Docusign Envelope ID: AAF43C0B-4E82-4F87-AC1D-F81E403C570C
THE PRINCE PHILIP TRUST FUND FOR THE ROYAL BOROUGH OF WINDSOR AND MAIDENHEAD
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
FLB Audit LLP Chartered Accountants & Statutory Auditors 1010 Eskdale Road Winnersh Triangle Wokingham Berkshire RG41 5TS
Docusign Envelope ID: AAF43C0B-4E82-4F87-AC1D-F81E403C570C
THE PRINCE PHILIP TRUST FUND FOR THE ROYAL BOROUGH OF WINDSOR AND MAIDENHEAD
| ____________ | ____________ |
|---|---|
| FINANCIAL STATEMENTS | |
| FOR THE YEAR END 30 APRIL 2025 | |
| Index | Page |
| LEGAL AND ADMINISTRATIVE INFORMATION | 1 |
| REPORT OF THE TRUSTEES | 2 - 5 |
| REPORT OF THE INDEPENDENT AUDITORS | 6 - 8 |
| STATEMENT OF FINANCIAL ACTIVITIES | 9 |
| BALANCE SHEET | 10 |
| NOTES TO THE FINANCIAL STATEMENTS | 11 - 13 |
Docusign Envelope ID: AAF43C0B-4E82-4F87-AC1D-F81E403C570C
THE PRINCE PHILIP TRUST FUND FOR THE ROYAL BOROUGH OF WINDSOR AND MAIDENHEAD
LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR END 30 APRIL 2025
ADDRESS OF THE CHARITY 2 Eton Riverside 39-55 King Stable Street Eton Berkshire SL4 6SA CHARITY REGISTRATION NUMBER 272927 TRUSTEES H.R.H. The Prince Edward, Earl of Wessex, K.G., G.C.V.O. Lord Lieutenant for Berkshire Mayor of the Royal Borough of Windsor and Maidenhead Governor and Constable of Windsor Castle The Deputy Ranger, The Crown Estate, Windsor Great Park Trust Secretary - C G Aitken S Rayner R G P Kidson A A M Try, D.L. (removed 9 May 2024) E Hewer P J McKee P Branch J Barker MBE (appointed 9 May 2024) Trust Treasurer - C J Wilson, C.A. BANKERS Barclays Bank plc AUDITORS FLB Audit LLP Chartered Accountants & Statutory Auditors 1010 Eskdale Road Winnersh Triangle Wokingham Berkshire RG41 5TS ACCOUNTANTS Wilson Partners Limited TOR Saint-Cloud Way Maidenhead Berkshire SL6 8BN
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Docusign Envelope ID: AAF43C0B-4E82-4F87-AC1D-F81E403C570C
THE PRINCE PHILIP TRUST FUND FOR THE ROYAL BOROUGH OF WINDSOR AND MAIDENHEAD
REPORT OF THE TRUSTEES FOR THE YEAR END 30 APRIL 2025
HISTORY OF THE TRUST
The Prince Philip Trust Fund was established by a trust deed of 18 December 1976 and subsequently varied by deeds dated 22 October 1979, 24 April 1990, 29 November 2004 and 23 November 2009. The Charity is constituted as an unincorporated association.
The Trust is registered with the Charity Commission (registration number 272927) as a charity with the principal objects as noted below.
Included in the trust deed of 18 December 1976 it is noted that the Trustees have a general power to make regulations for the management of the Charity. Such powers include the proper investment of the Charity's funds.
OBJECTIVES AND ACTIVITIES OF THE TRUST FOR THE PUBLIC BENEFIT
The objects of The Prince Philip Trust Fund are:-
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(a) The provision, in the interests of social welfare, of facilities for the recreation and leisure time occupation of the inhabitants of the Royal Borough of Windsor and Maidenhead (the area of benefit) with the object of improving their conditions of life.
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(b) The advancement of the education of young people in the area of benefit, in particular, but not exclusively, in the field of voluntary service.
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(c) The advancement of public education in the arts, literature and science in the area of benefit.
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(d) To or for such other charitable purposes, in the area of benefit, as the Trustees shall decide.
The Trustees confirm they have referred to the guidance contained in the Charity commission's general guidance on public benefit when reviewing the Prince Philip Trust Fund's aims and objectives and in planning future activities and setting the grant making policy for the year.
MANAGEMENT AND GOVERNANCE ARRANGEMENTS
The Prince Philip Trust Fund consists of seven (2024: seven) ex officio trustees with the others referred to as elective trustees. An elective trustee is appointed for an initial term of five years by resolution of the trustees. The elective trustees may be reappointed for one further term of five years by resolution and for a third and final term of five years having ceased to be a trustee for a minimum period of one year.
The Treasurer regularly attends Charity training courses and all the trustees have wide experience due to their involvement in other, in many cases, larger Charities.
The Trustees keep the skill requirements for the trustee body under review and in the event of a trustee permanently retiring or additional trustees being required, the Trustees form a list of suitable candidates who are then approached to join the board.
Upon appointment, new trustees meet with the other trustees where they are given a history of the charity, its ethos and grant making policies. Trustees are appointed for the skills and experience they can add to the body and therefore no further training is generally required.
At the twice yearly Trustee's meeting, the Trustees agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management policies and performance. The day to day administration and the processing and handling of applications prior to consideration is delegated to the treasurer and the secretary.
All Trustees give of their time freely and no Trustee remuneration was paid in the year. Details of Trustee expenses are disclosed in note 4 to the financial statements.
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Docusign Envelope ID: AAF43C0B-4E82-4F87-AC1D-F81E403C570C
THE PRINCE PHILIP TRUST FUND FOR THE ROYAL BOROUGH OF WINDSOR AND MAIDENHEAD
REPORT OF THE TRUSTEES (continued) FOR THE YEAR END 30 APRIL 2025
PROCEDURES AND POLICY FOR GRANT MAKING
The Prince Philip Trust Fund has established its grant making policy to achieve its objectives for the public benefit to support people within the Royal Borough of Windsor and Maidenhead. This support is offered by making available, to organisations or individuals, cash donations agreed by the Trustees at meetings held twice yearly. Applications received for grants are reviewed in detail prior to the meeting of the Trustees and subsequently discussed and agreed at the meeting. Applications for grants can be made in writing via The Prince Philip Trust Fund website.
ACHIEVEMENTS AND PERFORMANCE OF THE TRUST
How we deliver public benefit
The beneficiaries of the grants given by the Prince Philip Trust Fund are the people and organisations operating within the Royal Borough of Windsor and Maidenhead. During the year the Trust provided grants to a wide variety of projects.
FINANCIAL REVIEW, INVESTMENT POLICY
In the year to 30 April 2025, The Prince Philip Trust Fund received donated income of £14,834 (2024: £60,290) and dividend income of £59,207 (2024: £75,997). The dividend income is derived from assets managed by Investec Wealth & Investment. Unrealised gains on investment assets totalled £6,358 (2024: £190,618).
Whilst donations can never be guaranteed, the Trustees are satisfied that income derived from the investments will allow the payment of reasonable grants in compliance with the Charity's objects. Total grants payable or committed for the year amounted to £108,735 (2024: £158,080) and varied in amount between £500 and £5,000.
At 30 April 2025, The Prince Philip Trust Fund had net assets of £3,012,870 (2024: £3,057,342). Included in net assets are fixed asset investments in the sum of £3,013,143 (2024: £3,071,785). Such investments are included at market value at 30 April 2025 and have been acquired in accordance with the powers available to the Trustees.
The Charity is not dependent on the services of unpaid volunteers.
The Trustees confirm that the assets of the charity are available and adequate to fulfil its obligations.
The Trustees have striven to secure a strong investment base to ensure that the income generated will be sufficient to provide a realistic level of giving. Presently it is the Trustees' intention to pay grants from investment income and from donations. As future donations cannot be guaranteed, the intent is to secure future grants wholly from investment income.
RESERVES POLICY
The intention is to maintain free reserves in unrestricted assets at a level which the Trustees consider will provide necessary investment income to fund appropriate applications for grants and to ensure that there are sufficient resources available to cover support and governance costs. The Trustees' policy has historically been to distribute or utilise a proportion of its voluntary income received each year and all the investment income arising from the reserves to meet the charity’s objects but was amended during the year to distribute a proportion of its investment assets.
The Trustees' policy has always been to provide grants at a modest level to a wide range of applicants and thus as a catalyst to encourage the beneficiary class outlined in its objectives. Whilst each case is treated on its merits, the Trustees consider that grants at a higher level would not necessarily provide the same motivation. The Trustees also believe the high level of applications for support show that the Trust is well known as a local benefactor.
Whilst investments are always susceptible to market fluctuations, the Trustees have invested balanced funds. The Charity is not a major fundraiser and income is modest in monetary terms and the Trustees are conscious that the sale of investments for charitable grants needs to be done at a level which will avoid depleting ongoing income which could impact on stability in the grant making programme. The Trustees monitor the reserve policy at each of the two Trustee meetings per annum to ensure that it remains in keeping with the objects of the Charity and is sustainable in the long term.
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Docusign Envelope ID: AAF43C0B-4E82-4F87-AC1D-F81E403C570C
THE PRINCE PHILIP TRUST FUND FOR THE ROYAL BOROUGH OF WINDSOR AND MAIDENHEAD
REPORT OF THE TRUSTEES (continued) FOR THE YEAR END 30 APRIL 2025
RISK MANAGEMENT
The Trustees have examined the risks facing the Charity and confirm that the procedures of the Charity are considered adequate to mitigate such risks.
FUTURE PLANS
The Trustees intend to continue with its existing policies and do not anticipate any material changes to its methods of operating.
TRUSTEES' RESPONSIBILITIES
The Trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the Charity's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the accounts;
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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 accounting records which disclose with reasonable accuracy the financial position of the Charity and which enable them to ascertain its financial position and which enable them to ensure that the financial statements comply with applicable law. 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.
In so far as the Trustees are aware:
-
there is no relevant audit information of which the Charity’s auditors are unaware; and
-
the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
GOING CONCERN
The Trustees have considered the funds available to the charity to meet its commitments for the foreseeable future, that is at least 12 months from the date of approval of these financial statements. On the basis of the net assets of the charity at the year end, the absence of any material committed expenditure and the discretionary nature of the grants awarded, in the opinion of the Trustees the charity remains a going concern and consequently the financial statements are prepared on the going concern basis.
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Docusign Envelope ID: AAF43C0B-4E82-4F87-AC1D-F81E403C570C
THE PRINCE PHILIP TRUST FUND FOR THE ROYAL BOROUGH OF WINDSOR AND MAIDENHEAD
REPORT OF THE TRUSTEES (continued) FOR THE YEAR END 30 APRIL 2025
AUDITORS
The auditors, FLB Audit LLP, will be proposed for re-appointment at the forth coming Trustees meeting.
Signed on behalf of the trustees
C AITKEN Trustee
Approved by the Trustees on 1/14/2026
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Docusign Envelope ID: AAF43C0B-4E82-4F87-AC1D-F81E403C570C
THE PRINCE PHILIP TRUST FUND FOR THE ROYAL BOROUGH OF WINDSOR AND MAIDENHEAD
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE PRINCE PHILIP TRUST FUND FOR THE ROYAL BOROUGH OF WINDSOR AND MAIDENHEAD
Opinion
We have audited the financial statements of The Prince Philip Trust Fund for the year ended 30 April 2025 which comprise of the Statement of Financial Activities and the Balance Sheet and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standard (United Kingdom Generally Accepted Accounting Practice).
Opinion on financial statements
In our opinion the financial statements:
-
give a true and fair view of the state of the Charity's affairs as at 30 April 2025 and of its incoming resources and application
-
of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit if 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 charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
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 comprises the information included in the Report of the Trustees other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Report of the Trustees. 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 inconsistent 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.
6
Docusign Envelope ID: AAF43C0B-4E82-4F87-AC1D-F81E403C570C
THE PRINCE PHILIP TRUST FUND FOR THE ROYAL BOROUGH OF WINDSOR AND MAIDENHEAD
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE PRINCE PHILIP TRUST FUND FOR THE ROYAL BOROUGH OF WINDSOR AND MAIDENHEAD (continued)
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
-
the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
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the charity has not kept adequate accounting records; or
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the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement set out on page 4, the trustees 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 charity’s 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 charity or to cease operations, or have no realistic alternative but to do so.
Auditor responsibilities for the audit of the financial statements
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
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:
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enquiring of management concerning actual and potential litigation and claims;
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performing analytical procedures to identify any unusual results that may indicate risks of material misstatement due to fraud;
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reading minutes of meetings;
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assessing any management override of controls by testing journal entries and other adjustments and reviewing accounting estimates for indications of potential bias;
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evaluating any transactions that are unusual or outside the normal course of business; and
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maintaining alert to any fraud risks throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
7
Docusign Envelope ID: AAF43C0B-4E82-4F87-AC1D-F81E403C570C
THE PRINCE PHILIP TRUST FUND FOR THE ROYAL BOROUGH OF WINDSOR AND MAIDENHEAD
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE PRINCE PHILIP TRUST FUND FOR THE ROYAL BOROUGH OF WINDSOR AND MAIDENHEAD (continued)
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charity’s internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (ie. gives a true and fair view).
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
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. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
| 1/14/2026 | |
|---|---|
| Daniel Reid FCA (Senior Statutory Auditor) | Date: |
| for and on behalf of | |
| FLB Audit LLP | |
| Chartered Accountants & Statutory Auditors | |
| 1010 Eskdale Road | |
| Winnersh Triangle | |
| Wokingham | |
| Berkshire | |
| RG41 5TS |
8
Docusign Envelope ID: AAF43C0B-4E82-4F87-AC1D-F81E403C570C
THE PRINCE PHILIP TRUST FUND FOR THE ROYAL BOROUGH OF WINDSOR AND MAIDENHEAD
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR END 30 APRIL 2025
| Note Income and expenditure Incoming resources from generated funds Voluntary income 2 Investment income 2 Other income 2 Total incoming resources Resources expended Charitable activities - grants 3 Governance costs 4 Total Resources Expended Net incoming / (outgoing) resources for the year Other recognised gains and losses Unrealised (losses)/gains on investment assets 5 Net movement in funds Fund balances brought forward at 1 May 2024 Fund balances carried forward at 30 April 2025 |
2025 2024 £ £ 14,834 60,290 59,207 75,997 3,018 - 77,059 136,287 108,735 158,080 19,154 16,444 127,889 174,524 (50,830) (38,237) 6,358 190,618 (44,472) 152,381 3,057,342 2,904,961 3,012,870 3,057,342 Unrestricted fund |
2025 2024 £ £ 14,834 60,290 59,207 75,997 3,018 - 77,059 136,287 108,735 158,080 19,154 16,444 127,889 174,524 (50,830) (38,237) 6,358 190,618 (44,472) 152,381 3,057,342 2,904,961 3,012,870 3,057,342 Unrestricted fund |
|---|---|---|
| 136,287 158,080 16,444 |
||
| 174,524 | ||
| (38,237) 190,618 |
||
| 152,381 2,904,961 |
||
| 3,057,342 |
All amounts above are derived from continuing operations and the charity has no recognised gains or losses other than those passing through the Statement of Financial Activities.
The notes on pages 11 to 13 form part of these financial statements
9
Docusign Envelope ID: AAF43C0B-4E82-4F87-AC1D-F81E403C570C
THE PRINCE PHILIP TRUST FUND FOR THE ROYAL BOROUGH OF WINDSOR AND MAIDENHEAD
BALANCE SHEET AS AT 30 APRIL 2024
| Note Fixed Asset Investments 5 Current Assets Cash at bank and in hand Debtors 6 Creditors: amounts falling due with one year 7 Net Current Assets Total assets less current liabilities Funds Unrestricted funds 8 |
2025 £ 3,013,143 105,258 2,232 (107,763) (273) 3,012,870 3,012,870 |
2024 £ 3,071,785 |
|---|---|---|
| 28,261 17,192 (59,896) |
||
| (14,443) | ||
| 3,057,342 | ||
| 3,057,342 |
Approved by the board of trustees on and signed on its behalf by:
C Aitken Trustee
The notes on pages 11 to 13 form part of these financial statements
10
Docusign Envelope ID: AAF43C0B-4E82-4F87-AC1D-F81E403C570C
THE PRINCE PHILIP TRUST FUND FOR THE ROYAL BOROUGH OF WINDSOR AND MAIDENHEAD
NOTES TO THE ACCOUNTS FOR THE YEAR END 30 APRIL 2025
| 1 | Accounting policies | ||
|---|---|---|---|
| 1.1 | Basis of accounting | ||
| The financial statements are prepared under the historical cost convention as modified by the revaluation | of fixed | ||
| asset investments and include the results of the Charity's operations as indicated in the report of the trustees, all of | |||
| which are continuing. | |||
| The financial statements have been prepared in accordance with the provisions of SORP 2019 (FRS 102). | |||
| 1.2 | Voluntary income | ||
| Voluntary income is received in cash by way of donations and from third party fund raising events. The cash | |||
| collected is included in full in the Statement of Financial Activities on receipt. | |||
| Gifts in kind are recognised on receipt and valued on the basis of professional charges for preparing the accounts | |||
| and audit for the year end 30 April 2025. | |||
| 1.3 | Investment income | ||
| a) Dividends are included in the Statement of Financial Activities when they are declared. |
|||
| b) Bank interest is included in the Statement of Financial Activities on receipt. |
|||
| 1.4 | Expenditure | ||
| a) Expenditure includes all material costs received after the period end but relevant to the period to 30 |
|||
| April 2025. | |||
| b) Grants charged to the Statement of Financial Activities include those paid in |
the period and those | ||
| where the trustees have promised financial support to the recipient as part of a binding commitment to | |||
| that recipient. | |||
| c) Governance costs represent the costs associated with meeting the constitutional |
and statutory | ||
| requirements of the charity including audit fees. | |||
| 1.5 | Investments | ||
| The quoted investments are included in the balance sheet at market value. Unrealised gains/(losses) | |||
| on investment assets are included in the Statement of Financial Activities. | |||
| 1.6 | Recognition of liabilities | ||
| Commitments to which the Charity is bound are accounted for in full in the financial statements as soon as the | |||
| obligation arises. | |||
| 1.7 | Irrecoverable VAT | ||
| Irrecoverable VAT is charged against the category of resources expended, for which it was incurred. | |||
| 1.8 | Financial Instruments | ||
| The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. These are | |||
| initially recognised at transaction value and subsequently measured at their settlement value. | |||
| 1.9 | 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. | Investment income, | ||
| gains and losses are allocated to the appropriate fund. | |||
| 2 | Income | 2025 | 2024 |
| £ | £ | ||
| Voluntary income comprises: | |||
| Donations received 14,834 |
60,290 | ||
| Investment income comprises: | |||
| Income from investments listed on a recognised stock exchange 59,207 |
75,997 | ||
| Other income comprises: | |||
| Surplus from events | 3,018 | - |
11
Docusign Envelope ID: AAF43C0B-4E82-4F87-AC1D-F81E403C570C
THE PRINCE PHILIP TRUST FUND FOR THE ROYAL BOROUGH OF WINDSOR AND MAIDENHEAD
NOTES TO THE ACCOUNTS (continued) FOR THE YEAR END 30 APRIL 2025
| 3 Charitable activities Grants payable in the furtherance of the Charity's objects |
2025 £ 108,735 |
2024 £ 158,080 |
|---|---|---|
There were no grants to individuals or organisations during the year which exceeded £5,000.
4 Governance costs
| Accountancy Auditors' remuneration Trustee expenses Award costs Insurance PR and communications Website and IT costs |
2025 £ 2,555 4,911 - 367 604 9,744 973 19,154 |
2024 £ 1,500 4,630 347 - - 8,592 1,375 |
|---|---|---|
| 16,444 |
No staff were employed by the Trustees during the year or in the previous year. No remuneration was paid to the Trustees for services provided. No trustees had expenses reimbursed in the year (2024: one trustee had administrative expenses reimbursed totalling £347).
- 5 Fixed asset investments
| UK quoted investments: Investec Wealth & Investment Market value at start of year Withdrawals Contributions Change in market value Market value at end of year Cost at end of year |
2025 £ 3,071,785 (65,000) - 6,358 3,013,143 2,611,313 |
2024 £ 2,871,167 (25,000) 35,000 190,618 |
|---|---|---|
| 3,071,785 | ||
| 2,676,313 |
| 6 Debtors Accrued income - dividends receivable Prepayments 7 Creditors: amounts falling due within one year Other creditors - unpaid grants - accrued expenses - PPTF Fundraising Events Ltd |
2025 £ - 2,232 2,232 2025 £ 56,430 7,413 43,920 107,763 |
2024 £ 17,192 - |
|---|---|---|
| 17,192 | ||
| 2024 £ 50,990 8,906 - |
||
| 59,896 |
12
Docusign Envelope ID: AAF43C0B-4E82-4F87-AC1D-F81E403C570C
THE PRINCE PHILIP TRUST FUND FOR THE ROYAL BOROUGH OF WINDSOR AND MAIDENHEAD
NOTES TO THE ACCOUNTS (continued) FOR THE YEAR END 30 APRIL 2025
8 Funds -Unrestricted
| Funds -Unrestricted | ||
|---|---|---|
| Balance at start of year Net movement in funds Balance at end of year |
2025 £ 3,057,342 (44,472) 3,012,870 |
2024 £ 2,904,961 152,381 |
| 3,057,342 |
9 Taxation
The Prince Philip Trust Fund for the Royal Borough of Windsor and Maidenhead is a charity and the trustees are of the opinion that it is entitled for the current year to the exemptions provided by Part 10 of the Income Tax Act 2007. As a consequence, no provision for taxation is regarded as relevant.
10 Related Parties
The Charity incurred PR and communication costs with an external consultant, V L Wilson, who is a close family member of a trustee. The total amount of costs incurred were £9,744 (2024: £8,592) and an amount of £2,200 (2024: accruals £700) was included in prepayments at the balance sheet date related to such expenditure. The Charity incurred bookkeeping and accounting costs with an external firm of Chartered Accountants, Wilson Partners Ltd, in which a trustee is a director. The total amount of costs incurred were £2,555 (2024: £1,500) and an amount of £2,363 (2024: £3,000) was included in accruals at the balance sheet date related to such expenditure. The Charity received monies on behalf of PPTF Fundraising Events Ltd, a company which following the year end became controlled by the Trustees and which operates fund raising events for the Charity. At the year end, the Charity held £43,920 (2024: £nil) in relation to funds due to PPTF Fundraising Events Ltd. The Trustees consider that all transactions incurred with related parties have been conducted on an arms-length basis.
12 Grants Awarded
The Trustees typically meet twice a year to approve grant awards. The spring meeting of the Trustees typically takes place in March or April each year but in 2023 the meeting took place in May 2023 and thus the accounts for the year ended 30 April 2024 included grants related to three trustee meeting whereas the year ended 30 April 2025 has grants awarded at two trustee meetings. This is the reason for the decrease in grants awarded for the year ended 30 April 2025 in comparison to the prior year.
13 Control
The Prince Philip Trust Fund for the Royal Borough of Windsor and Maidenhead continued to be controlled by its Trustees.
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