The annual Order of the Garter Ceremony takes place at Windsor Castle on the Monday of Ascot Week

What is the Order of the Garter?

• It was founded by Edward III in 1348

• It's the oldest and most important British order of chivalry. Legend says the order’s existence came about after a lady’s garter fell off during a ball and The King returned it to the lady with the words ‘Honi soit qui mal y pens’ – ‘shame on he who thinks evil of it’ – which is now the Order’s motto.

• The Order's spiritual home is St George's Chapel, Windsor Castle

• Each Knight displays a banner of their arms in the Chapel

• Some Knights have been "degraded" or even executed for heresy, treason or cowardice. Not recently I hasten to add!

Source: The British Monarchy

Who chooses the members of the Order and why?

Recipients of the honour are chosen because they have held public office, significantly contributed to serving the country or have personally served The Queen.

The Queen is able to choose the new appointments without ministerial consultation and this year two new Companions will be invested - the former head of the Bank of England Mervyn King (66) and former head of MI5, Eliza Manningham-Buller (65).

This year's vacancies were left by the deaths of Viscount Ridley, Baroness Thatcher and Lord Kingsdown. There is still one vacany as there is a maximum of 24 Companions.

New appointments to the Order of the Garter are always announced on St George's Day, and the investiture ceremonies take place on Garter Day in Windsor Castle's Throne Room on the Monday of Royal Ascot week in June.

Why were this year's new Companions chosen?

Baron King of Lothbury (Mervyn King) was Governor of the Bank of England from 2003 until 2013, chairing its Monetary Policy Committee. He joined the Bank in March 1991. He was appointed a life peer by the Queen for "contributions to public service" and entered the House of Lords in July 2013 as a crossbencher.

Baroness Manningham-Buller was Director General of the Security Service (MI5) from 2002 until she retired in 2007. She joined MI5 in 1974.

Terrorism risk assessments were made public and the 7/7 bombings in London in 2005 happened during this period. She became a crossbench life peer in April 2008.

What happens at the event?

The Queen, accompanied by most members of the Royal Family, will lead an Order of the Garter procession and service in Windsor Castle and invest the new Knight and Lady of the Garter.

The procession takes place mid-afternoon on 16th June, and will include the Prince of Wales and Duke of Cambridge and is viewable from inside the Castle with tickets.

Sadly I am not going to be there. Maybe next year??