Registered Charity No.. 1100392
Registered Company No.. 04347052
ST GEORGE'S SCHOOL
WINDSOR CASTLE
(A COMPANY LIMITED BY GUARANTEE WITHOUT
SHARE CAPITALI
REPORT AND ACCOUNTS
31 AUGUST 2023
SOR c

ST. GEORGE'S SCHOOL WINDSOR CASTLE
REPORT AND ACCOUNTS
31 AUGUST 2023
LEGAL AND ADMINISTRATIVE INFORMATION
Appolntèd Reslgnedl
Retlretl
31-Aug-23
Commlttees
Ikey on page 11
TRUSTEES..
Th8 Right Reverend D J Conner
Tha Reverend Canon Dr M Powell
The Reverend Canon M G Poll
Mrs T Blackley
Mr I Cannlng
Mrs J Coynell
Mr J Dahl
Mr F French
Mrs B Sallsbury
Mrs H Sandom
Mrs C J Scott
Mr G M Stanford
F&GPC
01-Sep-23
F&GP, SD, G
G,SO
F&GP, G, SD
E.SD
F&GP, SD
01-Dec-22
F&GP, SD, G
CLERKTO THE SCHOOL
COUNCIL & BUSINESS
DIRECTOR..
Mr8 K Chorley
HEAD..
Mr W D J Goldsmllh
COMPANY NUMBER..
4347052
INCORPORATION DATE:
01 September 2005
1100392
CHARITY NUMBER..
ADDRESS..
st George'B School Windsor Castle
Wlndsor Castle
Wlndsor
SL4 1QF
REGISTERED ADDRESS:
St George's School Wlndsor Castle
Wlndsor Castle
Wlndsor
SL4 1QF
BANKERS..
Barclays Bank plc
29130 High Stroet
Wlnd50r
SL4 1PG
AUDITOR..
Haysmaclntyre LLP
10 Queen Street Place
London
EC4R 1AG

ST. GEORGE'S SCHOOL WINDSOR CASTLE
REPORT AND ACCOUNTS
31 AUGUST 2023
INDEX
PAGE
TRUSTEES, REPORT
REPORT OF THE INDEPENDENT AUDITORS
STATEMENT OF FINANCIAL ACTIVITIES
10
BALANCE SHEET
CASH FLOW STATEMENT
12
NOTES TO THE ACCOUNTS
13-21

ST GEORGE'S SCHOOL WINDSOR CASTLE
TRUSTEES. REPORT
31 AUGUST 2023
The Board of Truslee$ pre$&nb the report and finan¢ial slalemen15 or st George's School Windsor Castle for Ihe year ended 31
Augu512023. The annual report and financial slalem&n18 for th6 year have been prepared in accoidan¢e with A¢¢ounting and
R8POrting ol Charities.. Stslement of Re¢ommendEd Practi￿ applicable lo charilies preparing Iheif accounts in accord8nce wilh
Ihe FiTrancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffe¢live 1 January 20191 and the
Companies Act 2008.
STATUS
The School is governed by ils ￿tIcleS ofAssocialion. as amènded on 19 November 2021, established under the Companies Acl
1985, The ¢ompany Ss limited by guaianlee wlhout Share cagilal.
ORGANISAYION
The school 15 governed by the School Council I Ihe Council I, who are also Ihe CharilablÈ Company's Dlre¢lors and TruslÈes
Isom81im8s referred lo as Governors or Coun¢il Members), con51sling of Ihe Dean and Canons of Windsor and other appointed
metnbe15 (Lay members). Th8 School Council is a self-appoinling body, with each lay member standing down after an initial 5
years. R&liring members may sland for ie-ele5tio￿ up lo a rnaximum lerrn of 10 years. Curienlly there are len m8mbers. Th8
School Council is quorale when Ihe numb8r of volinp members is equivalent lo Ihe number of Dean Canons lirne5 iwo and
adding one.
Potenlial TrusleÈ$ 2rÈ approaGhed by the Nomination5 Cornrniltee in consull&lion wlh the Chairman of th8 School Council,
lo establish interest. Qualifications and 8XP8rience ol candidates are assessed 2galnsl a skills matiix lo mainlain a balanced
SchoDI Councll.
The School Counc41. which m88is lermly. 18 responsible for slraleglc plannlng lo meet the School's objeclives and develop
sllalegy in relation lo academic Tnallers, finance, adminislr81ion snd marketing. The School Council has eslablishÈd a number of
commillees lo provid8 more rlelailed consideration of spÈtllic mallers and provide iecornmendalions and suggeslions lo the
S¢htx>I Council. All comrnillees ieport lo the School Council termly. Th888 cemmillees include..
The Finance &nd General Purposes Committee, which monitors the financlal and legal management of Ihe School.,
The Educalion Committee. which considers plans for Ihe academic, cvrrl¢ulum and muslcal development of the School
including slatNng-.
The Safeguardlng Commlllee, which consldets all saleguaiding and child protection m8118r8. including the Overall welfare
and wellbein9 of the Chorist8rs and olh&r boarders.,
The Governance, Cornplianc8 & Nominations Commille8, which considers besl pra¢ti¢e for governance and leadership or
Ihe School as well as ensuring appropriate over5ighl of regulalory compliance.
The Slrateoy & DÈvelopmenl Comtnillee. which oversees the implemenlalion of Ihe overall slrategy, planning and
development of the School including markeling and admissions.
Th8 day lo day operations of th8 school are managed by the Head anil th? Buslness Direcior, a5SiSted by the Senior Leadership
Team and the wider 51aff.
The Trustees are satisfied that the &ccounls comply with current slalulory requirements and the Charills gO￿rn￿n9 do¢umenl$.
TRUSTEESIDIRECTORS Ischool Counclll
Truslees serving during Ihe year are sel out on th& Legal and AdminislratlV8 information page of these accounts. Thè
commillees on which the Iru8188s served in IhÈ year are also Sndicaled on Ihal table.
The follown9 comrnillees meet lermly.. Educalion IE), Finance & G8neral Purposes IF&GPI. SaleouardSng ISI. Strategy &
Developm8nl ISDI, Governan￿. Compllan¢e & Nomlnalions IGI.
The Council and school are grateful for Ihe sIgn1￿Cant ¢onlfibvlion made by Rl Rev'd David Conner dufing his long 18nute on the
Council before ieliring al the end of the school year and similarly lo Mr Marlin Slenloid who (Èlired from the Counc51 In
D&cemb8r 2022 having sèrwed as Chair of GE>vernors since 2018. Mr lan Canning who has been 8 member ol the Council
since 2019, has laken over as Chair. The Council are also d8lighlerS lo welcomè Tracey Bla¢kley, a rfsk and audit speGialist, to
Ihe CDuncil from Seplember 2023.

ST GEORGE'S SCHOOL WINDSOR CASTLE
TRUSTEES. REPORT
31 AUGUST 2023
THE SCHOOL
Sl George's School Windsor Castle has an almost unbroken hl$tory golng ba¢k to the duly. estsbllshed by statute In 1352, 10
educate the Choiislers who assist with the worship in the Queen's Free Chapel of Our Lady, St Edward th8 Conl88sor and Sl
Georg8 in Windsor Castl8.
Th8 school has expanded over Ihe centuries and now educates girls and boys and girfs frorn age 3 to 13 alongside th8
Choiislers. In the year ended 31 August 2023 the School had a roll of 333 slud8n1812022.' 330 sludentsl. Boarding Is avallable
on a weekly or flexi ba$L8 for all Students Sn Year 4 and above. with 811 choristers being weekly boarders.
The Obje￿ of Ihe charity, as Set out in the Articles of Assoaation, is to promot8 and provide for th8 advancement of education of
children in the United Kingdom and elsewhere.
OUR MISSION STATEtIlENT
To ignite inquiry, inslil a passion for 18arning and fo$tsr our Chilsllan values. Through InspSrallonal lea¢hing, our ¢hIld￿n
Il?velop the mlndset and ski115 to navigate lrfe's opporluni1188 8nd contribute lo a global sou8ty.
AIMS
Our vision is that sludenls become Real World Ready. Recognising the need lo reimagine education and lo prepare students
for the future, the school seeks to dellver se¢lor-leading education and a unique'learnerjournel for student8.
ACTIVITIES THAT CONTRIBUTE TO THE ACHIEVEMENT OF THE SCHOOL'S AIMS
In July 2023 following a two year candidacy peiiod and delai1ed implementation process. the school b8came the first standalon8
prep school in Ihe UK aulhorised to dÈliver thè Internallonol Bac¢alJJreale Primary Years Programtne IPYPI. The School also
be¢3me a full member of the global Round Square network. joining 250 schoo18 in 50 countries commilled lo six ideals of
learning.. Internationalism, Democra¢y,' Environmenlallsm". Adventure., Leadership and Servi￿. Students look part in setvice
learning projects and collaborated wilh schools from around the n81work in 18sson time, so broadening their understanding of
their place in IhÈ world. The s¢hool was also the first in Berkshire lo join Ihe Fellowship of High Performance Learning IHPLI
World Cla55 Schoo￿. again following 8 rigorous Iwo year a¢credilalion per1￿.
PUBLIC BENEFIT
st George's School 15 a chaiilable trust which seeks lo b&nefil the public through
ils aims The S¢hool alms lo offer financial support equivalent lo at least 5% of
9ross fees to suppoil slud8n18 8118nding Ihe school and the Truste&8 regularly
is¢uss and revlpw the School's buisary policy lo ensure it remains relevant and
appropri81e. Durin9 th& year ender$ 31 August 2023, 16% of $ludÈnts rÈ¢elved
50tne form 50tne foim of financial support12022.. 16%), Y4ith lolal supporl equalling
5% of gros8 fees {2022.' 6% gros$ fees).
Th8 School is proud to have founded'schools in Partnership in 2021. an InlllallvÈ with a long term ambition lo develop, sustain
and promote enduring parlneiship5 with other Schools in the Windsor area, for Ihe benefit of slaff and stud&nis as well as the
wid8r community. During the 202213 year 90 sludenls vlslled us and made Ihe most of the School's c105e links with Windsor
Castle through an Outdoor Learning experience al lh6 school and ITIP lo Windsor CaslLg'. 32 staff from 23 school8 allendÈd an
Aspirlng L&aders day- profe5slonal developmttnl Iraining organised, financed and lun by Sl George's,. 160 children from 8
schools 8llended a Festival of Science and the Outdoors. spending lime in the school's two $¢len￿ laboratories ¢ompleling
hemlslry and physics practicals as well as spendin9 lime ouldoors in Ihe grounds inv&s1igaling nature, creating arbmork and
d8V8loping teamwork skil1$ whi181 building dens. Ovèr 115 houis of staff lime went Snlo plannin9 Ihpse events and the School is
excited lo see how the partneiship develop5.
XHODL%II4 PAPTNENSHIP
The School a¢lfvely seeks Communlly engagement across the curficulum antj co-currtcular piogramme. During th8 year th8 Sl
G8orge's Award- 8 programm8 for sludenis in years 3 10 8- focused on servlte learnlng prole¢ls whl¢h both edu¢aled the
$ludenb about the work of local organisalion5 and piovided sludenl led opporlunities foi fundraising and praclical support.
Having raised flind8 through a variety of8ndeaveurs from cake sales lo car washing. students spent lime on site at the charitie5
IhEy had been ralsing funds for. Activities induded.. helping pack food paicels al Windsor Food Share,. reading 8nd playing with
younger chilcsren al Hilllop First School,. serving lea, challing and playing games wllh vlsitors lo the Klng George day ¢entre-,
enlerlainin9 residen15 with a conceit al Thame5 H05pice.' and writing lelleis lo and speaking wilh residents al the Viscount Courl
residenlial care home. The S¢hool Eco Club focussed allenlion on fundroising for a toilet twinning project, fai5ing funds for clean
and safe sanilalion for communities ac105S the globe. Students in the Pre Prep visit8d local relirem8nt homes, sharing slori8s
and singing lo residents and ¢olle¢led items for Windsor Food Share a5 pafl of their Harvest celebration5. The school also
conlinued to support one of the local Biownie packs, providing 8 v&nue for their w8ekly meetings, supported local organlsatk)n$
wilh Ihe loan of school minibuses and lo¢al s¢hool droma productions with the loan of poilable 51aging.

ST GEORGE'S SCHOOL WINDSOR CASTLE
TRUSTEES. REPORT
31 AUGLIST 2023
STRATEGIC REVIEW
ACHIEVEMENTS AND PERFORMANCE
Revlew of tho Year
Th8 year wa8 a busy and successful one, with the implementation and embedding of PYP up lo Year 6 and the careful blending
of HPL wilh the PS8 ski115 framework lor Year 7 and 8 iesullin9 in the su¢¢esslul an(5 sector lÈadlng actredilalions already
m8nlioned. A full Ind8pendenl Schoo18 Inspectorate IISII inspection in Nov8mber 2022 validated Ihe quality of education and
C8re at the school, with all area5 in5peGled b?ing awaided an 'ex¢ellenl' rating. a wondÈrful valldallon of Ihe hard work from all
our siaff 2nd of the eurriculum chang&s Intr￿u¢ed sinc8 the 1881 in8p8clion. A full c81endar of trips, visits, events and
performances included highlights such as comrnunily choir performan￿ of BirdlHnd Sn Wlndsor Parlsh Church. Chamber Cholr
Christmas concert in Sl James. Church in London, nalivity and haN881 performance8 from Kinderg8rlen lo Year 2, dr&malic
productions in the Old Couil Thealfe for year 6 (The Demon Headmaslerl and Year 7 & 8 who performÈd "Dreamefs, High
musical play Wfltlen especially for Ihem. The 8nd ol year r88idenlial trips were again a great success with the resumption ol
overseas trips for Ihe firsl tirne sintr 2019. Students from Ihe Eco Club worked lirele$sly through IhÈ year lo ralÈÈ awareness
and encourage action in r8lalion lo our impatl on th8 environment and climate chang8 and Ihe school was awarded a Green
Flag Award wilh Di51inclion a5 a result of these effort5.
Pupil numbets al 323 in Seplember 2023, lower Ihan hoped, ￿￿e¢l a small ¢ohori In Y7 however recrullmenl acllvlly at the stall
of the nèw academic year remains busy wilh frequ8nt visiis and IDurs Irom prospective families, strong all&ndance al open days
and inlefe51 in Ihe school's progfe55ive curriGulum. ReGiuilmenl and retenlion remain key area$ of lo¢us for th& Trusl&&s and
S¢hoDI leadership.
Evaluallon ol oblecllves
The school's main objectives for th8 year w8r8'.
to develop tho teachlng and loarnlng through currlculum d8velopmenl and slaff prolesslonal developm8nt
Curriculum change was formally iecogni5ed in Ihe lull accredilalion of St George's SGho?I Windsor CHslle as not )nly the
rirsl standalone prep school in the UK aulhorised lo deliver th8 PYP and Ihe first school in Berkshire lo join th6 HPL Wol
Class Schools Fellowship but also with full rnember5hip ofihe global Round Squafe nelwoik and holdttr of a G￿en Flag
with distinction 2waid for work done lo r&cSuc& Ihe school's impact on the environmenl. A new appraisal programme was
inlfoduttd in Ihe ye&1 wilh regular ieview, discu55ion and target selling suppoiling Staff development and Snformlng
planning for professional development opporlunilies across Ihe sthoo1.
KsWOO . Ivo
Performance
Learning
World Class School
ROUND
SQUARE
to enhance ond dÈvelop wÈllbelng InltlatlvÈs through0￿¢ the school
Pastoral ¢are and wellbelng ￿M41ned al Ihe tore of the school with IhÈ Head
of Safeguarding and Wellbeing working closelywilh the wider staff and
farnilies lo suppoil $ludent and staff wellbÈino. The seheol stsff now has
qualified Mental Health Fiisl Aid Trainei in ils ianks, wth training lo be made
available lo slaft and parenls Ihfough 202314. The fo¢us on. and approach lo.
mental wellbein9 was recognised during Ihe year with a'cieating a Mentally
Heallhy Workpla￿, awdrd Iiom the Health In Education Assoclallon IHIEDAI.
Building on Ihe programme of wellbeing evenls established since 2021.
additional 5pa¢e has been made avallable 0$ parl of the WellbÈing Hub
providing 8 welcorlling. homely space foi relaxed bre8klimes delivery of
pasloral supp¢irl Ihal may bo needed. 01lvÈ. the school doo continues lo play
a key parl ol ihe school wellbeing team and has established her own'larnily
dog walks as pail of Ihe wellbelng programme.

ST GEORGE'S SCHOOL WINDSOR CASTLE
TRUSTEES. REPORT
31 AUGUST 2023
to promote Muslc and the Perfomilng Arts for all and to Improve Instrumental muslc
The schools ¢lassroom musiG and existing piovision for instrument tuition and choral opportunities conlinu8d to excel 8nd
achieve high standards and high parlicipatiDn. Aligned wllh a $lralegic g021 to expandlng the range and quality of musi¢al
opporlunilies available to students Year 3 stLJdenls again leaint violin during th& year and performed along wilh brass and
slring ensembles al the Gala Coneerl where the audience were also Irealed lo a drum trio perfoirnance that alm051 brou9ht
the roof down, performan￿5 from Wind band and Brass ensemble as w&ll as from all of the school ¢hoirs- Indiv￿￿allY and
combinerl. Castle side Rad50 - a sludent led WEEkty radio broadcast continued to brighten Friday Mornings and logether
wilh the newly formed Rock Band enterlain&d the school al "STG Rocks"
an ouldoor fe$llval un s¢hool grounds for
students from all year groups lo perform and enjoy.
Sludenls from KSndergailen lo Year 8 were encouraged to lake parl in drarnatic aclivilies through th& year wilh HaNesl and
Nalivily p&rformance8 in Pr8 Prep, a joint Year 4 and S produ¢llon of The Llon. the Wll¢h and the Wardiobe. Year 6, 7 and
8 Students took their performan￿S lo a local arts cenlre.. Year 6 performing in land working backslage onl The Demon
H8admasler whilst Year 7 and 8 p&rfoimed a musical piece wrillen for them- Dre3mers' High- with those sludenls not keen
on taking the limelight taking on technical and backstag& duli8s. Sp88ch and drama as a eo-curficular option continues to
grow in popularity wilh addillonal staff recruiled for September 2023 to enable all interested students to b& catered for.
St
Y&
..I":SITLE
to build community engagemenl and encourage staff and studgnts to be aware of the School's soclal responslblllty
Th8 school h85 end8avoured lo both share resources and encourage social responslblllly and awareness across Ihe
community. As already menlioned in the feport Ihe Sl George's Award focus on service learning has provided sludenls wlh
opporlunilies to consider and contribute lo local charities and organisalions whilsl the Schools in Parlnershlp iniliative has
offe￿￿ a numbei of opporlunilie5 to benefit staff and sludents at its member schools in the year. Olh8r aclivili&s have
Includ8d involvement in fundrai8ing for sanilalion across Ihe gl¢ibe. a¢hlevemenl of the Green Flag award, participation and
support for the Windsor Rose and HorlicultUf81 Show and 8 community concert involving students, 81aff and par8nls al the
Parish Church. The eppolnlmenl of an alumnl tsffi￿r who organised a very successful summei luncheon for over 120
foimer students, representing 7 decades ef the school, marks th8 beginning of a journey lo re-engage wllh our alumnl as
part ol the ￿￿er school ¢ommunily. These, along with activities tnade p055ible with schools across the world through the
Round Square memb&rship have allow8d sludenls and slaff to consider their place In and contribution to s¢hool, local and
gltsbal $0¢Sety.
to Inv8St In facllllles to dellvor our strateglc alms
The school has continued to invest in Ihe refurblshmenl the Senlor Prep fa¢S1ily, cfeallng a Common roorn Spa￿ and luck
shop far the year 7 and 8 students, refurbishmenl of the digital 18arning el8ssroom and near compl8tion of boarding area
refufbishmenl An extended WÈllbelng Hub has been created in part of the rnain building and staff foom5 have also been
refurbished to ensure school stsff ar8 able to have w811 des&rv8d breaks in a w8leome environment. The School Coun¢ll
conlinue lo conslder a number of proposals for developtnenl of the physical School sile, mindful of th& need lo balance
ensuring the educational offer remains exca118nt with fulure finan¢lal $e¢urlty.

ST GEORGE'S SCHOOL WINDSOR CASTLE
IRUSTEES, REPORT
31 AUGLIST 2023
FUTURE PLANS
The school is well on Iiack to deliver its ambitious 2025 development plan and continues lo review the evolution of this plan.
Having a¢hieved fomal a¢¢redilallon for the PYP and HPL Sn 2023 focus Ss now on further embedding Ihls programme and
developing effective Ifacking of progress for sludents. These major milestones are a valid81ion of our vision foi sludenls being
'Real World Ready., an obSe¢live whl¢h remalns al the heail of the vislon for the sGhool as 51 moves forwards. In Ihe coming
y8ar other objectives ale..
Under our pillar of Iranslormalional learning, continuing to enhance a sector-leading curriculum 8nd barnerjourney, building
on the a¢¢fedilalions and recognition achieved In 2023 to develop robust Ira¢king pre￿$Se$..
th8 rolling out of m&n181 h88lih Ir81Tring 8cr088 the communily and Ihe further developmenl of Mind Up acros8 the school as
parl of our focus on wellbelng..
ensuring breadth ol opporlunSly a¢ros$ the Cfeallve and Perfoimlng Aris laculll&$. ￿TrIf21 lo th8 hollstk educallon lor our
slud8nls',
Continued promotion and developm8nl of th8 sehool's proud Schools, parlnership and focus on s8piice 188rning through th6
Sl George's Award. The ouiwaid facing ￿ach of Ihe school, which wi11 Snclude fundraising for buisaiies, and engagÈm?nl
with alumni and th& local communily, is now a c8nlr81 strategic pillar.
The school ¢onllnues lo work hard wllh parents. sludonts. lèa¢hers and olher slakÈholdÈrs lo a manage the s¢hool after a
prolonged period of disruplion post pand8mic, Brexit, the cost of living cri8lS and in light of challenging political and econornic
headwinds. Thls work enable5 the Governors lo ensure the sGhool remalns a safe environment for all and ÈnsvrÈs the ÈffÈcllve
management of the fin8ncial, op8ralional, ancs slralegic risks assoc4aled with the unc8rl8inly over th8 current economic silualion.
Al the dale of Ihls report the Govein¢rs, whilst not complaonl lo some of the widpr challenges fa¢inu Ihe IndepÈndÈnt
education sector. conlinue to be optimi81ic that Ihe work don8- and conlinuing- will enable Ihe school io b8 successful.
FINANCIAL REVIEW
Tolal incotne for the year was £5,447.021 12022". £5,083,941), of whiGh gr05$ s¢hool fees lolalled £5,584,090 12022..
£5,173,587) and bur8ari88 8nd scholarships provided lo slud8nls lolalled £293,55612022.. £337,624).
The school ha5 £1million invesled in a tnanaged charily assel fund. The fund ha5 a laigel return of RPI + 4% per annum and
conlribul8d lo loial invaslmenl income of £58,649 in Ihe year12022.. £41.3551- The inveslment valu& fell in the year resulting in
an ￿n￿aliSed k)55 of £64,436 in the year12022 unrea1ised 1055 of £51,664).
Tolal expenditure it5 the year was £5.453,919 12022." £5,177.8551. The laigesl category of eXpendilu￿ IS Staff G051s although
these have fallen as a % of nel fess as a consequ8ne8 of cai8ful planning. The total numb&r of teaching staff employed was 57
12022.. 601. C0515 rose in a nutnber of area5 with long teftn eleGlricity conlfaGts having lo be renewed al a point when ene19y
markets wer8 significantly more costly following th8 disruption of lh& crisis in Ukrain8. Gov8rnors approved a one off 8XP8n88 10
upgrade lighling across Ihe school lo reduce energy consumption in li9hl of Ihi5 115in9 iunnin9 C051.
The school eonlinues to plan inv8slmanl in facilili8s ¢0 support $18 educational provision. During th8 year this has included
fuilher developmen15 to enhance Ihe Senioi Prep facility in Old 8ank House a5 well a5 Ihe boarding House and a necessary
replacem8nt boiler for Old Bank House. An extension lo the W&llbeing Hub has b88n PDssibl8 with adaplalion of parl of the
rnain hall so pioviding a largei 5paTr for sludenls during bleak and lunch lirnes. The di9ilal Ipamin9 lab ha5 also undei9one
refurbishment lo beller rellÈcl the style of l&aching within Ihe school. C2pil81 expenditure lolalled £515,941 12022.. £266,568>
wilh rnuch of Ihis iepresenling the facilitie5 inveslrnenl described.
The school reported a result foi the year of a nel defi￿1 of £71.33412022 nel defi￿1.. £145.5781.
A fuller 5umm8ry of the ￿sUlts of the yearfs activitie5 is given in Ihe Statement of Financial Aclivilies.
Fundralslng aGtivltle5
The school has not engaged in any fundraising aclivilie5 ¢Juiing Ihe year.
R15k5 and reserve5
The SGhool Council have agreed Ihal wilh Current available resouros, £1m will be held Sn resetve, Snlended lo meol one term's
salary costs and lh8 C0818 to manag8 unforese8n, uninsured risk. This £1m 18 invested in a man8g8d chaiities 8S8et fund.
The Trustees have rsiscussed in d818il, wilh advic8 from advisors, the 8uilability of th8 reserve policy in the conl8xI of the
S¢hool'5 finanGial posilion consider that il ￿MaInS appropriate lo malntaln Ihls ￿SerVe policy lo hold Ihe rÈservÈ Sn thls
inv8slmenl. This wll remain under revi8W.

ST GEORGE'S SCHOOL WINDSOR CASTLE
TRUSTEES, REPORT
31 AUGUST 2023
The School Council has assessed th8 malor risks lo which Ihe Charilable Company Is Èxposed, In parli¢ular Ihose related lo Its
opeffjllons and finances, plu5 the challenging and changing political and economic environment, and 18 $81islied that systems
are in place to mitigate th& exposure lo the major risks. Ri8ks are monilored through the leimly sub-¢ommSllee meellng$ end
regular dis¢u55ion beiween rnembets of Ihe School Council and the school's Senior Leadership Team and an 8nnual strale9y
day provide8 an opporlunily for Trustees lo debate and dls¢uss futur$ a¢llvilies and direc150n of the school and the Impa¢l
managing specific iisks alongside the school's S8nior Lead6fship Team.
The major risks that hav6 been identified and which need to be taken into account in any futurè development plan Indud8'.
The protection of Students, slaff and vi511ots to the school. The Governors and Senior Leadership team regularly consider
th8 policies. procedures and processes in place lo prevent harm lo sludenls staff and vi511ors lo the School Slle. The
fneasures considered include physical securily of the sile, control of visitors and evaluation of welfare provision for students
and staff.
Affordability and qualily of education provided by the school
whelh8r onsite or remot8
and dep8ndency upon pupil
numbers to suslain th& s¢hool as a golno ￿nCern. Close monS1oiin9 of trends in Ihe local education tnarkel, wder
independent education sector and the views of th8 current par8nl body inform strategic discussion. fee slruclvres, pupil
recrullment and retenllon. Trustees and the Spnioi Leade15hip team undeilake close and active monitoring of the School'5
cost bas8 lo ensure the school can respond to unexpected change.
Exleinal Ihieals lo the independent education sector fiorn the changing political and economic silualion. Close moniloring
of ehanges affecting the se¢lor. modplling of potenllal finan¢lal or operalional impacts of change5 and engagement wlh
secloi bodies such as Ihe ISC. ISBA and IAPS &nabl8s th8 school'8 learlership 18am to remain abreast of Changes and alert
to IheSr Smpa¢t and p099iblo responses as Ihey etnergE. A lasklorce of Ihe Head, Business Direcloi and Ihree governors
has been @slablished lo specifically consid8r the cha118nges 2nd Ihreals lo the school from pollll¢al ¢banges and to explore
slralegiG options that M￿h1 miligale these.
RESPONSIBILITIES OF THE TRUSTEES
Company law requires Ihe Trustees lo prepare accounts for each financial year which give a Iwe and falr vlew of the slate ol
affairs of the Charitable Ctsmpany and of the incoming and outgoin9 resources of the Charitable Company for that year. In
pr8paring these accounts. lh& Trustee8 are required to..
Select suitable aceounting pollcles and then apply Ihem conslstenlly.
observe the method5 and principle5 in the Chaiilie5 SORP.
make judgements 2nd eslimates that are reasonable and prudent.
slate whelhei applicable UK accounting Standards have been followed, subject to any material deparlur8s disdosed and
explained in the financial slalemenls.
prepare the accoun15 on the golng C0ft￿rn basis unless It is inappropriate to piesume that the Chaiilab1e Cornpany will
continue in business.
The Tiustees are responsibl8 for keeping prop8r aceounling r8cord8 which disclose with reasonable accuracy at any lime the
finandal posS1ion of the ¢ompany and lo enable Ihem lo en5uie that Ihe accounts cornply with the Companies Act 2006. They
ar8 also responsib18 for safeguarding th8 2SS8ls of the Charitable Company and hen￿ for taklng reasonable steps for the
prevention and deleclion of fraud and other iiregulaiilies.
In so far as the Trustees are aware..
there Is no relevant audit SnfoFmalion of whlch Ihe Chafilable Cornpany s auditor5 ale unawaie., and
th8 Trusl88s have taken all slep8 Ihat they ought to hav8 taken to make themselves awa￿ of any relevant audlt Informallon
and lo establish Ihat the audilors ale aware of thal infoimalion.
In preparing thi5 ￿port Ihe Trustees have taken advantage of the Sm811 Compani85 exemptions avai18bl8.
Signed on be
of th8 Board of Trustees
an
Trustee
Approved by the Btsard

INDEPENDENT AUDITORS, REPORT
TO THE MEMBERS OF ST GEORGE'S SCHOOL
VVINDSOR CASTLE
We havt oudllÈd the financlal slalem&nts of Sl G￿rg8'S School Windsor Castl8 for the year ended 31 August 2023 which
cotnprise the Slalempnls of Financial Aclivilies, the 8alance ShÉ81, the Cash Flow Slal8m8nl and notes lo the financia1
statemen15. inGlu(Jing 3 surnrnary of 5ignilicanl atcounling policles. Thè financial reportlno fr￿M￿Ork that has been applied in
their preparation is appliGable law and United Kingdom Accourtling Standards. Includlng Flnanclal Réporting Standard 102 The
Financi81 Reporting Standard applicable in the UK and Republi¢ of I￿13nd IUrtilÈd Kirtgdom Generally Acc8pled Accounting
Praclicel.
In eur oplnlon, th& financlal slal8menls'.
'ulve a lluè and falr vlew of th& slate of th8 ¢harilabl8 company's affairs as at 31 August 2023 and of the charitable
¢ompany's nel movement in funds. In¢ludlng th& Income and expenditure, for lh8 ye8r then end8d.,
.have been properly prepared in acwrdance with United Klngdom G&nera15yAccepledAccounling Practlce,. and
.have been prepared In ac¢ordan¢e wilh th* requlmmenls orthé Companlés Act 2006.
Ba515 for oplnlon
We con(lucled our audil in accordance with Inleinallonal Standards on Auditing IUKI IISA5 IUKII and appllcable law. Our
re5poNsibililies uTrder those slandaid5 are furiher described in the Auditor'5 responsibilitie5 for the audit af the financial
slalemenls section of our reporl. We are independenl of the charity in accordance with the elhiGal requiretNeDls Ihal are
re18vanl le our audit of the financial slatemenls in Ihe UK, including Ihe FRC'S Ethical Slandard, and we have fullilled our olhEr
ethical responsibilities in accordance with these requirements. We believe Ih8t the audit evidence we have oblained is
sufficl8nl and approprlale lo provide a basis for our opinion.
ConGIu51on5 relatlng to golny concern
In auditing the financial slalemenls, we h&ve concluded that the Iru5tees' use of the going wnGern basL4 of a¢¢ounllng In th8
preparation of the financial slalements ￿ appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or condilioDs that,
ndividually or collectively, may cast significant doubl on the charitable company's abilily lo continue as a goin9 concern for a
perlod of at18ast tw8lve months frem when the financial slal8menls ar8 aulhorised for issue.
Our responslbilllies and the r8sponslbllltlés of the trustees wllh ièsp8Ct lo going concem ar8 described in the relevant sections
of thi5 report.
othÈr Informatlon
The ItU51ees are responsible for the olher information. The other inforrnalion comprises Ihe infomation Included In the
Trustees, Report. Ouf Qplnloll on the fin£ncial sl8lernen15 doe5 not cover Ihe other infoitnalion and, ex￿p1 lo the Èxtent
olhetwise explicitly staled in our report, we do not expre55 any forrn of a55uranGe Gondusion lhei80n.
In connection with our audil of the financial stalemenls, our respon5ibilily is lo read Ihe olher information and, in doifig so.
consider whelher the olher information is materially inconsislenl with Ihe financial slalemenls or our knowledge oblained in Ihe
audit or olh8rwise 8PP8ars lo be materially misslaled. If we idenlify such rnaleria1 inconsistencies or apparent material
m1881alemenl&, we are required lo d&l8rmine whether there is a material misslalemenl in the linancial slalemefils or a malerial
mlsslalement of the olh8r Informalion. If, based on Ihe v40rk we hav6 P8rformed, we conclude Ihal there is a material
mlsslalément of thls olher Informatlon, wa are requlred lo report that fact. W8 have nothing le report in Ihis regard.
Oplnlons on other matt8rs pre8crlb8d by the Companles Act 2006
In our opinion. based on the work und&rtak8n In Ihe course of the audit..
.Ihe infoFtnation given in the Tru5leÈs' Report (which Includes th8 dlrÉclors' report prepared lor th8 purposes ef company law)
for the fiDanGial year for which the finanGial slalemen15 a￿ p￿Pared Is conslslenl with Ihe financlal slalemenls., and
.Ihe 51ralegio iepori and the direGlors' report included wlhin the Trustees, Report havÉ beèn prepared In accordanc8 wllh
applicable legal requirements.

INDEPENDENT AUDITORS. REPORT
TO THE MEMBERS OF ST GEORGE'S SCHOOL
WINDSOR CASTLE
Matters whlGh we are requlred to ￿port by exGoptit>n
In the light of the knowledge and underslanding of the chaiitable company anrl ils environment obtained in the course of the
audit, we have not rdenlilied malerial mi5s1atemenls in the Truslee5' Annual Report Iwhich incorporates the direclers. report).
We hav8 nolhlng to report In r8SP&Ct of the fo11owlng matters In relation to whlch thè Companie$ A¢t 2006 re4ulrÉ8 US to report
to you if, In our opinltrn..
dadequale aGGouDliDg reGords have nol been kept by the Gholilablp company. or
.Ihe Gharilable company fillancial 5talemenls gre not in agreement W￿th the accounting records and retums., or
'cert8in disclosures of trustees, remuneration specified by law are not made., or
*WP have not rettived all the informalion and eyplanalions we require for our audit., 01
The Tru51ee5 weie not enlilled to prep?￿ the finanGial slalemen15 in accordance wlh the small companie5. regime and lake
dvanlage of the small companies, exemptions in preparing the Iruslees, Report and from the r8quir6menl lo prepare a
strategic report.
Respo￿5[bIlItIeS of trustee5 for the flnanclal stalemenls
As explained more fully in the Iruslees. respon$ibililiÉs statement $&t out on paue 5, the tru$tees (who ar$ also th8 dlrectors of
thè charitable company forthe purposÉ$ of company lawl are responslble for Ihe preparation of the finanGial 51alemenls and
for being 5ali5fied that they give a true and fair view, and for SUGh inlemal conlfoj 85 the IIu5tees delermine is necessary lo
enable the prepafalion of financial statements Ihal are free from rnalerial misstalemenl, whether due to fraud or errcr.
In preparing the financial slatem8nls, th& Irus188s ar8 responsible for assessing th8 charltable company's abllily to continu? as
a going conc&rn, disclosing. as applicablè. maller8 relal&d to going concern and uslng the golng ¢on￿M basls of accounting
unless the trustees ellher Intend to liouldate the ¢harilablÈ ¢(Imp8ny or lo Ge85e operalion5, or have no realislir allernalivÈ but
lo do so.
Audilor's respon5ibilitie5 for the audit of the financial staiernents
Our objectives are to obtain reasenable assurance aboul whether th8 financial 8talem8nls a8 a whole af8 free from material
mis81atement, whether due lo fraud or error, and to Issue an audito¢$ r&port that includ&8 our opinion. RÈasonable assuranc8
Is a high I&v81 of assurance. bul is not a guarante& Ihal an au(Sil conducted In accordancÈ wilh ISAS IUKI will always delect a
material mls$lalemenl when il exi51s. Misslalemenls can ar15e frotn fraud or error and are GQn5idered material if. individually or
In the aggreg8le. Ihey Gould reasonably be expected to infiuence the economic decision5 of users laken on the basi5 of these
finanGial sl8lemenls.
Irregularili&s. including fraud. are instances of non-compliance with laws and regulations. We design pioc8dur8s In line with
our responsibilitie8, oullined above, to delÈcl material misslal&m8nls in resp8d of Irregularllles. Includlnu fraud. Th& 8xl8nt to
whlch our procedures are capable of d&lecllno irregularilles. In¢luding Ifaud is delalled below..
Ba88d on our understanding of the group and the envlronm8nl In whlch It op&rates, w8 Identir18d that the prlnclpal rfsks of non-
compllance with laws and rÈgulalions relalÈd to chaiily and company law applicable In England and Wales. and we considerad
the exienl lo whl¢h non-Gotnpliance rnighl have a malerial effect on the financial slaiements. We also Gonsideied Ih05e laws
and regulations Ihal have a direcl impact on the preparalion of the financial statemen15 such as the Cornpanie5 Act 2006 and
the Charilies Act 2011.
We 6valuated manag&menl's incentives and opportunities for fiaudu18nt manipulation of the financial stalem8nls lincluding the
rlsk of overrid& of conlio1s1, an($ dèlermlned that the piinclpal risks were related lo revenue recognSllon, In partl¢ul8r in relation
to iÈctrrding Income from donations and ¢haritable aGlivili¢s In the correGI a¢¢ounlSng ppiiod. Audil procedures perfofmed by
the engagtrmenl leatn included,.
-InspeGling Goriespondence with regulators.,
-Di5CUs5ion5 with rnanagemenl including consideration of known or suspecled ins18nces of non-compliance wlh law8 and
regulation and fraud.,
-Reviewing the conlrols and procedures of the charity relevant to the preparation of the financ481 statements to ensure these
were in place throughout th8 year..
-Evalualing manag8m8nl's controls deslgned lo prev8nt and delecl Irfegularili8S,'
-Idenlifying and testing journals. In particvlarlournèl Èntries posted wlh unusual account comblnallon$. PDsllngs by unusual
users or with unusual de5Griplions, and
-challenging a55Utnplions and judgements made by management ill their accounting estimgle5.

INDEPENDENT AUDITORS, REPORT
TO THE MEMBERS OF ST GEORGE'S SCHOOL
WINDSOR CASTLE
Because of Ihe inher8nl limitations ol an audit, ther8 Is a risk that W8 will not d8t8cl all Irregulaiilles, Includlng thos818ading to
a malerial misslalement In th8 financial stalem8nls or non-compliance with regulallon. Thls risk Increases the more that
compliance wilh a law or r8gulalion is removed frem th8 ev&nls and transaclions iÈflecled In the financial slalemenls. as we
will be18ss Iik81y to becom8 aware of inslances of non-compllance. The risk Is also g￿al￿r regarding irregu13rilies occurring
du8 lo fraud rather than erfor, as Ifaud involve5 Intentional GonGealmeDI, forgery, Gollusion, ornY6510n 01 n315repre5eDlalioD.
A further description of our respon5ibililies for the audil of the financial 51alemenls is located on the Financial Reportlng
Council's website al.. www.frG.org.uklaudilorsre5POn5ibililie5. This de5criplion forffls part of our audilorfs report.
Use of our roport
This iepori 15 made 501ely to the charitable eornpanys members, as a body, in accordan￿ with Chapter 3 of Part 16 of the
Cornpanies Act 2006. Our audit work has been undertaken so Ihal we might stale to the charilable company's members those
malleis we 8re requiied lo slate lo them in 8n Audilorfs report and for no other Pufpose. To th& fullest exlenl permilled by law,
we do not accept or assume ￿sPOnsibl11tY lo anyone olher than the charitable company and the charilable company's
members, as a body, for our audit work, for this report, or for Ihe opinions w6 hav& formed.
J8ne Ask6w IS8nior Sl8luloryAudilor)
For 8nd on behalf of Hay5macinlyre LLP, SlaluloryAudilors
Dale..
10 Que8n StreÈl Place
London
EC4R 1AG

ST GEORGE'S SCHOOL WINDSOR CASTLE
STATEMENT OF FINANCIAL ACTIVITIES
INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT
YEAR END 31 AUGUST 2023
2023
2022
Rèstated
Total
fund
Unrestricted
funds
Restricted
fund5
Total
funds
Note
INCOME FROM..
Donations and legacies
18,050
18,050
19,581
Charitable activit18S
Education
Other
5.290.534
79,788
5,290.534 4,835,962
79,788
187,043
Investment Income
56.346
2,303
58.649
41,355
TOTAL INCOME AND ENDOWMENTS
5,444.718
2,303
5,447,021 5,083,941
EXPENDITURE ON..
Charltable Activitiès
School operating costs
5,453,264
655
5,453.919 5,177.855
TOTAL EXPENDITURE
5,453,264
655
5,453.919 5,177,855
NET IEXPENDITUREI BEFORE INVESTMENT
LOSSES
GainllLoss l on Investment
18,5461
{64,43el
1,648
{6,898)
{64,436)
{93.9141
(51,6641
NET MOVEMENT IN FUNDS IN THE YEAR
{72,9821
1,648
{71,334} 1145,578)
Reconclllation of funds
Total funds bioughl forward
2.174,815
209,280
2.384.095 2,529,673
Total funds carried forwar¢1
2,101,833
210,928
2.312,761 2.384,095
All income and expendilure derived from continuing activilies.
All 9ains 8rhd losses recognised in the year are included above.
The notes on pages 13 10 21 foTni part of these accounts.
Full comparatives for the yèai ended 31 August 2022 afe shown in note 18
10

ST GEORGE'S SCHOOL WINDSOR CASTLE
Company number 04347052
BALANCE SHEET
31 AUGUST 2023
Note
2023
2022
Restated
Flxed assets
TÈngible assels
Investments
1,502,655
983,015
1.345,124
1.047,451
2,485,670
2.392,575
Current assets
Debtors
Cash at bank and in hand
1,546,020
733,713
1,546,184
811,779
2.279,733
2.357,963
Creditors..
amounts falling due within one year
9 {2,200,3161
{2,104,029)
Net current Iliabilitiesllassets
79,417
253,934
Total asse18 188s curr8nt liabilit188
2.565,087
2,646,509
Creditors:
amounts lalling due after more than one year
10
{252,32fj1
1262.414)
Net as8el8
2,312.761
2,384.095
Capltal and reserves
Funds
Restricted funds
Unrestiicled funds
12
210,928
2,101,833
209.280
2,174.815
2,312,761
2,384.095
Approved by the Board of Trustees
and signed on its behalf by
TRUSTEE
Date:
m-4- .
The notes on pages 13 10 21 form part ol these accounls.

ST GEORGE'S SCHOOL WINDSOR CASTLE
STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED 31 AUGUST 2023
2023
2022
C&sh p¥ovlded bylluspd Inl operatlng a¢tlvlllfrs
437.875
327,610
CJ$h flows from Invesllnu a¢tlvlllo8
Purchase of langiblefixed ds5el$
1515,941
1266.5681
Nèt ¢a5h used In Investlng acllvttles
515,941
1266.5681
ID8¢18a8tr1 In tish and cash equlvalents In ¢ho year
178,0661
61.042
C&8h and ¢ash e4ulval*nts at the start ol the year
Cash and cash equlvatents ot the end of Ihe yea¥
811,778
750,730
733.712
811.778
Reconclllatlon of net movement In not ftst)ds to net catsh flow Irom operatlng acllvltles
2023
2022
Net lexpondlturel foithe yèar
171,3341
1145,5781
Adlu$tments lor:
Depre￿atIon
Dis￿￿310113n￿ib1e fixed asset$
Unfeallsed losslloalnl on Flxed AsEel ItnfeslTrEnl
368,410
340.137
64,436
422.846
51.664
391,801
Movement In worklng eapllal
Decreaselllncreasel in tradÈ and other deblor
Increase in trade olher ciedllors
164
11Q6,0211
187,408
66,199
Nei cash provlded byl (used In) opeTatlng a¢tlvltles
437.675
327.610
Cash and cash 8qulvale*l8
Cash and cash equivalenls represenl..
Cash al bank
733,713
811,779
The noles on pgges fj3 10 21 f￿M partoflh8se accounls.
12

ST GEORGE'S SCHOOL WINDSOR CASTLE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
AccouThtln
ollcles
The princip31 accounting poliEies adopted, ludgemenls and key Sou￿5 of estimation un¢ertalnty In th8 weparailon of the
fin9n￿31 slalemenlsof Ih& Ch8f51yare set oul below.
lal Ba$18 olaccountlng
The financial sialetnpnts havè bè8n piep8red Sn accord8nce 14rylh Accounting and Reportino by Charllles.. Slalemenl of
Recommended Pracli¢8 ISORPI 8ppIIc8ble lo charitie5 preparing their accountts In accordamce wilh Ihe Fillan1￿1
Reporting Standard IFRSI ¥ppli¢8ble In the UK and Republic Df Irelanis IFRS 1021 leffe¢live 1 J8nuary 20191 Charities
SORP IFRS 1021. Ihe Fin8nic31 Repotbng St3ndard5 applicable In Ilie UK and Republic of Irel8nd IFRS1021 and the
CompanlesAcl 2006.
The financ￿1 sialemenls are ptepared in 5lerlino whlch Is th8 functlonal curfency of the charty. Monetaryamounls In these
nancSal sialemenis are roundEd lo the neartrsl £1.
Sl George's SchDDI Windsor Castle meels the definilion of a publiG benefii Énlily under FRS102. Assels and IIBbllllies are
inilially r8cognSsed al hlslorScal cost orlransaciioll value unlpss Othetv￿6￿ sialed In the rekvanl 8ccounling policy notes.
Th8 Charity's bu$lness address Is Sl George's School, Windsor Casiie, Wndsor, SL4 1QF.
Ibl Golnu concern
Al Ihe lin7e of approving IhB financlal slalemenls. the Trustees hBve a reasonable expecialion that Ihe chailty has adequate
resource5 lo continue in operallonal exlslence for Ihe foreseeable fulure. Thus Ihtr Iruslees conllnue Io 8dopl Ihe going
concern basis DI accounling Sn preparing Ihe financial slalemenls.
Thtr govemors h8ve revSeweO Ihe eurrenl And loreca51 financial and ara confident ihal School Is well placed lo address
lh8 Challenges Ihal this brings. Accotdin9ty the gDlno concern basls ol preparallon of Ihe financial sialemenls r8malns
applopriale.
Icl Fund accoiintlng
Reslricied funds can only b8 used for partlcular re51r1￿ed purwses wlhln Ihè oblÉ¢ts of th& charlly. Reslrktk)ns orise
where specified byth& donor or when funds 8re r81sed lor partiGularfeslricied purposes.
Gener81 funds are unresliicled funds whch ar& avallable lor use 81 the discrelion of IhB Governors In furtherarKe of Ihe
genera1 objeclives ol Ihp charity and vthlth have nol been deslonaled foranyolhet purpDSt.
Idl Income
Income Is recognlse¢l vthen Ihe charity has en￿1￿ment lo lh8 lunds. 8Thy perform8nce condilions allaGhBd lo Iha Income
liave been or are fully within Ilie conlrol of Ihe chaflly, there Is suffi￿ent ￿rtaInty that re￿Ipl of Incom& Is consldered
P0S5ible 8nd the amounlcan be mèasured rellab5y.
Tuition fee5 are Included vAlhln Ihe Fln8nclal Slalernenis on a rec*vabl• bas18. Amounts Snvolced In advan￿ gre defeired
and cairied foTw8rd wllliS11 creditors and accruals. whilst amounts due bul nol yel le￿5Ve￿ In Ihe year ate shown wlhin
dtbtors ancl prep8ymen15. Fees le￿1vable aFe staled aiier deducllng allowan￿5. xholarship5 and olher remissions
granie(S by chBrity.
Interesl Income Is ac¢Fued on a lime-apporbonÉd basls, by referen* to ihe piincip81 oulslanding al lh8 8ff8Ctive Interest
raie.
All Income was generated In tha UK.
lel Voluntary Income
Vdunlary inc0￿e re￿iVed in tssh by way of donations Is Induded in full In the 8laiemÈnl of Fln8Klal Acllvlues on 8
￿e￿i￿able basls and Includlw as$￿Sale￿ gillaid.
111 Donaied 8eryl¢e$ and tocllltles
Undtr th6 Charllles SORP IFRS 1021. donaied seTViCÈS and facllllles are c81ciilaieO al valuelo Ihe ch31ily insiead of cost lo
Iha dowr. Donalions re￿Ned forlh£ general purposes ol Iha ch8Fily are credlled io unrestricted funds. Oonaiions subject
lo spe￿riC wishes of Ihe donoFS arè crediied to reslrfcled funds 01 lo endowed fund5 where the aTll￿nI Is 184ulred to be
held as permanent capital.

ST GEORGE'S SCHOOL WINDSOR CASTLE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
¢countln
Cont
lul Expendlluro and Irrocovorablo VAT
l expEndilure accounled for on an 8cciu81$ basls. Expenditure Is allrtaled lo Èxpense headlngs eliher on a dlrecl c051
basis, or appOrt￿ned lo tiffle spent. where ills fjol p0S￿b]e lo dlrect5y allrlbule th8 expense. Any VAT is induded wilh the
Itm ol expenselo Vdhich il re131es.
Ihl Allocallon of 8UPPOrt cosls
Support costs ¢omprlsÈ Ihtr costs of running Ihe SC￿91. Including sir8legic piannlng lor Ils luluie dewelopm8nl. atso
exteinal aud51 fees, any legal advict for the bDard of governois 811 cosls ol complyino wlh conslilulional and sialulory
requlremenis. such as Ihe cost of oovernors meelings and of preparifjg slaluiory 8ccounls salist5ry.ng publlc
account8blllty.
111 Penslon ¢ost8
The School has afrange(I defined conlribullon schemes for all slaff. The pensiDn cosis charged represent the conlFibullons
payable by Ihe School duiing Ilie year In arLordan¢8 iyith FRS102 in Ihal conliibuli0Tr5 are tharged lo Ihe SOFA8ccounl in
the peritKI In whlch Ihey8ie due.
ljl Employee benellts
The c051$ of ernployee benefits are iecopnlsed as a Ilabllity and an trxpensÈ. Unless IhD5e costs are required lo be
recognised as part of Ihe c051 of 5t(¢k or ffxed assets. Th& cost of any ufiused holiday enlillemenl IB recognised In Ihe
perf(￿ in whlch Ihe employee'5 Se￿￿5&￿e ￿e￿fved.
Teiminalion benefits are recogni5ed irnmedialely as an expense vthen ihe School Is dernonslrably commllied to lermlnale
Ihe employm8nl of an Èmp1oyÈe orlo provide leimin9bon benefils.
Ikl Tanglblè flxld a8Sets
DeweGialion is calculated lo wriie down the c051 less esilmated r6sldual Value of all tangibl& fixed a$strls by Èqual annual
inslaltnents over Iheirexpecled usetul INes.
The rates appllcable 8re'.
Long leasehdd proppty
Overlhe remaSnlng pol1￿ of th&18as8
8uSk15nu- School oymnaslum
2%pa
8uikSing improvemenls (main school building)
5%-20%pa
Le8s8hold Smpiov8mÈnis
0￿[jhe perbd ol the lease
Furnilure and equipment
10'A- 33,15% pa
Motor vehiGIps
20%- 25% pa
Assets are not usuallycayl8lksed when Iheir useful Ilfe is expecled to be less Ihan 3 y8ars.
111 Flnanclal Insti¥mfynts
Fln8ncial Insifumenls are classlfied and accounted for, according lo the subsiance of Ihe conlr8Ctug18rr8ngemeTrl, 85
rin8nci81 as5els. financSal 118bS1Slles or eqully Insifumenis. An Èqtslty Instrumenl is any contract Ihal eV￿len￿5 a residual
nleresl in ihe 05sels of ¥ company afler deducllng all of lis Ilabllilies. Whertr finandal assels are measured at fair value,
Ihis is determined by reference lo wblidy avallabie Sndices.
Im) Ltaslng and hlre purchase commllm&nt5
Assels held under flnance leases and hlre purchase conlracats artr capilalised a5 lan9ible fixed asseis and depreualed
over Ihe 5horier of the lease lerm and IheSr useful economic lives. Oblloaiions under Guch agreemen15 are inciuded vAlhin
Creditors. nel of Ihe finan￿ charge alloc8led io fulure perlods. The fln3nce 8l&mÈni of Ihe renia1 payrnenl is charged lo Ihe
SOFA accoufjl 50 8$ io Produ￿ 8 conslanl periodic rale If Ihe charge on ihe n81 oblipalions oulslandlng in earh pBiiod.
Rentals pakl under operabng leases are Charg￿ lo the SOFA on a slralght1Sne basls.
Inl D8btO¥8
Tfad8 and OlhÈr debtorsare iecoonised al Ihp selllemenl atnounldue after any Ir8de di%ounloffered. Prepaymenls are
valued al Ihe amount prepald nel of any trade discounts dup.
lol Cash at bank
Cash al bank and In han($ includes tzsh and short leim highly IKivkS investmen15 wilh a Short malurltyollhree monlhs or
lessffom the dat8 of acqulsibon or openino ofih8 dtrwsil or similaraccounl.
14

ST GEORGE'S SCHOOL WINDSOR CASTLE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Accountln
con
Ipl Sto¢k$
SIDGks ar8 valued al Iha of cos1 and nel rea1isgble value, after making duÈ all(YKdllC8 for obsol818 and ￿0W mo¥lno
1￿MS.
Iql Crodlto¥s
Liabililies are recognised In the ftnanc181 slatemenis In respeclof 811 expendllure fo[wh￿h the Charity has a MeaSura￿e
obligalK)n, be Ilconslrucii¥e or leg81. allhe balan￿ sheet dale. AnygApendilurewhiGh is commiiiÈd to, bui not measurable
al IhSs lime, Is dlsclosed w51hln the notes io Ihe financial slalemen15 as a conlingenl liabilily.
Irl Llquld r¢sovrce$
Liquld rÉsour¢es compilsa assets held as a readily disposBble sloreofvalue. Thpy includè cash Itrm depo$ll$ and bank
nollce acceunls hdd as parf ol Ihe Charity's managementaGtivilies. They Èxclude any such assels held as pari of fixed
asset Inveslmenlg.
Isl Taxatlon
The Charily Is 8xemplf¢tm corporallon18x on Il$charll8lAe 8cllvilies.
It) Judgements and key sourtès of •$tlmallon un¢$rt8lnly
In Ihe applicabon of the Charivs accounling pollcles, Ilie Truslees ale requlred lo mgkeludgemenis, e51imale5 and
assumptions abDuI Ihe carryino amount ol assels 8nd liabllllies Ihal are not readllyappa￿nI from olher Sources. The
eslimales anis as$oclaied assumplloiis are based on hislrical experienGe and olherfacioiE that afe consldÈied lo be
r@l@vani. Actual r8sulls may dllfer from these e5b'male5.
The e511males and underlylng assumplions are reviewed on an owolng balss. Revlslons to accounllng e511males are
recognised in Ihe period in which IhÈ eslimalÈ IS revised. wliefe Ilie revlsion allecls only Ihal period. or In Ihe period ol I
revision Bnd luluie ppriodswhere the ièwston aHed$ both current anl fulure periods.
Th8 follo￿n0 judg8menls have had the mosl significant effect on amounts recognised in Iht finan￿al slalemenls..
Bad debts- Tradp debl015 ale rÈvl8w8d on an annual b8sis lo delerrnlne whelher a bad debl provision should bè made
againslany ilems. Onlyythere IhB Tru$le8su)nslder recoveryof 8 debt lo be unlikelyis a provisian made.
The School's bullding is leased al a reduced rental coslof£s.000 peryear from the Dean & Canonsof Sl Ge(x9e's
ChBpel. The building adjoins Ihe Caslle walls and so enables Ihe schtK)I lo niainlaln build upon Ihe long hisloryand
conneclion wilh the College ol Sl G8oige. The locailon of Ihe building. with Ils physical conneclion lo Ihe Chapel a￿a of
WindsDrCasllt allows In partkular the Chorlslers lo pL9ya full phrt In ihe life ol ihe SIGeDrge'5 Chapel Choir as we11 as the
lifè of Ihe School.
TheTrusiees have 8greed Ihal, as the Sthool pays a reduced rent fcy the property. there Is an exch8noe Ir8nsaclion and
Iherelore the donated facililies sliDuld noi be Irealed as a non ex¢h8nDe Irans8cIion 8sdefined in FRS102. Th2 value of
the gift is therefore nol separately 16¢0onlsed In Ilie aceounls.
School fees
2025
2022
478,800
407,012
161.862
4,211,518
365.531
27,664
boaidlng fees
day pupils
nursery
mlscèllan￿US and exlias
4.590,903
372.364
30,644
Toial gross fees
Less.. lolal bursaries and SGho1ar5hlps proMdÉd lo puplls of the schod
5.584.090
5.173.5S7
1581.5561
1602,7411
5,002,524
4,570,846
Add b8ck.' c￿trIbUll0n recebved In respeclof ChDrisler sch(Aarshlps
288.￿0
265.117
4,835,9S3
5,290,534

ST GEORGE'S SCHOOL WINDSOR CASTLE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Total ex
endlture
lal Analy515 of expenditure
Charftable actlvlt105
Support
Co$t$
Tèa¢hlng
2023
2022
Teaching
Welfare
Premises
Suppoil
Governan￿ costs
3,090.428
3,090.42
636.251
657.881
996.728
72,831
3,013,510
646,419
593,609
845,388
78,931
636,251
657.681
998.728
72,831
3.090,428
2,363.491
5,453,919
5,177,855
Of the lolal expenditure olE4.923.662 in the yearerKSiivJ 31 Augus12021. È2.911,034 ￿lated lo leaching c0515 and £2,012,628
relaled to supportcosts.
Ibl Slalf c0515
2023
2022
Employee ¢051s during the year am¢ynted lo".
Wag&s and $8laries
Sodal securlly ¢os
Other pension c05tS
2.791,400
283,535
308,044
3.382,979
43.528
2,628.154
284,143
290.393
3,182,680
38,806
Staff AccomodatSon
3.426.507
3,221,486
The averaga number of p8rsons employed by the charity during th8 year was as follows..
2023
2022
Teaching
Domestic and ground staff
Admlnislration
57
71
75
The lolal cost of employing key management personn81 was £446,88612022.. £424,178).
Five employees earned more than £60,000 durlng Ihe year ended 31 August 2023. One employee earnÈd more
than £80.000 in th8 range of£8D,000-£70,000, Ihree employees earned more Ihan £60,000 in Ihe range of
£70.000-£80.000 and one èmployee earned more Ihan É60,000 in the range E100,000-£110,000. 12022.. Fiv8
employee5 earned £60,000 01 rn0￿. One employee earned more than £80.000 Sn Ihe range of £60,000-£70,000,
three 8mploy8&s &arned in the range of£70,000-£80.000 and one employee earned more than £60.000 in Ihe
range of £90.000-£100,0001.
During the year no terfflinalion payments were made. 12022.. £nlll
No ￿MUneration w85 paid to TrusleÈs12022.. gnill. Trustees were rglmbursed for exp8ns8s incurred in th8 y8ar
totalling £18212022.. £nill.
Icl Audltor5' rgmun8ratlon
2023
2022
Fees re￿iVed for audit services
Fees received for accounting service5
17,160
16,320
17,160
16,320
16

ST GEORGE'S SCHOOL WINDSOR CASTLE
NOTES TO THE FINANCIAL STA7EMENTS
FOR THE YEAR ENOED 31 AUGUST 2023
From 1 May 2021 leachlnu $18ff b￿ame ellglble lo loln the Avlva P8nslon Sch8me for Independenl Schods IAPTISI. a defjned
conlribulion tnasler InJs1 Scheme. Conliibulion5 to APTIS for IhÈ period endlng 31 August 2023 wèrè £269,72512022.- £255.2041.
Slaffwho ai8 nol trnlilltd lo mèmbtrship of Ihe T6achers' Penslon fund or APTIS 81e Invlled lo loln Ihe Penslons Trusl penslon
Echptne- a defined conlribulion Bcheme. The pension cosis paid lo Ihp Pensions Ttu$l In ihÈ year amounted lo £38,31912022'.
E35.179).
Tan
Ible flxed assets
Old Bank
Hous8
Ltrasohold
rovemtS
Improvements
to School
Bulldlngs
Flxtures
School
mnaslum
Motor
Vehlcles
Labs
IpmBnt
Total
Cos1 or Valualion
Al 31 August 2022
Additions
Disposals
Al 31 August 2023
28,975
1.397,849
378,466
45,596
663.443
1.507,596
68,192
1.144,292
69,283
93,836
49,702
4,791,857
515.941
139.4321
26,975
1,730,719
663,443
1.575,788
1.119.739
49.702
5.168.366
DepreGialion
Al 1 Sepletnber2022
Charged in the year
Dispo$al$
26,975
1,062,065
128,476
45,596
331,722
27,644
1.007,693
68,489
969,843
133,001
93,836
46,435
800
3,446.733
358.410
139.4321
Al 31 August 2023
28.975
1.144.945
359.￿8
1.076.1B2
1.009.008
47.235
3,665,711
Nel book amount al..
Al 31 August 2023
585,774
304,077
499,606
110,731
2,467.00
1.502.855
Al 1 Sepiembei 2022
335.784
331.721
49g,g03
174,449
3,267
1,345,124
All tanglble fixed assets Sre used In dSrecl furtherance of Ihe Chaiily's oblecls.
A5 from I September 2D05. Old Bank House ha5 been lea5pd lo the School by Sl Gpor98's Chapel on a 25 year ltra$&. Tha
expenditure on improvements lo Ihls buildlng h8s been ¢ypii8lised and Is belng ainortised over Ihe rem8￿1ng period ol the lease as
from 1 Seplember 2006 when Ihe properly came Snlo lull use by Ihe School.
The nel book value of molor vehl¢les includes to 12022.. £01 in respect of assets held under finan￿ leases and hlre purchast
conlracls. The depreclallon charge Sn respect of Ihese 8ssels was £012022.. £01.
Flxvd a35Ot Invèstmènts
2023
Markèt
Valuo
2022
Cost
Balancè al I Sèptembèr 2022
1,047,451
1,000.000
Dispo$8ls
Unrealised IIos5e5y gains
64.436
Balsnc8 al 31 Auousl 2023
983,015
1,000,000
2023
Morket
V•luo
2022
Market
Value
Cost
Cost
Th8 balan¢8 as al 31 Augu$twa$ made up of the folloYAng'.
UK Quoted Inveslinenls
Cash
970,889
12,126
983.015
987,874
12,126
1.WO,000
3.036.760
10.691
989.309
10.691
1,047.451
1.000.ODO

ST GEORGE'S SCHOOL WINDSOR CASTLE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST2023
Dtrbtors
2023
2022
Re8tatod
Trode deblor5- fees owed IMlch8elm85 Term)
Amount due In respect ofchorlsler scholarshlps Imlehaelmas Term)
Other Debtors
p￿paYMentS and acuuèd income
1.252.382
107.352
44.689
141,597
1,546.020
1,255,976
06,600
18.000
175.608
1,546.184
Credltors.. atnounts fallln
duB wlthln ontr
ear
2023
2022
Trade ¢redllors
Olh6r18xes and So￿87 $8cuIIty
Olh6r cfedilors
SchoDI fees Invoi¢Èd in advancÈ- not yel recÈlvÈd- Mlchaelmas Twm
School fees Invoiced in adVan￿- received- Michaelmas Terin
School lees received ID 8dvance- Lent Trinily lerm
Accwals
334.113
1.295
10.537
1,359,734
471,108
6,369
17,160
296.131
100
4.044
1.440.041
326.259
23,324
14,130
2,200,316
2.104.029
10 Credltors.. amounts fallln
due after more than one
ear
2023
2022
Olheruedllors
School f88s re¢elv8d In advan
252.326
245,077
17,337
252,326
262,414
Of lh8 b8lan¢8 of th8 sthool f&ès paid In 2dvanc8 of£nll12022'. £nl11, £nll12022.' nlll re181e$ lo amounts falllng du8 aller five year$.
11 Ca
Ital and resetves
st G8orgt's School Windsor Casiit 1$ a company Ilmlltd by guarantee wilhoul 8 shar6 ¢apllal. In$le8d of a share capS18l, each
member guarantees lo pay £1 in the event of Ihe company's liquidalion. The amount of Ihp mpmbers, gua¢aniÉ8 iÈpi&$tnls a
conlingenl 8S5el to Ihe cornpany, whlch wll crysl4llise only 11 Ihe company goe5 Inlo liquld8llon. As the company is 8 golng Con￿rn,
th& members hav8 no obll9alion lo pay Ihè sum ouaranleed.
If. on a wSndlng up of the comp&ny. there remaln any assets. sller sallsfacllon of or provlslon of 811 due debls and li8bl111ies. SU
3È8È1s artr rÈquired by IhÈ Cornpany's Mèmorandum and Artlclos of Association lo be transferred lo a charSly wSlh slmllar oble¢is.

ST GEORGE'S SCHOOL WINDSOR CASTLE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
12 Rfy4lrl¢ted funtl9
818ncg ot
1 Septgmbo¥
2022
8&lance at
31 Aucusl
2023
Income
Expondlturo
Ch0ri818r Buisary Fund
The Developmenl fund
Robert Waid Bursary Fund
18,188
182,390
8,702
209.280
16551
17.533
184,693
8.702
2.303
2,503
655
210,928
Chorlster Bursa
Fund
This fund repre5enls dongllons from Sl George'5 Developmenl Fund 1998 for the purpose ol fuTrdiDg bursolies for choristers.
Truslets rtview thè ullllsailon of Ihls fund Yéhen conskJ8rlno the affordablily of lh8 School to Ihose ￿1h Ilmlled ￿h8n¢￿al means and
have a9reed lo Gonslder supporiing pupils on Iiips with the fund. The fund was ulilised duriny the yèar lo fund muslc lullion fees for
one ehorisler.
Tho Devolo
mènt Fund
In 2020 the school received a bequest of t182.390 from the eslale of a former pupil. The donation is lo be applied for ihp Sl George's
School Wind50r Caslle Chorlsler Burs8ry Funo lo'creale a bursary for pupillsl Ibolh boys 8n¢ gSTlsl ol Ihe school al Ihe discrelion of
the Headmasltr and Bursar al Ihe lime,. Tho $tho01 Inlend$ lo bulld Ils fundralslng and dev8lopmenl aclfvlly ov8r comlng years.
appoinling a Development and Alutnni officer during 2023, and hopes lo build on this donalion lo facililale development of th& school
Rob&rtWard Bursa
Thls lund w8s es18blished by don8ilons In memory of Robert W8rd and was orlglnally intended lo provide bursarles lo pup115 who are
children ol membèrs of Ihe Sl Georgp's Association. The Trustees of Iht Fund havè agreed Ihal IhSs fund should be made avsllable lo
all pupils of the schoo110 fund Iheir partlGipalion in Iiips and events Tull by Ihe SchDoI. There were MD appfoved gran1$ durlny lh6 ￿8r.
Comparallvo5 for tho 2022 yoar trtd arg..
Balanco al
1 8optembèT
2021
Balan¢0 al
31 August
2022
Incomo
Expèndltura
Chorister Bursary Fund
Thp DevelDPTnenl Fund
Robert Ward Bursary Fund
18,188
1B2,390
0,202
18.188
182,390
8,702
209,280
500
209.780
150DI
3 Anal $15 of net assets betweeTr funds
2023
Unreslrlcled
lunds
2023
Reslrlcted
funds
2023
Total
Fixed as5els
Inveslmenls
1,502,655
983.015
1,502,655
OB3,015
79.417
1252.3261
2,312,761
210.928
1252.3261
2.101,833
210,928
2022
Re¥laled
Unr¢$lrl¢ted
2022
2022
Resto¢0
Rest¥lcted
funds
Comparallvès lor thè 2022 yoar ond aro..
Tolal
Fixed asse15
Inveslmenls
fQel currenl Essets
1,345,124
1,iM7,451
44,654
1262,4141
2.174,815
1,345.124
1,047.451
253,934
P62,4141
2,384.095
209,280
209,280

ST GEORGE'S SCHOOL WINDSOR CASTLE
NOTES TO TFIE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
14 Taxatlo
Sl Georo8's School Wlrtdsor Caslle Is a charS18ble ￿MpanY and Ihe Twslees ole ol If* oplnlon thal11 is enlilled, for Ihe Gurrtrnl year.
lo the exemptions prO￿ded by The Corporallon Tax A¢1 2010. As a consequenc8 no provlslon for laxallonls required.
1S Flnanelal Commlimgnts
As al 3fj Augu$1 the company had totsl commllmeD15 under non-c8ncell8ble operaling kases foll¢)ws.'
2023
2023
2022
2022
Lpnd and
bulldlngs
Land and
Olher
Olhor
Amounls poyable In..
less one year
belween Iwo lo five years
Overfive yoars
105,000
420,000
266.250
17.393
0.633
105.000
420,000
371.250
17,393
27,026
791,250
27.026
896.250
44.419
2023
2022
Tolal expenditure on operating lÈasÈs In Iht yearwas..
Land and bulldings
Olher
105,000
20.433
105.000
14.532
16 Rolatèd
tran¥a¢llon$
There were relaled party IrarsEaclions requlring disclosurè during IhÈ year12022.' no rèlated party liansacllonsl.
17 Control
The Board of Ttuslpes ale consklered lo btr Ihè ullimalt conlrolllny party.
18 Com
aratlvo Slatemonl of Flnanclal Actlvllles for the
ear ended 31 Au
ust 2022
2022
R8Sta¢ed
Totsl
funds
2021
Restaied
Toial
lunds
Unrostrlctod
fund$
Restrlcted
funds
Notè
INCOME
Donatlons and lagaclè8
Governtnènt grants
19,581
19,581
182,390
31,212
Income from..
Charitable ac11￿lieS- eduGalion
4,835,982
187,(M3
4.835,962
187,043
4.438.361
72.025
Investments- baTrk Interest
41.355
41,355
39,970
TOTAL INCOME AN[) ENDOWMENTS
5,083,94fj
5.083.941
4.763.958
EXPEDITURE on
Sehool operaling cosls
6,177.355
500
5.177,855
4,923,662
YOTAL EXPENDITURE
5,177,355
500
5,177.855
4,923,662
NET INCOMEIIEXPENDITUREI BEFORE INVESTMEPIT LOSSES
193.4141
151.6641
145,078
15001
193,9141
151.fjIHI
145,578
1159,7021
107,819
Loss on investment
NET MOVEMENT IN FUNDS IN THE YEAR
500
51,8831
Reconclllallon of lunds
To181 fund5 brouyhl fotward
Tolal fund$ Cerrled forward
2.319.893
209.780
2.529.673
2.581,556
2,174,8fj5
209.280
2,384.095
2.529.673

ST GEORGE'S SCHOOL WINDSOR CASTLE
NOTES TO THE FINANCIAL STATEIIJENTS
FOR THE YEAR ENOED 31 AUGUST 2023
19 Prlor Year Re51at8m
Piior year balaTh￿ sheet has been reslaled lo correcl the double posting of adjusifflen15 to the school's nDmlna1 ledger In 2018 that
had resulleo In on overslalemenl of deblois by sorne £87.465.
2022
Prevlous Reserv68
Adjuslmenl lo deblors
Reslaled resefwes
2,471,560
187.4651
2,384,095