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 a￿OrdanCe 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, 202￿21, 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 Pri￿S. 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
ma￿￿1 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¥iii￿11I 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
Fu￿￿GU 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
un￿strICted 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 F0￿Man
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