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2023-08-31-accounts

Registered number: 05937511 Charity number: 118295

The Foundation of the College of St George, Windsor Castle (A company limited by guarantee)

Unaudited

Trustees’ report and financial statements

For the year ended 31 August 2023

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 1
Trustees’ report 2-6
Independent examiner's report 7
Statement of financial activities 8
Balance sheet 9
Statement of cash flows 10
Notestothefinancialstatements 11-25

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 2023

Trustees The Right Reverend David J Conner, GCVO, Dean of The Right Reverend David J Conner, GCVO, Dean of The Right Reverend David J Conner, GCVO, Dean of Windsor, Chief Executive Windsor, Chief Executive Windsor, Chief Executive
(resigned 1 August 2023)
Christopher G Aitken, Trustee
Dr Stella
D Panayotova, Trustee
Sir John D Spurling, Trustee
The
Right Reverend		 Dr Christopher J Cocksworth, Dean of Windsor, Chief
Executive (appointed 21 March 2024)
Company registered
number 05937511
Charity registered
number 118295
Registered office 2 The Cloisters
Windsor Castle
Windsor
Berkshire
SL4 1NJ
Company secretary Miss C E Manley CVO, OBE
Chief executive officer The Right Reverend Dr Christopher J Cocksworth, Dean ofWindsor
Accountants Kreston Reeves LLP
Chartered Accountants
2nd Floor
168 Shoreditch High Street
London
E16RA
Bankers Barclays Bank PLC
Windsor
Berkshire
SL4 1PG
Investment advisors Schroder & Co. Ltd
1 London Wall Place
London
EC2Y5AU

Page 1

The Foundation of the College of St George, Windsor Castle

(A company limited by guarantee)

Trustees’ report

For the year ended 31 August 2023

The Trustees present their annual report together with the financial statements of the Charity for the year 1 September 2022 to 31 August 2023. The Annual report serves the purposes of both a Trustees' report and a directors’ report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable 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 (FRS102) (effective 1 January 2019).

Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

The objectives of the charity 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 eccleslastical patronages of the Dean and Canons of Windsor, and any other charity operating in and around Windsor Castle including:

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a charity (PB2)’.

b. Strategies for achieving objectives

The charity continues to function as a body to which donations, grants and legacies may be made. These funds are then distributed in accordance with the objectives of the charity. The use of the funds is determined either by the donor or by the trustees. Where appropriate, funds may be granted to St George's House and St George's School, as well as St George's Chapel. Success is measured by the timely transfer of funds from the Foundation to the constituent bodies of the College of St George.

c. Activities undertaken to achieve objectives

The main activities of the charity for achieving its objectives are:

d. Social investment policies

The distribution of funds supports the music of the Chapel, for religious services and concerts, which the public are encouraged to attend. Funds also support the ongoing maintenance and enhancement of the Chapel and College of St George, adding value to the experience of visitors to Windsor Castle.

Page 2

The Foundation of the College of St George, Windsor Castle

(A company limited by guarantee)

Trustees’ report (continued)

For the year ended 31 August 2023

Objectives and activities (continued)

e. Grant-making policies

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 2. 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.

f. Main activities undertaken to further the Charity's purposes for the public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding which activities the charity should undertake. The trustees pay due regard to the Charity Commission's public benefit guidance when making decisions and exercising any powers or duties to which the guidance is relevant.

Achievements and performance

a. Key performance indicators

Total funds increased during the year by £174,124 (2022: £45,778) to 371,893 (2022: £197,769). Total income rose to £972,023 (2022: £357,847). The key contributor to the increase was improvement in almost all income categories.

Expenditure for the year increased to £793,427 (2022: £296,854). Grants payable to the Chapel in the year totalled £761,355 (2022: £279,263) which included sums for the Nave project.

Cash balances at the year-end had fallen to £321,220 (£2022: £321,305) reflecting the increase in income during the year. The short-term investments held had decreased slightly in value to £71,513 (2022: £75,986).

b. Review of activities

The charity continues to successfully raise and distribute funds in line with its core objective. It is given significant assistance by the contributions made from its trustees, 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. Overall, income from all sources showed an increase of 172% on FY22.

c. Factors relevant to achieve objectives

The achievement of objectives is dependent upon a steady stream of income to the Foundation. Both income and expenditure on charitable purposes were significantly higher in 2022-23 than in 2021-22, enabling enhanced grants on the charitable activites of the foundation. Future planning is difficult, when signficant income comes from legacies, which are generally unpredictable.

d. Fundraising activities and income generation

Income from donations and legacies was higher than anticipated in 2022-23, enabling greater support of the aims and objectives.

Page 3

The Foundation of the College of St George, Windsor Castle

(A company limited by guarantee)

Trustees’ report (continued) For the year ended 31 August 2023

Achievements and performance (continued)

e. Investment policy and performance

The assets within the charity are held within two investment groupings, both designed to ensure that 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 fundraising are held in a mixture of the same portfolio with Schroder & Co and cash.

The charity's funds are usually distributed quickly in furtherance of the objectives. Where funds are retained for a period, they are invested with Cazenove. The accounts showa net loss in investments for the year, due to the poor performnce of the financial markets.

Financial review

a. 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, they 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.

b. 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. Therefore, the requirement for reserves is 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 stewardships and 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 2023 was £371,893, of which £275,815 was general funds.

c. Principal risks and uncertainties

The trustees have assessed the major risks to which the charity is exposed and are satisfied that sufficient 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.

d. Financial risk management objectives and policies

The College has a financial risk assessment that is reviewed annually by the Dean and Canons and by the Financial Committee.

Page 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 2023

e. Prior year restatement

During the preparation of the financial statements for the year ended 31 August 2023, the trustees identified a balance of £46,012 that was misclassified as general funds rather than restricted funds in the year ended 31 August 2021. These have been adjusted resulting in a prior year restatement of the closing balance of restricted funds from £49,594 to £95,606 and of the unrestricted funds from £148,175 to £102,163. Total net assets remain the same. The trustees have also identified that investment income cash of £13,956 had been misclassified under current asset investments rather than cash at bank and in hand in the year ended 31 August 2022. This has been adjusted resulting in a prior year restatement of current asset investments from £89,942 to £75,986 and of cash at bank and in hand from £307,349 to £321,305. Total current assets and total net assets remain the same.

Structure, governance and management

a. Constitution

The Foundation of the College of St George, Windsor Castle is a charitable company number 05937511 incorporated on 15 September 2006. The company was registered as a charity number 1118295 on 8 March 2007. The charity commenced its 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 the signature of the financial statements, were:

The Right Reverend D J Conner, GCVO, Dean of Windsor Mr C G Aitken

(resigned 1 August 2023)

Dr S D Panayotova Sir J D Spurling The Right Reverend Dr Christopher J Cocksworth, Dean of Windsor (appointed 21 March 2024)

b. Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

The Board consists of at least three and not more than ten individuals who 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.

Trustees shall serve for an initial period of three years which may be followed by a second term of three years.

Page 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 2023

Structure, governance and management (continued)

c. Organisational structure and decision-making policies

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 Percenter 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.

d. Policies adopted for the induction and training of Trustees

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

e. Pay policy for key management personnel

No trustee has received remuneration during the current or prior year, nor have any expenses been reimbursed.

f. Financial risk management

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

g. Trustees’ indemnities

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

Plans for future periods

The Friends of St George's and the US Friends continue their objective of fundraising, co-ordinated with the 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.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Onntaps(pacorte

The Right Reverend Dr Christopher J Cocksworth 20 May 2024 10:41:20 BST (UTC +1)

The Right Reverend Dr Christopher J Cocksworth, Dean of Windsor (Chair of Trustees) Date: 20 May 2024

Page 6

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 2023

Independent examiner's report to the Trustees of The Foundation of the College of St George, Windsor Castle (‘the Charity’)

| report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 August 2023.

Responsibilities and basis of report

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

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

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. | confirm that | am qualified to undertake the examination because | am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. the accounts 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

  3. the accounts 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).

| 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. This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that | might state to the Charity's Trustees those matters | am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, | do not accept or assume responsibility to anyone other than the Charity and the Charity'’s Trustees as a body, for my work or for this report.

Signed: -

Dated: 20 May 2024

S P Tanner BSc(Econ) FCA Kreston Reeves LLP Chartered Accountants London

Page 7

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 2023

Unrestricted Restricted Total Total
funds funds funds funds
2023 2023 2023 2022
Note £ £ £ £
Income from:
Donations and legacies 4 819,905 137,154 957,059 350,311
Other trading activities 5 11,876 - 11,876 5,122
Investments 6 - 3,088 3,088 2,414
Total income 831,781 140,242 972,023 357,847
Expenditure on:
Raising funds 7 12,638 160 12,798 6,866
Charitable activities 8 634,743 145,886 780,629 289,988
Total resources expended 647,381 146,046 793,427 296,854
Net income/(expenditure) before net
losses on investments 184,400 (5,804) 178,596 60,993
Net losses on investments - (4,472) (4,472) (15,215)
Net income/(expenditure) 184,400 (10,276) 174,124 45,778
Transfers between funds 16 (10,748) 10,748 - -
Net movement in funds 173,652 472 174,124 45,778
Reconciliation of funds:
Total funds brought forward 102,163 95,606 197,769 151,991
Net movement in funds 173,652 472 174,124 45,778
Totalfundscarriedforward 275,815 96,078 371,893 197,769

The Statement of financial activities includes all gains and losses recognised in the year. The Statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

All income and expenditure derive from continuing activities.

The notes on pages 11 to 25 form part of these financial statements.

Page 8

The Foundation of the College of St George, Windsor Castle (A company limited by guarantee) Registered number: 05937511

Balance sheet As at 31 August 2023

As restated
2023 2022
Note £ £
Fixed assets
Current assets
Debtors 13 - 6
Investments 14 71,513 75,986
Cash at bank and in hand 321,220 321,305
392,733 397,297
Creditors: amounts falling due within one
year 15 (20,840) (199,528)
Net current assets 371,893 197,769
Total net assets 371,893 197,769
Charity funds
Restricted funds 16 96,078 95,606
Unrestricted funds 16 275,815 102,163
Totalfunds 371,893 197,769

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

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

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

Onis (pssst

The Right Reverend Dr ChristopherJ Cocksworth 20 May 2024 10:41:20 BST (UTC +1)

The Right Reverend Dr Christopher J Cocksworth, Dean of Windsor

(Chair of Trustees) Date: 20 May 2024

The notes on pages 11 to 25 form part of these financial statements.

Page 9

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 2023

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |As|restated| |2023|2022| |Note|£|£| |Cash|flows|from|operating|activities| |Cash|(absorbed|by)/generated|from|operations|20|316|251,012| |Cash|flows|from|investing|activities| |Proceeds|from|sale|of|investments|(39,705)|(2,235)| |Investment|income|received|3,088|2,414| |Purchase|of|investments|36,216|-| |Net|cash|(used|in)/provided|by|investing|activities|(401)|179| |Cash|flows|from|financing|activities| |Net|cash|provided|by|financing|activities|-|-| |Change|in|cash|and|cash|equivalents|in|the|year|(85)|251,191| |Cash|and|cash|equivalents|at|the|beginning|of the|year|321,305|70,114| |Cash|and|cash|equivalents|at|the|end|of the|year|21|321,220|321,305| |The|notes|on|pages|11|to|25|form|part|of these|financial|statements|

----- End of picture text -----

Page 10

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 2023

  1. General 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 principal activites of the charity are noted on page 2.

The charity is a company limited by guarantee and has no share capital. The members of the company are the Trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Foundation of the College of St George, Windsor Castle meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

There has been an increase in income from grants and legacies and, 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.

2.3 Fund accounting

Unrestriced funds are available for use that the discretion of the trustees in furtherance of their charitable objectives.

Restriced 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 financial statements.

Page 11

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 2023

2. Accounting policies (continued)

2.4 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 its probable that income will be received.

Cash donations are recognised on receipt. Other donationas 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 covenants 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 makea 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 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 investment income is recognised at the time the investment income is receivable.

2.5 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 disclosd as a separate line and not allocated against the grant categories.

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

Charitable activites and Governance costs are costs incurred on the Charity's operations, including support costs and costs relating to the Charity apportioned to the 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 unrestriced funds are agreed by the Trustees via Chapter meetings which are held monthly. Restriced funds are transferred to the recipient without requiring formal approval by the trustees.

2.6 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.

Page 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 2023

2. Accounting policies (continued)

2.7 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and section 12 ‘Other Financial Instrument Issues' of FRS 102 to all of its financial instruments. The charity only has financial assets and financial liablities 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.

2.8 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.

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.10 Prior year restatement

During the preparation of the financial statements for the year ended 31 August 2023, the trustees identified a balance of £46,012 that was misclassified as general funds rather than restricted funds in the year ended 31 August 2021. These have been adjusted resulting in a prior year restatement of the closing balance of restricted funds from £49,594 to £95,606 and of the unrestricted funds from £148,175 to £102,163. Total net assets remain the same. The trustees have also identified that investment income cash of £13,956 had been misclassified under current asset investments rather than cash at bank and in hand in the year ended 31 August 2022. This has been adjusted resulting in a prior year restatement of current asset investments from £89,942 to £75,986 and of cash at bank and in hand from £307,349 to £321,305. Total current assets and total net assets remain the same.

  1. Accounting estimates and areas of judgment

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.

Page 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 2023

4. Donations and legacies

Unrestricted Restricted Total
funds funds funds
2023 2023 2023
£ £ £
Donations and gifts 75,553 12,050 87,603
Legacies receivable 694,352 - 694,352
Grants receivable 50,000 125,104 175,104
819,905 137,154 957,059
Unrestricted Restricted Total
funds funds funds
2022 2022 2022
£ £ £
Donations and gifts 82,228 46,024 128,252
Legacies and receivable 10,710 - 10,710
Grants and receivable 30,000 181,349 211,349
122,938 227,373 350,311

5. Income from other trading activities

Income from fundraising events

Unrestricted Total
funds funds
2023 2023
£ £
Friends events and activities 11,876 11,876
Unrestricted Total
funds funds
2022 2022
£ £
Friends events and activities 5,122 5,122

Page 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 2023

6. Investment income

Restricted Total
funds funds
2023 2023
£ £
Income from listed investments 3,088 3,088
Restricted Total
funds funds
2022 2022
£ £
Income from listed investments 2,414 2,414

7. Expenditure on raising funds

Fundraising trading expenses

Unrestricted Restricted Total
funds funds funds
2023 2023 2023
£ £ £
Investment management fees - 160 160
Cost of Friends’ activities 12,638 - 12,638
12,638 160 12,798

Page 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 2023

7. Expenditure on raising funds (continued)

Fundraising trading expenses (continued)

Unrestricted Restricted Total
funds funds funds
2022 2022 2022
£ £ £
Investment management fees - 179 179
Cost of Friends' activities 6,687 - 6,687
6,687 179 6,866
  1. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted Restricted
funds funds Total
2023 2023 2023
£ £ £
St George's Chapel - specific grants - 145,886 145,886
St George's Chapel - ongoing grants 615,469 - 615,469
Governance costs 6,774 - 6,774
Stationery and printing 3,403 - 3,403
Bank charges 643 - 643
Sundry 8,454 - 8,454
634,743 145,886 780,629

Page 16

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 2023

8. Analysis of expenditure on charitable activities (continued)

Summary by fund type (continued)

Unrestricted Restricted
funds funds Total
2022 2022 2022
£ £ £
St George's Chapel - specific grants - 227,373 227,373
St George's Chapel - ongoing grants 51,890 - 51,890
Governance costs 7,133 - 7,133
Stationery and printing 1,153 - 1,153
Bank charges 736 - 736
Sundry 1,703 - 1,703
62,615 227,373 289,988

9. Analysis of grants

Grants to Total
Institutions funds
2023 2023
£ £
St George's Chapel - specific grants 145,886 145,886
St George's Chapel - ongoing grants 615,469 615,469
Total 2023 761,355 761,355
Grants to Total
Institutions funds
2022 2022
£ £
St George's Chapel - specific grants 227,373 227,373
St George's Chapel - ongoing grants 51,890 51,890
Total2022 279,263 279,263

Page 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 2023

10. Analysis of expenditure by activities

Grant
funding of Support Total
activities costs funds
2023 2023 2023
£ £ £
St George's Chapel - specific grants 145,886 - 145,886
St George's Chapel - ongoing grants 615,469 - 615,469
Governance costs - 6,774 6,774
Stationery and printing - 3,403 3,403
Bank charges - 643 643
Sundry - 8,454 8,454
Total 2023 761,355 19,274 780,629
Grant
funding of Support Total
activities costs funds
2022 2022 2022
£ £ £
St George's Chapel - specific grants 227,373 - 227,373
St George's Chapel - ongoing grants 51,890 - 51,890
Governance costs - 7,133 7,133
Stationery and printing - 1,153 1,153
Bank charges - 736 736
Sundry - 1,703 1,703
Total 2022 279,263 10,725 289,988
11. Independent examiner's remuneration
2023 2022
£ £
Fees payable to the Charity's independent examiner for the independent
examination ofthe Charity's annual accounts (inclusive of irrecoverable
VAT) 4,800 3,960
Fees payable to the Charity's independent examiner in respect of:
Allotherservicesnotincludedabove(inclusiveofirrecoverableVAT) 1,800 3,000

Page 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 2023

12. Trustees’ remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 August 2023, no Trustee expenses have been incurred (2022 - £NIL).

13. Debtors

2023 2022
£ £
Due within one year
Trade debtors - 6
- 6

14. Current asset investments

Unlisted investments

As restated
2023 2022
£ £
71,513 75,986

15. Creditors: Amounts falling due within one year

2023 2022
£ £
Trade creditors 9,049 -
Accruals and deferred income 6,600 6,960
Grants payable 5,191 192,568
20,840 199,528

Page 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 2023

16. Statement of funds

Statement of funds - current year

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |As|restated| |Balance|at|1|Balance|at| |September|Transfers|Gains/|31|August| |2022|Income|Expenditure|in/out|(Losses)|2023| |£|£|£|£|£|£| |Unrestricted| |funds| |General|Funds|-| |all|funds|102,163|831,781|(647,381)|(10,748)|-|275,815| |Restricted| |funds| |The|Friends| |Legacy|Fund|89,942|3,088|(160)|-|(4,472)|88,398| |Other|Legacy| |Income|1,394|-|-|-|-|1,394| |American| |Foundation| |and|Friends|-|129,179|(129,179)|-|-|-| |The|Beaufort| |Fund|4,270|2,181|(16,707)|10,748|-|492| |The|Vestry|Fund|-|5,794|-|-|-|5,794| |95,606|140,242|(146,046)|10,748|(4,472)|96,078| |Total|of funds|197,769|972,023|(793,427)|-|(4,472)|371,893|

----- End of picture text -----

Page 20

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 2023

16. Statement of funds (continued)

Statement of funds - prior year

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |As|restated|As|restated| |Balance|at|Balance|at| |1|September|Gains/|31|August| |2021|Income|Expenditure|(Losses)|2022| |£|£|£|£|£| |Unrestricted|funds| |General|Funds|-|all|funds|43,405|128,060|(69,302)|-|102,163| |Restricted|funds| |The|Friends|Legacy|Fund|102,922|2,414|(179)|(15,215)|89,942| |Other|Legacy|Income|1,394|-|-|-|1,394| |American|Foundation|and| |Friends|-|46,024|(46,024)|-|-| |St|George's|Chapel|Fund|-|181,349|(181,349)|-|-| |The|Beaufort|Fund|4,270|-|-|-|4,270| |108,586|229,787|(227,552)|(15,215)|95,606| |Total|of funds|151,991|357,847|(296,854)|(15,215)|197,769|

----- End of picture text -----

Page 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 2023

16. Statement of funds (continued)

The Friends Legacy Fund

This fund was established from legacies recveived from the 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 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 Chapel Fund

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 dontaions from Friends towards the refurbishment work within the Beaufort Chantry within St George's Chapel.

The Vestry Fund

The Vestry Fund consists of a grant from The Benefact Trust that will help to pay to clean and redecorate the Georgian wooden panelling in the Chapel vestry and to restore the Georgian staircase and balustrade.

17. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted Restricted Total
funds funds funds
2023 2023 2023
£ £ £
Current assets 292,580 100,153 392,733
Creditors due within one year (16,765) (4,075) (20,840)
Total 275,815 96,078 371,893

Page 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 2023

17. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

As restated As restated
Unrestricted Restricted Total
funds funds funds
2022 2022 2022
£ £ £
Current assets 109,318 287,979 397,297
Creditors due within one year (7,155) (192,373) (199,528)
Total 102,163 95,606 197,769

18. Related party transactions

2023 2022
£ £
Donations to St George's Chapel - ongoing (unrestricted) 615,468 51,890
Donations to St George's Chapel - specific (restricted) 145,886 227,373
761,354 279,263

At the year end the total grants payable to St George's Chapel was £5,361 (2022: £192,568). There are no other material transactions between the charities which the Trustees believe should be reported.

19. Controlling party

The ultimate controlling party is the Dean and Canons of Windsor.

Page 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 2023

20. Reconciliation of net movement in funds to net cash flow from operating activities

----- Start of picture text -----
|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |2023|2022| |£|£| |Net|income|for|the|year|(as|per|Statement|of|Financial|Activities)|174,124|45,778| |Adjustments|for:| |Gains|on|investments|3,490|-| |Decrease|in|debtors|6|-| |Increase/(decrease)|in|creditors|(178,688)|192,433| |Investment|income|(3,088)|(2,414)| |Investment|losses|4,472|15,215| |Net|cash|provided|by|operating|activities|316|251,012| |Analysis|of|cash|and|cash|equivalents| |As|restated| |2023|2022| |£|£| |Cash|in|hand|304,335|307,349| |Cash|in|investments|16,885|13,956| |Total|cash|and|cash|equivalents|321,220|321,305|

----- End of picture text -----

21. Analysis of cash and cash equivalents

  1. Analysis of changes in net debt

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |As|restated| |At|1| |September|At|31| |2022|Cash|flows|August|2023| |£|£|£| |Cash|at|bank|and|in|hand|321,305|(85)|321,220| |Liquid|investments|75,986|(4,473)|71,513| |397,291|(4,558)|392,733|

----- End of picture text -----

Page 24

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 2023

23. Financial instruments

2023 2022
£ £
Financial assets
Financial assetsmeasuredatfairvaluethroughincomeandexpenditure 392,733 397,291

Financial assets measured at fair value through income and expenditure comprise investments and cash.

Page 25