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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
CONTENTS
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 AUGUST 2021
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 AUGUST 2021
The Trustees, who are also the Directors for the purposes of company law, present their annual report together with the audited financial statements for the year ended 31 August 2021.
Since the Company qualifies as "small" under section 383 of the Companies Act 2006, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required. Reference and administrative details Reference and administrative details, including the principal office address, are shown in the schedule of members of the Board and professional advisers on page 1 of the financial statements. Trustees The Trustees who served the company during the period were as follows: The Right Reverend D J Conner KCVO The Reverend Canon Dr H E Finlay The Reverend Canon M G Poll The Reverend Canon Dr M Powell Mr C Aitken Ms R Borthwick Mr R Collier-Keywood OBE Mr D Darsch Mr L Elson Ms K Ghose Mr H Shah Mr D Stern Mr R Woods CBE Structure, governance and management St George's House Trust (Windsor Castle) is a charitable company, company number 3597496, and registered charity number 1071186. Memorandum and Articles of Association, established under the Companies Act 1985, govern the House. New Articles of Association were adopted on 25 November 2013. The company is limited by guarantee without any share capital. The Board consists of The Dean of Windsor, not more than four Canons of Windsor and at least seven but no more than 10 other Trustees, at least two and not more than four of whom shall be members of the Council of St George's House. The Board meets as required to consider and advise the House on its programme of work. The Board of Trustees appoints the Finance and General Purposes Committee. The number of members of the company is unlimited but every member has to be approved by the Trustees. The Chairman, Board of Trustees and Warden may propose new trustees as required. These proposals are subject to discussion and approval by the Board. The day to day operations of the House are controlled by the Warden and the Programme Director. St George's House Trust (Windsor Castle) forms part of the College of St George. In recognition of the large capital sum invested by the House into the buildings it occupies, St George's Chapel continue to provide the premises on a rent free basis and in accordance with a mutually agreed license to occupy. The Chapel also provides a Canon to act as Warden of the House. Should an external appointment be made in future the costs of this would likely be substantially higher. Other than that which has already been noted, St George's House Trust (Windsor Castle) is not materially dependent upon the support of any individual, corporation or class of donors. Newly appointed Trustees undergo an orientation session to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the Regulations of St George's House, the business plan and recent performance of the company.
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
The Board is required to meet twice yearly although it is custom to meet more frequently.
The Board is responsible for strategic planning to meet the House's objectives and develop strategy in relation to finance, administration and marketing. The College Finance and General Purposes Committee advise upon investments policy, monitors risk management and prepares business plans and annual budgets. The Programme Director and the Warden allocate Consultation support funds in line with the principles approved by the Board. The Trustees are satisfied that the accounts comply with current statutory requirements and the Charity's governing documents. Remuneration for key management personnel is determined by the Board on advice from the College Finance and General Purposes Committee. Our aim is to offer competitive salaries which will attract and keep appropriately qualified personnel to manage and deliver the aims and objectives of the Company. The pay of all staff is reviewed annually. Any increases are approved by the Board, taking into account inflation, the financial position of the House at the time and in accordance with average earnings. Objectives and activities The charitable objectives of the Company as outlined in the Articles are as follows: "The Objects for which the Company is established are primarily the provision of a residential study centre for those of the clergy or laity who wish to explore the moral, spiritual and practical implications of their various concerns and secondly other religious, educational and other purposes of the Company as the Trustees may from time to time decide." Pursuant to this the Company runs a residential study centre for clergy of all denominations; it Is also a place where people of influence and responsibility in every area of society can come together to debate and discuss issues of national and international importance with the purpose of nurturing wisdom for the betterment of society. These objectives are met by means of the provision of appropriate Consultations. Such Consultations are designed after taking advice from a range of knowledgeable parties. The aim of the Consultations is to draw together senior people who might not otherwise have the opportunity to debate key issues with each other. The Consultation format encourages active participation by all present and allows them in an atmosphere of understanding and trust to challenge conventional thinking and to develop new insights. The success or otherwise of a consultation can be measured in two ways. Was the discussion properly constructive? By which is meant did the tailored programme address the topic to hand in a cogent, intellectually robust and inclusive manner? And secondly, did the consultation, where appropriate, produce tangible outcomes? Our intention is that all participants will leave a consultation better educated in the nuances of a particular argument and in a position to bring any newly acquired knowledge or expertise to bear in their working lives. Care is taken to ensure that Consultations involve a wide cross-section of society and themes. Participants are drawn from a wide range of sectors and every effort is made to reflect diversity in its various forms. Achievements and performance St George’s House thrives on bringing people together in person to grapple with issues of national and international significance. The global pandemic meant that in-person gatherings were impossible for most of the year under review. However, in order to maintain a presence we devised a programme of online work covering the Society of Leadership Fellows, the consultation programme, the Elson Ethics Lecture, Clergy Courses, and the arts programme. We also initiated a new strand of work, St George’s House: In Conversation in which the Programme Director interviewed a number of distinguished guests via Zoom. When government restrictions were lifted in stages during June and July 2021, we immediately brought groups back to the House in person and are hopeful that this will continue far into the future. One of the clear benefits of online working was the ability to encourage participation by people from across the world. One of the primary objectives of the Charity is to provide space and time to explore in depth topics relevant to contemporary society. Due to the pandemic, with most of our staff of necessity on furlough, the House programme was necessarily reduced but nonetheless relevant to our overall mission. There follows a more detailed outlay of that programme.
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
Social and Ethical Programme
Health and Climate Change, 11th September 2020, Online An online gathering in preparation for a residential consultation in early 2022, Public health professionals are increasingly acting on their responsibility to recognise and warn about threats from global heating and to help society deal with them. To exercise this responsibility effectively there is a need for greater collaboration across and beyond the health sector. This online gathering looked at how best to take this forward. Elson Ethics Lecture Online, 23rd September 2020 The Corruption Within: Donald Trump’s War on Government Ethics Walter M. Schaub Jnr, Senior Advisor, Citizens for Responsibility and Ethics, Washington St George’s House: In Conversation, 19th November 2020 Dr Jane Goodall – Founder of the Jane Goodall Institute and UN Messenger for Peace. St George’s House: In Conversation, 3rd December 2020 Rabbi Jonathan Romain, author and broadcaster. St George’s House: In Conversation, 17th December 2020 Fiona Godlee, Editor of the British Medical Journal and David Nabarro, World Health Envoy on Covid-19. This conversation built on an online consultation on Health and Climate Change in September. St George’s House: In Conversation, 7th January 2021 Dame Cressida Dick, Commissioner of the Metropolitan Police. St George’s House: In Conversation, 21st January 2021 Sir Mark Moody-Stuart, British businessperson. The Future of Urban Living Post-Pandemic, Online Consultation, 22nd January 2021 We worked with Future iQ to look at the implications of Covid-19 for cities across the world. Building on the work of a previous consultation, the discussion focused on the how the pandemic will redefine cities and what might be the longer term consequences. The consultation attracted participants from the United States, Canada, China, the United Arab Emirates and from across Europe. Climate Change, Online Consultation, 16th and 17th February 2021 Over a day and a half, this consultation tackled three main topics: Carbon Net-Zero, How do we get there? Climate Change and COP26; and The UK Approach to Air Pollution. St George’s House: In Conversation, 18th February 2021 Sir David Omand, former Director of GCHQ and first UK Security and Intelligence Coordinator. The Bible, Packing and Setting Out, An Online Journey, 22nd February 2021 The first of five Lenten online sessions led by the Warden. The Bible, Languages and Translation, Online, 1st March 2021 The second of five online Lenten sessions led by the Warden. The Bible, The Canon, Online, 8th March 2021 The third in the series led by the Warden. St George’s House: In Conversation, 11th March 2021 Dame Jayne-Anne Ghadia, former CEO of Virgin Money and the UK Government’s Business Diversity and Inclusion Group. The Bible, Books that Did Not Make It, Online, 15th March 2021 Number three in the Warden-led series. The Bible, Unpacking, Online, 22nd March 2021 The final stage of the Lenten journey.
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
Climate Change, Online Consultation, 23rd and 24th March 2021 This second in the series, had as its main theme, The Economics of Climate Change, looking in particular at the Global Carbon Incentive Fund and the Circular Economy. St George’s House, Arts Programme, 25th March 2021 Young prizewinning pianist George Harliono offered an online programme of Brahms, Chopin, Rachmaninov and Liszt. The Future of Urban Living (2), Online Consultation, 9th April 2021 This consultation drew on the discussion held in January. An expanded participant list will develop the discussion held in January on the ramifications for cities of the pandemic. A Family for Life: Rethinking our approach to older children in care, Online Consultation 14th May 2021 We worked with the charity, Home for Good, in light of the recent government announcement of a Children’s Social Care Review to consider how the needs, experiences and outcomes of young people interacting with the system might be improved. Food and Farming, Vicars’ Hall, 7th and 8th June 2021 The long-delayed third in a series of Consultations with the Food, Farming and Countryside Commission. The aim of this consultation was to bring together different parts of the system – from production, processing, foodservice, retailers and public health – to explore how to ensure the food system transition is fair and just for people and communities who rely on it for a living. They were happy to work with limited capacity of 16 people. Character in Education, Vicars’ Hall, 30th June to 2nd July 2021 Originally scheduled for December as part of our ongoing work with the Jubilee Centre at the University of Birmingham. Again, they were happy to work with the limited capacity of 16 people. Society of Leadership Fellows The Leadership Conversation programme also combined online and in-person work for the year under review. In-person gatherings worked with limited numbers. Leadership Fellows, Leader to Leader Exchanges (1) via Zoom (12pm – 2pm) 18th Sept, 16th Oct, 20th Nov, 18th Dec, 15th Jan (2020/21) Leadership Fellows, Leader to Leader Exchanges (2) via Zoom (12pm – 2pm) 12th Feb, 12th Mar, 23rd Apr, 21st May, 18th Jun, 16th July (2021) Leadership Fellows, Your role as a culture change leader, Thursday 29th to Friday 30th October 2020 Building on the insights arising from five previous Conversations on this theme, the focus here was on how each Leadership Fellow joining this Conversation wished to develop their personal role as a leader of culture change. How have you defined this leadership role of yours so far, and what have been the key barriers preventing you achieving what you want? As always, we gained so much by drawing on the wisdom and experiences of other Fellows, learning especially from what hasn’t worked, and the lessons learnt, as well as what has worked well. Leadership Fellows, High trust leadership – driving up performance, Monday 2nd to Tuesday 4th November 2020 This Conversation followed on from our theme around authenticity and trust in leadership, and was designed for Fellows who see themelves as high trust leaders and wish to develop new ways of placing a commitment to higher performance at the heart of their culture. We asked everyone joining us to bring one or two specific examples of how they have encouraged a high trust, high performance culture. Once we swapped notes, we picked out a small number of the most effective practices that had been adopted and asked how we might best ramp them up. We drew on our commitment to very high trust working in Leadership Conversations to stretch ourselves as far as we possibly could! The result was a raft of challenging propositions for achieving a very high performance culture, made possible by a commitment to high trust working driven by Fellows and other members of their top team.
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
Leadership Fellows, Wisdom in leadership, Sunday 23rd to Wednesday 26th May 2021
One of the clearest messages from our conversations with Fellows was how much they valued the three day Conversations – the quality and depth that is possible when we really settle into the unique atmosphere of St Georges. This exclusive Fellows retreat runs once a year for people who want to take this quality time and space, together with a group of like-minded leadership peers, to reflect more deeply on their leadership calling and contribution. This Conversation is for those times in our leadership journey when we sense something different is being called for from us: a sense of stepping up or stepping into something beyond ‘business as usual’ - maybe a sense of something not being as it should in the world, or a sense of expansion and radical new possibility. Leadership Fellows, Connection and Community, Tuesday 1st June 2021 The capacity to collaborate is crucial to survival in a threatening environment, and almost everyone we speak to refers to new connections and relationships opening up once the illusion of our self-dependence was shattered by Covid. This Conversation was of interest to those seeking to work across boundaries, whether hierarchical, functional, demographic or cultural – particularly trying to sustain some of the generative practices and possibilities opened up during the pandemic where so much goodwill, initiative and innovation became possible. What deeper changes are we trying to make, within and across our organisations, to sustain new forms of collaboration and connection? Leadership Fellows, Leading in climates of love and fear, Thursday 8th to Friday 9th July 2021 This 24 hour Conversation explored what it means to lead not just with a focus on the usual leadership elements of task, process, people and culture etc, but with a subtle and profound awareness of the age old dynamics of love and fear as the deepest drivers of human activity.
Public Benefit
The House continues to focus on its charitable objectives with due regard to the public benefit guidance issued by the Charity Commission. In order to make our programme as widely accessible as possible we actively fundraise and make use of our investments and voluntary income accordingly. In this way, participants can usually attend our social and ethical work free of charge which in turn broadens the range of people we can actively engage. Under our core aim of nurturing wisdom through dialogue we believe that people from right across society take away from Windsor various degrees of personal and professional development which they can put to use for the greater good. Our consultations and leadership conversation are geared to making a better society for all. Financial Review The Trust's income from its core activities of running Consultations, undertaken by both external organisations that use the facilities and those Consultations run by the in house team is £141,718 (£484,441 in 2019/2020). Sponsorship received for specific Consultations, which is included in course fees, amounted to £7,630 (£30,650 in 2019/2020). The reduction in income is as a result of The House having to shut its doors mid March 2020 in response to the pandemic, and apart from a short window in the autumn of 2020 was not open for onsite consultations until the middle of May 2021 The other sources of income for the Charity are from Donations excluding Endowments; £9,151 (£2,344 in 2019/2020), Associates' Subscriptions £23,990 (£22,101 in 2019/2020) and Investment Income £224,818 (£224,902 in 2019/2020). Costs relating to Courses were £489,014 (£732,797 in 2019/2020). The reduction in costs is as a result of the closure of the House for much of the year. The overall financial position for the year saw an operating deficit of £225,774 (deficit of £120,459 in 2019/2020) before movements on investments. This year no income was added to the investment portfolio (2020: £50,815).The portfolio generated unrealised gains of £577,029 before investment management charges, compared with a decrease of £48,266 in the previous year. Our year end valuation for investments held is £5,831,253 (£5,254,224 in 2019/2020). The College Finance and General Purposes Committee monitors the charity's investments and is satisfied with the way in which it is managed by Cazenove adhering to the approved investment policy.
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
The Policy aims to produce the most advantageous financial returns from investments within an acceptable level of risk by using suitable & responsible investment vehicles. The current objective is to generate a revenue stream of investment income of around £200,000 (4%), while growing the value of the investment at least in line with inflation. Assets should be invested in line with the aims of St George's House, taking into account such factors as their impact on climate, employment practices, sustainability, human rights, and community impact and board accountability. The Trustees consider that the income returns achieved in the year of £224,818 (£224,902 in 2019/2020) are pleasing in light of the difficult economic climate and have performed well against budget in the year.
Bank balances of £234,870 (£359,831 2019/2020) includes £185,387 held in respect of restricted funds (£160,013 2019/2020) Plans for future periods For the coming year the House faces a number of key objectives: • To develop the programme of internal Consultations in keeping with the ethos of the House • To continue developing our leadership programme under the banner Society of Leadership Fellows • To provide a range of Clergy Consultations that will offer opportunities for continuous professional development to clergy at all levels. This will include a review of our current Consultations to maintain existing relationships with external partners and attract new partners as appropriate; • To host at least three cultural events aimed primarily at members of the College community • To schedule the St George's House Annual Lecture, the Elson Ethics Lecture, and the St George’s House Theology Lecture • To fundraise for the work of the House. This combines ongoing short-term fundraising for individual consultations
and a longer term plan to establish an endowment sufficient to underwrite all programme costs.
Risks and reserves The matter of reserves has been considered by the Board of Trustees and they consider that, given the level of current funds, the Charity is now in a position to hold a moderate level of reserves to meet unforeseen costs and to enable the House to pursue a comprehensive programme of Consultations in the event of a reduction in Income. The Board believe a figure of approximately 5-6 months of normal expenditure or around £450,000 would be a prudent amount to hold. At 31 August 2021 the Trust had total funds of £6,949,245 including endowment funds of £4,722,003 and restricted funds of £813,298, and additional amounts invested in functional fixed assets amounting to £6,728. This leaves uncommitted funds (or “free reserves”) of £1,407,216. This is more than sufficient to meet the amount of reserves that the Board believes it is prudent to hold. The Trustees are required to consider on a regular basis the risks facing the Charity and the systems and actions required to mitigate these risks, as well as the question of appropriate reserves. The Trustees consider that it is the duty of the Trust to ensure that all the fabric, fittings and equipment installed in the refurbishment of 2001 must be properly maintained and that sufficient reserves are put aside each year so as to allow a planned replacement of items of expenditure that are not normally expected to be incurred annually. The Board have approved a comprehensive Risk Assessment prepared by management and covering Governance/ Management: Operational Risks: and Financial Risks. This is reviewed on an annual basis.
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
The Trustees have noted that the principal risks facing the House relate to finance, security and compliance with relevant legislation in force:
• on finance, the current level of general reserves as shown in the accounts is considered satisfactory. The House is
insured for business continuity.
• on security, the fabric of the House is insured against the usual risks including terrorism, and the House and its
users benefit from the protection which the Metropolitan Police provide to the whole of Windsor Castle. The House
also has appropriate insurance in respect of Third Party Liability;
Fundraising practice The approach outlined above, i.e. not actively seeking funds from the general public, means that the charity will not be requesting funds from vulnerable people and does not need to implement specific procedures to govern fundraising in this area. Going concern After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. Trustees' responsibilities statement The Trustees (who are also Directors of St George's House Trust (Windsor Castle) 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 Kingdom Generally Accepted Accounting Practice). Company law requires the Trustee 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company 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 in the Charities SORP; • make judgments and accounting estimates that are reasonable and prudent; • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable him to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of information to auditor The Trustees at the time when this Trustees' Report is approved has confirmed that: • so far as that Trustees are aware, there is no relevant audit information of which the charitable company's auditors
are unaware, and
• that Trustees have taken all the steps that ought to have been taken as a Trustee in order to be aware of any
relevant audit information and to establish that the charitable company's auditors are aware of that information.
Auditor Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
Small Companies Note In preparing this report, the trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report, incorporating the Directors' Report, was approved by the Trustees, in their capacity as company directors, and signed on their behalf by: ................................................ Date:
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
We have audited the financial statements of St George's House Trust (Windsor Castle)
(the 'charitable company') for the year ended
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
∙
the Trustees' Report has been prepared in accordance with applicable legal requirements.
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
∙
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙
the financial statements are not in agreement with the accounting records and returns; or
∙
certain disclosures of Trustees' remuneration specified by law are not made; or
∙
we have not received all the information and explanations we require for our audit; or
∙
the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
•
The charitable company is subject to laws and regulations that directly affect the financial statements including
financial reporting legislation. We determined that the following laws and regulations were most significant including
the Charities Act 2011, Health and Safety regulations and employment law. We assessed the extent of compliance
with these laws and regulations as part of our procedures on the related financial statement items.
• We understood how the charitable company is complying with those legal and regulatory frameworks by making
inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries
through our review of board minutes.
• The engagement partner assessed whether the engagement team collectively had the appropriate competence and
capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any
issues in this area.
We assessed the susceptibility of the charitable company's financial statements to material misstatement, including how fraud might occur. We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas; posting of fraudulent journal entries, authorisation, processing, and payment of fraudulent expenses and timing of revenue recognition. Audit procedures performed by the engagement team included: • Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; • Understanding how those charged with governance considered and addressed the potential for override of controls
or other inappropriate influence over the financial reporting process;
• Challenging assumptions and judgments made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE) (CONTINUED)
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Centrum House
36 Station Road
Egham
Surrey
TW20 9LF
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 AUGUST 2021
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
REGISTERED NUMBER:
3597496
BALANCE SHEET
AS AT 31 AUGUST 2021
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2021
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
St George's House Trust (Windsor Castle) is a private charitable company limited by guarantee, and incorporated in England & Wales. The registered address can be found on page 1 and details of the principal activities are set out in the Trustees' Annual Report.
2.
Accounting policies
The Trust has significant assets both in its General Fund and in Endowed funds. Having considered the possible impact of the Coronavirus pandemic on the Trust's’s finances, in the opinion of the Trustees, the Foundation is a going concern for at least twelve months from the date of approval of these financial statements and for the foreseeable future.
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income from consultations is recognised in the period in which the consultation is held. Money received in respect of consultations in future periods is carried forward as deferred income.
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
2.
Accounting policies (continued)
Government grants received as a result of the furlough scheme are recognised in income when the company is entitled to the money.
Tangible fixed assets costing £
1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.
Depreciation is provided on the following bases:
Fixed asset investments are a form of financial instrument and 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 ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
2.
Accounting policies (continued)
The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.
Endowment funds are funds which have been given to the company to be invested to provide an income to support the activities of the company, or in the case of the Capital Fund represent the costs of refurbishing the property from which the company operates.
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
3.
Income from donations and legacies
(continued)
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
7.
Analysis of expenditure by activities
(continued)
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
Financial assets measured at fair value through income and expenditure comprise fixed asset investments. The value of investments calculated with reference to the market value of the shareholding.
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
Page 28
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
Page 30
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
Page 31
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
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ST GEORGE'S HOUSE TRUST (WINDSOR CASTLE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £
1 for the debts and liabilities contracted before he/she ceases to be a member.
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