WirtualSignatJrg Transxtion Ref. K?￿Z.￿D4-9p63 18￿￿ar￿￿ 102127¢wflL￿c +0) D 112 P 1125 Registered number= 05937S11 Charlty numb•r: 111829S The Foundation of the College of St George, Windsor Castle IA company limited by guarantee) Unaudited Trustees, report and financlal statements For the year ended 31 Augu$1 2025 WirtualSignatJrg Transxtion Ref. K?￿Z.￿D4-9p63 18￿￿ar￿￿ 102127¢wflL￿c +0) D 112 P2￿5 The Foundation of the College of St George, Windsor Castle {A company lirnited by guarantee) Contents Page R8f8rèncè and admlnlstratlvo details of th• Charlty. Its Trust••s and advlsèrs Trusto•s' roport Independent examinerfs report Statement of financial activities Balan¢e sh••t Statement ol cash flow# 10 Notes to the financial statements WirtualSignatJrg Transxtion Ref. K?￿Z.￿D4-9p63 18￿￿ar￿￿ 102127¢wflL￿c +0) D 112 P The Foundation of the College of St George, Windsor Castle {A company lirnited by guarantee) Reference and administrative details of the Charity. its Trustees and advisers For the year ended 31 August 2025 Tru$ts¢$ Linda J Aitkèn, Trustèè (appointèd 29 May 20251 Lieutenant General Philip D Jone5. Trustee (appointed 27 May 20251 Dr Stella D PanayDlova, Trustee The Right Reverend Dr Christopher J Cocksworth, Dean of Windsor. Trustee Sir John D Spurfing, Trustee (resigned 26 May 20251 Christopher G ￿tken, Trustee (resigned 29 May 20251 Company r•gl$t•rod nUM￿r 05937511 Charity registered number 1118295 R•glst•r•d offlco 2 The Cloisters Windsor Caslje Windsor Berkshire SL4 1NJ Company s•¢r•tsry Mrs Jennrfer H Wides( Chl•f •xecutlve officer The Ri9hl Reverend Dr Chrislopher J Cocksworth, Dean of Windwr A¢¢ountants Kreston Reeves LLP 2nd Floor 168 sho￿rtCh H￿h Street London E16RA Bankern Bardars Bank PLC Winllsor 8erkshire SL41PG Investment managers Schroder & Co. Ltd 1 London Wall Pla(* London EC2Y SAU Page 1 WirtualSignatJrg Transxtion Ref. K?￿Z.￿D4-9p63 18￿￿ar￿￿ 102127¢wflL￿c +0) D 112 P4125 The Foundation of the College of St George, Windsor Castle {A company lirnited by guarantee) Trustees. report For the year ended 31 August 2025 The Trustees presenl their annual Trport tog8lher with the financial statements of the Charity for the year 1 September 2024 to 31 August 2025. The Annual report serves the purposes of both a Tmstees, report and a directors. report under company law. The Truslees confim) that the Annual report and financial statements of the charitable company comply wth the current statutory requirements. the requirements of the charitable companls goveming document and the provisions of the Statement of Recommended Prath'ce ISORPI applicable lo charits'es preparing their accoun15 in accord8nce with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS102I leffective 1 January 20191. Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companie5 under tho Companies Act 2006 {Str8tegic Roport and Directors. Reporti Regulations 2013 has been omitted. Objectives and activities a. Pollcl•s and objoetlvos The objectives of the charity ar6 th6 lurtheranc8 of the Christian reltgion and the advancemanl of aducalion by supporting and 8s$1s1ing the Dean and Canons of Windsor, Sl Geor9e's Chapel and Choir, Sl George's House, Sl Georgg's School Icollectlvgly known as Ihe College ol St George), the e¢desiasti¢al patronages of Ihg Dgan and Canons of Windsor, and any other charity operating in and around Windsor Castle including.. The preservation. refvrbishmenl, maintenance and improvemenl ol the fabrlc of the College of Sl George The preservation of the heriiage and traditions ol the College of St George The provision, promotion and encouragement of music The promotion of debate and inter-cultural understanding The preservation and eonserv81ion of the 8rtefacts, m8nu$¢ripts and books of the College of Sl George In setting objectives and planning for actiwties. the Trustees have given due consideration lo general guldance published by the Charity Commission relating to public bgnefit, indudir¥J the guidanc8 'Public b8nefit.' running a charity IPB21'. b, Strategles for achlevlng ¢ble¢tlve$ The charity continues lo lunction as a body lo 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 delermintsd either by the donor or by the Iruslees. Where appropriate, funds may be granted lo St Ggorge's House and St Ggorge'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 Sl George. ¢. A¢tiviti•$ und¢rtaken to a¢hi*w obj*¢tiv The main activities ol the charity for achieving its objects'ves are.. To receive and distribute fijnds lo support refiJrbishing the fabric of the College of St George To receive and distribute funds lo support the Choir of Sl George's Chapel To receive and distribute funds lo support the general activities of St George's Chapel To continue lo provide support to other areas of the College of St George, as necessary d. Soelal Inv•stm•nt pollei•s The distnbution of funds SUPPOrts the music of the Chapel. for religious servi￿5 and concerts. which the public are encouraged to attend. Funds also support the ongoing m8inlenance 8nd enhancement of the Chapel and Collaga of St Gaorgè, adding valuè to thè èX￿nÈnce of visitors to Windsor Casuè. Page 2 WirtualSignatJrg Transxtion Ref. K?￿Z.￿D4-9p63 18￿￿ar￿￿ 102127¢wflL￿c +0) D 112 P W5 The Foundation of the College of St George, Windsor Castle {A company lirnited by guarantee) Trustees. report Icontinuedl For the year ended 31 August 2025 Objective5 and activitie5 (continued) 8. Grant4naklng pollclos The chariws primary means of meeting 115 charitable objectives is to fflake distributions of funds lo the College of St Ggorgè. The charity receivès funding for spècific projects Irestri¢t6d ftjndsl that fall within the ¢haritsbla objectives set oul on page 2. It will distribute those restricted funds lo 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 writsn9. General funding awards are ade in line with the chartsble objectives. f. Maln actlvltl8s undertaken to further th• Charlty's purposes for the publlc bono The trustees have paid due re9ard to guidance issued by the Charity Commission in deciding which activltles thè charity should undertake. The trustees pay duè regard to the Charity Commission's public benefit guidance when making decisions and exercising any powers or duties lo which ihe guidance is relevant. A¢hl•Y•ments and p•rfomian a. Key pfrrtormance Sndlcators Total funds dgcreased during the year by £204,124 to £278,081 12024". £482,205). Total income decrèasèd to £206.14012024.' £420,9081. The key contribulor lo the decrease was the reduction in legacies and donations during 2025. Expenditure lor the year in¢￿ased to £410.264 12024.. £312.6121. Grants payable lo the Chapel in the year lotslled £380,12912024.' £284,540>. Cash balances at the year end had decreased to £310,523 12024.. £490.9731 refiecting the net impact of decrease in income and increase in expenditure lor the year. b. Revlew of a¢tlvltle$ The charity Continues lo successlully raise and distribute funds in line wth its core objectives. 11 is given significant assistance by the contributions made from its Iruslees. advisors and other supporters. Donations from both the American Foundation and Frientls conb'nued to flow into the charity along with incomg raised by the Friends of St George's. Overall, income from all SoUr￿S showed a decrease of 51% on the previous year. ¢. Fa¢tors relevant to achieve obje¢tiv•$ The achievement of objectives is dependent upon a steady stream of income to the Foundation. Total income was significantly lower in 2024 25 than in 2023 24. Future planning is difficult, when significant income comes from legacies, which are generally unpre(lictsble. d. Fundraising activities and income generation Income from donations and legacies was in line with expectations in 2024 25, enabling support of the aims and objectives. Page 3 WirtualSignatJrg Transxtion Ref. K?￿Z.￿D4-9p63 18￿￿ar￿￿ 102127¢wflL￿c +0) D 112 P The Foundation of the College of St George, Windsor Castle {A company lirnited by guarantee) Trustees. report Icontinuedl For the year ended 31 August 2025 Financial review . Going concern After making appropriate enquiries, the Trustees have a reasonable expeciation that the Charity has adequate resources to continue in operational existence for the foreseeable fiJlure. For this reason, they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concem basis can be found in the accounting policies. b. Resepies pollcy In line with its core objective, the charity seeks lo transfer any restricted funds to parts of the Co11e9e where sp8¢ifi8d by donors and any unr&stri¢tèd sums towards the appropriate bodiès, as determined by thè trustees. Therefore, the requirement for reserves is limiled to the need for any working capital necessary for the Friends events including its legacy projects, sums sufficient to cover general expenses necessary lo cover general stewardships and governance costs, and any undesignated amounts awaiting trustee delemiination. The Iruslees have determined th81 a minimum amount of £100.000 should be held in reserve5. The lolal amount held at 31 August 2025 was £278,081 12024.. £482,205), of which £195,600 12024.. £368,814> was general funds. c. Prlnclpal rlsks and uncortalntles The trustees have assassed the maior risks to which tha charity ts 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 lo ils ability to continue lo meet its objeclives. which is ultimaiely the financial support of the College of Sl George. The fundraising activities ol the th8ri1y are overseen by the dire¢t involvement of the Dean and Canons of Wlndsor and thelr nominaletl 8dvisors. d. Flnanclal rlsk managemènt objectlves and pollcl•# Th8 Coll8g8 has a financial risk assessmenl that 1$ rgvievffjd annually by tho Dgan and Canons and by thg Finance & General Purpose Commiltee. Page 4 WirtualSignatJrg Transxtion Ref. K?￿Z.￿D4-9p63 18￿￿ar￿￿ 102127¢wflL￿c +0) D 112 P7125 The Foundation of the College of St George, Windsor Castle {A company lirnited by guarantee) Trustees. report Icontinuedl For the year ended 31 August 2025 Structure. governance and management a. Constitution The Foundation of the College of St George, Windsor Casue 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 tho Companies Act 1985. The company is limiled by guarantee withryjl a share rapital. The sole member is th8 D8an and Canons ol Windsor. The Iruslees, who are a150 the directors for the purpose of comp8ny law and who served during the year and up lo the dale ol the signature ol the finan¢i81 stslemenls, were.. Ms L J Ailken lappoinled 29 May 20251 Lt Gen P D Jones lappointed 27 May 20251 Dr S D Panayolova Rev C J Cocksworth Mr C G Ailken (rèsigned 29 May 20251 Sir J D Spurling (resigned 26 May 20251 b. Mothods of appolntmont or olectlon of Trustses The management ol tho Charity is Ihg rosponsibilty of the Trustfjes who ara glgcted and w-opt8d under thg terms ol ihe Trust deed. The Board consists ol al least three and not more than ten individuals who comprise- The Dean of Windsor. bi an individual nominated by the Assoaate Members, as defined by Ihe trustees. The following elected by the Trustees- al least one and up to eight irnlividuals. Trusiees shall serve for an initial period of three years which may be followed by a second temi of three years. ¢. Organlsatjonal structur• and d•eislon-making pollcl*$ Key management personnel consti￿le the Trustees. the Secretary to the Foundation, the Clerk of Accounts, the Clerk lo the Friends and Companions. and the Canon Percenler of Sl George'5 Chapel who has overall rèsponsibility for thè Friènds. ThÈ Board also draws upon thè advice of thè Finance and G8n8ral Purposès Committee of the Dean and Canons of Windsor. d. Poli¢ies adopted for the induction and training of Trustees Newly appointed trustees are prowded wilh the contenl of Ihe MemorarKlum and Articles of Association, and are briefed on the recent performan￿ of the charity. e. Pay pollcy for key management personnel No trustee has ￿ceiVed ￿Muner*10n during the current or prior year, Th)r have any expenses been ￿1Mbur$￿d. Page 5 WirtualSignatJrg Transxtion Ref. K?￿Z.￿D4-9p63 18￿￿ar￿￿ 102127¢wflL￿c +0) D 112 P The Foundation of the College of St George, Windsor Castle {A company lirnited by guarantee) Trustees. report Icontinuedl For the year ended 31 August 2025 Structure. governance and management (continued) f. Flnanclal rlsk managemont The Trustee5 have 8sse55ed the major risks lo which the Charrty is exposed. in parh"cular those related lo the oparations and financ8s of the Charity. and arg satisfie(I that s￿￿MS and pr¢xedurgs are in placg lo mitigatg exposure to the major risks. g. Trust••$' Ind•mnltl•$ The charity has in place third party indemnity insurance for the trustees. Plans for futur• p•rfod$ The Friends of Sl George's and the American Foundalion and Friends continue their objective of fundraising, ¢0 ordinaled with the College's programme. Momb•rf8 Ilablllty Thg Member of the Charity guaranlges to conlributg an amounl nol excggding £10 to the assets of tho Charity in the event of winding up. ststement ¢1 Tru$tse$' respon8lbllltle$ The Trustees Iwho are a150 the directors of the Charity for the purposes of cornpany lawl are responsible for preparing the Trustees, report and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Aceounling Praclicel. Company law requires the Trustees to Prepare financial statements for each financial . Under company law, the Trustees rnusl not approve the financial 51atements unless they are 5ats'sfied that they give a true and lair view of the stale ol affairs ol the Chanly and of its incoming resources antl 8pplicats.on of resources, including 118 Income and expenditure, for that period. In preparing these financi81 $18lemenls. the Trustees a￿ required lo.. select suitsble accounting policies and then apply them consislenlly, observe the meth¢x1s and principles of the Charities SORP IFRS 1021., make judgments and accounting eslimates Ihat are reasonable and prudent., slate whether applicable UK A¢¢wnling Stsndards IFRS 1021 have bggn followed, subjgct lo any material departures disclosed and explained in Ihe financial stalemenls; prepare the financial statements on the going concern basis unless 11 is inappropriate lo presume that the Charily vrill conb'nue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity's transactions and disclose wlh reasonable accuracy al any lime the finanGial p05ih.on of the Charity and 8nablÈ them to &nsLJre that thè financial statèments comply wth thè Companiès Act 2006. Th8y are also responsible for safeguarding the asseis ol the Charity and hence for taking reasonable steps lor 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. Th• Rlght Revèr•nd Dr Chrbstoph•r J Cocksworth Dale.. 18 March 2026 Page 6 WirtualSignatJrg Transxtion Ref. K?￿Z.￿D4-9p63 I8￿ar￿>6 1021&7¢wflL￿c+0l D Ir2 p9125 The Foundation of the College of St George, Windsor Castle {A company lirnited by guarantee) Indèpèndènt èxaminèrfs rèport For th8 yèar èndèd 31 August 2025 Independent examinerfs report to the Trustees of The Foundation of the College of St George, Windsor Castlo I'thtr Charity'l I report lo the charity Trustees on my examination of the accounts of the Charity for the year ended 31 August 2025. Responsibilities and basis of report As thè Trustèès ol the Charity land its directots lor the purposes of company lawl you are responsible lor thg preparation ol the accounts in accordance with the requirements of th8 Companies Act 20061'the 2006 Act'l. Having satisfied myself th81 the 8ccounls ol the Chanty a￿ not require(I lo be 8udiled under Part 16 of the 2006 Act and are gligible for independent gxaminalion. I report in respect of my examinab'on of the Charills accounts carried out under section 145 of the Charities Act 2011 1.the 2011 Act'l. In carrying out my examination I hav8 followed the Directions given by the Charity C¢)mmission under $ection 14515llbl of the 2011 Act. Ind•pfrnd•nt •xamln•rfs statsment I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause lo believe- accounb'n9 records were not kept in respect of the Charity as required by section 386 of the 2006 Act., or the accounts do not accord with those records., or the accounts do not comply with the accounting ￿qUIrementS ol section 396 of the 2006 Act other than any requirement that the accounts give a 'twe and fairf wew which is not a matter considered as part ol an indep8ndenl examinalion,. or the accounts have not been prepared in accordance with the methods and principles of the Slalemenl of Recommended Practice lor accounting and ￿￿K)rtIng by charities applicable lo charities preparing their accounts in accordance wlh the Financial Reporb'ng Standar(1 applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have ¢x)me acn>ss rK> Other m8tters in wnnecb.on with thè examination lo which att$nlion should be drawn in this ￿port in or(ler lo enable a proper understanding of the accounts lo be rea¢hed. This report is made sdely lo the Chariws Tru51ees. as a body. in accor(lance wth Part 4 of the Charrties IA¢¢ounls and Reportsl Regulations 2(X)8. My work has been undertaktrn so that I might slate lo the Charitys Trustees thosg matters l am required to stale to them in an Independent examinerfs report and lor no other purpose. To the fullest extenl permitted by law. I do r￿t accept or assume responsibility to anyone other than the Charity and the Charilys Trustees as a body. for my work or for this report. Signed.. Dated. 18 March 2026 Stephen Moss Bsc (Honsl ACA Kreston Reeves LLP Second Floor 168 Shoredilch High Street London E1 6RA Page 7 WirtualSignatJrg Transxtion Ref. K?￿Z.￿D4-9p63 18￿￿ar￿￿ 102127¢wflL￿c +0) D 112 P 1(V25 The Foundation of the College of St George, Windsor Castle {A company lirnited by guarantee) Statèmènt af financial activitiès lineorporating Ineomè and 0x￿ndItUrtr aeeount) For tho yèar èndèd 31 August 2025 Unrestricted funds 2025 Restricted funds 2025 Total funds 2025 Total funds 2024 Not• Income from: Donations and legacies Other trading activities Investments 142.588 12,817 5,256 45,479 188.067 12.817 5,256 401,057 13.474 6.377 Total In¢om• 160,661 45,479 206,140 420,908 Expendlture on.. Raising funds Charitable activities 10,884 322,991 10.884 399,380 13.439 299.173 76,389 Total •xp•ndltur• 333,875 76,389 410,264 312,612 Net lexp¢ndlturèllln¢omt befor• not gains on Inv¥$tm¥nt$ Net gains on investments (173.214) 130,9101 1204,1241 108.296 2.016 Not movèmont In funds (1T3,214) 130,9101 {204,1241 110,312 Reconciliation of fundi: Total funds brought forward Net movement in funds 368.814 1173.214) 113,391 130,9101 482,205 1204.1241 371,893 110,312 Total funds carrled forward 195,600 82,481 278,081 482,20S The Stslement of financial activities indudes all gains and kisses recognised in the year. The notes on pages 11 to 23 form part of th8s@ finanaal stalem8nts. Page 8 WirtualSignatJrg Transxtion Ref. K?￿Z.￿D4-9p63 18￿￿ar￿￿ 102127¢wflL￿c +0) D 112 P 11r25 The Foundation of the College of St George, Windsor Castle {A company lirnited by guarantee) Règistèrèd numb•r= 05937511 Balanca sh••t As at 31 August 2025 2025 2024 Note Currant assats Cash at bank and in hand 310,523 490,973 310,523 490,973 Current IlabS1StSes Creditors.. amounts falling due within one year 13 132,4421 18,7681 Net current assets 278,081 482,205 Total nèt a$$ets 278,081 482,205 Charlty funds Restricted funds 14 82.481 195,600 113,391 368,814 Unrestricted funds 14 Total funds 278,081 482,205 The Chadty was entitled to exemplton from audil under sectton 477 01 Ihe Companies Act 2006. The members have not required the company to obtain an aLKlit for the year in queslion in accordance wth section 476 01 Companies Acl 2006. The Trustees acknowledge their respMsibililies for complying with the requ1￿MentS of the Act with respect to accounts'ng records and preparation of financial slalemenls. The financAal siatemenis have been prepared in accordance wilh the provisions applicable to entits'es subject to the small cornpanies regime. The financial ststements We￿ approved and 8uthorised for issue by the Tnjslees and signed on their behalf by.. The Rlght Reverend Dr Chrl$topher J C¢¢ksworth Date.. 18 March 2026 The notes on pages 11 10 23 form part of these finan￿al stalemenls. Page 9 WirtualSignatJrg Transxtion Ref. K?￿Z.￿D4-9p63 18￿￿ar￿￿ 102127¢wflL￿c +0) D 112 P 12r25 The Foundation of the College of St George, Windsor Castle {A company lirnited by guarantee) Statèmènt of cash flows For tho yèar èndéd 31 August 2025 2025 2024 Note Cash flows from ¢p¢ratlng a¢tlvltl•$ Net cash generated from operating aclivities 16 1185.7061 93,335 Cash flows from Inv¢$tlng a¢tivltles Proceeds from sale of investments Investment income received 70,041 6,377 5,256 Not ¢a$h provld•d by Inv•$tlng aetlvltlo$ 5,256 76,418 Cash flows from financlng activities Not cash provld•d by finan¢lng a¢tlvltles Change In c*sh and c*sh equlv*lents In tho year Cash and cash equivalents al the beginning of the year 1180,4501 490,973 169,753 321,220 Cash and cash equlvalents at the end of tho ye•r 310,523 490,973 The notes on pages 11 to 23 form part of these financial statements Page 10 WirtualSignatJrg Transxtion Ref. K?￿Z.￿D4-9p63 18￿￿ar￿￿ 102127¢wflL￿c +0) D 112 P 1Y25 The Foundation of the College of St George, Windsor Castle {A company lirnited by guarantee) Notes ta thè financial statémÈnts For th8 yèar èndad 31 August 2025 General infomiation The Foundab"on of the College of Sl George. Windsor Castle is a private company limited by guarantee, incorporatéd in England and Walès. Thè règistèred office 1$ 2 The Cloisters, Windsor Casue, Windsor, Berkshire, SL4 1 NJ. The principal activities of Ihe 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 ol 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 Bas1$ of pr•paratSon of finan¢lal $tal•monts The financial statements have been prepared in accordance the Charities SORP IFRS 1021 . Accounting and Reporting by Charities.. Ststemenl of Recommended Practice applicable lo charities preparing their accounts in accor¢Jance with the Financial Rèporting Standard 8ppli¢8ble in th& UK and Republic ol Ireland IFRS 1021 leffectiv8 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Foundation of the College of St George, Windsor Casue meets the definition of a public benefit enlily under FRS 102. Assets and liabilities are initially recognised 81 historical cost or tran5a¢lion value unless otherwise stsled in the relevanl accounting policy. 2,2 Golng ¢on¢•rn There has been a decrease in income from donations and legacies during the year to 31 August 2025. However, after making appropriate enquiries. the trustees have a reasonable expectation that the charity has adequate resources lo conlinue in oper8lion81 exislenee for the foreseeable future, For this reason the Iruslees continue lo adopt the goin9 concern basis in p￿parIng the financial stat8m•nts. Page11 WirtualSignatJrg Transxtion Ref. K?￿Z.￿D4-9p63 18￿￿ar￿￿ 102127¢wflL￿c +0) D 112 P 14r25 The Foundation of the College of St George, Windsor Castle {A company lirnited by guarantee) Notes ta thè financial statémÈnts For th8 yèar èndèd 31 August 2025 Accountlng policle5 Icontlnued) 2.3 Income All income is recognised once the Charity has ent￿ement to the income. it is probabl& that the income will be received and the amtxjnl ol inoxne receivable Can be measured reliably. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of Ihe donation. unless perfOrMar￿ conditions require deferral of the amount. Income lax recoverable in relation to donations received Under Gift Aid or deeds of covenants is recognised 81 the time of the donation. For18gaciès, entitlement is takèn as the eadier of Ihe dat8 on which eilher.. the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the execulorlsl lo 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. 15 only considered probabl8 when the arnounl can be measured reliably and the Charity has been notified of the execulorfs intention lo make a distribution. Where legacies have been nob"fie(I to the Charity. or the Charity is aware of the grantlng of probate, and the criteria lor income recognition have not bggn mel. thon ¢hg legacy is Irealed as a contingenl asset and disclosed il material. Gifts in kind are recognised on receipt al the eslimaled value ol the relevant gift. No value is ascnbed to the voluntsry work provided by the vanous individuals within th& Friends of Sl G&tsrg many of whom give their lime generously lo promote the Chapel and ils history. Neither is any value recorded with regard to the tjsg 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 enhance the general comprehension of the Foundation's published financial statements. Income tax recoverable relalion to invesknenl Income is reo)gnised al the Ilme the Inv8slment income is receivable. 2.4 Expendlture Expenditure is recognised once there is a legal or conslruclive obligation lo Iransler ewnomic benefit lo a third paty. il is probable Ihal a transfer of economic benefits wll be required in settlement and the amount of the obligation can be measured reliably. Expenditure is Classified by activity. The costs of each actsvity are made up of the total ol direct grants. Support costs arè all allocated to Chariiable Aclivities bul are disclosed as a separate line and not allocated against the grant categories. Costs of generating fun(Is a￿ costs incurred in attracting voluntary inry)m8. Charitable activities and Govemance costs are costs incurred on the Charws operations, induding support costs and costs relaling to the Charity ap￿lor￿d to the charitable activities. The ¢harty recognises grants pay8ble when these are confimed by the Trustees and the ¢onfim)ation of the grant is ¢ommunicAtèd to thè rectpient. Distributions of unrèstrictèd funds arg agreed by the Trustees via Chapter meetings which are held monthly. Restricted fLJnds are transferred to the recipient Vlilhout requiring fomial approval by the trustees. 2.5 Intsrest receivable Intèrest on funds hèld on dew>sit is induded when r￿1vabl6 and the amount can be mèasur8d reliably by the Charity.. this is nomially upon notification of the interest paid or payable by the institution with whom the funds are deFM)siled. Page 12 WirtualSignatJrg Transxtion Ref. K?￿Z.￿D4-9p63 18￿￿ar￿￿ 102127¢wflL￿c +0) D 112 P 1Y25 The Foundation of the College of St George, Windsor Castle {A company lirnited by guarantee) Notes ta thè financial statémÈnts For th8 yèar èndèd 31 August 2025 Accountlng policle5 Icontlnued) 2.6 Taxation The Charity is considered to pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and thtrr8fore il meets the definition ol a d)aritable company for UK corporation tsx purposes. Accordingly, the Charity is rK>ientially 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 Taxats'on of Chargeable Gains Act 1992. to the extent that such income or gains are applied exdusively to charitable purposes. 2.7 Curr•nt ass•t Inv•stm•nts 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 re81ise