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
2￿30 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 Than￿e￿ 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 annoUn￿ment of a Children's Social Care
Review to consider how the needs, eXperIen￿S 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
practi￿5 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 Practi￿1.
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 con￿rn 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,
an￿￿￿f*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
resour￿5 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 finan￿31 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 re￿iVed all the information and explanations we require for our audit.. or
the Trustees were not entitled to prep8ie the financial slalements in a￿ordanCe 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 e￿Or.
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 con￿rn 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 prO￿dureS 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,
pro￿SSing, 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¢us￿nId 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 re￿ipt. its recognition is deferred and
included in creditors as deferred income. Where entitlement occurs before incorne is re￿ived, the income is
accrued.
Income tax recoverable in relation to investment income is recognised al the lime the investment income is
re￿iv8b1e.
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) ex￿eded £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 FiXtu￿S 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 balan￿3 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 be￿en 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 ￿t￿ètA 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