Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 Company registration number.. 3597496 Charity number.. 1071186 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) MENZIES BRIGHTER THINKING
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Company J its Trustees and Advisers Trustees. Report Independent Auditors. Report on the Financial Statements statement of Financial Activities 10-13 14 Balance Sheet 15 Statement of Cash Flows 16 Notes to the Financial Statements 17-32
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021 Truste8S The Right Reverend D J Conner KCVO The Reverend Ganon Dr H E Finlay The Reverend Canon M G Poll Mr D Darsch Mr R Collier-Keywood OBE Mr R B Woods CBE The Reverend Canon Dr M Powell MrD Stern MsKSRGhose MrH Shah Ms L Elson MrCGAitken Ms R Borthwick Company registered number 3597496 Charity registergd number 1071186 R•gistèrad offic• St George's House Windsor Castle Windsor Berkshire SL4 1NJ Company secretary Mr J L Newbegin Warden The Reverend Canon Dr H E Finl8y Independent auditor Menzies LLP Chartered Accountsnts Centrum House 36 Station Road Egham Surrey TW20 9LF Bankers Barclays Bank PIC 230 High Street Windsor Beikshire SL4 1PQ Sollcltors Kidd Rapinet LLP The Old Registry 20 Amersham Hill High Wycombe Buckinghamshire HP13 6NZ Invèstmènt Managars Cazenove 12 Moorgate London EC2R 6DA Page 1
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 The Ttustees, who are also the Diiectois for the purposes of company law, present their annual report together with the audited financial statements for the year ended 31 August 2021. Since the Company qualifies as "small under section 383 of the Companies Act 2006, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Directorfs Report) Regulations 2013 is not required. Reference and administrative details Reference and 8drninislralive details, including the principal office address. are shown in the schedule of members of the Board and professional advisers on page 1 of the financial statements. Trustees The Trustees who served the company during the period were as follows.. The Right Reverend D J Conner KCVO The Reverend Canon Dr H E Finl8y The Reverend Canon M G Poll The Reverend Canon Dr M Powell Mr C Aitken Ms R Borthwick Mr R Collier-Keywood OBE Mr D Darsch Mr L Elson Ms K Ghose Mr H Shah Mr D Stern Mr R Woods CBE structure, governance and management St George's House Trust Iwindsor Casdel is a charitable company, company number 3597496, and registered charity number 1071186. Memorandum and Artides of Association, established under the Companies Act 1985, govern the House. New Artides of Association were adopted on 25 November 2013. The company is limited by guarantee without any share capital. The Board consists of The Dean of Windsor. not more than four Canons of Windsor and 8t least seven but no more than 10 other Trustees. at least two and not more than four of whom shall be rnembers of the Council of St George's House. The 808rd meets 8s required to consider and 8dvise the House on its programme of work. The Board of Trustees appoints the Finance and General Purposes Cotnmittee. The number of members of the company Is unlimited but every member ha5 to be approved by the Ttustees. The Chairman, Board ol TIustee5 and Warden may propose new trustees as iequiied. These proposals are subject to discussion and approval by the Board. The day to day operations of the House are controlled by the Warden and the Programme Director. St George's House Trust Iwindsor Castle) forms part of the College of St George. In recognition of the large caprtal sum invested by the House into the buildings it occupies, St George's Chapel continue to provide the premises on a rent free basis and in accordan with a mutually agreed license to occupy. The Chapel also provides a Canon to act as Warden of the House. Should an extemal appointment be made in future the 815 of this would likely be subst8nlially higher. Other than that which h85 already been noted. St George's House Trust Iwindsoi C8stlel is not materially dependent upon the support of any individual, corporation or class of donors. Newly appointed Trustees Ljndergo an orientation session to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles ol Association, the Regulations of St George's House, the business plan and reTrnt performance ol the company. The Board is required to meet twice yearly although it is custom to rneet more frequently. Page 2
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 The Board is responsible for stiategic planning to tlleet the House's tsbiectives and develop stiategy in relation to finance, administration and marketing. The College Finance and General Purposes Committee advise upon investments policy, monitors risk management and prepares business plans and annual budgets. The Programme Director and the Warden allocate Consultation support funds in line with the prinaples approved by the Board. The Trustees are satisfied that the accounts comply with current statutory requirements and the Charity's governing documents. Rernuneralion for key management personnel is determined by the Board on advice frorn the College Finance and General Purposes Committee. Our aim is to offer competitive salaries which will attract and keep appropriately qualified personnel to manage and deliver the aims and objective5 of the Gorrpany. The pay of all staff 15 reviewed annually. Any increases are approved by the Board, taking into 8ccount inflation. the financial position of the House at the lirne 8nd in accordan with average earnings. Objectlves and actlvltles The charitable objectives of the Company as oudined in the Artides are as follows.. "The Objects for which the Company is established are primarily the provision of a residential study centre for those of the clergy or laity who wish to explore the moral. spiritual and practical implications of their various concems and secondty other religious. education81 and other purposes of the Gompany as the Trustees may from time to time decide." PursU8nt to this the Company runs 8 iesidential study centie for clergy of all denomin8tions', it15 also 8 place where people of influence and re5pon51bility in every area of society can come together to debate and discuss Issues of national and international importance with the purpose of nurturing wisdom for the betterment of society. These objectives are met by means of the provision of appropriate ConsuKations. Such Consultations are designed after taking advi from a range of knowledgeable parties. The aim of the Consultations is to draw together senior people who might not otherwise have the opportunity to debate key issues with each other. The Consultation forrnat encourages active participation by all present and allows them in an atmosphere of understanding and trust to challenge conventional thinking and to develop new insights. The success or otherwise of a consullalion can be rneasured in two ways. Was the discussion properfy constructive? By which is rneant did the t8iloied piogrgmme address the topic to h8nd in a wgent, inlelleclually iobust and inclusive Thane And seoondly. did the consultation, where appropriate, pioduce tangiblè outcomes? Our intention Is that all participants will leave a consultation better educated in the nuances of a particular argLJment and in a position to bring any newly acquired knowledge or expertise to bear in their working lives. Care is taken to ensure that Consultations involve a wide cross-section of society and themes. Participants are drawn from a wide range of sectors and every effort is made to reflect diversity in its various forms. Achievements and perfomiance Sl George's House thrives on bringing people together in person lo grapple with issues of national and intemational signifirAnce. The global pandernic meant that in-peison gatheiings were impossible for m05t of the year under review. However, in ordei to maintain a presence we devised a programme of online work covering the Society of Leadership Fellows, the consuKation programme, the Elson Ethics Lecture, Clergy Courses, and the arts programme. We also initiated a new strand of work, St George's House." In Conversation in which the Programme Director interviewed a number of distinguished guests via Zoom. When government restrictions were lifted in stages during June and July 2021, we immediately brought groups back to the House in person and are hopeful that this will continue far into the future. One of the dear benefits of online working was the abilrty to encourage participation by people from across the worfd. One of the primary objectives of the Charity is to provide space and time to explore in depth topics relevant to contemporary society. Due to the panderni¢, with most of our staff of necessity on furlough, the House programme was nece5S8rily reduced bul nonetheless ielevant lo our over811 mission. There follows 8 more del8iled outl8y of that progiamme. Page 3
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Social and Ethical Programmè Health and Cllmate Change. 11th September 2020, Onllne An online gathering in preparation for a residential consultation in eady 2022, Public health professionals are increasingly acting on their responsibility to recognise and warn about threats from global heating and to help society deal with them. To exercise this responsibility effectively there is a need for greater collaboration across and beyond the health sector. This online gathering looked at how best to take this forward. Elson Ethics Lecture Online, 23rd September 2020 The Corruption Within.. Donald Trump's War on Government Ethic¥ Watter M. Schaub Jni, Senior Advisor, Citizens for Responsibility and Ethics, Washington St George's House.. In Conversation. 19th November 2020 Dr Jane Goodall- Founder of the Jane Goodall Institute and UN Messenger for Peace. St George's House.. In Conversation, 3rd December 2020 Rabbi Jonathan Romain. author and broadcaster. st George's House.. In Conversation, 17th December 2020 Fiona Godlee. Editor of the British Medical Joumal and David Nabario. Worfd Health Envoy on Covid-19. This oonversalion built on 8n online consutt8tion on Heatth and Climate Change in Septernbei. St Gèorgè's Hous•.. In Convèrsation. 7th January 2021 Dame Ciessida Dick, Commissioner of the Metropolitan Police. St George's House.. In Conversatlon, 21st January 2021 Sir Mark Moody-stuart, British businessperson. The Futu of Urban Living Post.Pandemic, Online Consultation, 22nd January 2021 We worked with Future IQ to look at the implications of Covid-19 for cities across the worfd. Building on the work of a previous consultation. the discussion focused on the how the pandemic will redefine cities and what might be the longer term consequences. The consult81ion attracted participants from the United States. Canada. China. the United Aiab Emirates and from across Europe. Cllmate Change, Onllne Consultation, 16th and 17th February 2021 Over a day and a half, this consultation tackled three main topics.. Carbon Net-zero, How do we get there? Climate Change and COP26', and The UK Approach to Air Pollution. St George's House.. In Conversation, 18th February 2021 Sir David Omand. former Director of GCHQ and first UK Security and Intelligence Coordinator. The Bible, Packing and Setting Out, An Online Journey, 22nd February 2021 The first of five Lenten online sessions led by the Ward8n. The Bible, Languages and Translation, Online. 1st March 2021 The second ol live online Lenten sessions led by the Warden. The Bible, The Canon, Online, 8th March 2021 The third in the series led by the Warden. St George's House.. In Conversation, 11th March 2021 Dame Jayne-Anne Ghadia, former CEO of Virgin Money and the UK Government's Business Diversity and Inclusion Group. The Bible, Books that Did Not Make IC Online, 15th M8r¢h 2021 NLJmbei three in the Waiden-led series. The Blble, Unpacklng, Onllne, 22nd March 2021 The final stage of the Lenten journey. Page 4
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Climate Change, Online Consultation, 23rd and 24th March 2021 This second in the series, had as its main theme, The Economics of Climate Change, looking in particular at the Global Carbon Incentive Fund and the Circular Economy. St George's House, Arts Programme, 25th March 2021 Young prizewinning pianist George Harfiono offered an online programme of Brahms, Chopin, Rachmaninov and Liszt. The Future of Urban Living121, Online Consultation, 9th April 2021 This consult8tion drew on the discussion held in January. An expanded p8rtlCiP8nl list will develop the discussion held in January on the ramrfications for cities of the pandemic. A Family for Life.. Rethinking our approach to older children in care. Online Consultation 14th May 2021 We worked with the charity, Home for Good, in light of the recent government annoUnment of a Children's Social Care Review to consider how the needs, eXperIenS and outcomes of young people interacting with the system might be improved. Food and Farming, Wicars, Hall, 7th and 8th June 2021 The long-delayed third in a series of Gonsultations with the Food. F8rming and Countryside Commission. The 8im of this consultation was lo bring together different parts of the system from production. pio¢essing, foodservice, ielailers and public he8lth- to explore how to ensure the food system tr8nSltion is fair and Just foi people 8nd comrnunitie5 who rely on it for a living. They weie happy to work with limited capacity of 16 people. Character in Education, Vicars, Hall. 30th June to 2nd July 2021 Originally scheduled for December as part of our ongoing work with the Jubilee Centre at the University of Bimingham. Again, they were happy to work with the limited capaaty of 16 people. Society of Leadership Fellows The Leadership Conversation programrne also cornbined online and in-person work for the year under review. In-person gatherings worked with limited numbers. Leadership Fellows, Lèader to Lèadèr Exehanges111 via Zoom112pm- 2pm) 18th Sept, 16th Oct. 20th Nov. 18th Dec. 15th Jan120201211 Leadership Fellows, Leader to Leader Exchanges121 via Zoom112pm- 2pm) 12th Feb, 12th Mar, 23rd Apr, 21st May, 18th Jun, 16th July120211 Leadership Fellows, Your role as a culture change leader, Thursday 29th to Friday 30th October 2020 Building on the insights arising from five previous Conversations on this theme. the focus here was on how each Leadership Fellow joining this Conversation wished to develop their personal role as a leader of culture change. How have you defined this leadership iole of yours so fai, and what have been the key bairiers pieventing you achieving wh8t YOU W8nt? As always, w8 gained so much by diawing on the wisdom and expeiienc8s of oth81 F8llow5, 188rning 85pecially frorn what hasn't worked, and the le550n5 leamt, a5 well as what has worked well. Leadershlp Fellows, Hlgh trust leadershlp- drlvlng up performance. Monday 2nd to Tuesday 4th November 2020 This Conversation followed on from our theme around authenticity and trust in leadership, and was designed for Fellows who see themelves as high trust leaders and wish to develop new ways of placing a comrnitrnent to higher performance at the heart of their culture. We asked everyone joining us to bring one or specific exarnples of how they have encouraged high trust, high performance culture. Once we swapped notes, we picked out a srrall nurnber ol the most effective practi5 that had been adopted and asked how we might best ramp them up. We drew on our cornmitment to very high trust working in Leadership Conversations to stielch ourselves as f8r as we possibly oouldl The ie5uII was 8 raft of hallenging proposrf(ion5 for achieving a very high performance cultuie. m8de possible by a comrnilrnenl to high trust working driven by Fellows and other members of their top team. Page 5
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 L•ad•rship Fellows, Wisdom in lèadership. Sunday 23rd to Wednesday 26th May 2021 One of the dearest messages from our conversations with Fellows was how much they valued the three day Conversations the quality and depth that is possible when we really settle into the unique atmosphere ol St Georges. This exdusive Fellows retreat runs once a year for people who want to take this quality time and space, together with a group of lik minded leadership peers, to reflect more deeply on their leadership calling and contribution. This Conversation is for those times in our leadership journey when we sense something different is being called for from us.. a sense of stepping up or stepping into something beyond 'business as usual, maybe a sense of something not being as il should in the worfd, or a sense of expan510n and radical new possibility. L•ad•rship Fallows, Connèetion and Community. Tuèsday 1st Junè 2021 The capacity to collaborate is cruaal to suNival in a threatening environment, and almost everyone we speak to refers to new connections and relationships opening up once the illusion of our self-dependence was shattered by Covid. This Conversation was of interest to those seeking to work across boundaries, whether hierarchical, functional, demographic or cultural - particularly trying to sustain some ol the generative practices and possibilities opened up during the pandemic where so much goodwill, initiative and innovation becarne possible. What deeper changes are we trying to rnake, within and across our organisations, to sustain new forms of collaboration and connection? Leadership Fellow8, Leading in Climates of love and fear, Thursday 8th to Friday 9th July 2021 This 24 hour Conversation explored what it tneans to lead not just wrth a focus on the usual leadership eletnent5 of task, process, people and culture etc, but with a subtle and profound awareness of the age old dynamics of love and fear as the deepest drivers of human activity. Publlc Benefit The House continues to focus on its charitable objectives with due regard to the public benefit guidance issued by the Charity Commission. In order to make our programme as widely accessible as possible we actively fundraise and make use of our investments and voluntary income accordingly. In this way. participants can usually attend our social and ethical work free of charge which in turn broadens the range of people we can 8Ctively engage. Under our core aim of nurturing wisdor through dialogue we believe that people from right across society take away from Windsor various degrees of person818nd professional development whith they can put to use for the greater good. Our consultations and leadership conversation are geared to making a better soaety for all. Flnanclal Revlew The Trust's income from its core activities ol running Consultations, undertaken by both extemal organisations that use the facilities and those Consultations run by the in house team is £141,7181£484,441 in 2019120201. Sponsorship received for specific Consultations. which is included in course fees. amounted to £7.630 (£30,650 in 2019120201. The reduction in incorne is as a result of The House having to shut its doors mid March 2020 in response to the pandernic, and apart frorn a short window in the autumn of 2020 was not open for onsite consultations until the middle of May 2021 The other souic85 of incorn8 foi the Chaiity are frorn Don8tion5 excluding Endowrn8nt5,' £9,151 {£2,344 in 2019r20201, Associates, Subscriptions £23,9901£22,101 in 2019120201 and Investment Income £224,8181£224,902 In 2019120201. Costs relating to Courses were £489,0141£732,797 in 2019120201. The reduction in costs is as a result of the dosure of the House for much ol the year. The overall finanaal position for the year saw an operating deficit of £225,774 (deficit of £120,459 in 2019120201 before movements on investments. This year no income wa5 added to the investment portfolio 12020.. £50.8151.The portfolio generated unreali5ed gains of £577,029 before investment rM8nagement ch8iges. wmp8red wrfch 8 decrease of £48.266 in the previous year. Our year ènd valuation for investrnents held Is £5,831,2531£5,254,224 in 2019120201. The College Finance and General Purposes Committee monitors the chaiity's investments and is satisfied with the way in which it is managed by Cazenove adhering to the approved investment policy. Page 6
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 The Policy aims to produce the most advantageous financial ietuins from investments within an acceptable level of risk by using suitable & responsible investment vehides. The current objective is to generate a revenue stream of investment income of around £200,00014Q/ol, while growing the value of the investment at least in line with inflation. Assets should be invested in line with the aims of St George's House, taking into account such factors as their impact on climate, employment practices, sustainability, human rights, and community impact and board accountability. The Trustees consider that the income returns achieved in the year of £224,818 (£224,902 in 2019120201 are pleasing in light of the difficult economic climate and have performed well against budget in the year. Bank balances of £234,870 1£359.831 2019120201 includes £185,387 held in respect of restricted fvnds (£160,013 2019120201 Plans for future periods For the coming year the House faces a number of key objectives.. To develop the programme of internal Consultations in keeping with the ethos of the House To continue developing our leadership programme under the banner Society of Leadership Fellows To provide a range of Clergy Consultstions that will offer opportunities for continuous professional development to clergy at all levels. This will include a review of our current Consultations to maintain existing relationships with exiemal partners and attract new partners as appropiiate.. To host at least three cultural events aimed prim81ily at tnembers of the College community To schedule the St George's House Annual Lecture, the Elson Ethic5 Lectuie, and the St George's House Theology Ledure To fundraise for the work of the House. This combines ongoing short-term fundraising foi individual consultations and a longer tem plan to establish an endowment sufficient to underwrite all programme costs. Risks and reserves The matter of reseNes has been considered by the Board of Trustees and they consider that, given the level of current funds, the Charity is now in a posltion to hold a moderate level of reserves to meet unforeseen cost5 and lo enable the House lo pursue a cornpiehensive progi8mme of Consullalions in the event of a reduction in Income. The Board believe rigure of approximately 5-6 months of normal expenditure or 8iound £450,000 would be a prudent amount lo hold. At 31 August 2021 the TrLJSt had total fLJnds of £6,949,245 including endowment funds of £4,722,003 and restricted fLJnds of £813,298, and additional amounts invested in functional fixed assets amounting to £6,728. This leaves uncommitted funds lor 'Yree reserves") of £1,407,21e. This is more than sufficient to meet the amount ol reserves that the Board believes it is prudent to hold. The Trustees are required to consider on a regular basis the risks facing the Charity and the systems and actions required to mitigate these risks, as well as the question of appropriate reserves. The Trustees wnsider that it is the duty of the Trust lo ensure that all the fabric, fittings and equipment installed in the relurbishment of 2001 must be properly rnaintained and that 5Lrfficient reserves ar8 PLJt a51de each year so as to allow 8 planned replacernent of items of expenditure that are not normally expected to be incuried annually. The Board have approved a comprehensive Risk Assessment prepared by management and covering Govemancel Management.. Operational Risks.. and Financial Risks. This is reviewed on an annual basis. Page 7
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 The Trustees have noted that the prinupal risks facing the House relate to finance, securty and compliance wrth relevant legislation in for-. on finance, the current level of general reserves as shown in the accounts is considered satisfactory. The House is insured for business continuity. on security, the fabric of the House is insured against the usual risks including terrorism, and the House and its users benefit from the protection which the Metropolitan Police provide to the whole of Windsor Castle. The House also has appropriate insurance in respect of Third Party Liability., Fundraising practice The approach outlined above, i.e. not actively seeking funds from the general public, means that the tharity will not be requesting funds from vulnerable people and does not need to implement specific procedures to govern fundraising in this area. Going concem After making appropriate enquiries. the trustees have a reasonable expectation that the company has adequate resources to ntinUe in operational existence for the foreseeable future. For this reason they continue to adopt the going con¢em basis in preparing the financial staternen15. Further detai15 regarding the adoption of the going concern basis can be found in the Accounting Policies. Trustèès, r•sponsibiliti•s statèm•nt The Trustees (who are also Directors of St George's House Trust (Windsor Castle) for the purposes of company lawl 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 Practi1. Company law requires the Trustee to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of resources. including the incorne and expenditure. of the charitable cornpany for that period. In preparing these financi81 stslements, the Tiustees are iequiied lo.. select SLJitable accounting poliaes and then apply them consistently., observe the methods and principles in the Charities SORP., make judgments and accounting estimates that are reasonable and prudent., prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate 8¢counting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the fin8Ncial position of the charitable company and enable him to ensure that the Iinancial st8tements cornply with the Companies Act 2006. They are also responsible ft>r safeguarding the 8ssets of the charitable cornp8ny and hence foi taking reasonable steps for th8 preventioll and d8tection of fraud and other irregularities. Olselosure of Informatlon to audltor The Trustees at the time when this Trustees. Report is approved has confirmed that.. so far as that Trustees are aware, there is no relevant audit information of which the charitable company's auditors are unaware, and that Trustees have taken all the steps that ought lo have been taken as a Trustee in order to be aware of any relevant audit information and lo establish that the charitable company's 8udilors are aware of th81 information. Auditor Under section 487121 of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed lor filing the accounts with the registrar, whichever is earlier. Page 8
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Small Companiès Notè In preparing this report, the trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This re rt, incorporating the Directors, Report, was approved by the Trustees, in their capacity as company directors, anf*t¥n their behalf by QAtyiI C2 °&II, I'IVeverènd D J Connèr KCVO Date:_ 29-Nov-2021 Page 9
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) MENZIES INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) Opinion We have audited the financial statements of St George's House Trust (Windsor Castle) (the 'charitable company'l for the year ended 31 August 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom A(untIng Standards, including Finanrial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Pracbcel. In our opinion the financial statements.. give a true and fail view of the state of the charitable companys affairs as at 31 August 2021 and of its incoming resour5 and application of resouices, including (t5 incotne and expendituie for the year then ended", have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Cornpanies Act 2006. Basss for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relev8nl to our audit of the financial slalements IN the United Kingdom. including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethic81 responsibilities in accordan with these requirements. We believe that the audit evidence we have obtained is suffi¢ient and 8ppropri8te to provide 8 b8sis for our opinion. Coneluslons relatlng to golng coneem In auditing the financial statements, we have concluded that the Trustees. use of the going concem basis of accounting in the preparation ol the finanaal statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concem for a period ol at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees wrth respect to going concem are described in the relevant sections of this ieport. Other information The other information compris85 th8 information included in the Annual Report other than the financi81 statements and our Auditois, Report theieon. The Ttustees are responsible for the othei information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance condusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent wth the financial statements or our knowledge obtained in the course ol the audit, or otherwise appears to be materially misstated. 11 we identify such material inconsistenryes or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this iegard. Page 10
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (CONTINUED) Opinion on other mattèrs prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit." the irrfortnation given in the Ttustee5' Report foi the financial year for which the finan31 statements are prepared is consistent with the financial statements. the Trustees. Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding ol the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees. Report. We have nothing to report in respect of the following matters in relation to which Companie5 Act 2006 requires us to report lo you if. in our opinion.. adequate accounting records have not been kept. or relums adequate for our audit have not been received from blanches not V15rted by us., or the finanual statements are not in agreement with the accounting records and retums," or certain disclosures of Trustees, remuneration specified by law are not made., or we have not reiVed all the information and explanations we require for our audit.. or the Trustees were not entitled to prep8ie the financial slalements in aordanCe with the small companies regime and take advantage of the small companies, exernptions in preparing the Trustees, Report and Iiotn the requirement to prepare a Strategic Report. R•sponsibiliti•s of trust••s As explained more fully in the Trustees, Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial staternents that are free from material misstaternent. whether due to fraud or eOr. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going ooncem, disc105ing. as applicable. matters related to going conrn and using the going concern basis of accounting unless the Trustees eilhei intend to liquidate the charitable company or to cease opei8tions. or have no realistic alternative bLJt to do so. Page 11
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (CONTINUED) Auditors. responBibilitieB for thè audit of th8 financial 8tatement# Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will aknays detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. induding fraud, are instances of non-cornpliance with laws and regulations. We design prOdureS in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting Irregularities, including fiaud is detailed below.. The charitable cornpany is subject to laws and regulations that directly affect the financial 5tatement5 inclLJding rinancial reporting legislation. We detemined that the following laws and regulations were most significant including the Charities Act 2011, Health and Safety regLJlations and employment law. We assessed the extent of compliance with these laws and regulations as part of our protsdures on the related financial statement items. We understood how the charitable company is complying with those legal and regulatory frameworks by making inquiries lo management and those responsible lor legal and compliance procedures. We corroborated our inquiries through our review of board minutes. The engagernent partner assessed whether the engagement team collectivety had the appropriate competenTr and capabilities to identify or recognize non-cornpli8nce with laws and regulations. The assessment did not identify any issues in this area. We assessed the susceptibility of th8 charitable company's financi81 statements to Tnaterial rnisstatetnent. induding how Iiaud might occur. We considered the opportunities and incentives that rnay exist within the organisation for fiaud and identified the greatest potential for fraud in the following areas", posting of fraudulent journal entries, authorisation, proSSing, and payment of fraudulent expenses and timing ol revenue recognition. Audit procedures performed by the engagement team included.. Identifying and assessing the design effectiveness of controls management has in Pla to prevent and detect fraud,. Understanding how those charged with governance Considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting proTrss', Challenging assurnptions and judgrnents rnade by management in its signrficant accounting estimates., and Identifying and testing Journ81 entrie5, in particular any journal entrie5 Posted with unusual 8ccount combinations 8ecause of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional conTralment, forgery, collusion, omission or rnisrepresenlation. A further description of our responsibilities for the audit of the financial staternents is located on the Financial Reporting Council's website al.. w¥vw.frc.or .uklaudilorsres onsibilities. This description forms part of our Auditors, Report. Page 12
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (CONTINUED) Us8 of our rèport This report is made solely to the charitable companys members, as a body, in accoidance with Chaptei 3 of Part 16 01 the Companies Act 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors, Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. Do¢usnId ty.. 4F2 Janice Wa&%ews FCA (Senior Statutory Auditor) for and on behalf of Menzies LLP Ch3rtered Acoounlants Statutory Auditoi Centrum House 36 Station Road Egham Surrey TW20 9LF Date.. 30-Nov-2021 Page 13
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2021 Unrestrlcted funds 2021 Restrlcted funds 2021 Endowment funds 2021 Total funds 2021 Total funds 2020 Note Income and endowments from: Donations and legacies Charitable activities 92,677 144,161 56,731 92,677 144.161 224.818 52,494 532, 135 224,902 Investments 168.OB7 Total incorne and éndowrnènts 293,569 168,087 461,656 809,531 Expenditure on.. Raising funds Charitable activities 2,OB7 546,766 6,280 85,483 8.367 679.063 11,052 918.938 46.814 Totsl expenditure $48,853 91,763 46,814 687,430 929,990 Net lexpenditurevincome before net gainslllossesl on investments 1255,2841 76,324 146.8141 1225,7741 (12Q.4591 Net gainslllossesl on investments 143,912 59,846 373,271 577,029 (48.2661 Net lexpenditurevincome Transfers between funds 1111,3721 50,000 136,170 150,0001 326,457 351.255 (168. 7251 16 161,3721 86,170 326,457 351,255 (168, 725) Net movement in funds Reconciliation of funds: Total funds brought foNard Net movement in funds 1,475,316 161,3721 727,128 86,170 4,395,546 326,457 6,597,990 351,255 6, 766. 715 (168, 7251 Total funds earri forward 1,413,944 813.298 4,722.003 6,949.245 6,597,990 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 17 to 32 form part of these finanaal statements. Page 14
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) REGISTERED NUMBER. 3597496 BALANCE SHEET AS AT 31 AUGUST 2021 2021 2020 Note Fixed assets Tangible assets Investments 957.044 5,831.253 1,006. 776 5,254.224 12 6,788,297 6,267,000 Current assets Debtors 13 80,048 234,870 102,057 359,837 Cash at bank and in hand 314,918 461,882 Creditors.. amounts falling due wrthin one year 14 1153,9701 1124,892) Net current assets 160,948 336.990 Total assets less current liabilities 6,949,24S 6,597,990 Total nat assèts 6,949.245 6,5QT,990 Charlty funds Endowment fund5 16 4,722.003 813,298 1,413.944 4,395,546 727. 728 1,475,316 Restricted funds 16 Unrestricted funds 16 Total funds 6,949,24S 6,597,990 The Trustees acknowledge their responsibilities for comptying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financi81 staternenls have been prepared in 8Ccordan with the provisions applicable lo entities subject to the sm811 onip8nies iegirne. (A¥(tate[entS were approved and 8uth0ri5ed for issue by the Ttustees and signed on their behalf by." QAtyiI (OhknLr The ever8nd D J Connèr KCVO Date.. 29-Nov-2021 The notes on pages 17 to 32 form part of these financial statements. Page 15
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 Cash flows from operating activities Nel cash used in operating activities 1343,7251 (282,6231 Cash flows from investing activities Dividends, interests and rents from investments Purchase of tangible fixed assets Pur¢hase of investments 224,240 15,4761 225, 732 (5Q,8161 Net cash provided by investing activities 218,764 174,916 Cash flows from financing aetivitie$ Net cash provided by financing activities Change in cash and cash equivalents in the year 1124,9611 1107,7071 Cash and cash equNralents at the beginning of the year 359,831 467,538 Cash and ¢a¥h equivalents at the end of the year 234,870 359.831 The notes on pages 17 to 32 form part of these financial statements Page 16
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 General information St George's House Trust (Windsor Castle) is a private charitable cornpany lirnited by guarantee, and incorporated in England & Wales. The registered address can be lound on page 1 and details of the principal activities are set out in the Trustees, Annual Report. Accountlng pollcles 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021- Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accoidance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Standaid 8pplicAble in the UK and Republic of Ireland IFRS 1021 and the CoTnpanies Act 20(. St George's House Trust (Windsor Castle) 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. 2.2 Golng concern The Trust has significant assets both in its General Fund and in Endowed funds. Having considered the possible impact of the Coronavirus pandemic on the Trust's's finances, in the opinion of the Trustees, the Foundation is a going concern for al least twelve months from the date of approval of these financial statement5 and for the foreseeable future. 2.3 Income All income is iecognised On the Company has entitlement to the income, rft is piobable that the income will be received and the amount of income receivable can be measured reliably. Income from consultations is recognised in the period in which the consultation is held. Money received in respect ol consultations in future periods is carried forward as deferred income. Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balan Sheet. Where income is received in advance of entitlement of reipt. its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before incorne is reived, the income is accrued. Income tax recoverable in relation to investment income is recognised al the lime the investment income is reiv8b1e. 2.4 Expenditure Expenditure is recogni5ed once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount ol the obligation can be measured reliably. Expenditure is classified by activity. The costs ol each activity are made up of the total of direct costs and shared costs, induding support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Expendfcure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and indudes costs of all fLJndraising activities events and non-charit8ble trading. Page 17
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Accounting poli¢ie8 l¢ontinuedl 2.4 Expenditure Icontinuedl ExpenditLJre on charitable activities is incurred on directly undertaking the activities whid) further the Companrfs objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Government grants Govemrnent grants received as a result of the furfough scheme are recognised in incorne when the company is entitled to the money. 2.6 Tangible fixed assets and depreciation Tangible fixed assets C05ting £1,000 or rnore are capitalised and recogni5ed when future economi¢ benefits are probable and the c05t or value of the asset can be rneasured reliably. Tangible fixed assets ale Initially iecognised at cost. After recognition, under the c05t model, tangible fixed assets are measured at cost less accumulated depreuation and any accumulated Impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreaation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Deprecjation is provided on the following bases.. Long-term leasehold property Fixtuies and lrttings Straight Line over 40 year5 25Q/ts reducing b818nce 2.7 InveBtm•nt# Fixed asset investments are a fomi of financial instrument and a initially reeognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the Statement ol Finanaal Activities. 2.8 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a Ir8nsfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised al the arnounl that the Gotnpany 8nlicip8les (( will pay to settle the debt or the 8Tnounl it has received as advanced payments for the goods or service5 It must provide. Provisions are measured at the best estitnate of the amounts required to setue the obligatitsn. Where the effect of the time value of money Is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. Page 18
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Accounting poli¢ie8 l¢ontinuedl 2.9 Financial instrurnent$ The Company only 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 their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.10 Pensions The Cornpany operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year. 2.11 Fund a¢¢ounting General ILJnds are unrestricted funds which are 8vailable for use at the discretion of the TtU5tees in furtheian of the general objectives ol the Company and which have ntst been designated for other purposes. Restricted funds are funds which are to be used In accordance with specific restrictions imposed by dtsnors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Endowment funds are funds which have been given to the company to be invested to provide an income to support the activities of the corrpany, or in the case of the Capital Fund represent the costs of refurbishing the property frorn which the company oper*es. Income from donatlons and legacles Unrestricted funds 2021 Total funds 2021 Total funds 2020 Donations Government grants Associate Subscriptions 9.151 59,536 23,990 9,151 59,536 23,990 2.344 28,049 22, 701 92,677 92,677 52,494 Grant Income Funds were received during the year under the Government's Comovirus job retention scheme. There were no unfulfilled conditions or other contingenices attaching to the grant. No other form of government assistance was received during the year. All incorne in the year ended 31 August 2020 was unrestricted. Page 19
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Incomè from charitablè aetiviti•s Unrestricted funds 2021 Total funds 2021 Total funds 202Q Incorne from charitable activities- Courses and Consultations 144,161 144,161 532, 735 All incorne in the year ended 31 August 2020 was unrestricted. Investment income Unrèstrietèd funds 2021 Rèstrict funds 2021 Total funds 2021 Totèl funds 2020 Investment income ,731 168,087 224,818 224,902 Total 2020 56.447 168.455 224.902 Of the restricted fund investment income of £168,08712020". £168,455), £144,86412020". £145,368) was generated on endowment fund balances (Note 161. Page 20
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Analysis of èxpènditurè on charitablè activitiès Summary byfund ty Unrestricted funds 2021 Restricted Endowment funds funds 2021 2021 Total funds 2021 Total funds 202Q Courses and Consultations 403,531 143,235 85.483 489,014 190,049 732, 797 186, 741 Supwrt and House 46,814 546,766 85,483 46,814 679,063 978,938 Total 2020 817,480 54,644 46,814 918,938 Analysls of expendlture by actSvltles Activities undertaken directly 2021 Support Costs 2021 Total funds 2021 Tot81 funds 2020 Cours8s and Consultations 489,014 489,014 190,049 732, 797 186. 741 Supwrt and House 190.049 489,014 190,049 679,063 978,938 Total 2020 732, 797 186, 741 918, 938 Page 21
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Analysis of expenditure by a¢tivities l¢ontinuedl Analysis of direct costs Total funds 2021 Total funds 2020 Staff costs Establishment Motor & travel costs Direct Course Expenditure Offioe Expenses Sundry Expenses Interest Payable Leadership fellows 294,126 105,652 838 305,255 198,202 4,308 22,982 39.267 11,835 4Q,210 ItQ,738 6,534 29,388 7,692 44,784 489,014 732. 797 Analysis of support costs Total funds 2021 Total funds 2020 Depreciation Rent Light & Heat Repairs & Maintenance L055 on disposal of fix8d assets Interest Payable Bad debt 53,736 55,311 13,046 28,172 1,471 1,627 515 54, 7Q9 55,358 t4, 750 22,567 2. 755 463 Governance costs 36,171 36, 739 190,049 186, 741 Page 22
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Auditors, r•munèration 2021 2020 Fees payable lo the Companys 8udiloi for the audit of the Companys 8nnu81 ccounts 7,350 7,775 Fees payable to the Companys auditor in respect of.. All non-audil services not induded above 3,735 4,015 Stsff costs 2021 2020 Wages and salaries Soaal security costs Contribution to defined contribution pension schemes 272,725 26,220 17,617 286,343 23,3L)6 78,759 316,562 327.808 The average numbei of persons employed by the Company during the year was as follows.. 2021 202Q Finance Secretarial & consuttalion The nurnber of employees whose employee benefits {excluding ernployer pension costs) exeded £60,000 was.. 2021 No. 2020 No. In the band 290,001 - £100,000 Wages and Salaries includes a sum of £16,50012020". £16,500) charged by The Dean and Chapter of St George's Chapel in respect of the remuneration of the Warden. Remuneration and benefits received by key management personnel amounted to £186,87112020'. £187,021). 10. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits {2020- £NIL). Ouring the year ended 31 August 2021. no Trustee expenses have been incurred (2020- £NILI. Page 23
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 11. Tangible fixed assets Building FiXtuS and Improvements rittings Total Cost or valuatian Al 1 September 2020 Additions 1,872,560 470,191 5,476 16,2001 2,342.751 5.476 16.2001 Disposals At 31 August 2021 1.872,S60 469,467 2,342,027 Depreciation At 1 September 2020 Charge for the year On disposals 889,467 46,814 446,508 8,394 16,2001 1,335.975 55.208 16.2001 At 31 August 2021 936,281 448,702 1,384,983 Net book value Al 31 August 2021 936,279 20,765 957.044 Al 31 August 2020 983,093 23,683 1,006, 776 12. Fixed a$¥et investments Listed investments Cost or valuation Al 1 September 2020 Revaluations 5,254,224 577,029 At 31 August 2021 5,831,253 Page 24
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 13. Debtors 2021 2020 Due within one year Trade debtors Other debtors Prepayments and accrued income Tax recoverable 6,842 65,374 7,832 t7,5Ql 73,826 9,525 1,799 80,048 102.051 14. Creditors= Amounts falling duè within onè yèar 2021 2020 Trade creditors Other taxation and soaal security Other creditors Accruals and deferred income 37,624 7,003 663 108,680 41,058 7,392 486 75,956 153,970 124.892 Deferred income represents consultation fees received in advan. Movements are as follows:_ 2021 D•f•rrèd ineomè Deferred income at 1 September 2020 Resources deferred during the year Amounts released from pievitsus years 54,716 55.772 139.6031 Deferred income at 31 August 2021 70.885 Page 25
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 15. Financial instruments 2021 2020 Financial assets Financial assets measured at fair value through income and expenditure 5,831,253 5,254.224 Finanaal assets measured at fair value through income and expenditure comprise fLxed asset investments. The value of investments calculated with reference to the market value of the shareholding. Page 26
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 16. Staternent of fund8 Staternent of fund#- current year Balanca at 1 September 2020 Transfers Inlout Gainsl Balance at 31 (Losses) August 2021 Income Expendlture Unrèstrietèd funds Gener81 Funds 1,475,316 293,569 1548,8531 50,000 143,912 1,413,944 Endowment funds Capital Endowment Fund 997,129 146,8141 950.315 Director of Studies Endowment Fund 1.712,719 188,132 1,900.B51 Consutt8tion Support Endowment Fund 1.527,595 158,103 167,798 17,341 1,695.393 175.444 Elson Ethics Fund 4,395,546 146,8141 373,271 4,722,003 Restrlcted funds Annu81 Ledure Elson Ethics Fund Directors of Studies Fund CSF Restricted 37,761 10,996 2,260 6,730 14471 13721 5,822 45.396 17,354 38,402 639,969 73,007 86,090 187,7271 13,2171 23,682 726,866 150,0001 $4,024 727,128 168,087 191,7631 150.0001 59,846 813.298 Total of funds 6,597,990 461,656 1687,4301 577,029 6,949,245 Page 27
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 16. Staternent of fund8 l¢ontinuedl Statement of fund8- prior year Balance èt 7 September 2019 Balance èt 31 August 2020 Gainsl (Losses) Income Expenditure Unrèstrietèd funds General Funds 1.669, 192 641.076 (822,679) {12,273J 1,475,316 Endowmènt funds Capital Endowment Fund Director of Studies Endowmenl Fund 1,043,943 (46,814) 997, 729 1,728, 764 {16,045J 1,712, 719 Consuttation Support Endowment Fund Elson Ethics Fund 1,541,9Q6 158,637 (14,311) (534) 1,527,595 158, 103 4.473.25Q (46.874) (30.890) 4,395.546 Restricted funds Annual Lecture Elson Ethics Fund Director of Studies Fund 36,532 9,470 17,468 2,275 5,987 73,487 (550) 14,395) (52,547? {496) 31, T61 70,996 38,402 Consulation Support Fund Ilncluding Clergy) 560,863 86,718 (3,005? (4,607) 639,969 624,275 t68,455 (60,497) (5, 103) 727, 128 Totsl of funds 6,766, 715 t68,455 (929,990) (48,266) 6,591,990 Page 28
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 16. ststernent of fund8 l¢ontinuedl The incoTning funds of the charity include endowTnent fund5 COTnprising the following Ljnexpended balan$ of dtsnations to be applied lor speafic purposes, as described below. Capltal Fund The Capital Fund represents the costs for refurbishing St George's House. The annual depreciation charge in respect of the assets acquired using this fund is expended as an outgoing resource. Consultation Support Fund An expendsble endowment fund to provide income for the Consultation Support fund. Incorne from the re18ted endowrnent fund to be Ljsed to fund bursaries foi attendees at consultations. Director of Studies Fund An expendable endowment fund to provide income for the Director of Studies fund. Elson Ethics Fund An expendable endowment fund to provide income for the Elson Ethics fund. The incoming funds of the charity indude restricted funds comprising the following unexpended balan3 of donations lo be applied for specific purposes. as described below.. Annual Lecture Fund To fund an AnnLJal Lecture given by a distinguished lecturer Speaker on relevant 155UeS. Elson Ethics Fund Income from the related restricted fund to be used to fund expenses associated wth lectures and consultations on ethics. Director of Studies Fund Incorne from the related restricted fund to be used for the Director of Studies of St George's House. Tran8fers been fund8 Tiansfers between funds represents rnonies taken frorn the ConsuKation5 Support FLJnd to use against the current year costs of iunning the programme Page 29
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 17. Analysis of nat ass•ts bètwèèn funds Analysis of nat assèts batwèan funds- currant yaar UnrestrScted funds 2021 Restrlcted Endowment funds funds 2021 2021 Total funds 2021 Tangible fixed assets Fixed asset investrnents 6.728 1,454.057 107,129 1153,9701 950.316 3,771.687 957.044 5,831,253 314,918 11 $3,970) 605,509 207,789 Current assets Creditors due within one year Total 1.413.944 813.298 4,722.003 6,949,245 Analysis of n•t assets tètA funds- prior year Unrestricted funds 2020 Restricted funds 2020 Endowment funds 2020 Totèl funds 2020 Tangible fixed assets Fixed asset investments Current assets 9,647 1,370, 144 280,417 (724,892) 997, 129 3,398,417 1,006, 776 5,254,224 461,882 (124,892J 545,663 187,465 Creditors due within one year Total 7,475,316 727, 728 4,395,546 6,597,990 18. Reconciliation of net movement in funds to net cash flow from operating activities 2021 2020 Net incomelexpendilure for the year las per Slalement of Financial Activities) 351,255 (168. 7251 Adjustments for.. Depreciation charges Gainslllosses) on inv85trn8nts Dividends. interests and rents from investTnents Decrease in debtors Increaselldecreasel in creditors 55,208 1577,0291 1224,2401 22,003 29,078 54, 109 48,266 (225. 7321 87.627 (78. 7681 Net cash used in operating activities 1343,7251 (282,6231 Page 30
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 19. Analysis of cash and cash equivalents 2021 2020 Cash in hand 234,870 359.831 Total cash and cash equivalents 234,870 359,831 20. Analysis of ehanges in n8t d8bt At1 September 2020 At 31 August 2021 Cash flows Cash al bank and in hand 359,831 1124,9611 234,870 359.831 1124,9611 234.870 21. Operating lease Gommitments At 31 August 2021 the Company had commitments to make future minimurn lease payrnents under non-cancellable operating leases as follows.. 2021 2020 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 30,000 120,000 157,SOO 3Q,( 12Q,( 187,5c 307,500 337,5QO Operating lease payments recognised as an expense total £30,000 during the year12020'. £30,000). 22. Mèmbèrs, liability Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while helshe is a member, or within one year after helshe ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before helshe ceases to be a member. Page 31
Docusign En¥ÈlopÈ ID". 8187738F-139F43EO-BC3&CF514391F602 ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 23. Related party transactions St George'5 House Trust (Windsor Castle) is related to the Dean and Chapter of St George's Chapel becaLJse the Dean and a number of the Canons are Trustees of St George's House. During the year, St George's House was invoiced £14,842 12020." £15,921) by St George's Chapel in respect of various recharged expenses. It also paid £30,00012020.' £30,000) in respect of the leasellicense of the property and £16,50012020.' £16,500) as a contribution towards the remuneration of the Warden. who is one ol the Canons of St George's Chapel. St George's House invoiced St George's Chapel £34712020. £11.2391 in connection wrth the recharge of catering services. At the year end. St George's House owed St George's Chapel £nil12020'. £nill in respect of these arrangement5. St George'5 Chapel has granted a licence to the charity to occupy St George's House and Vicarfs Hall, which runs to 31 Deeembei 2031. Page 32