Poorfs Estate in the Ancient Parish of Eton (known a5 Eton Poorf5 E5tatel (Charity No. 2006401 Annual report and financial statements for the year ended 31 December 2020
Eton Poorfs Estate For the year ended 31 December 2020 Contents Page Trustees, Report Independent examinerfs report Statement of financial activities Balance sheet Cash flow statement io Notes to the financial statements 11-15
Eton Poorfs Estate Trustees, Report for the year ended 31 December 2020 The full title of the trust is"Eton Poorfs Estate-. Charity No. 2(K)640. The trustee5 present their Statutory report with the accounts of Eton Poorfs Estate for the year ended 31 December 2020. The accounts have been prepared in accordance with the accounting policies set out on page 11 and 12 therein and comply with the Charitvs Trust Deed. applicable laws and the requirements of FRS 102, Charities SORP IFRS 1021. and Charities Act 2011. Structure, governance and management Status and administration Eton Poorfs Estate wa5 founded as a charity governed by a Trust Deed dated 3 April 1639. This Deed was varied on 27 September 1938. Eton Poorfs Estate 15 registered as an unincorporated charity in Eneland and Wale5 under the Charity Commission reference number 200640. The trustees are responsible for the administration and decisions of the Poorfs Estate in accordance with the Trust Deed. The trustees have adopted the elements of accountin8 policies recommended in the Charities SORP IFRS 1021. The Trusteès The trustees, who held office during the yeaf and subsequently were: Ex officio (the Prov05t und Vice- Provost of Eton College) The Lord Waldegrave of North Hill PC MA Or Andrew Galley CVO MA PhD IresiÉned 31" August 20211 Mr Peter McKee (appointed 1° September 20211 Four trustee5 nomAnuted by the Provost ond Fellows Mr5 Susan Warner The Revd La siacev Mr Philip Hiehy Miss Marie Hoadley Six representtstive trustees oppointed by Eton Town Council Cllr Jane Reed Cllr Douglas Hill Cllr Derek Bishop Clli Pamela Baker Cl1¥ George Fus5ev Cllr Michael Blightman The trustees are appointed in actordante with the Trust Deed.. College trustees so long as they iemain Fellows. nominated trustees for a term of 5evÈn years. and Representative Trustees for a period of four years. Appointment is made at a meeting convened and held according to the ordinarv practice of the Council. New trustees are pro¥ided with a copy of The Charity Commissitsn Guidance manual CC3 The Essential Trustee.. Wh31 you need to know. Key managèmènt personnèl Charteris Club Manager Printipal addre55 Eton College. Eton. Windsor, Berks, SL4 6DW Bankers Barcl3y5 Bank PLC, One Churchill Place, Canary Wharf, Lorbdon, E14 5HP Blackrock, JPMorgan House, International Financial Services Centre. Dublin. Ireland Solicitors Farrer & Co, 66 LTrncoln'5 Inn Fbeld5, London, WC2A 3LH Independent examiner Crowe U.K. LLP. 55 Ludgate Hill. London. EC4M 71W Investment manager M & G Securities Ltd, Laurence Pountney Hill, London. EC4R OHH
Eton Poorfs Estate Trustees. Report for the year ended 31 December 2020 (continued) Objectives and Activities The object of the charity is thè relief. either generally or individually, of persons resident in the area of the Ancient Parish of Eton who, by rÈason of age. infirmity or poverty, are in need, hardship or distress. Payrnents are rnade to in5titution5 and organisations which provide relevant Servi$. In exceptional cases relief can be granted to persons who are not resident in the Parish but who, in the opinion of the irustees. ought nevertheless to be treated as if thev were resident. or who are located for the time being in the Parish. The trustees shall apply the clear income of the charity for the above-mentioned object. In so far a5 the income is not required for application of the above object. then the trustees may apply income for any chèritèble purpose for the general benefit of the inhabitants of the Ancient Parish of Eton. In applying the income of the charity for relief of need, the trustee5 do not commit themselves to repeat or renew the relief granted on any fulure occasion or case. The charity operates, for the elderly. the Charteris Club at Eton Wick Villa8e Hall. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charivs aims and objectives and in planning future activities and setting the grant making policy for the year. Achievements and Performance The main activity of the charity is the running of the Charteris Club. which 15 an active and much appreciated facility for Senior Citizens living in Eton and Eton Wick. The Charteris Club provides lunches, a social tenire. day trips and activities. There are approximately 25 mernber5 Wlth the capacity to be able to extend beyond this number. A primary objective 15 to provide a welcoffling and enjoyable enviionmeni for the elderly. so they will keep attending the centre. Covid has had an impact on the running of the Charteris Club due to Governrnent restrictions prohibiting gatherings. A lunch service has continued to be provided by the staff of Eton Poorfs delivering lunches to members. The other activity of the charity is the provision of financial grants within its object to individuals in need, other charities and organisations. In the year £4,35612019.. £6.3671 was attributed to grants rnade. This related to four causes. A budget of £6.000 is allocated to grants made eath year. If this is underspent, then add¢tional expenditure can be made in the next financial year_ Investmerrt policy The 8overnin8 instrument gives the trustees the power to invest the monies of the charity not immediately Tequired for its object in 5LJch facilities 35 may be thouÈht fit for the satisfaction of the object of the charity. The investments are held over two funds with M&G Securities Ltd. These are Charibond (Charity Authorised Investment Fundl and Chaiifund units that are split evenly 10 73.5% to permanent endowment and 26.5% to unrestricted funds. The objective is to raise income that can be used to support the running of the Charteris Club and foi the units held to increase in value each year. This year the value of the investments has decreased in value by E113.928 from £811,605 to £697,677 12019.. increased by £97.2041. The tapital performance of the Charifund unit has been afferted by Covid and the unit has delivered a lower dividend this year. Grant policy Trustees have the powers to make grants to either individua15 or organisation5 in line with the charity's objects. Causes are selected via an application process leither verbal or writtenl sent to an Eton Poor's Estate trustee.
Eton Poorfs Estate Trustees, Report for the year ended 31 December 2020 (continued) Grant pollry Icontlnued) This is then raised at a trustee meeting. A vote of the trustees takes place to approve each grant. Alternatively, a grant can be approved via email. if the majority of the trustee5 approve the application and there is not a trustees meeting approachin@. The main body of grants to organisations conslst of the support for local community events nd lotal or83nisationslcharilies that require funding. Volunteers The Charteris Club has volunteers io help with the lunch service and organised activities. Reserves policy The only source of income for the charity. apart from donations to and fundraising by the Charteri5 Club, is the income that it generates from its investmerhts. Expenditure. therefore. is tailored to 3 level within predicted income,. there is no dependence on fundraising or other artivity to fund the charivs commitments. The least flexible commitment is to the support of the Charteri5 Club at a cost of £24.76212019.. £30.2891. and the grant5 of £4,356 12019.. £6.3671 are discretionary- The poliry towards reserves, which are the unrestricted funds of £247.80812019.. £274.2731. is to ensure that they do not fall to a level that would mean suddenly withdrawing support from the Charteris Club. The fund5 held in the unrestricted fund would, on a worse case Scenario. be Sufficient to support the charity for six further year5 Ibased on expenditure remaining constant and no further incoffle being received). The permanent endowment fund consists of units held within the M&G Securities Itd investment portfolio. This capital rnust be maintained and is not available as free reserves. The pefrn3nent endowment fund of £513,037 12019= £596,8211 contributes to the majority of reserves held at the balance sheet date. As at 31 December 2020 the rÈservÈs are £760.845 which is sufficient to sustain future obligation5. Risk asse55ment The major risks, to which the charity is exposed. as identified by the trustees. have been feviewed and systems and tontTols have been established to mitigate these risks. Financial Review The fvnd5 of the Poorfs Estate have decreased by £110.249 to E760,84512019.. £871.0941. which was rnainly due to unrealised 1055es on the revaluation of investments of E113.928. There was a surplus of £3.679 12019.. surplus £9,569) of income over expenditure, before transfers. Eains and losses on inve5tment5. Future Plans The chHriVs futurè plans involve to restart the runntng of the CharteT15 Club in Eton Wick once Government restrictions are eased. to prowde a happy and enjoyable place for local elderly members to attend. In addition Eton Poor's Estate plans to provide subsidtsed attivities for the members and further grants made in line with the charity'5 objects throughout 2021.
Eton Poorfs Estate Trustees, Report for the year ended 31 December 2020 (continued) Going concern The trustees have a reasonable expertation that the charity has adequate resources to continue in operational existence for the foreseeable future being a period of at least 12 months frorn approval of the financial statement5. No material uncertainties in relation to the ability of the charity to continue on a going contern basi5 have been identified by the trustees. Thu5 they continue to adopt the going concern ba515 of accounting in preparing the financial statements. Trustees. Responsibilities Statement The tru5tee5 are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted AccountinE Practice (United Kingdom Accounting Standards). The law applitable to charities in England and Wales requires ihe trusiees 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 the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policie5 and then apply them consistently- observe the rnethods and principles in the Charities SORP.. make judgements and estimate5 that are reasonable and prudent. state whether applicable United Kingdom Accounting Standards have been followed. subject to any material departures disclosed and explained in the accounts.. and prepare the financial statement5 on the going concern basi5 unless it is inappropriate to presume that the charity will continue in busines5. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any tirne the financial position of the charity and enable them to ensure that the financial statements comply with the Charitie5 Act 2011. the Charity IAccounts and Reports) Regulations 28 and the provisions of the Trust Deed. Thev are also responsible for safe8uarding the assets of the d)arity and hence for taking reasonable steps for the prevention and detection of fraud ènd other irregularitie5. l.-V- o(n The Lord Waldegrave of North Hill Trustèe Date.. actobec 2021
Eton Poorfs Estate Independent Examinerfs Report to the trustees of Eton Poorfs Estate I report to the trustee5 on rny ex3mination of ihe accounts of Eton Poorfs Estate Ithe Tiusil for the year ended 31 December 2020, which are Set out on pages 8 to 15. This report is made 501ely to the charitws trustees. as a body, in accordan with section 154 of the Charities Act 2011. My independent examinerf5 work has been undertaken so that I might state to the charity's trustees those matters l am required to state to them in an independent examinerfs report and for no other purpose. To the fullest extent permitted by law. I do not accepl or assume rÈspon5trbility to anyone other than the charity, the charity's members as a body and the charit(s trustee5 a5 3 body for my independent examinerfs work. for this report, or for the opinions I have foimed. Re5pon5ibilTrtiÈs and basls of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Art'l. I report in respect of my examination of the Trust's accovnts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Direction5 8ivÈn by the Charity Commission under section 14515llbl of the Act. Independènt examlnerfs statement I have completed rny examination. I confirm that no material matters have tome to my attention in connection with the examination 8ivinÈ me cause to believe that in any materi31 respect- accounting records were not kept in rèspect of the Trust a5 required by section 130 of the Act., or the accounts do not accord with those records- or the account5 do not comply with the applicable requirements concernine the form and content of accounts set out in the Charities IAccounts and Reports) Regulations 2008 othe¥ than any requirement that the accounts give a 'true and fair vievl which 15 not a matter considered as part of an independent examination. I have no concern5 have come across no other matters in connection with the examination to which attention should be drawn in this report bn order to enable a proper understanding of the accounts to be reached. rina M Alllson FCCA Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Date.. 27 OctthÈr 2021
Eton Poorfs Estate Statement of financial activities for the year ended 31 December 2020 Notes 2020 2020 2020 2020 Totsl Funth 2019 UnresrrKtÈd Funds 2019 RestrKted FThd$ 2019 Permanent Endowrnent Fund5 2019 Funds Funds Funds Fufv Income from.. Donations Other activities 307 307 Investment income 33,924 33.924 40.448 40,448 Charf(able activities 72 Z2n 5,485 5,485 Totsl Income .196 36.196 46,240 49.840 Expendlture on.. Investment 133991 13.3991 13.6151 rnanagernent Costs Charrtable activities 129.ltsl 129.1181 133.0571 136.6571 Yotal expendlture 1325171 132517) 116,6721 13.6CQI 140.2721 Net1105sesl/gains on inve5trnents 130.1441 183.7841 Ill328) 25,720 71.484 97.204 Net IZ6J651 181.7841 11102491 35.288 71,484 106,772 lexpenditureifincome RecoThclliation of fund$'. Tot81 funds brought forward z74.zn 596AI 87L094 238,9&5 525,337 764.322 Tot81 funds carried forward 247.808 $13M7 76OA45 274,273 596,821 871.094 The note5 on pa8e5 11 to 15 form part of these financial statements.
Eton Poorfs Estate Balance sheet as at 31 December 2020 2020 2019 Notes Fixed assets Investments 697,677 811.605 Total fimed assèts 697.677 811,605 Current assets Debtors 435 550 Cash at bank and in hand 67.545 65.534 Total current assets 67.980 66,084 Llabllltles Creditors- Amounts falling due within one year 14.8121 16.5951 Net current assets 63.168 59,489 Total net assets 76045 871.094 Funds of the charlty Permanent Endowmerbt Fund 513,037 596.821 Unrestricted Funds 247.808 274,273 Total funds 7fj0W5 871.094 The financial statements of Eton Poorfs Estate set out on pa8e5 8 to 15 were authori5ed for issue and approved by the trustees on 5th LX totec 2021 and signed on their behalf bv.. The Lo d Waldegrave of North Hill Trustee
Eton Poorfs Estate Cash Flow Statement for year ended 31 December 2020 2020 2019 Notes Cash flows from operating artivities Net cash used in operating activitie5 li 131,9131 126.4311 Cash flows from inv¢stln8 artivities Investment income 33,924 40.448 Net cash provided by investing activities 33,924 40,448 Change in cash and cash equivalents in the year 2,011 14,017 Cash and cash equivalents at the beginning of the year 65.534 51,517 Cash and cash equlvalents at the end of the year 67.545 65,S34 The note5 on pages 11 to 15 form part of these financial statements. 10
Eton Poorfs Estate Notes to the financial statements for the year ended 31 December 2020 Charity information Eton Poor's Estate is a charity registered with the Charity Commission in England and Wales. charity number 200640. The address of the registered office is Eton College. Eton. Windsor. Berkshire, SL4 6DB. Accounting policies Basis of Accounting The financial statements have been prepared in accordance with the Charities SORP IFR51021 applicable to charities prep3rin8 their accounts in accordance with the Finantial ReportinE Standard applicable in the UK and Republic of Ireland and the Charities Act 2011 and the UK Generally Accepted Practice. The financial statements have been prepared lo give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to Pfovide a 'true and fair view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 rather than the Accounting ènd Reporting by Charilies= Statement of Recommended Practice effettive from l April 2(X)5 which has since been withdrawn. Eton Poorfs Estate meets the definition of a public benefit entity under FRS 102. Assets and liabilitie5 are initially recognised at historical cost or transaction value unles5 Otherwise stated in the relevant atcountin8 policy notes. Taxatlon As a charity Eton Poorfs Estate is exempt from taxation of income and gains received within categories covered bv The Corporation Taxe5 Act 2010, Part li to the extent that these a applied to its charitable object5. No tax charge has arisen in the period. Golng Concern The trustees have 3 reasonablè expectation that the charity has adequate re50urce5 to continue in operational existence for the foreseeablÈ future, being a period of at least 12 months frorn the apprtsval of the financial statements. No material uncertainties in relation to the ability of the charity to continue on a going concern basis have been identified by the tru5tee5. Thu5 they continue to adopt the going concern basi5 of accounting in preparing the financial statements. Income All income is reco8ni5ed once the charity has eniitlement to the income. il is probable that the income will be received and the amount of income receivable can be measured reliably. Donations are reco8nised on receipt unless Eton Poorfs Estate has been notified in writing of both the amount and settlement date. Charitable aetivities include income generated through fundraising events hosied by Eton Poorfs Estate and income is recognised on a receipts ba51S. Interest on funds held on dep051t Is included when receivable and the amount can be measured reliably by the charity., this is normally upon notificalion of the interest paid or payable by the bank. Dividends are re¢ognised once the dividend term has been declared and notification has been received of the dividend due. Thi5 15 normally upon notification by our investment advisor of the dividend yield of the investment portfolio. Expenditure All expenditure is accounted for in the StatÈrnÈnt of Financial Artivities in the period to which the cost relates and is apportioned to cost categories based on the nature of the cost incurred. Grants are accounted for in the period in which they are made or communicated to the third party- The grant makin8 policy 15 di5CU55ed further in the Tru5tee5' Report. Support costs are the costs associated wtth thè governan arrangement5 of the charity which relatÈ to the governance of the charity as opposed to those tost$ 3550ciated with fundraising or charitable activity.
Eton Poorfs Estate Notes to the financial statements for the year ended 31 December 2020 (continued) Pensions The employees of Eton Poorf5 Estate are eligible to join the Eton College defined contribution scheme and the recharged contributions are charged to the Eton Poorfs Eslate Statement of Financial Activities. There were no contributions outstanding at the balance sheet date.12019'. nil). Financial instruments Eton Pools Estate has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic f1nancial instruments are initially recognised at transattion value and subsequently measured at amortised cost. Financial assets held at amortised cost comprise cash at bank and in hand. together with trade and other debtors. Financial liabilitie5 held at amortised cost comprise trade and other crediiors. Investments are held at fair value at the Balance Sheet datè. with gains and losses being recognised within income and expenditure in the Statement of Financial Activities. Funds Unrestricted funds can be Spènt on any charitable purpose in accordance with the objetts of the charity at the discretion of the trustees. The Endowment Fund relates to a perrnanent endowment held within investments. There is no restriction over the income Éenerated from this fund. Key estimates and judgements In the application of Eion Poorfs Estate accountinÈ pollcies. which are described in note 2. trustees are required to make judgernent5. estimates. and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions afe based on historical experience and other factor5 that are considered to be relevant. Artual results may differ from these estimates. In the view of the trustees. no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. Analysis of expenditure Charltable artivitie5 2020 Total 2019 Total Grants made 4.356 7.959 6.367 13,397 14,728 Charteris Centre operating costs Staff costs 14,638 2,165 Support costs 2,165 29.118 36.657 Included within support Costs arè Independent Examiner fees of £l.l(K)12019.. £8751 and the clerk, who is employed by Eton College and recharged to Eton Poorfs Estate and performs part time administrative attivities. Grants have been made to loc31 community entities and individuals in need. support costs are not allocated to grants rnade. 12
Eton Poorfs Estate Notes to the financial statements for the year ended 31 December 2020 (continued) Staff costs 2020 2019 Staff costs Wages and salarie5 Employerfs National Insurancè Contributions Employer's Pension Contributions 13.239 13,797 17461 1.399 1,677 14.638 14.728 The average headcount of employees in the year was 212019.. 21. No employee reIVed emoluments above £60,000 in either financial year. No trustees received remuneration for their services or reimbursement of expen5e5 incurred12019.' none). Aggregate benefit5 of Key Management Personnel were £8,01112019.. £7,854). Fixed asset investments Pernianent endowment 2020 2019 Quoted investments at market value at l January Revaluation110ssesl/gains Market value at 31 Drnber 596,821 525,337 {83,7841 71,484 513A137 596,821 Actumulated unrestrirted funds 2020 2019 Quoted investments at market value at l January Revaluation (Ios5esl/gains Market value at 31 December 214.784 130,1441 189,D64 25,72D 214,784 Total market value at 31 Decefflr 697.677 811.605 Hlstorlcal Costs 2020 2019 Cosi at l January and 31 Dember 601,059 601,059 Investments comprise two holding5 Wlthin the UK. of whith 25% is held in Charibonds and 75% is held in Charifund. 13
Eton Poorfs Estate Notes to the financial statements for the year ended 31 December 2020 (continued) 6 Debtors 2020 2019 Taxation 435 432 Accrued income 118 435 550 7 Creditors 2020 2019 Tde creditors 765 Accruals 4.168 5.830 412 6,595 Eton Poor's Estate has no Brant accruals or deferred income. 8 Analysis of net assets between funds Investmèr Net current 2019 Total Investments Net current assets Totsl Endowment 513,037 513.037 596.821 214,784 596,821 Unre5trirted 6a.168 247W8 59,489 274.273 697.677 63.168 7605 811.605 59,489 871.094 The endowment fund has arisen from an Trnitial permanent endowment held within investments. There are no restrictions on the income generated from this investment. The perrnanent endowmeni's capital must be maintained and tannot be drawn down. Unrestricred funds can be spent on any charitable purpose in accordance with the object5 of the charity at the discretion of the trustees. 9a Movement in funds Year Ended 31 DetembÈr 2020 2019 Total Inc(xne Expenditure InStment Losses 2020 Total Endowment 596,821 274,273 183.7841 130,1441 1113.9281 513.037 Unrestricted 36,196 {32.517} {32.517} 247 871,Tr94 36.1% 76045 14
Eton Poorfs Estate Notes to the financial statements for the year ended 31 December 2020 (continued) 9b Movement in funds prior year Year Ended 31 December 2019 2018 Total Inc(xne Expendlture Investment Gains 2019 Total Endowment 525.337 71.484 596,821 Unrestricted 238.985 49.840 140,2721 140,2721 25.720 274,273 764.322 49.840 97.204 871,094 10 Related party transartions Eton Poorfs Estate has 2 trustees who are the Provost and Wice-Provost of Eton College. Eton College provides support serv$5 to Eton Poorfs Estate. These services are provided free of charge. As at the year end. £2,962 was owed to Eton College in respett of other services provided 12019.. £4651 which consists of re-charged expenditure. The annual expenditure re-ch3rÈed by Eion College in the year amounted to £2,962 which was invoiced in April 202112019.. £1.6321 and the amount owed io Eton College Services Limited at the year end was £534 and the annual re-ch3rÉed expenditure amounted to £2.56512019- £2,981). 11 Reconciliation of net income to net cash flow from operating activities 2020 2019 Net lexpenditurellincome as per Statement of Financial Activities 1110.2491 106,772 Lossllgainl on investments 113.928 197,2041 Investment income 133.9241 140.4481 Decreasellincreasel in debtors 115 1921 IDecrea5el/increase in creditors 11,7831 4.541 Net cash used in operatll8 actsvilies 131.9131 126,4311