OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-08-31-accounts

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

Company registration number: 3597496 Charity number: 1071186

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 AUGUST 2025

ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee)

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Company, its Trustees and Advisers 1 - 2
Trustees' Report 3 - 8
Independent Auditors' Report on the Financial Statements 9 - 12
Statement of Financial Activities 13
Balance Sheet 14
Statement of Cash Flows 15
Notes to the Financial Statements 16 - 31

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

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 2025

Trustees The Right Reverand C J Cocksworth
The Reverend Canon Dr H E Finlay
The Reverend Canon M G Poll
Mr R B Woods CBE
Mr L Elson
Mr C G Aitken
Prof H Montgomery OBE
Prof A Scott-Baumann
Dr A V Weller
Mr R D Collier-Keywood OBE
Ms C J Mack
Ms S Pritchard
Mr M Reed
Company registered
number
3597496
Charity registered number
1071186
Registered office
St George's House
Windsor Castle
Windsor
Berkshire
SL4 1NJ
Company secretary
Mr J L Newbegin
Warden
The Reverend Canon Dr H E Finlay
Independent auditor
Menzies LLP
Chartered Accountants
Magna House
18-32 London Road
Staines-Upon-Thames
TW18 4BP
Bankers
Barclays Bank Plc
29-30 High Street
Windsor
Berkshire
SL4 1PQ

Page 1

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Solicitors

Kidd Rapinet LLP The Old Registry 20 Amersham Hill High Wycombe Buckinghamshire HP13 6NZ

Investment Managers

Cazenove 12 Moorgate London EC2R 6DA

Page 2

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

The Trustees, who are also the Directors for the purposes of company law, present their annual report together with the audited financial statements for the year ended 31 August 2024.

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 Director’s Report) Regulations 2013 is not required.

Reference and administrative details

Reference and administrative 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 Dr C J Cocksworth The Reverend Canon Dr M Powell (retired as a trustee on 8 July 2025) The Reverend Canon Dr H E Finlay The Reverend Canon M G Poll Mr C Aitken Mr L Elson Mr R Woods CBE Prof H Montgomery OBE Prof A Scott-Baumann Dr A Weller Dr F Godlee Mr Matthew Reed (appointed as a trustee on 15 November 2024) Ms Carol Mack (appointed as a trustee on 15 January 2025) Ms Sue Pritchard (appointed as a trustee on 15 March 2025) Ms K Ghose (retired as a trustee on 5 April 2025) Mrs C Harris (retired as a trustee on 25 September 2024) Mr R Collier-Keywood OBE (appointed as a trustee on 20 March 2025)

Structure, governance and management

St George's House Trust (Windsor Castle) is a charitable company, company number 3597496, and registered charity number 1071186.

Memorandum and Articles of Association, established under the Companies Act 1985, govern the House. New Articles 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 at least seven but no more than 10 other Trustees, at least two and not more than four of whom shall be members of the Council of St George's House. The Board meets as required to consider and advise the House on its programme of work. The Board of Trustees appoints the Finance and General Purposes Committee. The number of members of the company is unlimited but every member has to be approved by the Trustees. The Chairman, Board of Trustees and Warden may propose new trustees as required. These proposals are subject to discussion and approval by the Nominations Committee and the Board.

The day to day operations of the House are controlled by the Warden and the Programme Director.

Page 3

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

St George's House Trust (Windsor Castle) forms part of the College of St George. In recognition of the large capital 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 accordance with a mutually agreed license to occupy. The Chapel also provides a Canon to act as Warden of the House. Should an external appointment be made in future the costs of this would likely be substantially higher. Other than that which has already been noted, St George's House Trust (Windsor Castle) is not materially dependent upon the support of any individual, corporation or class of donors.

Newly appointed Trustees undergo an orientation session to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the Regulations of St George's House, the business plan and recent performance of the company.

The Board is required to meet twice yearly although it is custom to meet more frequently.

The Board is responsible for strategic planning to meet the House's objectives and develop strategy in relation to finance, administration and marketing. The House 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 principles approved by the Board.

The Trustees are satisfied that the accounts comply with current statutory requirements and the Charity's governing documents. Remuneration for key management personnel is determined by the Board on advice from 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 objectives of the Company. The pay of all staff is reviewed annually. Any Increases are approved by the Board, taking into account inflation, the financial position of the House at the time and in accordance with average earnings.

Objectives and activities

The charitable objectives of the Company as outlined in the Articles 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 concerns and secondly other religious, educational and other purposes of the Company as the Trustees may from time to time decide."

Pursuant to this the Company runs a residential study centre for clergy of all denominations; it Is also a place where people of influence and responsibility 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 Consultations. Such Consultations are designed after taking advice 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 format 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 consultation can be measured in two ways. Was the discussion properly constructive? By which is meant did the tailored programme address the topic to hand in a cogent, intellectually robust and inclusive manner? And secondly, did the consultation, where appropriate, produce tangible outcomes? Our intention is that all participants will leave a consultation better educated in the nuances of a particular argument 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.

Page 4

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Achievements and performance

Part of the modus operandi of the House is to develop intellectual partnerships with organisations sympathetic to our core mission. One such partnership in the year under review was with Civic Future, an organisation dedicated to enhancing the quality and skills of young people entering public life. Two consultations this year brought together a cohort of ‘Fellows’ who spent two weekends learning from senior politicians and opinion formers across a range of themes. Such work is about developing young, informed leaders and equipping them with the skill-set necessary to contribute effectively to British public life.

Thinking of British public life, the year began with a consultation looking at Britain’s Place in the World, a high-level analysis of the current state of play post-Brexit and taking into account the noticeable shift in the global tectonic plates. The ‘safe space’ that is St George’s House provided exactly the right ambience for senior diplomats, academics, think tank leaders and other opinion formers to take a forensic look at where the UK is headed in turbulent times.

As in previous years a focus on social and ethical consultations inevitably throws up a number of recurrent themes. Education again featured prominently in the year under review through our partnerships with the Foundation for Educational Development and High Performance Learning. The former supports long-term planning in education to ensure that every learner, regardless of background, receives the best possible education at every stage of their educational journey. The latter offers an innovative style of cognition-based education that operates as an eco-system within a school. Two different approaches but both with a single aim: to enhance and enrich the learning experience for students in the UK and beyond.

Social issues also featured in the programme. Our partnership with Local Trust enabled further work on neighbourhood renewal and community empowerment, while a very specific liaison with the charity Crisis resulted in a consultation on homelessness. This took the long view in its efforts to generate a ten-year plan aimed at solving the problem. It was heartening to see significant international input to the deliberations.

In previous years the House has explored political culture in the UK from a variety of perspectives. This year was no exception. A partnership with Unlock Democracy brought together an influential and active group of democracy sector players (the Democracy Network, think tanks, campaign organisations, community organisers, academics) and a wider group of organisations to map the new government's democracy-related commitments, their advocates and implementers, to identify opportunities to work together to help the government build trust and deliver democratic reforms and tackle populism, and agree and deliver a programme of action.

The political theme continued with the 2024 Elson Ethics Lecture, given in this occasion by former Attorney General Dominic Grieve KC who took as his theme: Can there be Ethics in Political Culture?

We also followed up our work on NHS reform by exploring the fast-moving developments in government policy in this area. By bringing together senior medical professionals, civil servants, think tanks and others we sought to use cancer care as a template for the needs of the wider NHS. No less significant on the theme of health was our spring consultation on Fabricated or Induced Illness, an issue which has significant implications for the medical and legal professions as well as for the police, social workers and, most important of all, families.

We were pleased to continue a number of series this year, including work on Artificial Intelligence, Interfaith work and our ongoing programme focused on Food and Farming issues. Add to this three clergy courses, a full programme of Society of Leadership Fellows conversations and an Annual Lecture given by His Eminence Cardinal Vincent Nichols, Archbishop of Westminster, all evidence that we meet the objectives of the Charity in providing space and time to explore in depth topics relevant to contemporary society.

Page 5

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Public 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 welcome donations 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 actively engage. Under our core aim of nurturing wisdom through dialogue we believe that people from right across society take away from Windsor various degrees of personal and professional development which they can put to use for the greater good. Our consultations and leadership conversation are geared to making a better society for all.

Financial Review

The Trust's income from its core activities of running Consultations, undertaken by both external organisations that use the facilities and those Consultations run by the in-house team is £993,680 (£998,109 in 2023/2024). Sponsorship received for specific Consultations, which is included in course fees, amounted to £63,690 (£66,350 in 2023/2024). The other sources of income for the Charity are from Donations excluding Endowments; £15,733 (£10,125 in 2023/2024), Associates' Subscriptions £20,383 (£21,406 in 2023/2024) and Investment Income £254,578 (£221,902 in 2023/2024). Costs relating to Courses were £856,303 (£859,494 in 2023/2024).

The overall financial position for the year saw an operating surplus of £216,138 (£221,449 in 2023/2024) before movements on investments. A further £200,000 was added to the investment portfolio and it benefited from overall gains of £102,408 before investment charges, compared with a increase of £474,086 in the previous year. Our year end valuation for investments held is £6,358,941 (£6,067,518 in 2023/2024). The House Finance and General Purposes Committee monitors the charity's investments and is satisfied with the way in which it is managed by Cazenove adhering to the approved investment policy.

The Policy aims to produce the most advantageous financial returns from investments within an acceptable level of risk by using suitable & responsible investment vehicles. The current objective is to generate a revenue stream of investment income of around £220,000 (4%), 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. To continue our commitment, the investments are all held in a Charity Sustainable Multi-Asset Fund. The Trustees consider that the income returns achieved in the year of £254,578 (£221,902 in 2023/2024) are pleasing in light of the difficult economic climate and have performed well against budget in the year.

Bank and cash balances of £447,106 (£253,783 2023/2024) includes £200,865 held in respect of restricted funds (£135,060 in 2023/2024).

Plans for future periods

For the coming year the House faces a number of key objectives:

Page 6

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Risks and reserves

The matter of reserves has been considered by the Board of Trustees and they consider that, given the level of current funds, the Charity is now in a position to hold a moderate level of reserves to meet unforeseen costs and to enable the House to pursue a comprehensive programme of Consultations in the event of a reduction in Income. The Board believe a figure of approximately 6 months of normal expenditure or around £500,000 would be a prudent amount to hold.

At 31 August 2025 the Trust had total funds of £7,447,527 including endowment funds of £4,470,307 and restricted funds of £1,168,000, and additional amounts invested in functional fixed assets amounting to £25,062. This leaves uncommitted funds (or “free reserves”) of £1,784,158. This is more than sufficient to meet the amount of 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 Board have approved a comprehensive Risk Assessment prepared by management and covering Governance/Management: Operational Risks: and Financial Risks. This is reviewed on an annual basis.

The Trustees have noted that the principal risks facing the House relate to finance, security and compliance with relevant legislation in force:

Fundraising practice

The Charity does not actively seek funds from the general public and therefore does not need to implement specific procedures to govern fundraising. However in the past the Charity has received donations from supporters of its work and will continue to welcome these in the future.

Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

Trustees' responsibilities statement

The Trustees (who are also Directors of St George's House Trust (Windsor Castle) for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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 state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

Page 7

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable him to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

The Trustees at the time when this Trustees' Report is approved has confirmed that:

Auditor

Under section 487(2) 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 for filing the accounts with the registrar, whichever is earlier.

Small Companies Note

In preparing this report, the trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report, incorporating the Directors' Report, was approved by the Trustees, in their capacity as company directors, and signed on their behalf by:

................................................

The Right Reverend C J Cocksworth Date: 26-Nov-2025

Page 8

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

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)

Opinion

We have audited the financial statements of St George's House Trust (Windsor Castle) (the 'charitable company') for the year ended 31 August 2025 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 lawand United Kingdom Accounting Standard, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, 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 concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 9

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

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)

Matters on which we are required to report by exception

In the light of our knowledge and understanding of 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 Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

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 law) 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 statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 10

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

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' responsibilities for the audit of the financial statements

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 (UK) will always 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, including fraud, are instances of non-compliance with laws and regulations. We design procedures 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 fraud is detailed below:

We assessed the susceptibility of the charitable company's financial statements to material misstatement, including how fraud might occur. We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas; posting of fraudulent journal entries, authorisation, processing, and payment of fraudulent expenses and timing of revenue recognition.

Audit procedures performed by the engagement team included:

Because 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 concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 11

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

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)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. 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.

Janice Matthews, FCA (Senior Statutory Auditor) for and on behalf of Menzies LLP

Chartered Accountants Statutory Auditor Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP

Date: 27-Nov-2025

Page 12

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

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 2025

Note
Income and
endowments from:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income and
endowments
Expenditure on:
Raising funds
Charitable activities
6
Total expenditure
Net
income/(expenditure)
before net gains on
investments
Net gains on investments
Net income
Transfers between funds
16
Net movement in funds
Reconciliation of funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Unrestricted
funds
2025
£
36,116
1,056,211
70,626
1,162,953
2,568
1,064,443
1,067,011
95,942
26,160
122,102
5,422
127,524
1,681,696
127,524
1,809,220		 Restricted
funds
2025
£
-
-
183,952
183,952
1,183
10,284
11,467
172,485
19,136
191,621
(5,422)
186,199
981,801
186,199
1,168,000		 Endowment
funds
2025
£
-
-
-
-
5,475
46,814
52,289
(52,289)
57,112
4,823
-
4,823
4,465,484
4,823
4,470,307		 Total
funds
2025
£
36,116
1,056,211
254,578
1,346,905
9,226
1,121,541
1,130,767
216,138
102,408
318,546
-
318,546
7,128,981
318,546
7,447,527		 Total
funds
2024
£
31,609
1,081,661
221,902
1,335,172
8,471
1,105,252
1,113,723
221,449
474,086
695,535
-
695,535
6,433,446
695,535
7,128,981

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 16 to 31 form part of these financial statements.

Page 13

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee) REGISTERED NUMBER: 3597496

BALANCE SHEET AS AT 31 AUGUST 2025

Note
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one year
14
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Endowment funds
16
Restricted funds
16
Unrestricted funds
16
Total funds		 116,970
447,106
564,076
(263,380)		 2025
£
787,890
6,358,941
7,146,831
300,696
7,447,527
7,447,527
4,470,307
1,168,000
1,809,220
7,447,527		 219,392
253,783
473,175
(251,512)		 2024
£
839,800
6,067,518
6,907,318
221,663
7,128,981
7,128,981
4,465,484
981,801
1,681,696
7,128,981

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

The Right Reverend C J Cocksworth Date: 26-Nov-2025

The notes on pages 16 to 31 form part of these financial statements.

Page 14

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

Cash flows from operating activities
Net cash used in operating activities (Note 18)
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets (Note 11)
Purchase of investments (Note 13)
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year (Note 19)		 2025
£
151,115
254,578
(12,370)
(200,000)
42,208
-
193,323
253,783
447,106		 2024
£
(34,434)
243,043
(34,450)
(300,000)
(91,407)
-
(125,841)
379,624
253,783

The notes on pages 16 to 31 form part of these financial statements

Page 15

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. General information

St George's House Trust (Windsor Castle) is a private charitable company limited by guarantee, and incorporated in England & Wales. The registered address can be found on page 1 and details of the principal activities are set out in the Trustees' Annual Report.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

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 Going concern

The Trust has significant assets both in its General Fund and in Endowed funds. In the opinion of the Trustees, the Foundation is a going concern for at least twelve months from the date of approval of these financial statements and for the foreseeable future.

2.3 Income

All income is recognised once the Company has entitlement to the income, it is probable 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 of consultations in future periods is carried forward as deferred income.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.4 Expenditure

Expenditure is recognised 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 of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including 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.

Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

Page 16

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation 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.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

2.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised 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 ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

2.7 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 transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. 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.

2.8 Financial instruments

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.

2.9 Pensions

The Company 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.

Page 17

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.10 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors 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 company, or in the case of the Capital Fund represent the costs of refurbishing the property from which the company operates.

3. Income from donations and legacies

Donations
Associate Subscriptions		 Unrestricted
funds
2025
£
15,733
20,383
36,116		 Total
funds
2025
£
15,733
20,383
36,116		 Total
funds
2024
£
10,125
21,484
31,609

All income above in the year was unrestricted.

Page 18

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

  1. Income from charitable activities
Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Income from charitable activities - Courses and Consultations 1,056,211 1,056,211 1,081,661

All income from charitable activities in the year ended 31 August 2024 was unrestricted.

5. Investment income

Investment income
Total 2024		 Unrestricted
funds
2025
£
70,626
57,279		 Restricted
funds
2025
£
183,952
164,623		 Total
funds
2025
£
254,578
221,902		 Total
funds
2024
£
221,902

Of the restricted fund investment income of £183,952 (2024: £164,623), £181,575 (2024: £137,209) was generated on endowment fund balances (Note 16).

Page 19

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

6. Analysis of expenditure on charitable activities

Summary by fund type

Courses and Consultations
Support and House
Total 2024		 Unrestricted
funds
2025
£
846,019
218,424
1,064,443
972,124		 Restricted
funds
2025
£
10,284
-
10,284
86,215		 Endowment
funds
2025
£
-
46,814
46,814
46,913		 Total
2025
£
856,303
265,238
1,121,541
1,105,252		 Total
2024
£
859,494
245,758
1,105,252
  1. Analysis of expenditure by activities
Courses and Consultations
Support and House
Total 2024		 Activities
undertaken
directly
2025
£
856,303
-
856,303
859,494		 Support
costs
2025
£
-
265,238
265,238
245,758		 Total
funds
2025
£
856,303
265,238
1,121,541
1,105,252		 Total
funds
2024
£
859,494
245,758
1,105,252

Page 20

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

7. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Establishment
Motor & travel costs
Direct Course Expenditure
Office Expenses
Sundry Expenses
Leadership fellows		 Total
funds
2025
£
288,671
387,996
2,076
42,461
34,571
27,965
72,563
856,303		 Total
funds
2024
£
312,202
381,591
1,451
34,462
32,678
33,797
63,313
859,494

Analysis of support costs

Staff costs
Depreciation
Rent
Light & Heat
Repairs & Maintenance
Interest Payable
Accountancy fees
Bad debt
Consultancy fees
Recruitment Expenses
Staff Welfare and Training		 Total
funds
2025
£
25,661
64,280
60,199
34,229
54,763
3,986
16,136
325
2,276
-
3,383
265,238		 Total
funds
2024
£
24,567
63,231
57,750
31,041
41,700
3,584
14,348
451
2,276
3,900
2,910
245,758

Support costs include Governance Costs of £41,797 (2024: £38,915).

Page 21

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

8. Auditors' remuneration

Auditors' remuneration
2025 2024
£ £
Fees payable to the Company's auditor for the audit of the Company's annual
accounts 11,265 12,288
Fees payable to the Company's auditor in respect of:
All non-audit services not included above 5,182 3,348

9. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2025
£
276,323
19,926
18,083
314,332		 2024
£
293,924
23,792
19,053
336,769

The average number of persons employed by the Company during the year was as follows:

Finance
Secretarial & consultation		 2025
No.
1
6
7		 2024
No.
1
7
8

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2025 2024
No. No.
In the band £90,001 - £100,000 1 1

Wages and Salaries includes a sum of £14,661 (2024: £17,845) 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 £208,030 (2024: £204,074).

Page 22

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).

During the year ended 31 August 2025, £NIL expenses were reimbursed or paid directly to Trustees (2024: £NIL).

11. Tangible fixed assets

Cost or valuation
At 1 September 2024
Additions
Disposals
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
On disposals
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024		 Building
Improvement
s
£
1,872,560
-
-
1,872,560
1,076,723
46,814
-
1,123,537
749,023
795,837		 Fixtures and
fittings
£
453,307
12,370
(2,503)
463,174
409,344
17,466
(2,503)
424,307
38,867
43,963		 Total
£
2,325,867
12,370
(2,503)
2,335,734
1,486,067
64,280
(2,503)
1,547,844
787,890
839,800

Page 23

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

12.
Fixed asset investments
Cost or valuation
At 1 September 2024
Funds introduced
Funds withdrawn
Revaluations
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024
13.
Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income
14.
Creditors: Amounts falling due within one year
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2025
£
32,754
2,864
81,352
116,970
2025
£
56,494
22,786
2,133
181,967
263,380		 Listed
investments
£
6,067,518
200,000
(10,985)
102,408
6,358,941
6,358,941
6,067,518
2024
£
160,293
1,744
57,355
219,392
2024
£
48,637
28,248
1,898
172,729
251,512

Page 24

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Deferred income represents consultation fees received in advance. Movements are as follows:

Deferred income
Deferred income at 1 September 2024
Resources deferred during the year
Amounts released from previous years
Deferred income at 31 August 2025
15.
Financial instruments
2025
£
Financial assets
Financial assets measured at fair value through income and expenditure
6,358,941		 2025
£
107,557
117,856
(107,557)
117,856
2024
£
6,067,518

Financial assets measured at fair value through income and expenditure comprise fixed asset investments. The value of investments calculated with reference to the market value of the shareholding.

Page 25

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

16. Statement of funds

Statement of funds
Statement of funds - current year
Balance at 1
September
2024
£
Unrestricted
funds
General Funds
1,681,696
Endowment
funds
Capital
Endowment
Fund
809,642
Director of Studies
Endowment
Fund
1,842,455
Consultation
Support
Endowment
Fund
1,643,311
Elson Ethics
Endowment
Fund
170,076
4,465,484
Restricted funds
Annual Lecture
Fund
24,572
Elson Ethics Fund
31,846
Director of Studies
Fund
54,394
Consultation
Support Fund
(Including
Clergy)
870,989
981,801
Total of funds
7,128,981		 Income
£
1,162,953
-
-
-
-
-
2,377
7,410
76,327
97,838
183,952
1,346,905		 Expenditure
£
(1,067,011)
(46,814)
(2,759)
(2,462)
(254)
(52,289)
(9,296)
(1,073)
-
(1,098)
(11,467)
(1,130,767)		 Transfers
in/out
£
5,422
-
-
-
-
-
-
-
-
(5,422)
(5,422)
-		 Gains/
(Losses)
£
26,160
-
28,783
25,672
2,657
57,112
891
-
-
18,245
19,136
102,408		 Balance at 31
August 2025
£
1,809,220
Unrestricted
funds
General Funds
Endowment
funds
Capital
Endowment
Fund
Director of Studies
Endowment
Fund
Consultation
Support
Endowment
Fund
Elson Ethics
Endowment
Fund
Restricted funds
Annual Lecture
Fund
Elson Ethics Fund
Director of Studies
Fund
Consultation
Support Fund
(Including
Clergy)
Total of funds
762,828
1,868,479
1,666,521
172,479
4,470,307
18,544
38,183
130,721
980,552
1,168,000
7,447,527

Page 26

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

16. Statement of funds (continued)

Statement of funds - prior year

Statement of funds - prior year
Unrestricted funds
General Funds
Endowment funds
Capital Endowment Fund
Director of Studies Endowment
Fund
Consultation Support Endowment
Fund
Elson Ethics Endowment Fund
Restricted funds
Annual Lecture Fund
Elson Ethics Fund
Director of Studies Fund
Consultation Support Fund
(Including Clergy)
Total of funds		 Balance at
1 September
2023
£
1,361,181
856,555
1,697,619
1,514,127
156,710
4,225,011
26,747
27,403
59,857
733,247
847,254
6,433,446		 Income
£
1,170,549
-
-
-
-
-
2,161
6,817
69,537
86,108
164,623
1,335,172		 Expenditure
£
(972,845)
(46,913)
(3,412)
(3,043)
(316)
(53,684)
(8,923)
(2,374)
(75,000)
(897)
(87,194)
(1,113,723)		 Gains/
(Losses)
£
122,811
-
148,248
132,227
13,682
294,157
4,587
-
-
52,531
57,118
474,086		 Balance at
31 August
2024
£
1,681,696
809,642
1,842,455
1,643,311
170,076
4,465,484
24,572
31,846
54,394
870,989
981,801
7,128,981

Page 27

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

16. Statement of funds (continued)

The incoming funds of the charity include endowment funds comprising the following unexpended balances of donations to be applied for specific purposes, as described below:

Capital Endowment 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 Endowment Fund

An expendable endowment fund to provide income for the Consultation Support fund.

Income from the related endowment fund to be used to fund bursaries for attendees at consultations.

Director of Studies Endowment Fund

An expendable endowment fund to provide income for the Director of Studies fund.

Elson Ethics Endowment Fund

An expendable endowment fund to provide income for the Elson Ethics fund.

The incoming funds of the charity include restricted funds comprising the following unexpended balances of donations to be applied for specific purposes, as described below:

Annual Lecture Restricted Fund

To fund an Annual Lecture given by a distinguished lecturer speaker on relevant issues.

Elson Ethics Restricted Fund

Income from the related endowment fund to be used to fund expenses associated with lectures and consultations on ethics.

Director of Studies Restricted Fund

Income from the related endowment fund to be used for the Director of Studies of St George's House.

Consultation Support Restricted Fund

Income from the related endowment fund to be to fund bursaries for attendees at consultation.

Page 28

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

17. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2025
£
25,062
1,970,358
74,797
(260,997)
1,809,220		 Restricted
funds
2025
£
-
681,104
486,896
-
1,168,000		 Endowment
funds
2025
£
762,828
3,707,479
-
-
4,470,307		 Total
funds
2025
£
787,890
6,358,941
561,693
(260,997)
7,447,527

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
30,157
1,721,891
181,160
(251,512)
1,681,696		 Restricted
funds
2024
£
-
689,786
292,015
-
981,801		 Endowment
funds
2024
£
809,643
3,655,841
-
-
4,465,484		 Total
funds
2024
£
839,800
6,067,518
473,175
(251,512)
7,128,981

Page 29

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

  1. Reconciliation of net movement in funds to net cash flow from operating activities
Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Gains on investments
Dividends, interests and rents from investments
Decrease/(increase) in debtors
Increase in creditors
Investment management fees deducted from portfolio
Net cash provided by/(used in) operating activities
19.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
20.
Analysis of changes in net debt
Cash at bank and in hand		 At 1
September
2024
£
253,783
253,783		 2025
£
318,546
64,280
(102,408)
(254,578)
102,422
11,868
10,985
151,115
2025
£
447,106
447,106
Cash flows
£
193,323
193,323		 2024
£
695,535
63,231
(474,086)
(221,902)
(142,308)
35,164
9,932
(34,434)
2024
£
253,783
253,783
At 31 August
2025
£
447,106
447,106

Page 30

Docusign Envelope ID: CDFCC6A6-DB17-4D0E-B7B6-FC2FD37F1395

ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

21. Operating lease commitments

At 31 August 2025 the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 2025
£
30,000
120,000
37,500
187,500		 2024
£
30,000
120,000
67,500
217,500

Operating lease payments recognised as an expense total £30,000 during the year (2024: £30,000).

22. Members' 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 he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.

23. Related party transactions

St George's House Trust (Windsor Castle) is related to the Dean and Chapter of St George's Chapel because the Dean and a number of the Canons are Trustees of St George's House.

During the year, St George's House was invoiced £27,757 (2024: £17,253) by St George's Chapel and related bodies in respect of various recharged expenses. It also paid £30,000 (2024: £30,000) in respect of the lease/license of the property and £14,661 (2024: £17,845) as a contribution towards the remuneration of the Warden, who is one of the Canons of St George's Chapel. St George's House invoiced St George's Chapel and related bodies £31,307 (2024: £21,473) in connection with the recharge of catering services. At the year end, St George's House owed St George's Chapel £12,677 (2024: £11,353) in respect of these arrangements.

St George's Chapel has granted a licence to the charity to occupy St George's House and Vicar's Hall, which runs to 31 December 2031.

Page 31