Charity Registration No. 1118295
Company Registration No. 05937511 (England and Wales)
THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION
Trustees The Right Reverend D J Conner, KCVO, Dean of Windsor Mr C G Aitken Sir J Spurling Dr Stella Dragomirova Panayotova (Appointed 23 March 2021) Secretary Miss C E Manley CVO, OBE Charity number 1118295 Company number 05937511 Registered office 2 The Cloisters Windsor Castle Windsor Berkshire SL4 1NJ Independent examiner Sailesh Mehta HW Fisher LLP Acre House 11-15 William Road London NW1 3ER Bankers Barclays Bank Plc 29/30 High Street Windsor Berkshire SL4 1PG Senior Management Team Mrs L Aitken Hon. Secretary to the Friends and Descendants of the College of St George Mr Javed Hasan Clerk of Accounts Investment advisors Schroder & Co Ltd, 1 London Wall Place London EC2Y 5AU
THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE (A COMPANY LIMITED BY GUARANTEE) CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of fnancial actvites | 5 |
| Balance sheet | 6 |
| Statement of cash fows | 7 |
| Notes to the fnancial statements | 8 - 16 |
THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 AUGUST 2021
The trustees present their report and financial statements for the year ended 31 August 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Objectives and activities
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.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity 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
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, but donations and grants were lower.
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.
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. 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.
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THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
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 2021 was £151,991, of which £89,417 was general funds.
Financial review
Totals funds decreased during the year by £27,723 (2020: decrease of £30,836) to £151,991 (2020: £179,714). Total income fell to £260,937 from £839,035 in 2020. The key contributor to the decrease were large legacy receipts in the previous year partially offset by grants receivable in 2021. Expenditure for the year fell to £287,569 from £868,540 in 2020.
Cash balances at year-end had fallen by £19,878 to £56,158 (2020: £76,036) reflecting the increase in grants paid out during the year. Short term investments held had increased slightly in value to £102,922 (2020: £101,848).
The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
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.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
The Right Reverend D J Conner, KCVO, Dean of Windsor Mr P G McKeone (Resigned 10 September 2021) Admiral Sir J F Perowne KBE (Resigned 11 September 2021) Mr C G Aitken Sir J Spurling Dr Stella Dragomirova Panayotova (Appointed 23 March 2021)
Method of appointment of trustees
The Board consists of at least three and not more than ten individuals who shall comprise:
a) The Dean of Windsor
b) an individual nominated by the Associate Members, as defined by the Trustees.
The following elected by the trustees: c) at least one and up to eight individuals.
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.
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THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
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 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.
The trustees' report was approved by the Board of Trustees.
D J Conner
..............................
The Right Reverend D J Conner, KCVO, Dean of Windsor
Trustee
Dated: ......................... 27 Apr 2022
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THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE
I report to the trustees on my examination of the financial statements of The Foundation of the College of St George, Windsor Castle (the charity) for the year ended 31 August 2021.
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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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 , which is one of the listed bodies.
I have completed my examination. I confirm that no 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 for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 financial statements to be reached.
Sailesh Mehta HW Fisher LLP Sailesh P Mehta
Acre House 11-15 William Road London NW1 3ER
Dated: ......................... 27 Apr 2022
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THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2021
| Unrestricted Restricted funds funds 2021 2021 Notes £ £ Income and endowments from: Donatons and legacies 3 49,931 208,587 Investments 4 - 2,419 Other income 5 - - Total income 49,931 211,006 Expenditure on: Raising funds 6 - 254 Charitable actvites 7 78,728 208,587 Total resources expended 78,728 208,841 Net gains/(losses) on investments 12 - (1,091) Net movement in funds (28,797) 1,074 Fund balances at 1 September 2020 118,214 61,500 Fund balances at 31 August 2021 89,417 62,574 |
Total Unrestricted Restricted funds funds 2021 2020 2020 £ £ £ 258,518 89,431 740,750 2,419 36 2,933 - 5,885 - 260,937 95,352 743,683 254 6,612 255 287,315 126,194 735,479 287,569 132,806 735,734 (1,091) - (1,331) (27,723) (37,454) 6,618 179,714 155,668 54,882 151,991 118,214 61,500 |
Total 2020 £ 830,181 2,969 5,885 839,035 6,867 861,673 868,540 (1,331) (30,836) 210,550 179,714 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET
AS AT 31 AUGUST 2021
| Notes Current assets Debtors 13 Investments 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Income funds Restricted funds 16 Unrestricted funds |
2021 £ 6 102,922 56,158 159,086 (7,095) |
£ 151,991 62,574 89,417 151,991 |
2020 £ 5,483 101,848 76,036 183,367 (3,653) |
£ 179,714 |
|---|---|---|---|---|
| 61,500 118,214 |
||||
| 179,714 |
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 2021.
The Trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements 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 incoming 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 relating to financial statements, so far as applicable to the company.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 by the Trustees on ......................... 27 Apr 2022
.............................. D J Conner The Right Reverend D J Conner, KCVO, Dean of Windsor
Trustee
Company Registration No. 05937511
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THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2021
| Notes Cash fows from operatng actvites Cash absorbed by operatons 19 Investng actvites Proceeds on disposal of investments Investment income received Net cash generated from investng actvites Net cash used in fnancing actvites Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2021 £ (2,165) 2,419 |
£ (20,132) 254 - (19,878) 76,036 56,158 |
2020 £ (2,678) 2,969 |
£ (85,310) 291 - (85,019) 161,055 76,036 |
|---|---|---|---|---|
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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 2021
1 Accounting policies
Charity information
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.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
The outbreak of prolonged 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.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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.
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THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1 Accounting policies
(Continued)
Gifts in kind are recognised on receipt at the estimated value of the relevant gift. No value is 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 selfcompensating 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.
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 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, 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.
1.8 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.
1.9 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.
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THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted Restricted funds funds 2021 2021 £ £ Donatons and gifs 49,931 38,750 Legacies receivable - 3,000 Grants receivable - 166,837 49,931 208,587 |
Total Unrestricted Restricted funds funds 2021 2020 2020 £ £ £ 88,681 68,431 45,980 3,000 21,000 694,770 166,837 - - 258,518 89,431 740,750 |
Total 2020 £ 114,411 715,770 - |
|---|---|---|
| 830,181 |
4 Investments
| Restricted Unrestricted Restricted funds funds funds 2021 2020 2020 £ £ £ Income from unlisted investments 2,419 - 2,933 Interest receivable - 36 - 2,419 36 2,933 |
Total 2020 £ 2,933 36 |
|---|---|
| 2,969 |
5 Other income
Events and activities
| Total | Unrestricted |
|---|---|
| funds | |
| 2021 | 2020 |
| £ | £ |
| - | 5,885 |
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THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
| 6 7 8 |
Raising funds Restricted Unrestricted Restricted funds funds funds 2021 2020 2020 £ £ £ Fundraising and publicity Investment management fees 254 - 255 Cost of Friends' actvites - 6,612 - 254 6,612 255 Charitable actvites 2021 £ Grant funding of actvites (see note 8) 278,587 Share of support costs (see note 9) 1,828 Share of governance costs (see note 9) 6,900 287,315 Analysis by fund Unrestricted funds 78,728 Restricted funds 208,587 287,315 Grants payable 2021 £ Grants to insttutons: St George's Chapel - ongoing donatons 146,331 St George's Chapel - specifc donatons 132,256 278,587 |
Total 2020 £ 255 6,612 |
|---|---|---|
| 6,867 | ||
| 2020 £ 840,480 17,500 3,693 |
||
| 861,673 | ||
| 126,194 735,479 |
||
| 861,673 | ||
| 2020 £ 59,270 781,210 |
||
| 840,480 |
-
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THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
9 Support costs
| Support costs Governance costs £ £ Bank charges 605 - Friends report and AGM costs - - Statonery and printng 828 - IT charges - - Sundry 395 - Accountancy - 6,900 1,828 6,900 Analysed between Charitable actvites 1,828 6,900 |
2021 Support costs Governance costs £ £ £ 605 1,677 - - 9,750 - 828 1,070 - - 5,003 - 395 - - 6,900 - 3,693 8,728 17,500 3,693 8,728 17,500 3,693 |
2020 £ 1,677 9,750 1,070 5,003 - 3,693 |
|---|---|---|
| 21,193 | ||
| 21,193 |
Governance costs includes payments to the independent examiners of £3,600 (2020- £3,600) for independent examination fees.
10 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
11 Employees
There were no employees during the year.
12 Net gains/(losses) on investments
| Restricted | Restricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Revaluaton of investments | (1,091) | (1,331) | |
| 13 | Debtors | ||
| 2021 | 2020 | ||
| Amounts falling due within one year: | £ | £ | |
| Trade debtors | 6 | - | |
| Prepayments and accrued income | - | 5,483 | |
| 6 | 5,483 |
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THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
| 14 Current asset investments Listed investments Unlisted investments 15 Creditors: amounts falling due within one year Amounts owed to fellow group undertakings Other creditors Accruals and deferred income |
2021 £ 91,200 11,722 102,922 2021 £ 195 - 6,900 7,095 |
2020 £ 92,291 9,557 |
|---|---|---|
| 101,848 | ||
| 2020 £ - 53 3,600 |
||
| 3,653 |
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| Balance at | 31 August 2021 | £ | 56,910 | 1,394 | - | - | 4,270 | 62,574 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted funds | The income funds of the charity include restricted funds comprising the following unexpended balances of donatons and grants held on trust for specifc purposes: | Movement in funds Movement in funds |
Balance at Incoming Resources Revaluatons, Balance at Incoming Resources Revaluatons, |
1 September resources expended gains and losses 1 September resources expended gains and losses |
2019 2020 |
£ £ £ £ £ £ £ £ |
The Friends Legacy Fund 53,488 3,933 (254) (1,331) 55,836 2,419 (254) (1,091) |
Other Legacy Income 1,394 - - - 1,394 - - - |
American Foundaton and Friends - 41,710 (41,710) - - 21,852 (21,852) - |
St George's Chapel Restricted Fund - 693,770 (693,770) - - 186,735 (186,735) - |
The Beaufort Fund - 4,270 - - 4,270 - - - |
54,882 743,683 (735,734) (1,331) 61,500 211,006 (208,841) (1,091) |
| 16 |
THE FOUNDATION OF THE COLLEGE OF ST GEORGE, WINDSOR CASTLE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
| 17 Analysis of net assets between funds Unrestricted funds Restricted funds 2021 2021 £ £ Fund balances at 31 August 2021 are represented by: Current assets/(liabilites) 89,417 62,574 89,417 62,574 |
Total Unrestricted funds Restricted funds 2021 2020 2020 £ £ £ 151,991 118,214 61,500 151,991 118,214 61,500 |
Total 2020 £ 179,714 |
|---|---|---|
| 179,714 |
18 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.
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Donatons to St George's Chapel - ongoing | 146,331 | 59,270 |
| Donatons to St George's Chapel - specifc | 132,256 | 781,210 |
At the year end the balance owed to St George's Chapel was £nil (2020 - £nil). There are no other material transaction between the charities which the Trustees believe should be reported.
| 19 Cash generated from operatons Defcit for the year Adjustments for: Investment income recognised in statement of fnancial actvites Fair value gains and losses on investments Movements in working capital: Decrease in debtors Increase/(decrease) in creditors Cash absorbed by operatons 20 Analysis of changes in net funds The charity had no debt during the year. |
2021 £ (27,723) (2,419) 1,091 5,477 3,442 (20,132) |
2020 £ (30,836) (2,969) 1,331 2,352 (55,188) |
|---|---|---|
| (85,310) | ||
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