CHARITY NUMBER: 507950 THE ELIZABETHAN TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023
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 2023 CHARITY NAME The Ellzabethan Trust REGISTERED CHARITY NUMBER 507950 REGISTERED ADDRE88 Chapel Close Market Place Oakham Rutland LE15 6DT AUDITORS Haysmacintyre LLP 10 Queen Street Pla London EC4R 1AG BANKER8 8orclay$ Bank PLC 10 High Street Oakham Rutland LE15 6AN
THE ELIZABETHAN TRUST TRUSTEES, REPORT YEAR ENDED 31 AUGUST 2023 TRUSTEES, REPORT The Trustees present their annual report and financial stslemenls of the charity for the year ended 31 August 2023. The fi'nancial statements have been prepared in accordance with the accounting policies sel out in notes 1 and 2 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and Accounling and Reporting by Charib'es.. 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 of the Trust is lo raise the quality and extend the scope of education available to young persons, and supporting the objectives of Oakham School. The Trustees confirm that they have referred to the Charty Commission's guidance on public benefitwhen ieviewing the Trust's aims and objectives, in planning future activities and setting the grant making policy for the year. The Trust fvrthers ils charitable PUTposes for the public benefit through ils grant making poliw which is designed lo fund specific means-tesled bursaries awarded by Oakham 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 to identify bursary awards made in respect of an academic year which meet the criteria relating to ils own specific Endowed and Designated fvnds. These awards enable individual children lo attend Oakham School who would otherwise not be able lo. A REVIEWOF OUR ACHIEVEMENTS AND PERFORMANCE: HOW OUR GRANT PROGRAMME DELIVERED PUBLIC BENEFIT In the year a total of £220,000 12022.. £211,000} was transferred to Oakham School to fvnd means- tested bursaries awarded lo 12 pupils {2022'. 11 pupils}. FINANCIAL REVIEW The financial results are set out on page g. The Trustees are pleased to report that the nel income from investments {after investment managers. fees) was £143,208 (2022.. £122.4471 and that a payment of £220.000 12022.. £211,000) was made lo Oakham School towards primarily means-tested bursaries that the school provides to ils 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 regulated UK based fvnd managers, CCLA and Heronbridge. The primary long-term performance benchmark adopted by the Charity is the Retail Price Index plus 4¥0. The Policies followed by both of our hyo managers are consislenl with meeting this objects've. The trustees monilor the performance of the managers against individual benchmarks, Heronbridge against the return on UK equities and CCLA against a composite ofdiverse assetclasses predominaloly non-UK equities.
THE ELIZABETHAN TRUST TRUSTEES. REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2023 The lotal return on the Trust's investrnents, after fees, for the year ended 31 Augusl 2023 was +4.30 against the +12.4QA return of the primary {long-lerm benchmark), RPl+4%. Our secondary benchmarks, UK equities and non_UK equities, returned +5.20/0 and +2.5 % respeclively. Since the inception of the new slralegy, e1 years ago, perft)rmance is ahead of the Trust's long term benchmark. RISK MANAGEMENT The Trust needs long term capital preservation in real terms in order to maintain its UK giving programme in real terms. The principal risk faced by the Trust is inadequate relums from its investments relative lo ils primary benchmark which encapsulates the demands of our giving programmg. The Trust has appointed outside investment managers each of whom has considerable and successful experience in achieving the results which we expect from them. The tsrget returns which we extect from the managers differ reflecting the diversification in the policy mandates they have been given. The risk that the combination of these tsyo mandates is inconsistent wrth our overall target retum has been carefully considered by the Trustees. RESERVES POLICY The Trustees aim lo make an annual transfer to Oakham School of approximately 4•A of the total funds balance. The vast majority of the tot81 f(Jnds are held in two common investment funds with 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 ftjnds bul in the main is met by a oneff withdrawal of funds from the investments. As of 31 August 2023, Permanently Endowed Funds tolalled £2,138,024, (2022., £2,170,887) Restricted Fund$ We £577,310 12022- £541,649) and Unrestricted Funds {Designated and General} were £3,041,81 S 12022,. £3,036,654). All but £246,413 12022,. £243,030) of the overall total selVeS of £5,757,14912022., £5,749,190) was represented by holdings in common investment funds. To meet the annual transfer lo Oakham School, the Trustees aulhofi5e a part realisation of the common investment fvnd 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 fvnds held. PLANS FOR THE FUTURE For the foreseeable future the Trustees. intention is to maintain the overall transfer lo Oakham School al or around 40k of the total funds balance. Wthin 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 priorits'es remain the most Televanl. STRUCTURE. GOVERNANCE AND MANAGEMENT The Trust is a registered charity, number 507950. The Trust was established by a Deed of Settlement datsd 1 Novembei 1974 betsveen TCS Haywood and the oiiginal Trustees and its temis were subsequently varied by a Deed of Appointment dated 25 April 1978. Subject lo a power to accumulate income during the first 21 years of the Trust Period as defined. the Trustees must pay 01 apply the income of the Trust Fund for charitable PUTF)oses, which must, as far as
THE ELIZABETHAN TRUST TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2023 possible, be for the purposes of Oakham School. They a also empowered to pay or apply Capital In any manner in which they are authofised to 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 a appointed by the existing Trustees and theie is no staled limitation on the length of their tenure. Trustees regularly visit fund managers to understand the direction ofeach of the investment portfolios and lo assess the current maikel and future forecasting. Trustee meetings are held half-yearty at which the broad strategy, investment performance and the level of grant to be made lo Oakham School are considered. The Trustees receive regular information from the Sch¢)ol lo support the means-tesled bursaries that have been awarded so that a direct link can be maintained beeen them and the underlying funds held within the Trust. KEY MANAGEMENT PERSONNEL REMUNERATION The board ot Trustees are the key management personnel of the charty in charge of directing and controlling the charity. All Trustees give of their lime freely and no tnjslee remuneration was paid in the year. There were no trustee expenses paid or related paty transactions in the year. Trustees are required lo disclose all relevant interests and in accordance with the Trust's policy wrthdraw from decisions wheie a conflict of interest arises. REFERENCE AND ADMINISTRATIVE INFORMATION Trustees The following Trustees setved throughout the year.. Mr R FoLslkes ' Prof N Gomian Mrs J Lucas" Mr IR Summerton ' De¢eased 21 October 2023 Mts J Lucas rets'red as a Trustee on 15 June 2023, a su¢¢e$sor for her 1$ due to be appointed laler in Ihe 2023-24 year following su¢cessfvl checks. The Elizabethan Trust would like lo express their thanks for the $ervi¢e and support that Ri¢hard Foulkes gave lo the Trust and to the School. The contributions that both Richard Foulkes and Jane Lucas added to trustee meetings have been invaluable. Details of the charity's principal office and pmfessional advisers are provided on page 1.
THE ELIZABETHAN TRUST TRUSTEES, REPORT {CONTINUED) YEAR ENDED 31 AUGUST 2023 TNstees' responslbllltles In relation to thè Ilnanclal statements The charity Tru$lee$ are iesponsible for preparing a Trustses, annual port and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally ACpted Accounting Practice}. The law appli¢able to charities in England and Wales requires the charity Twslees lo prepare linancial statements for each year whi¢h give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources. of the charity for that period. In preparirsg the financial statements. the Trustees ale required to.. select suitable accounting policies and then apply them consislenuy.. observe the methods and principles in the applicable Charities SORP 2015 IFRS 1021- make judgements and eslimales that are reasonable and prudent., stale whether applicable accounting standards have been followed. subject lo any material departures that must be disclosed and explained in the financial stalemenls., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Tw$tee$ are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial posrtion of the charty and enable them to ensure that the financial ststements compty with the Charities Act 2011. the applicable Charity (Accounts and Reports) Regulations 2008, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularits'e$. The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the eharrty's website in accordance with legislatson in the United Kingdom governing the preparation and dissemination of financial statements. Approved by the Trustees on.. And stgned on their behalf by.. Trustee". Date..
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE ELIZABETHAN TRUST YEAR ENDED 31 AUGUST 2023 Oplnlon We have audited the financial statements of The Elvzabethan Tw$1 for the year ended 31 Augu$l 2023 which comprise the Slatemenl of Financial Aclivilies, the Balance sheet and notes to the financial statements, including a summary of significant a¢¢ounling policies. The financial reporting framework that has been applied in their preparation 1$ 8ppli¢8ble law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financi81 Reporting Standard applicable in the UK and Republic of Ireland Iunited 'ngdoM General Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the Slate of the ¢harty's affairs as al 31 August 2023 and of the charity's net movement in funds for the yeaT then ended.. have been properly prepared in accor¢Jance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Ba$ls for oplnlon We conducted our audit in accordance with Inlemational Standards on Auditing IUKI IISAS IUK)) and applicable law. Our responsibilities under those stsndards are fijrther described in the Auditor's responsibilities for the audit ol the financial slalemenls section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK. including the FRC'S Ethical Slandaid. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis foi our opinion. Con¢luslons relatlng to golng concern In auditing the fi'nancial statements, we have concluded thal the trustees, use oflhe going ¢on¢ern basi$ of accounting in the preparation of the financi81 statements is appropriate. Based on the work we have performed, we have not Identified any material un¢ertalntie$ relatlng to events or conditions that, individually or collectNely, may cast significant doubt on the chaiity'$ ability to continue as a going concem for a period of al least twelve months from when the financial ststements are authorised for issue. Our responsibilrties and the responsibilities of the trustees with respect to going Concern are described in the relevant sections ol this report. other Infomiallon The trustees are responsible for the other infonnation. The olher information comprises the information included in the Trustees, Annual Report. Our opinion on the financial statements does not cover the other infonnation and, except to the exlenl otherwise expIltIY stated in our report, we do not exp$$ any form of assurance conclusion Ihereon. In connectson with our audit of the financial slalemenls, our responsibility is lo read the other information and, in doing so. consider whether the other information is materialty inconsislenl with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslalements, we are required to determine whether there is a material misslalement in the financial statements or a material misslatemenl oflhe other infomialion. If, based on the work we have performed, we conclude that there is a material misslalemersl of this other information. we are required lo report that fact. We have nothing to report in this rega1.
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE ELIZABETHAN TRUST YEAR ENDED 31 AUGUST 2023 Matters on which we art r¢quired to report by exception We have nothing lo report in respect of the following matters in relation lo which the Charities (Accounts and Reports) Regulations 2008 require us lo report to you if, ir¢ our opinion.. adequate accounting records have not been kept by the charity., or sufficient accounting records have not been kept.. or the charity financial statements are not in agreement with the accounting records and returns,. or we have not receNed all the infom)ats'on and explanations we require for our audit. Responslbllltles of Trustees for the flnanclal statements As explained more fully in the Trustees, responsibilities statement set out on page 5, the Trustees are responsible for the preparation of the financial statements., for being satisfied that they give a true and fair view.. and for such intemal Control, as the Trustees determine is necessary to enable the pieparalion of financial statements that are free from material misslalemenL whether due lo fraud or error. In preparing the financial stalemenls, the TTuslees are responsible for assessing the charity's ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the charty or lo cease operaliorss, or have no realistic allemative but to do so. Auditotrs responsibllltles for tho audit of the flnan¢lal statoments Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due lo fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exi51s. Misslalements 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 slalements. Irregularities, including fraL¢d. are instances of non-compliance with taws and regulations. We design procedures in line wrth our responsibilities, outlined above, to detect material misstalemenls in respect of irregularities, including fraud. The exlenl to which oui procedures are capable of detecting irregularities, including fraud is detailed below.. Based on our understsnding of the charity and the environment in which il operates, we idenb'fied that the principal risks of non-compliance with laws and regulations related to Charity Law. and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparats'on of the linancial statements such as the Charities Act 2011 and the Charities SORP. We evaluated management's incentives and opportunities foi fraudulent manipulation of the financial ststemenls (including the risk of override of controls) and determined that the principal risks were related to improper recognilson of income and management override of controls. Audit procedures performed by the engagement team included.. Discussions with managemenl including consideration of known or suspected InStanS of non- ¢omplian¢e with laws and regulation and fraud.. Evaluating management's controls designed to prevent and detect irregularities,. Identifying and testing journals., and
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE ELIZABETHAN TRUST YEAR ENDED 31 AUGUST 2023 Challenging assumpts'ons and judgements made by management in their crits'cal accounting estimates Because ol the inherent limitalions of an audit, there is a risk that we will nol detect all irregularities, including those leading lo a material misslalemenl in the financial statements or non4omplian¢e with regulation. This risk In¢aseS the more that Complian with a law or regulation is removed from the events and transa¢lions reflected in the fi'nancial statements, as we will be less likety lo become aware of instances of non-compliar¢ce. The risk is also greater iegarding irregularities occUlg due lo fraud rather than error, as fraud involves intentional concealment, forgery. collusion, omission or misrepresentation. A further description of our responsibilrties for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.or .uklauditorsres onsibilities. This description foims part of our auditoff s report. Use oflhls report This report is made solely lo the charity's Trustees. as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state lo the charity's Trustees those matters we are required lo slate to them in an Audilofs report and for no other purpose. To the lullesl extent permitted by law, we do not acpt 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. Haysmacintyre LLP Statutory Auditors 10 Queen Street Place London EC4R 1AG Dale.28/1112023 Haysmacintyre LLP is eligible lo act as an auditor in terms of section 1212 of the Companies Act 2006
THE ELIZABETHAN TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023 Note Unrestricted Restricted Endowed Funds fvnds funds 2023 2022 Incomè and Endowments Investment in¢ome 103,430 39,778 143,208 122,447 Total Income 103,430 39,778 143,208 122,44T EXpendIrg Expenditur8 on charitable aclivilies.. Cost of grant making 225.033 898 225,931 216, 180 Total expgndlture 225,033 898 225,931 216. 180 N8t18xp8ndlturèl I In¢ome and not movèmènt In fund$ b8foro g•ln6 on Invèstmènts {121.603) 38,880 (82,723) (93,733) Other ro¢ognbod galn$ and 10s808 Net gain l {lossl on investments 103,565 (3.2191 {9.6641 90.682 (280,082) Net income I lexpendfture) and net movement In lund8 for the year 118,038} 35,661 19,6641 7,959 (373,815) Balance$ brought fOard al 1 September 2022 3,036,654 541,649 2,170,888 5.749.191 6,123,005 Balances carrfed fonvard at 31 August 2023 3,018.616 577.310 2,161,223 5,757,149 5.749,191 The notes on pag88 11 to 19 fomi part of these flnanelal statements. Nurnbe are rounded to the nearestpound and as a result lot81s may display small discr8panci&s.
THE ELIZABETHAN TRUST BALANCE SHEET 31 AUGUST 2023 2023 2022 FIXED A88ET8 Investments 5,510,738 5,506.160 CURRENT A88ET8 Bank and Cash 252,293 248,190 CREDITORS: amounts falling due within one year (5.880J (5,160) NEf CURRENT ASSETS 246,413 243,030 TOTAL ASSEfs LESS CURRENT LIABILITIES 5.757,149 5,749. 190 NET ASSErs 6,767,149 5.749, 190 FUNDS Endowed 2,101,223 2. ITQ,887 Restricted 10 577,310 541,649 Unrestrthd Destgnated and General Funds 11 3,018,610 3,036.654 TOTAL FUNDS 5,757,149 5.749,190 Appr¢)ved by the Board of Trustees on and signed on its behalf ty Trustees 14th November 2023 Tho not08 on p•go8 11 to 19 form part of th089 Ilnan¢l•l •tatomonts. 10
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023 1. BASIS OF PREPARATION AND ASSESSMENT OF GOING CONCERN The accounts (financial stslement$} have been prepared under the historical cost ¢onvention with items recognised at cosl or transaction value unless olheN6se stated in the relevant nolelsl lo these accounts. The financial statements have been prepared in accordance with the Stslement of Recommended Pracbce., Accounting and Reporting by Charities pparing their accounts in accordanGe with the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Financial Reporknng Stsndard applicable in the United Kingdom and Republic of Ireland {FRS 102) and the Charities Act 2011. The trust constilules a public benefit entity as defined by FRS 102. The Trustees consider that there are no material uncertainties about the Trusys ability to continue as a going COnrn. Wlh respect lo the next reporting period. 21J2>24, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets {see the investment policy and performance and risk management sections of the Trustees. annual report for more information}. The Trust is a qualifying entity under FRS 102 and has taken advantage of the exemptions 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 {al Fund8 Structur8 The Elizabethan Trust's Funds are split into three categories.. unrestricted funds, restricted fvnds and permanent endowment funds. A brief outline of the nature of these funds is as follows.. Unrestricted ftjnds Unrestricted fvnds may be expended al the discretion of the Trustees in the furtherance of the objects of the Trust. Reslricled funds Reslricled funds are funds subject lo specific trusts as declared by the original donorlsl bul which are still within the objects of the Trust. The income of the restricted funds may only be expended in accordance with the terms of the specific trusts and the capital may or may not be expended dependent upon the tem$ of the specific trusts. Permanent endowment Permanent endowment funds are ¢apitsl funds where there is no power lo nVert the capilal into income and which must generally be held indefinitely. Certain assets Can be exchanged and may be subject to depCIall0n or loss. Further details of each fvnd are dis¢losed in note$ 9, 10 and 11. 11
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2023 (bl Income Recognltlon All income is recognised once the chanly has entitlement to the income, il is probable that the income will be received and the amount of income recewable can be measured relbty- Donations are recognised when the Trust has been notified in writing of both the amount and settlement date. In the event that a donation is subject lo ¢onditions that require a level of performance before the charity is entitled lo the funds, the income is defeired and nol recognised until either those ¢ondrtions are fully met, or Ihe fvlfilmenl of those conditions is wholty wrthin the control of the charty and il is probable that those conditions will be fulfilled in the reporting period. Legacy gifts are recognised on a case by case basis following the granting of probate when the adminislratorlexecutor for the estste has communi¢aled in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a re¢ognised stock exchange, recognition is Subject to the value of the gift being reliably measurable wrth a degTee ofreasonable accuracy and the title lo the asset having been transferred to the ¢harity- Interest on funds held on deposit is included when Nable and the amount can be measured reliably by the ¢harity', this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been de¢L4red and notifi¢alion has been received of the dividend due. (c) Expendllure R8cognltlon Liabilities are recognised as expenditure as soon as there 1$ a legal or constructive obligatKJn committing the charity lo that expendituie, it is probable that settlement will be reqUId and the amount of the obligation can be measured reliably. l expenditure is accounted for on an accruals basis. All expenses including support costs an¢J governance costs are allocated or apportioned to the applicable expenditure headings. Grants payabk are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notifi'ed of the grant award. The notification gives the recipient a reasonable expectation that they will re1ve the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified ofthe grant and any remaining unfulfilled condition attaching lo that grant is outside of the control of the Trust. Provisions for grants are made when the intention lo make a grant ha5 been communicated to the recipient but there is uncertainty as to the timing ofthe grant or the amount of grant payable. Idl Irrecoverable VAT Irrecoverable VATIS charged against the expenditure heading for which rt was incurred. le) Allocatlon of costs Costs primarily relate lo governance costs relating to the statutory audit and are apsxjrtioned across individual fvnds - restricted and unrestricted. {fj Charltable actlvlties Costs of charitable activities include grants made and governance costs as shown in note 3. 12
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2023 {gl Flxed asset Investment8 Investments are a form of basic ffinancial instrument and are inittally recognised at their transaction value and subsequenlly measured at their fair value as at the balance sheel date using closing quoted market prices. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Trust does not dire¢lly acquire put options. derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatilty in equity markets and investment markets due to wider economic condilions, the attitude of investors lo investment risk, and change5 in sentiment concerning equities and within particular sectors or sub sectors. Ihl R8alised gains and lossès All gains and10$5es are taken to the Statement of Financial Acts'vities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent lo the first day of the financial year. Unrealised gains and losses are calculated as the difference beeen 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 Endowed Funds Total 2023 Total 2022 Grants lo Oakham School Governance costs 220.000 5.033 220,000 5.931 211.000 5.180 898 225,033 898 225,931 216,180 An extemal grant of £220,000 {2022.' £211,000) was paid to Oakham School as a contribution primarily towards means-lested bursaries that the school provides lo ils pupils. 13
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2023 4. INVESTMENTS 2023 2022 Market value as at 1 September 2022 Acquisitions at cost Disposals 8t carrying costs Unrealised gain on revaluation Market value as at 31 August 2023 5,506, 160 6,086. 739 663,894 73,505 (T50,OOOJ (374.000) 90,682 (280,084) 5,510,736 5,506,160 Historical cost as al 31 August 2023 3,671,283 3.757.388 l investments are held in CoMnn investment funds which are managed by regulated UK based fund managers. The suitsbility of these financial instruments to the ongoing financial sustainability of the Trust is considered in the financial review and investment policy and performance sections of the Trustees, Annual R&F)Ort. 5. CREDITORS: amounts falllng due wlthln one year 2023 2022 Accruals 5,880 5. 160 6. KEY MANAGEMENT PERSONNEL The board of Trustees are the key management personnel of the ¢harity in charge of directing and controlling the charity. All Trustees gwe of their lime freely and no trustee remuneration was paid in Ihe year12022.' £nil). 7. AUDITOR'S REMUNERATION The auditor's remuneration of £4,90012022'. £4,300) was solely in respect of the audit fee. 14
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2023 8. ANALYSIS OF NET ASSETS BETWEEN FUNDS Invostmonts Not Curront Total 2023 Endowed Restricted Unrestricted 2,161,223 537.749 2,811.763 5,510,736 2,161,223 6TI,310 3,018,816 6,757,149 39,560 206,853 246,413 Invo•tmonts Not Current A$8ets Total 2022 Endowed Restricted UnrestTided 2,170,887 504,862 2,830,411 5,506,160 2,170,887 541.650 3,036,654 36,788 206,243 243.031 5,749,191 15
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2023 9. PERMANENTLY ENDOWED FUNDS 8818nce Movement in resour¢es Balance I September 2022 Investment Gains I {Lossl 31 August 2023 Income Expenditure Odell Bequest Fund Anderson Prize Duesbury-Bowes Fund Lt. Col John Wilson Scholarship Fund Dewar Memorial Fund BAF Smith Sports Scholarship Fund Anna H8efeli Scholarship Fund Endowment Fund Mehra Scholaiship Scholarship Funds Prize Funds 10,868 17,636 25,728 469,621 32,065 194.217 237.362 747.173 249.225 170.978 22.016 2,170,887 {2111 10,655 {2271 11.409 15011 25.227 19,1461 460.475 16241 31.441 6.983 201.200 14,6231 232.739 7.298 754.471 14,8541 244.371 {3,3301 167.648 14291 21.587 {9,6641 2,161,223 Balance Movement in resources Balance 1 September 2021 Investment Gains I (Lossl Income Expenditure 31 August 2022 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 11,39) 12.197 26,967 492,246 33,610 206.688 248.797 761.723 261.231 179.215 23,074 2,257.138 {524} 10.866 {56f} 17.636 {1,2391 25.728 {22,6251 469,621 {1,5451 32.IE5 112,471} 194.217 {11,4351 237.362 {14,5501 747.173 {12,0061 249,225 18,2371 170,978 11,0561 22,016 186.2511 2,170.887 Endowed funds ale defined as those that are lo be Irealed as capital and nw not be spent as income. The donors of the above funds have stipulated that the investment income arising may only be used for the purpose of funding scholarships and prizes for Oakham School. The Lt. Col. John Wlson Scholarship Fund represents a legacy from a forn[ pupil of Oakham School. The income from the investment is to be applied specifically lo assi511)oys who would otherwise have been forced to leave Oakham School through lack of funds. The Anna Haefeli Scholarship Fund provides funding for an Arts Scholar to join Oakham School for the duration of the sixth form. The Mehra Scholarship provides funding for a pupil with outstanding lalenl moving into the Sixth Form.
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) YEAR ENDED 31 AUGUST 2023 10. RESTRICTED FUNDS Balance Movement in resources Balance 1 September 2022 Investment Gainsl (Loss} Inco Expenditure 31 August 2023 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 7,207 5,799 9,109 177,456 11,806 2,951 31,661 1,394 51,371 238,804 4,091 308 329 728 13,294 908 110 6,719 57 7,055 {121 1101 1151 12941 1201 {51 1521 {21 1851 13%) {71 1898) 7.503 6,119 9,822 190N56 12,694 3,162 38,328 1,429 58,341 244,748 4,708 577,310 1c6 1191 13,306) 623 541.649 39.778 {3,2191 Balance Movement in resources Balance 1 September 2021 Investment Gains I (Loss} Income Expenditure 31 August 2022 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 6.911 5,479 8,397 164.482 10.920 3,053 25,025 1,388 44,429 237,727 3,478 511,289 305 327 723 13,194 901 86 6,669 56 7,002 9,573 618 39,454 (91 (71 7,207 5,799 9,109 177,456 11,806 2,951 31,661 1,394 51,371 238,804 4,091 541,649 1220) 1151 141 133) 12) {60) 1319} 15} {685} (1841 1481 18,1771 {8,4091 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 2023 11. UNRESTRICTED FUNDS- OESIGNATED AND GENERAL 8818nc8 Movement in resources Balance I September 2022 Investmenl Gains I (Lossl Income Expenditure 31 August 2023 Mandy Barnett Memorial Fund 175,789 Foseco Awa¥d 136,652 Rulland Scholarship 337,731 Humphrey Wanstall Bequest Fund 555,397 Quater¢entenary Scholarship Fund 1,403,322 Foreman Scholarship 160.739 Discretionary Fund 267,024 6,565 5,103 12,812 20,741 52,406 6,003 (2911 {2271 (73,8201 {9211 {149,0661 {2661 (4431 6,320 4,914 12,143 19.969 50,456 5,778 3,986 188,383 146,442 288, 666 595, 186 1,357, 118 172,254 270,567 3.036,654 103.430 {225.0341 103.566 3,018,616 Balance Movement in resources Balance 1 September 2021 Investment Gains I (Loss) Income Expenditure 31 August 2022 Mandy Barnett Memorial Fund Foseco Award Rulland Scholarship Humphrey Wanslall Bequest Fund Quatercentenary Scholarship Fund Foreman Scholarship Discretionary Fund 194,865 141.387 413,203 574.628 1.451.917 166.303 412.277 5.497 3.988 11.655 16.208 40.953 4.691 112,816} 11921 162.1961 17681 11.9461 12211 1137,3551 111,757) (8,5311 124,9311 134.671} 187.6021 110.0341 (7.8981 175.789 136.652 337.731 555.397 1,403.322 160.739 267.024 3,354,580 82.992 {215,4941 1185,4241 3,036,654 UnTeslricled funds are defined as those that can be used in furtherance of the objects of the Trust at the discretion of the TrLJStees. The Trustees have set aside al their discrets'on certain designated funds to t* used for providing scholarships for Oakham Sch¢Jol. The Mandy Barnell Memorial Fund is used for pmiding assistance lo girls attending the School whose parents might not otheiSe be able to afford fees. The FOSe Award Fund is used to provide awards for hildren studying Chemistry at Oakham School. The Rulland Scholafship 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 afftjrd a Rutland education. The HUrnphy Wanslall Bequest Fund Is used to provide awards to children al Oakham School. The Qualercenlenary Scholarship Fund is used lo as51St ¢hildren al Oakham School who by reason of person81ity or tslent may make a special contribution lo the School. The Foreman Scholarship Fund is used lo provide awards for children studying Physics at Oakham School. 18
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2023 12. RELATED PARTY TRANSACTIONS Oakham School A grant of £220,000 {2022'. £211,000) was paid to the school as a contribution t¢)wards primarily means- tssted bursaries that the 8chool provides to its pupils. There were no other related paty transactlons In the current or preceding year. 13. CONTROLLING PARTY The Trustees have reviewed the rolatlonshlp of the Trust with Oakham School during th8 year and conslder that effeIvelY the actlvltles of the Trust are controlled by the School.