CHARITY NUMBER: 507950 THE ELIZABETHAN TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025
THE ELIZABETHAN TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS CONTENTS CONTENTS ADDRESS AND PRINCIPAL ADVISERS TRUSTEES, REPORT SNDEPENDENT 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 2025 CHARITY NAME The Elizabethan Trust REGISTERED CHARITY NUMBER 507950 REGISTERED ADDRE8S Chapel Close Market Pla Oakham RLrtland LE15 6DT AUDITORS Haysmac LLP 10 Queen Street Place London EC4R 1AG BANKERS Barclays Bank PLC Rutland Melton 9 Leicester LE87 2BB
THE ELIZABETHAN TRUST TRUSTEES, REPORT YEAR ENDED 31 AUGUST 2025 TRUSTEES, REPORT The Truslees present their annual report and financial statements of the charity for the year ended 31 August 2025. The financial statements have been prepared in accordan 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 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to 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 to raise the quality and extend the scope of education available to young persons, and supporting the objectives of Oakham School. The TrLJslees confim th81 they have referred to the Charity Commission's guidance on public benefit when reviewing the Trust's aims and objectives. in planning future activities and setting the grant making policy for the year. The Trust furthers its charitable purposes for the public benefit through its grant making policy which is designed lo fund specifie means-tested bursaries awarded by 08kham School. GRANT MAKING POLICY The Trust has established its grant making policy to achieve its objects for the public benefit. On an annltal basis. the Trust liaises with Oakham School lo identify bursary awards made in respect ofan academic year which meet the criteria relating to ils own specific Endowed and Designated funds. These awards enable individual children to allend 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 £225.000 {2024.' £228.0001 was transferred to Oakham School to fund means- tested bursaries awarded to 10 pupils12024'. 12 pupils). FINANCIAL REVIEW The financial results are set out on page 9. The Trustees are pleased to report that the nel income from investments {after investment managers, fees) was £260.593 12024". £148,033) of which £159,982 related lo the income from the CCLA deposit account contsining the £4m donation from Oakham School deposited during the 2023-24 academic year. A payment of£225,00012024'. £228,000) was made lo Oakham School t¢)wards primarily means-tested bursaries th81 the school provKles to its pupils. 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 Tegulaled UK based fund managers, CCLA and Heronbridge. The primary long-lerm performance benchmark adopted by the Charity is the Retail Price Index plus 4Yo. The Policies followed by both of our managers are consistent with meeting this objective. The trustees monitor the performanee of the two managers against individual benchmarks, Heronbridge against the return on UK equities and CCLA against a composite ofdiverse asset classes predominately non-UK equities.
THE ELIZABETHAN TRUST TRUSTEES. REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2025 The total return on the Trust's investments, after fees, for the year ended 31 August 2025 was -2.5% against the +8.6il/o return of the primary Ilong-lemi benchmark}, RPl+40/o. Our secondary benchmarks, UK equities and non-UK equities. retuined +16OA and +12.6OA respectively. Since the inception of the new strategy, ten years ago. performance is slightly behind the Trusfs long term benchmark. RISK MANAGEMENT The Trust needs long term Capital preservation in real terms in order lo maintain ils UK giving programme in al term5. The principal iisk faced by the Trust is inadequate returns from its investments relative lo its primary ben¢hmark which encapsulates the demands of our giving programme. The Trust has appointed two outside investment managers each of whom has cons¢derable and successful experience in achieving the results which we expect Irom them. The target returns which we expect from the managers differ reflecting the diversification in the policy mandates they have been given. The iisk that Ihe combination of these mandates is inconsistent with our overall largel return has been carefully considered by the Trustees. RESERVES POLICY The Trustees aim lo make an annual transfer to Oakham School up to 4% of the lolal funds balance. The vast majority of the total funds are held in tsvo 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 bul in the main is met by a one-off withdrawal of funds from the investments. As of 31 August 2025, Permanently Endowed Funds lolalled £2,312,47012024'. £2.350,7991 Restricted Funds were £675.015 12024.. £634.6041 and Unrestricted Funds (Designated and Generall were £6,847,029 12024.. £7,056,101). All bul £304,754 {2024'. £4.682,5671 of the overall total reserves ol £9,834,51412024', £10.041.5041 was represented ty 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 lo maintain the overall transfer to Oakham School up to 4% of the total funds balance. Wlhin 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 lo ensure that the previousty idenlthed 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 beeen TCS Haywood and the original Trustees and its terms were subsequently varied by a Deed of Appointment dated 25 April 1978. Subject lo a power lo ac¢umul8te income duiing the first 21 years of the Trust Period as defined, the Trustees musl 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 2025 possible, be for the purposes of Oakham School. They are also empowered to pay or apply capital in any manner in which they are aulhorised lo apply income, ex¢ept where specified otherwise by donors. On expiry of the Trust Period, the Trust Fund, including any accumulations of income, is lo be held for such chafitable foundations andlor charitable purposes as the Trustees may approve. New Trustees are appointed by the existing Trustees and there is no slated limitation on the length of their tenure. Trustees regularly visit fund managers lo understand the direction ofeach ofthe 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 lo be made lo Oakham School are considered. The Trustees receive regular information from the School to support the means-lesled bursaries that have been awarded so that a direct link can be maintained between 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 lime freely and no Iruslee remuneration was paid in the year. There were no Iruslee expenses paid or related paty 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 Trustoes The following Trustees served throughout the year.. Mr N Wright (Chairl Prof N Gorman Mr IR Summerton Details of the charity's principal Off and professional advisers are provided on page 1.
THE ELIZABETHAN TRUST TRUSTEES, REPORT ICONTINUED) YEAR ENDED 31 AUGUST 2025 Tru$t•os' r¢$ponsibilltle$ In relation to the financial statements The charity Trustees are responsible for preparing a Trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally ApIed Accounting Praclicel. The law applicable lo charities in England and Wales requires the charity Trustees to prepare financial slalements for each year which give a true and fair view of the stale of affairs of the charty and of the incoming resources and application of resources, of the charity for that period. In preparing the financial slalements, the Trustees are required lo.. select suitable accounting policies and then apply them consislenlty.. observe the methods and principles in the applicable ChaTlties SORP 2015 IFRS 1021., make judgements and estimates that are reasonable and prudent., stale whether applicable accounting standards have been followed, subje¢t to any material departures that musl be disclosed and explained in the financial statements", prepare the financial slalements on the going concern basis unless il 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 posib'on of the charity and enable them lo ensure that the financial s18tements comply with the Charities Act 2011, the applicable Charity IAccounls 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 bèhalf by.. Trustee.. Dale..
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE ELIZABETHAN TRUST YEAR ENDED 31 AUGUST 2025 Opinio We have audited the financial statements of The Elizabethan TrLtsI for the year ended 31 August 2025 which comprise the Statement of Financial Aclivilies, the Balance sheet and notes lo the financia1 slatemenls, 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 Ireland (United Kingdom Generally Accepted Accounting Practice}. In our opinion, the financial slatemenls.. give a true and fair view of the slate of the charity's affairs as al 31 August 2025 and of the charity's nel movement in funds for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Ac¢ounling Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinlon We ¢onducled our audit in accordance with International Standards on Auditing IUKI IISAS IUKI} and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our pOrt. We are independent of the Charity in awordance with the elhic81 requirements that are relevant lo our audit of the financial slatemenl$ in the UK, including the FRC'S Elhic81 Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suffiaenl and appropriate lo provid8 a basis for our opinion. Concluslons relatlng to going concern In auditing the financ¢al statements, we have concluded that the trustees, use of the going concem basls of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material un¢ertainlies relating to events or conditions that, individually or collectively, may cast signific8nl doubt on the charity's ability lo continue as a going concern for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect lo going concem are described in the relevant sects'ons of this report. Other snfomiation The trustees are responsible for the other information. The other infomialion 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 otherwise explicitly slated in our report, we do not express any form of 8ssur8nce conclusion Ihereon. In connection with our audit of the financial statements, our responsibilty 1$ to read the other information and, in doing so. Consider whether the other information 1$ materially inconsistent 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 misstalemenls, we are required to delemine whether there is 8 material misslatemenl in the financial stslemenls or a material misstatement of the other infomi8tion. If, based on the work we have performed. we conclude that there is a material misstatement ofthis other information, we are required lo report that fact. Vve have nothing lo report in this regard.
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE ELIZABETHAN TRUST YEAR ENDED 31 AUGUST 2025 Matters on whlch we are required to report 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 lo 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 ¢harity financial statements are not in agreement with the accounting words and relums., or we have not re¢eived all the information and explanations we require foi our audit. Responsibilitios of Trustges for the financial statements As explained more fully in the Trustees, responsibilities statement set out on page S, the Trustees are responsible for the preparation of the financial stslemenls,. for being satisfied that they give a true and fair view,. and for such internal control. as the Trustees determine is necessary to enable the preparation of financial statements that are free from matefial misstalgmenl, whether due lo fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concem and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or lo cease operations. or have no realistic allernalive but lo do so. Audltor's responsibllltles for the audit of the financial statements Our objectives are to obtain reasonable assuran about whether the linancial statements as a whole are free from material misslalement. whether due to fraud or error. and lo 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 accordance with ISAS IUKI will always detect a material misslatementwhen it exists. Misstalem8nls 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 5ts1ements. Irregularities, including fraud, are instan$ of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delect material misslalemenls in respect of irregularities, including fraud. The extent to which our prOdureS 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 lo Charity Law. and we considered the extent to which non-complianee might have a material effect on the financial statements. We also Considered those laws and regulations that have a direct impael 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 conlrolsl and determined that the principal risks were related to improper recognition of income and management override of controls Audit procedures performed by the engagement team included.. DiscussDns 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 delecl irregularities; Identifying and testing journals., and
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE ELIZABETHAN TRUST YEAR ENDED 31 AUGUST 2025 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 delecl all irregularities, including those leading lo a material misslalemenl in the financial slalements or non-complian 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 slalemenls, 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 Tesponsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al., www.frc. .uklaudilorsres onsibililies. This description forms part of our auditor's report. Usè ofthls 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 undeT section 154 of that Ad. Our audit woik has been undertaken so that we might stale to the charity's Trustees those mallers we are required lo slate lo them In an Audilovs report and for no other purpose. To the fullest extent permitted by law, we do not a¢pt or assume responsibility lo anyone other than the charity's Trustees as a body for our audit work, for this pOrt. or for the opinions we have formed. LLP Haysmac LLP Sl8tulory Auditors 10 Queen Street Place London EC4R 1AG Dale.. 111111101 Haysmac 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 2025 Note Unrestricted Reslricled Endowed Funds Funds Funds 2025 2024 Income and Endowments Donation from Oakham School Investment income 4,000,(K)O 148,033 213,515 47,077 260,592 Total Income 213,515 47.077 260,592 4, 148.933 Expendlture Expgndilure on charitable activities.. Cost of grant making 230.979 537 231,516 234,293 Total expendltur• 230,979 537 231,516 234.293 Net lexpendFturel I Income and net movement in funds before gains on investments 117,4641 46,540 29,076 3,913,740 Other rèeognised gains and losses Net gain I110s51 on investments 1191,6091 16,1281 138,3291 (236.066) 370,614 Net Income I lexpendlturel and net movement Sn funds for the year 1209,0731 40,412 138.3291 (206,990) 4,284,354 Balances brought forward at 1 September 2024 7,056.101 634,604 2.350,799 10,041,504 5,757, 149 Balan¢e$ carried forward at 31 August 2025 6,847,028 675,016 2.312,470 9,834,514 10,041,504 The notes on pages 11 to 19 form part of these finan¢lal statements. Nun7b8rs are round8d to the nearest pound and as a result totals may display small discrepancies.
THE ELIZABETHAN TRUST BALANCE SHEET 31 AUGUST 2025 Note 2025 2024 FIXED ASSETS Investments 5,154,760 5,358,937 CURREKf ASSETS Bank and Cash 4,686,234 4,688,807 CREDITORS: amounts falling duè within on8 year (6,480) (6,240) NET CURRENT ASSETS 4.679,754 4.682.567 TOTAL ASSETS LESS CURRENT LIABILITIES 9,834,514 10.041.504 NET AS8ET8 9,834,514 10,041,504 FUNDS Endowed 2,312,470 2,350, 799 Restricted 10 675,015 634,604 Unrestricted Designated and G8neral Funds 11 6,847,029 7.056,101 TOTAL FUNDS 9,834,514 10,041,504 Approved by the Board of Trustees on and Signed on its behalf by 0V)¥ ¥J3S Trustees L LJ21bNr Izozs Th• notss on pag08 11 to 19 form part of the80 flnanclal slatsments. 10
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025 1. BASIS OF PREPARATION AND ASSESSMENT OF GOING CONCERN The accounts (financial slatementsl have been prepared under the historical cost convention with items recognised al cost or transaction value unless olheTwise staled in the relevant noHsl lo these accounts. The financial slalemenls have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordan with the Financial Reportin9 Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 1021 and the Charities 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 Trust's ability lo continue as a going concern. With respect lo the next reporting period, 202&26, 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 qualfying entity under FRS 102 and has taken advantage of the exemptions available to qualifying entities in relation lo the preparation of a cash flow ststement. disclosure of the remuneration of key management personnel and disclosure of financial instruments. 2. ACCOUNTING POLICIES lal Funds Structure The Elizabethan Trust's Funds are split into three categories.. unrestricted funds, reslricled funds and pemianent endowment fvnds. A brief outline of the nature of these funds is as follows.. Unrestricted funds Unreslricled funds may be expended al the discretion of the Trustees in the furtherance of the objects of the Trust. Restricted fvnds Restricted funds are funds subject lo spe¢ifi'¢ trusts as declared by the original donorlsl bul which are still within the objects of the Trust. The income of the reslricled funds may onty be expended in ac¢ordanee with the terms of the specifi¢ Irusl$ and the capital may or may not be expended dependent upon the terms of the specific trusts. pernnent end¢)wment 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 lo depreciation or105S. 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 2025 {bl Ineome Recognitlon All income is recognised once the charity has enlitlemenl Ic the income. il is probable that the income will be received and the amount of income rece¢vable can be measured reliabty. Donations are recognised when the Trust has been notified in writing of both the amount and selllement date. In the event that a donation is subject lo conditions that require a level of performance before the charity is entitled lo the funds, the income is deferred and not recognised until either those conditions are fully met. or the fullilment of those conditions is wholly within the control of the charity and il is probable that those conditions will be fulfilled in the reporting period. Legacy gifts aTe CogniSed on a case by case basis following the granting of probate when the adminislralorlexecutor for the eslale has communicated in writing both the amount and settlement dale. 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 lo the value of the gift being reliably measurable with a degree ofreasonable accuracy and the title to the asset having been transferred lo the charity. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity.. this is normally upon notification of the InteSt paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Icl Expenditure Recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation commilling the charity lo 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 governance costs are allocated or apportioned to the applicable expenditure heading$. Grants payable are payments made lo third parties in the furtherance of the charitsble objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant awa¥d. The nolificalion gives the recipient a reasonable expectation that they will receive the one-year or mulli-year grant. Grants awards that are subject lo the recipient fulfilling performance conditions are only accrued when the cipIent has been notified ofthe grant and any remaining unfulfilled condition allaching lo that grant is outside of the control of the Trust. Provisions for grants are made when the intention lo make a grant has been communicated lo the recipient but there is uncertainly as to the timing ofthe grant or the amount ofgranl payab. {d) Irrecoverable VAT Irrecovemble VATIS charged against the expenditure heading for which il was incurred. {el Allocation of costs Costs primarily relate to govemance costs relating to the ststutory audit and are apportioned across individual funds- restricted and unreslricted. If) Charitable activities 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 2025 {gl Fixod assgt investmonts Investments a a form of basi¢ financial instrument and are initially recognised at their transaction value and subsequently measured al their fair value as al the balance sheet dale using closing quoted market prices. The slalemenl of financial 8Ctivities includes the net gains and losses arising on revaluation and disposals throughout the year. The Trust does not dire¢lSy acquire pul options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volalilily in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. {hl Rgallsed gains and losses All gains and losses are taken to the Slalemenl of Financial A¢livilies as they arise. Realised gains and 105ses on investments are calculated as the difference between sales proceeds and their opening carrying v81ue or their purchase value if 8equired subsequent to the first day of the f5nancial year. Unrealised gains and losses are calculated as the difference behveen the fair value al 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 Unrestrled Reslricled Funds Funds Endowed Funds Total 2025 Total 2024 Grants lo Oakham School Governance costs 225,000 5,980 225,000 6,517 228,000 6,292 537 230.980 537 231.517 234,292 An external grant of £225,00012024.. £228,000) was paid lo Oakham School as a contribution primarily towards means-lested bursaries that the school provides to its pupils. 13
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2025 4. INVESTMENTS 2025 2024 Market value as at 1 September 2024 Acquisitions at cost Disposals at carrying costs 5,358,937 31,889 5,510,736 77.586 (600,000) {236.066) 370,615 5.154,T60 5,358,937 Unrealised gain on revaluation Market va5ue as al 31 August 2025 HistOTieal cost as al 31 August 2025 3.854,700 3,822,811 All investments are held in commn inveslmenl funds which are managed by regulated UK based fund managers. The suitability of these financial instruments lo 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 2025 2024 Accruals 6,480 6,240 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 lime freely and no trustee remuneration was paid in the year12024.' £nill. 7. AUDITOR'S REMUNERATION The auditor's remuneration of £5,40012024.' £5,200) was 501ely in respect of the audit fee. 14
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2025 8. ANALY818 OF NET ASSETS BETWEEN FUNDS Investment8 Net Curront Ass•ts Total 2025 Endowed Restricted unstriCted 2,312A70 255,062 2,678,228 5,454,760 2,312,470 675,016 647,029 9,834,514 419,952 4,259,801 4,679,754 Investments Net Curient A880ts Total 2024 Endowed Reslricled Unrestricted 2,360,799 248,218 2,759,919 2,350,799 634,604 7,056,101 386,385 4,296,182 5.358,937 4,682,667 10,041,504 15
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2025 9. PERMANENTLY ENDOWED FUNDS 8alanGe Movement in resources Balanco 1 September 2024 Investment Gains I ILos51 Income Expenditure 31 August 2025 Odell Bequest Fund Anderson Prize Duesbury-Bowes Fund Ll. Col John W'lson Scholarship Fund Dewar Memorial Fund BAF Smith Sports Scholarship Fund Anna Haefeli Scholarship Fund Endowment Fund Mehra Scholarship Scholarship Funds Prize Funds 11,512 12,327 27,257 497,525 33,971 210, 126 251,465 838, 122 264,033 181,137 23,324 2.350,799 1410} 14391 19701 117,6991 11,2081 8,046 18,9461 1381 19,3931 16,444) 18281 138,3291 11.102 11.888 26,287 479,826 32.763 218.172 242,519 838,084 254,640 174,693 22,496 2,312,470 Balance Movement in resources Balan¢0 1 September 2023 Investment Gains I (Lossl Income Expenditure 31 August 2024 Odell Bequest Fund Anderson Prize Duesbury-Bowes Fund Ll. Col John Vmlson Scholarship Fund Dewar Memorial Fund BAF Smith Sports Scholarship Fund Anna Haefeli Scholarship Fund Endowment Fund Mehra Scholarship Scholarship Funds Prize Funds 10,855 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 12,32T 2,030 27.257 37,050 497,525 2,530 33,971 8,926 210,128 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 Endowed funds are defined as those that are lo be treated as capital and may 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 Ll. Col. John Wilson Scholarship Fund represents a legacy from a former pupil of Oakham School. The income from the investment is lo be applied specifically lo assist boys 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 fomi. 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 2025 10. RESTRICTED FUNDS Balance Movement in resources Balance 1 September 2024 Investment Gains I (Loss) Income Expenditure 31 August 2025 Odell Bequest Fund Anderson Prvze 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 7,800 6,440 10,539 203,520 13,587 8,018 45,032 4,563 65.349 267,433 5,327 634.604 317 340 752 13,719 937 248 6,934 5,953 7,281 9,953 643 {7) 8,110 6,775 11,281 217,066 14,512 8,563 51.927 7.478 72,576 270,761 5.965 {91 1172) 1121 {71 1381 307 1371 1551 12271 {51 1538) {6,398) 47.077 {6.1281 675,015 Balance Movement in resources Balanco 1 September 2023 Investment Gains I (Lossl 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 Mehr8 S¢ho18rship Scholarship Fund$ Prize Funds 7,503 6,119 9,822 190,456 12,694 3,162 38,328 1,429 58,341 244,748 4.708 577,310 310 332 734 13,397 915 4,719 6,771 58 7.110 9,720 628 44,694 {13} {11} {171 1333} 122} 161 {671 13 1102} 14281 181 11,0101 7,800 6,440 10,539 203,520 13,587 8,016 45,032 1,563 65,349 267,433 5,327 634,604 140 78 13,393 13.611 The Reslri¢led Funds represent income earned on Endowed Funds and which 1$ available to support grants lo Oakham School. 17
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED YEAR ENDED 31 AUGUST 2025 11. UNRESTRICTED FUNDS- DESIGNATED AND GENERAL BalanGe Movement in resources Balancg I Sgptember 2024 Investment Gains I IL055) Income Expenditure 31 August 2025 Mandy Barnett Memorial Fund 477,699 Foseco Award 371,348 Rulland Scholarship 665,445 Humphrey Wanstall Beque51 Fund 1,509,269 Qualercenlenary Scholarship Fund 3.441,373 Foreman Scholarship 436.802 Discretionary Fund 154,165 14,778 11,488 20,586 46,690 106,461 13,513 14041 18,292 510,365 13141 14,220 396,741 167,5781 25,481 643,934 {1,2791 57,793 1,612,473 1160.9021 131,778 3.518.710 13701 16,726 466.671 {1311 1455.900} 1301,8661 7,056,101 213,516 1230,9781 1191,610) 6,847,029 Balance Movement in resources Balanc& 1 September 2023 Investmenl Gains I (Loss) Income Expenditure 31 August 2024 Mandy Barnett Memorial Fund Foseco Award Rulland Scholarship Humphrey Wanstall Bequest Fund Qualercenlenary 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 7 72,254 257,207 270,567 {3301 {2561 167.0601 11,0421 12,3751 {3011 1161,9181 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 1233.282) 167.428 7,056,101 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 al their discretion certain designated funds to be used for providing scholarships for Oakham School. The Mandy Barnell Memorial Fund is used for providing assistance lo girls attending the School whose parents might not otherwise be able lo afford fees. The Foseco Award Fund is used lo provide awards for children studying Chemistry at Oakham School. The Rutland Scholarship Fund is used lo assist children attending the School whose parents are resident in the County of Rutland and might otherwise have been unable to afford a Rutland education. The Humphrey Wanstall Bequest Fund is used lo provide awards to children al Oakham School. The Qualercenlenary Scholarship Fund is used lo assist children al Oakham School who by reason of personality or talent may make a special contribution lo the School. The Foreman Scholarship Fund is used to provide awards for children studying Physics al Oakham School. 18
THE ELIZABETHAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 AUGUST 2025 12. RELATED PARTY TRANSACTIONS Oakham School A grant of £225,000 {2024.' £228,000) was paid lo the $¢hool as a ¢ontribution towards primarily means- tested bursaries that the h0o7 provldes to its puplls. Th8re were no other related party transactions in the current or preceding year. 13. CONTROLLING PARTY The Trustees have reviewed the relationship of the Tru8t with Oakham School during the year and consider Ihal effectively the activities of the Trust are controlled by the School.