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 21￿0. 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
Tr￿SteeS 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 cOn￿M
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 con￿rn 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 at￿pt or assume responsibility to anyone other than the charity, the charity's
members as a body and the charl￿S 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 y￿r
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 ￿n￿rtaInty 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
Is￿53
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
S26￿61
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 D￿ember
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
I21￿37)
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