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2022-12-31-accounts

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 2022

Eton Poor’s Estate For the year ended 31 December 2022

Contents

Page
Trustees’ Report 1-4
Independent examiner’s report 5
Statement of financial activities 6
Balance sheet 7
Cash flow statement 8
Notes to the financial statements 9-13

Eton Poor’s Estate

Trustees’ Report for the year ended 31 December 2022

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 2022.

The accounts have been prepared in accordance with the accounting policies set out on page 9 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

Mr Peter McKee

Four trustees nominated by the Provost and Fellows

Mrs Susan Warner The Revd La Stacey (resigned 30 September 2022) Mr Philip Highy Miss Marie Maher (Resigned 31 August 2023)

Six representative trustees appointed by Eton Town Council

Jane Reed (resigned 1 March 2023) Cllr Douglas Hill Derek Bishop Pamela Baker Yvonne Olney (resigned 31 January 2023) George Fussey (resigned 31 March 2022) Cllr Michael Blightman (resigned 31 May 2023) Ros Rivaz (appointed 14 March 2022) Clr Rowan Cole (appointed 02 October 2023) Clr Lars Swan (appointed 02 October 2023) Jan Bowden (appointed 02 October 2023)

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.

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

1

Eton Poor’s Estate Trustees’ Report for the year ended 31 December 2022 (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.

Since the trustees took the decision to end the Charteris Lunch Club in December 2021, Eton Poor’s Estate has continued to support local community events through the giving of grants and donations. During the year, Eton Poor’s provided an Easter afternoon tea for former Charteris Club members and in the summer entry tickets and lunch were offered for the Queen’s Platinum Jubilee celebrations in Eton High Street.

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 is now the giving of grants and donations in line with the charity’s objectives.

The primary activity of the charity is the provision of financial grants within its object to individuals in need, other charities and organisations. In the year £7,277 (2021: £3,181) was attributed to grants made. This related to 10 causes. A budget of £10,000 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 local community through grant giving and donations.

This year the value of the investments has decreased in value by £49,840 from £766,308 to £716,468 (2021: increased by £68,631). The capital performance of the Charifund and Charibond unit has slightly improved during 2022 and the dividend of £39,031 was higher than in 2021 of £36,046.

2

Eton Poor’s Estate Trustees’ Report for the year ended 31 December 2022 (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 volunteers were present at the Easter tea party and the Queen’s Platinum Jubilee celebrations.

Reserves policy

The only source of income for the charity 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. Expenditure mainly consists of grants and donations and governance costs. The grants of £7,277 (2021: £3,181) are discretionary.

The policy towards reserves, which are the unrestricted funds of £285,780 (2021: £272,449), 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 £526,861 (2021: £563,510) contributes to the majority of reserves held at the balance sheet date.

As at 31 December 2022 the reserves are £812,642 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 decreased by £23,318 to £812,642 (2021: £835,959), which was mainly due to unrealised losses on the revaluation of investments of £49,840. There was a surplus of £26,523 (2021: surplus £6,483) of income over expenditure, before transfers, gains and losses on investments.

Future Plans

The trustees took the decision to close the lunch club in December 2021. 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 support local events and to offer grants made in line with the charity’s objects throughout 2023.

3

Eton Poor’s Estate

Trustees’ Report for the year ended 31 December 2022 (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:

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.

Lord Waldegrave of North Hill Trustee Date: 2 October 2023

4

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 2022, which are set out on pages 6 to 13.

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:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. 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: 9 October 2023

5

Eton Poor’s Estate

Statement of financial activities for the year ended 31 December 2022

Not 2022 2022 2022 2021 2021 2021
es Unrestricted Permanent Total Unrestricted Permanent Total
Funds Endowment Funds Funds Endowment Funds
Funds Funds
£ £ £ £ £ £
Income from:
Investment income 39,612 - 39,612 36,050 - 36,050
Charitable activities - - - 1,472 - 1,472
Total income 39,612 - 39,612 37,522 - 37,522
Expenditure on:
Investment (3,151) - (3,151) (3,427) - (3,427)
management costs
Charitable activities 3 (9,938) - (9,938) (27,612) - (27,612)
Total expenditure (13,089) - (13,089) (31,039) - (31,039)
Net (losses)/gains on 5 (13,191) (36,649) (49,840) 18,158 50,473 68,631
investments
Net 13,332 (36,649) (23,317) 24,641 50,473 75,114
income/expenditure
Reconciliation of
funds:
Total funds brought 8 272,449 563,510 835,959 247,808 513,037 760,845
forward
Total funds carried 8 285,781 526,861 812,642 272,449 563,510 835,959
forward

The notes on pages 9 to 13 form part of these financial statements.

6

Eton Poor’s Estate

Balance sheet as at 31 December 2022

2022 2021
Notes £ £
Fixed assets
Investments 5 716,468 766,308
Total fixed assets 716,468 766,308
Current assets
Cash at bank and in hand 97,615 75,100
Total current assets 97,615 75,100
Liabilities
Creditors – Amounts falling due within one year 6 (1,441) (5,449)
Net current assets 96,174 69,651
Total net assets 812,642 835,959
Funds of the charity
Permanent Endowment Fund 7 526,861 563,510
Unrestricted Funds 7 285,781 272,449
Total funds 812,642 835,959

The financial statements of Eton Poor’s Estate set out on pages 9 to 13 were authorised for issue and approved by the trustees on 2 October 2023 and signed on their behalf by:

Lord Waldegrave of North Hill

Trustee

7

Eton Poor’s Estate

Cash Flow Statement for year ended 31 December 2022

2022 2021
Notes £ £
Cash flows from operating activities
Net cash used in operating activities 10 (17,097) (28,495)
Cash flows from investing activities
Investment income 39,612 36,050
Net cash provided by investing activities 39,612 36,050
Change in cash and cash equivalents in the year 22,515 7,555
Cash and cash equivalents at the beginning of the year 75,100 67,545
Cash and cash equivalents at the end of the year 97,615 75,100

The notes on pages 9 to 13 form part of these financial statements.

8

Eton Poor’s Estate

Notes to the financial statements for the year ended 31 December 2022

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.

9

Eton Poor’s Estate

Notes to the financial statements for the year ended 31 December 2022 (continued)

Pensions

There are no longer any employees of Eton Poor’s Estate are therefore there are no contributions to the Eton College defined contribution scheme.

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

2022 2021
£ £
Grants made 7,277 3,181
Charteris Centre operating costs 1,677 4,243
Staff costs (1,128) 17,973
Support costs 2,112 2,215
9,938 27,612

Included within support costs are Independent Examiner fees of £1,300 (2021: £1,150) and the clerk fees of £962 (2021: £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.

10

Eton Poor’s Estate

Notes to the financial statements for the year ended 31 December 2022 (continued)

4 Staff costs

4
Staff costs
2022 2021
£ £
Staff costs
Wages and salaries - 16,248
Employer’s National Insurance
Contributions		 (94) 156
Employer’s Pension Contributions (1,034) 1,569
(1,128) 17,973

The Employer’s National Insurance and Pension Contributions are negative due to an aver accured value in 2021.

Redundancy costs totaling £4,209 are included in Wages and Salaries within total staff costs in 2021.

There were no employees in 2022 (2021: 2). In 2021, no employee received emoluments above £60,000.

No trustees received remuneration for their services or reimbursement of expenses incurred (2021: none).

Aggregate benefits of Key Management Personnel were £10,160 in 2021.

5 Fixed asset investments

(i) Permanent endowment

(i)
Permanent endowment
2022 2021
£ £
Quoted investments at market value at 1 January 563,510 513,037
Revaluation (losses)/gains (36,649) 50,473
Market value at 31 December 526,861 563,510

(ii) Accumulated unrestricted funds

(ii)
Accumulated unrestricted funds
2022 2021
£ £
Quoted investments at market value at 1 January 202,798 184,640
Revaluation (losses)/gains (13,191) 18,158
Market value at 31 December 189,607 202,798
Total market value at 31 December 716,468 766,308
Historical Costs
2022 2021
£ £
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.

11

Eton Poor’s Estate

Notes to the financial statements for the year ended 31 December 2022 (continued)

6 Creditors

6 Creditors
2022 2021
£ £
Trade creditors 80 1,110
Taxation and social security (531) -
Accruals 1,892 4,339
1,441 5,449

Eton Poor’s Estate has no grant accruals or deferred income.

7 Analysis of net assets between funds

Investments Net current
assets		 2022
Total		 Investment
s		 Net current
assets		 2021
Total
£ £ £ £ £ £
Endowment 526,861 - 526,861 563,510 - 563,510
Unrestricted 189,607 96,174 285,781 202,798 69,651 272,449
716,468 96,174 812,642 766,308 69,651 835,959

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.

8a Movement in funds

8a Movement in funds
Year Ended 31 December 2022 2021 Income Expenditure Investment 2022
Total Losses Total
£ £ £ £ £
Endowment 563,510 - - (36,649) 526,861
Unrestricted 272,449 39,612 (13,089) (13,191) 285,781
835,959 39,612 (13,089) (49,840) 812,642

8b Movement in funds prior year

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

12

Eton Poor’s Estate

Notes to the financial statements for the year ended 31 December 2022 (continued)

9 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, £80 was owed to Eton College in respect of other services provided (2021: £2,715) which consists of re-charged expenditure. The annual expenditure re-charged by Eton College in the year amounted to £962 (2021: £5,873) and the amount owed to Eton College Services Limited at the year end was £0 (2021: £88) and the annual recharged expenditure amounted to £0 (2021: £505).

10 Reconciliation of net income to net cash flow from operating activities

2022 2021
£ £
Net (expenditure)/income as per Statement of
Financial Activities		 (23,317) 75,114
Loss/(gain) on investments 49,840 (68,631)
Investment income (39,612) (36,050)
Decrease in debtors - 435
(Decrease)/increase in creditors (4,008) 637
Net cash used in operating activities (17,097) (28,495)

13