Eton is one of the largest private schools, with nearly 1,300 pupils, and last year charged fees of around pound;16,500 a year.
The balance sheet shows the true wealth of the college, with net assets of more than pound;162m.
But Eton's financial position is not as strong as it has been. Income in 2001 actually fell by over 10 per cent compared to 2000, when it was over pound;34m.
The main cause was a slump in trading turnover, which had been just shy of pound;6m in 2000, largely due to a lucrative property development. Investment income also declined sharply. And spending topped pound;38m, meaning that the college had a deficit for the year of pound;7.8m.
Net assets fell by a huge pound;27m between 2000 and 2001, mainly due to a fall in the value of investments from pound;123m to pound;100m.
Fees are to rise from September by pound;1,500 a year due to falling investment returns.