•*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

5. 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
7. 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

8. 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.
10. 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

13. 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
14. Financial Instruments
2023
2022
Carrying amount of financial assets
Instruments measured at fair
value through profit and loss
49,594
15. 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

16. 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
17. 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.
18. 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

19. 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
20. 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
21. 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

22. 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.
23. 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
24. 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