DSOR LEADERSHIP. Th,e.Win(isor Leadership Trust -TrLlStees' Report and Financial Statemtsnts *or the year ended 31 December 2020 'Ii WINDSOR Charity Number: 7 048589 ¢4" Company Number: 03034557. INSFIAÉ I t>15¢0VER I TrAN5F04 WINDSOR LEADERSHIP CONTFNTS L•1 and administrative irrforniation Trustees'report Ststement ofTrustees' responsibilltie$ Independentauditols report Statement of financial attiviues Balance sheet Statement ofcash flows Note5 to the financial Stat￿rents 26 27-30 31 32 33 34-43 IMNDSOK LL4DERSHIP LEGAL AND ADMINISTRATIVF INFORMATION Trustees Slr L Magnus Ms S thyen CB Dr T Long CBE Ms L R Caimle MsVNath MrMCJ Hews Mr N Benwell Mr D Gregson Chairnian Treasurer Chair of CAFÉ Charity number Company number 1048589 03034557 Registrred office Adair House Madeirn Walk Wlndsor SL4 IEU Auditor HW Fisher LLP Acre House 11-15 William Road London United Kingdom NWI 3ER Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Nling Kent ME194JQ WINDSOR LEADERSHIP TRUSTEES, REPORT The Trustees pwent their report and financitl statements for the year ended 31 December 2020 which also contains the director's report as required by Company Law. The financiat statements have been prepared in accordance wth the poli¢ie5 set out in note l of the financial statements and comply with the Charitable company's constitution, the Companie5 Att 2006 and "Accgunting and Reporting by Charitie5'. Statement of Recommended Prattice applicable to charioes preparing their accounrs in accordance with the Financial Reporting Standard applicable in the UK ar￿ Republic of Ireland (FRI 02) {effectiYe l January 2019)" WINDSOR LEADERSHIP TRUSTEES, REPOFIT Purpose Windsor Leadership is a charity that provides trdnsforniational. experience-led leadership development programme5 for senior leaders acros5 all sectors of Society. Our aim is to inspire the leaders of today arvj toMo￿oW to transform them5elve5, their organi5ation and Society for the better. Our founding ethos is: 'Good leadership and leadership for good.. Professor John Adair This underpins all that we do, and we continue to provide development pro8rnmmes and platforms of supporG to encourage leaders to be m¢)re effettive and have a greater impatt on those around them. As the lobal pandemic continue5 to evolye, thi5 has never been more relevant "I learned such a lot without being taught a thing! I have come away from the programme feeling inspired, empowered and motivated to continue to make a differen¢£" OLIVIA BARKER WHITE UK Direcroi". Kids Club Kampala Public Benefit We continue to enable leader5 from charities, soaal enterprises and faith groups to be able to attend our programmes and events wtth financi￿ bursary support These leaders al￿adY have a huge impacc on society and thls personal development hdps them to be nxire effÈ¢tyv4 often wlth limited resource& From the Spring onY*3rd5, we provided additional free 5UPPOrt to many leaders across all seccors who were affetted by the wave of uncertainty and compEexiry brought on by the pandemic. These resources were invaluable to many, as they headed into the unknown often with litcle guidance or sLtpporL WINDSOFI LEADERSHIP We created seyeral new online events which included webinar& Sm￿1 development groups and I: I support These were all generously supported by our volunoer base who wanted to reach out and help in these exceptional times. Where we did manage to delwer our regular programmes. either face-to-face or online, we once again met our r￿lt of delivering transformation￿, eXperien￿led leadership development for senior leaders across all sectors of society. The Trustees have had regard to the Charity Commission gutdance on public benefit Although our bursary investment was lower this year, in ratio to income it was a lot higher. We supported as many as 195 charity and faith leader5 this year, b005ted by attendance on the Webirars and Support and Share& Some of the charities supported included: AfriKids Mtssing People Tearfund Money and Mental Health Pollcy Institute Thames Valley Air Ambulance Brittsh Heart Foundation Penny Brohn UK The Jewish Leadership Council British Red Cross Power to Change The London Cllnl¢ Heart of Kent Hospice Royal Operd Hou The Mi55ion to Seafarers Kid5 Club Kampala Safe Familie5 The Trussell Trust Level Playing Fidd_ Ski115 and Education Group IMbiZZ-Kidz London Early Years Foundation (LEYF) SSAFA the Arnied Force5 Charity GG "This was the deepest refflective experience of my Iwe and has undoubtedly changed my outlook and priorities." L1. LVL. LHK15 HELL?ER Amy Advat)ced Development Pro8ramm< Arwhy Headqu3rters WINDSOK LEADERSHIP TRUSTEES, REPOFIT ?020 0,,,ervieiy 2020 ha5 clearly been a challen&ng year in which we incurred our first defia¢ in many years. We did however benefit through creativity. relationship building and resolve. Our small strucwre enabled us to rexct to the crisis the pandemic brought abou¢ both quickly and effectively. By the close of the year we managed to deliver only three of our regular core proDmmes. but also successfully designed and delivered new online experiences. These continue to be delivered in 2021. Nearly all of our bespoke pro8rnnme5 were postponed or cancelled, and we were only able to deliver one throughout the year. Bespoke cllents in generdl preferred to wait for face•to-face en8agemenL Our biggest success in 2020 was the growth of attendance and irrterett in our Leadership Academy offeriry for online Webinars and Wod Open themed proqr2mme.s O x Women in Leadership Programme (I cancelled) Invitacion On￿ progr7mme O x Stratrgk Leaders Consulotlon (I cancelled) Bespoke proEI-olll'.iT)es I x Institu￿ for Apprenticeship5 and Technical EdUcat￿n (4 cancelled) Le2dership Academy O x Face-to-face workshop days (3 cancelled) Online I x Sts7tegic Lead￿5 I x LeadenhFI AodryWcd(shcp-Meth31 Helkh and WellEerg 'Windsor you the time and space to really consid¥ the questions we never give ourselves the time or space to consider." MADDIE BURNS Deputy Director of Events, Deparrff*nt for Interrrdtional Trade WINDSOR LEADERSHIP 11 Venues St George'5 Hous¢ Wind50r Castle, and Cumberland Lodg& Windsor Great Park cortinue to be preferred and highly valued partners. We are grateful to both for their 5UPPOrt and flexibiliry throUg￿Ut the year as we all had to adjust to the challenging circumstan¢e5. Dates. can￿lIatIOn twms and delivery options were under constant review. and cornprornise vns offered by all parties to ensure some programme delivery was able to happen where possible. Both venues inVes￿d a lot of time and thrt to provide safe and socially distanced working space which has Continl￿ into 2021. Thank you to all the staff at both venue5 who worked tirelessly to find solutions. GG "This has been a most inspiring opportunity to reflecL leam and ￿gage with an amazing group of people. It's about being challenpj, in a wonderful environment- and coming avoy transformed." THE Pill_i KAI k. JAME Vicai.. Sr Mary's Heworth, Church ol England WIND50R LEADERSHIP TRUSTEES, REPORT Bespoke Programme We delivered one Bespoke programme only this year (7 in 2019). and 2 Part rv￿S. There was no interest shown for any Part One progr2mmes to be delivered online. but we did stage 2 Part Twos online which worked very well. as the initd bonding had all taken place Face-to-fdce on the Part Ones. Our annual Canadian Public Settor programme was p05tpDned due to travel ba￿. Institute for Apprenticeships and Technical Education (IFATE) This programme was purpose designed to supwrt somè speclfic developmert requirements of their SLT. Their CEO is an alumna of WirK150r Leadership aThJ particularly wanted to utilise some of the WSndw Leadership style and pedtgogy. We delivered the programme at Cumberland Lodge in Ottober in between lockdowns. and for many, it was the first tlme that they had seen each other since the previous Spring. The venue was signfficantly praised for the way it was set up to meet Covid social distancing requirements and this helped to redu￿ some of the pandemic anxiety felt by a few prior to arrival. GG "I got Valuable comments back on my le2der5hip challenge and this also increased my confidence in what I should do to address IL The fatt that everyone $eemed to embrdce the OFPOrtunity to Share challenges vrd5 parricularly valuable and gave me a different perspective on thing5. IFATE aryendee Florence Nightingale Foundation (FNF) Part Two Thls was delivered onllno whlch wot*ed partlcularly well as many of the attendees wtre front-line workers w¢thln the NHS and were reluctant to travel or meet Pdce-to-kce. It helped that the group knew each other from the Part On& but the bonding and emotion sh¥ed on Screen In the Part Two Yns ￿flertNe of the tightness of the group, and helped attendees feel safe and share some very real personal leadership challenge& 10 WINDSOR LEADERSHIP TRUSTEES, REPORT Leadership Academy The Leade￿hIP Academy supports the on-going development of our Alumni. as well as creating opportLmities for new participants to experience and sample our activities. Windsor Leadership has an obligation to make learning and development opportunities available to all our Alumni, and this was never more prwalent than during the pandemic this year. With the extrn strnin and ￿)Certainty placed on so many leader5 acr055 ail 5ertor& we ensured that we reached out to a5 many people a$ possible and created opporninities for suwrt and developmenL Thi5 was specitically hetped by being able to deliver online. through the creation of several new events. We were also able to rekindle many relationships with people who have been unable to attend our face-to-face events in recent years. The Leadership Academy this year was made up of Webinars. Work5hop5. Support and Share Sesslons. and Worklng Groups. It was once ardin made possible by the pro-bono support of many of our facilitators. Webinars We replaced our Breakfast Briefing5 thls year with online Webinar5. The Immediate benefit was that more people were able to attend from overseas as well as wothin the UIL The online format allowed for us to provide MO￿ sessions and we made these accessible to all. with the option to pay a donatlon If desired. The donations were taken up in moderation, but we raised £1091. We had really strong support from a wide rdnge of speakers. and are grntelul to all of them. including john Duncan OBE, former Brit15h Ambassador,. Simon Di￿1n5 08& Children and Adolescent Mental Health Services Manager, Southwarl South London and Maudsley NHS Foundation TrusL Lord Sedwill KCMG, former Cablnet Secretary; Jason Stockwood. Founder, 53 Degrees Capital., Lee Howell, Chief Fire Officer, Devon & Somerset Fire & Rescue Service; Sangita Shah Chair, Bilby PIC and International plc.. Baroness Fritchie DBE, Chair. Lloyds Bank Foundation.. The Most Reverend and Right Honourdble Stephen Cottrell, Archbishop of York Tom Ilube CBE Chief Executive Officer. Cr955word Cybersecurity plc." Helen Boaden. former BBC Director.. Sandy Nairne CBE FSA Trustee of the National Tru5( former Director of the National Portrait Gallery. The Rt Revd Rachel Treweek Blshop of GIOu￿$ter. In Ottober. as a continuation of our own ethos to support diverslty and Inclusion. we sraged a seminar entitled, 'Positive Leadership - Action on Kacism., chaired by Vijaya Nath with speakers Dr Chaand Nagpaul CBE (BMA Council Chair) and Mel Barrett (CEO of Nottingham City Council). This was a parricularly powerful event which took place during the height of the world's action and dlalogue around addresslng raclsm and social injustic£ LE WIND50R LEADERSHIP Suppoii & Share Sessions These 75-minute group se55ion5. provided onlin& offered Alumni the chance to Sh￿ very Current leadership challenges with I1￿minded leader& all adhering to the Wind50r Way of openness, honesty and challenge. These became invaluable to some of our Alumni, caught in the rush of the change and uncertainty generated by the p2ndanic. The Sessions were led by our volunteer coach and facilitator base, and we are Yery grateful for their offer of suppoo that meant that we could react quicwy to the national crisis and provide invaluable support to our leaders. Some of the sessions were open hous4 but many We￿ themed, includin Courageous Leadership in the Face of Change and Ambiguiry Exploring the Challenge5 & Benefits of the New Nom)al Managing Wellbeing and Cultivating Hope Building Personal & Professional Resilience Risks in Leadership: Repurposing & Repositioning Leading Teams Remotely Through Ongoing Uncertainty IlQ4. Workshops We one workshop this year, which Yrds provided online in November and focused on mental health and wellbeing. Delwered in partnership wtth the Priory Group. our attendees mostly Aumnl. predominantly fdnted io learn more on a personal level. although Some wanted to focu5 on how they could appiy learnings in their orgnisation. The (Jay was deslgned to meet both agendas. In the mornln& attendees heard from three specialists, all from the Prlory Group; Dr Ed Bums. Consultant Psychiatris( Simon Wilson. Therapy Services Manager and Karen LangLon, Priory Group HR WINDSOR LEADERSHIP Director. We also heard from one of our own alumna who shared some very personal insights into organisatAonal and personal challenge5. In the afternoon, attendees were SPI￿ into three working gmups, each related to the individuals, personal agend& Ml attendees commented on how successfulty the workshop had worked onlin< and many were grdteful that this event had still taken place as the topic was so relevant to their current challenges. GG "It'5 ok to pre55 the pause button and bmthe! A true leader puts personal wellbeing at the heart of their leadership journey. Easy to say harder to do." GP LAFT LIZZY NICHOLL OBE A5Si5tant 14ead of Strategy FLAF DirectoTrte of Defents Communication. MiAi%try of Defen woi.king Groups We continue to run three Working Groups at the most senior level, and this year we introduced two new groups. one specthcally for women, and the other to support our Emerging and Developing Strategic Leader5 programmes. The fOrn￿r was successfully launched in September and the latter has just s¢arted to gain tracLion. All of the w0￿1ng Groups were able to carry on throughoLbt the lockdowns 35 they worked well onllno Attendance actually increased as people had to travel less and therefore were able to comm to the sessions more readily. 13 WINDSOA LEADERSHIP TRUSTEES, REPORT St?tittics l of our Open and Bespoke programme attendan￿ was considernbly dovm. We increased our Wod(ing Group membership. mainly due io the new Women Leadershlp group Sfartlng at the end of the year. (Figu￿5 in brackers represent 2019.) Facfrto-Fa 5812391 Open programmes Onlkne 2310> e5poke programme partycipants Face•to-Face 10198) Online o(0) Leadership Academy Workshops Fxevto.Face 0 (70) Online 17 (0) Worlllng Group5 Combined 50 (35) Webinars (2019= Breakfast Bridr¥s) Onllne only 274 (631 Supwc and Shares Onllne onty 91 {0) Quality of Programmes Within the reduced number of progrnmme$. our return rdte of feedback fomis was almost identical to previous years. Of those who returned their form$187%), we still maintained very high feedback marks. This vos particularly appreciated in our new online progrdmme5 where we received l 00% satisPdttion. and on our online workshop where we met or exceed￿ expectations by l 00%. 87% (86%} Return of feedback form5 Onllne progrnmmes 86% (nla) Feedback on the quality of the programmes Excellent or Very Good Facevto4a 91% (95%) Online loo% (o) Would recommend the Face-to-Face 94% (94%) progrdmme Onllne 94% (0) WINDSOR LEADERSHIP TRUSTEES, REPORT Diversity We collate diversiry facts wthin our application process, although not everybody completes all sertions IS￿ng for their sector. gender. ethnicity and faith. No-one is precluded frorrt participating on any of these factors. Al data is stored securely arhd we only use peop￿'S private information with their approval. Sector Diversity Settor diversity 15 crucial on our programme5 and the breadth of diversity 15 part of our USP. We value and learn from differing opinions and Viewin￿ The richness of dlverse d￿ugh¢ according to the feedback Is one of the key benefits of coming on a Windsor Leadership progrdmm& Our bursary stheme ensures all sectors can be represented. and we occasionally offer 5ubsidised places to under-represented sectors to guarantee diversity wherever possible. The grnph below Shows the dlverstty split of attendees by sector within all of our core Open Programmes. (a￿-tO-faCe and online. Thls shows a decline in Civil Swvice and Corporate attendanc< and a rise in NHS and Faith leaders. The attendance numbers are muth srraller than norml and so should not ￿ seen as true representadon of our normal diversity spread. 15 WINDSOR LEADERSHIP SECTOR DIVERSITY Other 7% Public Sector Education Poll¢e, Fire and NHS 16% Falth orporaiÈ 15% Charlty 25% Mi11tary Gender Over the years. we have seen a steady rlse in the proportional numbers of female leaders attending our programmes. This maleffemale rntio reached 50.50 in 2019 and is exattly the same in 2020. This year we had no one declaring nonwbirory, other or trnnsgender. Ethnicity and F3ith Of the 68 attendee5 on our Open and Bespoke ￿ramme5. of those who declared thelr ethnlcity at all. 3 re¥TStered as non-white British. which is 4.5% a decline on 2019 {12%). The numbers are greater than the recognised national average (2-3%) but go against our consistent ratio growth in the past few years. We see an increase to 12% when other irea5 of 5UPPOrt and development are included. including our Webinars and Support and Share Session There was a sharp fall in the number of people who declared a religion or no reliwous belief. Again$t 68% in 2019, only 22% Sta￿d anythin& The majority of these were Chrixian {13 people in total). 3 were of no religion or prderred not to say, and only I perwn declared another religion (Jewish}- There appears to be a declining trend to state anythin& but again, the numbers overall this year are so small, that we will need to consider numbers next year before fom)ing conclusions. 16 WINDSOR LEADERSHIP TRUSTEES, REPORT Volunteers Windsor Leadership 15 indebted to our speakers, *4 chairs and facilitators all of vthom support us on a voluntsry basis. While the need for speakers on programme5 dropped. the￿ vrfas an increase in demand for speakers through our webinars. whlch were all delivered online. We rdn ten instsad of the usual four Breaktast Briefirbgs and attenda1￿ went up dramaticalty due to ease of availabillty. Atthough the demand for facilitators on progrnmmes diminished, the need for professlonal coaches Ytho act as our facilitators went up drdmatically to delNer our Support and Share Sessions. The drive to support all of our online enKa8ements came directly from the volunteer base themselves, all a5kng how they could help leaders struggling with the intsnse pressure created by the pandemic There vrds a huge amount of positlve feedback and gratitude from our Alumni to our facilitators and speakers hr stepping up and SLtpporting in such a direct vrdy. We used 9 Chair5 throughout the year. 40% of whom were women and 40% whom were Alumni. 2 or 22% were from ethnic minorities. We were supported by 30 speakers (60 in 2019) boosted by the need for webinar speaker& I l of whith were female (36%) and five of which were from ethnic minorities (16%). Al speakers bar one were Biitish. Chair and Facli ttator Executive (CAFÉ) CAFÉ 15 the representttlve body of our volunteer Chairs and Facilitators. It support5 the Windsor Leadership team with our faclllrator recrultmeni and developmenL and atts as a sounding board for ideas p05ed by the Wlndsor Leadership ts3m. It has also become a valuable resource for developing those Ideas and brlnbTng them back to Wlndsor Leadership for revlew and implementation. We are gratdul for all the time the members give to the main execvtlve and also for their extra work on the many sub committees. CAFÉ also h05t5 workshops and networking events for the wider volunteer bas Fellows We are 8rd￿ful to our fellows who Con￿nUe to play a supportlve role and are a150 a Sour￿ of introduttions. Our current fellows are: Professor John Adalr. &nerftus Fellow 17 WINDSOR LEADERSHIP Professor Andrew Kakabadse, Henley Business Sthool, and Emeritu$ Professor, Crnnfidd Unlverslty Mr Alan Coppin. cross-sector independent Professor Amin Raian, Chief Executive, CREATE Professor Gillian Stamp. Director. the BIOSS Foundation Mr Keith Leslie, Senior Partner, Deloitte LLP Mr Fiussell Kir% Non-Executive Director. pk Professor Peter Haythlns, Chalnnan. Bath Consultancy Group .1 jIU Il'.1 bL;, ¢ J.,1 l.1 Ili'i Ihl, I .l_ ,'11',11.14 •e 18 WINDSOR LEADERSHIP TRUSTEES, REPORT Spoinsors and Donors We retained all of our sponsor5 and doners througlK>ut 2020, and we thth( them for their contynued support throughout the pandemic. The generosity and support of all of our sponsors and IndlvldLMI donors Is vital to Sustain the level of bursary support that we need to ensure leaders from all sectors of society can attend our progrnmmes. We attratt financial supporters through a shared belief in insplrlng and developing talented leaders from all sectors. and ensuring that there is a fair representation from settors often less able to afford this type of developmeni including charities social enterpri5e5 and fafch groups. This year we welcomed 33 bursary recipients from charity and faith groups across our reduced Open Programme5 (30 in 2019). plus we enabled a further 13 to attend our Working Groups (19 in 2019) with additional bursary funding. Windsor Donors and Sponsors Included Shell Fknil Transportfor Lendon Blad( Heart Foundation McKinsey Tebs Fournlatl)n DeprnforBEIS Allchurche5 Tru5¢ Alumni Giving Schemes Our Alumnl Giving Scheme is available to tknse wishing to make a difference thr￿gh personal donations. All of these donations go into our main bursary fund and support the charity and faith leaders referred to previously. We have two level of donation: Advocates x 77 who very kirKiIy donate £1501£180 annually. and Guardians x 12 who generously donate £1,000 per annum (5 of which are Silver Guardians and donated £2.000 in our annlversary yearl. The total raised, £27,302 vns an increase on 2019. Gift Aid for the past two years brought in an additional £5,533. Silent Auction One of the few events we were able to stage from our 25th anniversary celebrntions. was an online silent auction whid) took place in December. We had some amazing prizes very generously doyrdted by our Atumni and Supporters. including a worknng afternoon at a fire station. a nLght at the balle( several sport themed prize5 ar￿ a visit to the hidden underground of London with TFL We raised an amazing £ I 1,000 which will help bursary fvrKling in 2021. Thank you to everyone who took parl 59 WtNDSOR LEADERSHIP TRUSTEES, REPORT Financial Summary Income aiid Expenditui-e Our overall income was down by approximately 50% compared to 2019, and after tsktrtg account of costs savings for lack of venue spend, the year ended with a deficit of £237.867. Due to the cancellation of most of our programmes, our Core Programme income fell by 66Y. against the previou5 year and our Bespoke Programmes by 70%. Athough we only delivered one Bespoke Programme Part On& extrn income was attnbutable to deferred payments for Part Twos from 2019. The Leadership Academy lost revenue from its workshops and mastsrclasses, but gained on Woriang Groups, so that the bal￿r￿e almost exactly met the orliinal targec of £154k Sponsorshlp and donatlons were mawnally up 2zaln$t budget because of a sllght Increase in personal donations from our Ajumni Giving Scheme. There was additlonal income from some unspent rtstri¢ted funds which we carrid over from 2019. Operdtyonal Costs bener￿ed from several savings - sales expenditu￿ and off-site meetings were dowrn an IT project was pjstponed, running costs in the office were minimalised as most Staff were working from hom4 and marketing ompaigns and web development were postponed. General matketing continued to SUFQOrt the new online produc There were some signifi1￿( savings within staff salaries of just over £IOO.000 (16%) against target as new or ￿PlaCement appointments were put on hold. No staff were furlou8thed due to the effects ol the pandemlc. Our re5effts were reduced by 50% from £467.075 to £229.208. Thi5 leave5 US with a running cost value of 34 months. We are prolecting a surplus of around £S0.000 at the end of 2021 whlch will be the start of our campaign to build reserve5 up again. Our ca5hflow is healthy. Cashflow A5 the realiry of the pandemic Yrds realised. we planned several worse case Scenarios including the return of prograrnme pre-payment5. However, the ￿dSt majority of prospettive participants were retained by being offered Postpor￿rnent options or altematNe online programmes. Many other5 chose to wait for face-to-face programmes to start again and so very littte programme payment needed to be refunded. The postponement of programmes meant large cost saviros due to lack of venue fees. Thls meant that we re¢ained a healthy bank balance throughout the year. and Into 2021. 20 WINDSOR LEADERSHIP TRUSTEES, REPORT Governance and Management As set out in the Memorandum of Association, the prinapal attivity of WirKlsor Leadership i "To advance Èducation ft)r the public benefi¢ but not exdusively. by the holding of conferences without territorial re5tricuon where men and women holding positions of re5pon5ibility in various areas of society. such a5 ifKlustry, commerce, the professions. f￿th. politics. education. science. the seryices and the arts, can come together to explore possibilities and develop their ideas while taking into account the spiritual dimension in material affairs. Windsor Leadership focuses on facilitated leaming and challenging leaders to think about key elements of leadership at the heart of busines5 and Society today . To support the principles stated in the Memorandum. and those Set as our purpose and objective& the governing body, our Board of Trurtees, meets four times a year to include a stratw day artd the Annu￿ General Meeting (AGM). They support our formal dinners at the end of e￿h Emerging Strnwc Leaders Programme, and are represented by one or more of it5 members at our chair and facilitator gatherlngs and our Leadership Deba￿. Nearly all the Trustees have chaired or facilitated across our progrnmmes. and the majority have spoken. The Chairnian meets regularly with the CEO. and the staff meet all the trustees at an anwal gathering after the AGM. This has mostly been happenlng online throughout the ye¥ although the￿ were some face-to-face interactions at the beginnlng of 2020. The Board of Trustees. whlch can be no less than three In number. 1$ currently nine In total, although Ruth C¥nie continued her sabbatical earlier in the year and re-joined the meetings in Sep*mber. Collectivety they administer the Charity. They may appoint new Trustees at Tru5tee5 meetings. All prospettlve Trustees are met by the Chalm)an to assess suittbility. and all new appointments must be rdtsTied by the Trustee5. acting in their capacity as Membern of the charity. at the following AGM. On their appointmen( new trustee5 are briefed by the Chairman and recelve information about their legal responsibilities and their role in the governan¢e of Windsor Leadership. In 2010, the Memorandum and Arucles of Association were amend&J to allow Trustee5 to serve a third trrni. where their contribution would be of subsfanftal valu¢ Our Nominations Commlttee Is rnsponsiblè for Trustee recruith)ent processes. Chaired by Sir Laurie Magnus with Dame Sue Owen and Dr Trdcy Lon& its remit is to monitor the skills matrix to ensure a diversity of ski115 across the board and to review and implement Trustse recruitment The Trustee5 reviewed and updated the Risk Register throughout the year. and confirmed it constituted a thorough register of the risks associated with Windsor Leadership s operations and the actions required to mitipte such risks. The risk register was adapted to hi8hl-Lght the ongoing challenges and rlsks assoclaod wlth the pandemlc. as well as potential economic downtum and 21 WINDSOII LEADERSHIP decline in programme attendance. Together with the executive tean Trustees regularty monitor the risk exposure of the charity and ensure appropriate action 15 taken. Trustees The Trustees who served during the year and up to the date of approval of these financial statements. and who were also directors for the purpose of Company Law. wer Sir Laurie Magnus Mr Mark Hews Mr Nigel Benwell Ms Fiona Dawe CBE Dame Sue Owen DCB Dr Tracy Long CBE Ms Vllaya Nath Ms Ruth Calrnle Mr Dawd Gregson Chaiman Treasurer Chair of CAFÉ Retired on 8 December Staff Trustees are extremely gratefvl to Lesley King-Le%￿S CEO, Jonathan Story COO. and the whole of the team who showed outstsndlng dedlcatlon throughout the pandemlc. to a)sure Windsor Leadership met the crfsls head on. They not only retained and engaged with Alumni and new participants alik4 but ensured that all stakeholders felt Ydlued and supported throughout this period. For such an exct70rdlnary year. they showed exceptional coffffiitmenL Change in our Executive Leadership Our CEO. Lesley King-Lewis wll be Standing down on 21 May 2021 after eight tremendous years leading Windsor Leadership. Under Lesleys inspirlng leadership, huge progress has been mado We have extended our reach and profile and had the reslllence to adapt suCcesth1￿ during her final year, to the challenges of the pandemic. WiThJsor Leadership owes Lesley a huge debt of grdtytude and we wish her every 5LKcess in the future. After careful deliberntion, the Trustees have appointed Jonathan Story, our COO, as her successor with Immediate effecL He has been at the heart of Windsor Leadership for over 10 years, suppor¢ing Lesley throughoui her time wlth us. and we have every confidence that he NMII lead the charity to further succe5S. 22 WINDSOR LEADERSHIP TRUSTEES, REPORT Fijtijrc Planning ind Going CoD.ccrn Windsor Leadership is looknng forward to new chapters. Despite the impatt of the pandemic and its negative effett on our finances, we Ltsed the down time to create new products. ￿-engage w¢th Alumni and sharpen our processe5. We retained all of our sraff (fte 7.5) throughout the lockdowns desplte the loss of revenue and surplus. Everyone had a key role and foeussed developing future sales, communicating new produtts, r en￿gIrtg with contacts and designing new progrnmmes and serylces. We have creatrd a n￿re innovative and engaging Owdnisation ready to meet the demands of the new leadership development world. Most people that had booked progrnmmes with us in 2020 were happy lor us to keep their prepayments and deposits for when progrnmmes return to face-to-face engagemenL This enabled us to keep a healthy cashflow. In 2021. we retained deposits further as most people preferred to wait for face-to-face progrzmmes. returning in May 2021. Some were keen to take up our Blended programme option. whlch meant att￿dIng a Part One online and a Parc Two latrr In 2021 face-to- face. Profit marylns Increased. There has also been a growing interest in our online programmes. Attendance numbers are going up and the feedback supports lust how successful our onlir Internctions can be. The$e programmes appèal to those who cannot attend residential progrnmmes. international attendee5 and those who are looknng for more cost-effective options. This is in line with our Golng Concern review of last year. We have a150 developed online Webinars. instead of face-to-fa¢e Breakfast Briefings and Work$hops. Costs are minimal or non-existent whlch means we can reduce attendance fees and increase surplu5 with more at￿dees. We have adapted our Working Group5 to online engagement and launched a Coaching Scheme which also works within the online space. Both Coachlng and Working Groups will go back to fa￿t0-face erhgage￿￿Tr¢ or a combination of face-to-face and onllne. as the demand changes. We have several Bespoke Programmes waiting to reongage and confirni in antictpation of relaxed oronavirus rules. and we are expecting to see tyffj of those take place before the end of 2021. This would mean additional revenue and surplus to our orfginal 2021 budgeL Going forward. we wll focu$ on the face-to-face Open and Bespoke Programmes, but will also contlnue ro promote onllne programmes. kncreaslng the amount available as dwnand increases. We will mair￿arn or increase our online presence within our Leadership AL3demy. as these events Jvork 23 WINDSVK LEADERSHIP well with Alumni who are comfortable with open and honett ￿￿ement having experienced the Windsor Way already. ThrOu￿oUt the recent lockdown periods, we have reached out to our Ajumni through Support and Share Sessions as well as the events mentioned above. Due to the online intrrac¢ion. we have re- eng4ed wlth many past alumni and people oversea& which has resulted in renewed interest in Windsor Leadershi￿ This engagement alone has resulted in some programme r￿MInatIOns. If the pandemic or somethlng similar resurfaces we will be in a stronger position to promots all of our online services and reduce the c05t of our faCe-t￿face engagements. We wll also continue to retain prepayments and deposits to ensuro the healthy clshliow seen throughout 2020. Staff strucwre in 2021 Is changlng as our COO steps up Into the CEO role and we are also looklng to recNit a new Programme Manager Én the auwmn, as we soe an Incrèase in the demand for our face-to-face progrdmmes. A5 the demand for Leadership kademy event increases we are ￿50 looking to employ a Leadership Academy Director, who will design new bespoke programmes and Alumni service5, a5 well a5 collate and vffitr on emerging th￿ne5, generating our own volce within thought leadership. LEA 24 WfNDSOR LEADERSHIP TRUSTEES, REPORT InforiThation to Auditor Disclosure of Infoi-mation to Auditor Each of the Trustees has confirmed that there is no information of which they are ayft￿ which is relevanc to the audiL but of which the aLKlltor is unaware. They have fur¢her confirnied that they have taken appropriate steps to identify such relevant information and to establish that the auditor are aware of such information. A,14iEoi" H W Flsher LLP was re-appolnted auditor to the charity and in attordance sectlon 485 of the Companies Acc 2006. a resolution proposing that they be re-appolnod wlll be puc to the Annual Genernl MeetSng In 2021. Signed. on behalf of the Board of Trustees Sir Laurie Magnus {Chairman) Date ij-i-IoLI Date LC-s-iJLI Mr Mark Hew5 (Treasurer) 25 WIND50R LEADERSHIP STATEMENT OF TRUSTEES, RESPONSIBILITIES For the Ye?r Evded 31 Derambef ?020 The Trust￿ who are also the dlrectors of The Wind50r Leadership Trust for the purpose of company law. are responsible for preparing the Tru5ffts' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {Unit¢d Kingdom Generalty Accepted Acctyjnting Pr2Ctice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fa(r view of the srate of affatrs of rhe charity and of the incoming resources and appllcation of resources. Including the income and expenditu￿ of the charitable company for that year. In preparing these financial ststrments, trustees are reqUI￿d to: select 5Uitabte accountsng policie5 and then apply them consbtently. observe the methojs and principles in the Charities SORP. make judgements and estima￿5 that are reasonable and prudent. and prepare the financial 5tatsments on the going concem basis unless It is Inappropriate to presume that the charity wll continue in operntson. The tnjstees are responsible for keeping adeqLrats accounting records that dlsdose w￿h reasonable accuracy at any tlme the financial p051tion of the charriry and enable them to ensure that the financi 5tatemerts comply with the Companie5 Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevenuon and detecuon of frnid and other irregularities. 26 WINDSOR LEADERSHIP INDEPENDENT AUDITOR'S REPORT To thc Trustees of t.he INiiidfor Leidership Triist Opinion We havE auditsd the financial statem¢nts of The Windsor Leadershlp Trust (the 'charty'l for the year ended 31 December 2020 which comprise the statement of financial artwiue5, the balance sheeL the statemefit of ¢a$h flows and the note5 co the financTal Sta￿Ments. including a Summary olwgnificantaccountin¥ Polic￿*. Thefinancial reporting framework that has been applied in their preparation is 2pplrdble law and United Kingdom Accounting Standard5, including Financial Reporring Stsndard 102 The Financial Reporung Stsndard appli¢able In the UK and Republic of Ireland Iunited Kin￿0￿ Generally Ac￿pted A¢¢oununll Pr4th¢el. In our oynM)n, the financial 5r4tement& gNe a true and fair view of the stace tsf the ¢haritable ¢ompanls affairs a$ at 31 December 2020 and of incoming resources and application of resources. for the year then ended: have been properly prepared in accordance United Kingdom Gene￿ty Accepted Acco￿￿￿% Pr3CtN and have wep1￿ in a¢¢ordance with the requirements ofthe Companies Att 2006. Basis for opinion We condurted our audit in accordance with InterThational Standards on Au(%ung (UK) IISA5 IUKI} and applicable law. Our responsibilities under those standards are further described in the Audttor's responslbiliues for the audit of the financial statements settion ol our report. We are independent of the charity in accordantt the ethical re4uiremertts thatarè relevant to our audit of the financ121 statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical re5pon&bilTtie5 in accordance v•ith these requirements. We believe that the aud￿ evidence we have obtsined is sufficientand aDproDriats to Orn￿de a basis for our ODiniorL Conclusions relating to going concern In auditing the financial statement5. we have concluded that theTrustees' u$e of the going cortcem b*sis ol accounting ln the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any ]rntrr￿ un¢errainti¢s relating to events or conditions thal indNidualty or collectNety, may catt significant doubt on the Chari￿5 ability to continue a5 a going ncern for a period k>f at least twdve months from when the ffinanclal sotements are authorised for issue. Our responsibilities and the respOn*bil￿e$ ofthetrusteeswth respect to zoing concern are described in the relevant seco¢ns of thls reptsrL Other irrformation The other inforniation comprise5 the inforrnation included in the annual report other than the financial ststements and our auditor's report thereon. The trustees are responsible for the other information contsined vffthin the annu reporL Our opinion on the ffinarttial state￿￿¢$ does no¢ Cover the ¢xher Inforniation and, except to the otherwse explicidy Slated in our repor¢ we do not ￿presS any hrm of a55urance conclusion thereon. Our responsibility 55 to read the other iDforr¥Mtion and, in doing 50. CWSMler vlhether the other inforniation is materially inconsistent wth the fir￿ClaI stateM￿ts or our knowledge obtsned in the course ofthe audiL or othermse appvdrs to be Ma￿riallY rnI55(a￿d. If we idenufy such rnaterial incons15￿￿(￿$ or apparent tnaterial misststemens we *re required to detemiine whether this gwes rise to a material misstatement in the financial staternents thernsefves. If, based on the wijrk we have performed. we conclude that there is a Ma￿rial mismatement of this other information, we are required to report that facL We have nothing to report in thi5 regard. Opinion5 on other matters prescribed by the Companie5 Art 2006 In our opinion. based on the work undertaken in the course of our audi the inforrnition siven in the TrusTres' reporL which include5 the direttorl ￿POrt prePa￿d forthe p￿rposeS of mpany law, forrhe financial y¥drforvA)ich thefinancial Str￿ments are prepared is consistentwith the financial 5tatemersts: and the dtrectorg report induded wthin the Trnstees, report has been prepared in accordance wth athKable le8al requiremenÉ5. 27 WINDSOK LEADERSHIP INDEPENDENT AUDITOR'S REPORT Tc the Triistees of the Windsor Le2dersbip Tri 1st Mattevs on whlch WÈ are requlred to report by exceptio In the I￿htO1the kno¥￿edSe and undersartding of the ehanty and its environrnent oEcined the course of the audi¢ we have not identified matrrial mi55tatements in the directors, report ￿ClUded wthin the Trustees, reporL We hav¢ nothlliE ro report in r¢spe¢t ofthe folltswng matW5 in relat￿￿ to which the CoM￿nieS Att 2006 wuire5 U5 to report to you if, in our opinion.. adequate accounting record5 have not been kepl or returns adequats for our audit have not been received from branches not visited by u4 or the financr41 stttements are not in agreemefttwith the a¢cvuntyng rerord5 and rewrn5." or certaith dist105Ufès of trUs￿e5, reThuneratiott specrfied by law are not made,. or we have nor recel¥¢d all the inforn)aiion and explanatio￿ we require for our audic or the trus￿% were not entided to prepare the financial State￿￿nts in accordance the small Compan￿5 regime and tske 2dYantsge ol the small companies. exemprions in preparing the TrLL8te¢s' r¢porE and from the requiremenrro P￿Pa￿ a swateglc ￿port Responslbllltles of trustees As explained more fulty in the 5ratement of trustee5' responsibilities. the trustees. who are 3lso the directors of the ¢harity for the purpose of wmpaw law. are ￿SPOnSible for the preparation of the financial Statements and ft)r being 5ati5fied that they gNe a true and fair ￿ew. and for such internal control as the trustee5 determine 15 necessary to enable the preparation of financil st2terrvénts that are free from materAI Missts￿men¢ whether due to fraud or errgr. In preparing the ffiDaTKkil stsTrtnents. the (ru5TrP5 are responsible for 355e55ing the charity'5 ability ¢0 contynue as a going concern. disc105ing, as applicable, matters related to going concern and using Ehe going concern basi5 01 accounting unless the trustees either intend to fiquidate the charitxble cotnpary or rg cease operation5, or have rto realistic al￿rna￿ve but to do so. Auditor'5 reSPo￿1￿111t1es for the audi¢ of the finAncial Statements Our objectives are to obtsin reasonable assurance abkyut whether the financi￿ staTrments a5 a whole are f￿ frorn material rnisstaternen¢ whether due to fraud or error, and to 155ue an auditorfs report that includes our opinion. Re2soTrthe assurance is a high level of assurance but is not a guaranteè that an aud¢ t¢)ndutted in accordante wth (UK) will alway5 de¢ea a material mi551aternent when 1¢ exists. Misstatements an arise from frnud or error aThd are considered material if, indNidualtyor in theaskrerdte.theycould ￿$¢nablY be ¢xpe¢¢ed to infSuencetheeconomi¢ de¢isTon$ of y$ery taken on the tsfthese financial suternents. Irregularitie4 including Itxud, are instances of n¢)n•compliancewth la￿￿ and regulatyons.we design procedures in line with our responsibilities oudined ab￿ to detett matsrial mi55tatements in respect of irregularitie5, includin8 fi7ud. The extent to which our procedures are capble of detecctng itregularities, in¢luding fraud. is detailed below. As Part tsfour pknning prcKe5F. We enquired of rymnwent th¢ systern5 arh4 controls the p¥en¢ charity has In phc4 the areas of the fiDanclal soternents that are rnost suswible to the risk of irregularities and fraud, and whethw there was any known. SU5petted ¢x alleged fraud. The charity do not inform us of any knowrn suspected or alleged fnud. W¢ obtyned an undersondin2 of the legal and regulatory frameworks applicable to the company. We de¢ermined that the folloW￿g were most rele￿￿e the Charity SORP, FR5 IOZ Charldes Act 2011. Companie5 Act I￿6. We considered the incentives and opportuniues that exist in the Cha￿ty, includingthe oxtent of man8gementbFas, whith presen¢ a potsntAI lor kregularity$s fraud to be perpewl￿d. and t￿lOred our risk assessm￿£ acCordin￿y. 28 WINDSOR LEADERSHIP INDEPENDENT AUDITOR'S REPORT To tlic T;-11- f rl-,. Wii-I,.l£ill- l_eiderilip Trijfi Usirbg our knowledge of the charity, together with the ￿lS[uSsionS held the charity ar the planning stsg4 we fomied a conclusi¢)n on the risk of M￿Statement due to irregularitie5 induding fraud and tailored our procedure5 according to thi5 risk a5se55menL The key procedures we undertook to detett irregularities Including frdud during the course of the audit included: Idenpfying and te5¢tng joumal entries and the overall aCcoun￿ng records. in par¢¢¢ylar those that were 55gnificant and unusual. the financial 5¢atement disc105ure5 and d*rniningwhethEr acccunting policiES have been approPr￿telY appl¢ed. Assessi￿ the extert of compliance, or lack of. the rele*7nt law5 and regulatitsns. Te5ung key Incor￿ line& in parricular cut-off. for evidence of rnanagetnent bia$. Assessin8 the ¥￿id￿ of the das$￿ication of income, ￿pendIture, assets and Ivabilme5 betsyaen nrestricted, dE5ignated and restricted fund5. Obraining third.party ¢¢Dfirmatitsn of material bartk balances. Documenting and verfyinK all srgnificant related party transaction Reviewing d(xumwtstson $uch as the ¢hwlLy board minules for dlscussK¢ns of irreguLqrities includingfraud. Cfvling to the inherent limitations of an audi¢ there 15 an unavoidable risk that we may not have detected sorne material mis5taternents in the financial ststements even though WE have woperty planned and performed our aud in accordance with auditing standard5. The prirrAry re5pons¥bilityfor the preventyon and dete¢uon of IrregU￿ritté$ and fraud rests with the tnjstees ofthe charry. A further description of our responsibilities is available on the Financial Reporting Counol's website at hty'.Ilwww.frc.oryukJauth¢or$respon$ibilitie$. Thi$ d&8cription forn)$ tArt of ¢)ur auditoes reporL 29 WINDSOR LEAD.ERSHIP INDEPENDENT AUDITOR'S REPORT To the Triiste=s of the Windsor Le.:der£4ip Trilft Usè of our report Thi$ is made solely to the charirable ¢ompanls member& a5 a body, in accordance with ChI￿r 3 of Part 16 of the Companies Ac¢ 21Y)6. Our audit work has been undertaken so that we might state to the charitsble company's m¢mbÈrs those matters we are required to to them in an auéiror5' report and for no other purrKJ$e. To the fijllest extent perrnitted by law, we do not accept or assume responsibility ¢0 anyone other than the charitable compÈny and the charitr4ble companls mernb¢rs a5 abody, for our audrcwork for thi5 reporL or for the opinions we have forrned. MfrJ LLP Andrew Rich {Senlor Statutory Audltor) for and on behalf of HW Fisher LLP Char*red Accoun¢aftts Statutory Auditor Acrè House 11-15 William Road London NWI 3ER United Kingdorn 28th July 2021 30 VIINDSOR LEADERSHIP STATEMENT OF FINANCIAL ACTIVITIES Including Income and Expenaiture Account For the ye3r ended 31 DeC￿mbE1- 2020 Unre5trlcted Restrlcted funds funds 2020 2020 Total Unre5tr1c￿d Restr*ted funds funds 2019 2019 Toul 2020 2019 Notes Income from: Donations 2nd lepcie5 C￿rioble aCt￿lues Investynents 110,900 510.722 2.297 I10,%o 510,n2 1297 l(rf),765 1,158,709 2,341 3QOOO 130.765 1,15&709 1341 Total income 623,919 623,919 1.261.815 30.000 1.291,815 Raising funds 37,857 37.857 44.078 44.078 Charitable actwioe5 BQ),143 25.260 825.403 .155.471 30,QC(I 1,185.471 Total rtsources expended 838,OC(I 25.260 863,260 1.199.549 30,OC#) 1,229,549 Net gainsll1055es} on %tMents 1.474 1.474 3,187 3.187 Net movernent In fund$ 1211607) QS.2601 (237.867) 65,453 65.453 Fund balarKe5 at I january 2020 441815 25.260 467,075 376.362 401,622 Fund balances at 31 December 2020 229,208 229,208 441.815 25.260 467.075 The $ra¢￿ent offinan¢o1 awvitses includes all rdin$ andlosses recognised in the year. All incoft* and expenditure deri¥* from ¢ontinuing aCt￿lties. The sratement offfinancial actNitiesalso complies with the requirementsfor an income and expenditure a¢ctsufitunder the Companie% Act 2￿6. LE￿)￿￿$4￿ WINDSOR LEADERSHIP BALANCE SHEET As it 21 Dccember 2020 2020 2019 Notes Fl¥ed assets Tangible ￿et$ Inve5tynents 12 13 819 59.110 4,263 55,828 S9.929 60.091 Current a55ets Debtors Cash at bank and in hand 291.952 551.323 168,162 700,832 843.275 868.994 CredltOY5: amounts falling due wlthin one year 16 1673.996 14610101 Net current assets 169,279 406.984 Total assets less current liabilit*s 229,208 467,075 In¢om¢ fvnd$ Re5tyiaed fvnd5 Unre5trifftd lund5 18 229.2C 441.815 229.208 467,075 The fir￿cra1 sratmnts were approved ty the Truttees on.. Sir L MaRnus Truste¢ Company Registration No. 03034557 32 WINDSOK LEADERSHIP STATEMENT OF CASH FLOWS For tpie yc.Ir eiidod 31 DÈiember 2020 2020 2019 Note5 Cash flows from operating actlvltles Cash (absorbed byllgen¢rated from 22 149.9981 226,945 Investing activltles Purthas¢ ¢f tangible assers Purtha* of investments Investment incorne received 14.3ni 11.4881 1341 {IR081 1297 Net ¢ash generated froml{u5ed in) Investlng actlvltles 13.5191 Net cash used In Ilnanclng *¢¢ivltle$ Net (decrea9e)Ilncrease In tssh al￿ cash equlvalents {149.5091 223,426 sh and Cash eqU￿alents at be&nnin¥ of year 700.832 477.406 Cash and tash equivalents at end of yvar 551.323 71yJ,832 33 4p WINDSOR LEADERSHIP NOTES TO THE FINANCIAL STATEMENTS Fnr t4c. Ipir cid.-, d 31 Deck Ii ",b- ?.O?.O Accounting policies Charlty information The Windsor Leadership Trusr 1$ a pr￿a￿ ¢oftyany limited by guardntee iDCC¥rporated in *Lind and Wale& The rwrtered office is Adair House. Madeira WalK Windsor, SL4 1 EU. 1.1 A¢¢ountlng conventlon The financial starements have Eeen prepared in accordance Yath the charity's m￿Ora￿dUm and Aricles of A55cC￿t￿n. the Compan*$ A¢L2006 and.A¢C¢unEtng￿d Re￿￿￿8bY Chariues.. StatsmentofRecommended Pracitce applicable to charities preparing their accounts in accordance with the FirAnciat Reportin¥ Stsndard applicable in the UK and Republi£ of Ireland (FPS 1021 {effe£tfft l Janu*ry 20191.. The charity 15 a Public Benefft Entity as defined by FRS 101 The ffinantval statements are prepred in st*4in& which ￿ the functional currency of the charity. Monetary amunts ITh these financial statrments are rounded to the nearest £. The fihancial ststements have been prepared under the historical cost convention. modthed to include certain ffinancHI instruments at falrvalue. The prlnclpal accounting polKles adopted set out below. 1.2 Going ¢on¢ern Alth￿8h our reseThe5 were depleted by 50% in 2020. we reuned a strong cashfiowthroughout the whole year and Inrts 2021. Thls has mÈant we reoined all ol our stsff lfte 7.51 who each bring a unique skill Set ¢0 the organisatton and have been a fundamenol ￿r¢ of maintsiDing $troD% relavon5hip5 Wth our pro8ramtne par¢ner5, and retsining deposits and pre•payments fundamental to our cashflow. We delivered Some fa￿-tO- face programrnes in October in betyyeen lockdown$, but sin¢¢ the subsequent restrictions on face-to-frdce meetit)gs. we have developed and succe55fully delivered online programmes and evem5. This ha$ re¢aimed some in¢ome minimal wjendlture as ￿ has all been virtual. There 15 a Strong demand for the rewrn of our fa￿￿O-fAce progrdEnme4 which 5rdrt up again in May 2021. and we forecast 2 surplus of £50k in 2011, meaning a return to bu1￿1ng up re5eThe5 again. Our online progrdmrne5 and events are being retained to mee¢ demand and be an option should there be another ￿aVe ol the pandemic, or similar. At the time of appromng the finarKial statements, the Trustees have a reasonable expettation that the tharlty has adequate resources to continue in operatM)nal ustence for the foreseeable Thus the Trustees continue to adopt the goin¥ concern ba515 of accounvr)g in preparing the firtsncial sta￿l￿en￿. IJ Charitable fund5 Unre5¢ricted funds are available for use at the discretion of the tru5*É% sn fvnherdnce of their charitabte objectives. Restricted lund5 are subject to specific conditions by donor5 a5 to how they mty be used. The wrpose$ uses of the restricted fvDd5 I￿ $et ouc in the notes to the financial statements. IA Incorne Income 55 recogni%d when the tharity 15 legally pntytled to ir afw any performance condMOr￿ have been m the amounts can Ee measured reliabfy, and it is probable that incorne will be received. Voluntary income is included in the ststement ol financial a¢tivitses whw) the charity is entided to the income and the amount can k quantified Y•ith reasonable accuracy. 34 WINDSOR LEADERSHIP NOTES TO THE FINANCIAL STATEMENTS For t,he year e.lided 31 December 2020 Arcountlng pDlicie5 Government grants are accounted for under the a¢¢ru¥ rnodel artd are r*¢ognised at th* tsr value of the amount ￿eNed or receivable when there is reasonable a55urance thatthegrdnt condition5 wll be met and the grants wll be receNed. Government gv4nts are being weNed under the C¢ronawrus lob Retentiort S¢herne deSI￿ed to compensate for staff costs. Amounts received or recewdble are recoRnised in the statement of fitwnctal activities overthe same ￿er.￿d a$ the costs to which they rdats. Deferred income relaTr5 to income received towards leadership courses where a Sum 15 received in adwince of the course being held and the sum is refundable. The ￿lue of services provlded by vdunteers has no¢ been included in these financi￿ sfatemen Investment income ￿ induded when receivable. Interest on funds held on deposit 15 included when receNable and the arnounc can be rneasured relRbly by the charity,. this 15 normally upon notffication of thè interest paid or payable by the Ban 1.5 Expenditu Expenditure is recognised once there is a lerdl or constructive obliRatk)n to make a payment to a third parry. Ir is probable that setdeThent will bè requwf and the arnount of the obligation can be rrwsured reliably. Expendiwre is dassrfied under the following actswty headings." - Costs of N$ing fvntJ$ comwi$e the costs tsf attyacting voluntary uitome anij the ¢+>Sts of ￿n&1]sing Expenditure on charitable a(u¥itTes indude5 the costs of the delNery of its activitie5 and 5er¥ice5 for its beneficiaries - Other exponditur¢ represents those items not falling into any other heading. Itrecoverable VAT ￿ charged as a cost yn$t the actr￿ty forwhtch the expenditure was incurred. IA Tangible fixed a$5et5 Tangible fi¥ed assets are moa5ured at C05L net of depreciauon and any impairrnent losse5. DepreciatKsn is recognised $0 as to write off the cost of wets les$ their resldual values over thelr ￿Seful live5 on the following base&. FixtiJ￿ frttings and equipment 30-50% Stra￿ line The gain or1055 3rising on the di5P0531 of an asset 15 deteThnined a5 the drflerence between the Sale proceeds and the carrying value of the asseL 2nd is recogrtised in net incomellexpenditure) for the year. 1.7 F￿ed a55et investments FLxed asse¢ investments are snitially measured at trarwiction pyice excluding transaction costs, and are subsequentty measured at fair Y21ue at each reporting da￿ Changes in l*r value are recognised in nrf sDcomellexpeThdiwrel lor the year. Tt7nsaction costs are expensed a5 incurred. l.e Cash and fash equivalents Cash and cash eguNalents include cash in hand and other short.term liquid investments with original maturiues of three morths or le5S. 35 WINDSOR LEADERSHIP NOTES TO THE FINANCIAL STATEMENTS F3r thc y-. ?r eyd.. d 31 Dcc-rr,b. ?o?o Accounting policies 1.9 Financial instruments The charity has elected to appty the provision5 of Section I I 'Basic Financial Instrnmenrs. and Section 12'0ther Financial Instruments Issue5, of FRS 102 to all of trs firtanciai instwments. Other than fixed asset investmenfs Isee above). the EruK only has finan¢tal assers and fiTrat)clal Ilabilldes of a knnd that qualify as basic financial Instruments. ￿'C f￿anCial in5trurnents are iniiialty recogni5ed at traTh5action ¥￿ue and sub5equentty rneasured at their settlemert Wdlue. 1.10 Employee benefrts The c05t of any unused holiday entitlement 15 recwwl in the period in which the employee's services are recwved. Terfflination benefits are recO￿lSed immediatety a5 an expense when the charw 15 demonstrably coMitted to temiinate the employmeTrt of an employee or to provlde temiinatton beneffts. 1.1 l Retirement benefits PaymenTS to defined contribudon rev￿Men( bpnefjt s¢hemes #re ¢haTyl as an expense as thty fall du Crltlcal accountlng estlmatss and judgement$ In the appwication of the charitys aceounting p0￿cles, the trustees are required to make sudgemÈnt4 estimite5 and assumptions about the ¢arrying amunt of assets and liabilitie5 that are not readity apparent frorn other source5. The estimatss and associated assumptions are based on hi5rorica] expertence and other factors that are considered to be relevanL Actual results may drff¢r from thes¢ ¢spma¢e5. The estyrna￿s and underlying assumptions are reviewed on an ongoing basi5. Rev￿lon$ to accounting estimates are recognised in the period in which the estimate is revised where the rewsion affects onty that period. or w) the Per.￿ ofthe and future period$ where the wislon affe¢rs btsth current and luturt periods. The tr￿Ste25 do not consider there to be any criucal estimates or judgements appfied in preparing the financi*l $ratements. Donations and legacies Unrestrkted Unresrritted Re5Eri¢Wt funds fund5 lund5 Total 2020 2019 2019 2019 Donations and gifts Governmentgrant- furIo￿h 106,417 4,483 IC4).765 30.000 130,765 110.900 100,765 30.( 130,765 36 WINDSOR LEADERSHIP NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 Decemb4r 2020 Charltable a¢tlvl¢le$ Unrestricted Unrestritted funds funds 2020 2019 Core programmes Bespoke progt7mmes Leadership academy 323.086 35,357 152,279 81&91B 205,690 510.n2 1,158.709 Investments Unr¢strleted Vnwtritted funds fiJnd$ 2020 2019 Income from listed inves¢menrs Interest receivable 1.488 853 491 2,297 1341 Ralsln8 funds Unrestricted Unrestricted lunds furtd$ 2020 2019 Fundraisin Stsff costs and bfici 37,857 44.078 37.857 44,078 37 WINDSOR LEADERSHIP NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020 Charitable activltles 2020 2019 Staff costs Deprec¢ation and impairmeTrt Course Costs E¥ents and working gr¢wps Bad debts writEen off 474,488 S47.822 1881 306,370 157.948 84.126 95.414 11210 669,682 1,015,021 Share of support costs {see note 81 Share ofgovema￿e cosrs l*¢ no￿ 81 99.771 5S.950 121,940 48,510 825,403 1,185.471 Anatysts by fund Ufire5triCted ￿ndS Restric￿d funds 8CiI,143 25.260 1,155,471 30,OOD 825,403 1.185,471 Support costs SupportGo￿r￿•n¢È 2020Supp¢)rt Costs Governance costs 2019 &aff costs Recruitment and trainin8 Rent and u￿[lUeS Public relations Other 5UPPK¢rt costs 37,857 37,857 16.B68 34.620 15,994 35,923 37.781 37,781 15.671 37,579 25.980 45,986 1&868 34.620 I S,994 31289 37,579 25,980 42.710 3,634 3,276 Audit (ees Le811 and professional 9,034 5,425 9,034 5.425 13 99.771 55.950 155,721 121,940 48.510 170,450 Analy5ed betsveen Charitable activities 99.771 SS,950 155,721 121,940 48,510 170,450 Governance tosts includes au*thc fees of £9.034 (2019- £7.4401. 38 WINDSOR LEADERSHIP _ NOTES TO THE FINANCIAL STATEMENTS Foi- th- ycir cndnd 3;. D. -TThcr 2020 Trustees None of the trustees lor any persons connected Y•ith them) received any remuneration or benefrt5 from the charity during the year. 10 Employee5 The average m¢nthty number of employe￿ during the year way. 2020 Number 2019 Number Leadership progrnmme$ Fundrdt5in¥ and puidicity 12 14 E¥nployment cost5 2020 2019 Wages and salarie5 Social security co$($ Other pen$ion Eo5fS 475,942 51,537 U723 544.213 59,656 25.B12 550,202 629.681 The number of eftybye¢s whose ann￿ remuneration £60.000 or more 2020 Number 2019 Number £￿,0[M}-{B9,999 £ioo.(J)O- £109,999 £110,000-£119,999 Key managwnert personnel comprise of Chief Executive Officer and Chlef Operaiing offi￿r. Rernurteratitsn and berbefits relating to kLy minagement personnel was £220,28512019.. £238.n3}. I l Net g•lnslOwses) on investments Unrestrl¢ted Unr￿ritted funds funds 2020 2019 Revaluation tsf In￿tMentS 1.474 3,187 39 WIND50R LEADERSHIP NOTES TO THE FINANCIAL STATEMENTS For thp y", 2- cidc.d 31 Deif.Tber 2020 12 Tangible fixed assets FIxtsr•4fi￿Tr85 *nd *4uIpffl Cost At I january 2020 27.778 At 31 DecemEer 2020 27.778 Depreclatlon and Impalrment At I january 2020 Depreoation chargd in the year 23,515 At 31 December 2020 24959 C•rrylng amount At 31 Decemb2r 2020 B19 Ai 31 December 2019 4,263 13 Flxed a55et Inve5tmonts Llsted Investmerts Cost or valuatlon At I january 2020 Additions Valuation change5 55A28 1108 1,474 At 31 December 2020 59.110 Carrying amount At 31 DecembEr 2020 59.110 At 31 December 2019 5&828 14 FlThanclal In5trument5 2020 1019 arrylng amount olfinan¢lal assets Instruments measured acfair value through profit or loss 59.110 55028 WINDSOR LEADERSHIP NOTES TO THE FINANCIAL STATEMENTS .r +he yc'.Ir .p,,4e4 3, Doc-fibc- 2020 15 Debtors 2020 2019 Amounts falllng due wlthln one year. Trade debtors Prepayrnent5 and accrued incomE 261,340 30.612 135,860 31302 291.952 168.162 16 cr￿ltors. amounts falling due within one year 2020 2019 Notes Other taxatyon and social Security Deferred incorre Trade (￿ditOrS Other creditor5 Accruals and deferred income 19.206 637,235 9.146 369 34.091 404.174 13.786 1222 7.737 17 673,996 462,010 17 Deferred Income 2020 2019 Other deferred income 637.235 404.174 Deferred income brought fo￿Yard was £343.189 and this Yrd5 all released into 2020. In 2020 the deferred incorne wa5 £573.300 and this amount is carried foThYard. The deferred income balance relatesto courses taknng place in 2021 tr￿£ were paid in 2020. DÉftrred Inctsme in¢ludÉ8 donatltsns of £63,935 {201g. £60.985} relati￿ to fundinx 5pecthcally receN*J for events and aC1w￿e5 in 2021. 18 Restrfct8d lunds The income fvnds of the tharity indude re5trKted ffiJnd5 comprising the following unexpeftded balan￿$ of donations and grants held on trnsc for spetifi¢ purpo$es- to $upport leaders of ChristAn based tharityes- Movement In fvnds B*lance at I january 2019 Incoming Yesources Rwource5 Balance at I expended january 2020 Rewuytes Balance at 31 expended December 2Q20 Allchurches Tn5St Burs Fund 25,260 30.¢)C 130.0fr)1 25.260 {25.2601 For further Informadon ort the restritted fiJnd5 please see the Trustees. reporL 41 WINDSOR LEADÉRSHIP NOTES TO THE FINANCIAL STATEMENTS Fnr th-, 'rii" pr,dp4 31 De-, Fcr 2020 19 Analy$ls of net asset$ betsYÈen fvnd$ Unrestricted Re5trirted funds fund$ 2020 2020 Toial Unre5tritted Restricted funds funds 2019 2019 Tottl 2020 2019 FurLd bxlances at 31 De£ern￿r 2020 are represented by.. Tan&ble assets Investments Current a55etsllliabilitiesl 819 59.110 169.279 819 59,110 169.279 4,263 55,828 381,724 4.263 55.828 25.260 406,984 229.208 229.208 441,815 467,075 20 Operttln¥ lÈase commitment* At the year end. the chariry had outstanding comm1trn￿ts for future mlnimum lease pyments under non. ancellable operntin& leases, which fall due as followE.' 2020 2019 Within one ye*r Bet%4*en and fNe years 28.800 55.200 2&400 84,eNJ 26,4C 21 Relèted party transact*)n5 EcdE5iastical Insurance mad2 a donatron of £30.000. reported within deferred fund5, to be specificalty used to spon50r an event for our 25th AThniversary. This event W7s meant to be in 2020 but ha5 been delayed until 2021 and $0 there 1$ a toTrl of £50.¢)00 from E¢¢lesiasv¢al Insurance i￿luded ITh deferred incom& Mark Hews,Truste is CEO of Eccle5fd5ucal Insuranc& 42 WINDSOR LEADERSHIP NOTES TO THE FINANCIAL STATEMENTS For rh yeir er,ded 31 DLcembei- 2020 22 Cash generated from operations 202 2019 (Deficitllsurplus for the year (237,867) 65.453 Adjustments for.. Investment income reco8Trised in statement of finanaal acthitre5 Fair Yalue gains and losses on invèstments Depreciation and imwrment of tanwble fixed a55ets 11297) 11.474) (1341} 13.187) 2WI m0verner￿ in wotkn'ng capital.. (Increaseydecre25e in debtors {Decreasellincrease in creditors Increase in deferred income 1123.790} (21,0751 233,061 53.339 11.2 99,556 Cash (absorbed by)Igenerated from operatiOnS 1149,9%) 226,945 23 Anatysk of changes net funds The chary h2d no debt during the year. 43 WINDSOR LEADERSHIP 11 win&or￿adersh1P.(¥&uk w￿d5￿r le￿￿1￿* l Adair l Midèrawalk Iwirthr l Bev*thre I SL4 IEU WINDSOR LEADERSHIP Loader5hipTru5t ￿ o rygisured