CHARITY REGISTRATION NUMBER: 299350 Military Knights of Windsor Unaudited Financial Statements 31 March 2025 Chartered accountants S W Frankson & Co, Chartered Accountants, 364 High Street, Harlington, Hayes, Middlesex UB3 5LF Military Knights of Windsor Financial Statements Year ended 31 March 2025 Page Trustees, annual report Independent examiner's report to the trustees Statement of financial activities Statement of financial position Notes to the financial statements Military Knights of Windsor Trustees. Annual Report Year ended 31 March 2025 The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2025. Reference and admlnistrative details Registered charity name Military Knights of Windsor Charty registration number 299350 Prin¢ipal office 6 Lower Ward Windsor Castle Windsor SL4 1NJ The trustees Lt Gen Peter Pearson CB CBE Lt Gen Philip Jones CB CBE DL The Rt Rev C Cocksworth DD Sir Michael Stevens KCVO FCA (Resigned 1 January 20251 James Chalmers Esq (Appointed 1 January 2025) Independent examiner M C Finch S W Frankson & Co. Chartered Accountants, 364 High Street, Harlington, Hayes, Middlesex UB3 5LF Military Knights of Windsor Trustees. Annual Report (conunved) Year ended 31 March 2025 Structurey governance and management The individual Charities administered by the Trustees are.. The Military Knight$ of Windsor The Military Knights of Windsor Stipends Fun(Js of 1559 The Militsry Knights of Vvindsor Stipends fvnds of Sir Peter le Maire and Sir Francis Crane The Military Knight5 of Windsor Stipends Fund of Sir George Bowles The Militsry Knights of Windsor Endowment Fund All the above charities have the registered number.. 299350. They are regulated by the provisions contained in the Schemes approved by the Charity Commissioners for England and Wales dated 9th January 1989, 1st July 1991 and 4th January 20ffi. The charity is administered from 6 Lower Ward. Windsor Castle, Berkshire, SL4 1 NJ. The day-to-day management of the charity is overseen by the Govemor of the Military Knights, Lieutenant General Peter Pearson CB CBE, who is responsible to the Trustees. Responsibility for the various functions required for the operation of the charity is delegated lo individual Knights including a Staff Officer and a Treasurer. They receive no other remuneration than the stipend payable to all of the Knights as a contribution to the costs of their housin9. Appolntment of Trustees The four Trustees of the charity are the holders of the office for the time being of Govemor of the Military Knights of Windsor, the Conslable and Governor of Wind50r Castle, the Keeper of the Privy Purse and the Dean of Windsor. Suitsble induction is provided for Trustees as they assume their role. Military Knights of Windsor Trustees, Annual Report (continued) Year ended 31 March 2025 Oblectlves and activitles The orginal charity was formed in 1348 by King Edward 111. shortly after the Battle of Crecy, to provide lodging for ￿enty-sIX "Poor Knights and, as presently consliluted. now exists to provide accommodation at Windsor Castle for 13 retired Army Officers with long and distinguished service or those with previous military experience who have given exceptional service lo the Sovereign. A number of ¢harilies established over the years, each having broadly the same objects, were consolidated into one with the registered number 299350 under schemes dated 9th January 1989, 1 sl July 1991 and 4th January 2006. They are now administered and accounted for as one single entity I'the charsty'l. In line with long established custom, 13 houses in Lower Ward, Windsor Castle, belonging lo the Crown, have been dedicated lo the use of the Military Knights, together with No.5 Lower Ward. Number 5 is used to house incoming Knights for the period durirkg which their own accommodation is being refurbished prior to their occupation, as a guest house for visiting family and friends of Knights, and occasionally by other Castle users. Guests using No.5 are asked to make a donation towards the costs of No.5 and lo the charity's general fund. The Knights are supported by the provision of accommodation and a contribution to the payment of certain housing costs. In addition, individual Knights receive a small stipend. After the deduction of lax, the lolal payments lo each Knight (including the Knight's stipend) are largely absorbed by the costs associated with the occupancy of the Knighfs accommodation. Some approved expenses incurred by the corporate tx)dy are met from the charity's funds. As an important part of the community at Windsor Castle, itself a significant part of the British heritage, the Knights are required to undertake numerous dutses in unrform, which include the obligation to parade each Sunday when the St George's Chapel Choir 15 present. The main annual event is the Garter Ceremony, when the Knights head the proces5i0n down through the Castle. Additionally, there are four obils during the year. plus the occasional funeral, which may include keeping vigil al the catsfalque. and the laying up of the banners of deceased Garter Knights. Furthermore, the Knights are on parade for State Visits to the Castle. The Knights and their Spouses are very much part of the Castle community. They undertake many volunteer roles and play a full part in local charitable work. Their duties also include presenting, when required, a short talk and display for the public, The Military Knights, Tale which aims lo educate Castle visitors on the history of the Military Knights and their life in the Castle over the centuries. The Trustees consider that, in exercising their powers, they have complied with their duly lo have regard to the guidance on Public Benefit published by the Charity Commissioners, by the provision of accomm¢)Yalion for Military Knights in return for certain ceremonial and other duties at Windsor Castle, noted above. A¢hievement$ and performance During the year under review 13 Knights and their spouses were supptsrted by the charity, by means of the provision of accommodation and the payment of a small stipend. One Knight died during the year 12024 - none). Military Knights of Windsor Trustees. Annual Report (continuedj Year ended 31 March 2025 Financial revlew Throughout the year the charity continued to fulfill its role of payTng stipends to the Military Knights, of bearing some of the corporate and collective expenses of the body, and of preserving the capital of the Charity for the future. After accounting for the unreali5ed profil on investments. unreslricled funds decreased by £1,18512024 increase £3,607) to a lotal of £135,92512024 £136,246). The balance held by the Restricted Fund was £49012024 £5251 and is restricted lo expenditure on the Book of Remembrance, which amounted to £35 (2024 £nill during the year. The total received from the Privy Purse rose to £7732312024 £77,052), of which a part was granted lo assist the individual Knights with the payment of costs associated with the properties they ctcupy. Income from No.5 donations totalled £9,250 12024 £9,858}, whilst other donations lotalled £3,000 12024 £3,500). Sales of books contribLrted £18512024 £35). Stipends paid in the year amounted to £47,154 12024 £48,502). Eslablishment expenses, ¢omprising Costs relating lo propety and uniforms, amounted lo £40,297 12024 £41,244). Corporate expenses amounted to £4,788 12024 £5,258) and Office expenses amounted to £2,785 {2024 £4,729), which includes the energy costs at No.5 Lower Ward. Investment policy and perfomlance The policy of the Trustees is lo invest in fixed interest, equity-based and altemalive investments, with the objective of attempting to oplimise the overall relums available, while protecting against loss of capital and the erosion of value through the effects of general inflaliors. The charitys investments were held as part of an investment fund administered by the office of the Keeper of the Prtvy Purse. During the year the fund was transferred to Legal & General. The fund recorded an unrealised loss lotalling £2.588 12024 Profil £6,380). This represented a 1.95'10 decrease 12024 5.1Yol in value over the year, which compares with an increase of 4.39￿(2024 4.2Yol in the FTSE 100 index. The investment portfolio represents the major element of the charity's reserves and was valued at at £134,901 al 31 March 202512024 £132,226). Investment In¢ome was £5.34512024 £5.4451. Military Knights of Windsor Trustees. Annual Report (continU8dJ Year ended 31 March 2025 Financlal rgvlew (conllnued) Risk Management In line with the requirement for the Trustees lo undertake a risk assessment exercise and report on the results in this report, the Trustees have identified the major risks to which in their opinion the charity Is exposed. The Trustees have identified three main areas where risks to the operation of the charity may occur.. Income from grants Financial Provision of housing Income from grants.. The charity depends for the greatest part of its income on the Privy Purse Grant. This grant is discretionary and is central to the charity's ability lo pay the housing costs together with a small stipend to the individual Knights. The Trustees maintain close contact wlh the Keeper of the Privy Purse, who is also one of the Trustees, and are conftdent that this source of income is secure for the foreseeable future, Financial.. The Trustees have instituted controls to guard against the potential risks lo the charity from fraud or financial irregularity. which could include diverted income, unauthorised expenditure, inappropriate investment policies and unreliable accounting. Provision of Hou8lng'. 13 houses, together with No.5 in Lower Ward, Windsor Castle are Made available lo the charity in line with long established custom, and one is allocated to each Knight on inslallalion. Occupancy is granted on the basis of a service tenancy for the duration of Servi￿ as Military Knight. These tenancies are granted by the Keeper of the Privy Purse acting for and on behalf of the Sovereign. Since the granting of these tenancies is discretionary. there is the possibility that at some future dale the properties could be re-possessed by the Crown. The Trustees are eonfidenl that these is no likelihood of this event occuiring in the foreseeable future. Reserves policy The major element of the charity's reseNes is represented by the investment portfolio. In addition, a relatively small balance is normally held on current account at the bank to cover contingencies and stipends. The Trustees, overall objective is to seek to maintain reserves al such a level that incoming resources, taking one year with another, meet the cost of charitable expenditure to support the charity's aims. In the current year the result achieved broadly met the Trustees, objective5. Rese￿e5 of £490 (2024 £525) are restricted as to use,. all other reserves are unreslricled. Plans for future periods The Trustees do not anticipate any significant change to the charity or its activities in the foreseeable future and are satisfied that the charity remains a going concern. However, review will continue as lo how in future the charity's objects can be achieved and provide public benefrt. The trustees, annual report was approved on 1 December 2025 and signed on behalf of the board of trustees by.. Lt Gen Peter Pearson CB CBE Chairman of trustees Military Knights of Windsor Independent Examinerfs Report to the Trustees of Military Knights of Windsor Year ended 31 March 2025 I report to the tru51ees on my examinab'on of the financl81 statements of Military Knights of Windsor I'lhe chariv) for the year ended 31 March 2025. Responsibilities and basis of report As the trustee5 of the charity you are responsible for the prepara￿On of the financial statements in accordance with the requirements of the Charities Act 2011 I'the ACYI. I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examinerfs statement I have completed my examination. I confirm that no material Matters have come lo my attention in connection with the examination giving me cause to believe that in any material respect. accounting records were not kept in respect of the charity as required by sectson 130 of the Act., or the financial statements do not accord with those re¢ords," or the finaneial statements do not comply with the applicable requirements conceming the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. 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. M C Finch Independent Examiner S W Frankson & Co, Chartered Accountants, 364 High Street, Harlinglon, Hayes, Middlesex UB3 5LF 10e¢ember 2025 Military Knights of Windsor Statement of Financial Activities Year ended 31 March 2025 2025 Restricted funds Total fund8 Total funds 2024 Unrestricted funds Notè Income and endowments Grants and donations Charitable activities Investment income 81,612 9,435 5,345 81.612 9.435 5.345 81,299 10,216 5,445 Total income 96,392 96,392 96,960 Expenditure Expenditure on charitable activities Total expenditure 194,9891 {94,9891 1351 1351 195,024) 195,0241 {99.733) 199.7331 Net Ilossesllgains on inveslments {2.5881 12,5881 6,380 Net lexpenditureifincome and net movement in funds (1.1851 (35) 11,2201 3,607 Reconcillation of funds Total funds brought forward Total funds carried forward 135,721 134,536 525 136,246 135,026 132,639 136,246 490 The ststemenl of financial a¢livilies includes all gains and losses recognised in the year. Al income and expenditure derive from continuing a¢tivilies. The notes on pageB 9 to 13 forni part of these financlal staternent¥. Military Knights of Windsor ststement of Financial Position 31 March 2025 2025 2024 Fixed assets Investrnenls 11 134,901 132,226 Current assets Stock Debtors Cash at bank and in hand 12 13 658 1,330 11,825 658 2,621 15,323 18,602 13,813 Creditors: amounts falling due within one year Net current assets 14 13,688 14,582 125 4.020 136.246 136,246 Total assets less Currgnt liabilities 135.026 Net assets 135,026 Funds ofthe charity Reslricled funds Unrestricted funds 490 134,536 525 135,721 Total ¢harity funds 15 135,026 136,246 These financial statements were approved by the board of trustees and authorised for issue on 1 December 2025, and are signed on behalf of the board by.. Lt Gen Peter Pearson CB CBE Chaimian of trustees The notes on pages 9 to 13 form part of these financial statements. Military Knights of Windsor Notss to the Financial Statements Year ended 31 March 2025 General informatlon The charity is a public benefit entity and a registered charlty in England 2nd Wales and is unincorporated. The address of the principal office is 6 Lower Ward. Windsor Castle, Windsor, SL4 INJ. statement of compllance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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 IFRS 1021 (Charities SORP IFRS 102)l and the Charities Act 2011. Accountlng policies 8asi$ of preparatlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured al fair value through income or expenditure. The financial statements are prepared in slerllng, which is the functional curren￿ of the enlity. Going concern There are no material uncertainlies about the charity's ability to continue. Fund accounting Unrestricted funds are available for use at the discreb'on of the twstees to further any of the charity's purposes. Designated funds are unreslricled funds earmarked by the Iruslees for particular future project or commitment. Reslricled funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of sub-classes." restricted incoffle funds or endowment funds. Incoming resources All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow lo the charity and the amount can be reliabty measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of enb'llemenl to the gift, receipt is probable and its amount can be measured reliably. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred and is classified under headings of the statement of financial activities lo which il relates.. Military Knights of Windsor Notes to the Financial Statements Iconllnu¢dJ Year ended 31 March 2025 Accountlng poli¢1gs (contAnue