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 2024
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 Truslees. report Independent examinerfs report Statement of financial activities Balance sheet statement of cash flows 10 Notes to the financial statements
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 2024 Trustees Christopher G Aitken, Trustee Dr Stella D Panayotova, Trustee Sir John D Spurting, 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 SL41NJ Company secretsry Miss C E Manley CVO. OBE Chief executive officer The Right Reverend Dr Christopher J Cocksworth, Dean of Windsor Accountant Kreston Reeves LLP Chartered Accountsnts 2nd Floor 168 Shoreditch High Street London E16RA Bankers Barclays Bank PLC Windsor Berkshire SL41PG Investment managers Schroder & Co. Ltd 1 London Wall Place London EC2Y SAU
The Foundation of the College of St George, Windsor Castle (A company limited by guarantee) Trustees. report For the year ended 31 August 2024 The Trustees present their annual report together with the financial statements of the Charity for the year 1 September 2023 to 31 August 2024. The Annual report seNes 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 companys governing document and the provisions of the Ststement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordan 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 Sl George), the ecclesiastical patronages of the Dean and Canons of Windsor. and any other charity operating in and around Windsor Castle including: The preservation. refurbishment, maintenance and improvement of the fabric of the College of St George The preservation of the heritage and traditions of the College of St George The provision. promotion and encouragement of music The promotion of debate and inter-cultural understanding The preservation and conservation of the artefacts, manuscripts and books of the College of St George 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 guidan '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 eilher 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 ils objectives are- To receive and distribute funds to support refurbishing the fabric of the College of St George To receive and distribute fijnds to support the Choir of St George's Chapel To receive and distribute funds to support the general activities of St George's Chapel To continue to provide support to other areas of the College of St George, as necessary d. Social investment policies The distribution of funds supports the music of the Chapel, for religious ServIS 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.
The Foundation of the College of St George, Windsor Castle (A company limited by guarantee) Trustees. report (continued) For the year ended 31 August 2024 Objectives and activities (continued) Grant-making policies The charitys 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 donorfs 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 benefil guidance when making decisions and exercising any powers or duties to which the guidance is relevant. Achievements and perfomiance a. Key perfomiance indicators Total funds increased during the year by £110,312 (2023.. £174.124} to £482.205 (2023.. £371,893). Total income fell to £420,908 {2023= £972,265). The key contributor to the decrease was the steep fall in legacies during 2024. Expenditure for the year decreased to £312.612 (2023: £793,669). Grants payable to the Chapel in the year totalled £284,540 (2023.. £761.355). Cash balances at the year*nd had increased to £490.973 {2023: £321.220) reflecting the decrease in expenditure during the year. 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 twstees. 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 decrease of 57 % on FY23. 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 lower in 2023-24 than in 2022-23. Future planning is difficult. when significant income comes from legacies. which are generally unpredictable. d. Fundraising activities and income generation Income from donations and legacies was in line with expectations in 2023-24, enabling support of the aims and objectives.
The Foundation of the College of St George, Windsor Castle (A company limited by guarantee) Trustees. report (continued) For the year ended 31 August 2024 Achievements and perforniance (continued) e. Investment policy and perforniance 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 charitvs funds are usually distributed quickly in furtherance of the objectives. Where funds are retained for a period, they are invested with Cazenove. The accounts show a net gain in investments for the year, due to the improved performance of the financial markets. Financial review a. Going concern After making appropriate enquiries. the Trustees have a reasonable expectation thal the Charity has adequale resources to continue in operational existen 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 detemiined by the trustees. Therefore, the requirement for reserves is limited to the need for any working capital neSSary 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 reseNes. The total amount held at 31 August 2024 was £482,205 (2023: £371,893). of which £368.814 (2023: £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.
The Foundation of the College of St George, Windsor Castle (A company limited by guarantee) Trustees. report (continued) For the year ended 31 August 2024 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 1 NJ. The Foundation is govemed 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- Mr C G Aitken 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: The Dean of Windsor. b} an individual nominated by the Associate Members, as defined by the trustees. The following elected by the Trustees.. 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. 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. 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 perfomance 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.
The Foundation of the College of St George, Windsor Castle (A company limited by guarantee) Trustees. report (continued) For the year ended 31 August 2024 Structure. governance and management (continued) 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 Insuran 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 The Members of the Charity guarantee to contribute an amounl not exceeding £10 to Ihe assets of the Charity in the event of winding up. statement of Trustees. responsibilities The Trustees {who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United lQngdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles of the Charities SORP (FRS 102)" make judgments and accounting estimates that are reasonable and prudent" state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by: Chr41oFknerC04ffi3?Il 133StsGklTIuTC401 The Right Reverend Dr Christopher J Cocksworth Date: 20 March 2025
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 2024 Independent examinerfs report to the Trustees of The Foundation of the College of St George. Windsor Castle {'the Charity,) I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 August 2024. 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, I 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 I have followed the Directions given by the Charity Commission under section 145(5){b) of the 2011 Act. Independent examinerfs statement Since the Charitvs gross income exeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe- accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act,. or the accounts do not accord with those records" or 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 fairf view which is not a matter considered as part of an independent examination. or the accounts have not been prepared in accordance with the methods and principles of the Stalement of Recommended Practice for accounting and reporling 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 accounts to be reached. This report is made solely to the Charivs Trustees, as a body. in accordance with Parl 4 of Ihe Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might stale to the Charity's Trustees those matters l am required to state to them in an Independent examinerfs report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charitls Trustees as a body, for my work or for this report. Signed.. Dated.. 20 March 2025 Stephen Moss Bsc (Hons) ACA Kreston Reeves LLP Second Floor 168 Shoreditch High Street London E16FiA
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 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 As restated Total funds 2023 Note Income from: Donations and legacies Other trading activities Investments 293,120 13.474 4.050 107.937 401,057 13,474 6,377 957,059 11,876 3,330 2,327 Total income 310,644 110,264 420,908 972,265 Expenditure on: Raising funds Charitsble activities 13,106 296,947 333 13,439 299,173 12,798 780,871 2,226 Total expenditure 310,053 2,559 312,612 793,669 Net income before net gainsl(losses) on investments 591 107.705 2,016 108,296 2,016 178,596 (4,472) Net gainsl(losses) on investments Net income 591 109,721 (92.408) 110,312 174,124 Transfers beeen funds 16 92.408 Net movement in funds 92.999 17,313 110,312 174,124 Reconciliation of funds: Total funds brought forward Net movement in funds 275.815 92.999 96,078 17.313 371,893 110,312 197,769 174,124 Total funds carried forward 368.814 113.391 482,205 371,893 The Statement of financial activities indudes all gains and losses recognised in the year. The notes on pages 11 to 24 form part of these financial statements.
The Foundation of the College of St George, Windsor Castle (A company limited by guarantee) Registered number: 05937511 Balance sheet As at 31 August 2024 2024 2023 Note Fixed assets Current assets Investments 13 71,513 321,220 Cash at bank and in hand 19 490.973 490,973 392,733 Creditors= amounts falling due within one year 14 {8.768) (20,840) Net current assets 482,205 371,893 Total net assets 482,205 371,893 Charity funds Restricted funds 16 113,391 368,814 96,078 275,815 Unrestricted funds 16 Total funds 482,205 371,893 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 accordan 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: ChdswhwCo¢¥%woMhZQ KI¥$15..3$6QIAlluT¢) The Right Reverend Dr Christopher J Cocksworth 20 March 2025 The notes on pages 11 to 24 form part of Ihese financial statements.
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 2024 As restated 2023 2024 Note Cash flows from operating activities Net cash used in operating activities 18 93,335 74 Cash flows from investing activities Proceeds from sale of investments 70,041 {39,705) 36,216 3,330 Purchase of investments Investment income reiVed 6,377 Net cash provided byl(used in) investing activities 76,418 (159) Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year 169,753 {85} 321,305 Cash and cash equivalents at the beginning of the year 321,220 Cash and cash equivalents at the end of the year 19 490,973 321,220 The notes on pages 11 to 24 form part of these financial statements
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 2024 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 Offi is 2 The Cloisters, Windsor Castle, Windsor, Berkshire, SL4 1NJ. The principal activities 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. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordan 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 rneets 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 a decrease in income from grants and legacies. However, 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 concem basis in preparing the financial statements.
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 2024 Accounting policies (continued) 2.3 Income All income is recognised On the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 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 reiVed under Gift Aid or deeds of covenants is recognised at the time of the donation. For legacies, entitlement is taken as the eadier 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 amounl can be measured reliably and the Charity has been notified of the executo¢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 incorne 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 self- compensating inclusion would not enhan 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. 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty. 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 Govemance costs are costs incurred on the Charivs 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 Truslees 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 fomal approval by the Irustees. 2.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
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 2024 Accounting policies (continued) 2.6 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. 2.7 Current asset inveslments Current asset investments are held for sale and revalued each year. They are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Losses} on investments, in the Statement of financial activities. 2.8 Cash at bank and in hand Cash at bank and in hand includes cash and short-temi 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. 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 adVand payments for the goods or services it must provide. 2.10 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.11 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. Investment income, gains and losses are allocated to the appropriate fund.
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 2024 Critical accounting estimates and areas of judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions: The Charity makes estimates and assumptions conceming the future. The resulting accounting estimates and assumptions will. by definition. seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Donations and gifts Legacies receivable Grants receivable 81,737 210,883 500 107,937 189,674 210,883 500 293,120 107,937 401.057 Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Donations and gifts Legacies receivable Grants receivable 75,553 694,352 50,000 12,050 87,603 694,352 175,104 125.104 819,905 137,154 957,059 Income from other trading activities Income from fundraising events Unrestricted funds 2024 Total funds 2024 Friends events and activities 13,474 13,474
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 2024 Income from other trading activities (continued) Income from fundraising events (continued) Unrestricted funds 2023 Total funds 2023 Friends events and activities 11.876 11,876 Investment income Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Income from listed investments Bank interest income 2,327 2,327 4.050 4,050 4,050 2,327 6,377 As restated Unrestricted funds 2023 Restricted As resiated funds Total funds 2023 2023 Income from listed investments Bank interest income 3,088 3,088 242 242 242 3,088 3,330
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 2024 Expenditure on raising funds Fundraising trading expenses Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Investment management fees Cost of Friends. activities 333 333 13,106 13,106 13,106 333 13,439 Fundraising trading expenses (continued) Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Investment management fees Cost of Friends. activities 160 160 12,638 12,638 12,638 160 12,798 Analysis of grants Grants to Institutions 2024 Total funds 2024 st George's Chapel - specific grants St George's Chapel - ongoing grants 2,226 282,314 2,226 282,314 284,540 284,540
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 2024 Analysis of grants {continued) Grants to Institutions 2023 Total funds 2023 st George's Chapel - specific grants St George's Chapel - ongoing grants 145,886 615,469 145,886 615,469 761,355 761,355 Analysis of expenditure on charitable activities Summary by fund type Unrestricted Restricted funds funds 2024 2024 Total 2024 St George's Chapel - specific grants St George's Chapel - ongoing grants Govemance costs Stationary and printing Bank charges Sundry 2,226 2,226 282,314 7,020 4,841 671 282,314 7.020 4,841 671 2,101 2,101 296,947 2,226 299,173 As restated Unrestricted funds 2023 Restricted As restated funds Total 2023 2023 St George's Chapel - specific grants St George's Chapel - ongoing grants Govemance costs 145,886 145,886 615,469 6,774 3,403 885 615,469 6,774 3,403 885 Stationary and printing Bank charges Sundry 8,454 8,454 634,985 145,886 780,871
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 2024 10. Analysis of expenditure by activities Grant funding of activities 2024 Support costs Total funds 2024 2024 st George's Chapel - specific grants St George's Chapel - ongoing grants Govemance costs 2,226 282,314 2,226 282,314 7.020 4,841 671 7,020 4,841 671 Stationary and printing Bank charges Sundry 2,101 2,101 284,540 14,633 299,173 Grant As restated funding of Support As restated activities costs Total funds 2023 2023 2023 St George's Chapel - specific grants St George's Chapel - ongoing grants Govemance costs 145,886 615,469 145,886 615,469 6,774 3,403 885 8,454 6,774 3,403 885 8,454 Stationary and printing Bank charges Sundry 761,355 19,516 780,871 11. Independent examinerfs remuneration 2024 2023 Fees payable to the Charitys independent examiner for the independent examination of the Chariws annual accounts (inclusive of irrecoverable VAT) Fees payable to the Charitys independent examiner in respect of: All other services not included above (inclusive of irrecoverable VAT) 5,220 4,800 1,800 1,800
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 2024 12. Trustees. remuneration and expenses During the year. no Trustees reiVed any remuneration or other benefits (2023 - £N IL). During the year ended 31 August 2024. no Trustee expenses have been incurred (2023 - £NIL). 13. Current asset investments 2024 2023 Unlisled investments 71,513 14. Creditors: Amounts falling due within one year 2024 2023 Trade creditors Accruals and deferred income 968 7,020 780 9,049 6,600 5,191 Grants payable 8,768 20,840 15. Prior year adjustments For the year ended 31 August 2023, management identified that bank interest income should have been shown separalely instead of being combined with bank charges. Bank interest income of £242 has therefore been reclassified out of bank charges for the year ended 31 August 2023. resulting in bank charges, wilhin support costs, increasing by £242 and investment income increasing by £242. Total income for the year ended 31 August 2023 has increased by £242, and total expenditure has increased by £242. There is no impacl on net income before net gainsl(losses) on investments, nor on net movement in funds.
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 2024 16. Statement of funds Statement of funds - current year Balance at 1 September 2023 Balance at Gainsl 31 August (Losses) 2024 Transfers inlout Income Expenditure Unrestricted funds General Funds - all funds 275,815 310,644 {310,053) 92,408 368,814 Reslricted funds The Friends Legacy Fund Other Legacy Income 88.398 2.327 (333) {92,408) 2,016 1.394 {1.394) The Beaufort Fund 492 12,860 19.207 (492) (340) 12,860 24.661 The Vestry Fund Denton's Commons Water Pump Fund 5.794 2.370 65.000 8.500 2,370 65,000 8,500 SQA Fund FONT Fund 96.078 110.264 {2.559) (92,408) 2,016 113.391 Total of funds 371,893 420.908 {312.612) 2,016 482,205
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 2024 16. Statement of funds (continued) The Friends Legacy Fund This fund was established from legacies received 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 Ihe buildings within the Precincts of Windsor Castle which are associated with the Chapel, in maintaining and improving the fumishings and omaments 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 ilems for Ihe 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 2019120 financial year to take donations 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 re- decorate the Georgian wooden panelling in the Chapel vestry and to restore the Georgian staircase and balustrade. Denton's Commons Water Pump Fund This fund was set up to hold money raised by the Friends of St George's towards the cost of restoration of a cast iron water pump that stands over a deep medieval well. SQA Fund This fund was set up for the reIpt of donations to help with the cost of repairs to the South Quire Aisle (SQA) of the Chapel. including a new lead roof. masonry and glazing work. FONT Fund This fund holds money donated by the American Patrons of St George's for the restoration of a 17th century wooden font in the Chapel.
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 2024 16. Statement of funds (continued) Statement of funds - prior year Balance at 1 September As restated As restated 2022 Income Expenditure Balance at 31 August 2023 Transfers inlout Gainsl (Losses) Unrestricted funds General Funds - all funds 102,163 832,023 (647,623) (10,748) 275,815 Restricted funds The Friends Legacy Fund Other Legacy Income 89,942 3,088 (160) (4,472) 88,398 1,394 1,394 American Foundation and Friends The Beaufort Fund 129,179 (129,179) 4,270 2,181 5,794 (16,707) 10,748 492 The Vestry Fund 5,794 95,606 140,242 (146,046) 10,748 (4,472) 96,078 Total of funds 197.769 972,265 (793,669) (4,472) 371,893 17. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Current assets 377,582 (8,768) 113,391 490,973 (8.768) Creditors due within one year Total 368,814 113,391 482,205
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 2024 17. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior period Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Current assets Creditors due within one year 292,580 (16,765) 100,153 (4,075) 392,733 {20,840) Total 275,815 96,078 371,893 18. Reconciliation of net movement in funds to net cash flow from operating activities As restated 2023 2024 Net income for the period (as per Statement of Financial Activities) 110,312 174,124 Adjustments for: Transfer of capital account investments to cash Decrease in debtors 3,488 3,490 Decrease in creditors Investment income (12,072) (178,688) (6,377} (3,330) (2,016) 4,472 Investment (gains)Ilosses Net cash provided by operating activities 93,335 74 19. Analysis of cash and cash equivalents 2024 2023 Cash in hand Cash in investments 490,973 304,335 16,885 Total cash and cash equivalents 490,973 321,220
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 2024 20. Analysis of changes in net debt Changes in market value and At1 exchange September rate At31 2023 Cash flows movements August 2024 Cash at bank and in hand 321.220 71,513 169,753 (73,529) 490.973 Liquid investments 2,016 392,733 96,224 2,016 490,973 21. Related party transactions 2024 2023 Donations to St George's Chapel - ongoing (unrestricted) Donations to Sl George's Chapel specific (restricted) 282,314 2,226 615,468 145,886 284,540 761,354 At the year end the total grants payable to St George's Chapel was £780 (2023: £5,361). There are no other material transactions between the charities which the Trustees believe should be reported. 22. Controlling party The ultimate controlling party is the Dean and Canons of Windsor.