 11811 181 110,4701 161) 131 {8) {1) 131) 121 g) 1102) 111,092) 6,345 4,868 7,034 160,931 9,222 2,345 12,289 1,109 31,107 190,034 2,299 427,577 1421 55 9,437 9,450 The Restricted Funds represent income earned on Endowed Funds and which is available lo support grants to Oakham School. 17
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2020 11. UNRESTRICTED FUNDS- DESIGNATED AND GENERAL Balance Movement in resources Balance I September 2019 Investment Gains I (Los51 Income Expenditure 31 August 2020 Mandy Bamett Memorial Fund Foseco Award Rutland Scholarship Humphrey Wanslall Bequest Fund Qualercenlenary Scholarship Fund Foreman Scholarship Discretionary Fund 169,742 108,669 415,569 441,654 1,364,581 127,819 323,408 5,954 3.812 14.578. 15,494 47.871 4,484 110,9171 122,319) 1152) 114,288} 158,9291 154,643) 1618} 158,073} {130,201} 1179,4271 1179} 116,806} 14531 17,801 142,460 98,041 316,575 398,457 1,102, 824 115,318 340, 756 2,951,442 92,193 1201,449} 1327,7551 2,514,431 Balance Movement in resources Balance 1 September 2018 Investment Gains I (Lossl Income Expenditure 31 August 2019 Mandy Barnett Memorial Fund 178,967 108,038 470,336 439,095 .1,485,552 127,079 293,368 4,505 2,720 11,840 11,053 37,396 3,199 110,4961 11371 158.1071 15591 1131,5201 11621 {3731 13,2341 11,9521 18.5001 17,9351 126,8471 12,297) 30,413 169,742 108,869 415,569 441,654 .1,364,581 127,819 323,408 FuGU Awt*lLJ Rulland Scholarship Humphrey Wanstall Bequest Fund Quatercenienary Scholarshlp Fund Foreman Scholarship Discretionary Fund 3,102,435 70,713 1201,3541 (20,3521 2,951,442 unstrICted funds are defined as those that can be used in furtherance of the objects of the Trust at the discretion of the Trustees. The Trustees have sel aside at their discretion certain designated funds to be used for providing scholarships for Oakham School. The Mandy Barnett Memorial Fund is used for providing assistance lo girls attending the School whose parents might not otherwise be able lo afford fees. The Foseco Award Fund is used to provide awards for children studying Chemistry al Oakham School. The Rulland Scholarship Fund is used lo assist children 2ttending the School whose parents are resident in the County of Rulland and might otherwise have been unable lo afford a Rulland education. The Humphrey Wanslall Bequest Fund is used to provide awards lo children at Oakham School. The Quatercenlenary Scholarship Fund is used lo assist children al Oakham School who by reason of personality or talent may make a special eontribulion lo the School. The F0Man Scholarship Fund is used lo provKle awards for children studying Physics at Oakham School. 18
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2020 12. RELATED PARTY TRANSACTIONS 08kham School A grant of £208,00012019.. £208,000) was paid lo the school as a contribution towards primarily rneans- tèsted bursaries that the school provides lo ils pupils. There ware no other related paty transactions in Ihe Gurrent or preceding yoar. 13. CONTROLLING PARTY The Trustees have reviewed the relationship of the Trust with Oakham School during the year and consider that efieclively the aclivilios ot the Trust are controlled by the School. 19