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2020-08-31-accounts

Registered number: 05937511 Charity number: 1118295

THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE

(A company limited by guarantee)

TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

1

THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE (A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the charity, its trustees and advisers 3
Trustees' report 4 - 7
Independent examiner's report 8 - 9
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 24

2

THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2020

Trustees

The Right Reverend D J Conner, KCVO, Dean of Windsor, Trustee The Lord J Morris of Aberavon, KG, PC, QC, Trustee (resigned 1 September 2019) Mr A Rind, Trustee (resigned 1 May 2020) Marshal of the Royal Air Force The Lord G E Stirrup, KG, GCB, AFC, Trustee (resigned 25 March 2020) Mr P G McKeone, Trustee Admiral Sir J F Perowne KBE, Trustee Mr C G Aitken, Trustee Sir J Spurling, Trustee

Company registered number

05937511

Charity registered number

1118295

Principal and registered office

2 The Cloisters, Windsor Castle, Windsor, Berkshire, SL4 1NJ

Company secretary

Miss C E Manley CVO, OBE

Senior management team

Mrs L Aitken, Hon. Secretary to the Friends and Descendants of the College of St George Dr S Collingwood, Clerk of Accounts

Independent Examiner

HW Fisher LLP, Acre House, 11-15 William Road, London, NW1 3ER

Bankers

Barclays Bank plc, 29/30 High Street, Windsor, Berkshire, SL4 1PG

Investment advisors

Schroder & Co Ltd, 1 London Wall Place, London, EC2Y 5AU

3

THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2020

The trustees present their annual report together with the financial statements of the Charity for the year 1 September 2019 to 31 August 2020. The trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), 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).

Objectives and Activities

Policies and objectives

The objectives of the charitable company are the furtherance of the Christian religion and the advancement of education by supporting and assisting the Dean and Canons of Windsor, St George's Chapel and Choir, St George's House, St George's School (collectively known as the College of St George), the ecclesiastical patronages of the Dean and Canons of Windsor and any other charity operating in and around Windsor Castle, including the:

The main objectives for the year

Statement of compliance with Charity Commission guidance

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities The Foundation of the College of St George, Windsor Castle should undertake. The trustees, when making decisions, pay due regard to the Charity Commission public benefit guidance when exercising any powers or duties to which the guidance is relevant.

Achievements and performance

Review of activities

The charity continues to successfully raise and distribute funds in line with its core objectives. It is given significant assistance by the contributions made from its trustees, volunteers, advisors and other supporters.

Donations from both the American US Foundation and Friends continued to flow into the charity along with income raised by the Friends of St George's. Friends Events during the year were limited due to the Covid-19 pandemic and the need to close down a number of activities associated with the College. The College was fortunate to receive large legacy receipts during the year compared to the previous year but donations and grants were slightly lower.

4

THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2020

Investment policy and performance

The assets within the charity are held in two investment groupings all designed to ensure the funds are immediately available for use by the eventual beneficiary and to minimise any potential losses due to market movements. Investments within the Friends Legacy Fund are regarded as current assets as it is anticipated they will be fully utilised in the near term and are invested in term cash deposits and fixed interest bonds managed by Schroder & Co. General donations and receipts from fund raising are held in a mixture of the same portfolio with Schroder & Co and also in cash.

Financial review

Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Covid-19 has had a limited effect on the charity with overall income increasing for the 2019-20 year and remaining strong after the balance sheet date. For this reason the trustees continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Principal risks and uncertainties

The risks specific to the charity are limited to its ability to continue to meet its objectives, which is ultimately the financial support of the College of St George. The fund raising activities of the charity are overseen by the direct involvement of the Dean and Canons of Windsor and their nominated advisors.

Reserves policy

In line with its core objective the charity seeks to transfer any restricted funds to parts of the College where specified by donors and any unrestricted sums towards the appropriate bodies as determined by the trustees. The requirement for reserves is therefore limited to the need for any working capital necessary for the Friends events including its legacy projects, sums sufficient to cover general expenses necessary to cover general stewardship costs as well as governance costs and any undesignated amounts awaiting trustee determination. The trustees have determined that £100,000 should be held in reserves. The total amount held at 31 August 2020 was £179,714, of which £118,214 was general funds.

Financial performance during the year

Totals funds decreased during the year by £30,836 (2019: decrease of £149,927) to £179,714 (2019: £210,550).

Total income increased to £839,035 from £290,133 in 2019. The key contributor to the increase was large legacy receipts of £715,770 (2019: £7,266).

Expenditure for the 2019/20 year increased to £868,540 from £443,778 in 2019. The key reason being the grants to the Chapel from the legacies received.

5

THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2020

Cash balances at year-end had gone down by £85,019 to £76,036 (2019: £161,055) reflecting the increase in grants paid out during the year. Short term investments held had increased slightly in value to £101,848 (2019: £100,501).

Structure, governance and management

Constitution

The Foundation of the College of St George, Windsor Castle is a charitable company, company number 05937511, incorporated on 15 September 2006. It was registered as a charity on 8 March 2007 with charity number 1118295. It commenced activities on 17 March 2007. Its registered office is 2 The Cloisters, Windsor Castle, Windsor, Berkshire SL4 1NJ.

The Foundation is governed by the Memorandum and Articles of Association, established under the Companies Act 1985. The company is limited by guarantee without a share capital. The sole Member is the Dean and Canons of Windsor.

Method of appointment of trustees

The Board consists of:

The Dean of Windsor

Three trustees nominated by each of:

The following elected by the trustees:

Ordinarily trustees shall initially serve for a period of three years which may be followed by a second term of three years. No trustee has received any remuneration during the current or prior year, and no expenses were reimbursed (2019 - nil).

Newly appointed trustees are provided with the content of the Memorandum and Articles of Association and briefed on the recent performance of the company.

Organisational structure and decision making

Key management personnel constitute the Dean of Windsor, the Secretary to the Foundation, the Clerk of Accounts, the Clerk to the Friends and Companions and the Canon Precentor of St George's Chapel who has overall responsibility for the Friends. The Board also draws upon the advice of the Finance and General Purposes Committee of the Dean and Canons of Windsor.

The Friends Consultative Committee, co-opted from member Friends, recommends the projects on which the

6

THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2020

Friends Legacy Fund is spent.

Indemnity for trustees

The charity has in place third party indemnity insurance for the trustees.

Future developments

Unfortunately, as a result of the pandemic, the programme of activities for Friends is still under consideration for the forthcoming year. The charity will seek to continue its objective of fundraising whilst ensuring that its activities are properly co-ordinated with the entire College's programme.

Members' Liability

In the event of the charity being wound up, the liability in respect of the guarantee is limited to a maximum of £10 for the sole member.

This report was approved by the Trustees, on 24 March 2021 and signed on their behalf by:

The Right Reverend D J Conner KCVO Date Dean of Windsor

7

THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE

(A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2020

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE (the 'Charity')

I report to the trustees on my examination of the financial statements of the charity for the year ended 31 August 2020.

Responsibilities and basis of report

As the Trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination I report in respect of my examination of your charity’s financial statements as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the financial statements present a ‘true and fair view’ and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner's statement

Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

  4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Ireland (FRS 102).

8

THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE

(A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2020

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed: Dated:

Sailesh Mehta The Institute of Chartered Accountants in England and Wales

For and on behalf of HW Fisher LLP Chartered Accountants Acre House 11-15 William Road London NW1 3ER

9

THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2020

INCOME FROM:
Donations and legacies
Other trading activities
Investments
Other income
TOTAL INCOME
EXPENDITURE ON:
Raising funds
Charitable activities:
Share of Support Costs
St George's Chapel - ongoing donations
St George's Chapel - specific donations
Friends - specific donations
St George's House Trust
TOTAL EXPENDITURE
NET (EXPENDITURE) / INCOME BEFORE
INVESTMENT GAINS
Net gains/(losses) on investments
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Note Unrestricted
funds
2020
£
89,431
-
36
5,885
95,352
6,612
21,193
59,270
45,731
-
-
132,806
(37,454)
-
(37,454)
155,668
118,214		 Unrestricted
funds
2020
£
89,431
-
36
5,885
95,352
6,612
21,193
59,270
45,731
-
-
132,806
(37,454)
-
(37,454)
155,668
118,214		 Restricted
funds
Total
funds
Total
funds
2020
£
2020
£
2019
£
740,750
830,181
219,368
-
-
9,435
2,933
2,969
3,261
-
5,885
58,069
743,683
839,035
290,133
255
6,867
14,877
-
21,193
19,302
-
59,270
278,585
735,479
781,210
40,478
-
-
39,721
-
-
50,815
735,734
868,540
443,778
7,949
(29,505)
(153,645)
(1,331)
(1,331)
3,718
6,618
(30,836)
(149,927)

54,882
210,550
360,477
61,500
179,714
210,550		 Restricted
funds
Total
funds
Total
funds
2020
£
2020
£
2019
£
740,750
830,181
219,368
-
-
9,435
2,933
2,969
3,261
-
5,885
58,069
743,683
839,035
290,133
255
6,867
14,877
-
21,193
19,302
-
59,270
278,585
735,479
781,210
40,478
-
-
39,721
-
-
50,815
735,734
868,540
443,778
7,949
(29,505)
(153,645)
(1,331)
(1,331)
3,718
6,618
(30,836)
(149,927)

54,882
210,550
360,477
61,500
179,714
210,550
2
3
4
5,6
8
7
7
9

95,352
743,683
839,035

6,612
21,193
59,270
45,731
-
-





255
-
-
735,479
-
-

6,867

21,193

59,270

781,210

-
-
132,806 735,734 868,540

(37,454)
-

7,949
(1,331)

(29,505)
(1,331)
(37,454)
155,668

6,618
54,882

(30,836)
210,550

118,214

61,500
179,714

The notes on pages 13 to 24 form part of these financial statements.

10

THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE

(A company limited by guarantee) REGISTERED NUMBER: 05937511

BALANCE SHEET
AS AT 31 AUGUST 2020
2020
Note
£
£
£
CURRENT ASSETS
Debtors
12
5,483
7,835
Investments
13
101,848
100,501
Cash at bank and in hand
76,036
161,055
183,367
269,391
CREDITORS:amounts falling due within
one year
14
(3,653)
(58,841)
NET CURRENT ASSETS
179,714
NET ASSETS
179,714
CHARITY FUNDS
Restricted funds
16
61,500
Unrestricted funds
16
118,214
TOTAL FUNDS
179,714		 2019
£





210,550
210,550
54,882
155,668
210,550

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2020. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements.

The Trustees are responsible for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 to accounts, so far as applicable to the company.

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

The financial statements were approved and authorised for issue by the Trustees on 24 March 2021 and signed on their behalf by:

The Right Reverend D J Conner KCVO, Dean of Windsor

The notes on pages 13 to 24 form part of these financial statements.

11

(A company limited by guarantee)

THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2020

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward		 Note
18
19		 2020
£
(85,310)		 2019
£
(114,708)

2,969
(2,678)

3,261
(3,045)

291
216
(85,019)
161,055
(114,492)
275,547

76,036		 161,055

The notes on pages 13 to 24 form part of these financial statements.

12

THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

1. ACCOUNTING POLICIES

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice (SORP) for charities applying FRS 102, the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from 1 January 2019.

The financial statements are prepared in sterling, which is the functional currency of The Foundation of the College of St George, Windsor Castle. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention with the exception of investments which are measured at market value. The principal accounting policies adopted are set out below.

The charity meets the definition of a public benefit entity under FRS102.

1.2 Company status

The Foundation of the College of St George, Windsor Castle is a private company limited by guarantee incorporated in England and Wales. The registered office is 2 The Cloisters, Windsor Castle, Windsor, Berkshire, SL4 1NJ.

The Charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to a maximum of £10 for the sole member.

1.3 Going concern

The outbreak of Covid-19 has had a very limited effect on the charity. There has been a reduction in income from Events and Activities but this has been outweighed by the large increase in legacies. Donations to the charity had been strong post year-end and therefore the going concern basis of accounting has continued to be applied. This is considered to be appropriate by the directors and trustees as there are no material uncertainties related to other events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

1.4 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Charity, or the Charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Gifts in kind are recognised on receipt at the estimated value of the relevant gift. No value is

13

THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

1. ACCOUNTING POLICIES

ascribed to the voluntary work provided by the various individuals within the Friends of St George many of whom give their time generously to promote the Chapel and its history. Neither is any value recorded with regard to the use of offices and some occasional administrative work provided by the Dean and Canons on the basis that all of these would be difficult to measure accurately and any such self-compensating inclusion would not enhance the general comprehension of the Foundation’s published financial statements.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Cash donations and investment income are recognised on receipt. Other donations are recognised once The Foundation of the College of St George, Windsor Castle has been notified of the donation, unless performance conditions require deferral of the amount.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct grants. Support costs are all allocated to Charitable Activities but are disclosed as a separate line and not allocated against the grant categories.

Costs of generating funds are costs incurred in attracting voluntary income.

Charitable activities and Governance costs are costs incurred on the Charity's operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled.

1.6 Investments

Holdings in authorised unit trusts are included in the balance sheet at the bid price. Realised and unrealised gains on investment assets are reported in the Statement of Financial Activities allocated to the appropriate fund.

1.7 Cash at bank and in hand

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.

1.8 Financial instruments

The Foundation of the College of St George, Windsor Castle has elected to apply the provisions of Section 11 ‘Basic Financial Instruments of FRS 102 to all of its financial instruments.

Financial instruments are recognised in The Foundation of the College of St George, Windsor Castle’s balance sheet when The Foundation of the College of St George, Windsor Castle becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements,

14

THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

1. ACCOUNTING POLICIES

when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.9 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.10 Fund accounting

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

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

15

THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

2. INCOME FROM DONATIONS AND LEGACIES

Donations
Legacies
Grants
2019 Comparative
Donations
Legacies
Grants		 Unrestricted
funds
2020
£
68,431
21,000
-		 Unrestricted
funds
2020
£
68,431
21,000
-


Restricted Restricted

Total
funds
2020
£
114,411
715,770
-		 Total
funds
2019
£

147,247

7,266

64,855

219,368
Total
funds
2018
£

131,194

149,260

-

280,454
funds
2020
£
68,431
21,000
-		 funds
2020
£
45,980
694,770
-
89,431 740,750 830,181

Unrestricted
funds
2019
£
125,809
2,266
-




Restricted


Total
funds
2019
£
147,247
7,266
64,855
funds
2019
£
125,809
2,266
-		 funds
2019
£
21,438
5,000
64,855
128,075 91,293 219,368

3. INVESTMENT INCOME

Investment income - listed investments
Investment income - interest receivable
2019 Comparative
Investment income - listed investments
Investment income - interest receivable		 Unrestricted Unrestricted

Restricted Restricted
Total
funds
2020
£
2,933
36		 Total
funds
2019
£

3,251

10

3,261
Total
funds
2018
£

255

10

265
funds
2020
£
-
36		 funds
2020
£
2,933
-
36 2,933 2,969
Unrestricted


Restricted

Total
funds
2019
£
3,251
10
funds
2019
£
36
10		 funds
2019
£
3,215
-
46 3,215 3,261

16

(A company limited by guarantee)

THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

4. OTHER INCOME

Events and activities Unrestricted Unrestricted
Restricted
funds
2020
£
-		 Total
funds
2020
£
5,885		 Total
funds
2019
£

58,069
funds
2020
£
5,885

All income from Events and activities in 2019 was unrestricted.

5. COSTS OF RAISING FUNDS: EXPENDITURE ON RAISING VOLUNTARY INCOME

Garter ceremony - stewardship costs
Cost of Friends' activities		 Unrestricted Unrestricted


Restricted Restricted

Total
funds
2020
£
-
6,612
-		 Total
funds
2019
£

9,626

5,081

-

14,707
funds
2020
£
-
6,612
-		 funds
2020
£
-
-
-
6,612 - 6,612

All expenditure on Raising Voluntary Income in 2019 was from unrestricted funds.

6. COSTS OF RAISING FUND: INVESTMENT MANAGEMENT COSTS

Investment management fees Unrestricted Unrestricted Restricted Restricted Total
funds
2020
£
255		 Total
funds
2019
£

170
funds
2020
£
-		 funds
2020
£
255

All expenditure on Investment management fees in 2019 was from restricted funds.

17

THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Share of Support Costs
St George's Chapel - ongoing donations
St George's Chapel - specific donations
Friends - specific donations
St George's House Trust
2019 Comparative
Share of Support Costs
St George's Chapel - ongoing donations
St George's Chapel - specific donations
Friends - specific donations
St George's House Trust		 Unrestricted Unrestricted



Restricted
funds
2020
£
-
-
735,479
-
-		 Restricted
funds
2020
£
-
-
735,479
-
-


Total
funds
2020
£
21,193
59,270
781,210
-
-		 Total
funds
2019
£

19,302

278,585

40,478

39,721
50,815

428,901
Total
funds
2018
£

16,448

128,537

7,197

2,000

-

154,182
funds
2020
£
21,193
59,270
45,731
-
-
126,194 735,479 861,673

Unrestricted





Restricted



Total
funds
2019
£
19,302
278,585
40,478
39,721
50,815
funds
2019
£
19,302
278,585
-
-
-		 funds
2019
£
-
-
40,478
39,721
50,815
297,887
131,014
428,901

8. SUPPORT COSTS

Share of

Bank charges
Independent examination fees
Friends report and AGM costs
Stationery and Printing
IT Charges
Postage
Sundry		 Support
Costs
£
1,677
3,693
9,750
1,070
5,003
-
-
 Support
Costs
£
1,677
3,693
9,750
1,070
5,003
-
-





Total
2020
£
1,677
3,693
9,750
1,070
5,003
-
-		 Total
2019
£

1,855

4,040

8,999

859

-

1,295

2,254

19,302
21,193 21,193

18

THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

9. ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE

Expenditure on raising voluntary income
Expenditure on investment management
Costs of raising funds
Share of Support Costs
St George's Chapel - ongoing donations
St George's Chapel - specific donations
Friends - specific donations
St George's House Trust
Charitable activities		 Other costs
2020
£
6,612
255
Total
2020
£
6,612
255		 Total
2019
£

14,707

170

14,877

19,302

278,585

40,478

39,721

50,815

428,901

443,778
6,867
21,194
59,270
781,210
-
-




6,867
21,194
59,270
781,210
-
-
861,674
 861,674
868,541 868,541

10. INDEPENDENT EXAMINATION

The Independent Examiner's remuneration amounts to an Independent Examination fee of £3,600 (2019 - £3,540).

11. STAFF COSTS

The Charity had no employees during the year nor in the prior year.

No trustee received any remuneration during the year (2019 - £nil) and no expenses were reimbursed (2019 - £nil).

12. DEBTORS

Trade debtors
Other debtors
Prepayments and accrued income		 2020
£
-
-
5,483
 2019
£

5,000

2,835

-
7,835
5,483

19

THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

13. CURRENT ASSET INVESTMENTS

Listed investments
Unlisted investments (liquid)		 2020
£
92,291
9,557
 2019
£

93,622

6,879
100,501
101,848

Listed investments

The market value of the listed investments at 31 August 2020 was £92,291 (2019: £93,622) . The current asset investments are held primarily in respect of the Friends Legacy Fund.

14. CREDITORS: Amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income
Deferred Income
Deferred income at 1 September 2019
Resources deferred during the year
Accruals and deferred income
Deferred income at 31 August 2020		 2020
£
-
53
3,600
 2019
£

526

-

58,315
58,841
2019
£

6,330

3,960

(6,330)
3,960
3,653

2020
£
3,960
-
(3,960)
-

Deferred income at the balance sheet date relates to monies received in advance for events and activities taking place within the following year.

15. FINANCIAL INSTRUMENTS

Financial assets measured at amortised cost
Financial liabilities measured at amortised cost		 2020
£
101,848		 2019
£
105,501
54,881

3,653

20

(A company limited by guarantee)

THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

16. STATEMENT OF FUNDS CURRENT YEAR

Unrestricted funds
General Funds - all funds
Restricted funds
The Friends Legacy Fund
Other Legacy Income
American Foundation and Friends
St George's Chapel Restricted Fund
The Beaufort Fund
Total of funds		 Balance at 1
September
2019
£
155,668		 Balance at 1
September
2019
£
155,668		 Balance at 1
September
2019
£
155,668
Income
£
95,352		 Expenditure Gains/
(Losses)
£
-		 Balance at Balance at
September 31 August

2019
£
155,668
2020
£
118,214
55,836
1,394
-
-
4,270
61,500
179,714
£
(132,806)

53,488
1,394
-
-
-





3,933
-
41,710
693,770
4,270





(254)
-
(41,710)
(693,770)
-



(1,331)
-
-
-
-



54,882 743,683 (735,734) (1,331)

210,550

839,035

(868,540)
(1,331)

PRIOR YEAR

General Funds - all funds
Restricted funds
The Friends Legacy Fund
Other Legacy Income
American Foundation and Friends
St George's House Restricted Fund
St George's Chapel Restricted Fund
Total of funds		 Balance at
1 September
2018
£
272,637		 Income
£

195,625		 Expenditure
£

(312,594)
Gains/
(Losses)

£
-

Balance at
31 August
2019

£
155,668

53,488

1,394

-

-

-

54,882

210,550

86,446
1,394
-
-
-


3,215

5,000

10,040

50,815

25,438


(39,891)

(5,000)

(10,040)

(50,815)

(25,438)
3,718

-

-

-

-
87,840
94,508
(131,184)		 3,718

360,477


290,133


(443,778)
3,718

The Friends Legacy Fund

This fund was established from legacies received from members of The Society of the Friends of St George's and Descendants of the Knights of the Garter, the funds of which were transferred to the Foundation on 17 March 2007. The legacies received into this fund are in respect of wills which were written prior to the date of transfer. This fund is to be utilised in accordance with the objects of that charity, which are slightly narrower

21

THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

than those of the Foundation as shown below.

The objects of The Society of the Friends of St George's and Descendants of the Knights of the Garter shall be to assist the Dean and Canons of Windsor in maintaining the fabric of St. George's Chapel and the buildings within the Precincts of Windsor Castle which are associated with the Chapel, in maintaining and improving the furnishings and ornaments of the Chapel as a place of worship, in enhancing its surroundings and in promoting interest and knowledge of the history, traditions and work of St George's.

Other Legacy Income

The Foundation has received legacies that are restricted in their use.

American Foundation and Friends Fund

This fund is for donations received from the United States of America towards the cost of items for the Chapel.

St George’s House

This fund contains donations and grants that are specifically earmarked for St George's House.

St George’s Chapel

This fund contains donations and grants that are specifically earmarked for St George's Chapel.

The Beaufort Fund

This fund was set up during the 2019/20 financial year to take donations from Friends towards refurbishment work within the Beaufort Chantry within St George's Chapel.

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Current assets
Creditors due within one year
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
Current assets
Creditors due within one year		 Unrestricted
funds
2020
£
121,867
(3,653)
 Unrestricted
funds
2020
£
121,867
(3,653)

Restricted Restricted
Total
funds
2020
£
183,367
(3,653)
179,714
Total
funds
2019
£
269,391
(58,841)
210,550
funds
2020
£
121,867
(3,653)
 funds
2020
£
61,500
-
118,214 61,500

Unrestricted
funds
2019
£
163,694
(8,026)

Restricted
funds
2019
£
105,697
(50,815)

155,668 54,882

22

THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

18. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net expenditure for the year (as per Statement of Financial Activities)
Adjustment for:
Losses/(gains) on investments
Dividends, interest and rents from investments
Decrease / (increase) in debtors
(Decrease) / increase in creditors
Net cash used in operating activities
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
Total		 2020
£
(30,836)
1,331
(2,969)
2,352
(55,188)		 2019
£

(149,927)

(3,718)

(3,261)

361

41,837

(114,708)
2019
£

161,055

161,055

(85,310)

2020
£
76,036

76,036

19. ANALYSIS OF CASH AND CASH EQUIVALENTS

20. RELATED PARTY TRANSACTIONS

As the sole member of the charity is the Dean and Canons of Windsor, St George's Chapel is deemed to be a related party.

During the year the charity entered into transactions totalling the following amounts with St George's Chapel.

Donations and commitments by the Friends for legacy projects
Donations to St George's Chapel - ongoing
Donations to St George's Chapel - specific
Donations by Friends to specific projects		 2020
£
-
59,270
781,210
-		 2019
£

-

278,585

40,478
39,721

At the year end the balance owed to St George's Chapel was £nil (2019 - £nil). There are no other material transaction between the charities which the Trustees believe should be reported.

23

THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

21. STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2019

INCOME FROM:
Donations and legacies
Other trading activities
Investments
Other income
TOTAL INCOME
EXPENDITURE ON:
Raising funds
Charitable activities:
Share of Support Costs
St George's Chapel - ongoing donations
St George's Chapel - specific donations
Friends - specific donations
St George's House Trust
TOTAL EXPENDITURE
NET (EXPENDITURE) / INCOME BEFORE
INVESTMENT GAINS
Net gains on investments
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
2019
£
128,075
9,435
46
58,069
195,625
14,707
19,302
278,585
-
-
-
312,594
(116,969)
-
(116,969)
272,637
155,668		 Unrestricted
funds
2019
£
128,075
9,435
46
58,069
195,625
14,707
19,302
278,585
-
-
-
312,594
(116,969)
-
(116,969)
272,637
155,668		 Restricted
funds
Total
funds
Total
funds
2019
£
2019
£
2018
£
91,293
219,368
280,454
-
9,435
-
3,215
3,261
265
-
58,069
57,179
94,508
290,133
337,898
170
14,877
39,395
-
19,302
16,448
-
278,585
128,537
40,478
40,478
7,197
39,721
39,721
2,000
50,815
50,815
-
131,184
443,778
193,577
(36,676)
(153,645)
144,321
3,718
3,718
-
(32,958)
(149,927)
144,321

87,840
360,477
216,156
54,882
210,550
360,477		 Restricted
funds
Total
funds
Total
funds
2019
£
2019
£
2018
£
91,293
219,368
280,454
-
9,435
-
3,215
3,261
265
-
58,069
57,179
94,508
290,133
337,898
170
14,877
39,395
-
19,302
16,448
-
278,585
128,537
40,478
40,478
7,197
39,721
39,721
2,000
50,815
50,815
-
131,184
443,778
193,577
(36,676)
(153,645)
144,321
3,718
3,718
-
(32,958)
(149,927)
144,321

87,840
360,477
216,156
54,882
210,550
360,477

195,625
94,508
290,133

14,707
19,302
278,585
-
-
-





170
-
-
40,478
39,721
50,815

14,877

19,302

278,585

40,478

39,721
50,815
312,594
131,184
443,778

(116,969)
-

(36,676)
3,718

(153,645)
3,718
(116,969)
272,637

(32,958)
87,840

(149,927)
360,477

155,668

54,882
210,550

24