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 2022
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 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 Carol Rudge FCA 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 Canon Martin Poll Canon Precentor 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 - 17 |
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 2022
The trustees present their report and financial statements for the year ended 31 August 2022.
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 plans were made for a gradual return to more in-person events. Overall, income from all sources showed an increase of 37% on 2020-2021.
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. For this reason the trustees continue to adopt the going concern basis in preparing the financial statements.
Principal risks and uncertainties
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.
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 fundraising 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 2022
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 2022 was £197,769, of which £102,441 was general funds.
Financial review
Total funds increased during the year by £45,778 (2021: decrease of £27,723) to £197,769 (2021: £151,991). Total income rose to £357,847 from £260,937 in 2021. The key contributor to the increase was improvement in almost all income categories as the Castle recovered from the impact of Covid-19. Expenditure for the year increased to £296,854 from £287,569 in 2021. Grants payable to the Chapel in the year totalled £279,263 which included sums for the Nave project.
Cash balances at year-end had risen by £251,191 to £307,349 (2021: £56,158) reflecting the increase in income during the year. Short term investments held had decreased slightly in value to £89,942 (2021: £102,922).
Grant making policy
The Charity’s primary means of meeting its charitable objectives is to make distributions of funds to the College of St George. The Charity receives funding for specific projects (restricted funds) that fall within the charitable objectives set out on page 1. It will distribute those restricted funds to the College of St George in accordance with the donor’s request with the purpose restricted for the recipient. General funding is agreed (by the Trustees) at their monthly Chapter meetings following requests to the trustees in writing. General funding awards are made in line with the charitable objectives.
Structure, governance and management
Constitution
The Foundation of the College of St George, Windsor Castle is a charitable company, company number05937511, 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
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.
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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 2022
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 (2021 - nil).
Newly appointed trustees are provided with the content of the Memorandum and Articles of Association and briefed on the recent performance of the charity.
Organisational structure and decision making
Key management personnel constitute the Trustees, 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
The programme of activities (both in-person and online) for the Friends of St George’s is gradually increasing following the necessary shut-down during the pandemic. 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.
Christopher G Aitken ..............................
Mr C G Aitken
Trustee 25 May 2023 Dated: .........................
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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 2022.
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 Institute of Chartered Accountants in England and Wales, 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.
Carol Rudge Carol Rudge FCA
Institute of Chartered Accountants in England and Wales
For and on behalf of HW Fisher LLP
Acre House 11-15 William Road London NW1 3ER
25 May 2023 Dated: .........................
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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 2022
| Unrestricted Restricted funds funds 2022 2022 Notes £ £ Income from: Donatons and legacies 3 122,938 227,373 Other trading actvites 4 5,122 - Investments 5 - 2,414 Total income 128,060 229,787 Expenditure on: Raising funds 6 6,687 179 Charitable actvites 7 62,615 227,373 Total resources expended 69,302 227,552 Net gains/(losses) on investments 12 - (15,215) Net movement in funds 58,758 (12,980) Fund balances at 1 September 2021 89,417 62,574 Fund balances at 31 August 2022 148,175 49,594 |
Total Unrestricted Restricted funds funds 2022 2021 2021 £ £ £ 350,311 49,931 208,587 5,122 - - 2,414 - 2,419 357,847 49,931 211,006 6,866 - 254 289,988 78,728 208,587 296,854 78,728 208,841 (15,215) - (1,091) 45,778 (28,797) 1,074 151,991 118,214 61,500 197,769 89,417 62,574 |
Total 2021 £ 258,518 - 2,419 |
|---|---|---|
| 260,937 | ||
| 254 | ||
| 287,315 | ||
| 287,569 | ||
| (1,091) | ||
| (27,723) 179,714 |
||
| 151,991 |
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 2022
| 2022 Notes £ Current assets Debtors 13 6 Investments 14 89,942 Cash at bank and in hand 307,349 397,297 Creditors: amounts falling due within one year 15 (199,528) Net current assets Income funds Restricted funds 16 Unrestricted funds |
£ 197,769 49,594 148,175 197,769 |
2021 £ 6 102,922 56,158 159,086 (7,095) |
£ 151,991 |
|---|---|---|---|
| 62,574 89,417 |
|||
| 151,991 |
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 2022.
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.
25 May 2023
The financial statements were approved by the Trustees on .........................
Christopher G Aitken
..............................
Mr C G Aitken
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 2022
| Notes Cash fows from operatng actvites Cash generated from/(absorbed by) operatons 20 Investng actvites Proceeds on disposal of investments Investment income received Net cash generated from investng actvites Net cash used in fnancing actvites Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2022 £ (2,235) 2,414 |
£ 251,012 179 - 251,191 56,158 307,349 |
2021 £ (2,165) 2,419 |
£ (20,132) 254 - (19,878) 76,036 56,158 |
|---|---|---|---|---|
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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 2022
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 Memorandum and Articles, 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. 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. Accordingly, at the time of approving the financial statements, the Trustees have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
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 2022
- 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.
The charity recognises grants payable when these are confirmed by the trustees and the confirmation of the grant is communicated to the recipient. Distributions of unrestricted funds are agreed by the Trustees via Chapter meetings which are held monthly. Restricted funds are transferred to the recipient without requiring formal approval by the Trustees.
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.
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.
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
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 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.
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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 2022
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.
There were no critical accounting estimates.
3 Donations and legacies
| Unrestricted Restricted funds funds 2022 2022 £ £ Donatons and gifs 82,228 46,024 Legacies receivable 10,710 - Grants receivable 30,000 181,349 122,938 227,373 Other trading actvites |
Unrestricted Restricted funds funds 2022 2022 £ £ Donatons and gifs 82,228 46,024 Legacies receivable 10,710 - Grants receivable 30,000 181,349 122,938 227,373 Other trading actvites |
Unrestricted Restricted funds funds 2022 2022 £ £ Donatons and gifs 82,228 46,024 Legacies receivable 10,710 - Grants receivable 30,000 181,349 122,938 227,373 Other trading actvites |
Total Unrestricted Restricted Total funds funds 2022 2021 2021 2021 £ £ £ £ 128,252 49,931 38,750 88,681 10,710 - 3,000 3,000 211,349 - 166,837 166,837 350,311 49,931 208,587 258,518 Unrestricted Total funds 2022 2021 £ £ 5,122 - Restricted Restricted funds funds 2022 2021 £ £ 2,414 2,419 |
Total 2021 £ 88,681 3,000 166,837 |
|---|---|---|---|---|
| 258,518 | ||||
| Total 2021 £ - |
||||
| Friends events and actvites | ||||
| Investments Income from unlisted investments |
4 Other trading activities
5 Investments
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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 2022
6 Raising funds
| Unrestricted Restricted funds funds 2022 2022 £ £ Fundraising and publicity Investment management fees - 179 Cost of Friends' actvites 6,687 - 6,687 179 |
Total Restricted funds 2022 2021 £ £ 179 254 6,687 - 6,866 254 |
Total Restricted funds 2022 2021 £ £ 179 254 6,687 - 6,866 254 |
|---|---|---|
| 254 |
7 Charitable activities
| Preservaton, refurbishment, maintenance and improvement of the fabric of St George’s Chapel Grant funding of actvites (see note 8) Share of support costs (see note 9) Share of governance costs (see note 9) Analysis by fund Unrestricted funds Restricted funds 8 Grants payable Grants to insttutons: St George's Chapel - ongoing grants (unrestricted) St George's Chapel - specifc grants (restricted) |
2022 £ 279,263 3,592 7,133 289,988 62,615 227,373 289,988 2022 £ 51,890 227,373 279,263 |
2021 £ 278,587 1,828 6,900 |
|---|---|---|
| 287,315 | ||
| 78,728 208,587 |
||
| 287,315 | ||
| 2021 £ 70,000 208,587 |
||
| 278,587 |
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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 2022
9 Support costs
| Support costs Governance costs £ £ Bank charges 736 - Statonery and printng 1,153 - Sundry 1,703 - Accountancy and independent examinaton - 7,133 3,592 7,133 Analysed between Charitable actvites 3,592 7,133 |
2022 Support costs Governance costs £ £ £ 736 605 - 1,153 828 - 1,703 395 - 7,133 - 6,900 10,725 1,828 6,900 10,725 1,828 6,900 |
2021 £ 605 828 395 6,900 |
|---|---|---|
| 8,728 | ||
| 8,728 |
Governance costs includes payments to the independent examiners of £3,300 (2021- £3,000) for independent examination fees and £2,750 (2021: £2,500) for assistance with the preparation of the statutory accounts and adjustments for over and under accruals in previous years.
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 | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Revaluaton of investments | (15,215) | (1,091) | |
| 13 | Debtors | ||
| 2022 | 2021 | ||
| Amounts falling due within one year: | £ | £ | |
| Trade debtors | 6 | 6 |
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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 2022
| 14 Current asset investments Listed investments Unlisted investments 15 Creditors: amounts falling due within one year Grants payable Accruals and deferred income |
2022 £ 75,986 13,956 89,942 2022 £ 192,568 6,960 199,528 |
2021 £ 91,200 11,722 |
|---|---|---|
| 102,922 | ||
| 2021 £ 195 6,900 |
||
| 7,095 |
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| Balance at | 31 August 2022 | £ | 43,930 | 1,394 | - | - | 4,270 | - | 49,594 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
2020 2021 |
£ £ £ £ £ £ £ £ |
The Friends Legacy Fund 55,836 2,419 (254) (1,091) 56,910 2,414 (179) (15,215) |
Other Legacy Income 1,394 - - - 1,394 - - - |
American Foundaton and Friends - 21,852 (21,852) - - 46,024 (46,024) - |
St George's Chapel Fund - 186,735 (186,735) - - 171,349 (171,349) - |
The Beaufort Fund 4,270 - - - 4,270 - - - |
- - - - - 10,000 (10,000) - |
61,500 211,006 (208,841) (1,091) 62,574 229,787 (227,552) (15,215) |
| 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 2022
| 17 Analysis of net assets between funds Unrestricted funds Restricted funds 2022 2022 £ £ Fund balances at 31 August 2022 are represented by: Current assets/(liabilites) 148,175 49,594 148,175 49,594 18 Related party transactons Donatons to St George's Chapel - ongoing (unrestricted) Donatons to St George's Chapel - specifc (restricted) |
Total Unrestricted funds Restricted funds 2022 2021 2021 £ £ £ 197,769 89,417 62,574 197,769 89,417 62,574 2022 £ 51,890 227,373 |
Total 2021 £ 151,991 |
|---|---|---|
| 151,991 | ||
| 2021 £ 70,000 208,587 |
At the year end the total of grants payable to St George's Chapel was £192,568 (2021 - £nil). There are no other material transaction between the charities which the Trustees believe should be reported.
During the year the charity received £46,024 (2021: £21,852) from the St George’s (Windsor Castle) Foundation, a US not for profit entity of which the Dean (a trustee of the charity) is President and director.
19 Ultimate controlling party
The ultimate controlling party is the Dean and Canons of Windsor.
| 20 Cash generated from operatons Surplus/(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: (Increase)/decrease in debtors Increase in creditors Cash generated from/(absorbed by) operatons |
2022 £ 45,778 (2,414) 15,215 - 192,433 251,012 |
2021 £ (27,723) (2,419) 1,091 5,477 3,442 |
|---|---|---|
| (20,132) |
21 Analysis of changes in net funds
The charity had no debt during the year.
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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 2022
22 Legacy receivable
The charity has a residual interest in a legacy and an interim sum of £500,000 was notified and paid in January 2023. The charity has not yet been notified of the final sum due to them.
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