Eton Parish Educational Trust Registered Charity Number 292751 Trustees, Annual Report and Financial Statements for the year ended 31 August 2024 Eton Parish Educational Trust Registered Charity Number 292751 Contents of Financial Statements For the ear ended 31 Au ust 2024 l. Trustee's report for the year ended 31 August 2024 (pages 3-5) 2. Independent Examinerfs report forthe year ended 31 August 2024 Ipage 61 3. Statement of Financial Activities {page 7) 4. Balance Sheet Ipage 8} 5. Notes to the accounts {page 9-111 Eton Parish Educational Trust Registered Charity Number 292751 Trustees, re ort for the ear ended 31 Au ust 2024 The trustees present their report and the unaudited financial statements for the year ended 31 August 2024. Structure & Governance Eton Parish Educational Trust I'the chariv) is constituted as a charitable trust and its governing document is the Charity Commission Scheme dated 17 December 2010 I'the Scheme"). The trustee5 are responsible for the administration and decisions of Eton Parish Educational Trust in accordance with the Scheme. There aretwo ex-officio trustees and up to a further three trustees may be co-opted to the charity. Administrative details of the charity. its trustees and advisors". Trustees Peter McKee (Chairl Revd Stephen Gray Andrew Saunders Kirsty Young Rev Carole Gooding (Resigned 21 July 2024) Two of the trustees serve ex officio their other appointments namely Peter McKee. the Vice Provost of Eton College and Revd Stephen Gray, the Conduct of Eton College. Other trustees are co-opted in accordance with the Scheme and on the basis of skills required by the trustee board. Principal address.. The Bursary, Eton College. Eton, Windsor, Berkshire, SL4 6DL. Charity Registration number- 292751 Bankers: Barclays Bank PIC Independent Examiner- Catherine Taylor Ob-ectives and activities The charity's objects are to advance the education for the public benefit in accordance with the principle5 of the Church of England, through the provision of.. la} A site for a school. Ibl Items, services or facilities at the school provided by the charity- Icl Grants. or other forms of assistance to beneficiaries in the Ancient Parish of Eton and, at the trustees: discretion, and adjoining Parish. The charity's principal asset is the land (registered under title number BK466855 and BK3951381 which forms the substantial part of the site of the Eton Porny Church of England First School. The property is held by the OFfice Custodian for Charities on behalf of the trustees. The charity is required by its governing document to use its property to provide a Eton Parish Educational Trust Registered Charity Number 292751 site for a school and since the school is permitted to Use the site under the terms of a Church Supplemental Agreement, no value is attributed to the site in the financial statements. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charitvs aim5 and objective5 and in planning future artivities. Grants Poli The trustees have a policy to apply annual income for the charitws objects. Applications from the Eton Porny and from other educational institutions or beneficiaries for benefit of relatively significant educational projects are considered. The trustees prefer making donations in the order of £1,000 to £5.000 that will have a greater educational impact than smaller sums to individuals. Grants should be applied directly for educational purposes. Achievements and erforrnance In the year to 31 August 2024, grants amounting to £31,18612023: £37,259) in total were made to Eton Pre-school, Eton Porny School. Eton Wick COE School, Windsor Learning Partnership, Eton Information Centre, Queen Anne C E First School and Clewer Green First School. Financial Review Investment income for the year was £29.01512023'. £35.0541. Grants were £31,18612023.. £37,259). The investment managerfs fee wa5 £1.902 12023 £2.9741. Net expenditure was £4,07312023.' £5,179) before gains and losses on investments. Net Income totals £66,199 12023.. net expenditure of £44.1421 after investment gains and losses. The value of investments, cash and deposits at 31 August 2024 was £776,285 12023= £710,086) with realised gains of £1.90712023- £1.9101 and unrealised gain of £68.36512023.' loss of £40,873). The endowment fund on 31 August 2024 was £714,113 {2023= 643,8401 and restricted fund5 were £62,17212023'. £66,246). Goin Concern No material uncertaintie5 that cast significant doubt about the ability of the charity to continue on a going concern have been identified by the trustees. Reserve The charity will normally award grants equal to its total annual income after expenses. Restricted funds are available should the trustees wish to award grants in any year which are in excess of the net annua5 income. It 15 also available to meet any abnormal expense. The trustees consider that either revenue reserve is adequate for these purposes. Eton Parish Educational Trust Registered Charity Number 292751 Risk Assessment The major risks to which the charity 15 exposed, as identrfied by the trustees, have been reviewed and systems and controls have been established to mitigate these. Trustees. Res onsibilities Statement The Trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view to the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements. the Trustees are required to.. Select suitable accounting policies and apply them consistently; Observe the methods and principles in the Charitie5 SORP: Make judgements and estimates that are reasonable and prudent- State whether applicable accounting standards have been followed,. and Prepare the financial statements on the going concern basis unless it is not appropriate 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 Charitie5 Act 2011, the Charity IAccounts and Reports) Regulations 2￿8 and the provisions of the governing document deed. They are also responsible for safeguarding the a55ets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. By order of the Trustees Peter McKee Chairman Date= Eton Parish Educational Trust Registered Charity Number 292751 Inde endent Examiners Re ort for the ear ended 31 Au ust 2024 I report to the trustees on my examination of the accounts of the above charity 1.the Tru5t"I for the year ended 31 August 2024. Res onsibilities and basis of re ort As the charitys trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111.the Act). I report in respect of my examination of the Trusts accounts carried out under settion 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 14515llb} of the Act. Inde endent examinerfs statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed belowl which gives me cause to believe that in, any material respect: The accounting records were not kept in accordance with section 130 of the Charities Act,. or The accounts did not accord with the accounting records,. or The accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reportsl Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come acr055 no 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. Catherine Tay FCA or Date: IL Is /z02r Eton Parish Educational Trust Registered Charity Number 292751 Statement of Financial Activities ear ended 31 Au ust 2024 Note Year ended 31.08.24 Year ended 31.08.23 INCOME FROM Deposits & investments 29,015 35,054 Total income 29.015 35,054 EXPENDITURE Grants Awarded Investment Managerf5 fees 131,1861 11.9021 137,2591 12,9741 Total expenditure (33,088) 140,233) NET EXPENDITURE (4,073} 15,179) Realised Gains on Investments Sold 1,907 1,910 Unrealised Gain/ I105s} on value of investments held 68,365 140,8731 NET MOVEMENT IN FUNDS 66,199 144,142) Reconciliation of Funds: Total funds brought forward 710.086 754,228 Total funds carried forward 776,285 710,086 Eton Parish Educational Trust Registered Charity Number 292751 Balance Sheet as of 31 Au ust 2024 Notes 31.08.24 31.08.23 FIXED ASSETS Land and Buildings CURRENT ASSETS Cash at bank (Barclays & Schroders/Cazenove} 62,603 64,769 National Savings Bond at cost 40,OCKI 40,000 Investment5 at mid-market value 673,682 605.317 Total current assets 776,285 710,086 Accrued expenses Total Net Assets 776,285 710,086 REPRESENTED BY: Endowment Fund 714.113 643.840 Restricted Funds 62.172 66,246 Total funds 776,285 710,086 Eton Parish Educational Trust Registered Charity Number 292751 Notes to the Accounts ear ended 31 Au ust 2024 I. ACCOUNTING POLICIES Chari Information Eton Parish Educational Trust is constituted as a charitable trust and its governing document is the Charity Commission Scheme dated 17 December 2010. Basis of Accountin The financial statements have been prepared in accordance with the Charities SORP IFR51021 applicable to charities preparing their accounts in accordance with the Finance Reporting Standard 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 give a 'true and fairf view and have departed from the Charitie5 (Accounts and Report5) Regulations 2008 only to the extent required to provide a 'true and fairf view. This departure has involved following Accounting and Reporting by Charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 issued on 16 July 2014 rather than the Accounting and Reporting by Charities.. Statement of Recommended Prartice effertive from l April 2005 which hassince been withdrawn. Eton Parish Education Trust meets the definition of a public benefit entity under FRS 102. Tan ible fixed assets Land and buildings owned by the Eton Paris Educational Trust are those presently occupied by Eton Porny School which are in use by the institution free of rent. The charity is required by its governing document to use its property to provide a site for a school and since the school is permitted to use the site under the terms of a Church Supplemental Agreement, no value is attributed to the site in the f inancial statements. Goin The tru5tee5 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 uncert3inties 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. Concern Eton Parish Educational Trust Registered Charity Number 292751 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 easily. enditure 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. Investments Investment5 are stated at market value as at the balance sheet date, and any gains or losses arising on the revaluation of investments are credited or charged to the Statement of Financial Activities. 2. ENDOWMENT FUND The Endowment Fund is derived from the sale price of the buildings on the Eton Porny site plus the appreciation in the investments. The charity has opted to follow the standard rules for the investment of permanent endowment with investment managerfs fees being charged against income. 3. MOVEMENT IN RESERVES Opening balance Movement Closing balance 202212023 Permanent Endowment Restrirted Income 682,804 71,424 754,228 138,9631 15,1791 144,142) 643,841 66,245 710,086 202312024 Permanent Endowment Restricted Income 643.841 66.245 710,086 70.272 14,0731 66,199 714,113 62,172 776,285 io Eton Parish Educational Trust Registered Charity Nurnber 292751 4. RELATED PARTY TRANSAcfioNS Eton Porny C of E First School is part of Slough & East Berkshire C of E Multi Academy Trust ISEBMATI of which Andrew Saunders is a director. Andrew Saunders 15 also a parent and a Governor of Eton Porny School. Eton Porny received grants totalling £8.0(K) during the year. Eton Information Centre is a college owned property provided rent free. Eton Information Centre received grants totalling £2.100 during the year. li