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 ServI￿S 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 ne￿SSary 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:
Chr41oFknerC04￿ffi3?￿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 ex￿eded £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 be￿een 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 re￿iVed
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 re￿iVed 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 adVan￿d 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 re￿iVed 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 re￿Ipt 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.