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2025-11-30-accounts

Registered number: 00952726 Charity number: 258888

THE WINDSOR FESTIVAL SOCIETY LIMITED

(A company limited by guarantee)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

THE WINDSOR FESTIVAL SOCIETY LIMITED

(A company limited by guarantee)

CONTENTS
Page
Reference and administrative details of the charity, its trustees and advisers 1 - 2
Trustees' report 3 - 7
Trustees' responsibilities statement 8
Independent examiner's report 9
Statement of financial activities 10
Balance sheet 11
Notes to the financial statements 12 - 23

THE WINDSOR FESTIVAL SOCIETY LIMITED

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 NOVEMBER 2025

Patron:

HRH The Duke of Edinburgh, KG, GCVO

President:

Lieutenant General Philip Jones CB CBE DL

Life Vice-Patrons:

Lady Johns Air Chief Marshal Sir Richard Johns GCB, KCVO CBE Ken Keir OBE Roderick Watson DL The Reverend Canon John A. White CVO

Vice-Patrons:

The Chief Executive of Cumberland Lodge The Provost of Eton College The Major-General Commanding the Household Division The Dean of Windsor The Member of Parliament for Windsor The Mayor of the Royal Borough of Windsor and Maidenhead

Trustees:

Christopher Aitken, Chairman Guy Barlow, Honorary Secretary Sara Hopes, Honorary Treasurer Gill Heppell, Trustee Dr Stella Panayotova, Trustee (resigned 11 December 2025) Joanna Barker, Trustee (resigned 9 October 2025) The Reverend Canon Martin Poll, Trustee (resigned 9 October 2025) Dieter Losse, Trustee (resigned 9 October 2025) Andrew Try, Trustee Stephen Day, Trustee Peter McKee, Trustee Julian Tisi, Trustee

Company registered number

00952726

Charity registered number

258888

Registered office

28-30 Beaumont Road, Windsor, Berkshire, SL4 1JP

Page 1

THE WINDSOR FESTIVAL SOCIETY LIMITED

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 NOVEMBER 2025

Advisers (continued)

Company secretary

Guy Barlow

Independent examiners

FLB Audit LLP, 1010 Eskdale Road, Winnersh, Wokingham, RG41 5TS

Page 2

THE WINDSOR FESTIVAL SOCIETY LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 30 NOVEMBER 2025

The Trustees present their annual report together with the financial statements of the charity for the 1 December 2024 to 30 November 2025. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), 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 2015) as amended by Update Bulletin 1 (effective 1 January 2015).

Since the charity qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

Objectives and Activities

a. Policies and objectives

The Society was established to promote, foster, improve and advance public education in the arts of music, singing, mime and dance and the arts co-related therewith. The goal is to provide musical and other entertainment including competitive events for young people, in a historical setting that can be enjoyed by a wide spectrum of residents.

The principal activity is to provide an annual festival at Windsor and the neighbouring area in the autumn and a smaller event in the spring, where funds permit. In planning its activities, the Society pays due regard to the Charity Commission guidance on public benefit issues.

Windsor Festival aspires to be amongst the premier Music and Arts Festivals in the UK, playing an important part in the cultural life of the local community and reflecting Windsor's special position as a Royal town.

The Windsor Festival is rooted in the local community and the life of the Royal Borough but aims to build on the strengths of its fifty-five-year history by constantly improving the range and quality of its events to develop a wider national, and, in the case of the International String competition, international, appeal.

Throughout the Festival we seek to bring world class musicians, authors and historians to the Royal Borough of Windsor and Maidenhead, whilst also being able to offer local amateur groups and individuals a platform on which to share their passions and skills, building on their experiences as performers.

The ticket income received in the year ending 30 November 2025 for the activity scheduled for 2025 was £75,125.

Windsor Festival would not be possible without the partnerships and relationships it has with multiple local organisations and venues. This year we have extended our collaboration with the Cumberland Lodge. We worked again with both Windsor Fringe and Eton College to programme and promote shared events. This continues to prove a very happy collaboration. It allows our audiences unique access to the treasures which are housed within Eton College, whilst enabling the college to share the vast array of exhibits within their collection. We have also continued to develop a strong and close relationship with The Old Court, Windsor's Community Arts Centre as a venue and co-promoter.

Windsor Festival prides itself on the access it has to some of the most unique and historically significant venues within and around Windsor, none more so than the magnificent St George’s Chapel. The Castle concerts for 2025 featured The Royal Philharmonic Orchestra, The Choir of St George's Chapel, Tenebrae, as well as two youth choirs, and the Bevan Consort, made up of family members many of whom grew up through the Berkshire Music Service, with Orpheus Sinfonia.

Page 3

THE WINDSOR FESTIVAL SOCIETY LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 NOVEMBER 2025

Our Literary events were planned to present a wide variety of subjects at The Old Court, St Edward's Church, and Cumberland Lodge within Windsor Great Park. Our work with Chorleywood Bookshop increased further and strengthened the relationship, as well as their providing bookselling at the events.

In 2025 the Trustees moved to programme a number of one-off events through the year, and to have an "extended Festival season" running through October after the conclusion of the main Festival.

b. Marketing

We continue to try to improve the visibility of the Festival within the town using posters, banners and advertising boards, as well as boards outside supporters' houses. In addition, flyers are distributed to local households and the Festival has a visible presence at important local events.

We design our programme to be accessible to a wide audience which collectively attract thousands of visitors, including exhibitions at various venues including Eton College and The Old Court, and the Eton College Art Trail.

The importance of digital and online marketing continues with the addition of our events to the online listings, as well as using the e-flyer through our partnerships with organisations such as Orpheus Sinfonia, and the Royal Borough of Windsor and Maidenhead. Our Facebook, Instagram and Twitter following is continuing to grow.

c. Location of Activities

We are fortunate to be able to make use of a wide range of unique venues within the Royal Borough which allow us to find appropriate places to accommodate the variety of events programmed.

In 2025 we held events in St Edward's Church, The Old Court, Cumberland Lodge, Coworth Park, Windsor Great Park, Windsor Forest, St George's Chapel, St Stephen's Church, Windsor Parish Church, and Upper School, College Chapel, and School Hall at Eton College.

We aim to cause minimal disruption when hosting rehearsals and events within these historic venues and are most appreciative of the access we are given.

d. Staff and Volunteers

Martin Denny Management Limited has been contracted as the Festival Director and has a small team of professional staff available. The Festival nevertheless relies on the services of several voluntary assistants to steward events and performances enabling lower staff costs than would otherwise be the case. In 2025 there were around 45 volunteers.

Windsor Festival is managed by three full-time members of staff via Martin Denny Management Limited but is supported by a committed team of individuals undertaking project work, volunteering throughout the year to oversee crucial areas of the charity's work, to assist with the organisation and running of our events, and to engage with our Friends and Benefactors. Without these individuals, Windsor Festival simply could not function. We would like to register our strong appreciation of their dedication and commitment.

Page 4

THE WINDSOR FESTIVAL SOCIETY LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 NOVEMBER 2025

Achievements and performance

a. Highlights and Achievements

For the Financial year ended 30 November 2025 the Board of Trustees set various targets. Here is an outline of the achievements in the year under review:

b. Targets for the Year Ending 2026

Financial review

a. Finances

Our Financial statements for the year show a surplus before investment gains of £7,237 (a deficit before investment gains in 2024: £19,243) which has been increased by unrealised gain on investments of £3,294 (2024: £17,858) .

With the increase in our investments, along with the transfer from designated funds, general funds stand at £167,503 (2024: £174,432)

Total Reserves and retained income stood at £184,963 (2024: £174,432) at the end of the financial year.

We are most grateful to all our sponsors and donors which make Windsor Festival possible.

b. Health and Safety

All health and safety requirements were met. There were no incidents during the Festival. The Festival has not made any claims against its Public Liability or its Event Insurance policy.

Page 5

THE WINDSOR FESTIVAL SOCIETY LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 NOVEMBER 2025

Structure, governance and management

a. Constitution

The charity is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 21 March 1969. It is a registered charity with the Charity Commission. There are twelve members each of whom agree to contribute a sum not exceeding £5 in the event of the charity winding up.

The charity is constituted under a Memorandum of Association dated 21 March 1969 and is a registered charity (number 258888).

b. Appointment of the Board of Trustees

As set out in the Articles of Association the Board may from time to time and at any time appoint any member of the Society as a member of the Board of Trustees (formerly: Council of Management). Any member so appointed retains office only until the next Annual General Meeting when he or she retires and is eligible for reelection. In addition, one third of the members of the Board retire in succession at the Annual General Meeting but can offer themselves for re-election. The members that retire are those that have been longest in office since their last election or appointment. When considering appointments, the Board of Trustees has regard to the skills needed for the management of the Society.

c. Board of Trustees induction and training

Newly appointed directors undergo an orientation session to brief them of their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committees and decisionmaking processes, the role of the management contractor, the Friends and Benefactors organisation, the business plan and the recent financial performance of the Society. Prior to taking up the post directors will meet the key persons associated with the running of the Society.

d. Organisation

At a meeting on 25 January 2022 it was agreed to rename The Council of Management as The Board of Trustees, and to refer to members as Trustees.

Board of Trustees, which consists of the Chair, directors, and the President, is responsible for overall policy.

In addition, the Executive Committee was formed as an advisory group in January 2018 and, as at 30 November 2025 consists of Christopher Aitken, Guy Barlow, Sara Hopes. Martin Denny representing Martin Denny Management is a co-opted member, along with Helen Ballantine, the Festival Manager, also employed by Martin Denny Management Limited.

Page 6

THE WINDSOR FESTIVAL SOCIETY LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 NOVEMBER 2025

e. Risk management

The Trustees have a risk management strategy which comprises:

The main financial risk to the annual programme would be the failure to obtain sufficient donations and sponsorship. Ticket income is insufficient to meet the full cost of the festival given 1) the size of the venues that are available in the Royal Borough of Windsor and Maidenhead 2) the desire to deliver a quality (and therefore sometimes costly) programme and 3) the Society's desire to keep ticket prices within the reach of most residents.

The Trustees had designated and unrestricted funds of £174,432 as a reserve. The 2025 surplus has increased the total reserves and retained income to £184,963. The level of reserves is intended to guard against an unexpected loss or reduction of one or more of the main sources of income in any year, being corporate sponsorship, ticket sales or Friends and Benefactors subscriptions, and donations or any other uninsured risks. The Board would like to see the reserves maintained to ensure the continuing success of the Festival.

Plans for future periods

The current principal objective is to develop a sustainable programme of activity in line with our objectives and to generate the funding to support it. The Board deems it prudent to work towards increasing the Charity's reserves beyond the present level to ensure the Festival can continue to deliver its annual programme, with sufficient reserves to guard against unexpected losses or reductions in key sources of income. This will be achieved through the expansion of the Festival's offering, seeking further donations and managing investments.

The Charity sets its objectives and matches these with its commitment to providing public benefit and measuring the objectives against this. The Charity is committed to presenting, promoting, providing, managing and producing cultural events and activities with income from a range of funding sources including donations and sponsorship. Some of the events will continue to be provided at accessible rates, which enables a wider audience to view Festival activities.

This report was approved by the Trustees, on 2 July 2026 and signed on their behalf by:

................................................

Guy Barlow Secretary

Page 7

THE WINDSOR FESTIVAL SOCIETY LIMITED

(A company limited by guarantee)

TRUSTEES' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 30 NOVEMBER 2025

The Trustees (who are also directors of The Windsor Festival Society Limited for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements 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. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 8

THE WINDSOR FESTIVAL SOCIETY LIMITED

(A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 NOVEMBER 2025

Independent examiner's report to the Trustees of The Windsor Festival Society Limited (the 'charity')

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 30 November 2025.

This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.

Responsibilities and basis of report

As the Trustees of the charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed: Jacqui Williams FCA

14 Jul 2026 Dated:

FLB Audit LLP 1010 Eskdale Road Winnersh Wokingham RG41 5TS

Page 9

THE WINDSOR FESTIVAL SOCIETY LIMITED

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 NOVEMBER 2025

Unrestricted
funds
Note
2025
£
Income from:
Donations and legacies
2
92,239
Charitable activities (Income from events,
including corporate sponsorship)
3
119,289
Investments
4
3,126
Total income
214,654
Expenditure on:
Charitable activities:
Cost of events
79,068
Advertising and publicity of events
11,738
Festival administration and governance
134,071
Total expenditure
5
224,877
Net income / (expenditure) before
investment gains
(10,223)
Net gains on investments
14
3,294
Net income / (expenditure) before other
recognised gains and losses
(6,929)
Net movement in funds
(6,929)
Reconciliation of funds:
Total funds brought forward
174,432
Total funds carried forward
167,503		 Restricted
funds
2025
£
20,000
-
-
20,000
2,540
-
-
2,540
17,460
-
17,460
17,460
-
17,460		 Total
funds
2025
£
112,239
119,289
3,126
234,654
81,608
11,738
134,071
227,417
7,237
3,294
10,531
10,531
174,432
184,963		 Total
funds
2024
£
187,815
119,439
3,183
310,437
164,646
18,229
146,805
329,680
(19,243)
17,858
(1,385)
(1,385)
175,817
174,432

The notes on pages 12 to 23 form part of these financial statements.

Page 10

THE WINDSOR FESTIVAL SOCIETY LIMITED

(A company limited by guarantee) REGISTERED NUMBER: 00952726

BALANCE SHEET AS AT 30 NOVEMBER 2025

Note
Fixed assets
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors:amounts falling due within one
year
16
Net current assets
Net assets
Charity Funds
Restricted funds
17
Unrestricted funds
17
Total funds		 £
53,806
57,114
110,920
(62,350)		 2025
£
136,393
48,570
184,963
17,460
167,503
184,963		 £
36,755
18,372
55,127
(51,578)		 2024
£
170,883
3,549
174,432
-
174,432
174,432

The charity's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The Trustees consider that the charity is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the charity to obtain an audit for the year in question in accordance with section 476 of the Act.

The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees on 2 July 2026 and signed on their behalf, by:

................................................

Guy Barlow

The notes on pages 12 to 23 form part of these financial statements.

Page 11

THE WINDSOR FESTIVAL SOCIETY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Windsor Festival Society Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 12

THE WINDSOR FESTIVAL SOCIETY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025

1. Accounting policies (continued)

1.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Depreciation charges are allocated on the portion of the asset’s use.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

1.4 Tangible fixed assets and depreciation

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

1.5 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of financial activities incorporating income and expenditure account.

1.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

1.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.8 Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 13

THE WINDSOR FESTIVAL SOCIETY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025

1. Accounting policies (continued)

1.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

1.10 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 14

THE WINDSOR FESTIVAL SOCIETY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025

2. Income from donations and legacies

Unrestricted
funds
2025
£
Corporate donations
-
Donations from trusts and foundations
27,000
Donations from individuals
65,239
Legacies
-
Total donations and legacies
92,239
Total 2024
187,815		 Restricted
funds
2025
£
-
20,000
-
-
20,000
-		 Total
funds
2025
£
-
47,000
65,239
-
112,239
187,815		 Total
funds
2024
£
11,000
59,500
111,315
6,000
187,815

3. Income from charitable activities

Unrestricted
funds
2025
£
Ticket sales and event food
75,489
Corporate sponsors and advertising
43,800
119,289
Total 2024
119,439		 Restricted
funds
2025
£
-
-
-
-		 Total
funds
2025
£
75,489
43,800
119,289
119,439		 Total
funds
2024
£
82,439
37,000
119,439

4. Investment income

Unrestricted
funds
2025
£
Investment income - local listed
investments
2,216
Bank interest receivable
910
3,126
Total 2024
3,183		 Restricted
funds
2025
£
-
-
-
-		 Total
funds
2025
£
2,216
910
3,126
3,183		 Total
funds
2024
£
2,154
1,029
3,183

Page 15

THE WINDSOR FESTIVAL SOCIETY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025

5. Analysis of Expenditure by expenditure type

Other costs
2025
£
Direct costs
222,762
Interest payable
-
Charitable activities
222,762
Expenditure on governance
4,655
227,417
Total 2024
329,680
Analysis of expenditure on charitable activities
Unrestricted
funds
Restricted
funds
2025
£
2025
£
Direct costs
220,222
2,540
Interest payable
-
-
220,222
2,540
Total 2024
329,680
-		 Total
2025
£
222,762
-
222,762
4,655
227,417
329,680
Total
funds
2025
£
222,762
-
222,762
329,680		 Total
2024
£
324,866
1,714
326,580
3,100
329,680
Total
funds
2024
£
324,866
1,714
326,580

6. Analysis of expenditure on charitable activities

Page 16

THE WINDSOR FESTIVAL SOCIETY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025

7. Direct costs

Direct costs
£
Cost of events
77,285
Advertising
12,738
Other costs
7,854
Accounting software
388
Administration fee
120,000
Irrecoverable VAT
-
Box office commission
4,323
Bad debt expense
174
222,762
Total 2024
324,866
Support costs
Governance
Other
£
£
Independent examiners' fees
1,115
-
Accountancy and legal fees
1,650
-
Independent examiners' fees for
other services
1,890
-
Interest payable
-
-
4,655
-
Total 2024
3,100
1,714
Governance costs
Unrestricted
funds
Restricted
funds
2025
£
2025
£
Support costs - Governance
4,655
-		 Total
2025
£
77,285
12,738
7,854
388
120,000
-
4,323
174
222,762
324,866
Total
2025
£
1,115
1,650
1,890
-
4,655
4,814
Total
funds
2025
£
4,655		 Total
2024
£
162,610
18,229
8,198
346
121,000
12,447
2,036
-
324,866
Total
2024
£
1,300
-
1,800
1,714
4,814
Total
funds
2024
£
3,100

8. Support costs

9. Governance costs

Page 17

THE WINDSOR FESTIVAL SOCIETY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025

10. Net income/(expenditure)

This is stated after charging:

2025 2024
£ £
Independent examiners' fees 1,365 1,300
Independent examiners' fee for other services 1,890 1,800

During the year, no Trustees received any remuneration (2024 - £NIL). During the year, no Trustees received any benefits in kind (2024 - £NIL). During the year, no Trustees received any reimbursement of expenses (2024 - £NIL).

11. Independent examiner's remuneration

The Independent Examiner's remuneration amounts to an Independent Examination fee of £1,365 (2024 - £1,300), and other services of £1,890 (2024 - £1,800).

Page 18

THE WINDSOR FESTIVAL SOCIETY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025

12. Employees

The Society has no employees (2024 - £NIL) .

13. Tangible fixed assets

Cost
At 1 December 2024 and 30 November 2025
Depreciation
At 1 December 2024 and 30 November 2025
Net book value
At 30 November 2025
At 30 November 2024		 Office
equipment
£
1,009
1,009
-
-

14. Fixed asset investments

Market value
At 1 December 2024
Additions
Disposals
Revaluations
At 30 November 2025
Investments at market value comprise:
Listed investments
All the fixed asset investments are held in the UK		 2025
£
136,393		 Listed
securities
£
170,883
2,216
(40,186)
3,480
136,393
2024
£
170,883

Page 19

THE WINDSOR FESTIVAL SOCIETY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025

15. Debtors

Debtors
Trade debtors
VAT
Prepayments and accrued income
Gift Aid claim		 2025
£
1,371
15,891
27,498
9,046
53,806		 2024
£
964
15,889
-
19,902
36,755

16. Creditors: Amounts falling due within one year

Trade creditors
Other creditors
Accrued expenses		 2025
£
31,839
25,567
4,944
62,350		 2024
£
44,578
1,850
5,150
51,578

Page 20

THE WINDSOR FESTIVAL SOCIETY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025

17. Statement of funds

Statement of funds - current year

Statement of funds - current year
Balance at
1 December
2024
£
Designated funds
Young Musician fund
10,000
General funds
General Funds - all funds
164,432
Total Unrestricted funds
174,432
Restricted funds
Schools Programme fund
-
Long Walk Live fund
-
-
Total of funds
174,432
Statement of funds - prior year
Balance at
1 December
2023
Income
£
£
Designated funds
Young Musician fund
-
10,000
Festival Foundation
reserve
175,817
-
General funds
General Funds - all funds
-
300,437
Total Unrestricted funds
175,817
310,437
Total of funds
175,817
310,437		 Income Expenditure
£
£
-
(10,000)
214,654
(214,877)
214,654
(224,877)
10,000
(2,540)
10,000
-
20,000
(2,540)
234,654
(227,417)
Expenditure
Transfers
in/out
£
£
-
-
-
(195,829)
(329,680)
195,829
(329,680)
-
(329,680)
-		 Gains/
(Losses)
£
-
3,294
3,294
-
-
-
3,294
Gains/
(Losses)
£
-
20,012
(2,154)
17,858
17,858		 Balance at
30
November
2025
£
-
167,503
167,503
7,460
10,000
17,460
184,963
Balance at
30
November
2024
£
10,000
-
164,432
174,432
174,432

Page 21

THE WINDSOR FESTIVAL SOCIETY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025

Summary of funds - current year

Balance at
1 December
2024
£
Designated funds
10,000
General funds
164,432
Unrestricted funds
174,432
Restricted funds
-
Total of funds
174,432
Summary of funds - prior year
Balance at
1 December
2023
Income

£
£
Designated funds
175,817
10,000
General funds
-
300,437
Unrestricted funds
175,817
310,437
Total of funds
175,817
310,437		 Income Expenditure
£
£
-
(10,000)
214,654
(214,877)
214,654
(224,877)
20,000
(2,540)
234,654
(227,417)
Expenditure
Transfers
in/out
£
£
-
(195,829)
(329,680)
195,829
(329,680)
-
(329,680)
-		 Gains/
(Losses)
£
-
3,294
3,294
-
3,294
Gains/
(Losses)
£
20,012
(2,154)
17,858
17,858		 Balance at
30
November
2025
£
-
167,503
167,503
17,460
184,963
Balance at
30
November
2024
£
10,000
164,432
174,432
174,432

18. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Fixed asset investments
136,393
Current assets
93,460
Creditors due within one year
(62,350)
167,503		 Restricted
funds
2025
£
-
17,460
-
17,460		 Total
funds
2025
£
136,393
110,920
(62,350)
184,963

Page 22

THE WINDSOR FESTIVAL SOCIETY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025

18. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Unrestricted
funds
2024
£
Fixed asset investments
170,883
Current assets
55,127
Creditors due within one year
(51,578)
174,432		 Restricted
funds
2024
£
-
-
-
-		 Total
funds
2024
£
170,883
55,127
(51,578)
174,432

19. Related party transactions

During the year, donations were received from trustees totalling an aggregate value of £5,354 (2024: £10,269). Membership income was received during the year from trustees totalling an aggregate value of £1,875 (2024: £1,875), net of VAT.

During the period G Heppell, a trustee was paid £525 (2024: £813) in respect of their professional services as a photographer.

20. Funds

Designated Funds

The Festival Foundation Reserve aimed to build up the reserves of the charity. The trustees no longer considered it beneficial to keep those monies in a separately designated fund and at the prior year end date transferred the monies from the Festival Foundation Reserve back into general unrestricted funds.

The Young Musician Fund relates to unrestricted donations received which the trustees have allocated towards young musician events.

Restricted Funds

The Schools Programme Fund relates to donations and grants received specifically for the purpose of the schools programme.

The Long Walk Live Fund relates to donations and grants received specifically for the purpose of the Long Walk Live events.

Page 23

THE WINDSOR FESTIVAL SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025

Page 24

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