**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:
- a) preservation, refurbishment, maintenance and improvement of the Fabric of the College of St George; b) preservation of the heritage and traditions of the College of St George;
- c) provision, promotion and encouragement of music;
- d) promotion of debate and inter-cultural understanding;
- e) preservation and conservation of the artefacts, manuscripts and books of the College of St George.
## **The main objectives for the year**
- a) To receive and distribute funds to support refurbishing the Fabric of the College; b) To receive and distribute funds to support the Choir of St George's Chapel;
- c) To receive and distribute funds to support the general activities of St George's Chapel; d) To continue to provide support to other areas of the College as necessary.
## **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:
- a) St George's House Trust (Windsor Castle);
- b) St George's School Windsor Castle; and
- c) an individual nominated by the Associate Members, as defined by the Trustees.
The following elected by the trustees:
- a) at least one and up to four individuals from among the Knights and Ladies of the Garter;
- b) at least one and up to six individuals who are independent of the College of St George; and c) at least one of those at b) above should be a member of the Royal Household.
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