Poorfs Estate in the Ancient Parish of Eton (known as Eton Poorfs Estate) Icharity No. 2Tr)6401 Annual report and financial statements for the year ended 31 December 2023
Eton Poorfs Estate For the year ended 31 December 2023 Contents Page Trustees, Report 14 Independent examinerfs report Statement of financi31 activities Balance sheet Cash flow statement Notes to the financial statements 9-13
Eton Poorfs Estate Trustees. Report for the year ended 31 December 2023 The full title of the trust is-Eton Poorf5 Estate". Charity No. 2CWO. The trustee5 piesent iheir statutory report with the accounts of Eton Poorfs Estate for the year ended 31 December 2023. The accounts have been prepaied in accordance with the accounting policies set out on page 9 to 13 therein and cornply with the Charity's Trust Deed. applicable laws and the requirements of FRS 102. Charities SORP IFRS 1021, and Charitie5 Act 2011. Structure. governance and management Status and adminlstratlon Eton Pools Estate wès founded as a charity governed by 3 Trnst Deed dated 3 April 1639. This DÈed was varied on 27 September 1938. Eton Poo¢5 Estate is registered as an unincorporated chaTity in England and Wale5 under the Charity Commission reference number 210. The trustee5 are Tesponsible for the administration and decisions of the Poorfs Estate in actordante with the Trust Deed. The trustees have adopted the elements of accounting policies recommended in the Charities SORP IFRS 1021. The Trustees The trustees, who held office during the year and subsequently were= Ex officio (rhe Provost und Vice- Provost of Eton Collegej The Lord Waldegrave of North Hill PC MA Mr Peter McKee Four trustees nominoted by the Prov05t and Fellows Mrs Susan Warner Mr Philip Highy Rev Rosalind La Statey (Igned 31 August 20231 Mrs Christine Boyd lappointed 02 October 20231 Jan Bowden (appointed 02 October 20231 Miss Marie Maher IresiBned 31 AUEUSI 20231 Six representotlve trustee5 uppointed by Eton Town Council Cllr Dougla5 Hill Derek Bishop Ros Rivaz Clr Rowan Cole (appointed 02 Ortober 20231 Clr Lars Swan (appointed 02 October 20231 Pamela Baker Yvonne Olney Ires¥Bned 31 January 20231 Cllr Michael Blightman (resigned 31 May 20231 Jane Reed (resigned l March 20231 The trustees are appointed in accordance with the Trust Deed.. College trustees so long as they remain Fellows. nominated irustee5 for a ieTm of seven years. and Representative Trustees for a period of four years. Appointment is made at a meeting convened and held accordin@ to the ordinary practice of the Council. New trustee5 are provided with a copy of The Charity Commission Guidance manual CC3 The Essential Trustee.. What you need to know. Prlncipal address Accounts Office, Eton College. Wind50r. SL4 6DB Banker5 8arclays Bank PLC, One Churchill Place, Canary Wharf. london. E14 5HP 81ackrock, JPMorgan House, International Financial Service5 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 lrtvestment managèr M & G Securities Ltd, Laurence Pountney Hill. London. EC4R OHH
Eton Poorfs Estate Trustees. Report for the year ended 31 December 2023 (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. Payment5 are made to Institution5 and organi5ations which provide relevant services. In exceplional cases relief can be granted to persons who are not resident in the Parish but who. in the opinion of the trustees. otJEht 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 35 the income is nol requirÈd for application of the above object. then the trustees may apply incorne for any charitable purpose for the general benefit of the inhabitants of the Ancbent Parish of Eton. In applying thè income of the charity for relief of need. thetru5tees do not commit themselves to repeat or renew the relief granted on any futlbre occasion or case. sin the trustees took the decision to end the fharteris Lunth Club in December 2021, Eton Poo¢5 Estate has continued to support local cofflmunity events through the gnvine of grants and donations. During the year. Eton Poorfs contributed towards a Coronation lebratiOn in Eton High Street. The trustees confirm that they have referred to the guidan contained in the Charity Commission's general guidance on public benefit when reviewing the chariWs aims and objectives and in plannin8 future actsvities and settin8 the grant makinE policy for the year. Achievements and Performance The main activity of the charity is now the VIng of grants and donations in line with the charivs objectives. The primary artivily of the charity is the provision of finanaal grants within Fts object to individuals in need, other charities and organisations. In the year £15.85312022.- £7.2771 was attributed to grants made., a total of 20 separate payments. A budget of £20,OtXl is allocated to grants Made each year. If this is urtrderspent. then additional expenditure can be made in the next financial year. Investment pglioi The governing instrLbment gives the trusiees the power to invest the monies of the charity not immediately required for its object in 5Uth lacilities as may be thought fit for the sat15faclion of the object of the charity. The investments are held over two funds with M&G Securities Ltd_ These are Charibond IChaTity Authorised Investment Fundl 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 inve5trnents hB5 decreased in value by £9,720 from £716.468 to £706,74812022." decreased by £49,840). The capital performance of the Charifund and Charibond unli during 2023 resulted in a higher dividend of £45,699. 12022.. £39,031).
Eton Poorfs Estate Trustees, Report for the year ended 31 December 2023 (continued) Grant pollcv TrSteeS have the powers to make grants to either individuals ororganisations in line with the charitvs objects. Cause5 are seletted via an application process (either verbal or written) sent to an Eton Poorf5 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 vta 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 fvnding. Volunteers The volunteers were preseni at the Coronation celebrations. Reserves pollcy 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 incoffle.. there is no dependen on fundraising or other activity to fund the charity's commitment5. ExpenditUTe mainly consists of grants and donations and governance costs. The grants of £15.85312022'. £7,277) are discretionary. The policy towards reserves. whtch afe the unrestrtcted funds of £307,37212022= £285,780). is to ensure that the¥ do not fall to a level that would mean curtailingsupport to the communitywhether this 15 in relation to community events or giving grants. The permanent endowment fund consists of units hdd within the M&G Securities Ltd investment portfolio. This capital must be maintained and Is noi available a5 free reserves. The permanent endowment fiAnd of £519,712 12022.. £526,861) contributes to the majority of reserves held at the balance sheet date. A5 at 31 December 2023 the reserves are £827,084 which is sufficient to sustain future obligations. Risk assessment The major risks. to which the charity 15 exposed. as ideniified by the trustees. have been reviewed and Systems and controls have been established to mitigate these risks. Financial Review The funds of the Poorf5 Estate have increased by £14,442 to £827.08412022'. E812,6421. despite unrealised losse5 on the revaluation of investments of £9,720. There was a surplus of £24.16212022- surplu5 £26,523) of income over expenditure. before transfers, gains and losses on investments. Future Plans 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 irs line with the charity's objects throughout 2024.
Eton Poorfs Estate Trustees. Report for the year ended 31 December 2023 {continued) Goin8 cOnM The trustees have a reasonable expertation thai the charity has adequate resou1$ to continue in operational existence for the foreseeable future being a period of at least 12 months from approval of the finantial statements. No rnèterial uncertainties in relation to the ability of the charity to continue on a going concern basi5 have been identified by the tfustees. Thus they continue to adopt the going conrn basis of accovnting in preparing the financial Statements. Trustees, Responsibilities Statement The trustees are responsible for preparing the Trustees. Annual Report and the financi31 statements in accordance with applicable law and United Kingdorn Generally Accepted Accounting practi (United Kingdom Accounting Standards). The law applicable to charitles in England and Wales requires the tTUStee5 to prepare financial statement5 for eèch financial year which Eive a true and fair view of the state of affairs of the charity and of the incoming resources and pplication of resources of the charity for that period. In preparing these finanaal statements. the trustees are required io.. select suitable accounting policie5 and then apply them consistentlv.. observe the methods and principles in the Charities SORP- - mèke judgements and esttmates 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 statements on the going concern ba515 unles5 It is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accountine records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that ihe financial ststements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regvlation5 21M)8 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hen for taking reasonable steps for the prevention and detection of fraud and other irregularittes. Mr Peter McKee Trustee 23 September 2024
Eton Poorfs Estate Independent Examinerfs Report to the trustees of Eton Poorfs Estate I report to the trustees on my examination of the accounts of Elon Poorfs Estate (the Trust) for the year ended 31 December 2023, which are set out on pages 6 to 13. This report is made solèly to the chariVs trustee5. as 3 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 charit¢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 atpt or assume responsibility to anyone other than the charity, the charity's members as a body and the charlS trustees as a body for my independent examinerfs work. for this report, or for the opinions 5 have formed. Responsibilities and basi5 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 Charitie5 Act 20111'the Acfl. 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 hève followed all the applicable Directions Erven by the Charity Commission under section 14515llbl of the Act. Independent Èxamlnerfs statement I have completed my examination. I confirni ihat no material rnatters have come to my attention in connection with the examination giving me cause to believe that in any material respect-. accounting records were not kept in respert of the Trust as required by sertion 130 of the Act.. or the account5 do not accord with those records- or the accounts do not comply wFth the applicable requirements concerning the form and content of accounts Set out in the Charities IAccounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair viev/ which 15 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 undèrstanding of the accounts to be reached. Ylna M Allison FCCA Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Date.. 25 October 2024
Eton Poorfs Estate Statement of financial activities for the year ended 31 December 2023 Notes 2023 2023 Unrestricted Pemianent Funds Endowment Funds 2023 Total Funds 2022 Unrestricted Funds 2022 Permanent Endowrnent Funds 2022 Total Funds Income from.. Investment income 45.699 45,699 39.612 39.612 Charitable activities Total income 45,699 45,699 39.612 39,612 Expènditure on: Investment 13.1601 13.If4)1 13,1511 13,1511 managèment costs Charitable activities 1183771 {18.3771 19.9381 19,9381 Total expenditure 121.5371 121.537) 113,0891 113,0891 Net Ilossesl on investments 12.5711 17.1491 {9.7201 113.1911 136,6491 149,8401 Net Zl.591 17.1491 14.442 13.332 136.6491 123.3171 ntome/expendlture Reconciliation of funds: Total funds brought forward 285.781 526061 812.642 272.449 563,510 835.959 Total fund5 carried forward 307.372 519.712 827.084 285.781 526,861 812,642 The notes on pages 9 to 13 form part of these financial statements.
Eton Poorfs Estate Balance sheet as at 31 December 2023 2023 2022 Note5 Fixed assets Inve5tmet)ts 706.748 716,468 Total fixed assets 706.748 716,468 Current assets Cash at bank and in hand 121.916 97,615 Total current assets 121.916 97,615 Llabilitie5 Creditors- Amounts falling due within one year 11.5801 11,4411 Net current a55ets 120,336 96,174 Total net assets 827.084 812,642 Funds of the charlty Permanent Endowment Fund 519.712 526,861 Unrestricted Funds 307.372 285,781 Total funds 827.084 812,642 The financial statements of Eton Poorfs Estate set out on p3ge5 9 to 13 were authorised for issue and approved by the trustees on 23 September 2024 and 518ned on their behalf by= Mr Peter McKee Trustee
Eton Poorfs Estate Cash Flow Statement for year ended 31 December 2023 2023 2022 Notes Cash flows from operating actl¥ltles Net Cash used in operating activities io 121.3981 117.0971 Cash flow5 from investing actmties Investment income 45.699 39.612 Net cash provided by investing activities 45.699 39.612 Change in cash and cash equivalents in the yr 24301 22,515 Cash and cash equivalents at the beginning of the year 97.615 75.1(M) Cash and cash equlvalents at the end of the year 121.916 97.615 The notes on paBe5 9 to 13 form part of these financial 5t3tements.
Eton Poorfs Estate Notes to the financial statements for the year ended 31 December 2023 Charity information Eton Poorfs Estate 15 a tharity registered with the Charity Commission in England and Wales. charity nurnber 2LX)640. The address of the registered office is Eton College. Eton. Windsor. Berkshire. SL4 6DB. Accounting policies Basls of Accounting The financial statements have been prepared in accordance with the Charities SORP IFRS1021 applicable to charities preparing their accounts in accordance with Èhe Financial Reporting Starhdard applicable in the UK and Republic of Ireland and the Charitie5 Act 2011 and the UK Generally Accepted Practice. The financial statements have been prepared to glve a 'true and fairf view and have departed from the Charities (Account5 and Reports) Regulations 2008 only to the extent required io provide a 'true and fair vie. This departure has involved following Accounting and Reporting by Charities preparingtheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Srelarhd IFRS 1021 issued on 16 July 2014 rather than the Accounting and Reporting by Charitles". Statement of Recommende(5 Practice effective fTOrn l April 2005 which has since been withdfawn. Eton Poorfs Estate meet5 the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaciion value unless Otherwise stated in the relevant accounting policy notes. Taxation As a charity Eion Poorfs Estate is exempt from tsxation of income and gain5 received within categories covered by The Corporation Taxes Act 2010. Part li to the extent that these are applied to its charitable objects. No tax charge has arisen in the period. Going Concern The trustee5 have a reasonable expectation that the tharity has adequale resourtes to conttnue in operational existence for the foreseeable future. being a period of at least 12 months from the approval of the financial statements. No materTal uncertainties in relation to ihe ability of the chaiity to continue on a going concern basis have been identified by the trustees. Thu5. they continue to adopt the going concern basis of accounting in preparing the financial statements. Income All income is reco8nised 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 reliablv. Donations are reco8nised on receipt unless Eton Poorf5 Estate has been notified in wilting of both the amount and settlement date. Charitable activitie5 include intome generated through fundraising events hosted by Eton Potsrfs Estate and income is recognised on a receipts ba515. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitv., this 15 normally upon notification of the interes1 paid or payable by the bank. Dividends are recoenised once the dividend term ha5 been declared and notification has been received of the dividend due. This is norrnally 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 persod to which the cost re13te5 and 15 apportioned to cost categories b35ed on the nature of the cost Èncvrred. 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 affangements of the charity which relate to the 80vernance of the charity as opposed to those costs associated with fundraising or charitable aclivity-
Eton Poorfs Estate Notes to the financial statements for the year ended 31 December 2023 (continued) Penslons There are no longer any employee5 of Eion Pooes Estatè are therefofe there are no contributions to the Eton College defined contribution scheme. Flnancial instruments Eton Poor's Estate h35 financial a55ets and financial liabilittes of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at tTansaction value and subsequently measured at arnortised cost. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. Fin3ncièl liabilities held at amortlsed c05t comprise trade and other creditors. Investments are held 31 fair value at the Balance Sheet date, with gains and losses being recognised within income and expenditure in the Statement of Financial Activities. Funds Unrestrictèd funds can be spent on any charitable purpose in accordance with the objects of the charity ai the discretion tsf the truslees. The Endowment Fund relates to a permanent endowment held within investments. There 15 no restriction over the income generated from this fund. Key estimates and judgements ln the application of Eton Poorfs Estate accounting policies, which are described in note 2. tiustees are requifed to make Judgements. estimate5. and assumption5 about the carrying values of assets and liabilities that are not readilv apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factofs that are considered to be relevant. Actual results may differ from ihese estimates. In the view of the trustees, no assumptions concerning the future or estimation nrtaInty affecting a55ets and liabilities al the balance sheet date are likely to result in a materi313djustment to theii carrying amount5 in the next financial year. Analysis of expenditure Charitable activities 2023 2022 Grants made Is53 772 7.277 Staff costs 11,1281 3,789 Support costs 1.752 18.377 9,938 Staff costs of £772 are for the cleik who is employed by Eton College ènd recharged to Eton Poorfs Estate and performs part-time administrative activities. Included withira support costs are Independent Examiner fee5 of £1.50012022.. £1,300). Grant5 have been rnade to local community entities and individuals in need, support tosts are not allocated to grants made. 10
Eton Poorfs Estate Notes to the financial statements for the year ended 31 December 2023 (continued) Staff costs 2023 2022 stsff costs Clèrk Recharge from Eton College 772 Employer's National Insuran Contributions Employer's Pension Contributions 11,0341 11.1281 772 The Employerfs National Insurance and Pension Contributions iFt 2022 were negative due to an over actrued value in 2021. There were no employee5 in 202312022: 01, just a recharge from Eton College in respect of the Clerk. One trustee received remuneration of £772 for theii services as Clerk. No other expensès were reimbursed. 12022". none). Fixed asset investments Permanent endowment 2023 2022 Quoted investments at market Ydlue at l January Revaluation Ilossesl/gains Market value at 31 December S2661 563,510 17,1491 519.712 136,6491 526.861 Attumulated unrestrirted funds 2023 2022 Quoted investments at market value at l January Revaluation110s5es118ains Markèt value at 31 Dember 202.798 113.1911 189,607 12.5711 187,035 Total mafket value at 31 December 706.747 716,468 Historical Costs 2023 2022 Cost at l January and 31 December 601.059 601,059 Investments comprise two holdingswithin the UK. of which 26.5% is held in Charibonds and 73.5% is held in Charifund.
Eton Poorfs Estate Notes to the financial statements for the year ended 31 December 2023 {continued} 6 Creditors 2023 2022 Trade creditors Taxation and social security 15311 1,892 Actruals 1,441 fton Poor's Estète has no grant accruals or deferred income. 7 Analysis of net assets between funds Net turrert 2023 Totsl Investment Nèt cuffent a55et5 2022 Total Endowment 519,712 519.712 307.372 526.861 526,861 285,781 Unrestricted 187.036 120,336 189,607 96,174 706.748 120,336 827.084 716.468 96,174 812.642 The endowment fund has arisen from an initial pefmanenl endowment held within investments. There are no restrictions on the income generated from this investment. The permanent endowmÈnt'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 Year Ended 31 December 2023 2022 Total Income Expendlture Investment 2023 Endowment 526.861 17,1491 12,5711 19.7201 519.712 Unrestricted 285.781 45,699 1215371 I2137) 307,372 812.642 45fi99 827,084 8b Movement in funds prior year Year Ended 31 December 2022 2021 Total 2022 Totsl Ilossesl Endowment 563.510 136.6491 113.1911 149,8401 526,861 285,781 Unrestricted 272.449 39.612 I13.(9) 113.0891 835,959 39,612 812,642 12
Eton Poorfs Estate Notes to the financial statements for the year ended 31 December 2023 {continued) 9 Related party transartions Eton Poorf5 Estate has 2 tTilStees who are the PfO¥OSt and Vice-provost of Eton College. Eton Colle8e provides support services to Eton Poorfs Estate. These services are provided free of charge. The annual expenditure rfrcharged by Eton College in the year amounted to £77212022.. £9621 10 Reconciliation of net income to net cash flow from operating activities 2023 2022 Net lexpenditurellincome as per Statement of Flnancial Activities 14,442 123.3171 Loss1lgainl on investments 9,720 49.840 Investment income 145,6991 139.6121 Decrease in debtors (Decreasellincrease in creditors 139 14,0081 Net Cash used in operating activities 121,3981 117.0971 13