The Old Etonian Trust (Limiled by guaranlee) Council's Report and Financial Statements For the year ended 31 December 2022 Registered Company Number 359518 Registered Charity Number 1151597
The Old Etonian Trust (Limiled by giiarantee) Council's report and financial ststements Contents Page Members of the Council List of Advisers Council's report Statement of r¢sponsibilities of the membe of the Council Independent auditors. report Statement of Financial Activities io Balance sheet Statement of cash flows 12 Notes
The Old Etonian Trust (Limiled by guaranlee) Trustees ("members of the Council") AGR Windham CVO Lord Bridges KCVO PAD Inkin RB Landman RDO Macleay PJ M¢Kee CJ Robarts Lord Suffield Lord Waldegrave of North Hill (Chairnian) (Secretary) Principal address The Old Vicara8¢ Great Honnead Buntingford Hertfordshire SG9 oKr List of advisers Bankers Coutts & Co 440 Strand London WC2R OQS Solicitors Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH Statutory auditors Price Bailey LLP Causeway House l Dane Street Bishop's Stortford Hertfordshire CM23 3BT
The Old Etonian Trust (Limited by guai'antee) Council's report Constitution The Old Etonian Trust is a charitable COTnpany limited by guarantee which was incorporated on 24 February 1940, its company registration number being 359518. It is govemed by memorandum and articles of association, which were updated during 2018 to reflect an update the objects. The principal objects are the advancement of education and the furtherance of charitable objects connected with Eton College. It acts as custodian of certain charitable trusts connected with Eton, of which the most important are the Hornby Steer Fund and the War Memorial Bursary Fund. During 2018, the assets and liabilities of The Henry VI Charity, which totalled £6.2 million. were transferred to The Old Etonian Trust. A separate unr¢strActed nd, the Henry VI fund. has been created and is used lor the provision of bursaries to support education outside the maintained sector. This also resulted in the Hornby Steer Fund being classifi¢d as r¢stri¢t¢d. Thes¢ trusts are reported on below. The Members of the Council confirni that they have referr1 to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objects and in planning future activities and setting policy for the year. Th¢ day-to-day management of the charity is largely carried out by the Secretary, who is responsible for managing the accounts and bursary awards. The Council makes the key decisions on investment policy and the fidIng available for bursaries. The Charity does not carry out any significant fundraising activities and does not work with professional fundraisers or companies who carry Out fundraising on its behalf. During the year, no complaints or issues have arisen as a result of any fimdraising activities. Fund accounting Unrestricted fidS are general funds that are available for use at the discrdion of the Council in furtherance of the objectives of the dwity. Restiicted fijnds are those donated for use in a particular area or for spIfiC PUTPOS4 the Se of which is r&8tricted to that area or purw. Reserves policy The Council has reviewed the Charity's nej for reserves in line with the guidance issued by the Charity Commission. The intention is to distribute income fully each year together with an element of capital growth. with the balance of capital growth retained in the fund to accommodate future increases in school f$. However, this is without prejudice to the Council's discretion either to accumulate income when demand for bursaries is low or to distribute accumulat¢d fill]ds when demand is high. Total fid5 were £15.4 million at 31 December 2022 of which £6.8 million were unrestrictsj. The Council Ix)nsider this level to be reasonable given investment pafomiance and the current demand for bursaries. The Council aims to maintain c&sh balances to covff at least one year of forward bursary commitments. Investment policy The Investment Committee meets thr¢¢ times during each year to provide advice and guidance to the Council on invastment policy. Inv&8tment decisions are b&8ed on the perfonnance of those fimds. which is monitor&l on a regular b&8is with at le&8t quarterly valuations. The Council's policy is to maxirnise the return on invastments for an acceptable l¢v¢l of risk that 15 comTnensurate with achieving a Specifi level of incolne. The investment objective is to achieve a balance between capilal growth and a steady, growing level of income from a multi asset portfolio, predominantly investing in equitias and bonds.
The Old Etonian Trust (Limiled by guarantee) The aim of the portfolio is to generate sustainable income, growtng at least in line with sch1 fees Inflatio as far as possible. The Council aims for annual ¢xp¢nditure that is bas1 on investment income consistent with the MSCI World index together with an allowance for capital growth. tnv&stments are in authoriwj funds giving a wide spread of s¢¢urities managed by highly reputable fllW)cial institutions. The Charity continues to hold £0.7 million in cash. which is expected to enable it to maintain the current level of bursaries over the next few years. During 2022, there have been net losses on invesiments of £1.9 million (2021.. nel gain £2.8 million), which is a decrease of I /0 reflecting an increase in stock market values during 2022. The total return on the investment portfolio was a net loss 80/0 (202].. netgain 20/00). The Investment Cotnmittee monitots perfonnance of the portfolio comparal to benchmark indices. The MSCI All County World Index fell by 10/0 during 2022. . Grant making The Council agrees the maximum amount of funds available for butBary awards each year. Applications for bursaries are Consider by the Bursary Committee at Eton. Awards are assessed on grounds of financial need and the perceived quality of the applicant and are reviewed regularly, being liable to withdrawal should circumstances chang¢. Awards are approved by the Chairnian and the Secretary. Awards are paid d1ctlY to the school. Travel bursaries are considered by a separate committee at Eton and are subsequently approved by the Chainnan and the Secretary while other specific grdnts are decid by the Council. Risk assessment The Council has reviewed the major risks associated with the Charity and is sat15fied that systems are in place to mitigate those risks. It has identified the following key risks- Misuse of the trust funds by recipients. The Council seeks to limit exposure through fimding policies. the Charity do not provid¢ fijnding to educational institutes bas¢d outside the UK and d(K5 not make payments direct to an individual. A decline in investment perforniance resulting in income being insufficient to meet demand for bursaries or to meet existing commitments. The Council seeks to mitigate this by investing in a spread of authorised funds giving a spread of securities, with perforniance being monitored on a regular basis. Significant school fee inflation could limit th¢ Chartty's ability to meet demand. The Charity could use capital to meet higher demand but this will impact the level of funding that can be provided in the long t¢rni. The level of bursary commitments is based on forecasts of future income and is monitored closely. Fraud, principally the misappropriation of cash or investments. Two signatures are required on all cash transactions over £500, schedules of commitments are cross- checked with Eton, and investment changes also requtre two signare5. Political action against private education. If this were sufficiently significant. Council would need to review usas for its funds Consistent with th¢ ternis of the Trust Deed. Future plans The Council aims to continue the advancement of UCatIon and the furtherance of charitable objects connected with Eton College based on the returns achieved on the Charity's investments.
The Old Etonian Trust (Limited by guarantee) CouncRI members and employees Under the temis of the Trust Deed. the power of appointing new Members of the Council is vested in the existing Members of the Council. There are no employees of the Trust and Members of the Council receive no r¢muneration for their services. Under the articles of association, the governing body of Eton College, which receives bursaries from The Old Etonian Trust. has the right to nominate two members of the Council. It has nominated Lord WaldegrdV¢ and Mr McKee. who are the Provost and Vi¢¢ Provost of the governing EK)dy. Policies for the induction and trainlng of Couneil members The Council members have been in wst for a number of years a1 new Council members ar¢ apwinted infrequently. When new manbo5 are apFOTnt&l they are provid with a copy of the Articles of Association and are briefal on the aims and objectives of the trust and directed to the Charity Commission guidance to a]sure they undet5tood the ml&8 and respo8bIlItiS of a War Memorial Bursary Fund The War Memorial Bursary Fund has awarded bursaries to the sons or grandsons of Old Etonians whose parents would not otherwise be abl¢ to afford the Eton fees. During the process for registration as a charity, The Charity Commission required this restriction to be removed as it considered it did not represent a public class. The fund is now used to provide buisaries to boys in general at Eton. Six bursaries were in operation during the year costing £162,703 (2021.. 9 cosling £142.85]) with a total commitment at the year-end of £491,186 (2021.. £724.244). The value of th¢ fund at the year-end was £5.3 million (2021.. £5.9 million). General Fund The Generdl Fund is solely used to administer the Charity's investments and bank accounts. CJ Rowlatt Legacy Fund The CJ Rowlatt Legacy Fund provides for the improvement and upkeep of Luxmoore's Garden and other College gardens. In 2022 an amount of £1,700 was allocated from the fund, which includes a donation of £1,000 from the Swire Charitable Trust, towards the upkeep of Luxmoore's Garden (2021.. £1, 700). The value of the fund at the year-end was £27k (2021.. £31k). HK Marsden Memorial Fund This fund has been built up from donations and provides trdvel grants to knys at Eton. Twenty three travel bursaries were awarded totalling £8,100, and three previous awards were cancelled, resulting in a repayment of £920 during the year (2021.. no awards, I previous award cancelled £230). The value of the fund at the year-end was £236k (2021.. £264k). Hornby Steer Legacy Fund This fund was created in 1994 with a legacy from William Hornby Steer amounting to £1.6 million. The fund was fonned for the advancement of education and the furtherance of charitable objects connected with Eton College. The Council allocated £800,000 of the nd to Eton College to assist with the rebuilding of the Drawing Schools. The remainder of the Fund is currently being used to provide bursaries. Five bursaries were in operation during the year costing £105,825 (2021.. 5 costing £58. 724) with a total commitment at the year end of £206,980 (2021.. £280,609). The valu¢ of the fund at the year-end was £3.0 million (2021.. £3.4 million).
The Old Etonian Trust (Limited by guaranlee) Henry Vl Fund This fund was created in 2018 following the transfer from The Hairy Vl Charity of net assets totalling £6.2 million. The Henry VI Charity was established in 1973 as a general educational charity whose purposes include the provision of bursaries to schools outside the maintained sector. The Henry VI Fund will continue to be used for the sam¢ purposes. Nine bursaries were in operation during the year costin8 £195.533 (2021.. 9 costing £189.83]) with a total commitment at th¢ year end of £903,936 (2021.. £540.160). The value of the fund at the year- end was £6.8 million (2021.. £8.0 million). In preparing this reporL the Council has taken advantag¢ of the small companies exemptions provided by section 415A of the Companies Acl 2(K)6. By order of the Council C J Robarts (Secretary) July 2023
The Old Etonian Trust (Limited by guaran¢ee) Statement of responsibilities of the Members of the Council The Members of th¢ Council (who are also directors of The Old Etonian Trust for the purposes of company law) are responsible for prepaTing the Council's report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Genernlly Accq)ted Accounting Prdctice). Company law requires the Members of the Council to prepare financial statements for each financial year. Under company law, the Members of the Council must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of ils incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Members of the Council are rquired to: s¢l¢¢t suitable accounting policies and then apply them consistently. observe the Tnethods and principles in Ihe Charities SORP (FRS102)' make judgements and estimates that are reasonable and prndent. state whether applicable UK accounting standards and statements of recommended practice have been followed, subject to any material dq)artur¢s disclosed and explained in the financial statements. and prepare the financial statements on the going concern basis unle&s it is inappropriate to presume that the charity will continue in operation. The Members of the Council are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and to enable them to ensure that the financial statem¢nts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking r¢asonable steps for the prevention and detection of fraud and other irregularities. In so far as the Members of the Council are aware: there is no relevant audit inforniation of which the charitable mpanY'S auditor is unaware. and the Members of the Council have taken all steps that they ought to have taken to make themselves aware of any relevant audit infomiation and to establish that the auditor is aware of that infom]ation.
The Old Etonian Trust (Limited by guarantee) Independent Auditors, Report to tbe members of The Old EtODian Trust Oplnion We have audited the fu[al SatcMtsOfThe Old EILMianTnL¥t{the'dwitabiei¥xnpaTry') fortheyeareJKknI 31 DeeembKr 2022 which comprises the Ststementof Fitwicial Activilie& the bala¢ttE Statemart of cash flows andnotes to the f]nancial 8trtement4 including a summary of SilFICant acCougpo'cte& The final rqrting ft7mewoth thathasbeen applied in thepParali0n i5 applicable law aNI United Kingik>m Acc(uiting Stan(tsrd% i1]g Financial Re>rting StsJKlard 102 Th¢ FinKIal R¢wrbn8 Standard applicable in theUK aTKI Rwblic of treland (iJnIt Ktngdom GY Accwj Accounting Prtice). Inouropsnion the financial strtemenl&" give a te and fairviewof the stat¢ofthe cllaritsble CnpanY'S affairs as at 31 fkixth2022 8Thlof its incom sources 8t application of IrVr¢¢& irKluding its income andex]Ivr¢ fOrrthen ended. have been prepared in accordatKe with th¢ requirements of the com1 A¢t2Q)6. Ba8is for oplnlon We cothcted ouraudit in accor with Inten)ola1 Stsndarth C Auditing (UK) USAS (UK)) and44)licable law. Ch responsibilitieswiderthose sthndards fvrther dcsctilKd in the Atyjitor's re4SibilitI& for the audit of the financial statements section of ourreport. We in(klel0fthe charitableurfnpany in a(Xx)rdan(Wlththe ethical wirements that are rekvant to ouraudit ofthe f]llancial stateMts in the UK itKluding the FRC'S Ethical Standard, aTKlwe have fvifthedour other ethical responsibiliti£8 in accordantt with tlL8e requir¢ll We thatthe a11¢ evi(kC we haveobtaintij is sufficient and appropriate to provi(k abasis forLwopillirffL Conclusions rdating to golng concern In auditing the fJnarKial Stateent% wehave (y)nchukd that thetnL4ees' of the going (%nas0f cOUtiti In the Bad on the work wehave f0Mle4 wehave not identified anynulerj tti5 lating to events or¢oltionS tha¢ individually orcollectivdy. may cast Signifnt(jbt0n the d)aritablecompJnS ability to cotiti &sagoingconcan fora iodofat leost twelve months from when the fll]alal sktettthts atEauthorisl for i&9. this ICI. Other informatio The tn]stees sxeresponsible fortheother infO¥)1L Trots informati( con]prisesthe inf0mtI¢M included inthe INstets' annual rqK>rt, other than the fLr&qncial sta(em¢S andourauditor's rqx)rt theteott (knopinionon the fl81 Ststets do& not coverthe other Urf0rntloll excw to theextent otIKrW explicitly staknl in (Wret Thrdo not expm any fomi of ass1[e conclusion tlveon. In connectson with OuralI0r the fTla1 i8to 1 infomTrtion an(L in doing STr, consider Whet1 the other itthrnon is materially ttKOnSiStent with the flljancial staternents or(xwknOwlgeob¢ained in the audit 0rothetivl appears tobe materiallymisststcd. tf we thiiify swh material itOnS orapparntmateria] mi5&tatements, we are required io deterniine wlknthaE is amala1 misstatement in the fill1a1 sthtementsora material mibslalement of the other inf0mlatio If, based on the w(Mk wehave ththere is a matetial mibsthiementof thi8 otherinfL¥matIo we arerqUl to r4>t that tacL We have nothing to tErort in this Ea. Oplnions on other tnatters prescribed by tbe Companks Ad 21x16 In our opllJiO based on the work ulldertaken in th¢COu of audi the infomiation given in the tsusttts, rCtK>rt{ig the dlrwt0. tEVKt) for the fmaJKial yearfor which the financial statements are preparEd isconsistent with the financial sta*mo)ts' and Matter5 on wbich are required to report by exception Jn the light of ourkwwledge and underthKling olthe charitable company axl its enviro1 obtaiti in (he course of the audi¢ we have not identified rnaierial mi&4alements in tk ditEcto. We have twthing to iy)ort in of the followti]gmattersinre]at1(to whichthe ComleS A¢1 2)6rU]rrSUtO rqth to you if, in our opinio
The Old Etonian Trust
(Limited by guaranlee)
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The Old Etonian Trust (Limited by guarantee) Statement of Financial Activities (including $umJnary income and expenditure aceoullt) for ihe year ended 31 December 2022 Nole 2022 2022 2022 2021 Restrfrted Unrestricted Total Total Incom¢ and endowments from: Legacies rcccived Donations received Investments.. Invcstment income 1,013 1,013 1,013 203,180 730 165,703 597 368,883 1327 371,223 330.484 24 Interest rcceivable Total income 204,923 166,300 331.521 Total expenditure: Bursaries awarded Unwinding of bursary discount Grants to Eton Support costs.. iThvcstment management fees Support costs.. other Total expenditure io {70,703) (14J21) (1.700) (14,713) (3,996) (105,433) (551551) (622,254) (67,503) (7.758) (22,079) (34.523) (1,700) (1.700) (11,999) (26,712) (23,573) (3.257) (7,253) (7,088) (574,565) (679,998) (134,387) io Net income l (expenditure) before gains and losses on illve5tments 99,490 (408,265) (308,775) 197,134 Nct gains l (losses) on investments Net (expenditure) l income for the yeAr being llet movement ill funds Total Fund balances brought forward Totll Fund balance5 earried forward {1,032,070) (841,690 (1,873,766) 2.772,518 (932,580) (1249.961) (2,182541) 2.969.652 8,021,903 17570,454 14.600,802 6.771,942 15,387,913 17.570,454 li 9,548551 8,615,971 Th¢ income and resulting nct movement in funds arise from continuing operations. The charitable company has no r¢cogDiscd gains or Rosses other than the net movement in funds for the year. The not¢s on pagc5 13 to 22 form part olth&se fllwicial staton¢nts. io
The Old Etonian Trust (Limited by giiaran¢ee) Balance sheet ai 31 December 2022 Note 2022 2021 Fixed assets Investments at market value 16J73,201 18.246.975 Current assets Cash at bank 68215 817.760 Creditors.. amounts falling due within one year (451,184) (M9,925) Net current assets 231J31 367,835 Total assets less current liabilitie$ IA604532 18,614,810 Creditors: amounts falling due aftcr more than one year (1216,619) (1,044,356) Net assets 1SJ87,913 17.570,454 Funds Restrictcd ,615.971 6.771,942 15J87,913 9,548,551 8,021,903 17.570,454 Unrestricted Thcse accounts have been preparcd in accordancc with the provisions applicabl¢ to companies subject to thc small companies, regime. Signed on behalf of the Council who approved the accounts on 4th JY 2023. C J Robarts Secretary (Company registration number 359518) The notes on pages 13 ÉO 22 fonn part of ihose Financial Statemcnts.
The Old Etonian Trust (Limited by guarantee) Statement of cash flows for the year ended 31 December 2022 Note 2022 2021 Cash flows from oper#tlng Activities Ncl (deficit) / surplus for the fmancial peric (308.775) 197.134 Adjustments for: Increasc / decrease in creditors Decrcase I Increase in debtors 173,522 (287,247) Net cash (used by) I generated from operating activities 135.253 90.113 Cash flows from investment activities Purchase of investh]¢nts Sale of investments (2,813.105) 2.482.307 cash from investment aetivities 330,798 Net Increase in cash P4nd cash equivAlents (135245) (420,911) Cash and cath equivalents at the start of the y 817,760 1.238.671 C¥4sh And cash equivalents at the end of the year 682 515 817,760 Cash Ydnd cash equivalents at the end of the period comprise: Cash at bank 682,515 817,760 The notes on pages 13 to 22 forn] part of these financial statements. 12
The Old Etonian Trust (Limiled by guarartlee) Notes (formingpart ofthefinancialslalements) The Old Etonian Trust is a charitable company limited by guardntee. The individual liability of the company's ten members, comprising all the Council Members, is limited io £ l. For Companies Act purposes the Council Members are dir¢¢tors of the company. ACCOUNTING POLICIES (a) Basis of Accounting 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 United Kingdom and Republic of Ireland {FRS 102) and the Charities Act 2011. The charity constitut&s a public benefit entity as defined by FRS 102. The main forni 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 inv¢5tment risk and changes in Sentiment concerning equities and within particular sectors or sub sectors. The most significant areas of adjustment and key assumptions that affect items in the accounts are to do with the gains and losses on revaluation of these investments each year. The Council considers there remains a risk that the value of investments together with investment incotne will continue to be volatile refle¢tTng the current economic enviromnent. The Charity continues to have significant Cash holdings to provide immediate liquidity for funding futur¢ cotnmitments. In addition. the investment assets are still very substantially larger than those commithients. The TStee5 will continue to review the level of future commitments in the light of the ongoing impact on the investment portfolio and the expected income. As a result, the Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. (b) Income All income is included in the Statement of Financial Activities {SoFA) when the charity is legally entitled to the income after any perforniance conditions have been met. the amount can be measur¢d reliably and it is probable that the income will be received. For legactes, entitlement is taken on a case by case basis as the earlier of the date on which the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executorfs) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part. is only constd¢red probabl¢ when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. If the legacy is in the forni of an asset other than cash or an asset listed on a recognised stock exchang4 r¢cognition is subject to the value of the asset being able to be 13
The Old Etonian Trust (Limited by guaranlee) reliably measured and title to the asset has passed to the charity. Where legacies hav¢ been notified or the charity is aware of the granting of probate, and the criteria for income recognition have not be¢n met. then the legacy is a treated as a contingent asset and disclosed if material. (c) Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. The charity is not registered for VAT and irrecoverable VAT is Charged against the expenditure heading for which it was incurred. Expenditure is recognised where there is a legal or constructiv¢ obligation to make payments to third parti¢s. it is probable that the settlement will be required and the amount of the obligatton can be measured reliably. It is categoris¢d under the heading of'Total expenditure" which include5 grants made, governance costs and an apwrtionment of support costs. Grants and bursaries payable to third parties are within the charitable objectiv¢s. Bursaries and grants payable are charged to expenditure in the year in which they are awarded and notified to the recipienL on the basis that they constitute a constructive obligation to the Charity. Where unconditional grants are offered. this is accrued as soon as the recipient is notified of the granL as this gives rise to a reasonable expectation that the recipient will receive the granls. Where grants are condilional relating to perfonnance, the grant is only accrued when any unfulfilled conditions are outside the control of the charity. (d) Creditors Creditors are recolsed where the charity has a present obligation resulting from a past event that will probably result in a trdnsfer of funds to a third party and the amount due to settle the obligator can be measured as ¢stimated reliability. Creditors are recolsed at their settl¢ment amount. Long tenn creditors, being bursaries are discounted using the investment return to the charity as discount factor. (e) Investment Fixed Assets Investments are a forni of basic financial instruTnent and are initially recolsed at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quot bid price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Trust does not acquire put options, derivatives or other complex financial instruments. The main fonn of financial risk faced by th¢ charity is that of volatility in equity markets and inv¢stment markets due to wider econotnic conditions, the attitude of investors to investment risk. and changes in sentiment concerning equities and within particular sectors or sub sectors. Investment income. gains and losses are allocated to the appropriate fund. Realised investment gains and losses are calculated as th¢ difference between the market value at th¢ date of sale and the original cost of the investment. Unr¢alised investment gains and losses are calculated as the difference between the market value at 31 December 2022 and the market 14
The Old Etonian Trust (Limited by guaranlee) value at 31 December 2021, or the value on date of purchase if later. Unrealised gains and losses are adjusted for any previously unrealised gains or losses that are r¢alised during the year. Investments are held in single overall 'unitised' holding within the General Fund, with each fund's holding of the investment portfolio included in its interfund account. The value in ea¢h nd is updated annually based on each fund's share of the overall value of investments portfolio. (fj Funds Unrestricted funds are funds given for no particular purpose or projects, to be spent as Trnste¢s decide, whereas restricted ndS represent funds given for a particular purpose. All covenanted income and donalions are applied to the accumulated fund via the capital account. Bursaries may continue to be paid in the future out of the income from the accumulated fund, without the need for further fund raising. These payments do not prejudice the Trustees, discretion to spend the accumulated fund for the objects of the Charity. Financial Instrnments The charity only has financial assets and financial liabiIities of a kind that qualify as basic financial instrLllnents. Basic financial inStmentS are initially recognised at transaction value and subsequently measured at their settlement value (being their cost) with the exception of inv¢stments which are measured at market value. The historical Cost of investments and th¢ unrealised gain is disclosed in note 7. EXPENSES The charity made a contrtbution to the Secretary. who is a Member of the Council, of £500 (2021: £500) towards expenses incurred, as pennitted by the Articles of Association. Members of the Council rec¢ive no remuneration for their services and have not been reimburwj for any expenses (2021: £nil). SUPPORT COSTS: OTHER 2022 2021 Audit fe& 6JiO 6,100 488 Bank charg&s Contribution to sccretary expenses Meeting room hire 500 5(K) 75 7,253 7.088 15
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The Old EtonAan Trust (LimiÉed by guarantee) LISTED INVESTMENTS 2022 2021 AVI Global Trust (fornierly British Empire Trust) Ashoka India Equity Investme Trust CG Portfolio Fund Caledonia Investments Divcrsc Income Trust Edinburgh Invcstmcnt Trust Evenlode Global Income F Fundsmith LLP Equity T Inc NAV Heronbridge Law Debentu Corp Miton Global Opportunties Miton UK Microcap Trust Pcrsonal Assets Trust Rothschild Investment Trust Sarasin Endowm¢nls Schrodcr Asian Total Return Verilas Finds Asian Sterling D 996,975 1.141,510 615J60 657,025 1.105,109 1.156,680 924,160 1.041.920 442,508 554,953 1,263,160 1.247,271 1,004,570 1,092.362 ,064.499 1.234.750 1,875,463 1.911.321 978J99 1,013,931 542,474 609.365 350JS0 492.250 1,797,787 1,890,030 1.559.963 2,018.775 989,165 1.127,331 421,785 521,180 536,321 16 373 201 18,246 975 Historical Cosi 12 744 777 12,744,785 Excess of market value over historical cost 3.628,424 5 502 190 Thc movunents in listed investments may be sutnllwi5cd as follows: 2022 2021 Market valuc at l January Sales during Ihe year Purchases during the year Net gains/(10sscs) during the year 18246.975 (8) 15,143,659 (2.482,307) 2.813,105 2,772,518 (1,873.766) Market value at 31 Dcccmbcr 16J73,201 18,246,975 Cost at 31 December 12.744,777 12,744,785 All invcstments are CWTied at their fair value 18
The Old Etonian Trust (Limiled by gliarantee) INVESTMENT COmE 2022 2021 Dividcnds- equities 368,883 330.484 CREDITORS 2022 2021 Amounts falling due within one year Bursaries and grdnts awarded {notc 10) Audit fee Amount due to The Henry Vt Charity 445.483 5,700 444.924 5,000 451,184 449,925 Amounts falling due after more one year Bursaries and gtxnls awarded (note 10) 1216,619 1.044,356 19
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The Old Etonlan Trust (knmited by guarantee) I I. STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING SUMMARY INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021 Note 2021 2021 2021 2020 Restricted Unrestricted Total Total Ineome and elldowments from: Legacics rcceived Donation5 received 5,000 1.013 1,013 1,013 Investments: Investment income 181.833 13 148,651 li 330,484 24 391.045 417 Interest receivable Total income 182.859 148,662 331,521 397,475 Total expenditure: Bursari¢s awarded Unwinding of bursary discount Grants to Eton io (147,605) (19J31) (1,700) (12,970) (3,899) (185,505) 80,102 (6703) (764,783) (15,192) (34,523) (24,486) (1,700) (1,700) {10,603) (23,573) {45,685) (3,189) (7,088) (6,850) 51,118 {134J87) (843.504) io Support wsts: investment malgcent fees Support costs: other Total expenditure Net {expellditure) l illcome before gains aDd losses oll illvestments (2.646) 199,780 197.134 (446,029) Net gains / (Iossc5) on investments Net (expeDditure) l illcome for the year being net movement in fund5 Total Fund balances brought forward Totydl Fund balallce5 carried fonvard 1525,439 1,247,079 2,772,518 (28.455) I22,793 1,446,859 2,969,652 (474.484) 8,025,758 9,548,551 6,575,044 14,600,802 15,075,286 8,021,903 17,570,454 14.600.802 12. RELATED PARTY TRANSAcfioNS The Charity's investments are administered by Evclyn Partncrs (fornicrly Smith & Williamson), which charged custody fees of £26.712 (2021.- £23.573) that are included in the Statement of Financial Activilics. A Trustee, Mr PAD Inkin. is a partncr ofEvclyn Partncrs. In addition, the Charity recognised student bursarics of £646,033 {2021.. £103. 720) payablc to Eton Collcge. The balance payable to Eton Collcgc at thc ycar cnd wa5 £1,571,948 (2021.- £1.489.280). The Truslres Lord Waldegrave of North Hill and Mr Peter McKe¢ are Provost and Vice-Provosl of Eton Collegc. Other than those noted alx)ve and in Mie 3. no othcr rclatcd party trdnsactiODS took place in the year cndcd 31 Dccember 2022. 22