2023-12-31-accounts

•*J • WINDSOR LEADERSHIP The Windsor Leadership Trust Trustees, Report and Financial Statements For the year ended 31 December 2023 Charity Number: 1048589 Company Number: 03034557

CONTENTS Legal and administrative information 03 Trustees, report 04 Vision and Purpose 05 Chair Welcome 06 Chief Executive Welcome 07 Our Reach 09 Our Impact 15 Our Partnerships 25 Governance and Management 29 Financial Review 32 Statement of Trustees, responsibilities 35 Independent auditorfs report 36 Statement of financial activities 41 Balance sheet 42 Statement of cash flows 43 Notes to the financial statements

LEGALAND ADMINISTRATIVE INFORMATION Trustees Helen Boaden Dr Tracy Long CBE Ruth Cairnie Vijaya Nath Mark Hews Nigel Benwell David Gregson Dame Martina Milburn DCVO CBE Sir Matthew Rycroft KCMG CBE Major-General (retired) Bill Wright CBE Chair (resigned Oct 2023) Treasurer Chair of CAFE lioined Jun 2023} Patron Vice Admiral Sir Tim Laurence Charity number 1048589 Company number 03034557 Registered office 120-125 Peascod Street Windsor SL41DP Auditor Hazlewoods LLP Staverton Court Staverton Cheltenham GL51 OUX Bankers CAF Bank Ltd 5 Kings Hill Avenue Kings Hill West Malling Kent ME194JQ

TRUSTEES, REPORT The Trustees present their report and financial statements for the year ended 31 December 2023. The Trustees report also contains the directorfs report as required by Company Law. The financial statements have been prepared in accordance with the policies set out in note 1 of the financial statements and comply with the charitable companls constitution, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) {effective 1 January 2019)"

TRUSTEES, REPORT OURVISION Exceptional Leaders, Leading for Good. Windsor Leadership would like to see effective and responsible leadership throughout the UK. Our aim is to encourage leaders right at the top of their organisations to lead with integrity, responsibility and wisdom, benefiting their organisations, their stakeholder community, and extending their reach to wider society. As we build our community of engaged alumni, we ask them to encourage the upcoming leaders within their organisations to make responsible leadership a part of their journey, so that they too will want to make a difference through their leadership and influence in the coming years. OUR PURPOSE To inspire the leaders of today and tomorrow to transform themselves, their organisation and society for the better. We provide leadership development programmes that offer a safe space for open discussion and challenge, inspiring and motivating leaders to make a positive difference from within. By discovering more about their own behaviours and the expectations they face as a leader at a personal level, attendees transform using curiosity and courage to make a difference to themselves, their organisations, and society.

TRUSTEES. REPORT CHAIR WELCOME HELEN BOADEN l am delighted to introduce Windsor Leadership's Annual Report which reflects a highly successful year for our charity. In a world of growing international tension, l am also very grateful to our Board of unpredictable conflict, economic uncertainty Trustees who actively support our strategic and breathlessly fast technological change, development and provide practical advice it can be daunting to take on any leadership and help. It is a great pleasure to work role. So it is heartening to see how with them and l am personally grateful for many leaders at every level come to our their encouragement in my role as Chair. programmes with a passionate commitment Tracy Long stepped down from the board to doing the best job they can for their after seven years duringwhich she made organisation and for our wider Society. IYS a significant contribution to our charitls a tribute to them that they dive into our development. In particular, her expertise programmes with curiosity and enthusiasm, in governance enabled a smooth transition often absorbing some tough insights along between Chief Executives and between the way about their personal strengths and Chairs for which the organisation is very weaknesses in leadership. Our aim is to grateful to her. We are also very lucky to help them move from being good leaders to have a highly supportive Patron in Vice being exceptional, with the inner resources Admiral SirTim Laurence, who, as an to navigate this very complicated and alumnus, is unstinting in his interest and challenging world and try to improve it. frequently attends our events. organisation. We hugely appreciate their support and I take my hat off to them. We could not achieve that aim without the confidence of their employers and the generosity of our donors who support our bursary programmes. We are very grateful for their belief in the value of our work. And that work depends critically on our volunteers: the highly trained facil itators, chairs and speakers who freely give their time, expertise and wisdom to Windsor Leadership. They are the lynchpin of the Finally Windsor Leadership could not function without its small but mighty team. Superbly led by Chief Executive, Jonathan Story, our team is experienced, very hard working and multl skilled. They have demonstrated their energy, flexibility and dedication time and again as new challenges and opportunities over the past year have emerged. On behalf of the Board, I thank them all.

TRUSTEES. REPORT CEO WELCOME JONATHAN STORY l am delighted to report that this has been a hugely successful year, surpassing financial targets and expanding our reach across senior leaders in all sectors, each of whom contribute towards our vision of . of alumni as well a5 some guest participants. who were keen to understand Windsor Leadership better before deciding to attend our core programmes. This supported our strategy of building a community of effective leaders, keen to continue their development and conversations with Windsor Leadership. This was also apparent within our Working Groups and quarterly webinars. 'Exceptional Leaders, Leading for Good,. As part of our drive towards more ethical and positive leadership, we have been working with partners on a number of Diversity is key to all elements of what bespoke programmes, each tailored we do, and l am pleased that throughout towards a specific group's objectives. This the year we strengthened our focus on year we supported civil engineers, Muslim, inclusivity. The topic is a key point for Jewish and Christian faith leaders, leaders di5CU55ion on our core programmes, and we from the rail network, and senior leaders have a workshop each year focussing on the from the NHS. Each focussed on their sector full spectrum of DE&1. We continLJe to excel challenges as well as considering their role at sector diversity, and now in addition to and impact on society. ethnicity and gender, we are also focussing on social diversity, a topic that we see growing in importance among our leaders and their organisations. In the latter part of the year we released a paper. in partnership with the Public Chairs Forum, an association for the Chairs of arms-length-bodies. 'Public Leadership - Navigating Unchartered Waters, reviewed many of the challenges that Chairs and CEOS in the Public Sector are facing in these uncertain time5. Interestingly though, in a leadership survey conducted at our 2023 Question Time event, it vvas noted that leaders felt that their organisations were delivering least effectively on social mobility, so clearly there is a lot more to do to support this. Our workshops explored new themes It was also recorded that leaders felt their throughout the year, attracting a new cohort organisations were delivering less effectively

TRUSTEES. REPORT on Diversity and Inclusion than the previous Christian communities, to openly share their year, and overall. most effectively on Mental experiences of leading in their communities, Health and Wellbeing. These statistics help at a time of heightened international to form the themes and focus for all our tensions. Windsor Leadership was chosen ongoing events and programmes. to lead on this, as we have the abilityto provide such a safe space for conversations that would not normally be able to take place. We look forward to developing this and other initiatives over the coming year. As ever, none of this would be possible without our fantastic volunteers who support the programme5 by chairing. facilitating or speaking. On every programme l am delighted at the We are also launching our Future Leaders participants, reactions to being able to hear Programme in 2024. Diversifying to one from, and work with, such talented people. I level below our senior leaders, programmes, thank each and every one of them for giving this programme will help rising stars up their time and expertise. within organisations to prepare for senior leadership and will enable us to drive responsible leadership from an earlier age. Our core programmes are populating earlier than ever which su8ge5ts organisations are recognising more and more, the need for this style of personal development blended with responsible leadership. We are helping organisations develop the Social part of their ESG agenda and we have seen an increase in leaders reporting positive change after they have left our programmes. There are so many challenges out there that our leaders across all sectors face every day and we look forward to supporting them through these in 2024. As we build towards our 30th anniversary in 2025, we hope to welcome many more senior leaders into our community. With new projects and programmes, Windsor Leadership has never looked so relevant and such a vital component of senior leadership development. After the success of 2023 financially, we are able to invest more into our bursaryfund, and also support some partner initiatives. This includes staging the Faith Leaders Forum, a programme originally supported by His Majesty The King. The forum will provide an opportunity for senior faith leaders from the Jewish, Muslim and

OUR REACH LEADERSHIP PROGRAMMES personal development. We retained high levels of feedback in 2023, resulting in 95 of attendees on the core programmes saying that the experience had been very good or excellent, and 100% of attendees stating that they would recommend the programme to others. We provided 13 residential programmes in 2023. Hosted within the unique setting of Windsor Castle, they brought together an eclectic mix of senior leaders from a wealth of differing organisations, including Corporate, Civil Service, Military, Education, Police, Charity and Faith. Programme participants benefited from the diversity of conversation and learning from like- minded leaders who think and behave differently according to their sector. This freshness of approach continues to be part of the unique experience felt by all the attendees. Over the year we worked with over 300 senior leaders from across 12 sectors and 187 organisations. The impact of the programmes causes a ripple effect, as our leaders implement their learning and insights back into the workplace, meaning that our reach extends to many thousands more. Both of our venues, St Georges House, Windsor Castle and Cumberland Lodge, Windsor Great Park, offer a secluded and safe environment, in which leader5 can explore personal challenges, knowing that they will be supported with positive intent and honest feedback. This methodolobry continues to result in highly successful

66 This isn't a normal leadership course- Windsor stretches your thinking like you've never done before., 66 An excellent journey in self- discovery, in a magical setting, accompanied by extraordinary women." Craig Milne, Planning and LogistlC5 Director, Scotland, Network Rail Jules Bottazzi, Head of Violence Reduction, Thames Valley Police 10

TRUSTEES, REPORT BURSARY SUPPORT We not only enable these charity and faith leaders to learn from the diverse range of like-minded participants to strengthen their own leadership capabilities, but they in turn bring valuable learnings and insights into the programmes to the benefit of the other sector leaders. In particular, Faith Leader5 often help others to look at their challenges and leadership style with humility and compassion. We want our programmes to continue to be open to all senior leaders across the UK. Attending leaders value the breadth of diversity seen across the programme5, which ensures alternative views, fresh thinking and a different way of being. To ensLJre acce5S to all, we provide bursary funding, enabling those from lower funded sectors, like Charity and Faith. to be able to attend the programmes. The Trustees have had regard to the Charity Commission guidance on public benefit. 67 charity leaders and 21 faith leaders engaged with our programmes and events last year, benefitting from £216,000 of bursary support across all areas of activity. Some of the charities benefitting from our funding support in 2023 included: Age UK Alzheimer's Society Leeds Castle Foundation BeyondAutism Camp Simcha Resurgo Trust Depaul International London's Air Ambulance Girl Guiding Muscular Dystrophy UK Naval Families Federation Ellen MacArthur Cancer Trust Federation ofjewish Services (The Fed) Force5 in Mind Trust Greenwich Hospital Housing Options Scotland Internetwatch Foundation Kids Matter Scottish Federation of HousingAssociations Scottish Land & Estates Sycamore Roman Catholic Charity: The Blue Lamp Trust The White Ensign Association Tomorrow's Company Prosiate Cancer Research Rethink Mental Illness -Royal Air Force Benevolent Fund Plunkett Foundation CSSC Sports and Leisure The Namu Project Quo Vadis Trust

CASE STUDY ANNET TTENDO-MILLER GENDER JUSTICE CO-ORDINATOR, BMSWORLD MISSION WOMEN IN LEADERSHIP PROGRAMME, MARCH 2023 As a young girl growing up in Uganda I could never have imagined coming on a programme at Windsor Castle. You see, at the age of 14,1 unexpectedly became a mum, and it totally changed the course of my life. Rediscovering me I had only arrived in the UK from Uganda a few months before being invited to participate in the Women in Leadership Programme with Windsor Leadership. So I was not only in a totally new context with my family but was also coming back to work I've been on quite a journey since then and after several year5 at home being a Mum I vowed that if l ever had a second chance, I to our young children. It was a new role, in would work to help other vulnerable women a new country and a new culture, and I was and children. Having worked through all overwhelmed, finding it hard to see the way that l experienced, I chose to no longer ahead. associate with being a victim. After training to be a lawyer in Uganda, I married and had the opportunity to bringjustice to others who had been the victims of sexual offences. Now in the work that I do at BMS World Mission, I have the opportunity to help others address injustices too. Facing the fear I had to pinch myself to even believe I was coming to Windsor. But walking into Windsor Castle instilled me with hope. It opened a door I thought was closed, boosted me and gave me confidence.

TRUSTEES. REPORT "You see, before coming to Windsor. I had felt quite spent. Most of my life had been about empowering, mentoring and giving out to others - firstly as a lawyer and then working in the charity sector. I hadn't focused much on empowering myself and building my own capacity. I had become blunt and needed to be resharpened. Windsor helped me to realise that I needed to take care of myself first, before empowering others." few months, I've gained more allies, both male and female. I had come from a position of considerable influence in Uganda operating at Executive Director level and now knew that it was only my lack of confidence that was holding me back in the new context. After receiving follow up coaching l accepted the added responsibility of being a Country Team Leader, which is something I wouldn't have been able to take on before. Emerging from my cocoon Although I was connecting with women from different workplaces and very different backgrounds, we quickly found some com- monality on the programme. In syndicate I was able to share some of the very deep and long-held vulnerabilities that I had as a woman. l used to do a lot of advocacy work in Uganda, but had lost my voice when I arrived in the UK through all the changes,- fears, doubts and transition that took place. So, I'm working on developing myself first, then my children, my family and my wider network. I'm now in a much better place and will soon start a joint venture with the charity Open Doors and BMS World Mission training our partners on gender justice. Bursary significance The gift of a bursary was a really significant part in enabling me to experience transformation. Like many charities, whilst BMS World Mission does a superb job in supporti ng its beneficiaries, it doesn't have the funding to provide professional development for all its staff. The bursary really helped me to realise that I was worthy of investment and the experience has transformed my future. I'm so grateful to the donors who made my transformation possible. Without it I wouldn't be enabled to empower our partners and wider network. 6 6 Coming to Windsor really helped me to reshape myself by shedding my old skin, adopting different habits and different ways of doing things and allowing the new me to emerge from my protective cocoon." Pushing my comfort zone on the programme released something in me. It freed me and gave me the confidence to no longer be intimidated in other situations too. ANNETThENDO-MILLER, WINDSOR LEADERSHIP ALUMNA Noticeably different The programme gave me more visibiSity at work as a woman. My colleagues saw a visible difference in me, and, over the past 13

TRUSTEES, REPORT CONSULTING ATTHE HIGHEST 6 6 LEVELS OF LEADERSHIP This group is the Board you couldn't afford An incredible mix of senior leaders." Each year we host a Strategic Leaders Consultation for those operating at the very highest levels of leadership. The aim of the consultation is to encourage those with vast experience and influence to truly consider their impact, and debate, discuss and reflect on the complex i55ues in which they can make a difference. This yearfs consultation was chaired by Lord Karan Bilimoria and the 18 senior leaders on the programme heard from speakers including The Archbishop of York, The Most Reverend Stephen Cottrell and Baroness Young of Old Scone. Andy Pike CBE. Former Director of CommunicGtions and Engagement. GCHQ 66 An opportunity to learn from and with some current institutional leaders about how they are tackling todays major societal issues." Whereas the environment had been the dominant topic in previous years, the focus this year was on the economic crisis and the increasing wealth gap. It was highlighted that organisations have a responsibility to improve and drive better social mobility. There was also a focus on the need to listen to younger people more, by giving them more space to speak and flourish. Our young people can have a much stronger impact on company culture, and we should recognise that as a society, everything we do now affects their future. Dame Ann Limb DBE DL, Chair, Lloyds Bank Foundation 17 14

OUR IMPACT RESPONSIBLE LEADERSHIP a charity volunteer or Trustee, a school governor, or a mentor. Throughout the programmes and some of our events, we set aside specific time to reflect on the responsibilities facing leaders at an individual, organisational and societal level. PROGRAMME OUTCOMES Key areas of learning that emerged from the programmes included: Health and wellbeing of our leaders is paramount, as we need to ensure that they are fit in body and mind to lead with effect, efficiency and clarity. This enables leaders to meet the core purpose of their organisations, many of which have a direct impact on society at a base level. We then extend that by encouraging our leaders to look at how they model exceptional leadership and ensure that their own organisations employ and treat staff with fairness, equity and equality. Some leaders are not yet in a position to make change, so we sow seeds to nurture change in the future. At an individual level. some leaders choose to make a difference by becoming Moving into strategic leadership and letting go of operational behaviours Looking after oneself, to be able to lead others effectively Leading remotely and managing hybrid working Preparing for the next level Managing toxic behaviours. Based on a collection of the three words participants use to describe their experience, 'inspiring continues to be the most used word, followed by'insightful, and 'thought-provoking.

TRUSTEES, REPORT Our speakers continue to challenge and inspire the attendees, often generating debate on the qualities required to be an effective leader. Speaking openly and honestly, the speakers showvulnerability, and share insights from their own leadershipjourney reflecting on how they have managed tough and challenging situations. Participants are able to ask questions as personal as they wish within the parameters of leadership, helping them to review and reflect on hovv they lead. Throughout the programmes, attendees were surprised at how some of the most senior leaders can also suffer from Imposter Syndrome. This led to many discussions on self- belief and positive imaging. Many of the attendees subsequently leave the programme empowered with a new inner belief. Key words that often emerged in discussions about the qualities of leadership included: Integrity Responsibility Courage Humility Empowerment Confidence

CASE STUDY LIEUTENANT COLONEL BEN HAWES MBE & RABBI DR SAMUEL LANDAU THEWINDSOR RIPPLE EFFECT- INCEPTION OFA MAJOR CULTURE CHANGE PROGRAMME Lieutenant Colonel Ben Hawes MBE is Commanding Officer of the 2nd Battalion, Royal Anglian Regiment, which forms part of the NATO Spearhead battle group. Rabbi Dr Samuel Landau is Founding Director of Someone Else's Eyes (SEE), a community clinical psychologist and Senior Rabbi. Ben describes how it was clear from the outset that Samuel was coming at the armys cultu ral challenges from a totally different perspective, and that fascinated him. At the end of the walk Samuel offered to put together a proposal. An intense period of co- creation then took place before reconvening in Windsor Six months later for part two of the programme. Ben and Samuel first met in syndicate during their Windsor Leadership Programme in November 2021. Having 5POtted an article on BBC News saying how the senior army board had been questioned about the armls culture, Samuel and Ben discussed the issue as they headed down the Long Walk during a reflection break. The proposal centred on how psychology could be used in small groups to bring about a culture change, but the process was very alien to many in the army. and a5 a result there were some significant naysayers. 17

TRUSTEES, REPORT 'We were faced with some hardened military personnel with many years of service, who simply did not want to talk about their feelings., However, something seemed to shift on the pilot when Samliel asked the opening question,'When was the last time you cried?" each other, you can break through some of the culture challenges inherent in a hierarchical organisation and strengthen a high-performing team. One of the group started to joke. And then stopped and admitted that he cried every year on the anniversary of his dau8hterfs death. That moment was pivotal and the axis seemed to shift. Ultimately'some of the most significant naysayers and blockers amazingly became some of the biggest champions of the project., explains Ben. There is a little bit of magic that comes when, in a group of people, you're pulled into a place of vulnerability and share something deeply personal. With organisation-wide support, the programme is now being rolled out to the biggest brigade in the army, containing around 7,000 service personnel. But the impact hasn't just been limited to the army. Upon hearing about its success, and wanting to know more, another Windsor Leadership alum, Chief Superintendent Gavin Dudfield from Dorset Police, reached out to Samuel and Ben as he wanted to deliver the same benefits for his organisation. So, from the initial conversation on the Long Walk in November 2021, the ripple effect has so far seen twelve army units and a police force experience transformation. Having peeled back the layers, and exposed a level of vulnerability, itwas all about building trust and Ben was particularly interested in the impact this would have on operational performance, A core philosophy of the British Army is 'Mission Command,, which is centralised intent. decentralised command. One of the key tenets for that to work is trust. Having championed the pilot as Commanding OfFicer of his unit. Ben, along with Military Observers. noticed a culture change within the team, which was attributed to improved trust, rather than an operational change. What had looked very pink and flufy in the beginning had actually led to tangible, measurably improved defence delivery. Sustainability is also a key tenant and trai ning facilitators from within each organisation, has been an important element. After all, as the saying goes, each a man to fish and you feed him for a lifetirne,. By planting the knowledge within the organisation, samuel hopes that the knowledge can be spread from within. The regimenys culture is now regularly referred to in training report5 as people are behaving differently, are more willing to discuss weaknesses, and want to learn. As a result, this has transformed the regiment into a group that is more trusting of each other and operating more effectively in training a5 well as on the battlefield. LIEUTENANT COLONEL BEN HAWES MBE & RABBI DR SAMUEL LANDAU, WINDSOR LEADERSHIPALUMNI 6 The core takeaway is that when you build healthy teams who understand each other deeply, care about and trust

TRUSTEES, REPORT 1,000 hours of shaping better leaders 95Yo rated the programmes as very good or excellent 144 volunteers 13 open programmes 5 bespoke programmes 90 days of cultivating leadership excellence loo/ would recommend 319 our core programmes senior leaders

TRUSTEES. REPORT DEVELOPING OUR LEADERSHIP COMMUNITY Speakers were: Tanweer Ikram CBE DL- Deputy Senior District Judge (Chief Magistrate), Westminster Magistrates, Court Sarah Healey CB - Permanent Secretary of the Department for Levelling Up. Housing and Communities Dame Elizabeth Corley DBE, Chair of the Impact Investing Institute and Schroders. We continue to support our leaders after their residential programmes, offering webinars. workshops, events and extended development through Windsor Working Groups and Coaching. WINDSOR LEADERSHIP'S QUESTIONTIME EVENT We once again offered audience participation through the Mentimeter voting system. Around 250 people attended our alumni gathering at IET London.. Savoy Place in October. The event Chair, Sandy Nairne CBE FSA, expertly guided our panel around our opening themes, before opening up the floor to questions. In response to Which of the following area5 do you feel your organisation is tackling successfully? Employee Wellbeing received the highest response, which was the same as 2022. However, there was a notable drop compared to the previous year in Supporting the Community, which implies that organisations are looking more i nternally than externally. Themed questions asked of our speakers included: Why does social mobility matter and how can opportunities for more people be promoted across the nation? How does the establishment build trust and why is it so important? What is the role of purpose and responsibility within corporate organisations?

TRUSTEES, REPORT Which of the following areas do you feel your organisation is tackling successfully. Employeewellbeing Dfverslty & Inclusion Sooal Mobilityiopportunity Enwronmental Responsibillty Supporting the Cornmunity 20 40 80 100 In response to the question, Which three of the following societal challenges will most impact your organisation's performance over the next year?, The Cost of Living and Trust in the Establishment remain two areas of concern, but there was a notable increase in the rise of All Technological Threats, which hardly featured in 2022, and look like they will be a big concern going into 2024. Which three of the following societal challenges will most impact your organi5ation's performance over the next year? Cost of tiving Crisis Climate Change CMI Unrest Unrest in Europe Lack of Social Mobllltylopportunity Al￿eChnolOgical Threats Fake News & Misinformation Trust in the Establishment 20 60 80 100 120 These answers were all reflected back in the questions posed by the audience throughout the panel session, and going forward. we will be creating space on our programmes to con- sider these challenges in more detail. Question Time proved itself again to be an invaluable eventfor bringing our alumni and some of their syndicate groups back together. It also offered a chance for alumni to bring guests who might one day also attend our programmes and become part of the Windsor Leadership community. 21

TRUSTEES, REPORT COACHING, MENTORING & WORKING GROUPS and supportsjob seeking opportunities and finding business connections regionally or nationally. As the programmes draw to a close, participants often reflect on what support they need going forward. Most syndicate groups choose to continue to meet offering Our webinars and workshops provide support and counselling to each other. alumni and guests a chance to reflect on the Those with a more specific development key challenges facing leaders today, hear need, may choose to find a coach. Windsor from expert leaders and ask the questions Leadership coaches provide the perfect that matter to them. ongoing support, as they are all familiar with the Windsor Way of development. WEBINARSANDWORKSHOPS This year alumni benefitted from hearing from the following webinar speaker5: Those participants looking for more structured support, choose Windsor Working GroLJPS. Each group meets quarterly allowing members to share on- going challenges and receive valuable feedback and supportfrom like-minded, independently thinking senior leaders. Each of the members receives one-to-one coaching in between the meetings, meaning Throughout the webinars we explored the that they have 8 interactions throughout the key themes of- year. Some members have benefitted from membership for many years, finding the positive and structured challenge culture invaluable to their career development. Mike Logue - Retail Leadership Consultant, Ex CEO of Dreams Ltd Sir Matthew Rycroft KCMG CBE Permanent Secretary, Home Office The Rt Revd Drjoanne Woolway Grenfell former Bishop of Stepney Modelling self-care as a leader and safeguarding personal and team wellbeing Using measured self-disclosure and vulnerability in building trust and enabling others with differing perspectives to effect positive culture change Managing the dissonance between corporate and personal values and recognising the power of honesty. integrity, authenticity and vulnerability in strengthening relationships. We have made bursary support available for several faith and charity leaders to participate in our coaching and working groups. which we will continue to do into 2024. Many of our most Senior leader5 offer free mentoring to our alumni as a way of giving back to the Windsor Community. As both mentors and mentees have been through the Wind50r programmes. there is already Our workshops further developed some of an understanding and trust that is not easily the themes and areas for further discussion found elsewhere. Our alumni portal, which that have arisen on recent programmes. hosts around 2.500 Windsor Leadership 2023 workshops included: alumni, enables our leaders to find mentors from sectors Outside of their own sector, which can often provide really useful alternative perspectives. The portal, available free to all alumni, also enables leader5 to expand their network 22

TRUSTEES, REPORT Responsible leadership: How to practice self-care and enable others to do the same entirely different matter to live out those values on a day-to-day basi5 Wlthin an organisation. With increasing external pressures on businesse5, more and more During this workshop we considered the people are finding that their own values importance of prioritising and modelling are being challenged on a regular basis. sustainable self-care as a leader, in order Therefore, a key focus of the workshop, was to support the wellbeing and mental health how participants could lead with integrity of staff teams. Speakers included Jo Youle and keep true to their values, when they OBE, CEO, Missing People and David Ereira, are tested. Speakers included Andy Roe, Founding Director. Ereira Mendoza. Commissioner, London Fire Brigade and The Rt Revd Rose Hudson-wilkin CD, MBE, Bishop of Dover, CofE. Leading a diverse and inclusive organisation Women in Leadership At this workshop we explored how we could create a diverse and inclusive This workshop, which complements our working environment, by leading in a Women in Leadership Programme, focussed way that enables everyone to perform at on empowering senior female leaders. their best. The focus was on growing and Taking a practical approach to dealing with leading a diverse team so that they not gender issues, it provided an exclusive onlythrive as individuals, but also work environment to reflect on the challenges effectively together for a happy, healthy and women face today and explored the issues productive organisation. Speakers included of confidence, clarity and courage. speakers Louise Blythe, Executive Producer, BBC and included The Very Revd Catherine Ogle, Jonathan Shepard, BP. Dean of Winchester and Debra Allcock Tyler, CEO. Directory of Social Change. Value-centred Leadership During this workshop we explored leading in a way that upholds our personal and organisational values, particularly when the climate and situation is challenging. It is one thing to have a clear idea of your own personal values, but it can be an 23

66 Values are not outdated or out of fashion, they provide a much needed compass in leadership. This workshop is a must for all those who::.F are looking to lead with i ntegrity." A cracking opportunity for exposure to brilliant, brutally honest and inspiring speakers." Matt Bowden, Direttor & GM, Red Penguin Marine The Revd Joseph Fernandes, Rector, Church of England 24

OUR PARTNERSHIPS SPONSORS &ALUMNI GIVING SCHEME We are grateful to all our sponsors and supporters who help to provide crucial bursary funding, which enables charity and faith leaders to participate in our programmes. Support is provided via a number of organisations and trusts, our Alumni Giving Scheme and personal donors, who generously give from £1,000 to £5,000 every year. Sponsors include: Benefact_Group Department for BEIS Airwave Mercers Scottish Government Welsh Water Telos Foundation Ecclesiastical Insurance CHAIFIAND FACILTATOR EXECUTIVE CAFÉ is the representative body of our volunteer chairs and facilitators. It supports the Windsor Leadership team with facilitator recruitment and development, and acts as a sounding board for ideas. It has also become a valuable resource for developing those ideas and bringing them back to the senior executive for review and implementation. We are grateful for all the time the members give to Windsor Leadership and for their extra support on the many sub-committees. CAFÉ also hosts workshops and networking events 25

TRUSTEES, REPORT for the wider volunteer base. Over the past and nature of public service. The all year CAFÉ subgroups and workshop themes important'whl for these leaders is the included: belief that what they do has a profound impact on the lives and situations of the public that they serve. For many, a specific challenge was the ability to engage positively with the public during periods where overall trust and confidence in public service has declined. Workshop Rethink Mental Illness Project Themes Building diversity among ourvolunteer base Creating an online collection of inspiring phrases captured on our programmes some well-known, some participant- generated Developing effective sessions for participants on societal responsibility. The report covered key themes on collaboration, resilience, upholding the Nolan Principals, investment in self, and keeping pace with change. Many of the themes reflected learning seen on our own programmes, including finding a balance between courage and compassion. NEW REPORT- NAVIGATING UNCHARTEREDWATERS Outcomes included the need to let experts be experts- let arms-length-bodies do what they do best without disempowering their leaders. There was a focus on the need to invest in leadership both current and for those with the potential to reach strategic leadership positions, and that leadership is not something to do alongside the day job- it is the day job! Working in partnership with the Public Chairs Forum and the Association of Chief Executives, we interviewed more than 60 public sector leaders to consider- How might we release the true potential of public body leaders? Co-creating this report gives Windsor Leadership greater credibility among Public Sector bodies and the Civil Service. It a150 gives us a real insight into the problems faced by the CEO'S and senior leaders of these bodies, which then helps us to understand some of the challenges brought to the programmes by the public sector. Speaking confidentially, these leaders shared the frustration of living in the shadow and control of their governing departments, which stifled change and progress. It was found thaf public body leaders hold strong beliefs in the value

TRUSTEES, REPORT BESPOKE PROGRAMMES The Institution of Civil Engineers This programme enabled senior leaders within the civil engi neering world to focus on the impact that their work and projects have on our society. There is a challenge required of them to balance the infrastructure needs of a nation with the demands of government, shareholders, and the public. The programme encourages collaboration, building of networks and looking to the future. We designed three tailored development programmes for our partners in 2023, to support the specific needs and challenges that certain sectors face. Network Rail This programme brought together leaders from Network Rail and some of their partner rail operators. Focussed on the future planning of the railway system and partnerships within the network, the programme explored the need for strong leadership and collaboration, while trying to meet the needs of society. The Windsor Leadership Programme was simply the best I have ever been on and I feel very fortunate to have had the opportunity to attend. This is a first class experience that drives you to reflect on your leadership experiences and personal impact in the industry for the greater good. li John Grimm. Deputy Alliance Director, National Highways Christian Jackson, Strategic Development Director. Balfour Beaty

TRUSTEES, REPORT Mosaic This programme brought together young clerical leaders from across the Muslim community focussing on learning, growth, empowerment, and collaboration with wider society within the UK. Thought provoking program to help you understand yourself better, and to grow as a leader." Having started in 2022, this year long programme concluded at Dumfries House in Scotland. Throughout the year, learning modules were delivered by Islamic teachers and leaders, while Windsor Leadership helped the leaders to understand themselves better and look at what was holding them back from their own development. Abidurrahman Molvi, Minister of Religion, Lanarkshire Muslim Welfare Society The programme met its objectives by offering guidance on community leadership and skills, and helping Islamic leaders collaborate and build trust and integration, within their own communities and wider society. His Majesty The King, one of the original visionary drivers of the programme, visited at both the beginning and the end.

71r." GOVERNANCE & MANAGEMENT As set out in the Memorandum of Association, the principal actlvlty of Windsor Leadership is- purpose and objectives, the governing body, our Board of Trustees, meets four times a year to include a strategy day and Annual General Meeting (AGM). They support our 'To advance education for the public formal dinners at the end of each Emerging benefit, but not exclusively, by the Strategic Leaders Programme, and are holding of conferences without territorial represented by one or more of its members restriction where men and women holding at our chair and facilitator gatherings, as positions of responsibility in various areas well as our annual alumni gathering. All of of society, such as industry, commerce, the Trustees have attended a programme, the professions, faith, politics, education, and most have either chaired, facilitated science, the services and the arts, can or spoken on a programme. This keeps the come together to explore possibilities trustees close to the programme5 and the and develop their idea5 while taking topics being discussed. The Chair meets into account the spiritual dimension in regularly with the CEO, and the staff meet all material affairs. Windsor Leadership the Trustees at an annual gathering after the focu5es on facilitated learning and AGM. challenging leader5 to think about key elements of leadership at the heart of business and society todal.. The Board of Trustee5, which can be no less than three in number, remained at nine or ten in number throughout the year. We said a grateful goodbye to Dr Tracy Long, who served seven years on the board, and was To support the principles stated in the Memorandum, and those set as our 29

TRUSTEES. REPORT a major contributor to the development AGM. On their appointment, new trustees are of the board's systems and processes. briefed by the Chair and receive information We welcomed Major General Bill Wright. from the Company Secretary about their the Army's Head of Career and Talent legal responsibilities and their role in the Management, who has been in leadership governance of Windsor Leadership. In 2010, roles, strategy, training and operations for the Memorandum and Articles of Association several years. He left the Army towards were amended to allow Trustees to Serve the end of 2023 to join Dyson Ltd, adding a third term of three years, where their further corporate experience to the board. contribution would be of substantial value. Collectively, the trustees administer the This was agreed by the board in 2022 to Charity. become a year-on-year rolling a55essment to ensure Trustees contributions remain valuable to the board throughout this extended term. The Nominations Committee is responsible for Trustee recruitment processes. Chaired by Helen Boaden, at the start of the year, the committee consisted of Dr Tracy Long, Dame Martina Milburn andjonathan Story, CEO. Sir Matthew Rycroft replaced Dr Long in October. Its remit is to monitor the skills matrix to ensure a diversity of sector and experiences across the board and to review and implement Trustee recruitment. The Trustees review and update the Risk Register throughout the year, and confirm it constitutes a thorough register of the risks associated with Windsor Leadership's operations and the actions required to mitigate such risks. Together with the Executive Team, Trustees regularly monitor the risk exposure of the charity and ensure appropriate action is taken. The organisation's executive also regularly reviews the risk register. All prospective Trustees are met by the Chair and, separately, by at least one other Nomination Committee member for formal assessment. They are then proposed to the main board for approval before being asked to join the board, Other Trustees are welcome to meet and comment on the prospective candidate at any stage of the process. New Trustees can join the board at any stage of the year and all appointments are ratified at the Going into 2024, the Trustees confirm, to the best of their knowledge, that there are no pending or on-going complaints being held against Windsor Leadership. STAFF AND VOLUNTEERS After a second successful year in a row, the Trustees are once again delighted with the pi 30

TRUSTEES, REPORT performance of all the staff. Under the leadership of the CEO,Jonathan Story, they are grateful for the commitment and The vast majority of the charities funding professionalism shown throughout the {84%) comes through payment of fees for year. attending a programme. Our Academy Community is responsible for 8% of the income, through extended development opportunities - workshops, Working Groups and coaching. A further 896 of funds are raised through our sponsors, who donate between £5,000 and £10,000 towards our bursary fund (see page 251, and the individual sponsors who donate money on a monthly, quarterly or annual basis. FUNDS The Trustees are also grateful to all of Windsor Leadership's volunteers, without whom, the charitywould not be able to perform its duties. 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, were: Our bursary funding enables leaders from charity, faith and civil society to be able to attend our programmes bringing valuable perspectives and challenges not necessarily seen or appreciated by the public and corporate sectors. Helen Boaden- Chair Dr Tracy Long CBE - resigned Oct 2023 Ruth Cairnie Vijaya Nath Mark Hews - Treasurer Nigel Benwell Chair of CAFE David Gregson Dame Martina Milburn DCVO CBE Sir Matthew Rycroft KCMG CBE Major-General (retired} Bill Wright CBE -joinedJun 2023 The majority fee-paying model ensures that we have enough funds to stage our programmes, and the extra sponsorship money enables us to fund our bursary pool as well as take on one or two more projects each year. This model contributes towards our financial security, and we do not anticipate any challenges to this income stream in 2024 and beyond. Company Secretary Jonathan Story, CEO *Tr -31

FINANCIAL REVIEW 2023 In 2023 we delivered another year of strong performance with competitive pricing and disciplined cost management against a backdrop of exceptional inflationary increases. serviced premises in Windsor, changes in headcount and financial sUPPOrt offered to staff to mitigate the effects of inflationary increases during in the year. It is important to Windsor Leadership that In line with our strategic plan, Windsor access to our programmes is available to all Leadership reported a surplus of sectors of Society and in 2023, we offered £142.068 (2022: £229,624), in excess £216k of bursary support across all areas of of budgetary expectations. Attendance our activity. We are grateful for the time the at our open programmes for the year volunteers give to the main executive and for was at capacity resulting in higher than their extra work on many sub-committees expected revenues110%) which offset our including hosting workshops and networking decreased activity in the bespoke sector. events for the wider volunteer and alumni We are also grateful for the generosity of base. We continue to provide training and donors and sponsors who contributed briefing events for these volunteers at an £127,775 (2022: £87,624) to our income annual cost of £15k. and bursary funding. Our Alumni Giving Scheme is available to Despite unexpectedly high inflationary those wishing to make a difference through increases, operating costs associated with personal donations. All these donations programme delivery were well managed. are added into our main bursaryfund and Additional costs were incurred with our support the charity and faith leaders referred office relocation to new cost-efficient 32

TRUSTEES, REPORT to previously. We have two levels of donation: Advocates, who very kindly donate £180 annually, and Guardians who generously donate £1,000 -£5,000 per annum. The total raised in 2023 was £19,187 {2022: £17,938). Gift Aid adds another £ 5,393 (2022.. £5.120} to this income. Leader5 programme, volunteer briefing events and improvements in operational efficiency. The level of Designated funds reported at year end therefore increased to £174,236 {2022: £139.000}. Taking account of the company's current cash position and principal risks, the Trustees have reviewed the financial cashflow position of the charity for the next 18 months in combination with a S-year strategic plan and principal risks. This together with deferred fees representing 47% of future sales and with the positive prospect of filling all open programmes in 2024, the Trustees have a reasonable expectation that the charity will be able to continue in operation and meet its liabilities as they fall due overthe period of their assessment. We disposed of our CAF Bond injune and will undertake a review of our investment programme in 2024 based on our positive cashflow. Investment income received is a return of interest on cash balance5 held during the year. During the year, we engaged a new firm of Auditors, Hazlewoods LLP to audit our 2023 results. We would like to thank our outgoing auditors HW Fisher LLP for their support and advice over the years. The surplus in the year of £142,068 increased reserves to £687,022 {2022: £544,954). We used £16k of designated funds to Windsor Leadership has adopted a Reserves support the attendance of senior nurses Policy of 6 months operating capital to from the Florence Nightingale Foundation, protect the charity against any shortfall in its whose own funds had been reduced this income. The monthly operating capital has year. We contributed a further £8k to been reviewed to £75k per month and so the partially fund the Windsor Leadership current reserves amount to over 9 month's Question Time in October which was well working capital. Windsor Leadership will attended by ourAlumni. continue to maintain its reserve base as a strategic objective. At the end of 2023, the Trustees agreed to transfer to Designated Funds £58,675 to support future investment on defined strategic plans including sUPPOrt of a Faith li li

TRUSTEES, REPORT AUDIT Disclosure of Information to Auditor Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. Auditor Hazlewoods LLP wa5 auditor to the charity during the year and in accordance with section 485 of the Companies Act 2006, a resolution proposing that the firm be re-appointed will be put to the Annual General Meeting in 2024. Signed. on behalf of the Board of Trustees Ms Helen Boaden {Chairl Date , IL I£(F Mr Mark Hews (Treasurer) Date I I 34

STATEMENT OF TRUSTEES, RESPONSIBILITIES For the Year Ended 31 December 2023 The Trustees, who are also the direttors of The Windsor Leadership Trust for the purpose of company law. are responsible for preparing the Trustees, Report and the financial ststements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure. of the charitable company for that year. In preparing these financial ststements, the Trustees are required to: select suitable accounting policies and then apply them consistently: observe the methods and prirlciples in the Charities SORP; makejudgements and estimates that are reasonable and prudent; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Att 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 35

INDEPENDENT AUDITOR'S REPORT To the Members of the Windsor Leadership Trust Opinion We have audited the financial statements of The Windsor Leadership Trust (the 'charity) for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet. the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102. the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion. the financial statements: give a true and fair view of the stste of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of re50urce5. including its income and expenditure. for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance with the requirements of the Companies Art 2006. Basis for opinion 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basi5 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 charitys 36

ability to continue as a going concern for a period of at least Nielve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustee5 Wlth respect to going concern are described in the relevant sections of this report. Other information The Trustees are responsible for the other information. The other information comprises the information included in the Trustees'Annual Report. other than the financial statements and our Auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, exceptto the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of thi5 Other information, we are required to report that fact. We have nothing to report in thisregard. Opinion on other matter prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit; The information given in the Trustees, Report, which includes the directors, reportfor the purposes of company law, for the financial year for which the financial statements are prepared 15 consistent with the financial statements.. and The directors, report included within the Trustees, Report has been prepared in accordance with applicable legal requirement5. Matters on which we are required to report by exception In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors, report included within the Trustees, Annual Report. We have nothing to report in respett of the following matters where the Companies Act 2006 37

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 agreementwith 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. Responsibilities of Trustees As explained more fully in the statement of Trustees, responsibilities, the Trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied thattheygive a true and fairview, and for such internal control as the Trustees determine 15 necessary to enable the preparation of financial statements that are free from material mi55tatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitys ability to continue as a going concern, disclosin& as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements 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 auditorfs report that includes our opinion. Reasonable a55urance 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. Extent to which the audit wos capoble of deterting irregularities, includingfraud. 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 irregularitie5, including fraud is detailed below: 38

We considered the nature of the charitys activity and its control environment and reviewed the charitys documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities. We obtained an understanding of the legal and regulatory framework that the charity operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. including the UK Companies Act, Charities Act, Charities SORP and tax legislation, and. those that do not have a direct effect on the financial ststements but compliance with which may be fundamental to the charitys ability to operate or to avoid a material penalty. We discussed amongthe audit engagementteam regarding the opportunities and incentivesthat may exist within the organisation forfraud and how and where fraud might occur in the financial statements. In common with all audits conducted in accordance with ISAS IUKI, we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls. we tested the appropriateness of journal entrie5 and other adjustments,. assessed whether the judgements made in accounting estimates are indicative of a potential bias,. and evaluated the business rationale of any significant transattions that are unusual or outside the normal course of business. In addition to the above. our procedures to respond to the risks identified included the following: reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a dirett effett on the financial statements: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; enquiring of management concerning actual and potential litigation and claim5 and instances of non-compliance with laws and regulations,. and reading minutes of meetings of those charged with governance. Ouraudit procedures were designed to respond to risks of material misstatement in the financial statements. recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by. for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedure5 performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements. the less likely we are to become aware of it. A further description of our responsibilities is available on the Financial Reporting Council's 39

website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditorfs report. Use of our report This report is made solely to the charitable companys members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Att 2006. Our audit work has been undertaken so that we might state to the companls members those matters we are required to state to them in an Auditorfs 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 the charitable companls members as a body. for ourauditwork, forthis report. orforthe opinions we have formed. Signature . 2510712024 Scott Lawrence FCA DChA {Partner} for and on behalf of Hazlewoods LLP Chartered Accountants Staverton Court Staverton Cheltenham GL51 OUX United Kingdom 40

THE WINDSOR LEADERSHIP TRUST STATEMENT OF FINANCIAL ACTIVITIES Including Income and Expenditure Accounts FOR THE YEAR ENDED 31 DECEMBER 2023 Unrèstri¢ted Funds Restricted Fund5 2023 Designated Funds Total Total 2023 2022 Notes Donatlons and Legacies Charitable Activities Investments 77,775 1.410,485 20,249 50.000 127.775 1.410A85 20,249 87,624 1.456.697 4.958 Total Income 1.508,509 50.000 1.558.509 1.549.279 Ex endlture on: Raising Funds 4&982 48,982 45220 Charitable A£tniities 1301.663 41,807 23,439 1,36&909 1,264,091 Total re50urcesexpended 1.350.645 41.807 23A39 1A15.891 1309.311 Netgainslllossesl on investments 11&13 15501 15501 110.3441 Net Income before transfvr 157314 8,193 123.4391 142.068 229,624 Transfers be￿eern funds 19 158.6751 5&675 Net movement in funds 98.639 8.193 35.236 141068 229.624 Fund Balances ar l January 2023 405.954 139.000 544,954 315.330 Fund Balancesat 31 December 2023 20 504.593 &193 174.236 687.022 544,954 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an Income and Expenditure account under the Companies Act 2006. 41

THE WINDSOR LEADERSHIP TRUST BALANCE SHEET AS AT 31" DECEMBER 2023 2023 2023 2022 2022 Notes Fixed assets Tangible Assets Investments 5,013 1.781 49.594 5,013 51,375 CurrentAssets Debtors Cash in bank and in hand 237.044 1,363.321 319.989 1,104.092 1,600,365 1.424.081 Creditors: amounts falllng due wlthin one year 1918,3561 {930,5021 Net current assets 682,009 493.579 Total Assets les5 current Ilabilitles 687,022 544.954 Incomefunds Unrestritted Funds Restricted Funds Designated Funds 504.593 8.193 174.236 405.954 139.000 20 687,022 $44,954 1110612024 The financial statements were approved by the Trustees on ............................................. Helen Boaden Trustee Company Reglstratlon No 03034557 42

THE WINDSOR LEADERSHIP TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31" DECEMBER 2023 2023 2023 2022 2022 Notes Cash flows from operating activities Cash generated from operating activities 23 245,207 214,327 Investing Activities (Purchase) of tangible fixed assets (Purchase) of Investments Investment income received 15.1241 11,1031 20,249 12,8491 11,9461 4,958 14,022 163 Net increase in cash and cash equlvalents 259.229 214.490 Cash and cash equivalents at beginning of year 1,104,092 889,602 Cash and cash equlvalents at end of year 1,363321 1,104,092 43

THE WINDSOR LEADERSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" DECEMBER 2023 Accounting Policies Charity Information The Windsor Leadership Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 120-125, Peascod Street, Windsor. SL4 1 DP. 1.1 Accounting Convention The financial statements have been prepared in accordance with the charities Memorandum and Articles of A550ciation. the Companies Act 2006 and "Accounting and Reporting by Charites: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1" January 2019)" The charity is a Public Benefit Entity as defined by FRS 102. The financial statement are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies are set out below. 1.2 Going Concern Based on plans to deliver a similar number of core programmes a5 in 2023, the Trustee5 believe that the charity will deliver a surplus as planned for 2024. The charity continues to offer a range of open, bespoke, blended and online programmes and the Trustees are of the view that current and designated reserves are adequate to withstand any downturn in the economy and that the charity will continue in operation for the foreseeable future. Thus. the Trustees continue to adopt the going concern basis of accounting in preparing the financial ststements. Cashflow has been well managed throughout the year keeping the charity above the cash holding targets set by the Trustees. 1.3 Charitable Funds Unrestricted fund5 are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purpose and uses of the restricted funds are set out in the notes to the financial ststements.

1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met. the amounts can be measured reliably, and it is probable that income will be received. Voluntary income is included in the statements of financial activities where the charity is entitled to the income and the amount can be quantified with reasonable accuracy. Deferred income relates to income received towards leadership courses where a sum is received in advance of the course being held and the sum is refundable subject to our terms and condition. The value of services provided by alumni volunteers, has not been included in these financial statements. The charity relies on volunteers to support and deliver all programmes and events based on requirement, availability, and experience. These factors, together with the lack of market comparator prices for the invaluable services volunteers provide. makes it impractical for their contribution to be measured reliably for accounting purposes. Investment income is included when receivable. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity,. thi5 is normally on notification of the interest paid or payable by the Bank. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following attivity headings.. Cost of raising funds comprise the cost of attracting voluntsry income and the cost of fundraising Expenditure on charitable activities includes the cost of the delivery of the activities and services for its beneficiaries Other expenditure represents those items not falling into any other heading. Irrecoverable VAT 15 charged as a cost against the actlvlty for which the expenditure was incurred. 45

1.6 Tangible Fixed Assets Tangible fixed assets are measured at cost, net of depreciation and any impairment losses. Depreciation 15 recognised so as to write off the cost of assets less their residual values over their useful lives on the following basis: Fixtures, fittings and equipment 30-50% straight line The gain or loss arising from the disposal of the asset is determined a5 the difference between the sale proceeds and the carrying value of the asset and is recognised in net income/{expenditure) for the year. 1.7 Fixed Asset Investments Fixed asset investments are initially measured at transaction price less transaction costs and are subsequently measured atfair value at each reporting date. Change5 in fair value are recogni5ed in net incomel(expenditurel for the year. Transaction costs are expensed as incurred. 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand and other short-term liquid investments with original maturities of three months or less. 1.9 Financial Instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Settion 12'0ther Financial Instruments Issues. of FRS 102 to all its financial instruments. Other than fixed asset investments {see above), the Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transattion value and subsequently measured at their settlement value. The Trust di5POsed of its investment holding during the year. 1.10 Employee Benefits The c05t of any unused holiday entitlement is recognised in the period in which the employee's services are received. 46

Termination benefits are recogni5ed immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.11 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Critical accounting estimates and judgements In the application of the charities accounting policies. the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other source5. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these values. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estitnate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The Trustees do not consider there to be any critical estimates orjudgements applied in preparing the financial statements. Donations and Legacies Unrestricted Funds 2023 Restricted Funds 2023 Unrestricted Funds 2022 Total 2023 Donations and gifts 77,775 50,000 127,775 87,624 77,775 50,000 127,775 87.624 4. Charitable Activities Unrestricted Funds 2023 Unre5trirted Funds 2022 Core programmes Bespoke Programmes Leadership Academy 1,068.933 214,452 127.100 1,410,485 959,424 364.252 133.021 1,456,697 47

1. 1 nvestments Unrestricted Funds 2023 Unrestritted Funds 2022 Income from listed investments Interest Receivable 1.103 19,146 1.946 3,012 20,249 4,958 Raising Funds Unrestricted Funds 2023 Unrestricted Funds 2022 Fundraising and Publicity Staff Costs 48,982 45,220 48,982 45.220

2. Charitable Activities 2023 2022 Staff Costs Depreciation and Impairment Course Costs Events and working groups Bad Debt written off 641,308 1,892 409.733 109,221 589,746 1,815 435,675 87.473 1.162.154 1.114,719 Share of support costs { see note 8) Share of governance costs ( see note 8} 164,633 16,683 135,745 13,627 1,343,470 1.264,091 Analysls by fund: Unrestricted Fund5 Restricted Funds 1,301.663 41,807 1.264,091 1.343,470 1,264,091 48

3. Support Costs Governance Cost5 Governance Costs Support Costs 2023 Support Costs 2022 Recruitrnent and Tralning Rent and utilities 29,355 43.190 35.605 56.483 29,355 43,190 35.605 56.483 14.412 40,086 37,686 43.561 14.412 40.086 37.686 43,561 Public relations Othersupport costs Audlt Fees 13.736 2,947 13.736 2.947 13.596 31 13,596 31 Legal profe5sionaS 1 64.633 16.683 181,316 135.745 13.627 149.372 Analysed btheen Charirable acbvitses 164,633 16.683 181,316 135,745 13.627 149.372 Governance costs include audit fees of £13,736 {2022: £13.596) Trustees None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

4. Employees 2023 Number 2022 Number Leadership Programme5 Fundralslng and PubllcKty Total Employment Corts 2023 2022 Wages and Salarie5 Social Security Costs Other pension costs 598,460 64,759 27.071 549,012 61,252 24.702 690.290 634.966 49

The number of employees whose annual renumeration was £60.000 or more were: 2023 2022 £60,000-£69.999 £70,000-£79,999 £100,000-£109.999 £130,000-£139,999 £140,000-£149,999 Key management personnel comprise of the Chief Executive Officer and the Senior LeadershipTeam Remuneration and benefits relating to key management personnel was £345,189 { 2022: £360,969) 11. Net gains/(losses) on investments Unrestricted Funds 2023 Unrestricted Funds 2022 Revaluation of investments {5501 {10.344) 12. Tangible Fixed Assets Fixtures, fittings and equipment Cost At 1 January 2023 Additions 32.459 5,124 At 31 December 2023 37,583 Depreciation and impairment At 1 January 2023 Depreciation charged in the year At 31 December 2023 30.678 1,892 32,570 Carrylng Amount At31 December 2023 5,013 At 31 December 2022 1,781 50

1. Fixed Asset Investments Listed Investments Cost At 1 January 2023 Additions Valuation changes Disposal At 31 December 2023 49.594 1,103 {550) 150.1471 Carrying Amount At31 December 2023 At31 December 2022 49,594
2. Financial Instruments 2023 2022 Carrying amount of financial assets Instruments measured at fair value through profit and loss 49,594

3. Debtors 2023 2022 Amountsfalling due within one year Trade Debtors Prepayment5 and accrued income 195.724 41,320 237,044 281,195 38,794 319,989 51

4. Creditors 2023 2022 Notes Amounts falllng duewlthln one year Other taxation and social security Deferred Income Trade creditors Other creditors Accruals 37,703 779,818 12,407 32,236 56,192 918,3S6 34,418 729,286 75,230 44,085 47,484 930,502

5. Deferred Income 2023 2022 Other deferred income 779,818 729,286 Deferred Income brought forward was £729,286 and most of this was released in 2023. In 2023 the deferred income was £779,818 and this amount is carried forward. The deferred income balance relates to courses taking place in 2024 but were paid in 2023. Deferred income also includes donations of £12,00712022- £12,562) relating to funding specifically released for events and activities occurring in future years.

6. Restricted Funds The income funds of the charity include restricted funds comprising the following unexpended balar)ces of donations held on trust for specific purposes.. Movement In Funds Balance at I stlan 2023 Incoming Re50urces Resources Balance at Expended 31 Dec 2023 2022 Benefatt Group 50,000 41,807 8.193 52

7. Designated Funds The Trustees have set aside a designated fund of £174,23612022'. £139.0001 to be used to fund bursaries, charitable and investments activity in future years. 2023 2022 Balance at 1 January 2023 Transfers be￿een funds Resources expended Balance at 31 December 2023 139.000 58,675 {23,4391 174,236 139,000 139,000

8. Analysis of net assets between funds Unrestrlcted Funds 2023 Restrlcted Funds 2023 Designated Funds 2023 Total Totsl 2023 2022 Fund balances at 31 December are represented by.. Tangible Assets Investments Current assetsllliabilities) 5,013 5,013 1.781 49.594 493.579 544.954 499,580 504,593 8.193 8,193 174.236 174.236 682.009 687.022

9. Operating lease commitments At the year end, the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: 2023 2022 Within one year Between IMO and five years 29,640 24.000 27.500 5,640 53,640 33,140 53

10. Related party transactions Ecclesiastical Insurance (Benefact) donated £30,000 in 2020, reported within deferred fees, to be used to specifically sponsor a 25th Anniversary. The latter was cancelled, and the donation was used to fund the Annual Lectures held in 2022 and 2023. In 2023, Benefact donated £50,000 to be used to sponsor Christian participants attending courses. The balance of these funds {£8,193} will be used in 2024 and are reported within restricted funds. Mark Hews. Trustee. is CEO of Benefact.

11. Cash generated from operations 2023 2022 Surplusforthe year 142,068 229,624 Adjustments for: Depreciation and impairment of tangible fixed assets 1.892 1,815 Investing attivities: Investment Income recognised in statement of financial activities Proceeds from the disposal of investment bonds Fairvalue gains and1055es on investments (20,2491 50.147 550 14,958) 10.344 Movements in working capital {Increase)/decrease in debtors Increasel (decrease) in creditors (Decreasell Increase in deferrec 82,945 162.6781 50,532 1206,523) 74,581 109.444 Cash generated from operations 245,207 214.327
12. Analysis of changes in net funds The charity had no debt during the year. 54

windsorleadership.org.uk Windsor Leadership | 120-125 Peascod Street | Windsor | Berkshire | SL4 1 DP. The Windsor Leadership Trust is a registered charity (No.1048589} and a company limited byguarantee (No. 03034557) in England and Wales. WINDSOR LEADERSHIP Ir45FiaE QISCOVEA I TAAP4SFOAPI