Can anyone tell me what year the Jimmy Simpson Trophy was first awarded? And has it always been awarded to the rider who sets the fastest lap of the meeting?

I've searched all my books and stuff (and google etc) and it just says that it's awarded to the rider who puts up the fastest lap, no one gives a date for the first one. Simpson's last race was the 1934 senior so I presume it was some time after that. I'll continue looking.

The Jimmy Simpson trophy was presented to the ACU by Arthur Birkett, to be presented to the rider making the fastest lap during the Junior, Lightweight and Senior TT races.
It was first presented in 1948 to Omobono Tenni (Senior) with replicas to Freddie Frith (Junior) and Maurice Cann (Lightweight). Not sure if the 'other class' replicas are still presented.
Photo of Arthur Birkett, Jimmy Simpson and the trophy is in TT Heroes, written by Mike Savage.

cheers guys - how about the John Williams Trophy - was this first awarded in 1979 to the the rider who set the fastest lap in the F1 race?

There is no mention of the John Williams Trophy in the ACU results for '79, I think you may find mention of this in the official programme, which I do not have to hand.

Correct Phil it was donated by Honda and there was also another trophy which was donated by the JG Williams Fan Club, this was donated to John's widow Margaret as a ever-lasting memory to one of the greats of road racing.