2021-06-30-accounts

Charity Registration No. 1169168

THE WINDSOR BENEFIT TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

THE WINDSOR BENEFIT TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Mr H Vickers Mr C Aitken Ms E A I Ligere Mr S Treadgold Mr G Barker (Appointed 1 July 2021)

Charity number 1169168 Principal address 37 Warren Street London W1T 6AD

THE WINDSOR BENEFIT TRUST

CONTENTS

	Page
Trustees' report	1 - 2
Statement of financial activities	3
Balance sheet	4
Notes to the financial statements	5 - 7

THE WINDSOR BENEFIT TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 30 JUNE 2021

The trustees present their annual report and financial statements for the year ended 30 June 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the the trust's [governing document], the Charities Act 2011 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 (FRS 102) " (effective 1 January 2019 ).

Objectives and activities

Advancement of the arts and music in and around Windsor, the preservation, restoration and maintenance of items of architectural/historical significance in and around Windsor and other charitable purposes in and around Windsor including supporting the Windsor Festival Society.

The aims of the Windsor Benefit Trust are:

1. To support cultural activities in Windsor, most particularly the Windsor Festival.

2. To help finance the activities of the Outdoor.

3. To undertake restoration work, most particularly in St George’s Chapel, Windsor Castle.

In 2016 a project was embarked upon to restore the Garter Banners of King Edward VII and Queen Alexandra which previously hung above their tombs, but had been removed in 1990 due to grave deterioration.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.

The banner of King Edward VII was the first one worked on, the restoration being completed by December 2019, at which point the banner was returned to the College of St George, and received by Rt Rev David Conner, Dean of Windsor, who wrote:

I should be writing a proper letter but, at this time of the year, I worry about the post! So I must ask you to excuse an email. It is simply to thank you for having made possible the restoration of the Edward VII Banner. It is a beautiful piece of work, and many people will be thrilled to see it in its new glory.

You have been diligent and generous. Thank You.

Work commenced on the banner of Queen Alexandra , but was suspended due to COVID-19. It is estimated this work will be completed when practicable.

The t rustees liaised on several occasions during the year.

Achievements and performance

During the year, the charity consolidated its position and had few transactions, making plans instead for the future – as explained further below .

Financial review

The charity has sufficient funds to continue their charitable work in and around Windsor for the foreseeable future. The other running costs are very low and expected to continue to be so. Accordingly, the trustees believe the finances of the charity are in a satisfactory condition.

It is the policy of the the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level s ufficient to meet forthcoming events and sundry expenditure.

The trustees have assessed the major risks to which the trust may be exposed, which relate to financial viability and dependence on the trustees, and are satisfied that systems are in place to mitigate such exposure.

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THE WINDSOR BENEFIT TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

The current project is to restore the Garter Banner of Queen Alexandra, to be hung over her tomb. Some funds have been raised for this already, and a fund-raising brochure was produced. This project was suspended due to COVID-19 and it is esitmated this work will be completed when practicable.

In accordance with its charitable aims and objectives, the charity will contribute in such a manner and to such extent as may be desirable and conducive to the activities related to the celebration of Her Majesty's Platinum Jubilee in 2022.

Structure, governance and management

The T rust was incorporated and registered with the Charity Commission on 14 September 2016, charity registration no. 1169168.

The trustees are : Mr H Vickers Mr C Aitken Ms E A I Ligere Mr S Treadgold Mr G Barker (Appointed 1 July 2021)

The recruitment and appointment of new trustees is agreed by the existing trustees at trustees' meetings.

There were no related parties apart from the trustees .

The trustees' r eport was approved by the board of trustees .

Ms E A I Ligere

Trustee Dated: 28 March 2022

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THE WINDSOR BENEFIT TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2021

Notes Income from: Donations and legacies 3 Expenditure on: Charitable activities 4 Other 7 Total expenditure Net income/(expenditure) for the year/ Net movement in funds Fund balances at 1 July 2020 Fund balances at 30 June 2021	2021 2020 £ £ 10,000 8,870 205 30,985 1,258 1,059 1,463 32,044 8,537 (23,174) 10,914 34,088 19,451 10,914

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

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THE WINDSOR BENEFIT TRUST

BALANCE SHEET

AS AT 30 JUNE 2021

Notes Current assets Cash at bank and in hand Creditors: amounts falling due within one year 8 Net current assets Income funds Unrestricted funds - general	2021 £ 20,704 (1,253)	£ 19,451 19,451 19,451	2020 £ 12,164 (1,250)	£ 10,914 10,914 10,914

The accounts were approved by the trustees on 28 March 2022

Ms E A I Ligere Trustee

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THE WINDSOR BENEFIT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

1 Accounting policies

1.1 Accounting convention

The accounts have been prepared in accordance with the trust's internal rules, the Charities Act 2011 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 (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The the trust is a Public Benefit Entity as defined by FRS 102.

The the trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling , which is the functional currency of the the trust . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

The UK economy is currently facing unprecedented uncertainty about the impact of the COVID-19 pandemic, together with the extent and duration of social distancing measures imposed by the UK Government. The trustees have foreseen the challenges in the coming months and considered carefully the potential impact of these matters. In taking into account available cash resources (including access to existing financing facilities) and the extent of support provided by the UK Government announced as of the date of signing these financial statements, the trustees have continued to adopt the going concern basis of accounting.

1.3 Charitable funds

Unrestricted 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 purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the the trust.

1.4 Income

Income is recognised when the the trust 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.

Cash donations are recognised on receipt. Other donations are recognised once the the trust has been notified of the donation, unless performance conditions require deferral of the amount.

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THE WINDSOR BENEFIT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

1 Accounting policies

(Continued)

1.5 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the the trust ’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the the trust’s 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 factors that are considered to be relevant. Actual results may differ from these estimates.

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.

3 Donations and legacies

	Unrestricted	Unrestricted
	funds	funds
	general	general
	2021	2020
	£	£
Donations and gifts	10,000	8,870

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THE WINDSOR BENEFIT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

4 Charitable activities

	2021	2020
	£	£
Charitable expenditure	205	30,985

5 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.

6 Employees

The average monthly number of employees during the year was:

	2021	2020
	Number	Number
Total	-	-
There were no employees whose annual remuneration was more than £60,000.

7 Other

Supports costs Support costs includes governance costs of £ 1 ,000 + VAT (2020 - £ 1, 000 + VAT). Creditors: amounts falling due within one year Accruals and deferred income	2021 £ 1,258 1,258 2021 £ 1,253	2020 £ 1,059 1,059 2020 £ 1,250

8 Creditors: amounts falling due within one year

9 Related party transactions

There were no disclosable related party transactions during the year.

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