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 be￿een 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 AC￿pted 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 I￿land (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 othe￿iSe 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 a￿uracY 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 obl￿allOn
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 Con￿rning 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 fOr￿d 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 othe￿iSe 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
advan￿rnent 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