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Trustees’ Report and Financial Statements For the year ended 31 December 2024 Charity Number: 1048589 Company Number: 03034557

CONTENTS

Legal and administrative information 03
Trustees’ report 04
Our Vision and Purpose 05
Chair Welcome 06
Chief Executive Welcome 07
OurWork and Impact 09
Governance and Management Zi
Financial Review 30
Statement ofTrustees’ responsibilities 53
Independent auditor's report 34
Statement offinancial activities oie
Balance sheet 40
Statement of cash flows A
Notestothefinancialstatements 42

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Trustees

Helen Boaden Mark Hews Nigel Benwell Ruth Cairnie David Gregson Dame Martina Milburn DCVO CBE Vijaya Nath Shabir Randeree Sir Matthew Rycroft KCMG CBE Major-General (retired) Bill Wright CBE

Chair Treasurer Chair of CAFE (resigned Dec 2024)

(joined Feb 2024)

Patron Vice Admiral Sir Tim Laurence Charity number 1048589 Company number 03034557 Registered office 120-125 Peascod Street Windsor SL4 1DP Auditor Hazlewoods LLP Staverton Court Staverton Cheltenham GL51 OUX Bankers CAF Bank Ltd 5 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

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TRUSTEES’ REPORT

The Trustees present their report and financial statements for the year ended 31 December 2024. The Trustees report also contains the director's 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 company’s 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)".

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TRUSTEES’ REPORT

Windsor Leadership is a registered charity dedicated to improving the quality of leadership across the public, private, and not-for-profit sectors in the UK.

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TRUSTEES’ REPORT

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HELEN BOADEN
Throughout 2024, we have been paying evenntindi —" Ee
close attention to what we can learn s “ese
from the global turmoil to ensure our Me .
programmes remain sharply relevant to the \ ae
hundreds of leaders who give us their trust Ye
and confidence each year. The pace, scale i Ze
and unpredictability of current changes in ¢ .
the world have shocked many. At Windsor .
Leadership, we recognise that the resilience ee) <<
and personal integrity of leaders in every ’
kind of organisation and business, may ms
prove important to the long-term survival of ” ai!
our democratic values. A
During our thirty years years of existence, existence,
we've honed our model of leadership leadership
transformation, known as the Windsor Way. Way. and its impact on good leadership. And we
We know that that it works works but articulating the the must continue to demonstrate commitment
experience can be difficult. With that in to the values we embody and stand by.
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During our thirty years years of existence, existence, we've honed our model of leadership leadership transformation, known as the Windsor Way. Way. We know that that it works works but articulating the the experience can be difficult. With that in mind, we are developing a piece of “thought leadership” about our model and its impact.

|The success Windsor Leadership has enjoyed over the past year could not have happened without the ambition and experience of[[Jonathan]][[Story][ and]][[ and]][[his]][small] but very very dedicated team. Nor could it have = been been delivered without our our highly skilled and generous generous Facilitators who give who give give their time voluntarily. In a similar vein, we thank Our Chairs and Speakers and our colleagues at St George's House and Cumberland Lodge. As Chair, | am am especially grateful for the the support of my my clever, challenging and delightful Board colleagues who unfailingly go the extra mile for Windsor. We mark the departure of Trustee, Trustee, Dame Ruth Cairnie, who stepped down from from the Board in 2024. We miss her thoughtful thoughtful contribution.

In practical terms, we are applying our have happened without the ambition model to fresh areas of leadership. As well experience of[[Jonathan]][[Story][ and]][[ and]][[his]] as our regular leadership programmes, we but very very dedicated team. Nor could it have continued to build on the delicate and = been been delivered without our our highly skilled difficult work of bringing together religious | and generous generous Facilitators who give who give give their and civic leaders whose communities are time voluntarily. In a similar vein, we seemingly locked in conflict. In an effortto Our Chairs and Speakers and our touch such communities nationwide, this at St George's House and Cumberland year we based one programme in Yorkshire Lodge. and learned a great deal about the As Chair, | am am especially grateful for the the challenges facing faith leaders ina regional support of my my clever, challenging and environment. delightful Board colleagues who

We are also focussed on the rising departure of Trustee, Trustee, Dame Ruth Cairnie, generation of young leaders. We have who stepped down from from the Board in 2024. launched a brand new programme aimed We miss her thoughtful thoughtful contribution. at those at the very start of their leadership. We also invited members of Gen Z to talk Finally, | would like to thank our Patron, to a masterclass for our Facilitators and we — Vice Admiral Sir Tim Laurence. He is have appointed two young leaders to join consistently interested, solidly supportive our board. We will no doubt benefit from and wryly humorous which is an impeccable their experience and insights. combination.

As we proudly celebrate 30 years of Windsor Leadership, we need to be relentlessly curious about the fast changing world

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TRUSTEES’ REPORT

JONATHAN STORY

The complexity of leadership never eases, vow and Windsor Leadership’s role for positive and supportive leadership development continues to be hugely relevant across society. v We have had a very successful year, hosting & i (e") over 300 new participants across all sectors “™% and all levels of senior leadership. We have -- > also welcomed back numerous alumni onto the core programmes, offering the same safe and open environment from which \ they benefitted so much the first time they | participated. | That safe space was crucial to an evolutionary programme that we designed Consuftation, which exolored how early in 2024, in response to the increasing communication and trust were crucial to levels of tension among faith communities , gleein this country, mentioned; by Helen in her engagement698 with YOUNBETyounger PEOP le. opening. This was attended by Muslim, Empathy is now seen as the top word ee Sn Tat SAEs: a associated with Responsible Leadership, eruietal te have such dean P and hanes according to a survey we conducted last ; conversations, a. year for our new leadership book, ‘Inspire, like that only an organisation Discover, Transform’. Other key words were Windsor Leadership could provide. His ’ , ; - d ili originalMajestySaerneee Theinitiative King and was behindafter the much programme of the pureeof our mostmasersenior; haseleaders; ancontributehant tedto “ he . the book, which we published in November welcomed someofthe participants to f the | h of h . Buckingham Palace, to hear first-hand just as ae : ‘ ned ° alc aut ie now el ae _ we and beneficial. the year.anecdot Th e sy and shared quotescompelling and the insights, book is pROpraMiths Mad Deen: available to all. orosrammes iicoehewetec, In preparation of the upcoming celebratory ; ; NG , events in 2025, we have invested heavily 5 til eccinests Bie tall wetworteand in our IT infrastructure, and introduced other faith groups Leaders from these some new on-going learning opportunities, prograrnrries all a a direct inpeccen sur including our Leadership Labs and Fireside ; ; ; Chats. We also successfully launched a new widerExceptionalsociety, Leaders,and epitomise Leading forour Goodvision for programme, Future Leaders, which; supports ’ our need to focus on upcoming leaders and Community, Leadership, has been a YOUNBETounger &generations. as the grownachelenget eonortantey of We continued to provide first class webinars leadingoes intergenerational; teams. This was a and P podcasts from some of the country’sry key feature of discussions within our most 7 senior programme, the Strategic Leaders

TRUSTEES’ REPORT

most senior leaders, and our Coaching As the world becomes more complex, and Working Groups continued to grow. our role in developing responsible and We welcomed our new Leadership resourceful leaders grows in magnitude Development Director, Dr Edmund Newell, —_each year, and our vision of Exceptional in September and look forward to his Leaders, Leading for Good has never influence in taking themes and ongoing seemed more important. development for our alumni even further.

| remain eternally grateful to our dedicated volunteers who unwaveringly support our programmes, and | want to thank our sponsors, from the individual to government and corporate organisations, all of whom contribute to our bursary fund. Without them, we could not welcome as many charity and not-for-profit leaders as we do, and 2024 saw us support these leaders with our biggest annual investment from bursary funding to date, at £291,698.

Our programmes continue to remain full, which means we are maximising the opportunity to have as positive an influence on as many senior leaders as we can. We will be re-engaging with past participants throughout our 2025 events and expanding our alumni community as we introduce new development opportunities.

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We deliver leadership development through three areas of activity:

To develop exceptional and responsible leaders leading for good, we focus our work on four areas of responsibility, to:

Core programmes

These two-part programmes cater for leaders from a wide range of sectors at similar stages in their careers, including a programme specifically for women in leadership. Programmes are residential, hybrid or online and held in two parts, normally six months apart.

Bespoke programmes

These programmes for individual organisations, are tailor-made to their specific requirements. They have the same objectives as our core programmes of improving leadership qualities and behaviours.

Alumni

All participants on our programmes are given the opportunity to continue their leadership development as alumni through a range of in-person and online activities.

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TRUSTEES’ REPORT

In 2024 we delivered...

open programmes and bespoke programmes for leaders, 10 alumni events for leaders, and Mentoring, Coaching and Working Group Support for 95 leaders.

of participants rated our programmes as very good. excellent.

WHO’S INVOLVED

All our activities are delivered by volunteer leaders who freely give their time and expertise as chairs, facilitators, and speakers. Most of those who volunteer for Windsor Leadership are alumni. This ensures that those who deliver our activities have first-hand experience of our unique experience-led methodology, and it provides them with an immediate opportunity to help develop the next generation of leaders. We also recruit professional coaches as volunteer facilitators because of their specialist skills.

In 2024...

chairs, facilitators and Speakers gave to Windsor Leadership programmes and alumni events.

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TRUSTEES’ REPORT

DIVERSITYAND INCLUSION

We believe that diversity and inclusivity within the learning environment greatly benefits leadership development.

In 2024 participants on our open and bespoke programmes were: 50% female and 44% male (6% unknown/ preferred not to say), 82% white British and 10% minority ethnic (8% unknown/ preferred not to say), which is recognised as being above the national average for . . diversity among leaders across allsectorsin

In terms of sectors, participants were froma wealth of differing organisations, including those in the Corporate, Public, Military, Education, Charity and Faith sectors.

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BURSARY SUPPORT

Our development experiences are open todo notall. To preventensure participation,that financial webarriers rely on the generous donations of our Sponsors, Guardians, Advocates, Friends, and donors.

In 2024...

idad we provide bursaries to the value of to participants from the charity, notfor-profit, and faith SECLONs.

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TRUSTEES’ REPORT

Bursary funding not only enables charity, not-for-profit 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 other sector leaders.

Organisations we supported with bursaries in 2024 were:

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Anglican Diocese of London JDRF UK
Asylum and Human Rights Charity Lucy Faithful Foundation
Benefact Trust Naval Children's Charity
Ben's Centre for Vulnerable People Nuffield Farming Scholarships
Bristol Diocesan Board of Finance Plan International UK
Caerlow Trust Resurgo Trust
Caritas Internationalis Royal Aeronautical Society
Church of England Royal Opera House
Clergy Support Trust Savannah Wisdom
Coppafeel! Science Museum Group
Cystic Fibrosis Trust Sightsavers
Depaul International Teenage Cancer Trust
Diocese of Southwark The Chapter Office, Westminster Abbey
Exeter Diocesan Board of Finance The Charterhouse, London
FareShare The Office of the Bishop of London
Farmers Club Charitable Trust Tommy's
Florence Nightingale Foundation Trussell Trust
Forces Employment Charity University of Warwick
Greenwich Hospital Whizz Kidz
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TRUSTEES’ REPORT

OPEN PROGRAMMES

In total, 270 leaders took part in our open programmes in 2024 and we increased the breadth of our work by introducing a Future Leaders Programme.

Strategic Leaders Consultation

This programme allows the most senior leaders at the very peak of their careers to reflect on the four responsibilities of leadership and to consult on the key themes challenging their organisations. Topics discussed this year included the challenges and benefits of working with Gen Z, communication, tapping into purpose for younger people, and leaving a responsible legacy.

20 senior leaders 08 sectors

The calibre of leadership in the room was astounding and | benefited immensely from their sharing and willingness to offer constructive feedback and guidance.”

[brahim Mogra, Imam, Mogra Faith & Culture Consultancy Limited

Experienced Leaders Programme

For those leaders who are operating at CEO or equivalent, this programme focuses on the difficult leadership challenges that come with ultimate responsibility.

41 senior leaders

08 sectors

In a crowded market of leadership courses, this is a gem. It’s tough but hugely rewarding.”

Sir lan Blatchford, Director and Chief Executive, Science Museum

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TRUSTEES’ REPORT

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Developing Strategic Leaders Programme

This programme assists those progressing towards more senior leadership positions to develop their strategic thinking. It explores the wider demands of strategic leadership and considers how to facilitate and implement change.

58 senior leaders

O8 sectors

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Windsor shifted my thinking on and uplifted my ability to lead. I’m going to use the incredible conversations at Windsor to re-focus my efforts to deliver a fair and fast energy transition for the UK.”

Ben Whitelam, Director of Commercial, Noower

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TRUSTEES’ REPORT

Emerging Strategic Leaders Programme

Senior operational leaders who have the potential, ability and ambition to reach strategic leadership positions can take part in this programme. It helps them to develop the wisdom and insight needed by those operating at the highest levels.

115 leaders

O&8 sectors | feel so lucky to have experienced this, it was so unique and almost magical in the speed with which | felt comfortable, accepted and supported, but also challenged. Thanks to the trust that the programme built right from the start, | was able to grow in ways | hadn't thought possible.”

Beth Nicholson, Senior Philanthropy Manager, Trussell

Future Leaders Programme

This new programme is for senior managers who have been identified as highly talented individuals in their field and future leaders of their organisations. It explores the key responsibilities and qualities of a leader and introduces the importance of values-based leadership.

15 future leaders 07 sectors This programme was an enlightening journey, that inspired, empowered, and motivated me to become the best leader - and best version of myself - | can be.”

Natalie Stableford, Judicial & Stakeholder Engagement Manager, Ministry ofJustice

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TRUSTEES’ REPORT

Women in Leadership

This programme, for female leaders operating at both operational and strategic levels, focuses on the specific challenges women face in leadership roles.

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My time at Windsor was an absolute honour. It’s given me a sense of true validation, hope and confidence that has quickly had wide ripple effects for my team, organisation, family and wider society.”

Laura Kelly, Senior Manager - Global Philanthropy, CDP

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Strategic Development and Communications Manager, Ellen Macarthur Cancer Trust

Background

Fresh direction

The Ellen MacArthur Cancer Trust inspires Faced with a number of challenges challenges | was young people aged 8-24 to believe in a feeling very very conflicted about the the future brighter future living through and beyond shape and direction of my own my own own leadership cancer. Having been involved with this journey. On the programme it became inspirational organisation since 2005, and that as Communications Manager | needed been full-time as Communications Manager __ to transition transition into a more strategic role. But since 2020, it was our CEO, who'd been | was scared. Scared for myself and and for the the to Windsor five years previously, who organisation, as it was was such a massive step encouraged me to apply. up, and | wasn't convinced | was ready for for

Faced with a number of challenges challenges | was feeling very very conflicted about the the future shape and direction of my own my own own leadership journey. On the programme it became clear that as Communications Manager | needed to transition transition into a more strategic role. But | was scared. Scared for myself and and for the the organisation, as it was was such a massive step up, and | wasn't convinced | was ready for for it.

As his second pair of ears and eyes | need to understand how all the different parts of the organisation are connected in order to ensure they work effectively as a whole. My coming on the programme, coincided with a point at which some key decisions needed to be made, both personally and organisationally.

However, within two weeks of my Windsor experience I'd had the conversations I'd been putting off for months! Now that’s testament to the impact of the Windsor experience!

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TRUSTEES’ REPORT

Facing up to the challenge Essentially the programme experience released me to be the best version of The Ellen MacArthur Cancer Trust is 21 myself. It gave me the impetus to have years old and we've gone from working with the conversations that I'd been in conflict 10 young people in 2003 to a staggering with in my head for a long time. It brought 671 in 2024. We’re now on the precipice of real clarity of vision and purpose to my working with potentially 750 young people —_ direction of travel within my career, which by summer 2025. However, if we stick at will hopefully have a significant and lasting this we'll still only be providing for 1 in 10 effect on my organisation and the lives of young people with a cancer diagnosis inthe those we seek to serve. UK, and our vision far exceeds that!

In order to take the organisation to the next level and fulfil our dream of serving more children and young people, we need some clever strategic thinking. Looking at all the angles and ‘what ifs’ is my passion!

Karenza Morton, Windsor Leadership Alumna

We currently have 20 staff and are now operating at the maximum capacity for what we can do as a team with our current resourcing. Everyone aged 8-24 we work with has had a cancer diagnosis so we have to run our under-18 trips during the school holidays, to ensure that they don't miss any more school.

Essentially that means we're limited to May half-term and in the summer holidays we have two bases on the Isle of Wight and in Scotland. We're constrained by the physical limitations of time and space at these venues and the number of days available. We need to increase capacity and think about clever ways we can do this within the constraints we have. That's essentially our gritty challenge!

Coming back from Windsor | had fresh clarity about the implementation of this exciting new vision. | sat down with our CEO and essentially shared my passion about the future, where | felt | could make the biggest difference in the organisation. And | received buy-in from them almost immediately.

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TRUSTEES’ REPORT

BESPOKE PROGRAMMES

In 2024 we designed and delivered two bespoke programmes for infrastructure organisations to address specific leadership issues in their sectors.

Institution for Civil Engineers

This programme enabled senior leaders from the civil engineering sector to explore the societal impact of their work, while balancing the UK’s infrastructure needs with the demands of government, shareholders, and the public. The programme helped to build networks and collaboration, with a focus on future leadership within the sector.

13 senior leaders

The Windsor Leadership Programme provides a unique environment to reflect on and understand your own leadership skills. | found it reaffirming, inspiring and exceedingly helpful.”

Peter Winnicott, Commercial and Procurement Director - SMP Alliance, Balfour Beatty

Network Rail

Bringing together leaders from across Network Rail and other rail operators, this programme focussed on partnership working and collaborative leadership to meet the needs of a key aspect of the UK's transport infrastructure, both now and in the future.

17 senior leaders

The Windsor programme is a unique opportunity to reflect on your contribution as a leader in the Rail Industry surrounded by inspiring colleagues who quickly become an invaluable support network!”

Hannah Linford, Head of Advanced Timetable Analysis, Network Rail

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TRUSTEES’ REPORT

—

We also designed and delivered four bespoke programmes for faith based and community organisations.

Mosaic

This programme welcomed 19 male and female, predominantly Sunni and Shi’i Muslims, as part of a broader national leadership programme for Muslim leaders in positions of authority within their faith communities. Participants focussed on self-development, growth, empowerment and collaboration with wider society.

19 senior leaders

|

An exceptional programme that was | delivered by outstanding faculty in a calm oasis, sparking open dialogue without judgement and promoting growth in our roles as leaders.”

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Faisal Ali, Alwaez, The Aga Khan Development Network

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TRUSTEES’ REPORT

Faith Leaders Forum

This programme allowed Christian, Jewish and Muslim leaders to come together to discuss the collective challenges facing their communities at a time when racial tension was escalating across the country. It generated some very honest conversations about how each community felt about each other and how bridges could be built.

18 senior leaders

Thank you to Windsor Leadership for providing a space for faith leaders to speak what was previously unspeakable and to hear what was previously not being heard. It was a profound experience.”

Rabbi Shoshana Boyd Gelfand, Director of Leadership and Learning, Pears Foundation

National Church Institutions (Church of England)

This programme brought together leaders from the central administrative bodies of the Church of England, all who are leading differing teams and specialisms. The objective was to give them the opportunity to reflect openly upon their own leadership with like-minded peers, as part of their ongoing leadership development.

15 leaders

The Windsor Leadership Programme created a unique space in which to have deep conversations with my peers - building a cohort who | know will support me on my leadership journey into the future.” Shannon Carr-Shand, Net Zero Carbon Programme Manager, Church of England Net Zero Carbon Programme

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TRUSTEES’ REPORT

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Regional Community Forum

This unique programme, held in York, encouraged faith and civil society leaders to focus on local community challenges, and opportunities for leaders and influencers to address them collaboratively.

18 senior le leader >

} ; In nearly four decades of community lay leadership and work, the course provided me with a freedom to speak, an insight to learn and an ability to grow that few other experiences have.”

David Israel, Executive Director, Sinai Synagogue

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Director and Professor of Infrastructure Engineering and International Development, Bartlett School of Sustainable Construction, UCL

Background

Reaching higher

| participated in the Institution of Civil As it happens, they were very timely were very timely very timely timely Engineers (ICE) Developing Leaders questions, as when when | returned to work the the programme with Windsor Leadership. This Dean of the the Faculty invited me to continue brought together some of the top mindsin _in the post for another for another another six months. Six civil engineering and construction, with the — months later, the role was then was then then advertised aim of enabling and influencing leadership as a permanent position, and | was invited across the profession. to apply. This was something | would never

As it happens, they were very timely were very timely very timely timely questions, as when when | returned to work the the Dean of the the Faculty invited me to continue _in the post for another for another another six months. Six months later, the role was then was then then advertised as a permanent position, and | was invited to apply. This was something | would never have contemplated pre-Windsor, however my syndicate syndicate and facilitator had given me the confidence and and belief to to aim higher. Three years later I’m still in post and and lead over 100 staff and and 600 students.

The programme came at a perfect time, as! my syndicate syndicate and facilitator had given had just accepted a four-month leadership _ the confidence and and belief to to aim higher. position while a colleague was on sabbatical Three years later I’m still in post and and where| was looking into the big question over 100 staff and and 600 students. of values and culture in my organisation. At Windsor my syndicate listened to the Experiencing personal challenges | was facing, offered suggestions and questioned why| was only looking at The ICE programme with Windsor Windsor the job in the short-term. Leadership was was absolutely transformational

Experiencing personal transformation

The ICE programme with Windsor Windsor Leadership was was absolutely transformational

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TRUSTEES’ REPORT

for me. It provided a reflective space away from the day-to-day work environment, allowing me to engage deeply with peers facing similar challenges. The unique setting at Windsor facilitated this transformation, helping me to step back, reflect, and return with a renewed sense of purpose and confidence. When we met for the programme Part Two, | was more confident, far less hesitant and was owning my new role. There was a visible difference in my whole demeanour.

The Windsor Leadership programme curated by ICE was undoubtedly a turning point in my leadership journey, providing the tools, insights, and support needed to navigate and embrace a significant leadership role in civil engineering. The programme not only shaped my leadership journey but also provided lasting connections and a supportive network that continues to influence my professional life.

whole demeanour. 66 For me, a key takeaway from the The Windsor programme was the importance of values Lea d ersh ¢) and culture change across organisations. The topic was a common thread that ran Pp rogra mme has bee Nn through our conversations, and it gave : me fresh impetus and energy to ensure | tra n Sto rm atl Ona | focussedSe edeon making my department even for me. It enabled The programme also emphasised how me to grow into my empatheticbut how it can leadershipalso allowis good for toughleadership,decisions leadershi; pb ro le.” to be made, and this is something I've been trying to show within my leadership. Priti Parikh, A key part of this has been investing time Windsor Leadership Alumna and energy in onboarding new colleagues and sharing our vision and strategy with the wider team, because when colleagues understand, adopt and own the vision, they are more willing to take things forward.

Impact of the programme

Since the programme my professional responsibilities have expanded significantly, | now oversee a department of 100 staff and 600 students, am serving as a Trustee on the Institution of Civil Engineers and have positions on two other Boards.

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TRUSTEES’ REPORT

ALUMNI EVENTS IN 2024

Virtual Fireside Chats

Workshops We ran our first Virtual Fireside Chat, designed to allow participants to float in and Our one-day workshops allow alumni to out of virtual discussion rooms and to focus discuss communal challenges in plenary and 0n the topics of their choice. The pilot went small group syndicates. Experts in the field, | SO well that we are running several events in alongside our own alumni leaders offer 2025 focussing on value-centred leadership, invaluable speaker sessions. Principally leaders’ wellbeing and intergenerational aimed at alumni, we also welcomed people _ leadership. new to Windsor Leadership as a way of introducing them to the Windsor style of Additional. Opportunities. development. Themes this year included:

Webinars

Other extended learning opportunities are provided by our Working Groups - ongoing learning groups that meet four times a year with like-minded senior peers, Coaching Scheme - offered by Windsor Leadership’s own professional coaches, and Mentoring - free mentoring offered by our senior alumni to support the next generation of leaders.

We welcomed several keynote speakers onto our webinars, each offering extended learning to our alumni. Speakers included:

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TRUSTEES’ REPORT

30 YEARS OF THE WINDSOR WAY

In anticipation of our 30th anniversary in 2025 we published our first book in November. ‘Inspire, Discover, Transform’ curated by Alan Coppin, a Fellow of Windsor Leadership, contains leadership reflections from 50 senior leaders, who are all Windsor Leadership alumni.

We believe that this book will serve as a timeless resource, not only for the Windsor Leadership alumni community but for all _ leaders. As well as being a valuable resource —_for leaders and aspiring leaders, ‘Inspire, Discover, Transform’ testifies to the longterm impact of Windsor Leadership:

Each dynamic contributor peels back the 64 layers of complexity involved in being an In 2007 | came on my authentic leader, exploring the common first Windsor Leadership values that have shaped them into the p df th people they have become. As our Patron, rOgramme, an COTE ere Vice Admiral Sir Tim Laurence says, ‘They got the glimmer of an idea that have bared their souls in commendably there is a different way to work, honest fashion’ - providing rare insights. a different way to lead, and, The book also contains contributors’ also contains contributors’ contains contributors’ contributors’ critically, more purposefully.” theyfavourite haveleadershipreceivedfavourite haveleadershipreceived haveleadershipreceivedleadershipreceivedreceived inquotes,their careerthequotes,their careerthetheir careerthe careerthethe best andadvice andadviceadvice Hetti. Barkworth-Nanton CBE what guidance they guidance they they might have given have given given their © CEO of Ploughshare and Chair of Refuge

The book also contains contributors’ also contains contributors’ contains contributors’ contributors’ theyfavourite haveleadershipreceivedfavourite haveleadershipreceived haveleadershipreceivedleadershipreceivedreceived inquotes,their careerthequotes,their careerthetheir careerthe careerthethe best andadvice andadviceadvice what guidance they guidance they they might have given have given given their younger selves.

We also asked which words words they most associated with great leadership leadership and reflect on how ‘Courage’ has made wayfor ‘Empathy’ as the number one word. one word. word.

which words words they most sc . . . with great leadership leadership and I've seen the incredible impact on how ‘Courage’ has made wayfor how ‘Courage’ has made wayfor ‘Courage’ has made wayfor has made wayfor made wayfor wayfor — the ‘Windsor Way’ can have by as the the number one word. one word. word. convening such diverse leaders and unleashing confidence, uf Boiy potential and unlocking es,” profound conversations which a astonish even the most wellINSPIRE established leaders.” cov[ER] Non-ExecutiveDameMinistry Alisonof Housing, NimmoDirector, DBECommunities Board of theand Executive of the Crown Estate TRANSTO Local Government, and former Chief cHE WINDSOR WAY ALAN COPPIN

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Windsor Leadership exists “To advance education for the public benefit, but not exclusively, by the holding of conferences without territorial restriction where men and women holding positions of responsibility in various areas of society, such as industry, commerce, the professions, faith, politics, education, science, the services and the arts, can come together to explore possibilities and develop their ideas while taking into account the spiritual dimension in material affairs. Windsor Leadership focuses on facilitated learning and challenging leaders to think about key elements of leadership at the heart of business and society today”.

gatherings. All Trustees have

participated in a programme, and most have _ either chaired, facilitated or spoken on a programme. This keeps the Board close to our core work.

The Chair of the Board of Trustees meets regularly with the CEO, and staff and Trustees meet at an annual gathering after the AGM. The Board of Trustees, which can be no less than three in number, remained at nine or ten in number throughout the year. In February, we welcomed Shabir Randeree CBE, Chairman of DCD Group, Prince's Trust International, and Woolf Institute, Cambridge, to the board. In December, we said good bye to Dame Ruth Cairnie DBE, Chair of Babcock International. Ruth left the board with our heartfelt thanks for all of her her contributions throughout throughout her tenure.

We are governed by a Board of Trustees _ for all of her her contributions throughout throughout her which meets four times a year and tenure. includes a strategy day and an Annual General Meeting (AGM). The Board The Nominations Committee is responsible supports the formal dinners held at the for Trustee Trustee recruitment processes. Chaired end of each Emerging Strategic Leaders by Helen Boaden, at the the start of the the year, Programme, and is represented at our committee consisted of Sir Sir Matthew annual alumni and chairs and facilitators

The Nominations Committee is responsible for Trustee Trustee recruitment processes. Chaired by Helen Boaden, at the the start of the the year, the committee consisted of Sir Sir Matthew Rycroft,

37

TRUSTEES’ REPORT

Dame Martina Milburn and Jonathan for their professionalism and commitment Story, CEO. Its remit is to monitor the to delivering high quality leadership skills matrix to ensure a diversity of sector development. Trustees are also grateful to and experiences across the board and to all who volunteer for Windsor for Windsor Windsor Leadership, review and implement trustee recruitment. without whom whom the charity would would not be Prospective Trustees meet the Chair and, to deliver its programme of activities. activities. separately, at least one other committee member for formal assessment. Those TRUSTEES recommended by the committee are proposed to the full board for approval The Trustees who served during the year before being invited to join the board. and up to the date of approval of these Other Trustees are welcome to meet and financial statements, and who were also comment on prospective candidates at any —qiractors for the purpose of Company Law, stage of the process. were:

for their professionalism and commitment to delivering high quality leadership development. Trustees are also grateful to all who volunteer for Windsor for Windsor Windsor Leadership, without whom whom the charity would would not be able to deliver its programme of activities. activities.

New Trustees may join the board at any stage of the year and all appointments are ratified at the AGM. On their appointment, new Trustees are briefed by the Chair and receive information from the Company Secretary (CEO) about their legal responsibilities and their role in the governance of Windsor Leadership.

; 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 Senior Leadership Team (SLT), Trustees regularly monitor the risk exposure of the charity and ensure appropriate action is taken. The SLT also regularly reviews the risk register.

Going into 2025, 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

Trustees are once again delighted with staff performance under the leadership of the CEO, Jonathan Story, and are grateful

28

TRUSTEES’ REPORT

FUNDS

,

Most of the charity's income (84%) is derived from programme participant fees. Our Alumni Professional Development contributes 8% of income through participant fees for Workshops, Working Groups, and Coaching. A further 6% of total income, directed towards our bursary fund is provided by our organisational sponsors (who contribute between £1,000 and £50,000 annually), and regular individual donors.

Our majority fee-paying business model ensures we have sufficient funds to run our programmes, and together with sponsorship and donation income, this enables us to fund bursaries and occasional projects. Bursary funding enables leaders from charity, education, faith and civil society sectors to take part in our programmes, bringing valuable leadership insights and challenges into the learning experience alongside those from the public and corporate sectors. These two income streams provide financial security, and we do not anticipate any challenges to them in 2025.

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FINANCIAL REVIEW 2024 Our total income in 2024 was £1.67m {2023: £1.54m), an increase of 886 compared to the previous year. Our total expenditure was £1.52m {2023.. £1.40m), an increase of 8.7% compared to the previou5 year. This resulted in an overall surplus for the year of £143k (2023: £142k) increasing total reserves to £830k (2023.. £687k). available to all sectors of society and in 2024. we offered £188k of bursary support from income generated from charitable activities. We are grateful for the generosity of donors and sponsors who contributed a further £103k12023.' £128k) to this fund enabling us to assist 107 participants this year. Interest from cash invested in short term deposit accounts contributed £31 k12023'. 20k) towards income. Attendance on our open programmes was in line with expectations and the introduction of a new Future Leaders programme to our portfolio contributed to this success. Bespoke programmes and academy income generated from Working Groups, Coaching and Workshops held in the year ensured that overall revenue generated from charitable activities was 9.8% higher than in the previous year. Income from charitable activities formed 92% of total income (2023.. 90%). Total expenditure for the year increased by 8.796 to £1.52m {2023: 1.40m} with anticipated inflationary increases on venue and staff costs. In 2024, as part of our ongoing commitment to foster stronger communities and reduce social inequalities, Windsor Leadership funded some Faith Leader Forums and to further enrich the invaluable voluntary services provided by chairs, facilitators and Speakers, Windsor Leadership funded three training and briefing events at an annual cost of £21 k {2023: £15kl. Windsor Leadership continues to ensure that access to our programmes is 30

TRUSTEES. REPORT One of the objectives Set for 2024 included making the best use of our resources by improving our database and ensuring compliance. We engaged an external consultant to review our systems and recommend improvements which are currently being implemented. This investment of £41 k will ensure that Windsor Leadership has accurate and reliable data for compliance, impact reporting, modelling and insights. protert the charity against shortfalls of future income. The Trustees have a reasonable expectation that the charity will be able to continue in operation and meet its liabilities as theyfall due over the period of their assessment. Windsor Leadership will continue to build Its reserve base a5 a strategic objective. Designated funds in the year were used mainly to support the attendance of senior nurses from the Florence Nightingale Foundation. At the end of 2024. the Trustees agreed to transfer £61 k to Designated Funds to support 30th Anniversary events and improvements in operational efficiencies. The level of Designated Funds reported at year end increased to £230k (2023: £174k). Windsor Leadership has a risk management policy designed to identify and assess key strategic and operational risks facing the charity,. financial stability is one such risk. The Trustees have reviewed the financial cashflow position of the charity for the next 18 months in combination with robust future planning. Unrestricted reserves of £598k represents 8 months of operating capital required to

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 was 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 2025. Signed. on behalf of the Board of Trustees Ms Helen Boaden ( Date.. ,/6/2r Mr Mark Hews Date.. 32

STATEMENT OF TRUSTEES, RESPONSIBILITIES For the Year Ended 31 December 2024 The Trustees, who are also the dirertors of The Windsor Leadership Trust for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statement5 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 statements, the Trustees are required to: select suitable accounting policies and then apply them consistently: observe the methods and principles in the Charities SORP,. make judgements 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 Act 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. 33

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 2024 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 state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, 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 Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UKII 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 obtained 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 basis of accounting in the preparation of the financial statements is appropriate, Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitys ability to continue as a going concern for a period of at least twelve months from when the financial Statements are authorised for issue. 34

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprise5 the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially incon5iStent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matter prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit: the information given in the Trustees, report, which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements,, and the direttors, report included within the Trustees, report has been prepared in accordance with applicable legal requirements. 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, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to reportto you if, in our opinion: adequate accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of Trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit or 35

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 that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitys ability to continue as a going concern, disclosing, 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. Auditor's 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists, Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. 36

As part of our planning process: We enquired of management the systems and controls the charity had in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The charity did not inform us of any known, suspected or alleged fraud. We obtained an understanding of the legal and regulatory framework applicable to the charity. We determined that the following were most relevant: the Charity SORP, FRS 102, Charities Act 2011, Companies Act 2006. We considered the incentives and opportunities that exist in the charity, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly. Using our knowledge of the charity, together with the discussions held with the charity at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment. The key procedures we undertook to detect irregularities including fraud during the course of the audit included: Identifying and testingjournal entries and the overall accounting records, in particular those that were significant and unusual. Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied. Assessing the extent of compliance, or lack of, with the relevant laws and regulations. Testing key income lines, in particular cut-off, for evidence of management bias. Obtaining third party confirmation of material bank balances. Documenting and verifying all significant related party transattion. Reviewing documentation such as the charity board minutes for discussion of irregularities including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatement in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the Trustees of the charity. A further description of our responsibilities is available on the Financial Reporting Council's website at: https.'/lwww.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. 37

Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable companys members as a body, for our audit work, for this report, or for the opinions we have formed. Signattire........................................................................... 2510612025 Scott Lawrence FCA DChA (Partner) For and on behalf of Hazlewoods LLP Chartered Accountants Staverton Court Staverton Cheltenham GL51 OUX United Kingdon 38

THE WINDSOR LEADERSHIP TRUSTSTATEMENT OF FINANCIAL ACTIVITIES Including Income and Expenditure Accounts FOR THE YEAR ENDED 31 DECEMBER 2024 Unrertrlcted Funds 2024 Restrlcted Funds 2024 Deslgnated Fund5 2024 Total Total 2024 2023 Notes Donations and Legacies Charitable Activities Interest and Investments 53,410 1,531,527 30,794 50,000 103A10 1,531.527 30,794 127,775 1,394,485 20,249 Total Income 1,615,731 50.000 1,665,731 1,542.509 Raising Funds 48.683 48,683 48,982 Charitable Activities l A12.389 56.193 5,155 1.473.737 1,350,909 Total resources expended 1 A61.072 56,193 5.155 1,522.420 1,399,890 Net gainslllosse51 on investments 15501 Net Income before transfer 154.659 16.1931 15,1 $51 143,311 142,068 Transfers between funds 160,9191 60,919 Net movement In funds 93.740 16.1931 55.764 143,311 142.068 Fund Balances at ljanuary 2024 504,593 8.193 174.236 687.022 544.954 Fund Balances at 31 December 2024 598,333 2,000 230.000 830.333 687,022 The statement of financial attivities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities a150 complies with the requirements for an Income and Expenditure account under the Companies Act 2006. 39

THE WINDSOR LEADERSHIP TRUST BALANCE SHEET AS AT 31" DECEMBER 2024 2024 2024 2023 2023 Notes Fixed assets Tangible Assets 12 9,373 5,013 Current Assets Debtors Cash in bank and in hand 13 3QO,980 1,550,372 237.044 1,363,321 1,851,352 1,600,365 Credltors: amounts falllng due wlthln one year 11.030,3921 1918,3561 Net current assets 820,960 682,009 Total Assets less current liabllitles 830,333 687.022 Incomefunds Unrestricted Fund5 Restricted Funds DeSIg￿tea Funds 598.333 2,000 230,000 504,593 8,193 174,236 830,333 687.022 The financial statements were approved by the Trustees on ...... Helen Boaden Trustee Company Registration No 03034557 40

THE WINDSOR LEADERSHIP TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31" DECEMBER 2024 2024 2024 2023 2023 Notes Cash flowsfrom operatlng artivities Cash generated from operating artNities 21 165,739 245,207 Investlng Actlvities (Purchase) of tsngible fixed asset5 (Purchase) of Investments Interest & Investment income received 12 19,4821 15,1241 11,1031 20,249 30,794 21,312 14,022 Net Increase in cash and cash equivalents 187,051 259,229 Cash and cash equivalents at beginning of year 1,363,321 1,104,092 Cash and cash equlvalents at end of year 1,550,372 1,363.321 41

THE WINDSOR LEADERSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" DECEMBER 2024 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 Association, the Companies Act 2006 and "Accounting and Reporting by Charites: Statement of Recommended Prattice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1"January 2019)" The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the funrtional 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 The Trustees are satisfied that sufficient cash and reserves are available to meet the operational requirements of the charity in 2025 and that the charity is able to withstand any unforeseen financial risks or events that might reasonably crystalise within 18 months of signing these accounts. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable Funds Unrestrirted funds 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 statements. 42

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. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this 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 activity headings.. Cost of raising funds comprise the cost of attracting voluntary 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 is charged as a cost against the artivity for which the expenditure was incurred. 1.6 Tangible Fixed Assets Tangible fixed assets are measured at cost, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost of assets less their residual values overtheir useful lives on the following bas15'. Fixtures. fittings and equipment 30-50% straight line 43

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/{expenditurel for the year. During the year, all computer equipment that was obsolete and had no residual value, was securely destroyed and fixed asset values were restated for 2023. The net book values for 2023 remain unchanged. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand and other short-term liquid investments with original maturities of twelve months or less. 1.8 Financial Instruments The Trust disposed of its investment holding in 2023. 1.9 Employee Benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.10 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 sources. The estimates and associated assumptions are based on historical experience and other fattors 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 estimate 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.

Donations and Legacies Unrestricted Funds 2024 Restricted Funds 2024 Unrestricted Funds 2023 Total 2024 Donations and Sponsor5 53,410 50,000 103,410 127,775 53,410 50,000 103,410 127,775 4. Charitable Activities Unrestricted Funds 2024 Unrestricted Funds 2023 Core programmes Bespoke Programmes Leadership Academy 1,158,711 245,573 127,243 1,531,527 1,052,933 214,452 127,100 1,394,485 I nvestments & I nterest Receivable Unrestricted Funds 2024 Unrestricted Funds 2023 Income from listed investments Interest Receivable 1,103 19,146 20,249 30,794 30,794 6. Raising Funds Unre5trlcted Funds 2024 Unrestricted Funds 2023 Fundraising and Publicity Staff Costs 48,683 48,683 48,982 48,982 45

  1. Charitable Activities 2024 2023 staff Costs Depreciation and Impairment Course Costs Events and working groups Bad Debt written off 689,796 5,122 499,951 97,195 641,308 1,892 417,172 109,221 1,292,064 1,169,593 Share of support costs ( see note 81 Share of governance costs I see note 81 169,754 11,919 164,633 16,683 1,473,737 1,350,909 Analysls by fund: Unrestricted Fund5 Restricted Funds 1,417,544 56,193 1,309,102 41,807 1,473,737 1,350,909

  2. Support Costs Gov¢m•n¢• Costs fjovernance Costs SuP￿rt Costs 2024 Supportctssts 2023 Recruitmenrand Training Rentand Utilitie5 24,105 34,915 35.207 75,527 24,105 34,915 35,207 75.527 29.355 43,190 35.605 56.483 29,355 43,190 35,605 56,483 Other 5UPPOrtcosts Audit Fee5 14,430 14.430 13,736 2.947 13,736 2.947 Legal and professional Q.5111 169.754 181,673 164.633 16,683 181,316 Analysed betyveen Charltable athvities 169.754 11,919 181,673 164.633 16,683 181,316 Governance costs include audit fees of £14.430 (2023: £13,736) Trustees None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. 46

  3. Employees The average monthly number of employees during the year were: 2024 Number 2023 Number Leadership Programmes Fundraising and Publicity Total 12 Employment Costs 2024 2023 Wages and Salaries Social Security Costs Other pension costs 641,992 67,804 28,683 598,460 64.759 27,071 738,479 690,290 The number of employees whose annual renumeration fell within the following bands were: 2024 2023 £60,000-£69,999 £70,000479,999 £140.000-£149,999 £150,0004159,999 Key management personnel comprise of the Chief Executive Officer and the Senior Leadership Team. Remuneration and benefits relating to key management personnel were £340,527 (2023.. £345,189).

  4. Net gains/(losses) on investments Unrestrlcted Funds 2024 Unrestricted Funds 2023 Revaluation of investments {5501 47

  5. Tangible Fixed Assets Fixtures. fittings and equipment 2024 2023 Restated Cost At1 january 2024 Additions 7.973 9,482 2,849 5,124 At 31 December 2024 17,455 7,973 Depreclatlon and Impalrment Al 1 January 2024 Depreciation charged in the year At 31 December 2024 2,960 5,122 8,082 1,068 1,892 2,960 CarrylngAmount At 31 December 2024 9.373 At 31 December 2023 5,013 Computer equipment that was obsolete and had no residual value at the end of 2023, was securely destroyed and fixed asset values were restated for 2023. The net book values for 2023 remain unchanged.

  6. Debtors 2024 2023 Amountsfalllng due withln one year Trade Debtors Prepayments and accrued income 264,630 36,350 300,980 195,724 41,320 237,044 48

  7. Creditors 2024 2023 Notes Amountsfalllng due within oneyear Other taxation and social security Deferred Income Trade creditors Other creditors Accruals 27,563 891,886 7,873 40,111 62,959 1,030,392 37,703 779,818 12,407 32,236 56,192 918,356 15

  8. Deferred Income 2024 2023 Deferred income 891.886 779,818 Deferred Income brought forward was £779,818 and most of this was released in 2024. In 2024, the deferred income was £891,886 and this amount is carried forward. The deferred income balance relates to prepaid courses taking place in 2025. Deferred income from donations brought forward in 2024 of £12,007 were used to sponsor two participants on core programmes.

  9. Restricted Funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations held on trust for specific purposes: Movement In Funds Balance at 1 stjan 2024 Incoming Resources Resources Balance at Expended 31 Dec 2024 2023 Benefact Group 8,193 50,000 56,193 2,000 8,193 49

  10. Designated Funds The Trustees have set aside a designated fund of £230,000 (2023.. £174,236) to be used to fund bursaries, charitable and investments attivity in future years. 2024 2023 Balance at 1 January 2024 Transfers between funds Resource5 expended Balance at 31 December 2024 174,236 60,919 15,1551 230,000 139,000 58,675 123,4391 174,236

  11. Analysis of net assets between funds Unrestrlcted Funds 2024 Restricted Funds 2024 Deslgnated Funds 2024 Total Total 2024 2023 December are represented by.. Tangible Assets Current assetsllliabilitiesl 9.373 588.960 598.333 9.373 820.960 830.333 5,013 682.D09 687.022 2,000 2,000 230.000 230.000
  12. 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., 2024 2023 Within one year Between two and five years 28,800 92,448 29,640 24,000 121,248 53,640

  13. Related party transactions In 2024, Benefact Trust donated £50,000 to be used to sponsor Christian participants attending courses. The balance of these funds £2,000 (2023: £8,193) will be used in 2025 and are reported within restritted funds. Mark Hews, Trustee, is CEO of Benefact Group. 50

  14. Cash generated from operations 2024 2023 Surplus for the year 143,311 142,068 Adjustments for.. Depreciation and impairment of tangible fixed assets 5,122 1,892 Investing activities.. Investment Income recogni5ed in statement of financial activities Proceeds from the disposal of investment bonds Fair value gains and losses on investments 130,7941 {20,249) 50,147 550 Movements in working capital (Increasel/decrease in debtors Increase/ (decrease) in creditors (Decreasell Increase in deferred income 163,9361 1321 112,068 82,945 162,6781 50.532 Cash generated from operatlons 165,739 245,207

  15. Analysis of changes in net funds The charity had no debt during the year. 51

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 by guarantee (No. 030345571 in England and Wales. IINDSOR LEADERSHIP I￿LS￿RE | OISCP'IFA |