REGISTERED cofvlPANY YUiklBEI R.. 00952726 (Ei ngland and Ivalesl REGISTERED CHARITY NU￿llBER.. 258888 Re oi"t of (he Trusiees and Unaudited Finaiicsal Statanents for tl)e Year Ended 30 Novembei. 2023 for llie Windsor Festival Societ Limited Ranion l.ee l.td 93 'fabeinacle Sti-eet London EC2A 4BA Thc Windsoi. Festival Societ Liimited Conienls of tlie Financial statem¢￿t5 loi" Ilie Ycai F.nded 30 Novcinbcr 2023 Pagc Rcpoi'l of the TIus￿eS Independeni Examiner's Report Siatejncnt of Financial Activities Balalice Slicct 10 to 11 Notes lo the Financial SiateTnents 12 to 19 Detailed Statejnent of Financial Activitte$ 20 to 21 The WindsoT Festival Socie Limited ort ofthe Trustees for Ilie Year Ended 30 Noveiiib¢r 2023 Tlic t1￿￿tee% who ale also dire¢toiB of tlie cliai-ity foi- Ilie puiyoscs of ilie Companies Act 2006, pi'esent Ilicii. report with tlie rinancial slateincnts of tlie cliai'ity for tlie year endcd 30 Noveinbei. 2023. Mic irustees have adopied tlie pi'ovisiuns or Accountijig and Rcporting by Charities.. Slatcnicnt of Reeonlliiended Pyacticc applicable to cliaTlties prcpai'ing thcir accounts in accoi'daiiee witli the Financial Repoi"iiiig Standard applicablc in Ilie UK and Republic of ir¢land IFRS 102) (cffcetive l January 20191. STRUCTURE, GOVERNANCE AND MANAGEMENT Govcrnill Docuinejit Tlic Wind%or Fcstival Society is a eoinpany liniitcd by guaiantee govci'ned by its Meniorandiini aiid Arl]cle￿ of Association dated 21 Mai'eli 1969. It is a registered cliaFIt}' willi tlle Cliarily Coinmission. Miel-e are I I Ineinbei-s eacli of wlioin agrcc to conli'ibiite a suin not cxcecding £5 in Ilie eveni of Ilie cliarily winding up. ointtnent of tlic Coiincil of MJnaoement As set out in tlic Artielcs of Association the Council inay fi'oin tiiiie lo tiine aiid al any tIlllC (ippoinl any iiiembei- of the Society as a iiiembci. of tlic Council of Management. Any mciiibei. so appointed retains officc only until ihe next Ani)ual Geiieral Meeting wliell lie or slic i'etires and is eligible for i-e-election. In additTon, one tliii'd of tlie Incnib¢rs of ¢lie Council i-etire in 511cces5ion at Ilie Anlliial Cjcnci'al Meeting but can offei. Ilicinsclve5 foi. i-e - eleetion. Tlje nieinbcrs tliai i-etire are t1105e tliat liave beeii longest iji office sitiee theii. last eleciion oi appoiiitincnt. Wlien eonssdei'iiig zppoitJtnicnt8, tlie Council of Manageinenl lias ie8ai'd lo ti)e skills nccdcd for tlie nianageinent of the Society. CouH¢il of Mana einent induction and trainin Newly clPPOlnted dii"cctors iindergo an orieiitalion ses8ion to brief them of tl)eir legal obligalions under cliarity and company law, tlic coi)ient of tlic MeinoTanduin and Ai'licles of Assnciatioti. tl)e ¢oirmittees and decisioil-niaking pi'ocesses, Ilie role of ¢lie ii)anagcm¢ni con¢ia¢tor, tlie Fiieiids ai)d Benefactoi% oi'ganisatton. tlie business plaii and tlie recent financial peiforinance of tli¢ Society. Prior to lakiiikF iii) tlie post direcloiE will inect tl)c key persons associated willi the i'uiining of tlic Society. anisalion At a mceting on 25111 January 2022 it was agi'ecd lo rciiamc Tlie Coiiiicil of Maiiageinent a% Tlic Board of Tyiislees. and 10 i'cfer 10 nieinbei-s as Ti-ustees. Fui'tlici'inor¢ tlie Straiegy and Risk StceiinLF Gi-oiip was reiiained Ilie Exceutivc Coiilti)it￿e. Boai'd of Trustees, wbich coiisists of thc Cliaii'iMan, dllectoiE and the Prc5ideiit, is i'esponsible foi. overall policy. The Exetulive Coininittee was foriiicd as an advisoi'y gi'oup in Janiis Iiinw Berkshire Music TTiisI IBMTI) fcatllring yoiing niusicians li'oni aei'oss tlie coiinty. including winnei's of B¢rksliire Yoiing miisi￿lan of the Year Conipclitions, whicli arc pron)oted jointly by BMT and Wiiidsor Festival. Oiii Litciii"y cvciits were plann¢d to Ple5enl a wide vai'icty of subjects at Tlic Old Court, Holy Trinity Cl)ui"ch. and at Tlic York Club witliin Windsoi. C?Iral P11 I'k. Oiir woi'k willi Cliorleywood Booksliop increased furili¢i' aiid strengthened Ilux>ugl) finding aiiilior.% and aiyanging evenls. as well as Iheii. planning to pi'ovide and scll all tlie books associated with these evciits. MarketinR: We Continue ro iry ro improve tlic visibility of tl)e Fcslival withill tlic town using posters, banners and advejtising boards, as well 3s boai-ds ouiside supporters, Iiou5es. In addiiion. flyei-s are distributed to local lioiiseliolds and tlie Festival l)as a visible presence al important local events. Wc l)old several free ot non-ticketcd events during tl)e Ftstiyal wliicli collcctively artraci ihousand5 of visitors, in¢ludinB exliibitions at various venues incliidiJiL Eton College and Tlie Old Coiii't community ai'ls centi'e, ai)d tlie Eton Coll¢g¢ Ai'l Trail. The Import￿ice of digitsl and oiiline inarketing lias been recognise(I by tlie additioll of oiir events to the onlinc listiiigs, as well as using tlie e-flyer Ilii'ougli our pailner&liips W￿111 organisalioiis su¢li as Otpheiis Sinfonia, and the Royal Boi'ough gf Wiiidsor and Maideiiliead Librai'y Service. Our Facebook and-fwitter following is continuing to grow. Siaff und Volunteers: Martiii Denny Maiiagejiient Ltd has beeii conti'a¢ted as tbe Festival Dii'e¢tor and lias a sinall leaill of pi'ofcssioiial staff available. Tlic Fcsiival nevci'iheless I'elies oil Ilic services of several voluntaiy assistanls to steward events aiid pci'foi'imances enabling lowcr staff costs tlian would otliei'wtsc be tlie case. In 2023 tliere wei-e ai-oiind 50 voliinteeTS. In addition. tl)e Honoi'81"y TrLasuTLr, Mr Malcoliii McLean, dcvol¢d ¢on5iderable liinc to tlie financial affaii"s of tlie Festival Windsoi. l.-esiival is iiiaiiaged by Iliicc fulltijiie iiieJiihcr% of staff biil is siippoi'tcd by a coinniittcd tcain of itidividuals vndei'lakiiig project woi'k, voluiiteering tlirougliout dic year 10 ovei-see criicial arcas of tl)e ¢liai'ity'% work, to assist witl) tjie oi'g£l1)15l£ lioi) aiid rniiiiiiig of oiir eveiils, aiid to ciigage willi oiir Fi-ietids aiid Bencfactors. Witlioiii Ilicsc individuals, Windsoi. Festival siii)ply coiild iiot function. Wc would like to t'egislcr OUT Sli-01)g appreciation of tlieir dedication and coiiiniiliiieijt. Page 3 The Windsoi. Festival Socict Limited ort of the Trustees for the Year E'nded 30 November 2023 ACHIEVEMENT AND PERf4ORMANCE Hi2hlights and AclTrievements- or Ilie F inancial yeai- elided 30 NovenTrbei' 2023 tlie CouncÈl of Manageinent set vai'ioiis lai'gets. Hel'e is an outline of tlic achievenients in tl)e year iindei. i'eview.. Continued progr￿$ witl) the financial planning foT tl)e futllre, ijiclllding Ilie fund-raising activity, witli a view to developing hi¥)cr Icvcls of income aiid fulfilling tlie aim of i'aisijig tlie Society's i'eserves as soon as possible to £350,000. Review the Festival's prograniiniii iiiai-kctinE, financing aiid fundraising tlirollgli tlie now eslablisl)ed sub-groups, involving all Trusiees and ot]iei" supporteis. Eacl) sub-gi'oup i'epoi1s to the fruslees witli recon)iiicndations for iinpleineniation. To continue 10 i'evicw Il)e gov¢i"iiancc of the Socicty to iniprove tlie managenient of risk aiid to ensurc Iliat its structur¢s respond efficiently io tlie Current and anticipated cliallenge5. I'AIIGEI'S FOII THE YEA1< ENDING 2024 Coniinue progress witli tlie financial plannii)g for tlie fiitute. including tlic fund-raisiiig activity, witli a view to developing highci. levels ofincoiiic and ftilfilling the aiin of i?ising tlie Society's reseives as soon as possible to £350,000. Continiic to review tlic Festival's prograniii)ing, iiiarketing, financing and fundraisiiig tltrougli the now establislicd sub-gi'oiips, i&ivolvsiig all Tiustccs and otlicr suppoi't¢rs. Each sub-group reports to the Trustees witli i"ecoJninendatiot]s for impleiiicntation. To Colltijiiie to i'eview the govei'iiance of the Soeicty to itnprove tlie managetnent of risk and io ensure tl)at its st¥uctures respond efficiently to the cutTent alld alllicipated eliallellgcs. Page 4 Tlie Wind501' Festival Societ Liiniled Re oil of the Trllstees for tlie Ycar Ended 30 Noveinbei. 2023 FINANCIAI. IIEVIEW Fbnan¢es'. Olli. P'inancial slaten)ents foi. tlie year sl)ow an opeiitiRg deficit of £84,263 12022.. deficit of £9,844) wl)i¢h lias becn decreased by uni'ealised gain on invesin)enls of £4,361 12022.. loss of £5,959). With the inciease in our invesinienis. along willi the tiansfcr fi'om designated fiinds, tl)e Festival Foundation Reserve stands at £175,817 (2022.. £227.3211. Total Reseives and ietained incoine stood at £175,817 (2022.. £255,719) at tlie end of Ilie fijiancial ycar. We are most gi?teful to all oui. sponsors and donoi's wl)i¢l) Inake Windsor Festival possible. Health and S8fety'. All li¢altli and safery iequirements were mei. Tl)ere ivere no incidents dui"iii8 the Festival. Mie Festival lias not niade ally claiiiis against its Public Liability or its Event Insiirance policy. LOCAI'ION OTr ACI'IVJ'I'ILS We are fortuiiate to be able io inake use of a wide range of unique vcnuc5 Wlthin tlie Royal Borough wliieli allow us to find appi'opi'iate placcs to accoiniiiodatc Ilie variety of events progi2inmed. Ill 2023 we lield events in St Gcorgc's Cliapel and tlic Stat¢ Apartments of Windsor Caslle. Ho￿Y Trinity Cliurch, T]ic York Club Willdsor Great Park, Eton College, Tlic Old Coujl, atid Cowottl) Park. We aim to eaiise minimal disiiiplion when Siosting Jrlieaisals and evenis within these liisioric venues and aTC most appi'ecialive of the 8ccess we al'e given. PLANS FOR FUTURE PEI RIODS Tlic ciii-i-cnt PTlI)¢ipal objectivc is to dcveloi) a sustlc inable i)l-OEraniine ofaclivily iii liiie witli our objectivcs and to generatc tlic fuiiding to suppoi'l it, Tlie Coiincil decins it pi-iiden¢ to work towards increasing tlie Charity's resej'ves beyond t]ic pi'cscnt Icvel to £350.000 being the CUJTeni levcl of annual cxpcnditiii"e. T]iis will be acliieved tkn'oiigh fi]i'ilid' donations and i'c- invesiment of income from investments. Tlie clii11.ily seis its objectives and m&t¢lies tliese witl) ils coinmiiment to pi-oviding public beiiefit and nJeasui'ing tl)e objectives again.%t tliis. Thc Cliai'ily i% coinmittcd to presentiiig, pi'omottng. providing, Inanaging #nd pi-oduciii£ ciiltiiral events and activities willi incoine froiii a 12ngc of ￿llding sources in¢liiding grants an(1 sponsorsliip. Soinc of cvcnts will contijiue to bc provided fi'ec ofcliai'ge, wliicli cnable a wider audieiice to view Festival activities. S'I"RUCTURE, G()VERNANCE AND MANAGEI ￿1￿4 NT Governing daellnient Tlic cliarily is coiitrolled by its governing document, a deed of trust, and ConStt￿tes a limited ¢onipany, lin)iled by guai'antee, as defined by tlie Con)panie5 Acl 2006. Page 5 I'lie Wiiidsor F¢8tival Socte Limited ort of thc Trustees for the Year Ended 30 November 2023 REFERENCE AND ADMINISTRATIVE I)ETAILS P#ti'on'. HRH Tlie Duke of Edinbui"gli. ICG, GCVO, (fornierly HRH Mie Earl of W¢sscx until 10.03.2023) Presiilent: Thc Reverend Canon Jolin A. Wliite CVO (until 13.10.2022) Lieutenant General Philip Jones CB CBI", DL {fi'oin 20.04.2023) Life Vice-Patrons: Lady Jol)ns Ail. Cliief Marshal Sir Richard Johns GCB, KCVO CBL Ken Keii. OBE RodeTick Walson DL The Reverend Canon Jolin A. Wliite CVO Vice-Patrons: The Dean of Windsor Mayor of Ilie Royal Boroiigli of Wind&or and Maidenlicad The Member of Parlian)ent for Wsndsor The Pi'oiiost of Bton College Tlie Pi'incipal of Cuinberland Lodge Tlie Major- Gencral Coininanding the Housel)old Division Directors Clii'istoplier Aiiken (Cliaii'inan) Guy Barlow (Honorary Scerctary) Stepliet) Day Dieter Losse Tlie Revd. Canon Mailin Poll Cllr San)anilia Rayner (Resigned on 04.05.2023) Andrew Try DL Joanna B￿rker Dr Stella Panayotova Peter M¢Kec Malculm McL¢an (Resigi)ed on 08.12.2023} Gill Hcppell* IAppoii)ted on 12.01.20231 Sai'a Hopes ' (Appoiiited on 08.12.2023) * Denotes Executive Coii)Inittee Company Secr¢tary: Guy Bai'low Adininistt'atioii- Mai'lin D￿]llY Maiiageiiienl Litnited iiianages the Festival and Mai'ttn Denny continues as Fesiival Diitctor. 11.leinbership Secretai'y- Mrs Aniie Ayrtoii GTlln¢ CoiTlPaliy Nunib¢i': 00952726 Rc£istereil Charity Nuiiibei'= 258888 Page 6 The Windsor Festival S cien, Liin rus for the Year Ei)d¢d 30 November 2023 Registered Office; Beaiiniont Flouse 28 Beaumont Road Wii)dsor Bffl'kshire SL4 IJP BAnkeYs', The Natioiial Wesliniiisler Bank pl¢ 12 Iligh Streei. Windsor, S14 ILQ Independent Ex2iniiier'. Samir Shall FCA, A JII Ramon Lee Lid Chartered Accollntants 93 Tdbernaclc Street London bC2A 4BA STATEMENT OF TRUSTf4 ES, RESPONSIBILITIES The trustees {iYho alst> th¢ direciors ol. The Windsor Festival Society Limited for tl)¢ purposes of conipany law) are responsible foF preping the Report of the Trusiees and ihe fuiaiJcial srateinents in Hccordallce with applicable law and Unsted Killgdom A¢¢ounting Standards (United Kingdom Geiierally Acc¢pted A¢coiintiug Pra¢ti¢¢). Coinpany law requi]es the truste&s lo prepore f￿anCial statements fg1' each fjnancial year wl)hch give a true and fair view of tlie s11¢ te of 4tffairs af the charitablc con)paiiy and of the inconiing i'esource5 and applicalion of resource8, including ihe iiicome dnd expenditure, of the charilable conipai)y for that period. In pi"eparing those financial stalemenis, the trustees are requir¢d to select suitable accoiinting policies and Ilieii apply them ¢onslStently,' observe the methods and principles ll) tlie Cliai'ity SORP. make jud¥anents and esliinates tl)at al'e reasonabl¢ and prvdent. preparc the f]nancial slatemeiJts on Ilie going Coiicem basis unless il is iiiappropriate to presllme tl)at the ¢haritable compally will Coiilinue in busiiies5. The Iruslees are responsible for kLeping proper acLounting records which disclose with reasonable a¢curacy c1t any linie the fsjiclncial posilioj) ol. d)c charitablL eolllPaTiy and to enable them to ensiire iliat rhe flliancial statements comply with tbe Compaiiie5 Au 2006. They atc also rcsponsible lor safeguarding Ilie c1ssets of Ilie chai'ilable coiiipany and hellce lor taking reasonable steps for the pi'cvcntioi) dLieclion of fraud and other irreglllarities. o11(11112Q2.4 Approved by ordei. of Ihe b￿rd of t1"us￿eS on .......................... .................. and si￿7ed on its behdlf by.. G BarloiY- Secretary Page 7 Inde cndent Examiner's Rc ort to ilie Trustees of Tl)e Windsor Festival Soei¢l Liinil¢d Independent examinei-'s reiioi't to the ti'ustees of The Nvindsor Festival Society Limiteil {'the C¢)mpany') I repoil to Ilic cliarity tiustees on my exainination ol. tlie accouiits of tlie Conipany for the year ended 30 Novciiiber 2023. Re5ponsibilÉtie% and bllsis of i'eport As tlie cliai"ily's Ii'ustccs of tlie Coinpany land also its diiectors for the pui'poses of comi)3ny lawl you are responsiblc foi. the preparaiion of tlic accoutits in aecoi'dance willi tlic requiieiiienls of tlie Coti)panics Act 20061'ihe 2006 Act'l. 14aving salisficd myself tliat tl)e accounts of tlic Coimpany are Jiot rcquircd to b¢ audiied undeT Parl 16 of Ilic 2006 Act and are eligiblc for independent exainination. I rcport iii respect of iny ¢xainination of your chai-ity's accounts as cai'i'ied out under Section 145 of the Charities Act 2011 {'Ihc 2011 Act). Tn cariying out niy ¢xaniination I liave followed the Dircctions giyen by Ilie Cliai'ity Coinmission undei. Section 145151 Ibl of Ilie 2011 Act. Independent examiner's statement I have coini)letcd niy exainination. I confiL-In tl)at no niatters have cojne to niy attention in connection w2111 tlic exainination giving llie cause to believe.. accoiillling i'ecoi'ds weie not kept in respect of Ilie Company as reqllii'ed by Seclion 386 of ihe 2006 Act. or the accouiits do t]ot aecord witli Iliose records," or the accoiit]t.% do iiot coinply with tl)e accoui)ting rcqiiEreineJits of Section 396 of tile 2006 Act otber tlthn at]y reqiiii'enieiit tliat tlic accounts give a ti'ue and fas1- vicw wliicli is not a Inatter consid¢red as parl of an independent exaIiiiiiatjOll' Ol. the accoiinls have iiot beeii pjrpaied in accordance with 11)c nietliods and pi'inciplcs of th¢ Slawiiieni of Recoinniended Practice foi. accoiiiitii)g and reporting by cliarities {ai)plicablc to cliarities pi'eparing tlicir a¢￿u￿¢S in accordance will) Ilie ￿l￿￿1claI Rei)orting Standard applicable in tlie UK ai)d Rei)ublic of Ii'eland IFRS 1021). I have no ¢onceTllS and liave conie across i)0 othcr Inatters in conneciion with tl)e examination to wliieli attention sliould be diawn in this iepoTt in oi"dei" to enable a pi'oper undcrslanding of the accoiints to be Tcachcd. Saniii. Slial) FCA, ATII Rainon Lcc Ltd 93 Tabernacle Sireet Loiidon EC2A 4BA Dale.. 01101111.0?4 Page 8 Tlie Windsor Festival Socie Limited Siatemeni of Financial ActiVSties for tlie Year Ended 30 Novcniber 2023 2023 Total futjds 2022 Urtrestricted fund Designated fuiid5 fun(Is Notc$ INCOME AND END()WME4 NTS FROM Donalioiis and legacics 85,330 85,330 83,165 Ch&21'itable activities Incoiiie fi'oiii evejits (including corporat¢ sponsorsliipl 148,882 148,882 58,545 Oilier ti'ading activitic% 466 Total 234,212 234.212 142.176 EXPENDITUIIE ON Ch8rit8ble 8ctSvlties Cosi of events Adveriising and publiciiy ofevents Festival adininisriation aiid governance 175,181 16,187 27,107 175.181 16,187 127,107 31,322 6,051 114.647 Total 31 $,475 318.475 152.020 Net gainsl(lossesl on invcstments 4.361 NEIT INCONIEIllEXPEINDITURE) 184.263) 55,865 4,361 55.8651 {79,9021 (15,8031 Transfers betii'een (un(Is 16 Net movement in fund5 128.3981 151.504) {79,9021 (1 5,8031 IIECONCILIATION OF FIUNDS 'I'otal funds bi'ouglit forwRI"d 28,398 227,321 255.719 271.522 'roTAL fiUNDS CAIUUED FORWARD 175,817 175.817 255,719 CONTINUING OPF.IIATIONS All inconie and expendittire has arisen froin cot]linuing activitics. Notc.'_ Pleasc i.efer Note 10 for Fund-wise coinpaTfiliv¢s of PTCVIOUS ycar. Tl?e noles foriiTr i)￿l-l of tlicsc fiiiaiicial statcinei)ts Page 9 The Windsoi" Festival Socie Limitcd Balance Sl)ect 30 Novenibei. 2023 2023 Total funds 2022 Unrtstrieted fund Dc%igtJated funds fuiJd% Notes CVRRENT ASSETS D¢biors Tnvcsitncjits Casli at ballk and in hand 48,763 25,251 146,510 210,078 150,871 150,871 40,472 64,289 175,$17 240,1(J6 381,8.39 CREDITORS Amounts. falling due wiiliin onc year (64,289) {6.4,289) {116.1201 NEIT CURRENT ASSETS 175,817 175.817 255,719 TOTAL ASSE'I'S Lbss CUIUIKNT LIABILI I'IP'S 175.817 175.817 255,719 NET ASSLI'S 175.817 175.817 255 719 FUNDS Utyests'icled funds.. General fund Designated fiiiids 16 28.398 227.321 175,817 J'OI'AL FUNDS 175,817 255 719 The cliaritable ctsinpany is cntiilcd to cKcmpt￿0n fiom audit under Section 477 of the Cojnpanics Act 2006 foi. tlic year ended 30 Novcnibci. 2023. The membeiE l)ave not rcqiiiiEd the compaiiy to obtaiii an audit of its financial statcinenls for the year ended 30 Noveinber 2021 in accordance ivitli Section 476 of t]ie Coinpanies Act 2006. The trnstees a¢kllowlcdgc tlicir rcsponsibilities for (a) ensuring tliat tlic cl)aritablc coiiipany keeps ac¢ountiiig i'ecoi'ds ihat coiiiply willi Sc¢tioiis 386 and 387 of tlie Coiiipaiiics Act 2006 aiid prcparing finaiicial slaleinents wl)icli givc a truc and fail. vicw of tlic state of affairs of the Cliai'iiable coinpany #% at Ilic cnd of eacli finaiicial yeai. aiid of il.% .%ui'i)lii.% oi. deficit foi. cacli finai)cial year in accordancc willi ilic i'cquii'cinct]ts of Sections 394 and 395 and wliicli otliciwi%c coiiiply ￿lIt￿l tlie requii'eiiients of tlie Coiiipai)ies Aci 2006 I'cldting lo fiiiancial slateiiients, So far as ai)plicablc lo tlic cliai'itablc coinpany. Tlie lloles foi-jii parl ufilicsc fjnaiicial stateiiiciits Page 10 continued... Th Windsor Festival Socierk Limited Balance heet- continued 30 Novernber 2023 These fmancial starements have been prepared in arKordance with the provisions applicable to ¢h8ritable companies 5ubj¢ct to the small ¢ompanies regime. The fjnancidl statemenls were appmved by the Board of TNstees and authorised for isslle on and were signed on its behalf by.. 1111081?1)94 G Barlow - I rustee Tlie iiot¥% fumi parr of these linancial slaleiiieiits PEge 11 Tlic Windsor Fe tival Socie Limiied Notes to tl)e Financial Stateinents foi. tlie Year Ended 30 November 2023 ACCOUIYTING POLICIES BASJS OF PIID:PAIIING THF. FINANCIAL STATEMENTS The financial siaieineiits of Ilie cliai"Ilable conipdny, wliich is a piiblie benefit entity undei. FRS 102, have been prepai.ed I￿ accoi"dance wit]i the Cliarities SORP {FRS 102) 'Aceounting and Repoi'ling by Cliarities.. Staleiiient of Recoinniended Pjactice applicable to chai'iliLs pi'cpai'ing tlieir accounts tn accordance witli Ilie Financial Reporiing Standard applicable in Ilie UK and Rcpiiblic of Ircland IFRS 1021 (effective l January 2019),, Financial Rcpoi'ling StandaTd 102 "Fhe Fii)ancial Reporting Staiidai"d applicablc in thc UK and Republt¢ of Ireland, and tlie Coinpanies Act 2006. Tl)e financial stateineiils have been pi'epai'ed under tlic Iiistorical cost convention. The fmancial siateillenls are prepai.ed on an ongoinbj basis. sUM￿l￿Ry OF SIGNIFIC.IkNT ACCOUNTINC. POLICIES Tlie Wind501- Feslival Society l.i1i)ited is a coinpally limited by giiarantce Jcgistcrcd in Eng?land. In tlie event of tlie cliarity being woulld up ilie liability in respect of tlie guai'antec is liinilcd to £5 pcr iiictiibei. of tlie cliai'ity- 'I'lie address of tlie regjiS￿1"ed cI13rity is given on page 7 01 Ihis docunicnl. T]ie naturc of tlie cliai'ity's operations and principal activities is io pi-oillole, foslei-, iinpi-ove and advance public cducalion iii tlic arts of niusic, siiiging, Inime and dance and tl)e arts CO-Telaled tl)ei"ewith. Thc financial staicinents aic pi¢parcd on 2 goiiig ¢onceTn basTS undei" 111e histoi'ical cost conventioii, modificd lo include eerlain ii¢ii)s at fair v21u¢. Tli¢ financial stateinenls ale prepared it] sterling wbich is tbe fu￿￿ela1 curi'ency Tlie significant aecounting policies applied in thc pi'cparalion of ihese financial statement5 are set out below. Tlie policies have been consislenily &pplied to all years pr¢s¢ni¢d unless otlicrwise slated. INCOME All income is i'ecognised in tlie Statement of financtal Aetivitics once tlic cliarity lias eniitlement to tlie funds. it is piubablt tliat tlie incoine will be rcceived and tlie ainount can be m¢asiired i'eliably. Tlie tax credit in respect of gift aid receipts is included a% pail of donations and sllbscription incoine where pplicable. All othei. inconie is accounted for on an acci'iials basis. TURNOVER Tiirnovei. iepresenls amounts IEceivable ii) i"especi offestival activities and is shown t]et of VAT and after deducting any tickei incoine collected by tlic Festival foi. tl)ird pai'ti¢s. Support in Kind Suppoi't iii kit]d for sei'viees provided al'e included at tlic c%tiinated market value as a donaiion and expense in the apiii'oprialc cost category. EXPENDI'fuRE Liabilities al'e i-cc0gii￿sed as cxi)eiiditui-e as sooii as tiiei'e is a legal or consli'iictive obligation coii)miiiiiig tli¢ ¢liarity to tiiat expenditiirc, il is piobable tliat a transfei. of ecoiioinie b￿lefitS will be i'equii'ed iti sciilciiiciit aiid tlic ainouiit 'xi)eiiditure Ts accollnled for oli an acei'iials basis atid lias bccn clds.sificd iiiidei. headings Iliat Ic Lgi'cb7(ItL all cost related to tlie cateEOly. Wliere cosls cannot be directly slti'ibut¢d lo pai'ticulai. hcadiiiLT5 Iliey l)ave beeii allo¢8ied 10 aeiivilics on u basi5 LOllSlStciit witli tlic use of resources. ALLOCATION AND Al)PORTION￿lF.￿'T OF COSTS Costs ate allocated ac¢ordiiig lo functioii an(1 lience iiilo calegories wilhsn cxpcnditurc based on decisions on wlielliei. to pi'o¢¢ed witli all oi. certain events. Page 12 continued... The Windsor Festival Socie LiTnited Notes to the Financial Statements- continued for ilic Y￿r Ended 30 Novenibei" 2023 ACCOUNTING POLICIES- eontÈnued TANGIBI.E FIXED ASSETS Depreciation is pi'ovided ai tlie following annual raics in OTder to write off e8clI asset over its estimated useful life. Plant and niacl)inciy Straigl)t line over 3 years TAXATION Tlie cliai'iiy is exempt fi'om coi'poration tax on ils cliariLible activities. FUND ACCOUNTING UHiestricted fiinds can bc used in accordance witli the cliarilable objectives at tlie discirtion of the trnsiees. Resiricted funds can only be used for particulai. restricted piirposes withiii tl)t objects of tlic chaTily. Resti"ictions ai'ise when specified by the donor or when funds are I'aised for particular rcstrictcd piiiposes. Designated funds are unresu'icted fiinds wl)i¢h l)ave been designated by the Dircctors foi" use for a specifjc puw05e. Fiirll)er eyplanation of tlie na￿re and purpose of each fund is included in ihe notes to Ilic financial statetllents. INvLS'r￿qENTs Tlie undci'lying invc.%tments in tlie Fcstival Foundation Rcserve are lield in cliarity fi]nds Inanaged by Sclirodeis and CCLA. Invc4tincnts al'e %liown al Jnai'kct valuc (bid - ￿narket priccs) at 3n NoveiDber 2023. The value of investments at 30 Novcinber 2023 was £150,871 12022. £146,510). DONATIONS AND LEGACIES 2023 2022 Donations froTh Trusl and Foundations Donations fi'orn individiials Grant5 - Piibli¢ Bodics Interest Suppoi"t in Kind 15,404 65,836 2,488 1,602 37,000 40,796 369 5.000 85.330 OTIIER TRAI)ING AC'I'IVJJ'ILS 2023 2022 Fundraising events 466 Page 13 continued... The Windsoi. Festival Societ Limited Notes to the Financial Sthtemenls- colllinued for the Year Ended 30 NovenibeT 2023 INCOttrlE FRO￿1 CIIAIIITABI.F. ACTIVITIES 2023 2022 Inconie eveiits {includinE corporate sponsorsliip) Total ctivities Ticket %alcs and cveiit food Corpui'atc Spotisors and Advertise 111,726 17.156 11,225 47.320 148.882 CFIARITABLE Acfivii'ikns COSTS Direct Costs {see note 6) Support £osts l.see ijote 7) Totxls Cost of events Advei"lising and piiblLClty of events Festival adniinistration and govei'nancc 175,181 16,187 118,064 175,181 16,187 127,107 9,043 309 432 9,043 318,475 DIIIECT COSTS OF CHAIIITABLC ACTIVI'I'IES 2023 2022 Advcjlising Cost of ¢v¢nts Adn)inisli'ation f¢e Otlicr Costs A¢coufjting sofiwair Box Offic¢ coininission Hospitality 16.187 171.627 I i 0.000 7,722 342 3,554 5,313 28.392 100.833 4,689 330 2,930 738 309,432 143.225 Page 14 continued... The Wsndsor Fcstival ci¢ Limited Notes ro the Financial Statements - continued for tlie Ye￿. Ended 30 Noveinbci. 2023 SUPPORT COSTS Governance costs Fcstival adniini%ti'ation and governance 9.043 Support costs, in¢luded in the above, are as follows.. 2023 Festiv21 admiiJistrAtion aijd 2022 TotAI ctivities govei'nance Indcpcndent Exaininer's Fees Indepcndent F.xaiiiiners' fee for other services Accoiintaiicy 2nd legal fees 3,465 635 4,943 3,405 390 5,000 9,043 8,795 NEIT INCOTrIEIIEXPEINDITURE) Nel incomellexpenditurel is slated after cl)Brgingl{crediting)'. 2023 2022 Independent Exaininer's Fee5 Indepelldeiit ExainineTS' fee foT Other services Depreciation- owned asscts 3.465 635 3,405 390 169 TIIUS1'EEI S, RE4 A,IUNEI RA TJON AND IITr.NF.FITS Tlicic wcj'c iio liustees, reJniiJiei?lion oi. otl)cr benefits for tlie year ended 30 Noveinbei. 2023 noi. foi. tlic yeai. ct)dcd 30 Novembei. 2022. TRUSTEES, Tr:XPkNSES Maleolni McLeaiTr, Honoiary Ti'easiiier and l)iiector, i'eceived £Nil i'eiinbuJ's¢ti)cnt of teleplione. stamps, travel, coinputei., iiik aiid intci'nct costs {2022.. £Nil). Pagc 15 continued... The Windsoi. Festival Societ Liinited Notes to Ihe Financial Siatements continued for the Year Endcd 30 November 2023 10. COMPAIIATIVES FOII THF. STATF.fvIENT OF filNANCIAL ACTIVITIES Unrestricted fiind 30 Nov 2022 I'ot4I1 funds De5igllated funds INCOML AND LNDOWMENTS FROM T)onalions and lega¢tes 83,165 83,165 Charitable activities Income fi'oni evenis (including corporate sponsorsliipl 58,545 58,545 Other trading activities 466 466 Total 142,176 142,176 EXPE4 NDII'URE ON Ch#rit#ble activities Cost of event5 Advei-115ing and piiblicity of events Festival adniinistTaiion and govemancr 31,322 6,051 114,647 31,122 6,051 114,647 Total 152,020 152,020 Net gain￿{10Sse5) on investments 5,9591 5,959) NET INCOAqEI{EXPENIIITURL) 19,844) (5,9591 115,803) RECONCILIATION or FUNDS Total funds bi"oiiglit forwlli"d 38,242 233,280 271,522 TOTAL FUNDS CARIUED FORWARD 227,321 255,719 EMPLOYF.F.S The Society l)as iio einployees12022'. Nil) Page 16 continucd... Tlie Windsoi. Fc%tival Socie Limited Nores ￿ the Finat]cial Statements continued foi" tlie Year Ended 30 November 2023 12. TANGIBLE FIXE4D ASSETS Plant and i#eliiTrery COST Ai l Dccctnbcr 2022 and 30 Noveinbei. 2023 DEI PRECIATION At l Decenibei" 2022 and 30 NoVelnb￿. 2023 1,009 NEIT BOOK VALUE At 30 Novcinbcr 2023 At 30 NoV￿nber 2022 13. DF.II'I'OIIS: AMOUNTS FALLINC. DUE WITFIIN ONL Yb.AR 2023 2022 Trad¢ dcbtors Gift Aid Claim VAT 20.122 12,495 16.146 11,663 8,542 5,046 48.763 25,251 14. CURRENT ASSEI T INVESTMF.NI'S 2023 2022 Lisl¢d invcslinents 150.871 146.510 15. CREDII'ORS: AMOUNTS FALLING DUE WITIIJN YEAR 2023 2022 Trade ci"edilors OtlieT ci-cdilors Accnicd cxpciises 11,530 103,521 11.069 60,189 4.100 64.289 126 120 Page 17 continued... The Windsor Festival Societ Liinitcd Notes to the Financial Ststements continued foi. Ilie Yeai. Ended 30 Novcinbei. 2023 16. fvIOVEMENT IN FUNDS Net movement in funds Transfers between I'unds At 1.12.22 At 30.11.23 UnJ'estric¢ed funds Genei'al fund 28,398 184,263) 55,865 Designated funds Festival Foundation Resei've 227,321 4,361 (55,865) 175,817 TOTAL FUNDS 255.719 79,902 175,817 Nel movement in funds. included in the above are as follows.. Incoming resources Ilesovrces eYi)ended G8itIS 8nd losses lovement iii funds Unresti-icted funds Geiieral fund 234,212 (318,475) (84,263) Desigiijted funds estival Foiindation Reserve 4,361 4,361 TOTAL FUNDS 234212 318 4751 Compai'Htives lor niovement in funds Nct movement in fuiids At 1.12.21 At 30.11.22 Unrestricted funds Gciicral fund 38,242 (9,844) 28,398 Dcsigrtate(I funds Fcslival Foiindatioii ReseAve 233,280 {5,9591 227,321 TOTAI. bUND8 27 1,522 15,803) 255,719 Pagc 18 continued... Tlie Windsor Festival Societ Liinited Notes 10 the Financial Statements- continued foi. tlie Year Ended 30 NoYeinbcJ' 2023 16. mOVE￿IEN'f IN TrUNDS- continued Comparativc nct niovciiieiit in funds, include(l in the above are as follows.. Incoming resoui'ces Resout'ces expeiided Gains and losses Mowemcnt in funds Unrestrieted fllnds Gciici-al fiind 142,176 {152,020) 19,8441 Designated funds Fcstival Fouiidation Reserve (5.9591 15,959) TOTAL FUNDS 142,176 152,020) 5,9591 15,803 17. RELATFD PAIITY DISCLOSUREI.S During tlie year tlie organisation received a grant of £nil (2022.. £5.000) fi.oin a connccted entity. 18. CAPITAL AND RESERVEIS Tlle Society is a coiiipaiiy liii)ited by Guarantee, liaving no sliaic capital and in ieinis of Clausc 6 of tlie Meii)01?iidwii of As80¢iatioii- ¢J¢li Iiiciiibci. 15 liable lo contribiile a %uin noi ¢x¢eeding £5 thc cvci)t of tlie Society being wound up. Tli¢ <2niount of Ilie Tiieinbei-s, gLiai?nlee repj'cscjits a contingent assei to Ilic coinpaiiy, wliicli ivill cJystalli7.c oiily if tlie coinpany goes into liqiiidaiiotj. As the con)pally is a going coiiceni. Il)e ineiiibcrs iavc Jio obligTatiot] to pay tlie suii) guaranteed. 19. riUNDS All Fiiiids iii botl) ycars wcre Unrestricted kunds. Pagc 19 The Windsor Festival Socie Limited Detailed Siatejncnt of Financial Activities for the Yeai. Ended 30 Noveinber 2023 2023 Total fulld5 2022 Uijrestricted funds Designated funds fullds INCOME AND ENDOWMENTS Donations leEacies Donations fi'oin Trusi and FoiindaiiotLS Donations froim individiials (i12nts- Public Bodscs Interest Suppoit in Kind 15,404 65,S36 2,488 1,602 15,404 65,836 2,488 1,602 37,0(X) 40,796 369 5,000 85,330 R5,130 83,165 Otlier trading activities Fillidi-d￿SlllbJ cvcnts 466 Charitable aetivities Tickcl sales and evetii fuod Cotporate Sponsors and Advertise 111,726 37.156 11,225 37,156 148,882 148,882 58,545 l-otal ineoining i'o50uI'ces 234.212 234,212 142,176 EXPENDITUIIE Charitable aLtivaties Advci1isiiib Cost of evcnls AdRiilli5tralion fee Otliei. Costs Accounting software 14ox Office coinmissioti Hospitality 16,187 171,627 I i 0,000 7,722 342 3,554 16,187 171,627 I i 0,000 7,722 342 3,554 5,313 28,392 100,833 4,689 330 2.930 738 309,432 309.432 143,225 Supijort eosts Cvovernanee costs Indci)ciidcni Exaininei s bees Indci)ei)dci)i Exainineis, fee foi. other sei'vices Accoiinlan¢y aiid legal fees 3,465 635 3,465 635 4,943 3,405 390 5.000 9,043 9,043 8.795 Tliis page does iiot foLm pai'l of llie stalutoiy fjiiancial stateJi)ents Page 20 The Windsor Festival Societ Liiniled Detailed Statcmcnl of Fit]ancial Activities for tlic Ycai. Endcd 30 November 2023 2023 Total funds 2022 Total funds Unrestricted fllnds De5Lgnated funds Total i'esources expended 318,475 318,475 152,020 Net {expeiiditure}liiieome 84.263) 84,2631 9,844) -I'his pagc does not foi"Iii part of tlie statutory fitl8nci%l slalements Page21