CHARITY NUMBER: 507950 THE ELIZABETHAN TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021
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 2021 CHARITY NAME The Elizabèthan Trust REGISTERED CHARrrY NUMBER 507950 REGISTERED ADDRESS Chapel Close Marf(el Place Oakham Rulland LE15 6DT AUDITORS Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG BANKERS Bar¢lays Bank PLC 10 High Street Oakham Rulland LE15 6AN
THE ELIZABETHAN TRUST TRUSTEES. REPORT YEAR ENDED 31 AUGUST 2021 TRUSTEES, REPORT The Trustees present their annual report and financial statements ol thè charty for the year ended 31 August 2021. The financial slalements have been prepared in accordance with the accounting policies set out in notes 1 and 2 to the accounts and compty with the charily's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommend8d Practice applicable lo charities preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC 8ENEFIT The purpose of the Trust is lo raise the quality and extend tho swpe of education available to young persons, and supporting the objectives of Oakham School. The Trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the Trust's aims and objectives. in planning future activities and setting the grant making policy for the year. The Trust fLJrthers its ¢haritsble purposes for the public benefit through ils grant making policy which is esigned to fund specifi¢ me8ns-lested bursaries 8W8rdetl by 08kham School. GRANT MAKING POLICY The Trust has established its grant making policy to achieve its objects for the public benefit. On an annual basis. the Trust liaises with Oakham School lo identSfy bursary awards made in respect of an academic year which meet the criteria relating to its own specific Endowed and Designated funds. These awards enable individual children to attend Oakham School who would otherwise not be able to. A REVIEW OF OUR ACHIEVEMENTS AND PERFORMANCE: HOW OUR GRANT PROGRAMME DELIVERED PUBLIC BENEFIT In the year a lotsl of £203,00012020'. £208,000) was transferred to Oakham School lo fund means- tested bursaries awarded lo 14 pupils12020.' 13 pupils). FINANCIAL REVIEW The financial results are set out on page 9. The Trustees are pleased lo report th81 the net income from investments {after investment managers, fees) was £93,50812020.' £129,650) and that a payment of £203,000 {2020.. £208.0001 was made to Oakham School towards primarily means-tested bursaries that the school provides lo its pupils. INVESTMENT POLICY AND PERFORMANCE The Charity's investments have continued lo be managed in conformity with our policy and the Trust Deed. All investments are held in common investment funds which are managed by two gUlated UK based fund managers, CCLA and Heronbridge. The primary long-tem) perfomiance benchmart( adopted by the Charity is the Retail Price Index plus 4%. The Policies followed by both of our two managers are consistent with meeting this objective. The trustees monitor the performance of the two managers against individual benchmarks, Heronbridge against Ihe relum on UK equities and CCLA against a composite ofdiverse ass81 classes predominately non-UK equilles.
THE ELIZABETHAN TRUST TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2021 The totsl retum on the Trust's investments, after fees, lor the year ended 31 August 2021 was 31.30 against the 8.80/0 relum of the primary long-lerm benchmark. The Total Retum on UK equities for the year was 27.50/0 and on non-UK equities was 23.5tsA. Since the inception of the new strategy six year ago the Trust's per annum performance Varian is 3tsA ahead of our RPl+4OA benchmark. RISK MANAGEMENT The Trust needs long term capital preservation In real tems in order to malnlain Its UK giving programme in re81 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 ils investments relative lo ils primary benchmark which eneapsulales the demands of our giving programme. The Trust has appointed Iwo 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 mandatès they have been given. The risk that the combination of these two mandates is inconsistent with our overall target retum has been carefully considered by the Trustees. RESERVES POLICY The Trustees aim lo make an annual tTansfer to Oakham School of approximately 4% of the totsl funds balance. The vast majority of the lolal funds are held in two common investment funds wlh minimal cash balances held on a day to day basis. The Grant to Oakham School is funded. where appropriate. from cash held as a result of dislribulions from the investment funds bul in the main is mel by a one-off thdrawal of funds from the investments. As of 31 Augusl 2021, Permanently Endowed Funds tolalled £2,257,138, Restricted Funds were £511,289 and Unreslricled Funds IDesign8ted and G&nerall were £3,354,580. All bul £36,268 of the overall total reseNes of £6,123,007 was represented by holdings in common investment funds. To meet the annual Iransferto 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 reserves 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 lo maintain the overall transfer to 08kham School at or around 40A of the lolal funds balance. Within 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 unrestricted funds is to be reviewed to ensure that the previously identified priorities remain the most relevant. STRUCTURE, GOVERNANCE AND MANAGEMENT The Trust is a registered charity, number 507950. The Trust was established by a Deed of Settlement dated 1 November 1974 between TCS Haywood and the original Trustees and ils terms were subsequendy vari8d by a Deed of Appointment dated 25 April 1978. Subject to a power lo accumulate income during Ihe first 21 years of the Trust Period as defined. the Trustees must pay or 8pply the income ofthe Trust Fund for charitable purposes. which must, as far as
THE ELIZABETHAN TRUST TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2021 possible, be for the purposes of Oakham School. They are also empowered lo pay or apply capital in any manner in which they are aulhorised to apply income. exp1 where specifEd otheiSe by donors. On expiry of the Trust Period, the Trust Fund. incluéing any accumulations of income. is to be held for such charitable foundations andlor charilable purposes as the Trustees may approve. New Trustees are appointed by Ihe existing Trustees and there is no staled limitstion on the length of their tenure. Trustee meetings are held half-yearly at which the broad strategy, investment performance and the level of grant to be made to Oakham School are considered. The Trustees receive regular information from the School lo support the means-lesled bursaries that have been awarded so that a direct link can be maintained betreen them and the underlying funds held within the Trust. KEY MANAGEMENT PERSONNEL REMUNERATION The board of Trustees 8re the key management personnel of the charity in charge of directing and controlling the charity. All Trustees give of their time freely and no Iruslee remuneration was paid in the year. There were no trustee expenses paid or related paty transactions in the year. Trustees a required to disckjse all relevant interests and in accordance with the Trust's policy withdraw from decisions where a conflicl of interest arises. REFERENCE AND ADMINISTRATIVE INFORMATION Trustees The following Trustees seNed throughout the year.. Mr R Foulkes Prof N Goman Mrs J Lucas Mf IR Summerton Details of the charity's principal office and prolessional advisers are provided on page 1.
THE ELIZABETHAN TRUST TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2021 Trusteos. responslbllltles In relatlon to the Ilnanclal statements The charity Trustaas are rasponsible for preparing a Trustees, annual report and financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted A¢counling Pra¢ti¢el. The lawapplic8ble lo ¢harilies in England and Wales requires the charity Trustees lo prepare financlal statements for each year whlch give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of reSoUrs. of the charity for that period. In preparing the financial statements, the Trustees are required to- select suitable accounting poliaes and then apply them consistently., observe the methods and principles in the applicable Charities SORP 2015 {FRS 1021. make judgemènts and eslimales that are reasonable and prudent., stste whether applicable accounting standards have been followed, subject lo any malersal departures that must be disclosed and explained in the financial slatemenls.. prepare the financial slaternenls on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Twslees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them lo ensure that the financial statements Comply with the Charities Act 2011, the applicable Charity IAccounls and Reports) Regulations 2008, and the provisions of the Trust deed. They a also responsible for safeguarding the assets of the Charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the rna1ntenan and integrity of the charity and financial infomiation included on the charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of finanaal stslemenls. Approved by the Trustees on= And signed on their behalf by.. N. Foulk8S Trustee.. Dale.. 171ILIzoz
THE ELIZABETHAN TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021 Oplnlon We have audited the financial ststemenls or The Elizabelhan Trust for the year ended 31 August 2021 which comprise the Statement of Financial Aclivilies, the Balance Sheet and notes to Ihe financial stalemenls, induding 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, in¢luding Financial Reporting Stsndard 102 The Financial Reporting Standard applicable the UK and Republic of Ireland {United Kingdom Generally Ac¢epled Accounting Pra¢tice). In our opinion. the financial slalements: givè a true and fair view of thè state of the charity's affairs as at 31 August 2021 and of thg charity's nel movernenl in funds for the y6ar thèn ended., have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice-. anil have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We have been appoint8d as auditor under section 144 of the Charities Ael 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with Inlemational standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are furth&r described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the finanaal ststements in the UK, including the FRC'S Ethical Standard, and we have fUrIled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financlal slalemenls, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the finanual statements is 8ppropriote. Based on the work we have perfomied. we have not identified any material uncertainties relating lo events or conditions that, individually or Collectively, may cast significant doubt on the ¢harily's ability lo ¢onlinue as a going conrn for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the truslees with respect to going cOnM are described in the relevant sections of this report. Other information The trustees are responsible lor the other infomialion. The other infomallon comprises the infomialion included in the Trustees, Annual Report. Our opinion on the financial stalemenls does not cover the other information and, except lo the extent otherwise explicitly stated in our report, we do not express any fomi of assuran condusion Ihereon. In connection with our audit of the financial ststements, our responsibilily is to read the other information and, in doing so, consider whether the other information is materially inconsistent with th& financial statements or our knowledge obtsined in the audit or otherwise appears to be materially fflisslaled. If we identify such material inconsistencies or apparent material misslalements, we are required lo detemiine whether there is a material rnisslalemenl in the financial siatements or a material misslalement of the other infomialion. If, based on the worf( we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing lo ieport in this regard. Matters on whlch we are requlred to report by oxcaptlon We have nothing to report in respect of the following matters in relation to which the Charities {Accounls and Reports) RegulatnS 2008 qUIre us to report to you if. in our opinion.. adequate a¢counling records h8ve not been kept by the charity.. or sufficient accounting records have not been kept.. or
THE ELIZABETHAN TRUST TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2021 the charity financial statements are not in agreement with the accounting records and returns., or we have not received all the inforfnation and explanations we require for ou¥ audit. Rosponsibilitias of trustaes lor tha financlal statomants As explained more fully in the Iruslees, responsibilities statement sel out on page 5, the trustees are responsible for the prepar8tlon of the financial ststements and for being satisfied that they give 2 true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial slalemenls that are free from material misslatsmenl, whether due lo fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charity's abilily lo conlinue as a going concem, disclosing, as applicable. matlers related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the ¢harity or lo ¢ease operations, or have no realistic allernalive but to do so. Auditorfs responsibilities lor the audit of the flnanclal ststements Our objedives are lo obtain reasonable assurance about whether the financial slalernents as a thole are free from material misstslemenl, whether due lo fraud or error, and to issue an auditor's report that indudes our opinion. Reasonable assursnce is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslalement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design pmcedur&s in ling with our responsibilities. outlined above, to detect material misstal&ments in respect of irregularities, including fr8ud. The exlenl to which our procedures are capable of delecling irregularities, including fraud is detailed below= Based on our understanding ol the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to Charity law, and we Considered the extent lo which non- compliance might have a material effed on the financial slal$menls. We also considered those laws and regulations that have a direct impa¢l on the preparation of the financial statements such as the Charities Act 2011 and the Charities SORP. We evaluated management's incentives and opportunitSes for fraudulent manipulation of the finanaal slalements, and determined that the principal risks were related to the improper recognition of income and management override of controls. Audit procedures perfomed by the enga9emenl team inclLtded'. Discussions with management including consideration of known or suspected instances of non-complian with laws and regulation and fraud., Evalu81ing management's controls designed lo prevent and detect irregularities., Identifying and testing journals, in particularjournal entries posted with unusual account combinations. postings by unusual users or with unusual descriptions,. and Challenging assumptions and judgements made by management in their critical accounting estimates A further description of our responsibilities for the audit of the financial slalemenls is located on the Financial Reporting Council's website at.. www.frc.or .uklaudilorsres nsibililies. This description forms part of our auditor's report. Uso ot our r•port This report is made solely lo the charity's Iruslees. as a body. in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit wort( has been undertaken so that we might slate to the charills Iruslees those matters we are required lo slate lo them in an Audilorfs report and for no other purpose. To the fullest extent perrnitted by law. we do not accept or assume responsibility to anyone other than the charity's trustees as a body for our audit work, for this report, or for the opinions we have formed.
THE ELIZABETHAN TRUST TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2021 Haysmaantyre LLP Statutory Auditors 10 Queen Street Place London EC4R 1AG Haysmacintyre LLP is eligible to act as an auditor in tems of section 1212 of the Companies Act 2006 Dale.. 4 January 2022
THE ELIZABETHAN TRUST TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2021 Note Unrestricted Restricted Endowed Funds fljnds funds 2021 2020 Incomo and Endowmants Investment income 55.330 38.178 93.508 129.650 Total income 55.330 38,178 93,508 129,650 Expenditure Expenditure on charitable activilies.. Cost of grant making 196,538 11,328 207,866 212,727 Total expenditure 196,538 11,328 207,866 212,727 Net lexpanditure) l income and nat movèmènt in funds baforo gain$ on investments 1141,208} 26.850 1114,358) (83,077) Other recognised gains and losses Net gain l {loss) on inveslmenis 981,357 27,693 386,506 1,395,556 (290.370) Net Income I (expenditure) and net movèment In funds for the year 840,149 54,543 386,506 1.281.198 (373.447) Balances brought fotward at 1 September 2020 2,514,431 456,746 1,870,632 4841.809 5,215.256 Balances carried fonvard at 31 August 2021 3,354,580 511,289 2,257,138 6.123.007 4,841,809 The notes on pages 11 to 19 forni part of these financial statements.
THE ELIZABETHAN TRUST BALANCE SHEET 31 AUGUST 2021 Note 2021 2020 FIXED ASSETS Investments 6.086,739 4,645,070 CURRENT ASSETS Bank and Cash 41,098 201.479 cREDORS. amounts falling due within one year f4,830) f4,680) NET CURRENT ASSETS 36.268 196. 739 TOTAL ASSETS LESS CURRENT LIABILITIES 6,123,007 4,841,809 NET ASSETS 6.123.007 4,841,809 FUNDS Endowed 2.257.138 1,870,632 Restricted 10 511.289 456,746 Unrestricted Designated and General Funds 3.354.580 2,514,431 TOTAL FUNDS .123,007 4.841.809 Approved by the Board of Trustees on 17 November 2021 and signed on its behaw by Professor N.T. Gorman Trustees N. Foulkes The notes on pages 11 to 19 fomi part of these Ilnanclal statements. 10
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021 I. BASIS OF PREPARATION AND ASSESSMENT OF GOING CONCERN The 8c¢ounts (financial stalementsl have been prepared under the historical cost convenb'on with items re¢ognised al Cost or transaction value unless othenlS8 ststed in the relevant notelslto these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice.. A¢counling and Reporting by Ch8rilies preparing their 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 of Ireland {FRS 1021 and the Charities Acl 2011. The Irusl conslilutgs a public benefit entity as deflngd by FRS 102. The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. With respect to the next reporting period. 2(r21-22, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of inveslrnent return and lh& performance of investment markets (see the investment policy and perfom)ance and risk management sections ofthe Trustees. annual report for more infomiation). The Trust 15 a qualifwng entity under FRS 102 and has laken advantage of the exemplions available to qualifying entities in relation to the preparation of a cash flow statement. disclosure of the remuneration of key management personnel and disclosure of financial instruments. 2. ACCOUNTING POLICIES la) Fund$ Structure The Elizabethan Trust's Funds are split into three ¢at8gories'. unrestricted funds. reslri¢ted funds and permanent endowment funds. A brief outline of the nature of these funds is as follows." Unrestricted funds Unrestricted funds may be expended at the discretion or the Trustees in the furtherance of the objects of the Trust. Restricted funds Restricted funds are funds subject to specrfic trusts as declared by the original donorlsl bul which are still within the objects of the Trust. The in¢ome of Ihe restricted funds may only be expended in accoTdanc* with the terms of the specific trusts and the capitsl may or may not t)e expended dependent upon the temis of the specific trusts. Pemianenl endowment Permanent endowment funds are capital funds where there is no power to Convert the capital into income and which must generally be held indefinitely. Certain assets can be exchanged and may be subject to depreciation or loss. Further details of each fund are disclosed in notes 9, 10 and 11.
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) YEAR ENDED 31 AUGUST 2021 Ibl Inme Recognition All in¢ome is recognised once the charity has enlitlemenl to the income. it is probable that the income will be received and the amount of income receivable can be measured reliably. Donations are recognised when the Twst has been notified in writing of both the amount and se¢tLgment date. In the event that a donation is subject lo conditlons that requlre a level of performan before the ¢harity is enlilled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is Whol within the control of the charity and il is probable that those conditions will be fulfilled in the reporting period. Legacy gifts are recognised on a ¢ase by case basis folk)wing the granting of probate when the administratorlexecutor for the estate has communi¢ated in wriling both the amount and settlement dale. In the event that the grft is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange. recognition is subject lo the value of the gift being reliably me8sur8ble with a degree of reasonable accuracy and the title to the asset having been transferred lo the charity. Interest on funds held on deposit is induded when reWable and the amount be measured reliably by the charity., this is nomially upon notification of the interest paid or payable by the bank. Dividends are regnIsed once the dividend has been declared 8nd nolrficalion has been received of the dividen¢J due. Icl Expenditure Recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation cornmitling the charity lo that expenditure, il is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is ac¢ounled for on an accruals basis. All expenses including support costs and govemance costs are allocated or apportioned lo the applicable expenditure headings. Grants payable are payments made lo third parties in the furtherance of the charitable objects of the Trnst. In the case of an unconditional grant offer this is accrued once the recipient has been notrfied of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or mulli-year grant. Grants awards that are subject lo the recipient fulfilling performance conditions are only 8¢crued when the recipient has been notified of the grant and any remaining unfuKilled condition attaching lo that grant is outside of the control of the Trust. Provislons for grants are made when the intention lo make a grant has been communlcaled to the recipient but there is unrtaintY as to the timing of the grant or the amount of grant payable. Id> IeCOVerable VAT Irrecoverable VATis charged against the expenditure heading for which it was incuired. 18) Allocation of costs Costs primarily relate to g0Veman costs relating to the statutory audit and are apportioned across individual funds- restricted and unrestricted. (fj Charitsble activltlg$ Costs of charitable activities indude grants made and governance costs as shown in note 3. 12
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED YEAR ENDED 31 AUGUST 2021 Igl Fixed asset investments Investments are a form of basic financial instrument and are initialty recognised at Ihair transaction value and subsequantly measured at their fair value as at the balance sheet dale using dosing quoted market prlces. The statement of financial activities includes the nel gains and losses arising on revaluation and disposals throughout the year. The Trust dogs not directly acquire pul options, derivatives or other complex hn8n¢ial inslrumgnts. The main form ol financial risk faced by the ¢harity is that of volatility in equity rvlarkets and investment markets duè lo wider economic conditions, the attitude of investors lo investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. {hl Realised gains and losses All gains and losses are taken lo the Stsiemenl of Financial Activities as they arise. Realised gains and losses on investments are cal¢ulaled as tho difference between sales prOedS and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unre81ise(I g8in% and losses are calculated as Ihe difference between the fair value al the ye8r-end and their carrying value. Realised and unrealised investment gains and losses are combined in the Stslement of Financi81 A¢livilies. 3. COST OF GRANT MAKING Unrestri¢led Reslri¢tèd Funds Funds Total 2021 Total 2020 Grdnls to Oakham School Governance costs 191,672 4,866 11,328 203,000 4,866 208,000 4, 726 196,538 11,328 207,866 212, 727 An extemal grant of £203,000 {2020'. £208.0001 was paKJ lo Oakham School as 8 contribution primarily towards means-lested bursaries that the school provides to ils pupils. 13
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2021 4. INVESTMENTS 2021 2020 Market value as al 1 September 2020 Acquisitions at cost Disposals at carying costs Unrealised gain on revaluation Mart(el value as at 31 August 2021 4,645,070 46,113 5.096,500 78.622 (239,687) {290,377J 4.645,070 1.395.556 6.086,739 Historical cost as at 31 August 2021 4.057,883 4,011,770 All investments are held in common investmenl funds which are managed by regulated UK based bjnd managers. The suitsbility of these financial instrurnenls to the ongoing financial sustainability of the Trust is considered in the financial review and investment policy and perf0mlan sections of the Trustees, Annual Report. 5. CREDITORS: amounts falling dug within ona yoar 2021 2020 Accruals 4,830 4,680 6. KEY MANAGEMENT PERSONNEL The board of Trustees are the key management personnel of the charity in charge of directing and controlling the charity. All Trustees give of their time freely and no trustee remuneration was paid in the year12020 £nil). 7. AUDITOR'S REMUNERATION The audilorfs remuneration of £4,02512020.. £3,900) was solely in respect of the audit fee. 14
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2021 8. ANALYSIS OF NET ASSETS BETWEEN FUNDS Investments Net Currént Assets Total 2021 Endowed Restricted Unrestricted 2,257,137 506,392 3,323.210 2.257.137 511.288 3,354.582 6,123,007 4.896 31.372 36,268 6.086.739 Investments Net Current Ass8ts 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 15
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2021 9. PERMANENTLY ENDOWED FUNDS Balance Movement in resources Balance I September 2020 Investment Gains I (Loss) Income Expenditure 31 August 2021 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 Mehra Scholarship Scholarship Funds Prize Funds 9,684 10,370 22,927 418,509 28.575 145,728 211,528 629,225 222,099 152,369 19,618 1.870.632 1,706 11,390 1,827 12. 197 4,040 26.967 73,737 492,246 5,035 33,610 60,960 206.688 37,269 248.797 132,498 761.723 39,132 261.231 26,846 179,215 3,456 23.074 386,506 2,257.138 Balan Movem&nl in resources Balance 1 September 2019 Investment Gains I (Lossl 31 August 2020 Income Expenditure Odell Bequest Fund Anderson Prize Duesbury-Bowes Fund Lt. Col John Wilson Schol8rshlp 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 22,430 409,436 27,956 167,791 206,942 596,521 217,284 149,086 19,192 1.836.237 210 9.684 225 10.370 497 22.927 9,073 418.509 619 28,575 (22.0631 145,728 4,588 27 1,528 32,704 629,225 4.815 222,099 3.303 152,369 426 19,618 34,395 1.870,632 Endowed funds are defined as those that are lo be treated as capital and may not be spenl as income. The donors of the above funds have slipulaled that the investment income arising may only be used for the purpose of funding scholarships and prizes for Oakham School. The Ll. Col. John Wilson Scholarship Fund r8presenls a legacy from a former pupil of Oakham School. The income from the investrnenl is lo be applied specifically to assist boys who would olhenNise have been forced to leave Oakham School through lack of funds. The Anna Haefeli Scholarship Fund provides funding for an Arts Scholar lojoin Oakham School for the uration of the sixth fomi. The Mehra Scholarship pmwdes funding lor a pupil with oulstsnding talent moving into the sixth Form. 16
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) YEAR ENDED 31 AUGUST 2021 10. RESTRICTED FUNDS Balance ovement in resources Balance 1 Sèplemb8r 2020 Investment Gains I {Lossl Incomo Expenditure 31 August 2021 Odell Bequest Fund Anderson Prize Duesbury-Bowes Fund Ll. Col John Wilson Scholarship Fund Dewar Memorial Fund BAF Smilh Sports Scholarship Fund Anna Haefeli Scholarship Fund Endowment Fund Mehra Scholarship Scholarship Funds Prize Funds 6,626 5,171 7,710 162.552 10,064 2,117 18,597 1,180 37,710 202,135 2,884 296 316 700 12,777 872 6,911 5,479 8,397 164,481 10,920 3,053 25,025 1,388 44.429 237,728 3.478 181 {131 110.8481 116) {3) 130} {2} (621 f3311 151 {11,3291 885 6.458 55 6,781 9,270 599 155 26,654 456,746 38,178 27.694 511.289 Balance Movement in resources Balance 1 September 2019 Investment Gains I (Lossl 31 August 2020 Income Expenditure Odell Bequest Fund Anderson Prize Duesbury-Bowes 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 6.345 4,868 7,034 160,931 9,222 2,345 12,283 1,109 31.107 190.034 2,299 427.577 290 310 686 12,526 855 83 6,331 53 6,647 8.088 588 37.457 {91 171 {101 (10.9051 1131 131 (171 6,626 5.171 7.710 162,552 10.064 2.117 18.597 1.180 37,710 202,135 2,884 456,746 (3081 19 [441 (2661 131 {11.2781 3.279 2,990 The Reslricled Fund5 represent income earned on Endowed Funds and whi¢h is available lo support grants lo Oakham School. 17
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2021 11. UNRESTRICTED FUNDS - DESIGNATED AND GENERAL Ealance Movement in resources Balance 1 September 2020 Inveslmenl Gains I (Lossl Income Expendiluro 31 August 2021 IAandy Bainelt Memorial Fund Foseco Award Rutland Scholarship Humphrey Wanslall Bequest Fund Quatercentenary Scholarship Fund F0man S¢holarship Discretionary Fun(J 142,460 98,041 316,575 398,457 1,102,824 115,318 340,756 3.626 2,496 8,058 10,143 28,072 2,935 (10.814) 11611 (43,8571 16531 f140,3051 11891 {5581 59,593 41,011 132,427 166,681 461,326 48,239 72.079 794,865 741,387 413,203 574,628 1,451,917 166,303 412,277 2,514,431 55.330 {196.537) 981,356 3.354.580 Balance hAovemenl in SoUrceS Balance 1 September 2019 Investrnenl Gains I ILossl 31 August 2020 Income Expenditure Mandy Bamett Memorial Fund 169,742 Fose¢o Awar 108,669 Rulland Scholarship 415,569 Humphrey Wanslall Bequest Fund 441,654 QUaternIenary Scholarship Fund 1,364,581 Foreman Scholarship 127.819 Discretionary Fund 323,408 5.954 3.812 14.578 15,494 47,871 4,484 {10.917} (22,3191 11521 114.2881 {58,9291 154.6431 16181 158.0731 (130,2011 {179,4271 11791 {16.8071 {4521 17,801 142.460 98,041 316.575 398.457 1,102,824 115,318 340.756 2.951,442 92.193 1201,4481 {327.7561 2,514.431 Unrestricted funds are defined as those that Can be used in furtherance ol the obj8cts of the Trust al the discretion of the Trustees. The Trusle8s have set aside 8t their discretion certain designated funds to ba used for providing scholarships for Oakham School. The Mandy Barnett Memorial Fund is used for providing 8SSlStance lo girfs attending the School whose parents might not otherwise be able to afford fees. The Foseco Award Fund is used lo provide awards for chlldren studying Chemistry al Oakham Sch¢)ol. The Rulland Scholarship Fund is used to assist children attending the School whose parents are resident in the County of Rulland and might otherwise have been unable to afford a Rudand education. The Humphrey Wanstall Bequest Fund is used to provide awards to children al Oakham School. The Qualercentenary Scholarship Fund is used lo assist children at Oakham School who by reason of personality or talent may make a spgcial contribution to the School. The Foreman Scholarship Fund is used to provide awards for children studying Physi¢s at Oakham School. 18
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2021 12. RELATED PARTY TRANSACTIONS Oakham School A grant of£203,000 {2020.. £208,000) was paid lo the school as a contribution lowards primarily rneans- lesled bursaries that the school prowdes lo ils pupils. There were no other related party transactions in the current or preceding year. 13. CONTROLLING PARTY The Trustees have reviewed the relationship of the Trust with Oakham 5¢hool duiing the year and consider that effectivety the activities of Ihe Trust are conlrolbd by the School.