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, e￿￿1 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 one￿ff 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 be￿een 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 AC￿pted 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 expI￿ltIY 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 rega￿1.

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 InStan￿S 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 occU￿l￿g 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
ac￿pt 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
EXpendI￿rg
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 fO￿ard 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 p￿paring 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 COn￿rn. 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 dep￿CIall0n 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 rel￿bty-
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 reqUI￿d 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 re￿1ve 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 be￿een 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 CoMn￿n 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 othe￿iSe 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 HUrnph￿y 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 effe￿IvelY the actlvltles of the Trust are controlled by the School.