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 be￿een 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 A￿pIed 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 prO￿dureS 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.
pern￿nent 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 Inte￿St 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
Unrestrl￿ed 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
un￿striCted
2,312A70
255,062
2,678,228
5,454,760
2,312,470
675,016
6￿47,029
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.