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2024-06-30-accounts

Charity number: 1197452 (CIO registration number CE027901)

THE EATON FUND (CIO)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

THE EATON FUND

CONTENTS
Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 8
Independent auditors' report on the financial statements 9 - 12
Statement of financial activities 13
Balance sheet 14
Notes to the financial statements 15 - 29

THE EATON FUND

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2024

Trustees Egle Banelyte
Nicola Brooker
Stephen Kane, Chair
Gillian Rogers
David Wilson
Stuart Woltkamp-Moon (resigned 13 September 2024)
Charity registered
number
1197452 (CIO registration number CE027901)
Principal office
PO BOX 528
FLEET
GU51 9HH
Chair
Stephen Kane
Independent auditors
Griffin Stone Moscrop & Co
Chartered Accountants
21-27 Lamb's Conduit Street
London
WC1N 3GS
Bankers
Unity Trust Bank plc
Four Brindleyplace
Birmingham
B1 2JB
Investment manager
Waverton Investment Management Ltd
16 Babmaes Street
St James’s
London
SW1Y 6AH
Investment Financial Review
Paul Mitchell Investment Reviews Ltd
Gloucester House
Church Walk, Burgess Hill
West Sussex
RH15 9AS

Page 1

THE EATON FUND

TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2024

The Trustees present their annual report together with the audited financial statements of The Eaton Fund for the year 1 July 2023 to 30 June 2024. The Trustees confirm that the Annual report and financial statements of the charitable incorporated organisation (CIO) comply with the current statutory requirements, the requirements of the charity’s governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Structure, governance and management

a. Constitution

The Eaton Fund is a charitable incorporated organisation (CIO), number CE027901, registered with the Charity Commission on 11 January 2022 as amended on 16 March 2022. Our charity, number is 1197452.

The Eaton Fund was set up in January 2022 when the Trustees of the original Charity, The Eaton Fund for Artists, Nurses and Gentlewomen, decided that it was in the best interest of the Charity and its beneficiaries to become a CIO. All assets were transferred from the original Charity to the new CIO and the original Charity was formally closed in March 2023.

The permanent endowment of the CIO can be traced back to the bequests of Miss Ellen Mary Maria Eaton (1954) and her cousin Miss Faith Sybil Eaton (2005) who left properties to benefit artists, nurses and gentlewomen. The properties were sold and the proceeds were invested in listed investments to provide an annual income that the Trustees distribute in line with our charitable objectives.

Our Board of Trustees is responsible for the governance of the CIO. Trustees meet at least four times each year to review the activities and financial position of the CIO and to award new grants. Our Manager looks after the running of the CIO and works closely with the Trustees to ensure that the Board has the management information needed to make good governance decisions.

b. Board of Trustees

The Trustees who served during the year were as follows:

Egle Banelyte Nicola Brooker Stephen Kane, Chair Gillian Rogers David Wilson Stuart Woltkamp-Moon (resigned 13 September 2024)

Page 2

THE EATON FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Structure, governance and management (continued)

c. Policies adopted for the induction and training of Trustees

The appointment of Trustees is governed by our constitution. Currently, the Scheme allows for a minimum of three Trustees. New Trustees are appointed based on the skills and experience that they can bring to the Board. The Board supports new Trustees through an induction process in which new Trustees are made aware of their responsibilities under Charity Law, following Charity Commission’s guidance. Each new Trustee is appointed for a term of three years after which they are eligible to offer themselves for re-election.

We are an active member of the Association of Charitable Organisations (ACO). ACO provides us with advice on a range of issues affecting charities and provides a useful forum where Trustees and Managers exchange knowledge and skills with similar grant-making organisations. Trustees also attend seminars held by Fund Managers for updates on the economy and investments generally and how these developments might interest or affect the voluntary sector.

d. Risk management

The systems of internal control and risk management are designed to provide reasonable, but not absolute assurance against misstatement and loss. They include:

We recognise that the main risk to the CIO is a downturn in the financial markets. We mitigate this risk by instructing a qualified Investment Manager to oversee our portfolio. In addition, we retain an Independent Reviewer who advises us on managing financial risks. We meet with them every six months to assess the portfolio, including an analysis of return, risk, and asset allocation. The Investment Manager is instructed to maintain a diverse portfolio with a range of suitable asset classes and send us monthly reports.

Page 3

THE EATON FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Objectives and activities

a.

Our constitution sets out the objective of supporting visual artists, nurses and women (over 18 years of age) who need financial assistance. We help artists and nurses, regardless of their gender.

We use our funds to make grants to individual artists and to other UK charities that support artists, nurses and women in need. Thie year we made grants to 23 partner charities and a list of these charities is given in Note 6. Of these charities, 21 are front-line charities offering practical and therapeutic support to women and their children. As they are located across the UK, they allow us to spread our funding widely and reach a diverse range of beneficiaries. The remaining two partners are Cavell, which supports nurses and midwives in the UK, and the Artists Futures Fund (formerly the Artists’ Benevolent Fund) which supports young artists outside London

Through our grantmaking we fulfil charitable purposes in these specific ways:

The prevention or relief of poverty

Grants to our partner charities relieve poverty by helping to provide, for example, clothes, furniture, carpeting or white goods to individuals without disposable income. We give a specific grant to Christians Against Poverty to support their insolvency work with women throughout the UK.

The advancement of the arts

Artists receive help to develop their work, skills and career by way of grants towards, for example, framing for an exhibition, painting materials or tools, and we are a co-funder of the Artists Futures Fund fellowship programme.

- Relief of those in need by reason of youth, age, ill health, disability or other disadvantage

Our partner charities use our grants to support women from minority communities, refugees, women involved with the criminal justice system, women struggling with addiction, women who have been homeless, young women leaving care, and women fleeing domestic abuse.

Public benefit

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Achievements and performance

a. Main achievements

This year we set up our new programme for women in hardship and continued to work with Christians Against Poverty to support women needing insolvency. We continued our support for nurses through our grants to Cavell (formerly Cavell Nurses’ Trust) and we expanded our partnership with the Artists Futures Fund, while also supporting individual artists.

Page 4

THE EATON FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

b. Key performance indicators

Financial Performance

Objective: The minimum investment objective is to produce a total return of CPI +4% net of fees over 5 year rolling periods (and we include previous years when we operated as the former charity).

Measure: Waverton began managing our portfolio on 19 July 2019, nearly 5 years ago. The value of the investment on 30 June 2019 was £9,764,703 and this rose to £12,366,890 on 30 June 2024. The absolute value of the investment rose from £10,601,580 (2023) to £12,366,890 (2024), which is an increase of 16.7%. Over five years, including the period held by the former charity, the value rose by 26.6% (target return was 28.3%). Result: Target not achieved, return fell short by £159,441. Whilst disappointed not to achieve the target, the Trustees are encouraged with the scale of growth this financial year and firmly believe target returns can be achieved in the future.

Objective: To approve total charitable activity expenditure in line with our budget which is set at 4% of the assets under investment at the start of the year i.e. £424,000. This year the Trustees set an absolute budget of £384,000 for charitable activities, i.e., the total value of our monthly payments from Waverton. Measure: We spent £403,823 on charitable activities. Result: We were within our budget this year.

Objective: To keep support costs at no more than 12% of our total expenditure on charitable activities. Measure: Support costs of £44,147 were 10.9% of charitable expenditure. Result: Achieved.

Performance for Beneficiaries

Objective: To set up a new programme that allows us to balance our duty to our beneficiaries today with our intention to support the beneficiaries of the future.

Measure: We have established funding partnerships with 23 new charities that align with our values and we intend to support these partnerships in the coming years. Result: Achieved

Objective: To support ‘artists’, ‘nurses’ and ‘women’, as defined by our guidelines. Measure: Of the grants approved this year, 19% of grants supported artists, 19% of grants supported nurses, and 61% of grants supported women in need.

Women: £220,000 = 61% Artists: £69,676 = 19% Nurses: £70,000 = 19% Total: £3 59,676

Result: Achieved.

Objective: To respond to 95% of applicants within 2 weeks of the relevant deadline date. Measure: 99% of applicants received a written response within this time. Result: Achieved.

Governance and Management

Objective: To regularly review the Fund’s charitable and financial performance. Measure: Four Trustee meetings were held with relevant advisers present. Trustees kept a close watch on our investments and on our response to our beneficiaries. Result: Achieved.

Page 5

THE EATON FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Financial review

a. Review

The Eaton Fund is set up in perpetuity, hence the Board’s aim is to ensure that the Fund’s assets are invested prudently and profitably over the long term to balance the needs of current and future beneficiaries. We have adopted a total return strategy set out in our Statement of Investment Policy and the mandate with Waverton Investment Management. Our investment objective is to produce a total return of CPI +4% net of fees over 5 year rolling periods. This should protect and modestly grow the capital value of the portfolio over the longer term, although we are aware that in these challenging times, we must accept lower total returns and hence manage our budget prudently.

The Eaton Fund’s investments are managed by Waverton Investment Management Ltd. Our total investment income from its portfolio for year end 2024 was £300,937 (2023 - £265,573).

Income from donations was £90 (2023 - £660) and investment income from other sources was £2,375 (2023 - £nil). Other costs such as investment management fees, foreign tax payments and support costs (net of governance costs) were £66,248, £29,190 and £33,996 respectively (2023 corresponding figures: £59,222, £26,849 and £31,001 respectively).

b. Reserves policy

The Trustees have a robust reserves policy, which is reviewed annually. They continue to work towards a rolling liquidity reserve of 12 months’ running costs, to include the manager’s fee, governance and administration expenses.

Our running costs should come from our unrestricted fund. Therefore, we have authorised that the amount required to cover our annual running costs be transferred from our unapplied total return to our unrestricted fund. This year, the amount is £44,147.

At year end, cash reserves were £86,482 held in our current account and £132,375 held in a COIF Charities Deposit Fund at CCLA.

c. Total Return Investment Policy

The Trustees have adopted a Total Return Investment policy since 2013 for the unincorporated charity up to 30 June 2022. Upon creation of the CIO and subsequent transfer of assets from the previous charity to the CIO, the Trustees felt it prudent to continue to report the impact of the initial value and total return policy in the CIO.

The initial value of the original trust used for investment purposes was established as £7,748,618 as at 30 June 2013. The Trustees calculate the inflation-based value of the original endowment fund (which originated in the previous unincorporated charity) to be £10,566,405, factoring in the movement from June 2013 to June 2024 of £2,817,787, compared to the reported value of £7,748,618. The Trustees will ensure the most up to date inflation-based value is considered when any decision is taken concerning the allocation of the unapplied total return. Since 2013 the Trustees have allowed the unapplied total return to remain intact. Following the intentions set out in the former charity Trustees Statement of Investment Policy (2019) which was adopted by the CIO upon the transfer of assets from the former charity, Trustees expect to use their Total Return Investment policy to meet their charitable objectives. For more information, see Note 2.12 and Note 18 within the accounts.

Page 6

THE EATON FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Financial review (continued)

d. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the CIO has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

e. Material investments policy

Material investments held by the CIO have been acquired on the advice of the investment advisors and are held for their future capital growth and income generating capabilities.

f. Plans for future periods

We have completed the second year of our new funding programme and our plan is to continue running it next year in a similar format. We require our partners to report on a six-monthly basis and we plan to take note of what our partners tell us about the challenges they see. We plan to refine our programme as necessary in the light of the information shared with us.

Members' liability

In the event of the CIO being wound up, the members of the CIO have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities, as stated in the CIO constitution.

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Charity Commission Scheme. 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.

Page 7

THE EATON FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditors

The auditors, Griffin Stone Moscrop & Co, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................ Stephen Kane Chair Date: 21 January 2025

Page 8

THE EATON FUND

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE EATON FUND

Opinion

We have audited the financial statements of The Eaton Fund (the 'charity') for the year ended 30 June 2024 which comprise the Statement of financial activities, the Balance sheet and the related notes, 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).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 charity'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.

Page 9

THE EATON FUND

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE EATON FUND (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which 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 charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 10

THE EATON FUND

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE EATON FUND (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 Auditors' 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.

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

• carrying out substantive checking to supporting documents on a sample basis of individual transactions within income and expenditure to give comfort that on a sample basis the SOFA does not contain any irregular items;

• carrying out walk-through testing to verify that the charity’s accounting systems and controls are being implemented as designed; and

• verifying that material balances within the balance sheet are supported by third party evidence to confirm the existence and valuation of these balances at the balance sheet date.

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.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Page 11

THE EATON FUND

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE EATON FUND (CONTINUED)

disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Griffin Stone Moscrop & Co

Chartered Accountants Statutory Auditors 21-27 Lamb's Conduit Street

London

WC1N 3GS

21 January 2025

Griffin Stone Moscrop & Co are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 12

THE EATON FUND

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024

Note
Income and endowments from:
Donations and legacies
3
Investments
4
Total income and endowments
Expenditure on:
Raising funds
5
Charitable activities
7
Total expenditure
Net expenditure before net gains on
investments
Net gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Endowment
funds
2024
£
-
-
-
95,438
-
95,438
(95,438)
1,747,299
1,651,861
10,972,701
1,651,861
12,624,562		 Unrestricted
funds
2024
£
90
303,312
303,402
-
403,823
403,823
(100,421)
-
(100,421)
80,193
(100,421)
(20,228)		 Total
funds
2024
£
90
303,312
303,402
95,438
403,823
499,261
(195,859)
1,747,299
1,551,440
11,052,894
1,551,440
12,604,334		 Total
funds
2023
£
660
265,573
266,233
86,071
377,231
463,302
(197,069)
565,395
368,326
10,684,568
368,326
11,052,894

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 15 to 29 form part of these financial statements.

Page 13

THE EATON FUND

BALANCE SHEET AS AT 30 JUNE 2024

Note
Fixed assets
Investments
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Endowment funds
15
Restricted funds
15
Unrestricted funds
15
Total funds		 46,364
218,857
265,221
(27,777)		 2024
£
12,366,890
12,366,890
237,444
12,604,334
12,604,334
12,604,334
12,624,562
-
(20,228)
12,604,334		 245,181
226,895
472,076
(20,762)		 2023
£
10,601,580
10,601,580
451,314
11,052,894
11,052,894
11,052,894
10,972,701
-
80,193
11,052,894

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ Stephen Kane Chair Date: 21 January 2025

The notes on pages 15 to 29 form part of these financial statements.

Page 14

THE EATON FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

1. General information

The Eaton Fund is a registered charitable incorporated organisaton (CIO) in England and Wales, with charity number 1197452 and a CIO reference CE027901. Further information on this charity can be found on page 1 and within the Trustees’ report. A description of the nature of the CIO's operations and its principal activities can be found in the report of the trustees.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Eaton Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Statement of cash flows - exemption

Under the amended Charities SORP (FRS102), The Eaton Fund (the charity) is defined as a small charity and as a result is exempt from preparing a statement of cash flows.

2.3 Going concern

The financial statements have been prepared on the going concern basis. The trustees are mindful of the need to prepare realistic budgets and then closely monitor actual financial performance of the planned activities. The trustees have taken into account all information that could reasonably be expected to be available and consider that there are no material uncertanties related to events or conditions that may cast significant doubt upon the CIO's ability to continue as a going concern.

2.4 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 15

THE EATON FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

2. Accounting policies (continued)

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.6 Interest receivable

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 interest paid or payable by the Bank.

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Net gains on investments’ in the Statement of financial activities.

2.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 16

THE EATON FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

2. Accounting policies (continued)

2.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.11 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.12 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Endowment funds are capital funds, originated from the two properties vested in the former charity which now take the form of investments held following the subsequent sale of the properties, that must be retained for the benefit of the charity. It has been agreed that all incoming resources associated with these investments can be utilised for unrestricted purposes. During the year ended 30 June 2014 the Trustees decided to adopt the Total Return Investment policy introduced by the Charity Commission for the former charity. As a result the Trustees at that time determined a value, based on historic financial information available to them, for the "original endowment" of £7,748,618 being the Endowment Fund value as at 30.06.13. Thereafter all movements in the Endowment Fund were, and continue to be within the CIO, accounted for as the "unapplied total return" held within the Endowment Fund. The "unapplied total return" will be held as such until such a time as the Trustees determine that it is satisfactory to release such funds in full or in part to the Unrestricted funds to be used as income in line with the regulations. For more information please refer to Note 18.

Investment income, gains and losses are allocated to the appropriate fund.

3. Income from donations and legacies

Unrestricted Total
funds funds
2024 2024
£ £
Donations 90 90

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THE EATON FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

3. Income from donations and legacies (continued)

Unrestricted
funds
2023
£
Donations
660
Investment income
Unrestricted
funds
2024
£
Interest receivable
87,280
Dividend income
216,032
303,312
Unrestricted
funds
2023
£
Interest receivable
42,415
Dividend income
223,158
265,573		 Total
funds
2023
£
660
Total
funds
2024
£
87,280
216,032
303,312
Total
funds
2023
£
42,415
223,158
265,573

4. Investment income

Page 18

THE EATON FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

5. Investment management costs

Investment management costs
Foreign tax suffered
Investment management costs
Foreign tax suffered		 Endowment
funds
2024
£
66,248
29,190
95,438
Endowment
funds
2023
£
59,222
26,849
86,071		 Total
funds
2024
£
66,248
29,190
95,438
Total
funds
2023
£
59,222
26,849
86,071

6. Analysis of grants

Grants to Grants to Total
Institutions Individuals funds
2024 2024 2024
£ £ £
Grants - Supporting artists, nurses and women in hardship 310,000 49,676 359,676

Listed below is the analysis by recipient of the £310,000 Grant expenditure to Institutions for the year ended 30 June 2024: -

Grants to Grants to Total
Institutions Individuals funds
2023 2023 2023
£ £ £
Grants, Supporting artists, nurses and women in hardship 303,000 35,943 338,943

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THE EATON FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

Unrestricted
funds
2024
£
Name of institution
Aberconwy Domestic Abuse Service
5,000
Advance Advocacy
10,000
Artists’ Futures Fund (formerly Artists’ Benevolent Fund)
20,000
BAWSO
5,000
Belfast & Lisburn Women's Aid
10,000
Cavell Nurses' Trust
70,000
Changing Lives South Yorkshire
5,000
Changing Lives West Midlands
10,000
Christians Against Poverty
40,000
Dundee Women’s Aid
10,000
Stori (formerly Hafan Cymru)
10,000
Harbour Support Services
10,000
Homemaker Southwest
10,000
IMPAKT Housing & Support
10,000
Leeway Domestic Violence and Abuse Services
10,000
Lincolnshire Action Trust
10,000
Livewest Homes
10,000
Pankhurst Trust - Manchester Women's Aid
10,000
Pennine Domestic Abuse Partnership
10,000
SafeNet DAS
10,000
Safe in Sussex
10,000
The Haven Wolverhampton
10,000
Women's Support Project
5,000
310,000		 Total
funds
2024
£
5,000
10,000
20,000
5,000
10,000
70,000
5,000
10,000
40,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
5,000
310,000

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THE EATON FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

7. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2024
£
Supporting artists, nurses and women in hardship
403,823
Unrestricted
funds
2023
£
Supporting artists, nurses and women in hardship
377,231		 Total
2024
£
403,823
Total
2023
£
377,231

8. Analysis of expenditure by activities

Supporting artists, nurses and women in hardship
Supporting artists, nurses and women in hardship		 Grant
funding
activities
2024
£
359,676
Grant
funding of
activities
2023
£
338,943		 Support
costs
2024
£
44,147
Support
costs
2023
£
38,288		 Total
funds
2024
£
403,823
Total
funds
2023
£
377,231

Page 21

THE EATON FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Manager's fee
Subscriptions
Bank charges
Postage and stationary
Telephone & Internet
Room Hire
Auditor's remuneration (governance)
Trustees expenses (governance)
Travel
Exchange (gain)/loss		 Supporting
artists,
nurses and
women in
hardship
2024
£
29,764
860
2,098
651
255
326
9,831
320
47
(5)
44,147		 Total
funds
2024
£
29,764
860
2,098
651
255
326
9,831
320
47
(5)
44,147

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THE EATON FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

8. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Miscellaneous expenses written back
Manager's fee
Legal and professional fees
Subscriptions
Postage and stationary
Bank charges
IT Software and Consumables
Telephone & Internet
Room Hire
Auditor's remuneration (governance)
Trustees expenses (governance)
Travel
Exchange (gain)/loss		 Supporting
artists,
nurses and
women in
hardship
2023
£
(2,692)
30,414
1,363
872
489
275
500
295
710
7,080
207
271
(1,496)
38,288		 Total
funds
2023
£
(2,692)
30,414
1,363
872
489
275
500
295
710
7,080
207
271
(1,496)
38,288

9. Auditors' remuneration

2024 2023
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 7,440 7,080

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL

During the year ended 30 June 2024, expenses totalling £ 320 were reimbursed or paid directly to 2 Trustees (2023 - £207 to 2 Trustees) .

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THE EATON FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

11.
Fixed asset investments
Cost or valuation
At 1 July 2023
Additions
Disposals
Revaluations
At 30 June 2024
Net book value
At 30 June 2024
At 30 June 2023
12.
Debtors
Due within one year
Other debtors
13.
Creditors: Amounts falling due within one year
Creditor ledger
Accruals		 2024
£
46,364
46,364
2024
£
6,257
21,520
27,777		 Listed
investments
£
10,601,580
2,124,171
(1,735,293)
1,376,432
12,366,890
12,366,890
10,601,580
2023
£
245,181
245,181
2023
£
1,370
19,392
20,762

Page 24

THE EATON FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

14. Financial instruments

2024 2023
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 218,857 226,895

Financial assets measured at fair value through income and expenditure comprise cash at bank.

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THE EATON FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

15. Statement of funds

Statement of funds - current year

Balance at
Balance at 1 Gains/ 30 June
July 2023 Income Expenditure (Losses) 2024
£ £ £ £ £
Unrestricted funds
General Funds 80,193 303,402 (403,823) - (20,228)
Endowment funds
Endowment Funds - all funds 10,972,701 - (95,438) 1,747,299 12,624,562
Total of funds 11,052,894 303,402 (499,261) 1,747,299 12,604,334
Statement of funds - prior year
Funds
transferred Balance at
from former Gains/ 30 June
charity Income Expenditure (Losses) 2023
£ £ £ £ £
Unrestricted funds
191,191 266,233 (377,231) - 80,193
Endowment funds
10,493,377 - (86,071) 565,395 10,972,701
Total of funds 10,684,568 266,233 (463,302) 565,395 11,052,894

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THE EATON FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

16. Summary of funds

Summary of funds - current year

General funds
Endowment funds		 Balance at 1
July 2023
£
80,193
10,972,701
11,052,894
Funds
transferred
from former
charity
£
191,191
10,493,377
10,684,568		 Income
£
303,402
-
303,402
Income
£
266,233
-
266,233		 Expenditure
£
(403,823)
(95,438)
(499,261)
Expenditure
£
(377,231)
(86,071)
(463,302)		 Gains/
(Losses)
£
-
1,747,299
1,747,299
Gains/
(Losses)
£
-
565,395
565,395		 Balance at
30 June
2024
£
(20,228)
12,624,562
12,604,334
Balance at
30 June
2023
£
80,193
10,972,701
11,052,894
Summary of funds - prior year
General funds
Endowment funds

17. Analysis of net assets between funds

Analysis of net assets between funds - current period

Fixed asset investments
Current assets
Creditors due within one year
Total		 Endowment
funds
2024
Unrestricted
funds
2024
£
£
12,366,890
-
269,195
(3,974)
(11,523)
(16,254)
12,624,562
(20,228)		 Total
funds
2024
£
12,366,890
265,221
(27,777)
12,604,334

Page 27

THE EATON FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

18. Endowment fund and Total Return Investment Policy

Following the introduction of 'Total Return Investment' policy by the Charity Commission the Trustees considered the merits of adopting such a policy, within the former charity, and came to the conclusion that the form charity should adopt this policy. The main benefits being greater flexibility and access to funds to allow the charity to carry out its objective.

The Trustees considered the financial information of past activities in the Endowment fund and concluded that the original Endowment, as required to be determined by the regulations, should be recognised at the value of the fund as at 30 June 2013, and thereafter all movements should be recognised as 'Unapplied Total Return'. Upon creation of the CIO and subsequent transfer of assets from the previous charity to the new CIO, the Trustees felt it prudent to continue to report the impact of the initial value and total return policy in the CIO..

The initial value of the original trust used for investment purposes was established as £7,748,618 as at 30 June 2013. The Trustees calculate the CPI inflation-based value of the original endowment fund (which originated in the previous unincorporated charity) to be £10,566,405, factoring in the movement from June 2013 to June 2024 of £2,817,787, compared to the reported value of £7,748,618. The Trustees will ensure the most up to date inflation-based value is considered when any decision is taken concerning the allocation of the unapplied total return. Since 2013 the Trustees have allowed the unapplied total return to remain intact.

The detailed movement on the Endowment fund for the year ended 30 June 2024 is as shown below:

Funds transferred from former charity
Original Endowment
Unapplied Total Return
Movements in the year
Investment management expenses
Foreign tax suffered
Realised gains on investments
Unrealised gains on investments
Carried forward as at 30 June 2024
Original Endowment
Unapplied Total Return		 Original
Endowment
Unapplied
Total Return
£
£
7,748,618
-
-
3,224,083
7,748,618
3,224,083
-
(66,248)
-
(29,190)
-
370,867
-
1,376,432
-
1,651,861
7,748,618
-
-
4,875,944
7,748,618
4,875,944		 Total
funds
£
7,748,618
3,224,083
10,972,701
(66,248)
(29,190)
370,867
1,376,432
1,651,861
7,748,618
4,875,944
12,624,562

Page 28

THE EATON FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

Endowment Total
funds funds
2023 2023
£ £
Carried forward as at 30 June 2023
Total 10,972,701 10,972,701

Page 29