Poor’s Estate in the Ancient Parish of Eton
(known as Eton Poor’s Estate) (Charity No. 200640)
Annual report and financial statements for the year ended 31 December 2021
Eton Poor’s Estate For the year ended 31 December 2021
Contents
| Page | |
|---|---|
| Trustees’ Report | 3-6 |
| Independent examiner’s report | 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Cash flow statement | 10 |
| Notes to the financial statements | 11-15 |
Eton Poor’s Estate
Trustees’ Report for the year ended 31 December 2021
The full title of the trust is “Eton Poor’s Estate”, Charity No. 200640.
The trustees present their statutory report with the accounts of Eton Poor’s Estate for the year ended 31 December 2021.
The accounts have been prepared in accordance with the accounting policies set out on page 11 to 13 therein and comply with the Charity’s Trust Deed, applicable laws and the requirements of FRS 102, Charities SORP (FRS 102), and Charities Act 2011.
Structure, governance and management
Status and administration
Eton Poor’s Estate was founded as a charity governed by a Trust Deed dated 3 April 1639. This Deed was varied on 27 September 1938. Eton Poor’s Estate is registered as an unincorporated charity in England and Wales under the Charity Commission reference number 200640. The trustees are responsible for the administration and decisions of the Poor’s Estate in accordance with the Trust Deed. The trustees have adopted the elements of accounting policies recommended in the Charities SORP (FRS 102).
The Trustees
The trustees, who held office during the year and subsequently were:
Ex officio (the Provost and Vice- Provost of Eton College)
The Lord Waldegrave of North Hill PC MA Dr Andrew Gailey CVO MA PhD (resigned 31[st] August 2021) Mr Peter McKee (appointed 1[st] September 2021)
Four trustees nominated by the Provost and Fellows
Mrs Susan Warner The Revd La Stacey Mr Philip Highy Miss Marie Hoadley
Six representative trustees appointed by Eton Town Council
Cllr Jane Reed Cllr Douglas Hill Cllr Derek Bishop Cllr Pamela Baker (resigned 31[st] August 2021) Cllr Yvonne Olney (appointed 1[st] September 2021) Cllr George Fussey (resigned 31[st] December 2021) Cllr Michael Blightman Cllr Ros Rivaz (appointed 1[st] January 2022) The trustees are appointed in accordance with the Trust Deed:
College trustees so long as they remain Fellows, nominated trustees for a term of seven years, and Representative Trustees for a period of four years. Appointment is made at a meeting convened and held according to the ordinary practice of the Council. New trustees are provided with a copy of The Charity Commission Guidance manual CC3 The Essential Trustee: What you need to know.
Key management personnel
Charteris Club Manager (resigned 31[st] December 2021)
Principal address
Eton College, Eton, Windsor, Berks, SL4 6DW
Bankers
Barclays Bank PLC, One Churchill Place, Canary Wharf, London, E14 5HP Blackrock, JPMorgan House, International Financial Services Centre, Dublin, Ireland
Solicitors
Farrer & Co, 66 Lincoln’s Inn Fields, London, WC2A 3LH
Independent examiner
Crowe U.K. LLP, 55 Ludgate Hill, London, EC4M 7JW
Investment manager
M & G Securities Ltd, Laurence Pountney Hill, London, EC4R OHH
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Eton Poor’s Estate Trustees’ Report for the year ended 31 December 2021 (continued)
Objectives and Activities
The object of the charity is the relief, either generally or individually, of persons resident in the area of the Ancient Parish of Eton who, by reason of age, infirmity or poverty, are in need, hardship or distress. Payments are made to institutions and organisations which provide relevant services. In exceptional cases relief can be granted to persons who are not resident in the Parish but who, in the opinion of the trustees, ought nevertheless to be treated as if they 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 as the income is not required for application of the above object, then the trustees may apply income for any charitable 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 trustees do not commit themselves to repeat or renew the relief granted on any future occasion or case.
During the year the charity operated, for the elderly, the Charteris Club at Eton Wick Village Hall. Unfortunately, due to a decline in membership, the trustees took the decision to end the Charteris Lunch Club in December 2021. However, Eton Poor’s Estate will continue to support local community events and this will be managed by the clerk who will then consult with the trustees.
The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities and setting the grant making policy for the year.
Achievements and Performance
The main activity of the charity has been the running of the Charteris Club, which was a facility for Senior Citizens living in Eton and Eton Wick. The Charteris Club provided lunches, a social centre, day trips and activities. A primary objective was to provide a welcoming and enjoyable environment for the elderly, so they will keep attending the centre. However, covid has had an impact on the running of the Charteris Club due to Government restrictions prohibiting gatherings in the early part of 2021. As an alternative, a delivered lunch service was provided by the staff of Eton Poor’s to Charteris Club 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 £3,181 (2020: £4,356) was attributed to grants made. This related to five causes. A budget of £6,000 is allocated to grants made each year. If this is underspent, then additional expenditure can be made in the next financial year.
Investment policy
The governing instrument gives the trustees the power to invest the monies of the charity not immediately required for its object in such facilities as may be thought 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 Fund) and Charifund units that are split evenly to 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 for the units held to increase in value each year.
This year the value of the investments has increased in value by £68,631 from £697,677 to £766,308 (2020: decreased by £113,928). The capital performance of the Charifund and Charibond unit has slightly improved during 2021 and the divided of £36,046 was higher than in 2020 of £33,795.
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Eton Poor’s Estate Trustees’ Report for the year ended 31 December 2021 (continued)
Grant policy
Trustees have the powers to make grants to either individuals or organisations in line with the charity’s objects. Causes are selected via an application process (either verbal or written) sent to an Eton Poor’s Estate trustee. The application 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 there is not a trustees meeting approaching and the majority of the trustees approve the application. Mostly, grants to organisations consist of the support for local community events and local organisations and charities that are in need of funding.
Volunteers
The Charteris Club has volunteers to 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 Charteris Club, is the income that it generates from its investments. Expenditure, therefore, is tailored to a level within predicted income; there is no dependence on fundraising or other activity to fund the charity’s commitments. The least flexible commitment was to the support of the Charteris Club at a cost of £24,430 (2020: £24,762), and the grants of £3,181 (2020: £4,356) are discretionary.
The policy towards reserves, which are the unrestricted funds of £272,449 (2020: £247,808), is to ensure that they do not fall to a level that would mean curtailing support to the community whether this is in relation to community events or giving grants.
The permanent endowment fund consists of units held within the M&G Securities Ltd investment portfolio. This capital must be maintained and is not available as free reserves. The permanent endowment fund of £563,510 (2020: £513,037) contributes to the majority of reserves held at the balance sheet date.
As at 31 December 2021 the reserves are £835,959 which is sufficient to sustain future obligations.
Risk assessment
The major risks, to which the charity is exposed, as identified by the trustees, have been reviewed and systems and controls have been established to mitigate these risks.
Financial Review
The funds of the Poor’s Estate have increased by £75,114 to £835,959 (2020: £760,845), which was mainly due to unrealised gains on the revaluation of investments of £68,631. There was a surplus of £6,484 (2020: surplus £3,679) of income over expenditure, before transfers, gains and losses on investments.
Future Plans
It has become clear that the demand for the Charteris Club, which provided a lunch and social club, has declined and the number of members has reduced over the year. Consequently, the trustees took the decision to close the lunch club in December 2021 and make the two employees redundant. The charity’s future plans are to continue providing support to the local community which will be managed by the Clerk.
The Poor’s Estate will continue to offer grants made in line with the charity’s objects throughout 2022.
5
Eton Poor’s Estate
Trustees’ Report for the year ended 31 December 2021 (continued)
Going concern
The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future being a period of at least 12 months from approval 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 trustees. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Trustees’ Responsibilities Statement
The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).
The law applicable to charities in England and 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 the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
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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 proper accounting records that 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 Trust Deed. 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.
The Lord Waldegrave of North Hill Trustee Date: 9 September 2022
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Eton Poor’s Estate
Independent Examiner’s Report to the trustees of Eton Poor’s Estate
I report to the trustees on my examination of the accounts of Eton Poor’s Estate (the Trust) for the year ended 31 December 2021, which are set out on pages 8 to 15.
This report is made solely to the charity’s trustees, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner’s work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity, the charity’s members as a body and the charity’s trustees as a body for my independent examiner’s work, for this report, or for the opinions I have formed.
Responsibilities and basis 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 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Tina M Allison FCCA Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW
Date: 27 September 2022
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Eton Poor’s Estate
Statement of financial activities for the year ended 31 December 2021
| Notes | 2021 | 2021 | 2021 | 2020 | 2020 | 2020 | ||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Permanent | Total | Unrestricted | Permanent | Total | |||
| Funds | Endowment | Funds | Funds | Endowment | Funds | |||
| Funds | Funds | |||||||
| £ | £ | £ | £ | £ | £ | |||
| Income from: | ||||||||
| Investment income | 36,050 | - | 36,050 | 33,924 | - | 33,924 | ||
| Charitable activities | 1,472 | - | 1,472 | 2,272 | - | 2,272 | ||
| Total income | 37,522 | - | 37,522 | 36,196 | - | 36,196 | ||
| Expenditure on: | ||||||||
| Investment | (3,427) | - | (3,427) | (3,399) | - | (3,399) | ||
| management costs | ||||||||
| Charitable activities | 3 | (27,612) | - | (27,612) | (29,118) | - | (29,118) | |
| Total expenditure | (31,039) | - | (31,039) | (32,517) | - | (32,517) | ||
| Net gains/(losses) | 5 | 18,158 | 50,473 | 68,631 | (30,144) | (83,784) | (113,928) | |
| on investments | ||||||||
| Net | 24,641 | 50,473 | 75,114 | (26,465) | (83,784) | (110,249) | ||
| income/expenditur | ||||||||
| Reconciliation of | ||||||||
| funds: | ||||||||
| Total funds brought | 8 | 247,808 | 513,037 | 760,845 | 274,273 | 596,821 | 871,094 | |
| forward | ||||||||
| Total funds carried | 8 | 272,449 | 563,510 | 835,959 | 247,808 | 513,037 | 760,845 | |
| forward |
The notes on pages 11 to 15 form part of these financial statements.
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Eton Poor’s Estate
Balance sheet as at 31 December 2021
| 2021 | 2020 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Fixed assets | |||
| Investments | 5 | 766,308 | 697,677 |
| Total fixed assets | 766,308 | 697,677 | |
| Current assets | |||
| Debtors | 6 | - | 435 |
| Cash at bank and in hand | 75,100 | 67,545 | |
| Total current assets | 75,100 | 67,980 | |
| Liabilities | |||
| Creditors – Amounts falling due within one year | 7 | (5,449) | (4,812) |
| Net current assets | 69,651 | 63,168 | |
| Total net assets | 835,959 | 760,845 | |
| Funds of the charity | |||
| Permanent Endowment Fund | 8 | 563,510 | 513,037 |
| Unrestricted Funds | 8 | 272,449 | 247,808 |
| Total funds | 835,959 | 760,845 |
The financial statements of Eton Poor’s Estate set out on pages 11 to 15 were authorised for issue and approved by the trustees on 9 September 2022 and signed on their behalf by:
The Lord Waldegrave of North Hill
Trustee
9
Eton Poor’s Estate
Cash Flow Statement for year ended 31 December 2021
| 2021 | 2020 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cash flows from operating activities | |||
| Net cash used in operating activities | 11 | (28,495) | (31,913) |
| Cash flows from investing activities | |||
| Investment income | 36,050 | 33,924 | |
| Net cash provided by investing activities | 36,050 | 33,924 | |
| Change in cash and cash equivalents in the year | 7,555 | 2,011 | |
| Cash and cash equivalents at the beginning of the year | 67,545 | 65,534 | |
| Cash and cash equivalents at the end of the year | 75,100 | 67,545 |
The notes on pages 11 to 15 form part of these financial statements.
10
Eton Poor’s Estate
Notes to the financial statements for the year ended 31 December 2021
1 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.
2 Accounting policies
Basis of Accounting
The financial statements have been prepared in accordance with the Charities SORP (FRS102) applicable to charities preparing their accounts in accordance with the Financial Reporting 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 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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Eton Poor’s Estate 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 notes.
Taxation
As a charity Eton Poor’s Estate is exempt from taxation of income and gains received within categories covered by The Corporation Taxes Act 2010, Part 11 to the extent that these are applied to its charitable objects. No tax charge has arisen in the period.
Going Concern
The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from the approval 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 trustees. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
Donations are recognised on receipt unless Eton Poor’s Estate has been notified in writing of both the amount and settlement date.
Charitable activities include income generated through fundraising events hosted by Eton Poor’s Estate and income is recognised on a receipt’s basis.
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.
Dividends are recognised once the dividend term has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
Expenditure
All expenditure is accounted for in the Statement of Financial Activities 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 making policy is discussed further in the Trustees’ Report.
Support costs are the costs associated with the governance arrangements of the charity which relate to the governance of the charity as opposed to those costs associated with fundraising or charitable activity.
11
Eton Poor’s Estate
Notes to the financial statements for the year ended 31 December 2021 (continued)
Pensions
The employees of Eton Poor’s Estate are eligible to join the Eton College defined contribution scheme and the recharged contributions are charged to the Eton Poor’s Estate Statement of Financial Activities. There were no contributions outstanding at the balance sheet date. (2020: nil).
Financial instruments
Eton Poor’s Estate 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 amortised cost. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. Financial liabilities held at amortised cost comprise trade and other creditors. Investments are held at fair value at the Balance Sheet date, with gains and losses being recognised within income and expenditure in the Statement of Financial Activities.
Funds
Unrestricted funds can be spent on any charitable purpose in accordance with the objects of the charity at the discretion of the trustees.
The Endowment Fund relates to a permanent endowment held within investments. There is no restriction over the income generated from this fund.
Key estimates and judgements
In the application of Eton Poor’s Estate accounting policies, which are described in note 2, trustees are required to make judgements, estimates, and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual 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 .
3 Analysis of expenditure
Charitable activities
| Charitable activities | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Grants made | 3,181 | 4,356 |
| Charteris Centre operating costs | 4,243 | 7,959 |
| Staff costs | 17,973 | 14,638 |
| Support costs | 2,215 | 2,165 |
| 27,612 | 29,118 |
Included within support costs are Independent Examiner fees of £1,150 (2020: £1,100) and the clerk fees of £1,065 (2020: £1,065), who is employed by Eton College and recharged to Eton Poor’s Estate and performs part time administrative activities.
Grants have been made to local community entities and individuals in need, support costs are not allocated to grants made.
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Eton Poor’s Estate
Notes to the financial statements for the year ended 31 December 2021 (continued)
4 Staff costs
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Staff costs | ||
| Wages and salaries | 16,248 | 13,239 |
| Employer’s National Insurance Contributions |
156 | - |
| Employer’s Pension Contributions | 1,569 | 1,399 |
| 17,973 | 14,638 |
Redundancy costs totaling £4,209 (2020: £0) are included in Wages and Salaries within total staff costs.
The average headcount of employees in the year was 2 (2020: 2). No employee received emoluments above £60,000 in either financial year.
No trustees received remuneration for their services or reimbursement of expenses incurred (2020: none).
Aggregate benefits of Key Management Personnel were £10,160 including redundancy costs (2020: £8,011).
5 Fixed asset investments
(i) Permanent endowment
| (i) Permanent endowment |
||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Quoted investments at market value at 1 January | 513,037 | 596,821 |
| Revaluation gains/(losses) | 50,473 | (83,784) |
| Market value at 31 December | 563,510 | 513,037 |
(ii) Accumulated unrestricted funds
| (ii) Accumulated unrestricted funds |
||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Quoted investments at market value at 1 January | 184,640 | 214,784 |
| Revaluation gains/(losses) | 18,158 | (30,144) |
| Market value at 31 December | 202,798 | 184,640 |
| Total market value at 31 December | 766,308 | 697,677 |
| Historical Costs | ||
| 2021 | 2020 | |
| £ | £ | |
| Cost at 1 January and 31 December | 601,059 | 601,059 |
Investments comprise two holdings within the UK, of which 25% is held in Charibonds and 75% is held in Charifund.
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Eton Poor’s Estate
Notes to the financial statements for the year ended 31 December 2021 (continued)
6 Debtors
| 6 Debtors | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Taxation | - | 435 |
| Accrued income | - | - |
| - | 435 |
7 Creditors
| 7 Creditors | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Trade creditors | 1,110 | 644 |
| Accruals | 4,339 | 4,168 |
| 5,449 | 4,812 |
Eton Poor’s Estate has no grant accruals or deferred income.
8 Analysis of net assets between funds
| Investments | Net current assets |
2021 Total |
Investments | Net current assets |
2020 Total |
|
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | £ | |
| Endowment | 563,510 | - | 563,510 | 513,037 | - | 513,037 |
| Unrestricted | 202,798 | 69,651 | 272,449 | 184,640 | 63,168 | 247,808 |
| 766,308 | 69,651 | 835,959 | 697,677 | 63,168 | 760,845 |
The endowment fund has arisen from an initial permanent endowment held within investments. There are no restrictions on the income generated from this investment. The permanent endowment’s capital must be maintained and cannot be drawn down.
Unrestricted funds can be spent on any charitable purpose in accordance with the objects of the charity at the discretion of the trustees.
9a Movement in funds
| Year Ended 31 December 2021 | 2020 | Income | Expenditure | Investment | 2021 |
|---|---|---|---|---|---|
| Total | Losses | Total | |||
| £ | £ | £ | £ | £ | |
| Endowment | 513,037 | - | - | 50,473 | 563,510 |
| Unrestricted | 247,808 | 37,522 | (31,039) | 18,158 | 272,449 |
| 760,845 | 37,522 | (31,039) | 68,631 | 835,959 |
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Eton Poor’s Estate
Notes to the financial statements for the year ended 31 December 2021 (continued)
9b Movement in funds prior year
| Year Ended 31 December 2020 | 2019 | Income | Expenditure | Investment | 2020 |
|---|---|---|---|---|---|
| Total | (losses) | Total | |||
| £ | £ | £ | £ | £ | |
| Endowment | 596,821 | - | - | (83,784) | 513,037 |
| Unrestricted | 274,273 | 36,196 | (32,517) | (30,144) | 247,808 |
| 871,094 | 36,196 | (32,517) | (113,928) | 760,845 |
10 Related party transactions
Eton Poor’s Estate has 2 trustees who are the Provost and Vice-Provost of Eton College.
Eton College provides support services to Eton Poor’s Estate. These services are provided free of charge.
As at the year end, £2,715 was owed to Eton College in respect of other services provided (2020: £2,962) which consists of re-charged expenditure. The annual expenditure re-charged by Eton College in the year amounted to £5,873 (2020: £2,962) and the amount owed to Eton College Services Limited at the year end was £88 (2020: £534) and the annual re-charged expenditure amounted to £505 (2020: £2,565).
11 Reconciliation of net income to net cash flow from operating activities
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Net income/(expenditure) as per Statement of Financial Activities |
75,114 | (110,249) |
| (Gain)/loss on investments | (68,631) | 113,928 |
| Investment income | (36,050) | (33,924) |
| Decrease in debtors | 435 | 115 |
| Increase/(decrease) in creditors | 637 | (1,783) |
| Net cash used in operating activities | (28,495) | (31,913) |
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