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← Old Etonian Trust(the)

2023-12-31-accounts

The Old Etonian Trust

(Limited by guarantee)

Council’s Report and Financial Statements

For the year ended 31 December 2023

Registered Company Number 359518

Registered Charity Number 1151597

The Old Etonian Trust (Limited by guarantee)

Council’s report and financial statements

Contents Page
Members of the Council 2
List of Advisers 2
Council’s report 3 - 5
Statement of responsibilities of the Members of the Council 6
Independent auditors’ report 7 - 8
Statement of Financial Activities 9
Balance sheet 10
Notes 11 - 20

1

The Old Etonian Trust

(Limited by guarantee)

Trustees (“members of the Council”)

AGR Windham CVO (Chairman) Lord Bridges KCVO PAD Inkin RB Landman RDO Macleay PJ McKee CJ Robarts (Secretary) Lord Suffield Lord Waldegrave of North Hill

Principal address

The Old Vicarage Great Hormead Buntingford Hertfordshire SG9 0NT

List of advisers

Bankers Coutts & Co 440 Strand London WC2R 0QS Solicitors Farrer & Co LLP 66 Lincoln’s Inn Fields London WC2A 3LH Statutory auditors Price Bailey LLP Causeway House 1 Dane Street Bishop's Stortford Hertfordshire CM23 3BT

2

The Old Etonian Trust (Limited by guarantee)

Council’s report

Constitution

The Old Etonian Trust is a charitable company limited by guarantee which was incorporated on 24 February 1940, its company registration number being 359518. It is governed by memorandum and articles of association, which were updated during 2018 to reflect an update the objects. The 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.

The Members of the Council confirm that they have referred 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.

The 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 funding 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 fundraising activities.

Fund accounting

Unrestricted funds are general funds that are available for use at the discretion of the Council in furtherance of the objectives of the charity. Restricted funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Reserves policy

The Council has reviewed the Charity’s need 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 fees. However, this is without prejudice to the Council’s discretion either to accumulate income when demand for bursaries is low or to distribute accumulated funds when demand is high. Total funds were £16.2 million at 31 December 2023 of which £7.2 million were unrestricted. The Council consider this level to be reasonable given investment performance and the current demand for bursaries. The Council aims to maintain cash balances to cover at least one year of forward bursary commitments.

Investment policy

The Investment Committee meets three times during each year to provide advice and guidance to the Council on investment policy. Investment decisions are based on the performance of those funds, which is monitored on a regular basis with at least quarterly valuations.

The Council’s policy is to maximise the return on investments for an acceptable level of risk that is commensurate with achieving a specified level of income. The investment objective is to achieve a balance between capital growth and a steady, growing level of income from a multi asset portfolio, predominantly investing in equities and bonds.

The aim of the portfolio is to generate sustainable income, growing at least in line with school fees inflation, as far as possible. The Council aims for annual expenditure that is based on investment income consistent with the yield on the MSCI World index together with an allowance for capital growth. Investments are in authorised funds giving a wide spread of securities managed by highly reputable financial institutions.

3

The Old Etonian Trust

(Limited by guarantee)

The Charity holds £0.3 million in cash, together with £0.6 million in short-dated bonds, which is expected to enable it to maintain the current level of bursaries over the next few years.

During 2023, there have been net gains on investments of £0.4 million ( 2022: loss £1.9 million ), which is an increase of 3% reflecting an increase in stock market values during 2023. The total return on the investment portfolio was a net gain 5% ( 2022: net loss 8% ). The Investment Committee monitors performance of the portfolio compared to benchmark indices.

Grant making

The Council agrees the maximum amount of funds available for bursary awards each year. Applications for Eton bursaries are considered 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 change. Awards are approved by the Chairman and the Secretary. Awards are paid directly to the school. Travel bursaries are considered by a separate committee at Eton and are subsequently approved by the Chairman and the Secretary while other specific grants are decided by the Council.

Risk assessment

The Council has reviewed the major risks associated with the Charity and is satisfied that systems are in place to mitigate those risks. It has identified the following key risks:

Future plans

The Council aims to continue the advancement of education and the furtherance of charitable objects connected with Eton College based on the returns achieved on the Charity’s investments.

Council members and employees

Under the terms 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 remuneration 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 Waldegrave and Mr McKee, who are the Provost and Vice Provost of the governing body.

4

The Old Etonian Trust

(Limited by guarantee)

Policies for the induction and training of Council members

The Council members have been in post for a number of years and new Council members are appointed infrequently. When new members are appointed, they are provided with a copy of the Articles of Association and are briefed on the objectives of the trust and directed to the Charity Commission guidance to ensure they understood the roles and responsibilities of a trustee.

War Memorial Bursary Fund

The War Memorial Bursary Fund is used to provide bursaries to boys in general at Eton. Eight bursaries were in operation during the year costing £154,939 (2022: 6 costing £162,703) with a total commitment at the year-end of £417,579 (2022: £491,186) . The value of the fund at the year-end was £5.5 million (2022: £5.3 million) .

General Fund

The General 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 2023 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 (2022: £1,700). The value of the fund at the year-end was £28k (2022: £27k) .

HK Marsden Memorial Fund

This fund has been built up from donations and provides travel grants to boys at Eton. Twenty nine travel bursaries were awarded totalling £7,650 (2022:23 costing £8,100, 3 cancelled £920). The value of the fund at the year-end was £239k (2022: £236k) .

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 formed for the advancement of education and the furtherance of charitable objects connected with Eton College. The fund is currently being used to provide bursaries. Four bursaries were in operation during the year costing £86,727 (2022: 5 costing £ 105,825) with a total commitment at the year end of £194,771 (2022: £266,980) . The value of the fund at the year-end was £3.1 million (2022: £3.0 million).

Henry VI Fund

This fund was created in 2018 following the transfer from The Henry VI 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 continues to be used for the same purposes. Eight bursaries were in operation during the year costing £200,049 (2022:9 costing £195,533) with a total commitment at the year end of £611,438 (2022: £903,936) . The value of the fund at the yearend was £7.2 million (2022: £6.8 million).

In preparing this report, the Council has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

By order of the Council

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24[th] June 2024

Charles Robarts (Jun 24, 2024, 5:58pm) C J Robarts ( Secretary)

5

The Old Etonian Trust

(Limited by guarantee)

Statement of responsibilities of the Members of the Council

The Members of the Council (who are also directors of The Old Etonian Trust for the purposes of company law) are responsible for preparing the Council’s report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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 its 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 required to:

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 statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Members of the Council are aware:

6

The Old Etonian Trust

(Limited by guarantee)

Independent Auditors’ Report to the members of The Old Etonian Trust

Opinion

We have audited the financial statements of The Old Etonian Trust (the ‘charitable company’) for the year ended 31 December 2023 which comprises the Statement of Financial Activities, the balance sheet, Statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

7

The Old Etonian Trust

(Limited by guarantee)

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and 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 material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

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Suzanne Goldsmith (Senior Statutory Auditor) For and on behalf of Price Bailey LLP, Statutory Auditor Causeway House, 1 Dane Street, Bishop’s Stortford, Hertfordshire, CM23 3BT

25 June 2024

8

The Old Etonian Trust (Limited by guarantee)

Statement of Financial Activities (including summary income and expenditure account)

for the year ended 31 December 2023

Note
Income and endowments from:
Donations received
Investments:
Investment income
8
Interest receivable
Total income
5
Total expenditure:
Bursaries awarded
10
…Bursaries withdrawn
10
Unwinding of bursary discount
10
Grants to Eton
Support costs: investment management fees
Support costs: other
4
Total expenditure
Net income / (expenditure) before gains and
losses on investments
Net gains / (losses) on investments
5
Net (expenditure) / income for the year being
net movement in funds
Total Fund balances brought forward
11
Total Fund balances carried forward		 2023
2023
2023
2022
Restricted
Unrestricted
Total
Total
£
£
£
£
1,013
-
1,013
1,013
205,321
168,125
373,446
368,883
2,002
1,640
3,642
1,327
208,336
169,765
378,101
371,223
(166,636)
(11,391)
(178,027)
(694,445)
74,426
115,629
190,055
72,191
(11,290)
(11,789)
(23,079)
(22,079)
(1,700)
-
(1,700)
(1,700)
(13,898)
(11,380)
(25,278)
(26,712)
(5,172)
(4,233)
(9,405)
(7,253)
(124,270)
76,836
(47,434)
(679,998)
84,066
246,601
330,667
(308,775)
246,515
201,857
448,372 (1,873,766)
330,581
448,458
779,039(2,182,541)
8,615,971
6,771,942 15,387,91317,570,454
8,946,552
7,220,400 16,166,95215,387,913

The income and resulting net movement in funds arise from continuing operations.

The charitable company has no recognised gains or losses other than the net movement in funds for the year.

The notes on pages 11 to 20 form part of these financial statements.

9

Note
Fixed assets
Investments at market value
7
Current assets
Cash at bank
Creditors: amounts falling
due within one year
9
Net current assets
Total assets less current liabilities
Creditors:amounts falling
due after more than one year
9
Net assets
Funds
Restricted
Unrestricted
5
5		 2022
£
£
2023
£
£
17,111,383
16,373,201
294,008
682,515
(431,127)
(451,184)
(137,119)
231,331
16,974,264
16,604,532
(807,312)
(1,216,619)
16,166,952
15,387,913
8,946,552
7,220,400
8,615,971
6,771,942
16,166,952
15,387,913		 2022
£
£
2023
£
£
17,111,383
16,373,201
294,008
682,515
(431,127)
(451,184)
(137,119)
231,331
16,974,264
16,604,532
(807,312)
(1,216,619)
16,166,952
15,387,913
8,946,552
7,220,400
8,615,971
6,771,942
16,166,952
15,387,913
16,604,532
(1,216,619)
15,387,913
8,615,971
6,771,942
15,387,913

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

Signed on behalf of the Council who approved the accounts on 24[th] June 2024.

==> picture [201 x 39] intentionally omitted <==

Charles Robarts (Jun 24, 2024, 5:58pm)

C J Robarts

Secretary

(Company registration number 359518)

The notes on pages 11 to 20 form part of these Financial Statements.

10

The Old Etonian Trust

(Limited by guarantee)

Notes (forming part of the financial statements)

2 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 constitutes a public benefit entity as defined by FRS 102.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment 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 income will continue to be volatile reflecting the current economic environment. The Charity continues to have significant cash holdings to provide immediate liquidity for funding future commitments. In addition, the investment assets are still very substantially larger than those commitments. The Trustees 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 performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

(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 constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised

11

The Old Etonian Trust

(Limited by guarantee)

under the heading of “Total expenditure”, which includes grants made, governance costs and an apportionment of support costs.

Grants and bursaries payable to third parties are within the charitable objectives. Bursaries and grants payable are charged to expenditure in the year in which they are awarded and notified to the recipient, 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 grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance, the grant is only accrued when any unfulfilled conditions are outside the control of the charity.

(d) Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligator can be measured as estimated reliability. Creditors are recognised at their settlement amount. Long term creditors, being bursaries are discounted using the investment return to the charity as discount factor.

(e) Investment Fixed Assets

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted 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 form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment 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 the difference between the market value at the date of sale and the original cost of the investment. Unrealised investment gains and losses are calculated as the difference between the market value at 31 December 2023 and the market value at 31 December 2022, or the value on date of purchase if later. Unrealised gains and losses are adjusted for any previously unrealised gains or losses that are realised 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 each fund is updated annually based on each fund’s share of the overall value of investments portfolio.

(f) Funds

Unrestricted funds are funds given for no particular purpose or projects, to be spent as Trustees decide, whereas restricted funds represent funds given for a particular purpose.

12

The Old Etonian Trust

(Limited by guarantee)

All covenanted income and donations 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.

(g) Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value (being their cost) with the exception of investments which are measured at market value. The historical cost of investments and the unrealised gain is disclosed in note 7.

3 EXPENSES

The charity made a contribution to the Secretary, who is a Member of the Council, of £500 (2022: £500) towards expenses incurred, as permitted by the Articles of Association. Members of the Council receive no remuneration for their services and have not been reimbursed for any expenses (2022: £nil).

4 SUPPORT COSTS: OTHER

Audit fees
Bank charges
Contribution to secretary expenses
Meeting room hire		 2023
£
8,340
490
500
75
9,405		 2022
£
6,310
368
500
75
7,253

13

Restricted
Unrestricted
Rowlatt
Fund
War
Memorial
Bursary
Fund
HK Marsden
Memorial
Fund
Hornby Steer
Fund
Total
restricted
funds
General
Fund
Henry VI
Fund
Total
unrestricted
funds
Total funds
£
£
£
£
£
£
£
£
£
Net assets at 1 January 2023
27,486
5,341,521
235,776
3,011,188
8,615,971
-
6,771,942
6,771,942
15,387,913
Income
1,604
129,015
5,203
72,514
208,336
-
169,765
169,765
378,101
Expenditure
(1,755)
(93,198)
(8,129)
(21,188)
(124,270)
-
76,836
76,836
(47,434)
Investment gains / (losses)
717
153,388
6,188
86,222
246,515
-
201,857
201,857
448,372
Net assets at 31 December 2023
28,052
5,530,726
239,038
3,148,736
8,946,552
-
7,220,400
7,220,400
16,166,952
The purpose of each fund is described in the Council’s report on page 3 to 5.
Restricted
Unrestricted
Rowlatt
Fund
War
Memorial
Bursary
Fund
HK Marsden
Memorial
Fund
Hornby Steer
Fund
Total
restricted
funds
General
Fund
Henry VI
Fund
Total
unrestricted
funds
Total funds
£
£
£
£
£
£
£
£
£
Net assets at 1 January 2022
30,647
5,853,296
264,328
3,400,280
9,548,551
-
8,021,903
8,021,903
17,570,454
Income
1,592
126,699
5,145
71,487
204,923
-
166,300
166,300
371,223
Expenditure
(1,755)
2,729
(7,652)
(98,755)
(105,433)
-
(574,565)
(574,565)
(679,998)
Investment gains / (losses)
(2,998)
(641,203)
(26,045)
(361,824) (1,032,070)
-
(841,696)
(841,696) (1,873,766)
Net assets at 31 December 2022
27,486
5,341,521
235,776
3,011,188
8,615,971
-
6,771,942
6,771,942
15,387,913		 Restricted
Unrestricted
Rowlatt
Fund
War
Memorial
Bursary
Fund
HK Marsden
Memorial
Fund
Hornby Steer
Fund
Total
restricted
funds
General
Fund
Henry VI
Fund
Total
unrestricted
funds
Total funds
£
£
£
£
£
£
£
£
£
Net assets at 1 January 2023
27,486
5,341,521
235,776
3,011,188
8,615,971
-
6,771,942
6,771,942
15,387,913
Income
1,604
129,015
5,203
72,514
208,336
-
169,765
169,765
378,101
Expenditure
(1,755)
(93,198)
(8,129)
(21,188)
(124,270)
-
76,836
76,836
(47,434)
Investment gains / (losses)
717
153,388
6,188
86,222
246,515
-
201,857
201,857
448,372
Net assets at 31 December 2023
28,052
5,530,726
239,038
3,148,736
8,946,552
-
7,220,400
7,220,400
16,166,952
The purpose of each fund is described in the Council’s report on page 3 to 5.
Restricted
Unrestricted
Rowlatt
Fund
War
Memorial
Bursary
Fund
HK Marsden
Memorial
Fund
Hornby Steer
Fund
Total
restricted
funds
General
Fund
Henry VI
Fund
Total
unrestricted
funds
Total funds
£
£
£
£
£
£
£
£
£
Net assets at 1 January 2022
30,647
5,853,296
264,328
3,400,280
9,548,551
-
8,021,903
8,021,903
17,570,454
Income
1,592
126,699
5,145
71,487
204,923
-
166,300
166,300
371,223
Expenditure
(1,755)
2,729
(7,652)
(98,755)
(105,433)
-
(574,565)
(574,565)
(679,998)
Investment gains / (losses)
(2,998)
(641,203)
(26,045)
(361,824) (1,032,070)
-
(841,696)
(841,696) (1,873,766)
Net assets at 31 December 2022
27,486
5,341,521
235,776
3,011,188
8,615,971
-
6,771,942
6,771,942
15,387,913		 Restricted
Unrestricted
Rowlatt
Fund
War
Memorial
Bursary
Fund
HK Marsden
Memorial
Fund
Hornby Steer
Fund
Total
restricted
funds
General
Fund
Henry VI
Fund
Total
unrestricted
funds
Total funds
£
£
£
£
£
£
£
£
£
Net assets at 1 January 2023
27,486
5,341,521
235,776
3,011,188
8,615,971
-
6,771,942
6,771,942
15,387,913
Income
1,604
129,015
5,203
72,514
208,336
-
169,765
169,765
378,101
Expenditure
(1,755)
(93,198)
(8,129)
(21,188)
(124,270)
-
76,836
76,836
(47,434)
Investment gains / (losses)
717
153,388
6,188
86,222
246,515
-
201,857
201,857
448,372
Net assets at 31 December 2023
28,052
5,530,726
239,038
3,148,736
8,946,552
-
7,220,400
7,220,400
16,166,952
The purpose of each fund is described in the Council’s report on page 3 to 5.
Restricted
Unrestricted
Rowlatt
Fund
War
Memorial
Bursary
Fund
HK Marsden
Memorial
Fund
Hornby Steer
Fund
Total
restricted
funds
General
Fund
Henry VI
Fund
Total
unrestricted
funds
Total funds
£
£
£
£
£
£
£
£
£
Net assets at 1 January 2022
30,647
5,853,296
264,328
3,400,280
9,548,551
-
8,021,903
8,021,903
17,570,454
Income
1,592
126,699
5,145
71,487
204,923
-
166,300
166,300
371,223
Expenditure
(1,755)
2,729
(7,652)
(98,755)
(105,433)
-
(574,565)
(574,565)
(679,998)
Investment gains / (losses)
(2,998)
(641,203)
(26,045)
(361,824) (1,032,070)
-
(841,696)
(841,696) (1,873,766)
Net assets at 31 December 2022
27,486
5,341,521
235,776
3,011,188
8,615,971
-
6,771,942
6,771,942
15,387,913		 -
6,771,942
6,771,942
15,387,913


Total
restricted
funds

£

9,548,551

204,923

(105,433)
(1,032,070)		 8,615,971


Hornby Steer
Fund
£
3,400,280
71,487
(98,755)
(361,824)		 3,011,188
page 3 to 5.
Restricted


HK Marsden
Memorial
Fund
£
264,328
5,145
(7,652)
(26,045)		 235,776
cil’s report on
War
Memorial
Bursary
Fund
£
5,853,296
126,699
2,729
(641,203)		 5,341,521
d in the Coun Rowlatt
Fund
£
30,647
1,592
(1,755)
(2,998)		 27,486
Restricted
Unrestricted
Rowlatt
Fund
War
Memorial
Bursary
Fund
HK Marsden
Memorial
Fund
Hornby Steer
Fund
Total
restricted
funds
General
Fund
Henry VI
Fund
Total
unrestricted
funds
Total funds
£
£
£
£
£
£
£
£
£
At 31 December 2023
Investments
-
-
-
-
-
17,111,383
-
17,111,383 17,111,383
Current assets
-
-
-
-
-
294,008
-
294,008
294,008
Current liabilities
-
(152,123)
(7,650)
(76,064)
(235,837)
(7,001)
(188,289)
(195,290)
(431,127)
Interfund balances
28,052
5,948,305
246,688
3,343,507
9,566,552 (17,398,390)
7,831,838 (9,566,552)
-
Long term liabilities
-
(265,456)
-
(118,707)
(384,163)
-
(423,149)
(423,149)
(807,312)
Total net assets
28,052
5,530,726
239,038
3,148,736
8,946,552
-
7,220,400
7,220,400
16,166,952
Restricted
Unrestricted
Rowlatt
Fund
War
Memorial
Bursary
Fund
HK Marsden
Memorial
Fund
Hornby Steer
Fund
Total
restricted
funds
General
Fund
Henry VI
Fund
Total
unrestricted
funds
Total funds
£
£
£
£
£
£
£
£
£
At 31 December 2022
Investments
-
-
-
-
-
16,373,201
-
16,373,201 16,373,201
Current assets
-
-
-
-
-
682,515
-
682,515
682,515
Current liabilities
-
(152,856)
-
(85,686)
(238,542)
(5,701)
(206,941)
(212,642)
(451,184)
Interfund balances
27,486
5,832,707
235,776
3,278,168
9,374,137 (17,050,015)
7,675,878 (9,374,137)
-
Long term liabilities
-
(338,330)
-
(181,294)
(519,624)
-
(696,995)
(696,995) (1,216,619)
Total net assets
27,486
5,341,521
235,776
3,011,188
8,615,971
-
6,771,942
6,771,942
15,387,913		 Restricted
Unrestricted
Rowlatt
Fund
War
Memorial
Bursary
Fund
HK Marsden
Memorial
Fund
Hornby Steer
Fund
Total
restricted
funds
General
Fund
Henry VI
Fund
Total
unrestricted
funds
Total funds
£
£
£
£
£
£
£
£
£
At 31 December 2023
Investments
-
-
-
-
-
17,111,383
-
17,111,383 17,111,383
Current assets
-
-
-
-
-
294,008
-
294,008
294,008
Current liabilities
-
(152,123)
(7,650)
(76,064)
(235,837)
(7,001)
(188,289)
(195,290)
(431,127)
Interfund balances
28,052
5,948,305
246,688
3,343,507
9,566,552 (17,398,390)
7,831,838 (9,566,552)
-
Long term liabilities
-
(265,456)
-
(118,707)
(384,163)
-
(423,149)
(423,149)
(807,312)
Total net assets
28,052
5,530,726
239,038
3,148,736
8,946,552
-
7,220,400
7,220,400
16,166,952
Restricted
Unrestricted
Rowlatt
Fund
War
Memorial
Bursary
Fund
HK Marsden
Memorial
Fund
Hornby Steer
Fund
Total
restricted
funds
General
Fund
Henry VI
Fund
Total
unrestricted
funds
Total funds
£
£
£
£
£
£
£
£
£
At 31 December 2022
Investments
-
-
-
-
-
16,373,201
-
16,373,201 16,373,201
Current assets
-
-
-
-
-
682,515
-
682,515
682,515
Current liabilities
-
(152,856)
-
(85,686)
(238,542)
(5,701)
(206,941)
(212,642)
(451,184)
Interfund balances
27,486
5,832,707
235,776
3,278,168
9,374,137 (17,050,015)
7,675,878 (9,374,137)
-
Long term liabilities
-
(338,330)
-
(181,294)
(519,624)
-
(696,995)
(696,995) (1,216,619)
Total net assets
27,486
5,341,521
235,776
3,011,188
8,615,971
-
6,771,942
6,771,942
15,387,913		 7,220,400
16,166,952

Total funds
£
16,373,201
682,515
(451,184)
-
(1,216,619)

Total funds
£
16,373,201
682,515
(451,184)
-
(1,216,619)		 15,387,913

Total
unrestricted
funds
£
16,373,201
682,515
(212,642)
(9,374,137)
(696,995)		 6,771,942


General
Fund
Henry VI
Fund
£
£
17,111,383
-
294,008
-
(7,001)
(188,289)
(17,398,390)
7,831,838
-
(423,149)		 -
7,220,400		 ricted
Henry VI
Fund
£

-
-
(206,941)
7,675,878
(696,995)		 6,771,942
Unrest

General
Fund
£
16,373,201
682,515
(5,701)
(17,050,015)
-		 -

Total
restricted
funds

£

-

-

(238,542)

9,374,137

(519,624)		 8,615,971


Hornby Steer
Fund
£
-
-
(85,686)
3,278,168
(181,294)		 3,011,188
Restricted


HK Marsden
Memorial
Fund
£
-
-
-
235,776
-		 235,776


War
Memorial
Bursary
Fund

£

-

-

(152,856)

5,832,707

(338,330)
5,341,521

(Limited by guarantee)

The Old Etonian Trust

7 LISTED INVESTMENTS

UK Government Bonds (31/1/24)
UK Government Bonds (7/9/24)
AVI Global Trust (formerly British Empire Trust)
Ashoka India Equity Investment Trust
CC Japan Income & Growth Trust
CG Portfolio Fund
Caledonia Investments
Diverse Income Trust
Edinburgh Investment Trust
Evenlode Global Income F
Fundsmith LLP Equity T Inc NAV
Heronbridge
Law Debenture Corp
Miton Global Opportunties
Miton UK Microcap Trust
Personal Assets Trust
Rothschild Investment Trust
Sarasin Endowments
Schroder Asian Total Return
Veritas Finds Asian Sterling D
Historical cost		 2023
2022
£
£
307,539
-
295,153
-
1,694,000
996,975
1,092,285
615,360
377,010
-
1,101,845
1,105,109
910,080
924,160
611,935
442,508
1,360,479
1,263,160
1,570,275
1,004,570
-
1,064,499
1,712,055
1,875,463
1,263,978
978,399
544,105
542,474
262,350
350,350
1,780,845
1,797,787
1,381,576
1,559,963
-
989,165
453,200
421,785
392,673
441,474
17,111,38316,373,201
15,109,017 12,744,777

The movements in listed investments may be summarised as follows:

Market value at 1 January
Sales during the year
Purchases during the year
Net gains/(losses) during the year
Market value at 31 December		 2023
£
16,373,201
(2,712,091)
3,001,901
448,372
17,111,383		 2022
£
18,246,975
(8)
-
(1,873,766)
16,373,201

All investments are carried at their fair value

16

The Old Etonian Trust

(Limited by guarantee)

8.
INVESTMENT INCOME
Dividends - equities
9.
CREDITORS
Amounts falling due within one year
Bursaries and grants awarded (note 10)
Audit fee
Amount due to The Henry VI Charity
Amounts falling due after more than one year
Bursaries and grants awarded (note 10)		 2023
£
373,446
2023
£
424,126
7,000
1
431,127
807,312		 2022
£
368,883
2022
£
445,483
5,700
1
451,184
1,216,619

17

10.
BURSARIES AND GRANTS AWARDED – CURRENT YEAR		 War Memorial
H K Marsden
Hornby Steer
Henry VI		 Bursary Fund
Fund
Fund
Fund
2023 Total		 £
£
£
£
£		 Bursaries awarded during the year
152,418
7,650
10,824
4,683
175,575		 Bursaries withdrawn / reduced during the year
(74,426)
-
-
(115,629)
(190,055)		 Discount of new bursaries
(4,041)
-
(215)
6,708
2,452		 Net bursaries awarded during the year
73,951
7,650
10,609
(104,238)
(12,028)		 Unwinding of discount
7,381
-
3,909
11,789
23,079		 Bursaries paid during the year
(154,939)
(86,727)
(200,049)
(441,715)		 Net increase / (decrease) during year in bursaries
awarded but not paid
(73,607)
7,650
(72,209)
(292,498)
(430,664)		 Bursaries awarded but not paid at 1 January
491,186
-
266,980
903,936
1,662,102		 Bursaries awarded but not paid at 31 December
417,579
7,650
194,771
611,438
1,231,438		 Bursaries due within one year
152,123
7,650
76,064
188,289
424,126		 Bursaries due to be paid after more than one year
265,456
-
118,707
423,149
807,312		 Total bursaries due
417,579
7,650
194,771
611,438
1,231,438		 Bursaries are awarded to individuals to support payment of education fees at schools outside the maintained sector. For the War Memorial Bursary Fund, one new bursary was awarded and one withdrawn (with some changes to existing bursaries) during the year and there are currently six bursaries in operation. For the Hornby Steer Fund, no new bursaries were awarded (with some changes to existing bursaries) and there are currently three bursaries in operation. For the H K Marsden Fund, 29 travel grants were awarded. For the Henry VI Fund, one bursary was awarded (with some changes to existing bursaries) and there are currently eight bursaries in operation.
2022 Total £ 726,003 (72,191) (31,558) 622,254 22,079 (471,511) 172,822 1,489,280 1,662,102 445,483 1,216,619 1,662,102
Henry VI Fund £ 622,551 (41,397) (29,603) 551,551 7,758 (195,533) 363,776 540,160 903,936 206,941 696,995 903,936
Hornby Steer Fund £ 90,921 - (2,568) 88,353 3,843 (105,825) (13,629) 280,609 266,980 85,686 181,294 266,980
H K Marsden Fund £ 8,100 (920) - 7,180 - (7,450) (270) 270 - - - -
War Memorial Bursary Fund £ 4,431 (29,874) 613 (24,830) 10,478 (162,703) (177,055) 668,241 491,186 152,856 338,330 491,186
Bursaries awarded during the year Bursaries withdrawn during the year Discount of new bursaries Net bursaries awarded during the year Unwinding of discount Bursaries paid during the year Net increase / (decrease) during year in bursaries
awarded but not paid		 Bursaries awarded but not paid at 1 January Bursaries awarded but not paid at 31 December Bursaries due within one year Bursaries due to be paid after more than one year Total bursaries due

The Old Etonian Trust

(Limited by guarantee)

11. STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING SUMMARY INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2022

Note
Income and endowments from:
Legacies received
Donations received
Investments:
Investment income
8
Interest receivable
Total income
5
Total expenditure:
Bursaries awarded
10
Unwinding of bursary discount
10
Grants to Eton
Support costs: investment management fees
Support costs: other
4
Total expenditure
Net (expenditure) / income before gains and
losses on investments
Net gains / (losses) on investments
5
Net (expenditure) / income for the year being
net movement in funds
Total Fund balances brought forward
11
Total Fund balances carried forward		 2022
2022
2022
2021
Restricted
Unrestricted
Total
Total
£
£
£
£
-
-
-
-
1,013
-
1,013
1,013
203,180
165,703
368,883
330,484
730
597
1,327
24
204,923
166,300
371,223
331,521
(70,703)
(551,551)
(622,254)
(67,503)
(14,321)
(7,758)
(22,079)
(34,523)
(1,700)
-
(1,700)
(1,700)
(14,713)
(11,999)
(26,712)
(23,573)
(3,996)
(3,257)
(7,253)
(7,088)
(105,433)
(574,565)
(679,998)
(134,387)
99,490
(408,265)
(308,775)
197,134
(1,032,070)
(841,696) (1,873,766)
2,772,518
(932,580)
(1,249,961) (2,182,541)
2,969,652
9,548,551
8,021,903 17,570,45414,600,802
8,615,971
6,771,942 15,387,91317,570,454

12. RELATED PARTY TRANSACTIONS

The Charity’s investments are administered by Evelyn Partners (formerly Smith & Williamson), which charged custody fees of £25,278 ( 2022: £26,712 ) that are included in the Statement of Financial Activities. A Trustee, Mr PAD Inkin, is a partner of Evelyn Partners.

In addition, the Charity had net withdrawals of student bursaries during the year of £16,561 ( 2022: net awards of £646,033 ) payable to Eton College. The balance payable to Eton College at the year end was £1,146,973 ( 2022: £1,571,948 ). The Trustees Lord Waldegrave of North Hill and Mr Peter McKee are Provost and Vice-Provost of Eton College.

Other than those noted above and in note 3, no other related party transactions took place in the year ended 31 December 2023.

20