Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
Charity number: 1197452 (CIO registration number CE027901)
THE EATON FUND (CIO)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
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 - 30 |
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
THE EATON FUND
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2025
| Trustees | Egle Banelyte |
|---|---|
| Nicola Brooker | |
| Stephen Kane, Chair | |
| Gillian Rogers | |
| David Wilson | |
| Stuart Woltkamp-Moon (resigned 13 September 2024) | |
| Christine Boakye (appointed 12 September 2025) | |
| Megan Pengelly (appointed 12 September 2025) | |
| 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 PO Box 7193 Planetary Road Willenhall WV1 9DG Investment manager W1M Wealth Management Limited 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
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
THE EATON FUND
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2025
The Trustees present their annual report together with the audited financial statements of The Eaton Fund for the year 1 July 2024 to 30 June 2025. 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 replaces our original Charity, The Eaton Fund for Artists, Nurses and Gentlewomen, because Trustees 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)
In September 2025 two new Trustees were appointed. They are Christine Boakye and Megan Pengelly.
Page 2
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
THE EATON FUND
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
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:
-
regular strategic reviews, an annual budget approved by the Trustees and quarterly reviews of the financial position along with the investment performance in line with budgets;
-
regular reports submitted by the Manager;
-
regular reports submitted by grant recipients.
-
regular consideration by the Trustees of the financial position; and
-
identification and management of risks.
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
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
THE EATON FUND
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
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 continued running our programme of block grant to organisations that support women in hardship and we continued to work with Christians Against Poverty to support women needing insolvency. We continued our partnership with the Artists Futures Fund, while also supporting individual artists. And we expanded our support for nurses through a new grant to the Royal College of Nursing, specifically for Healthcare Support Workers, while also continuing our grants to Cavell (formerly Cavell Nurses’ Trust).
Page 4
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
THE EATON FUND
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
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.
Measure: The value of the investment on 30 June 2020 was £9,717,353 and this rose to £12,455,370 on 30 June 2025. Over five years, including the period held by the former charity, the value rose by 28.2% (target return was 31.9%).
Result: Target not achieved, return fell short by £361,872. 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. £495,000. This year the Trustees set an initial budget of £465,584. for charitable activities, and as the year progressed additional funding was allocated including a new of grant of £10,000 to support healthcare workers and extra funding for artists. Measure: We spent £494,558 on charitable activities.
Result: We were 6.23% above our budget this year but actually achieved the objective to keep total charitable activity set at 4% of the assets under investment at the start of the year.
Objective: To keep support costs at no more than 12% of our total expenditure on charitable activities. Measure: Support costs of £42,870 were 8.67% 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, 21.5% of grants supported artists, 19.9% of grants supported nurses, and 58.6% of grants supported women in need.
Women: £264,800 Artists: £96,888 Nurses: £90,000 T otal: £451 ,688
Result: Achieved.
Objective: To respond to applicants within 2 weeks of the relevant deadline date. Measure: 100% 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
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
THE EATON FUND
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
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 W1M (formerly Waverton Investment Management Ltd). Our total investment income from its portfolio for year end 2025 was £324,881 (2024 - £300,937).
Investment income from other sources was £5,666 (2024 - £2,375). Other costs such as investment management fees, foreign tax payments and support costs (net of governance costs) were £69,773, £28,878 and £34,527 respectively (2024 corresponding figures: £66,248, £29,190 and £33,996 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 £42,870 (2024: £44,147).
Budgeted spending on grants and overheads in this financial year has led to a carry forward deficit in the unrestricted fund of £140,092 as at 30th June 2025. Trustees will therefore use their power under the Total Return Strategy to authorise a transfer from the unapplied total return to the unrestricted fund in the Year end 30th June 2026. Their intention is to clear the deficit in the unrestricted fund reported this year and thereafter they intend to provide sufficient funds to cover budgeted spending in future years. Trustees recognise that this transfer will be reviewed annually as their spending plans for the foreseeable future will require the use of the total return strategy to bolster the unrestricted fund.
At year end, cash reserves were £61,260 held in our current account and £133,041 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 CPI inflation-based value of the original endowment fund (which originated in the previous unincorporated charity) to be £10,944,621, factoring in the movement from June 2013 to June 2025 of £3,196,003, compared to the reported value of £7,748,618. The Trustees will ensure the most up to date CPI inflation-based value is considered when any decision is taken concerning the allocation of the unapplied total return. 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
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
THE EATON FUND
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
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 third year of our block grant 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 continue 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:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
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
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
THE EATON FUND
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
-
so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
-
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
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 28/1/2026 Date:
Page 8
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
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 2025 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:
-
give a true and fair view of the state of the charity's affairs as at 30 June 2025 and of its incoming resources and application of resources for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
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
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
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:
-
the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
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
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
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:
-
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
-
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charity's internal control.
-
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees.
-
Conclude on the appropriateness of the Trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the charity to cease to continue as a going concern.
-
Evaluate the overall presentation, structure and content of the financial statements, including the
Page 11
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
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
Date: 29/1/2026
Griffin Stone Moscrop & Co are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 12
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
THE EATON FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2025
| 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 income/(expenditure) Transfers between funds 15 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Endowment funds 2025 £ - - - 98,651 - 98,651 (98,651) 497,622 398,971 (44,147) 354,824 12,624,562 354,824 12,979,386 |
Unrestricted funds 2025 £ - 330,547 330,547 - 494,558 494,558 (164,011) - (164,011) 44,147 (119,864) (20,228) (119,864) (140,092) |
Total funds 2025 £ - 330,547 330,547 98,651 494,558 593,209 (262,662) 497,622 234,960 - 234,960 12,604,334 234,960 12,839,294 |
Total funds 2024 £ 90 303,312 303,402 95,438 403,823 499,261 (195,859) 1,747,299 1,551,440 - 1,551,440 11,052,894 1,551,440 12,604,334 |
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 15 to 30 form part of these financial statements.
Page 13
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
THE EATON FUND
BALANCE SHEET AS AT 30 JUNE 2025
| 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 Total net assets Charity funds Endowment funds 15 Restricted funds 15 Unrestricted funds 15 Total funds |
212,160 194,301 406,461 (22,537) |
2025 £ 12,455,370 12,455,370 383,924 12,839,294 12,839,294 12,839,294 12,979,386 - (140,092) 12,839,294 |
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 |
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
Stephen Kane Chair 28/1/2026 Date:
The notes on pages 15 to 30 form part of these financial statements.
Page 14
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
THE EATON FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
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.
Budgeted spending on grants and overheads in this financial year has led to a carry forward deficit in the unrestricted fund of £140,092 as at 30th June 2025. Trustees will therefore use their power under the Total Return Strategy to authorise a transfer from the unapplied total return to the unrestricted fund in the Year end 30th June 2026. Their intention is to clear the deficit in the unrestricted fund reported this year and thereafter they intend to provide sufficient funds to cover budgeted spending in future years. Trustees recognise that this transfer will be reviewed annually as their spending plans for the foreseeable future will require the use of the total return strategy to bolster the unrestricted fund.
Page 15
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
THE EATON FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
2. Accounting policies (continued)
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 16
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
THE EATON FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
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 17
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
THE EATON FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
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.
Page 18
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
THE EATON FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
3. Income from donations and legacies
| Unrestricted funds 2025 £ Unrestricted funds 2024 £ Donations 90 4. Investment income Unrestricted funds 2025 £ Interest receivable 103,830 Dividend income 226,717 330,547 Unrestricted funds 2024 £ Interest receivable 87,280 Dividend income 216,032 303,312 |
Total funds 2025 £ Total funds 2024 £ 90 |
|---|---|
| Total funds 2025 £ 103,830 226,717 |
|
| 330,547 | |
| Total funds 2024 £ 87,280 216,032 |
|
| 303,312 |
Page 19
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
THE EATON FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
5. Investment management costs
| Investment management costs Foreign tax suffered Investment management costs Foreign tax suffered Analysis of grants Grants - Supporting artists, nurses and women in hardship Grants, Supporting artists, nurses and women in hardship |
Grants to Institutions 2025 £ 374,800 Grants to Institutions 2024 £ 310,000 |
Endowment funds 2025 £ 69,773 28,878 98,651 Endowment funds 2024 £ 66,248 29,190 95,438 Grants to Individuals 2025 £ 76,888 Grants to Individuals 2024 £ 49,676 |
Total funds 2025 £ 69,773 28,878 |
|---|---|---|---|
| 98,651 | |||
| Total funds 2024 £ 66,248 29,190 |
|||
| 95,438 | |||
| Total funds 2025 £ 451,688 |
|||
| Total funds 2024 £ 359,676 |
6. Analysis of grants
The Charity has made the following material grants to institutions during the year:
Page 20
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
THE EATON FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
6. Analysis of grants (continued)
| 2025 £ Name of institution Other grants to institutions 374,800 Unrestricted funds 2025 £ Name of institution Aberconwy Domestic Abuse Service 5,500 Advance Advocacy 11,000 Artists’ Futures Fund (formerly Artists’ Benevolent Fund) 20,000 BAWSO 11,000 Belfast & Lisburn Women's Aid 11,000 Cavell Nurses' Trust 80,000 Changing Lives South Yorkshire 11,000 Changing Lives West Midlands 5,500 Christians Against Poverty 60,000 Dundee Women’s Aid 5,500 Stori (formerly Hafan Cymru) 11,000 Harbour Support Services 11,000 Homemaker Southwest 11,000 IMPAKT Housing & Support 11,000 Leeway Domestic Violence and Abuse Services 11,000 Lincolnshire Action Trust 16,500 Livewest Homes 11,000 Pankhurst Trust - Manchester Women's Aid 11,000 Pennine Domestic Abuse Partnership 11,000 Royal College of Nursing 10,000 SafeNet DAS 11,000 Springfield Support Project 6,800 The Haven Wolverhampton 11,000 Women's Support Project 11,000 374,800 |
2024 £ 310,000 |
|---|---|
| Total funds 2025 £ 5,500 11,000 20,000 11,000 11,000 80,000 11,000 5,500 60,000 5,500 11,000 11,000 11,000 11,000 11,000 16,500 11,000 11,000 11,000 10,000 11,000 6,800 11,000 11,000 |
|
| 374,800 |
Page 21
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
THE EATON FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
7. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2025 £ Supporting artists, nurses and women in hardship 494,558 Unrestricted funds 2024 £ Supporting artists, nurses and women in hardship 403,823 |
Total 2025 £ 494,558 |
|---|---|
| Total 2024 £ 403,823 |
8. Analysis of expenditure by activities
| Supporting artists, nurses and women in hardship Supporting artists, nurses and women in hardship |
Grant funding activities 2025 £ 451,688 Grant funding of activities 2024 £ 359,676 |
Support costs 2025 £ 42,870 Support costs 2024 £ 44,147 |
Total funds 2025 £ 494,558 |
|---|---|---|---|
| Total funds 2024 £ 403,823 |
Page 22
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
THE EATON FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
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 2025 £ 31,712 840 889 424 260 357 8,122 221 54 (9) 42,870 |
Total funds 2025 £ 31,712 840 889 424 260 357 8,122 221 54 (9) 42,870 |
|---|---|---|
Page 23
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
THE EATON FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
8. Analysis of expenditure by activities (continued)
Analysis of support costs (continued)
| Manager's fee Subscriptions Postage and stationary Bank charges Telephone & Internet Room Hire Auditor's remuneration (governance) Trustees expenses (governance) Travel Exchange (gain)/loss |
Supporting artists, nurses and women in hardship 2024 £ 29,764 860 651 2,098 255 326 9,831 320 47 (5) 44,147 |
Total funds 2024 £ 29,764 860 651 2,098 255 326 9,831 320 47 (5) |
|---|---|---|
| 44,147 |
9. Auditors' remuneration
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's auditor for the audit of the Charity's annual | ||
| accounts | 7,810 | 7,440 |
10. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL
During the year ended 30 June 2025, expenses totalling £ 221 were reimbursed or paid directly to 1 Trustee (2024 - £320 to 2 Trustees) .
Page 24
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
THE EATON FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
| 11. Fixed asset investments Cost or valuation At 1 July 2024 Additions Disposals Revaluations At 30 June 2025 Net book value At 30 June 2025 At 30 June 2024 12. Debtors Due within one year Other debtors 13. Creditors: Amounts falling due within one year Creditor ledger Accruals |
2025 £ 212,160 212,160 2025 £ 400 22,137 22,537 |
Listed investments £ 12,366,890 1,068,717 (1,251,217) 270,980 12,455,370 12,455,370 12,366,890 2024 £ 46,364 46,364 2024 £ 6,257 21,520 27,777 |
|---|---|---|
Page 25
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
THE EATON FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
14. Financial instruments
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 194,301 | 218,857 |
Financial assets measured at fair value through income and expenditure comprise cash at bank.
Page 26
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
THE EATON FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
15. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Endowment funds Endowment Funds - all funds Total of funds |
Balance at 1 July 2024 £ (20,228) 12,624,562 12,604,334 |
Income £ 330,547 - 330,547 |
Expenditure £ (494,558) (98,651) (593,209) |
Transfers in/out £ 44,147 (44,147) - |
Gains/ (Losses) £ - 497,622 497,622 |
Balance at 30 June 2025 £ (140,092) 12,979,386 12,839,294 |
|---|---|---|---|---|---|---|
Budgeted spending on grants and overheads in this financial year has led to a carry forward deficit in the unrestricted fund of £140,092 as at 30th June 2025. Trustees will therefore use their power under the Total Return Strategy to authorise a transfer from the unapplied total return to the unrestricted fund in the Year end 30th June 2026. Their intention is to clear the deficit in the unrestricted fund reported this year and thereafter they intend to provide sufficient funds to cover budgeted spending in future years. Trustees recognise that this transfer will be reviewed annually as their spending plans for the foreseeable future will require the use of the total return strategy to bolster the unrestricted fund.
Statement of funds - prior year
| Unrestricted funds General Funds Endowment funds Endowment Funds - all funds Total of funds |
Funds transferred from former charity £ 80,193 10,972,701 11,052,894 |
Income £ 303,402 - 303,402 |
Expenditure £ (403,823) (95,438) (499,261) |
Gains/ (Losses) £ - 1,747,299 1,747,299 |
Balance at 30 June 2024 £ (20,228) 12,624,562 12,604,334 |
|---|---|---|---|---|---|
Page 27
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
THE EATON FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
16. Summary of funds
Summary of funds - current year
| General funds Endowment funds |
Balance at 1 July 2024 £ (20,228) 12,624,562 12,604,334 |
Income £ 330,547 - 330,547 Balance at 1 July 2023 £ 80,193 10,972,701 11,052,894 |
Expenditure £ (494,558) (98,651) (593,209) Income £ 303,402 - 303,402 |
Transfers in/out £ 44,147 (44,147) - Expenditure £ (403,823) (95,438) (499,261) |
Gains/ (Losses) £ - 497,622 497,622 Gains/ (Losses) £ - 1,747,299 1,747,299 |
Balance at 30 June 2025 £ (140,092) 12,979,386 12,839,294 Balance at 30 June 2024 £ (20,228) 12,624,562 12,604,334 |
|---|---|---|---|---|---|---|
| Summary of funds - prior year | ||||||
| General funds Endowment funds |
17. Analysis of net assets between funds Analysis of net assets between funds - current year
| Fixed asset investments Current assets Creditors due within one year Total |
Endowment funds 2025 Unrestricted funds 2025 £ £ 12,455,370 - 535,579 (129,118) (11,563) (10,974) 12,979,386 (140,092) |
Total funds 2025 £ 12,455,370 406,461 (22,537) 12,839,294 |
|---|---|---|
Page 28
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
THE EATON FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
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 £10,944,621, factoring in the movement from June 2013 to June 2025 of £3,196,003, 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 had allowed the unapplied total return to remain intact but due to the increased needs of the beneficiaries it has been necessary to increase grant payments which has meant the need to make a transfer from the Endowment Fund to the Unrestricted Fund in year end 30 June 2025.
The Trustees recognise that budgeted spending on grants and overheads in this financial year has led to a further carry forward deficit in the unrestricted fund of £140,092 as at 30th June 2025. Trustees will therefore use their power under the Total Return Strategy to authorise a transfer from the unapplied total return to the unrestricted fund in the Year end 30th June 2026. Their intention is to clear the deficit in the unrestricted fund reported this year and thereafter they intend to provide sufficient funds to cover budgeted spending in future years. Trustees recognise that this transfer will be reviewed annually as their spending plans for the foreseeable future will require the use of the total return strategy to bolster the unrestricted fund.
The detailed movement on the Endowment fund for the year ended 30 June 2025 is as shown below:
Page 29
Docusign Envelope ID: 45EAD027-7BAF-4ADF-B3B2-8F6AD28DF966
THE EATON FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
| Brought forward from 1st July 2024 Original Endowment Unapplied Total Return Movements in the year Investment management expenses Foreign tax suffered Realised and unrealised gains on investments Transfer to Unrestricted fund Carried forward as at 30 June 2025 Original Endowment Unapplied Total Return Carried forward as at 30 June 2024 Total |
Original Endowment Unapplied Total Return £ £ 7,748,618 - - 4,875,944 7,748,618 4,875,944 - (69,773) - (28,878) - 497,622 - (44,147) - 354,824 7,748,618 - - 5,230,768 7,748,618 5,230,768 Endowment funds 2024 £ 12,624,562 |
Total funds £ 7,748,618 4,875,944 12,624,562 (69,773) (28,878) 497,622 (44,147) 354,824 7,748,618 5,230,768 12,979,386 Total funds 2024 £ 12,624,562 |
|---|---|---|
Page 30