CHARITY NUMBER: 507950 THE ELIZABETHAN TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024
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 11
THE ELIZABETHAN TRUST ADDRESS AND PRINCIPAL ADVISERS YEAR ENDED 31 AUGUST 2024 CHARITY NAME The Elizabethan Trust REGISTERED CHARITY NUNIBER 507950 REGISTERED ADDRESS Chapel Close Market Place Oakham Rutland LE15 6DT AUDITORS Haysmac LLP 10 Queen Street Place London EC4R 1AG BANKERS Barclays Bank PLC 10 High Street Oakham Rutland LE15 6AN
THE ELIZABETHAN TRUST TRUSTEES, REPORT YEAR ENDED 31 AUGUST 2024 TRUSTEES, REPORT The Trustees present their annual report and financial statements of the charity for the year ended 31 August 2024. The financial statements have been prepared in accordan with the accounting policies set out in notes 1 and 2 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan 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 to 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 Charity Commission's guidance on public benefi't when reviewing the Trust's aims and objectives, in planning future activities and setting the grant making policy for the year. The Trust furthers its charitable purposes for the public benefi't through its grant makin9 policy which is designed to fund specific means-tested 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 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 total of £228,000 (2023.. £220,000) was transferred to Oakham School to fund means- tested bursaries awarded to 12 pupils (2023.. 12 pupils). FINANCIAL REVIEW The financial results are set out on page 9. The Trustees are pleased to report that the net income from investments (after investment managers, fees) was £148,033 {2023.' £143,208) and that a payment of £228,000 (2023.. £220,000) was made to Oakham School towards primarily means-tested bursaries that the school provides to its pupils. During the year the Trust received a donation from Oakham School of £4,000,000 to be held for the advancement of the Schools aims. INVESTMENT POLICY AND PERFORMANCE The Charity's investments have continued to 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 fund managers, CCLA and Heronbridge. The primary long-term performance benchmark adopted by the Charity is the Retail Price Index plus 40kn. The Policies followed by both of our INO managers are consistent with meeting this objective. The trustees monitor the performance of the fvio managers against individual benchmarks. Heronbridge against the return on UK equities and CCLA against a composite of diverse asset classes predominately non-UK equities.
THE ELIZABETHAN TRUST TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2024 The total retum on the Trust's investments, after fees, for the year ended 31 August 2024 was +9.8% against the +6.90/0 return of the primary (long-term benchmark), RPl+40/o. Our secondary benchmarks. UK equities and non-UK equities. returned +14.2¥o and +7.5 % respectively. Since the inception of the new strategy, nine years ago, performance 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 returns from its investments relative to its primary benchmark which encapsulates the demands of our giving programme. The Trust has appointed two outside investment managers each of whom has considerable and successful experience in achieving the results which we expect from them. The target returns which we expect from the two managers differ reflecting the diversification in the policy mandates they have been given. The risk that the combination of these two mandates is inconsistent with our overall target return has been carefully considered by the Trustees. RESERVES POLICY The Trustees aim to make an annual transfer to Oakham School up to 40/0 of the total funds balance. The vast majority of the total funds are held in 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 distributions from the investment funds but in the main is met by a one-off withdrawal of funds from the investments. As of 31 August 2024, Permanently Endowed Funds totalled £2,350,799 (2023.. £2,161,223) Restricted Funds were £634,604 (2023.. £577,310) and Unrestricted Funds {Designated and General) were £7,056,101 (2023.. £3,018,616). All but £4,682,567 (2023.. £246,413) of the overall total reserves of £10,041,504 (2023., £5,757,149) was represented by holdings in common investment funds. To meet the annual transfer to Oakham School, the Trustees authorise a part realisation of the 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 to maintain the overall transfer to Oakham School up to 4 /0 of the total 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 its terms were subsequently varied by a Deed of Appointment dated 25 April 1978. Subject to a power to accumulate income during the first 21 years of the Trust Period as defined, the Trustees must pay or apply the income of the Trust Fund for charitable purposes. which must. as far as
THE ELIZABETHAN TRUST TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2024 possible, be for the purposes of Oakham School. They are also empowered to pay or apply capital in any manner in which they are authorised 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 charitsble foundations andlor charitable purposes as the Trustees may approve. New Trustees are appointed by the existing Trustees and there is no stated limitation on the length of their tenure. Trustees regularly visit fund managers to understand the direction of each of the investment portfolios and to assess the current market and future forecasting. 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 to support the means-tested 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 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 year. There were no trustee expenses paid or related party transactions in the year. Trustees are required to disclose all relevant interests and in accordance with the Trust's policy withdraw from decisions where a conflict of interest arises. REFERENCE AND ADMINISTRATIVE INFORMATION Trusts08 The following Trustees served throughout the year.. Prof N Gorman Mr IR Summerton Mr N Wright (Chair) Mr R Foulkes ' 'Deceased 21 October 2023 Details of the charity's principal office and professional advisers are provided on page 1.
THE ELIZABETHAN TRUST TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2024 Trustees, responslbilities in relation to the financial statements The charity Trustees are responsible for preparing a Trustees, annual report and financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally ACpted Accounting Practice). The lawapplicable to charities in England and Wales requires the charity Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the applicable Charities SORP 2015 (FRS 102). make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply 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 irregularities. The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements. Approved by the Trustees on: And signed on their behalf by.. Trustee.. Date.. 17
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE ELIZABETHAN TRUST YEAR ENDED 31 AUGUST 2024 Oplnion We have audited the financial statements of The Elizabethan Trust for the year ended 31 August 2024 which comprise the Ststement of Financial Activities, the Balan sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Iland (United Kingdom Generally Accepted Accounting Practice). In our opinion. the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 August 2024 and of the charity's net movement in funds for the year then ended., have been properly prepared in accordance with United Kingdom Generally A¢pted Accounting Practice., and have been prepared in accordance with the requlrements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial ststements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. 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 provlde a basis for our opinion. Con¢lu8lon8 relatlng to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identifi'ed any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial ststements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Information The trustees are responsible for the other information. The other information comprises the information included in the Trustees, Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent othenftiise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit ofthe financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work 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 to report in this gard.
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE ELIZABETHAN TRUST YEAR ENDED 31 AUGUST 2024 Matters on whlch we are required to roport by exception We have nothing to report in respect of the following matters in relation to which the Charities {Accounts and Reports) Regulations 2008 require us to report to you if, in 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 received all the information and explanations we require for our audit. Responslbilltles of Trustees lor the flnanclal 8tatement8 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 fairview,. and for such internal control, as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees 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 to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor's responslbllitles for the aud5t of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordan with ISAS (UK) will always detect a material misstatement when it 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 procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Based on our understanding of 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 to which non-compliance might have a material effect on the financial statements. We also considered those laws and gUlationS that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and the Charities SORP. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal riskswere related to improper recognition of income and management override of controls. Audit procedures performed by the engagement team included.. Discussions with management including consideration of known or suspected instances of non- compliance 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 2024 Challenging assumptions and judgements made by management in their critical accounting estimates Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. vMw.frc.or .uklauditorsres onsibilities. This description forms part of our auditor's report. U88 of this report This report is made solely to 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 to the charity's Trustees those matters we are required to state to them in an Auditorfs report and for no other purpose. To the fullest extent permitted 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. .fvk LLP Haysmac LLP Statutory Auditors 10 Queen Street Place London EC4R 1AG Date: 14 Jonvc Haysmac LLP is eligible to 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 2024 Note Unrestricted Restricted Endowed Funds funds funds 2024 2023 Income and Endowments Donation from Oakham School Investment income 4,000,000 103,339 4.000,000 148.033 44,694 143.208 Total Income 4,103,339 44,694 4, 148,033 143.208 Expendlture Expanditure on charitable activities.. Cost of grant making 233,283 1,010 234,293 225, 931 Total expendlture 233,283 1,010 234,293 225, 931 Net (expendlture) I Income and net movement In funds before galn8 on Investment8 3,870,056 43,684 3,913,740 (82, 723) Other recognlsod galns and loss•8 Net gain l (loss) on investments 167,428 13,611 189,575 370,614 90, 682 Net Income l (expendlture) and n•t movement In funds for the year 4,037,485 57,294 189,575 4,284,354 7,959 Balances brought for4vard at 1 September 2023 3,018,616 577,310 2,161,223 5,757,149 5,T49, 191 Balances carrled forward at 31 August 2024 7,056,101 634,604 2,350,799 10,041,504 5,757. 150 The notes on pages 11 to 19 form part of these flnancial statements. Numbers are rounded to the nearestpound and as a result totals may display small discrepancies.
THE ELIZABETHAN TRUST BALANCE SHEET 31 AUGUST 2024 2024 2023 FIXED ASSETS Investments 5,358,937 5,510,736 CURRENT ASSETS Bank arKI Cash 4,888,807 252,293 CREDITOR8: amounts falllno due wlthln one year 6,240) (5,880) NET CURRENT ASSETS 4,682,667 248.413 TOTAL ASSETS LESS CURRENT LIABILITIES 10,041,504 6, 757,149 NET ASSETS 10,041,504 5, 757,149 FUNDS Endowed 2,360,799 2,161.223 Restrlcted 10 634,604 577,3fO Unre8lrlcled Designated and General Fund8 11 7,056,101 4018,616 TOTAL FUNDS 10,041,504 5, 757.149 Approved by tho Board of Trustees on and slgned on Its behalf by 81 /1. /ioiw Tru8te88 The noles on pago8 11 to 19 fomi part of tho60 Ilnanclal 8tatements. 10
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 1. BASIS OF PREPARATION AND ASSESSMENT OF GOING CONCERN The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otheiSe stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The trust constitutes a public benefit entity as defined 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, 2024-25, 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 ofthe 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 la) Funds Structure The Elizabethan Trust's Funds are spllt into three categories.. unrestricted funds, restricted 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 of the Trustees in the furtherance of the objects of the Trust. Restricted funds Restricted funds are funds subject to specific trusts as declared by the original donor(s) but 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 terms of the specific trusts. Permanent 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. 11
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2024 (b) Income Recognltlon All income is recognised once the charity has entitlement 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 Trust has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it 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 administratorlexecutor for the estate has communicated 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 recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable auracY and the title to the asset having been transferred to the charity. Interest on funds held on deposit is included when receivable and the amount can be measured liably by the charity., this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. (c) Expendlture Recognltlon Liabilities are recognised as expenditure as soon as there Is a legal or constructive oblallOn commltting the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure Is accounted for on an accruals basis. All expenses including support costs and govemance costs are allocated or apportioned to the applicable expenditure headings. Grants payable 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 notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions a only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust. Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable. (d) Irrecoverable VAT Irrecoverable VATIS charged against the expenditu heading forwhich it was incurred. (e) Allocatlon of costs Costs primarily relate to governance costs relating to the statutory audit and are apportioned across individual funds - restricted and unrestricted. If) Charitsble 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 2024 (g) Fixed asset investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet 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 directly acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment Conrning equities and within particular sectors or sub sectors. (h) Reallsed galns and losses All gains and losses are taken to the Statement of Financlal Activities 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 to the first day of the financial year. Unrealised gains and losses are calculated as the difference betrween 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 2024 Total 2023 Grants to Oakham School Governance costs 228,000 5,282 228,000 6,292 220, OQO 5,931 1,010 233,282 1,010 234,292 225,931 An external grant of £228,000 (2023.. £220,000) was paid to Oakham School as a contribution primarily towards means-tested bursaries that the school provides to its pupils. 13
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2024 4. INVESTMENTS 2024 2023 Market value as at 1 September 2023 Acquisitions at cost Disposals at carrying costs Unrealised gain on revaluation Market value as at 31 August 2024 5,510, 736 5,506, 160 77,586 663, 894 (600, 000) (750,000) 370,615 90,682 5,358,937 5,510,736 Historical cost as at 31 August 2024 3.822,811 3,671,283 All investments are held in common investment funds which are managed by regulated UK based fund managers. The suitability 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 Report. 5. CREDITORS: amounts falllng due wlthln one year 2024 2023 Accruals 6,240 5,880 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 year (2023.. £nil). 7. AUDITOR'S REMUNERATION The auditor's remuneration of £5,200 (2023: £4,900) was solely in respect of the audit fee. 14
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2024 ANALYSIS OF NET ASSETS BETWEEN FUNDS Investments Net Current Assets Total 2024 Endowed Restricted Unrestricted 2,350.799 248,218 2,759,919 5,538,937 2,350,799 634,604 7,056,101 10,041,504 386,385 4,296,182 4,682,567 Investments Not Current Assets Total 2023 Endowed Restricted Unrestricted 2.161,223 537,749 2,811.763 2,161,223 577,310 3,018,616 39,560 206,853 5,510,736 246,413 5,757,149 15
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2024 9. PERMANENTLY ENDOWED FUNDS Balance Movement in resources Balance I September 2023 Investment Gains I (Loss) 31 August 2024 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 Haefeli Scholarship Fund Endowment Fund Mehra Scholarship Scholarship Funds Prize Funds 10,655 11,409 25,227 460,475 31,441 201.200 232,739 754.471 244,371 167,648 21.587 2,161,223 857 11,512 918 12,327 2.030 27,257 37,050 497.525 2,530 33,971 8,926 210,126 18.726 251,465 83,651 838,122 19,662 264.033 13,489 181,137 1,737 23,324 189,576 2,350,799 Balance Movement in resources Balance 1 September 2022 Investment Gains I (Loss) Income 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 10.866 11,636 25,728 469.621 32,065 194,217 237,362 747.173 249,225 170,978 22,016 2,170.887 (211) 10,655 (227) 11,409 (501) 25,227 (9,146) 460.475 {624) 31,441 6,983 201,200 (4,623) 232,739 7,298 754.471 (4,854) 244.371 {3.330) 167,648 (429) 21,587 (9,664) 2.161,223 Endowed funds are defined as those that are to be treated as capital and may not be spent as income. The donors ofthe 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 Wilson Scholarship Fund represents a legacy from a former pupil of Oakham School. The income from the investment is to be applied specifi'cally to assist boys who would othetwise have been fOrd 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 talent moving into the Sixth Form. 16
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2024 10. RESTRICTED FUNDS Balance Movement in resources Balance 1 September 2023 Investment Gains I (Loss) Income Expenditure 31 August 2024 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 7,503 6.119 9,822 190,456 12,694 3,162 38,328 1,429 58,341 244,748 310 332 734 13,397 915 4,719 6,771 58 7,110 9,720 628 (13) (11) (17) (333) (22) (6) (67) {3 (102) (428) (81 1,010 7.800 6.440 10.539 203,520 13,587 8,016 45,032 1,563 65,349 267,433 140 78 13,393 577,310 13,611 634,604 Balance Movement in resources Balance 1 September 2022 Investment Gains I (Loss) Income Expenditure 31 Augu8t 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 4,091 541.649 308 329 728 13,294 908 110 6,719 57 7,055 9.646 623 39,778 (12) (10) (15) {294) (20) (5) (52) (2) (85) (396) (7) (898) 7,503 6,119 9,822 190,456 12,694 3,162 38,328 1,429 58,341 244,748 4,708 577.310 106 (19) (3,306) (3,219) The Restricted Funds represent incorne earned on Endowed Funds and which is available to support grants to Oakham School. 17
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2024 11. UNRESTRICTED FUNDS- DESIGNATED AND GENERAL Balance Movement in resources Balance Investment Gains I (Loss) 1 September 2023 31 August 2024 Income Expenditure Mandy Barnett Memorial Fund Foseco Award Rutland Scholarship Humphrey Wanstall Bequest Fund Quatercentenary Scholarship Fund Foreman Scholarship Discretionary Fund 188,383 281,290 146,442 218,665 288, 666 431,032 595, 186 888,721 1,357. 118 2,026.424 172,254 257,207 270,567 (330) (256) (67,060) {1,042) (2,375) (301) (161,918) 8.356 6,497 12,807 26,404 60,206 7,642 45,516 477,699 371,348 665,445 1,509,269 3,441,373 436,802 154,165 3,018,616 4,103.339 (233,282) 167,428 7,056,101 Balance Movement in resources Balance Investment Gains I (Loss) 1 September 2022 Income Expenditure 31 August 2023 Mandy Bamett Memorial Fund 175,789 Foseco Award 136,652 Rutland Scholarship 337,731 Humphrey Wanstall Bequest Fund 555.397 Quatercentenary Scholarship Fund 1,403,322 Foreman Scholarship 160,739 Discretionary Fund 267,024 6,565 5,103 12.612 20,741 52,406 6,003 {291) (227) (73,820) (921) (149,066) (266) (443) 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 (225,034) 103,566 3,018,616 Unrestricted funds are defined as those that can be used in furtherance of the objects of the Trust at the discretion of the Trustees. The Trustees have set aside at their discretion certain designated funds to be used for providing scholarships for Oakham School. The Mandy Barnett Memorial Fund is used for providing assistance to girls attending the School whose parents might not othemise be able to afford fees. The Foseco Award Fund is used to provide awards for children studying Chemistry at Oakham School. The Rutland Scholarship Fund is used to assist children attending the School whose parents are resident in the County of Rutland and might otheiSe have been unable to afford a Rutland education. The Humphrey Wanstall Bequest Fund is used to provide awards to children at Oakham School. The Quatercentenary Scholarship Fund is used to assist children at Oakham School who by reason of personality or talent may make a special contribution to the School. The Foreman Scholarship Fund is used to provide awards for children studying Physics at Oakham School. 18
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2024 12. RELATED PARTY TRANSACTIONS Oakham School A grant of £228,000 (2023: £220.000) was paid to the school as a contribution towards primarily means- tested bursaries that the school provides to its pupils. During the year the Trust received a donation from Oakham School of £4,000,000 to be held for the advanrnent of the Schools aims. There were no other related party transactions in the current or preceding year. 13. CONTROLLING PARTY The Trustees have reviewed the relationship of the Twst with Oakham School during the year and consider that effectively the activities of the Trust are controlled by the School. 19