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2022-08-31-accounts

Registered Charity No: 1100392 Registered Company No: 4347052

ST GEORGE'S SCHOOL WINDSOR CASTLE

(A COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL)

REPORT AND ACCOUNTS

31 AUGUST 2022

ST. GEORGE'S SCHOOL WINDSOR CASTLE

REPORT AND ACCOUNTS 31 AUGUST 2022

LEGAL AND ADMINISTRATIVE INFORMATION

Appointed Resigned/ Committees TRUSTEES: Retired (key on page 1) The Right Reverend D J Conner G The Reverend Canon Dr M Powell S The Reverend Canon M G Poll SD, F&GPC Mr I Canning F&GP, SD Mrs J Cornell G, SD Mr J Dahl 01-Sep-21 E Mr F French F&GP, G Mrs B Salisbury E, SD Mrs H Sandom F&GP, SD Mrs C J Scott E Mr G M Stanford 01-Dec-22 F&GP, SD, G CLERK TO THE SCHOOL COUNCIL & BUSINESS Mrs K Chorley DIRECTOR: HEAD: Mr W D J Goldsmith COMPANY NUMBER: 4347052 INCORPORATION DATE: 01 September 2005 CHARITY NUMBER: 1100392 ADDRESS: St George’s School Windsor Castle Windsor Castle Windsor SL4 1QF

REGISTERED ADDRESS: St George’s School Windsor Castle Windsor Castle Windsor SL4 1QF

BANKERS: Barclays Bank plc 29/30 High Street Windsor SL4 1PG

AUDITOR: Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG

ST. GEORGE'S SCHOOL WINDSOR CASTLE

REPORT AND ACCOUNTS 31 AUGUST 2022

INDEX

TRUSTEES’ REPORT
REPORT OF THE INDEPENDENT AUDITORS
STATEMENT OF FINANCIAL ACTIVITIES
BALANCE SHEET
CASH FLOW STATEMENT
NOTES TO THE ACCOUNTS		 PAGE
1-5
6-8
9
10
11
12-19

ST GEORGE'S SCHOOL WINDSOR CASTLE

TRUSTEES' REPORT 31 AUGUST 2022

______________

The Board of Trustees presents the report and financial statements of St George’s School Windsor Castle for the year ended 31 August 2022. The annual report and financial statements for the year have been prepared in accordance with Accounting and Reporting of 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) and the Companies Act 2006.

STATUS

The School is governed by its Articles of Association, as amended on 19 November 2021, established under the Companies Act 1985. The company is limited by guarantee without share capital.

ORGANISATION

The school is governed by the School Council (“the Council”), who are also the Charitable Company’s Directors and Trustees (sometimes referred to as Governors or Council Members), consisting of the Dean and Canons of Windsor and other appointed members (Lay members). The School Council is a self-appointing body, with each lay member standing down after an intial 5 years. Retiring members may stand for re-election up to a maximum term of 10 years. Currently there are eleven members. The School Council is quorate when the number of voting members is equivalent to the number of Dean and Canons times two and adding one.

Potential new Trustees are approached by the Nominations Committee in consultation with the Chairman of the School Council, to establish interest. Qualifications and experience of candidates are assessed against a skills matrix to maintain a balanced School Council.

The School Council, which meets termly, is responsible for strategic planning to meet the School’s objectives and develop strategy in relation to academic matters, finance, administration and marketing. The School Council has established a number of committees to provide more detailed consideration of specific matters and provide recommendations and suggestions to the School Council. These include:

The Finance and General Purposes Committee, which monitors the financial and legal management of the School;

The Education, Staffing & Music Committee, which considers plans for the academic, curriculum and musical development of the School including staffing;

The Safeguarding Committee, which considers all safeguarding and child protection matters, including the overall welfare and wellbeing of the Choristers and other boarders;

The Governance, Compliance & Nominations Committee, which considers best practice for governance and leadership of the School as well as ensuring appropriate oversight of regulatory compliance.

The Strategy & Development Committee, which considers the overall strategy and planning and development of the School including marketing and admissions.

The day to day operations of the school are managed by the Head and the Business Director, assisted by the Senior Leadership Team and the wider staff.

The Trustees are satisfied that the accounts comply with current statutory requirements and the Charity's governing documents.

TRUSTEES/DIRECTORS (School Council)

Trustees serving during the year are set out on the Legal and Administrative information page of these accounts. The committees on which the trustees served in the year are also indicated on that table.

The following committees meet termly: Education, Staffing & Music (E), Finance & General Purposes (F&GP), Safeguarding (S), Strategy & Development (SD), Governance, Compliance & Nominations (G).

During the year Mr James Dahl, a serving Head himself, joined the school Council bringing a wealth of experience from the education sector.

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ST GEORGE'S SCHOOL WINDSOR CASTLE

TRUSTEES' REPORT 31 AUGUST 2022

______________

THE SCHOOL

St George's School Windsor Castle has an almost unbroken history going back to the duty, established by statute in 1352, to educate the Choristers who assist with the worship in the Queen’s Free Chapel of Our Lady, St Edward the Confessor and St George in Windsor Castle.

The school has expanded over the centuries and now educates girls and boys and girls from age 3 to 13 alongside the Choristers. In the year ended 31 August 2022 the School had a roll of 330 students (2021: 323 students). During the year the Chapel of St George made the historic announcement that girls would be able to join the Choir for the first time in over 600 years and the school was delighted that two of its girl students joined the choir in April 2022. Boarding is available on a weekly or flexi basis for all students in Year 4 and above, with all choristers being weekly boarders.

The object of the charity, as set out in the Articles of Association, is to promote and provide for the advancement of education of children in the United Kingdom and elsewhere.

OUR MISSION STATEMENT

To ignite inquiry, instil a passion for learning and foster our Christian values. Through inspirational teaching, our children develop the mindset and skills to navigate life's opportunities and contribute to a global society.

AIMS

Our vision is that students become Real World Ready. Recognising the need to reimagine education and to prepare students for the future, the school seeks to deliver sector-leading education and a unique 'learner journey' for students.

ACTIVITIES THAT CONTRIBUTE TO THE ACHIEVEMENT OF THE SCHOOL'S AIMS

In September 2021 the school began its journey towards becoming the first standalone prep school to hold International Baccalaureate (IB) World School status, with the introduction of the PYP. Students from Reception to Year 6 follow this high quality and progressive framework before moving to a dedicated Year 7 & 8 centre for Senior Prep years where the Pre Senior Baccalaureate (PSB) is used as an assessment framework. The IB focuses on trans-disciplinary learning and developing competencies, skills and mindsets, to succeed in the increasingly global world which our students will experience as they grow. The school also joined Round Square, an organisation that supports collaboration between schools across the globe and links closely to the school's aim of helping students become Real World Ready.

PUBLIC BENEFIT

St George's School is a charitable trust which seeks to benefit the public through its aims. The School aims to offer financial support equivalent to at least 5% of gross fees to support students attending the school and the Trustees regularly discuss and review the School's bursary policy to ensure it remains relevant and appropriate. During the year ended 31 August 2022, 16% of students received some form of financial support (2021: 17%).

The school is proud to have founded "Schools in Partnership" in 2021, an initiative with a long term ambition to develop, sustain and promote enduring partnerships with other schools in the Windsor area, for the benefit of staff and students as well as the wider community. During the year the partnership held a number of events and workshops offering students from the 13 partnership schools the opportunity to make use of St George's School facilities including a poetry competition involving 250 children from 6 local schools, DT workshops for students from 6 schools and over 500 library books donated to three schools. The partnership also delivered CPD to over 200 staff and held 3 formal meetings engaging 17 teachersand 10 schools in networking, signposting and CPD as well as discussion of further opportunities to support staff and enhance the skills and knowledge of students from all the schools involved.

The school continues to seek opportunities to share resources and space with community organisations as well as to benefit the community During the year the school was pleased to be able to provide a site for a Brownie pack, to support Windsor foodshare initiatives with harvest collections and, through various initiatives, raised several thousands of pounds for charity including a fundraising concert in aid of the crisis in Ukraine raising some £6,000.

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ST GEORGE'S SCHOOL WINDSOR CASTLE

TRUSTEES' REPORT 31 AUGUST 2022

______________

STRATEGIC REVIEW

ACHIEVEMENTS AND PERFORMANCE

Review of the Year

The whole school community delighted in returning to a full programme of events during the year as well as the formal launch of the new PYP curriculum. Pre Prep students delighted in being able to perform in front of parents and friends at their Harvest, Nativity and class assemblies whilst students in the Prep School were also able to impress their live audiences with concerts, plays and performances throughout the year. Sporting fixtures resumed for all students across years 3 to 8 and it was wonderful to see the return of residential trips at the end of the summer term with adventures for all students in years Y5 to 8.

Pupil numbers rose to 336 in September 2022 with weekly and regular flexi boarding continuing to grow in popularity and a notable increase in students joining the upper years of the school reflecting the appeal of the Senior Prep offer. Recruitment and retention remain key areas of focus for the Trustees and School leadership.

Evaluation of objectives

The school’s main objectives for the year were:

to develop the teaching and learning through curriculum development and staff professional development

All staff attended in depth training on the IB philosophy and approach to support the delivery and introduction of the PYP from September 2021 and collaborative planning and support was embedded within the school's academic planning cycle. Staff teaching in the PSB years also took part in a range of training and knowledge sharing days through the PSB network. The appraisal process underwent a full redesign during the year with input from staff as well as the leadership team with the revised programme being launched in September 2022.

to enhance and develop wellbeing initiatives throughout the school

Pastoral care and wellbeing remained at the core of the school with a new Head of Safeguarding and Wellbing being appointed to the Leadership team and working closely with the wider staff and families to support student and staff wellbeing. A programme of wellbeing drop in sessions for families, wellbeing walks and opportunities for advice and knowledge sharing have been established across the year. A Wellbeing Hub has been established at the centre of the main school building and has provided a welcoming space for students to visit at break times as well as for any more structured support. Olive, the school dog also joined the wellbeing team and has proven a very popular recruit.

to promote Music and the Performing Arts for all and to improve instrumental music

All year groups have timetabled music each week and drama was taught on timetable up to Year 5. Instrumental music and individual drama lessons are also available to students and have remained popular, with students delighting in being able to resume concert and performances to live audiences. As part of the focus on improving instrumental music, all students in Y3 learnt the violin during the year, confidently performing to a packed Chapel with orchestral accompaniment at the end of year Gala concert . Students from across the school had the opportunity to take part in staged performances with year 5 joining a multinational video production of The Tempest as part of a RoundSquare project, Year 6 performing Treasure Island at a local theatre and Year 7 and 8 undertaking a brave promenade production of As you Like It around the school grounds at the end of the summer term.

to build community engagement and encourage staff and students to be aware of the School's social responsibility

The launch of Schools in Partnership made a significant step in the School's formal contribution towards community engagement. Students were encouraged through the St George's Award activities to consider how they could positively impact their own community and further afield, supported by opportunities afforded by membership of RoundSquare. The IB curriculum further encouraged social responsibility with half termly themes including specific consideration of how students interact with their world and the impact they can have.

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ST GEORGE'S SCHOOL WINDSOR CASTLE

TRUSTEES' REPORT 31 AUGUST 2022

______________

to invest in facilities to deliver our strategic aims

The school has continued to invest in the refurbishment the Senior Prep facility during the year along with a significant refurbishment of boarding areas. A homely boarders kitchen has been created providing a welcoming separate entrance area for boarding students and their families. Refurbishment of the dormitories and bathrooms commenced in summer 2022 and will continue during the 2022/23 year. The School Council continue to consider a number of proposals for development of the physical School site including potential for additional classrooms and enhancement of sport and performing arts facilities.

FUTURE PLANS

The school is well on track to deliver its ambitious 2025 development plan. The school is working towards several major accreditations during the 2022-2023 academic year: becoming the first IAPS fully accredited IB World School; becoming a full member of Round Square, a progressive network of 250 schools around the world; and achieving the Rainbow Flag Award for inclusivity and the Green Flag Award for sustainability. These major milestones will be validation of our vision for students being ‘Real World Ready’. In the coming year other objectives are:

The school continues to work hard with parents, students, teachers and other stakeholders to a manage the school after a prolonged period of disruption due to the pandemic, Brexit and the subseqent challenging political and economic times compounded by the impact of the crisis in Ukraine. This work enables the Governors to ensure the school remains a safe environment for all and ensures the effective management of the financial, operational, and strategic risks associated with the uncertainty over the current economic situation. At the date of this report the Governors, whilst not complacent to some of the wider challenges facing the independent education sector, continue to be optimistic that the work done - and continuing - will enable the school to be successful.

FINANCIAL REVIEW

Total income for the year was £5,083,941 (2021: £4,763,960), of which gross school fees totalled £5,173,587 (2021: £4,840,447) and bursaries and scholarships provided to students totalled £602,741 (2021: £690,882).

The school has £1million invested in a managed charity asset fund. The fund has a target return of RPI + 4% per annum and contributed to total investment income of £41,355 in the year (2021: £39,972).

Total expenditure in the year was £5,177,855 (2021: £4,923,662). The largest category of expenditure is staff costs although these have fallen as a % of net fees as a consequence of careful planning and withdrawal from the Teachers' Pension scheme in April 2021. The total number of teaching staff employed was 60 (2021: 64). Costs rose in a number of areas after two years of covid interruption to day to day school operation and the investment in facilities alongside the introduction of the PYP necessitated additional spending on resources and training for all academic staff during the year.

The school continues to plan investment in facilities to support its educational provision. During the year this has included continued refurbishment of areas of the Senior Prep facility in Old Bank House as well as developments to enhance the boarding A communal boarders kitchen/sitting room was completed during the year and work to upgrade and reconfigure dormitories, bathrooms and resident staff accommodation commenced in July 2022. Capital expenditure totalled £266,568 (2021: £87,375) with much of this representing the facilities investment described.

The school reported a result for the year of a net deficit of £157,130 (2021 net deficit: £51,883).

A fuller summary of the results of the year’s activities is given in the Statement of Financial Activities.

Fundraising activities

The school has not engaged in any fundraising activities during the year.

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ST GEORGE'S SCHOOL WINDSOR CASTLE

TRUSTEES' REPORT 31 AUGUST 2022

______________

Risks and reserves

The school Council have agreed that with current available resources, £1m will be held in reserve, intended to meet one term's salary costs and the costs to manage unforeseen, uninsured risk. This £1m is invested in a managed charities asset fund.

The Trustees have discussed in detail, with advice from advisors, the suitability of the reserve policy in the context of the School's financial position and consider that it remains appropriate to maintain this reserve policy and to hold the reserve in this investment. This will remain under review.

The School Council has assessed the major risks to which the Charitable Company is exposed, in particular those related to its operations and finances, plus the political and economic environment, and is satisfied that systems are in place to mitigate the exposure to the major risks. Risks are monitored through the termly sub-committee meetings and regular discussion between members of the School Council and the school's Senior Leadership Team and an annual strategy day provides an opportunity for the Trustees to debate and discuss future activities and direction of the school and the impact managing specific risks alongside the school's Senior Leadership Team.

The major risks that have been identified and which need to be taken into account in any future development plan include:

RESPONSIBILITIES OF THE TRUSTEES

Company law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charitable Company and of the incoming and outgoing resources of the Charitable Company for that year. In preparing those accounts, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the accounts 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.

In so far as the Trustees are aware:

In preparing this report the Trustees have taken advantage of the Small Companies exemptions available.

Signed on behalf of the Board of Trustees on 12 January 2023.

Helen Sandom

Mrs H Sandom Trustee

Approved by the Board

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST GEORGE’S SCHOOL WINDSOR CASTLE

We have audited the financial statements of St George's School Windsor Castle for the year ended 31 August 2022 which comprise the Statements of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ 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 conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 regard.

Opinions on other matters prescribed by the Companies Act 2006

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

•the information given in the Trustees’ Report (which includes the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and •the strategic report and the directors’ report included within the Trustees’ Report have been prepared in accordance with applicable legal requirements.

6

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST GEORGE’S SCHOOL WINDSOR CASTLE

Matters on which we are required to report by exception

In the light of the 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’ Annual Report (which incorporates the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

•adequate accounting records have not been kept by the charitable company; or

•the charitable company financial statements are not in agreement with the accounting records and returns; or

• The Trustees were not entitled to prepare the financial statements in accordance wiht the small companies' regime and take advantage of the small companies' exemptions in preparing the trustees' Report and from the requirement to prepare a strtegic report.

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 5, 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.

Auditor’s 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 auditor’s 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:

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of noncompliance with laws and regulations related to charity and company law applicable in England and Wales, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011..

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to revenue recognition, in particular in relation to recording income from donations and charitable activities in the correct accounting period and management override of controls. Audit procedures performed by the engagement team included:

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST GEORGE’S SCHOOL WINDSOR CASTLE

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 auditor’s report.

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 Auditor's 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 the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Jane Askew (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP, Statutory Auditors

10 Queen Street Place London EC4R 1AG

Date: 12 January 2023

8

ST GEORGE'S SCHOOL WINDSOR CASTLE

STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT YEAR END 31 AUGUST 2022

Unrestricted
Restricted
Note
funds
funds
£
£
INCOME FROM:
Donations and legacies
2
19,581
-
Government grants
-
-
Charitable activities
Education
3
4,835,962
-
Other
187,043
-
Investment income
41,355
-
TOTAL INCOME AND ENDOWMENTS
5,083,941
-
EXPENDITURE ON:
Charitable Activities
School operating costs
4
5,177,355
500
TOTAL EXPENDITURE
5,177,355
500
NET (EXPENDITURE) BEFORE INVESTMENT
LOSSES
(93,414)
(500)
Gain/(Loss ) on investment
(51,664)
-
NET MOVEMENT IN FUNDS IN THE YEAR
(145,078)
(500)
Reconciliation of funds
Total funds brought forward
2,407,357
209,780
Total funds carried forward
2,262,279
209,280		 2022
Total
funds
£
19,581
-
4,835,962
187,043
41,355
5,083,941
5,177,855
5,177,855
(93,914)
(51,664)
(145,578)
2,617,137
2,471,559		 2021
Total
funds
£
182,390
31,212
4,438,361
72,025
39,972
4,763,960
4,923,662
4,923,662
(159,702)
107,819
(51,883)
2,669,020
2,617,137		 2021
Total
funds

All income and expenditure derived from continuing activities.

All gains and losses recognised in the year are included above.

The notes on pages 12 to 19 form part of these accounts.

Full comparatives for the year ended 31 August 2021 are shown in note 18

9

ST GEORGE'S SCHOOL WINDSOR CASTLE Company number 04347052 BALANCE SHEET 31 AUGUST 2022

Note
£
£
Fixed assets
6
1,345,124
7
1,047,451
2,392,575
8
1,633,649
811,779
2,445,428
9
(2,104,029)
341,399
2,733,974
10
(262,414)
2,471,560
12
209,280
2,262,279
2,471,559
2022
Tangible assets
Investments
Current assets
Debtors
Cash at bank and in hand
Creditors:
amounts falling due within one year
Net current (liabilities) /assets
Total assets less current liabilities
Creditors:
amounts falling due after more than one year
Net assets
Capital and reserves
Funds
Restricted funds
Unrestricted funds
Approved by the Board of Trustees
and signed on its behalf by		 £
£
1,418,693
1,099,115
2,517,808
1,527,628
750,736
2,278,364
(1,887,856)
390,508
2,908,316
(291,179)
2,617,137
209,780
2,407,357
2,617,137
2021

Helen Sandom

Mrs H Sandom Trustee

Date: 12 January 2023

The notes on pages 12 to 19 form part of these accounts.

10

ST GEORGE'S SCHOOL WINDSOR CASTLE

STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 AUGUST 2022

________
Note
Cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
(Decrease) in cash and cash equivalents in the year
Cash and cash equivalents at the start of the year
Cash and cash equivalents at the end of the year
Net (expenditure) for the year
Adjustments for:
Depreciation
Disposal of tangible fixed assets
Unrealised loss/(gain) on Fixed Asset Investment
Movement in working capital
Decrease/(increase) in trade and other debtors
Increase in trade and other creditors
Net cash provided by/ (used in) operating activities
Cash and cash equivalents
Cash and cash equivalents represent:
Cash at bank
Reconciliation of net movement in net funds to net cash flow from operating activiti		 ______
2022
£
327,610
(266,568)
(266,568)
61,042
750,736
811,778
2021
£
(145,578)
340,137
-
51,664
391,801
(106,021)
187,408
327,610
811,779
es		 ______
2021
£
174,586
(87,375)
(87,375)
87,211
663,525
750,736
2021
£
(51,883)
316,228
-
(107,819)
208,409
(242,680)
260,740
174,586
750,736

The notes on pages 12 to 19 form part of these accounts.

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ST GEORGE'S SCHOOL WINDSOR CASTLE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

1 Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements of the Charity are set out below.

(a) Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordamce with the Finanical Reporting Standard (FRS) applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - Charities SORP (FRS 102), the Finanical Reporting Standards applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.

The financial statements are prepared in sterling which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1.

St George's School Windsor Castle meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The Charity's business address is St George's School, Windsor Castle, Windsor, SL4 1QF.

(b) Going concern At the time of resources to The governors the challenges appropriate. (c) Fund accounting

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

The governors have reviewed the current and forecast financial and are confident that the School is well placed to address the challenges that this brings. Accordingly the going concern basis of preparation of the financial statements remains appropriate.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise where (i) specified by the donor or when funds are raised for particular restricted purposes.

General funds are unrestricted funds whch are available for use at the discretion of the Governors in furtherance of the (ii) general objectives of the charity and which have not been designated for any other purpose.

(d) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met or are fully within the control of the charity, there is sufficient certainty that receipt of income is considered possible and the amount can be measured reliably.

Tuition fees are included within the Financial Statements on a receivable basis. Amounts invoiced in advance are deferred and carried forward within creditors and accruals, whilst amounts due but not yet received in the year are shown within debtors and prepayments. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the charity.

Government grants received in the form of support from the Covid Job Retention Support scheme are recognised in the period to which the salary expense relates.

Interest income is accrued on a time-apportioned basis, by reference to the principal outstanding at the effective interest rate. All income was generated in the UK.

(e) Voluntary income Voluntary income received in cash by way of donations is included in full in the Statement of Financial Activities on a receivable basis and including associated gift aid.

(f) Donated services and facilities

Under the Charities SORP (FRS 102), donated services and facilities are calculated at value to the charity instead of cost to the donor. Donations received for the general purposes of the charity are credited to unrestricted funds. Donations subject to specific wishes of the donors are credited to restricted funds or to endowed funds where the amount is required to be held as permanent capital.

___________12

ST GEORGE'S SCHOOL WINDSOR CASTLE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

1 Accounting policies (cont)

(g) Expenditure and irrecoverable VAT

All expenditure is accounted for on an accruals basis. Expenditure is allocated to expense headings either on a direct cost basis, or apportioned to time spent, where it is not possible to directly attribute the expense. Any VAT is included with the item of expense to which it relates.

(h) Allocation of support costs

Support costs comprise the costs of running the School, including strategic planning for its future development, also external audit fees, any legal advice for the board of governors and all costs of complying with constitutional and statutory requirements, such as the cost of governors meetings and of preparing statutory accounts and satisfying public accountability.

(i) Pension costs The School has arranged defined contribution schemes for all staff. The pension costs charged represent the contributions payable by the School during the year in accordance with FRS102 in that contributions are charged to the SOFA account in the period in which they are due.

(j) Employee benefits

The costs of employee benefits are recognised as a liability and an expense. Unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the School is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

(k) Tangible fixed assets Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets by equal annual instalments over their expected useful lives.

The rates applicable are: Long leasehold property - Over the remaining period of the lease Building - School gymnasium - 2% pa Building improvements (main school building) - 5% - 20% pa Leasehold improvements - Over the period of the lease Furniture and equipment - 20% - 33[1] /3% pa Motor vehicles - 20% - 25% pa

Assets are not usually capitalised when their useful life is expected to be less than 3 years.

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of a company after deducting all of its liabilities. Where financial assets are measured at fair value, this is determined by reference to publicly available indices.

(m) Leasing and hire purchase commitments

Assets held under finance leases and hire purchase contracats are capitalised as tangible fixed assets and depreciated over the shorter of the lease term and their useful economic lives. Obligations under such agreements are included within Creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the SOFA account so as to produce a constant periodic rate if the charge on the net obligations outstanding in each period. Rentals paid under operating leases are charged to the SOFA on a straight line basis.

(n) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

(o) Cash at bank

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

___________13

ST GEORGE'S SCHOOL WINDSOR CASTLE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

1 Accounting policies (cont)

(p) Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

(q) Creditors

Liabilities are recognised in the financial statements in respect of all expenditure for which the Charity has a measurable obligation, be it constructive or legal, at the balance sheet date. Any expenditure which is committed to, but not measurable at this time, is disclosed within the notes to the financial statements as a contingent liability.

(r) Liquid resources

Liquid resources comprise assets held as a readily disposable store of value. They include cash term deposits and bank notice accounts held as part of the Charity's management activities. They exclude any such assets held as part of fixed asset investments.

(s) Taxation

The charity is exempt from corporation tax on its charitable activities.

(t) Judgements and key sources of estimation uncertainty

In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on histrical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing baiss. Revisions to accounting estimates are recognised in the period in which the estimate is revised, where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements have had the most significant effect on amounts recognised in the financial statements:

Bad debts - Trade debtors are reviewed on an annual basis to determine whether a bad debt provision should be made against any items. Only where the Trustees consider recovery of a debt to be unlikely is a provision made.

2 Gift in Kind

The School's main building is leased at a reduced rental cost of £5,000 per year from the Dean & Canons of St George's Chapel. The building adjoins the Castle walls and so enables the school to maintain and build upon the long history and connection with the College of St George. The location of the building, with its physical connection to the Chapel area of Windsor Castle allows in particular the Choristers to play a full part in the life of the St George's Chapel Choir as well as the life of the School.

The Trustees have agreed that, as the School pays a reduced rent for the property, there is an exchange transaction and therefore the donated facilities should not be treated as a non exchange transaction as defined in FRS102. The value of the gift is therefore not separately recognised in the accounts.

3 School fees
- choristers
- boarding fees
- day pupils
- nursery
- miscellaneous and extras
Total gross fees
Less: total bursaries and scholarships provided to pupils of the school
Add back: Contribution received in respect of Chorister scholarships		 2022
£
407,012
161,862
4,211,518
365,531
27,664
5,173,587
(602,741)
4,570,846
265,117
4,835,962		 2021
£
312,264
44,289
4,208,251
253,379
22,264
4,840,447
(690,882)
4,149,565
288,796
4,438,361

14

ST GEORGE'S SCHOOL WINDSOR CASTLE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

4 Total expenditure

(a) Analysis of expenditure

Teaching
Welfare
Premises
Support
Governance costs		 Support
Teaching
Costs
£
£
3,013,510
-
-
646,419
-
593,609
-
845,386
-
78,931
3,013,510
2,164,345
Charitable activities		 2022
£
3,013,510
646,419
593,609
845,386
78,931
5,177,855		 2021
£
2,911,034
525,560
550,634
869,445
66,989
4,923,662

Of the total expenditure of £4,923,662 in the year ending 31 August 2021, £2,911,034 related to teaching costs and £2,012,628 related to support costs.

(b)
Staff costs
Employee costs during the year amounted to:
Wages and salaries
Social security costs
Other pension costs
Staff Accomodation		 2022
£
2,628,154
264,143
290,383
3,182,680
38,806
3,221,486		 2021
£
2,714,095
250,724
379,284
3,344,103
37,799
3,381,902

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

Teaching
Domestic and ground staff
Administration		 2022
No
60
6
9
75		 2021
No
64
14
10
88

The total cost of employing key management personnel was £424,178 (2021: £479,615).

4 employees earned more than £60,000 during the year ended 31 August 2022. Three employees earned more than £60,000 in the range of £60,000-£70,000 and one employee earned more than £60,000 in the range of £80,000-£90,000. (2021: Three employees earned £60,000 or more in the range of £60,000 - £70,000, Two employees earned in the range of £60,000-70,000 and one employee earned more than £60,000 in the range of £80,000-£90,000).

During the year no termination payments were made. (2021: £25,537)

No remuneration was paid to Trustees (2021: £nil). No Trustees were reimbursed for expenses incurred in the year (2021 £nil).

(c)
Auditors’ remuneration
Fees received for audit services
Fees received for accounting services		 2022
£
16,320
-
16,320		 2021
£
15,540
-
15,540

___________15

ST GEORGE'S SCHOOL WINDSOR CASTLE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

5 Pension schemes

From 1 May 2021 teaching staff became eligible to join the Aviva Pension Scheme for Independent Schools (APTIS), a defined contribution master trust scheme. Contributions to APTIS for the period ending 31 August 2022 were £255,204 (2021: £84,188).

Staff who are not entitled to membership of the Teachers' Pension fund or APTIS are invited to join the Pensions Trust pension scheme - a defined contribution scheme. The pension costs paid to the Pensions Trust in the year amounted to £35,179 (2021: £35,564).

6 Tangible fixed assets

----- Start of picture text -----
Old Bank
Improvements House Fixtures
School to School Science Leasehold Fittings & Motor
Gymnasium Buildings Labs Improvemts Equipment Vehicles Total
£ £ £ £ £ £
Cost or Valuation
At 31 August 2021 28,975 1,239,891 663,443 1,503,189 1,330,573 45,702 4,811,773
Additions - 157,958 - 4,407 100,203 4,000 266,568
Disposals - - - - (286,484) - (286,484)
At 31 August 2022 28,975 1,397,849 663,443 1,507,596 1,144,292 49,702 4,791,857
Depreciation
At 1 September 2021 28,975 968,677 304,078 944,962 1,100,686 45,702 3,393,080
Charged in the year - 93,388 27,644 62,731 155,641 733 340,137
Disposals - - - - (286,484) - (286,484)
At 31 August 2022 28,975 1,062,065 331,722 1,007,693 969,843 46,435 3,446,733
Net book amount at:
At 31 August 2022 - 335,784 331,721 499,903 174,449 3,267.00 1,345,124
At 1 September 2021 - 271,214 359,365 558,227 229,887 - 1,418,693
----- End of picture text -----

All tangible fixed assets are used in direct furtherance of the Charity’s objects.

As from 1 September 2005, Old Bank House has been leased to the School by St George’s Chapel on a 25 year lease. The expenditure on improvements to this building has been capitalised and is being amortised over the remaining period of the lease as from 1 September 2006 when the property came into full use by the School.

The net book value of motor vehicles includes £0 (2021: £0) in respect of assets held under finances leases and hire purchase contracts. The depreciation charge in respect of these assets was £0 (2020: £0).

7 Fixed asset investments
Additions
The balance as at 31 August was made up of the following:
Disposals
Unrealised (losses)/ gains
Balance at 31 August 2022
UK Quoted Investments
Cash
Balance at 1 September 2021		 Market
Value
1,036,760
10,691
1,047,451
20		 Cost
989,309
10,691
1,000,000
22		 2022
Market
Value
£
1,099,115
-
-
(51,664)
1,047,451
Market
Value
1,088,274
10,841
1,099,115
20		 2022
Cost
£
1,000,000
-
-
-
1,000,000
Cost
1,000,000
-
1,000,000
21

16

ST GEORGE'S SCHOOL WINDSOR CASTLE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

8
9
10		 Trade debtors - fees owed (Michaelmas Term)
Amount due in respect of Chorister scholarships (Michaelmas Term)
Other Debtors
Prepayments and accrued income
Creditors: amounts falling due within one year
Trade creditors
Other taxes and social security
Other creditors
School fees invoiced in advance - not yet received - Michaelmas Term
School fees invoiced in advance - received - Michaelmas Term
School fees received in advance - Lent and Trinity term
Accruals
Creditors: amounts falling due after more than one year
Other creditors
School fees received in advance
Debtors		 2022
£
1,343,441
96,600
18,000
175,608
1,633,649
2022
£
296,131
100
4,044
1,440,041
326,259
23,324
14,130
2,104,029
2022
£
245,077
17,337
262,414		 2021
£
1,316,432
76,440
22,000
112,756
1,527,628
2021
£
190,093
66,140
17,307
1,392,872
173,214
28,100
20,130
1,887,856
2021
£
243,304
47,875
291,179

Of the balance of the school fees paid in advance of £nil (2021: £nil), £nil (2021: nil) relates to amounts falling due after five years.

11 Capital and reserves

St George’s School Windsor Castle is a company limited by guarantee without a share capital. Instead of a share capital, each member guarantees to pay £1 in the event of the company's liquidation. The amount of the members' guarantee represents a contingent asset to the company, which will crystallise only if the company goes into liquidation. As the company is a going concern, the members have no obligation to pay the sum guaranteed.

If, on a winding up of the company, there remain any assets, after satisfaction of or provision of all due debts and liabilities, such assets are required by the Company's Memorandum and Articles of Association to be transferred to a charity with similar objects.

17

ST GEORGE'S SCHOOL WINDSOR CASTLE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

12 Restricted funds

Chorister Bursary Fund
The Development fund
Robert Ward Bursary Fund		 Balance at
1 September
2021
£
18,188
182,390
9,202
209,780		 Income
£
-
-
-		 Expenditure
£
-
-
(500)
(500)		 Balance at
31 August
2022
£
18,188
182,390
8,702
209,280

Chorister Bursary Fund

This fund represents donations from St George’s Development Fund 1996 for the purpose of funding bursaries for choristers. Trustees review the utilisation of this fund when considering the affordablity of the School to those with limited financial means and have agreed to consider supporting pupils on trips with the fund. No choristers required financial support for trips during the year.

The Development Fund

In 2020 the school received a bequest of £182,390 from the estate of a former pupil. The donation is to be applied for the St George’s School Windsor Castle Chorister Bursary Fund to 'create a bursary for pupil(s) (both boys and girls) of the school at the discretion of the Headmaster and Bursar at the time'. The school intends to build its fundraising and development activity over coming years and will add to this donation to facilitate development of the school facilities and bursary provision.

Robert Ward Bursary Fund

This fund was established by donations in memory of Robert Ward and was originally intended to provide bursaries to pupils who are children of members of the St George's Association. The Trustees of the Fund have agreed that this fund should be made available to all pupils of the school to fund their participation in trips and events run by the School. During the year the fund was utilised to support a students attending residential trips.

Comparatives for the 2021 year end are:

Chorister Bursary Fund
Analysis of net assets between funds
Net current assets
Comparatives for the 2020 year end are:
Net current assets
The Development Fund
Robert Ward Bursary Fund
Long term liabilities
Fixed assets
Investments
Fixed assets
Investments
Long term liabilities		 Balance at
1 September
2020
£
18,188
-
9,202
27,390		 Income
£
-
182,390
-
182,390
2022
Unrestricted
funds
£
1,345,124
1,047,451
132,119
(262,414)
2,262,280
2021
Unrestricted
funds
£
1,418,693
1,099,115
180,728
(291,179)
2,407,357		 Expenditure
£
-
-
-
2022
Restricted
funds
£
-
-
209,280
-
209,280
2021
Restricted
funds
£
-
-
209,780
-
209,780		 Balance at
31 August
2021
£
18,188
182,390
9,202
209,780
2022
Total
£
1,345,124
1,047,451
341,399
(262,414)
2,471,560
2021
Total
£
1,418,693
1,099,115
390,508
(291,179)
2,617,137

13 Analysis of net assets between funds

18

ST GEORGE'S SCHOOL WINDSOR CASTLE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

14 Taxation

St George's School Windsor Castle is a charitable company and the Trustees are of the opinion that it is entitled, for the current year, to the exemptions provided by The Corporation Tax Act 2010. As a consequence no provision for taxation is required.

15 Financial Commitments

As at 31 August the company had total commitments under non-cancellable operating leases as follows:

Amounts payable in:
less than one year
between two to five years
Over five years
Other
Total expenditure on operating leases in the year was:
Land and buildings		 2022
£
Land and
buildings
105,000
420,000
371,250
896,250		 2022
£
Other
17,393
27,026
-
44,419		 2021
£
Land and
buildings
105,000
420,000
476,250
1,001,250
2022
£
105,000
14,352		 2021
£
Other
11,312
16,041
-
27,353
2021
£
105,000
11,312

16 Related party transactions

There were no related party transactions requiring disclosure during the year were as follows (2021: no related party transactions).

17 Control

The Board of Trustees are considered to be the ultimate controlling party.

18 Comparative Statement of Financial Activities for the year ended 31 August 2021

Note
Government grants
Charitable activities - education
Other activities
NET INCOME/(EXPENDITURE) BEFORE INVESTMENT LOSSES
NET MOVEMENT IN FUNDS IN THE YEAR
Total funds brought forward
Total funds carried forward
Reconciliation of funds
Loss on investment
INCOME
Donations and legacies
Income from:
Investments - bank interest
TOTAL INCOME AND ENDOWMENTS
EXPEDITURE on
Charitable Activities
TOTAL EXPENDITURE
School operating costs		 Unrestricted
funds
£
-
31,212
4,438,361
72,025
39,972
4,581,570
4,923,662
4,923,662
(342,092)
107,819
(234,273)
2,641,630
2,407,357		 Restricted
funds
£
182,390
-
-
-
-
182,390
-
-
182,390
-
182,390
27,390
209,780		 2021
Total
funds
£
182,390
31,212
4,438,361
72,025
39,972
4,763,960
4,923,662
4,923,662
(159,702)
107,819
(51,883)
2,669,020
2,617,137		 2020
Total
funds
£
1,020,093
61,526
3,820,662
18,282
43,818
4,964,381
4,782,238
4,782,238
182,143
(8,979)
173,164
2,495,856
2,669,020

19