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 2￿8 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
F￿Thd$
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 Ill3￿28)
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
760￿45
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 re￿IVed 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 D￿rnber
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 Deceffl￿r
697.677
811.605
Hlstorlcal Costs
2020
2019
Cosi at l January and 31 De￿mber
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
T￿de creditors
765
Accruals
4.168
5.830
4￿12
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
760￿5
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
In￿Stment
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%
760￿45
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 operat￿ll8 actsvilies
131.9131
126,4311