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. ex￿p1 where specifEd othe￿iSe 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 betr￿een 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 reSoUr￿s. 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 fU￿rIled 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 con￿rn 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 cOn￿M 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)
Regulat￿nS 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
cRED￿ORS. 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 othen￿lS8 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 In￿me 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 re￿Wable 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 re￿￿gnIsed 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 un￿rtaintY as to the timing of the grant or the amount of grant payable.
Id> I￿eCOVerable 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 prO￿edS 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
F0￿man 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
QUater￿nIenary 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.