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← The Grenadier Guards Charity

2024-12-31-accounts

THE GRENADIER GUARDS CHARITY

(Registered No. 1062257)

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

THE GRENADIER GUARDS CHARITY

CONTENTS

: Page
Legal and Administrative information i
Report ofthe Trustees 2-6
Independent auditors’ report 7-9
Statement offinanctal activities 10
Balance sheet li
Statement ofcash flows 12
Notestothefinancialstatements 13~26

THE GRENADIER GUARDS CHARITY

LEGAL AND ADMINISTRATIVE INFORMATION

Charity Commission Scheme The Grenadier Guards Charity was formed by
a Charity Commission		 The Grenadier Guards Charity was formed by
a Charity Commission		 The Grenadier Guards Charity was formed by
a Charity Commission		 The Grenadier Guards Charity was formed by
a Charity Commission		 The Grenadier Guards Charity was formed by
a Charity Commission
Scheme dated 17 September 2015 which merged the Grenadier Guards
Regimental and Battalion Charity, The Grenadier Guards 2™Battalion
Suspended
Animation
Charity,
The		 Grenadier
Guards 3		 Battalion
Suspended Animation Charity and The Grenadier Guards Regimental and
: Battalion Relief Charity. The Scheme took effect on
1 January		 2016
following which the assets and liabilities ofThe Regimental and Battalion
Charities
of
the
Grenadier
Guards		 Common
Investment
Fund		 were
transferred to the new charity and that charity closed.
Ex-officio Trustee The Regimental Lieutenant Colonel ofthe Grenadier Guards
(Major General
J] MHBowderOBE)
Co-opted Trustees Brigadier D
J
H Maddan, DL
Captain C A G Bennett
Lieutenant General Sir George Norton KCVO CBE
General Sir Roly WalkerKCB DSO
The RtHon The Earl of Derby, DL
Election Replacement Co-opted Trustees are appointed by the Trustees
Regimental Adjutant MajorJPWGatehouse
Treasurer LieutenantColonel
J
A KeeleyMBE
Address Wellington Barracks
Birdcage Walk
London SWIE 6HQ
Registered Charity Number 1062257
Bankers LloydsTSBBank Plc
Auditors		 SafferyLLP
Cox’s& King’s 71 Queen Victoria Street
P O Box 1000 London EC4V 4BE
Andover
BX11 1LT
Solicitors Wrigleys SolicitorsLLP
Investment		 Cazenove Capital
19 Cookridge Street
Managers		 Management Limited
Leeds LS2 3AG 12 Moorgate
London EC2R 6DA
Property Managers The Hedley Foundation P J Smith Associates
1 College Hill The Old Place, Lockpath
LondonEC4R2RA Dorney,WindsorSL4 6QQ

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THE GRENADIER GUARDS CHARITY TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their Report and financial statements for the year which have been prepared in accordance with the Charities Act 2011 and UK generally accepted accounting practice. The information on page 1 forms part of the Trustees’ Report.

Objects

The objects of the Charity are:

(1) To promote the efficiency of the Grenadier Guards, by fostering esprit de corps and by such other means as the trustees shall from time to time determine. (2) To commemorate and remember those members, or former members, of the Grenadier Guards who have lost(3) Totheirrelievelives oreithersufferedgenerallyinjury,ororindividually put themselvespersonsat riskwhoof arelossservingoflife oror injury,who havein serviceservedtoin thethe public.Grenadier Guards or the dependants of such persons who are in conditions of need, hardship, or distress. (4) To advance the education of the public, including members of the Grenadier Guards, in the history, deeds, traditions and role of the Grenadier Guards.

Appointment, induction and training of Trustees

Trustees are selected so that the charity can draw on a wide range of experience and skills. New trustees are briefed by the Regimental Adjutant and provided with copies of accounts and minutes of meetings. Trustees are regularly briefed on relevant matters by the charity’s advisors. Trustees are encouraged to partake in any training that they consider would be useful to them and to the Charity,

Meetings

The Trustees meet formally every six months with their advisors inter alia to make policy, approve budgets and review progress. Implementation is achieved by the Regimental Adjutant and the Regimental Treasurer on the authority of the Ex-officio Trustee.

Key management personnel

Key management personnel comprise the Regimental Adjutant and Treasurer. Part of their remuneration is met by the MoD. In addition, they are paid remuneration set by the Trustees in the light of their responsibilities and performance. Also the Trustees are considered as key management personnel, but they are not remunerated.

Grant making policy

In recent years funds have been allocated on a consistent basis to the heads of expenditure detailed in the Statement of Financial Activities and current policy is to appoint expenditure on broadly similar lines in the forthcoming year.

The Trustees consider that the current policies for making grants deliver public benefit. When reviewing the aims of the charity, and in planning future activities, the Trustees have complied with the duty in section 4 of the Charities Act 2011 to have regard to public benefit guidance published by the Charity Commission.

Risk management

The Trustees have formally reviewed their operations and believe that risk is appropriately contained in the context of their asset backing, the nature and pattern of their activities and the contractual arrangements associated with them, formal quarterly reporting and suitable compliance with current safety and employment legislation.

The principal risk is that poor investment performance could severely deplete the Charity’s reserves and ability to generate sufficient funds to meet needs. This risk is managed by appointing reputable, experienced investment managers and regular review of their performance at Trustees’ meetings, at which those managers are present. The risk of inappropriate expenditure is covered by authorisation procedures and review of detailed management and year-end accounts by Trustees.

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THE GRENADIER GUARDS CHARITY TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Review of activities

The Charity aims to fulfil the objects through grants and donations supporting a range of activities for both serving and former soldiers, supporting regimental commitments, and maintaining Regimental property, all of which provide public benefit.

The routine work of the Charity has continued in a manner that is consistent with policy and with previous years. Details of the grants and donations made may be found in note 7 of the financial statements. There are no significant changes or developments to report in 2024. The aims and objectives of the Charity do not change fundamentally from year to year although the Trustees always seek to respond to changes in the needs of serving and former soldiers in the Regiment.

The success and impact of the Charity's activities are assessed in many ways, including feedback from both the Regimental Lieutenant Colonel, the Commanding Officer of the 1st Battalion and from detailed reports by the Regimental Casualty Officer on wounded Grenadiers and their relatives, many of whom have been helped by the Charity.

The Colonel’s Fund

Following deployment on Op Herrick 6 to Afghanistan in 2007, where the Battalion suffered five Killed in Action and 35 wounded with life changing injuries, it was recognised that there would be an urgent need to raise funds to deal with the multitude of new requests for welfare support by Grenadiers and their families.

In response to this The Colonel's Fund, with HRH The Duke of Edinburgh as patron, was established to raise funds to assist those injured on active service and those who might later develop problems (such as complex PTSD) as a result of active service. The provision of care and support is not limited to those affected by their service in Afghanistan, but also from other operations, namely Northern Ireland, Bosnia and Iraq. The Fund also supports the families of those who have been killed on operations.

The care and support of our wounded Guardsmen (All Ranks) and our bereaved families is carried out by the Regimental Casualty Officer, Mr Matt Ellmer. During 2024 he actively supported 18 bereaved families and 86 wounded Grenadiers, many with their own families now, including another four more new cases taken on durin g the year. Of the 86, 56 are suffering with PTSD. The RCO is the "fixer", mentor, counsellor, and friend" to our seriously wounded and bereaved. In addition, a separate specialist trauma psychotherapist provides invaluable support to a handful of Grenadiers with very complex injuries and needs.

Income received by the Colonel’s Fund during 2024 totalled £452,701, made up mostly of investment income (dividends and interest) of £242,350, event income of £148,141 and donations and legacies of £62,210. Expenditure amounted to £320,573, with welfare and RCO costs totalling £210,900, event expenditure of £85,277 and Administration costs of £24,396. The principal fundraising for 2024 was a Colonels Fund shoot and auction which took place in May.

The Colonel's Fund is within the restricted Relief in Need Fund and is a sub fund of the Grenadier Guards Charity.

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THE GRENADIER GUARDS CHARITY TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Investment policy and performance

Cazenove Capital is the appointed investment manager. They manage the Regiment's financial market investments on a total return basis, the target being CPI plus 3%, to maintain the real value of the investments over the long term and against inflation. They also meet the drawdown requirements as requested by the Trustees (currently £250,000 per annum). The drawdown ratio is currently 3% and this is deemed by the Trustees and Cazenove to be sustainable.

Cazenove’s Investment Manager Commentary

Valuation. The value ofthe Common Investment Fund's portfolio was £5,289,033 at 31st December 2024. This compares with a value of£5,044,564 at 31st December 2023. Not including distributions, over 12 months the portfolio is up £475,364 (+9.7%) over 12 months.

Income. The annual requirementfrom the portfolio is now £250,000.

Performance. Over 2024 to date, the portfolio has returned +9.7%, over the same period the benchmark, CPI+3.0%, returned + 5.6%.

Equities enjoyed a strong 2024, with global equity markets increasing by 20% as measured by the MSCI All Country World Index. Positive returns were driven by encouraging economic fundamentals, including a gradual decrease in inflation, the first-interest rate cuts since 2020, and robust global growth.

While headline global equity returns were very strong, this did mask some dispersion in underlying markets. A high proportion of returns continue to be generated by the so-called ‘Magnificent 7’ tech stocks in the US which were up 67% alone, with Nvidia nearly tripling in value over the year. The broader US market was further buoyed by Trump’s election victory in anticipation ofstronger growth, lower taxes and reduced regulation.

Equities outside of the US delivered more subdued growth with the MSCI All Country World ex USA rising Just 7.9% over 2024. Europe lagged, with its two largest economies, France and Germany, facing economic stagnation. The latter continues toface headwinds from a flagging manufacturing sector. Outside ofEurope, emerging markets again underperformed developed markets but there were the first signs of a recovery in China following fresh stimulus from the government.

Outside of equities, government bonds faced challenges and posted negative returns as central banks delivered fewer interest rate cuts than markets anticipated. This led to a rise in bond yields and therefore a fall in bondprices. Within portfolios, we remain wary of the risks a resurgence of inflation would pose and therefore favour bonds with short maturities. This stood portfolios in good stead last year.

Looking ahead, we anticipate that the global economy will continue to grow at around 2.5-3% over the next couple ofyears. Although this aligns with the performance seen in 2023 and 2024, we expect notable shifts at the country level and stronger growth in the US may be tempered by slower growth in other regions. President Trump’s tax cuts and regulatory changes are likely tofurther stimulate US growth in 2025 and 2026.immigrationHowever, this could also heighten inflationary pressures, particularlyfrom potential tariffs and trade policies, making the interest rate outlook more uncertain. Furthermore, the prospect ofan all-out war looms large and conflicts in Ukraine and Middle East remain ongoing.

Given these dynamics, whilst we are optimistic about equities in 2025, we are also conscious of the increasing downside risks and are taking this opportunity to slightly reduce our equity allocation, securing profits after the strong performance of the asset class. Diversification should also help to mitigate some of these risks. In multi-asset portfolios, bonds should provide some protection against risks to growth, while gold and other commodities help to manage the risk of inflation and elevated geopolitical tensions.

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THE GRENADIER GUARDS CHARITY TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Comunercial Property

In order to spread risk over a broad range of uncorrelated assets, many years ago the Trustees diversified the Charity's investments into commercial property. This element of the total portfolio represents some 35% of the Common investment Fund, i.e., excluding The Colonel’s Fund. There are three retail premises, one in each of Sherborne, Tenterden and Wimborne, managed for the Trustees by The Hedley Foundation. As of 31 December 2021, the Trustees commissioned a RICS Red Book valuation of the three properties, producing a total valuation of £1,880,000, in November 2024 this valuation was updated to £1,765,000, this includes £70k of land at Middle Green. The Charity relies upon rental incomes from these properties to fund some of its activities and grants. Generally, yields are deemed to be satisfactory, with a total rental income in 2024 of £138,572. Forecast income to be received in 2025 in the region of £135,150. At the November 2024 Trustees Meeting the decision was made by The Trustees, to sell all 3 properties, hopefully, by 2026.

In addition to these three properties, within The Colonel's Fund investment portfolio there is a holding in the Charities Property Fund, valued at £187,870 (up from £186,846 in 2023).

Fundraising

The Trustees are aware of their responsibilities under the Charities (Protection and Social Investment) Act 2016 and have considered the implications for their fundraising activities. The Charity relies on voluntary donations to fund a proportion of its activities and it receives these in two main ways: firstly, through the One Day's Pay Scheme, which encourages serving Grenadiers (all ranks) to donate one day's pay per year to the Charity to fund its charitable activities. Such donations are entirely voluntary. The second is through donations to the Charity's funds from individual donors through regular and one-off donations as well as externally organised fundraising events. The Yukon’700 is an example ofthis. In May 2024, the Charity ran a fundraising shoot event and auction which raised net income of £61,468. The Charity does not engage professional fundraisers, but it gratefully receives donations raised on its behalf. The Trustees are not aware of any complaints made in respect of fundraising during the period.

Financial Review

Income for the year increased from £495,386 to £649,268. The increase of £1 53,882 comes from an increase in donations received of £48,802, partially offset by a decrease in investment income of £18,587 and an increase in trading activities of £123,667. Expenditure totalled £861,128 producing a deficit of £211,860 (2023: £310,051). After net investment gains of £546,542 (2023: investment gains of £198,385), the Charity’s funds increased by £334,682 (2023: decreased by £111,666). The Trustees consider these results to be fair given the points made within the Investment Manager’s Commentary regarding global investment markets. The Trustees intend to balance income and expenditure more closely so negating the need for in-year additional drawdowns with a tightening-up of our processes.

Reserves policy

The Trustees have a reserves policy which uses a combination of balances to achieve their aim which is to reserve up to one year’s total incoming resources (excluding the Colonel’s Fund) in order to redress any fluctuations in income flow. Total funds at 31 December 2024 were £10,293,337 (2023: £9,958,655) of which £3,780,390 (2023: £3,611,682) was held in the Relief in Need fund and Colonel’s Fund (which are restricted) leaving unrestricted funds of £6,512,947 (2023: £6,346,973) most of which is represented by fixed assets and investments which are held for the long term to provide a return which formsa significant part of the Charity’s annual income.

The trustees agree on a draw down rate from investments annually. When necessary additional amounts can be drawn down to fund certain non-recurring items of expenditure, however, better planning will reduce this in future. After deducting investments and fixed assets, free reserves (excluding amounts held in restricted funds) amounted to a deficit of £43,183 (2023: a deficit of: £43,303). The Trustees consider the investments within the

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THE GRENADIER GUARDS CHARITY

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

general fund to represent a form of expendable endowment which they intend to retain to generate income to support future beneficiaries but can draw down on as needed. Therefore they are satisfied with the level of reserves available and continue to manage cashflows carefully.

The Colonel’s Fund held £2,510,258 at 31 December 2024 (2023: £2,370,573) and is likely to be expended over a relatively long period as described above.

Going Concern

Based on the fact that the Charity continues to manage its cashflow and investments prudently, the Trustees have a reasonable expectation that the Charity has adequate resources to continue with planned expenditure for the long-term.

Future Plans The Charity plans to continue to allocate funds to the same heads of expenditure as before. The Charity’s ability {o maintain and increase the level of grants and donations will depend on the performance of the investment portfolio and on the success of any fundraising efforts.

Trustees’ responsibilities statement

The trustees 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).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the trustees are required to: e select suitable accounting policies and then apply them consistently;

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, applicable accounting regulations and the provisions of the Charity Commission Scheme. 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 March 2024, a Finance Committee was formed to closely scrutinise the Charity’s Finances and to better align expenditure with income as part of our move towards better governance. MajorbehalfAYaw M H Bowder OBE |God”4Y 2025 eee

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THE GRENADIER GUARDS CHARITY

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion

We have audited the financial statements of The Grenadier Guards Charity for the year ended 31 December 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of Cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice),

In our opinion the financial statements:

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’s responsibilities for the audit of 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 trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

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THE GRENADIER GUARDS CHARITY

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

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:

e the information given in the Trustees’ Report is inconsistent in any material respect with the financial statements; or ° the charity has not kept sufficient accounting records; or e 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, 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.

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under 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 auditors’ 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 desi gn procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities: We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning mecting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with trustees and updating our understanding of the sector in which the charity operates.

Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.

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THE GRENADIER GUARDS CHARITY INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 ign

Audit response to risks identified: We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review ' included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.fre.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed. ‘ ‘ ? Colfhey IL Saffery LLP. ~~ 71 Queen Victoria Street Chartered Accountants London Statutory Auditors EC4V 4BE Date: (Or {| AO ce | | nant POAS

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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THE GRENADIER GUARDS CHARITY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £ £ £ £
Unrestricted Restricted Total Total
Funds Funds
Income from:
Donations and legacies 2 54,562 124,302 178,864 130,062
Trading activities 3 26,168 150,354 176,522 52,855
Investments 4 198,689 95,193 293,882 312,469
Total income 279,419 369,849 649,268 495,386
Expenditure on:
Raising funds 5 105,550 87,240 192,790 124,813
Charitable activities 6 323,336 345,002 668,338 680,624
Total resources expended 428 886 432,242 861,128 805,437
Net expenditure before investment (149,467) (62,393) (211,860) (310,051)
movements
Other recognised gains and losses
Realised and unrealised gains/ 13
(losses):
on investments 347,093 249,449 596,542 263,385
on property (41,375) (8,625) (50,000) (65,000)
Net (expenditure) 156,251 178,431 334,682 (111,666)
Transfersbetween funds 14 9,723 (9,723) - -
Net movement in funds 165,974 168,708 334,682 (111,666)
Funds balance brought forward 6,346,973 3,611,682 9,958,655 10,070,321
Fundsbalancecarriedforward 15 6,512,947 3,780,390 10,293,337 9,958,655

The notes and information on pages 13 to 26 form part of these financial statements.

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THE GRENADIER GUARDS CHARITY

BALANCE SHEET AS AT 31 DECEMBER 2024

2024 2024 2023 2023
Notes £ £ £ £
Fixed assets
Tangible fixed assets 12 721,747 T14,717
Investments 13 9,499 343 9,213,565
10,221,090 9,928,282
Current assets
Stocks 2,598 2,673
Sundry debtors 56,264 49,523
Cash atbank and in hand 73,160 35,159
132,022 87,355
Current liabilities
Sundry creditors (59,775) (56,982)
Net current assets 72,247 30,373
Net assets 10,293,337 9,958,655
Funds
Restricted funds: 14
ReliefinNeed 1,270,132 1,241,109
Colonel’s Fund 2,510,258 2,370,573
Unrestricted funds 6,512,947 6,346,973
10,293,337 9,958,655

The notes and information on pages 13 to 26 form part of these financial statements. Approved by the Trustees & signedAGon ray2025 on their. behalf by: Ax J M H Bowder OBE ) Lieutenant Colonel Trustee Treasurer

Lieutenant Colonel J A Keeley MBE Treasurer

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THE GRENADIER GUARDS CHARITY

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2024|2023| |£|£| |Net|cash|(used)|by|operating|activities|(see|note| |below)|(504,298)|(610,347)| |Cash|fiows|from|investing|activities| |Investment|income|293,882|312,469| |Purchase|of tangible|fixed|assets|(9,013)|(20,881)| |Purchase|of|investments|(2,228,138)|(3,076,893)| |Proceeds|on|disposal|of investment|2,485,568|3,387,249| |Net|cash|provided|by|investing|activities|542,299|601,944| |Change|in|cash|and|cash|equivalents|in|the|year|38,001|(8,403)| |Cash|and|cash|equivalents|at|1|January|35,159|43,562| |Cash|and|cash|equivalents|at|31|December|73,160|35,159| |NOTE|2024|2023| |Reconciliation|of net (expenditure)|to|net cash flow|€|¢| |from|operating|activities| |Net|(expenditure)|for|the|reporting|period|as|per|the| |statement|of financial|activities|334,682|(111,666)| |Adjustments|for| |Depreciation|charges|1,983|2,435| |Realised/unrealised|(gains)/losses|on|investments|(546.542)|(198,385)| |Investment|income|(293,882)|(312,469)| |Decrease|in|stock|75|345| |Decrease/(increase)|in|debtors|(6,741)|18,006| |(Decrease)/increase|in|creditors|6,127|(8,613)| |Net|cash|used|by|operating|activities|(504,298)|(610,347)| |Analysis|of cash|and|cash|equivalents| |At|1|January|Movement|At|31| |2024|in|the|year|December|2024| |£|£|£| |Cash|at bank|and|in|hand|35,159|38,001|73,160|

----- End of picture text -----

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THE GRENADIER GUARDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

  1. Accounting policies

1.1 Basis of accounting The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the Charities SORP (FRS 102) rather than Accounting and Reporting by Charities: Statement of Recommended Practice which has since been withdrawn.

The Charity constitutes a public benefit entity as defined by FRS102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, with the exception of the investments which are held at market value. The financial statements have been prepared on an accruals basis and include income and expenditure as they are earned or incurred, rather than as cash is received or paid. Liabilities are recognised when there is a legal or constructive obligation to pay for expenditure.

1.2 Going Concern At the time of approving the financial statements The Trustees are cautiously optimistic, based on the fact that the Charity continues to manage its cashflow and investments prudently and they have a reasonable expectation that the Charity has adequate resources to continue with planned expenditure for the long-term. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Voluntary income Donations under deeds of covenant or gift aid, together with the associated income tax recoverable, and subscriptions are recognised as income when the amounts are receivable. Donated assets are recognised at their market value within both income and expenditure.

Grants and donations payable are payments made to third parties in the furtherance of the charitable objectives of the Charity. Provisions for grants are made when the intention to make a grant has been communicated to the recipient.

Page 13

THE GRENADIER GUARDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

There are no critical estimates or accounting judgements in 2024 or 2023 except in relation to the investment property valuation.

Page 14

THE GRENADIER GUARDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Donations and legacies 2024 2023
Unrestricted
£		 Restricted
£		 Total
£		 Total
£
OneDay’s Pay Scheme
Donations— Colonel’s Fund		 -
-		 51,562
72,740		 51,562
72,740		 51,156
30,382
Donations - other 54,562 - 54,562 48524
54,562 124,302 178,864 130,062
Donation and legacy income in the prior year included £81,538 whichwas restricted.
33 Trading activities 2024 2.023
Unrestricted
£		 Restricted
£		 Total
x		 Total
£
BandFund income 414 - 414 278
Colonel’s Fund fundraising
Sale ofregimental goods
Other income		 s
12,041
13,713		 150,354
-
-		 150,354
12,041
13,713		 38,088
14,489
-
26,168 150,354 176,522 52,855

Trading activity income in the prior year included £38,088 which was restricted.

4, Investment income

Investment income
2024 2023
Unrestricted
£		 Restricted
£		 Total
£		 Total
£
Dividends 85,510 17,827 103,337 128,625
Dividends—Colonel’s Fund - 53,844 53,844 45,068
Rental income 112,829 23/522 136,351 138,572
Deposit interest 350 - 350 204
198,689 95,193 293,882 312,469

Investment income in the prior year included £91,162 which was restricted.

2024 2023
£ £
Rents receivable:
10High Street, Tenterden, Kent
7 and 15 High Street, Wimborne, Dorset
Land atMiddle Green, Langley, Slough, Berkshire
Sherborne		 58,000
53,701
2,650
20,000		 58,000
55,921
2,650
20,000
Otherincome—wayleave rent/grazing land rent 2,000 2,000
136,351 138,571

Page 15

THE GRENADIER GUARDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

  1. Raising funds
Raising funds
2024 2023
Unrestricted Restricted Total Total
£ £ £ £
Colonel’s Fund fundraising
expenses - 74,088 74,088 31,778
Cost ofgazette and sundry
purchases		 33,083 - 33,083 29,582
Band Fund expenditure 9,378 - 9,378 5,948
Investmentmanagement fees 38,024 7,927 45,951 44.655
Rental expenses 25,065 5,225 30,290 12,850
105,550 87,240 192,790 124,813

Raising funds expenditure in the prior year included £41,699 which was restricted.

6. Charitable activities

Charitable activities
2024 2023
Unrestricted Restricted Total Total
£ £ £ £
Grants and donations (note 7) 140,764 270,896 411,660 4)2,753
Support costs (note 8) 182,572 74,106 256,678 267,871
323,336 345,002 668,338 680,624

Charitable activities expenditure in the prior year included £339,744 which was restricted.

Page 16

THE GRENADIER GUARDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. Grants and donations
2024 2024 2023 2023
Total Total
£ £ £ £
Unrestricted specific:
Adventure and individual training:
Battalion/Company 12,84] 4,813
Officers’ welfare: Battalion messes 10,000 10,000
Sports, recreation and other
activities: Battalion/Company 51,500 46,500
Welfare grants — serving soldiers:
Education 600 900
Charitable donations 190 240
Recruiting and publicity 6,899 8,653
82,030 71,106
Unrestricted other grants:
Queen’s Guard subsidy 2,090 2,055
PennAward - 470
Pagan Award 1,000 1,000
First Guards Club- Wedding Present - 2
Grant
First Guards Club-Handbook = 1,750
Sergeants’ (Past and Present) Club 1,750 1,750
ABF The Soldiers’ Charity 8,000 8,000
Lieutenant Colonel’s Contingency
Fund 22,625 22,685
Special Events 14,529 33,347
Other grants 8,740 8,414
58,734 79,471
Total unrestricted 140,764 150,577
Restricted:
Welfare grant to Association 30,000 30,000
Colonel’s Fund (including casualty 240,896 232,176
support)
Total restricted 270,896 262,176
411,660 412,753

Page 17

THE GRENADIER GUARDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8. Support costs
2024 2024 2023 2023
Total Total
£ £ £ £
Administration:
Printing, postage and stationery 5,167 3,481
Staffcosts 117,262 125,643
Accounting support, tax and other 31,106 34,417
advice
GDPR project 35 39
Computer 13,331 12,565
Audit and accountancy 19,750 19,530
Legal andprofessional fees 5,187 1,532
191,838 197,203
Regimental property:
Repairs, maintenance etc 29,711 24,793
Insurance 8,627 8,260
Valuation ofproperty - 6,900
Depreciation 1,983 2,435
Sundry 303 162
40,625 42,550
Regimental commitments:
GrenadierDay 8,826 8,486
Remembrance Day 7,535 6,741
Travelling and entertaining 4,515 7,823
Presentations 3,339 5,068
24,215 28,118
256,678 267,871

Page 18

THE GRENADIER GUARDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9, Emoluments ofemployees
2024 2023
£ +
Wages
Social Security		 151,291
11,517		 155,843
10,967
Pension Costs 4,534 4,378
167,342 171,188
Allocated to:
Grants and donations (note 7) 50,080 45,545
Support costs (note 8) 117,262 125,643
167,342 171,188

There were 3 (2023: 3) employees during the year whose total emoluments (including MOD contributions) were £167,342 (2023: £171,188), the decrease in Wages of£3k, arises from CPI increases effective 1/1/24 of 3.1% - £2k fully offset by £5k of unclaimed 2022/2023 Employers Allowance. Two of these, the Regimental Adjutant and Treasurer are key management personnel and their remuneration was £130,877 (2023: £128,158).

One employee earned between £60,000 and £70,000 during the year (2023: One employee between £60,000 and £70,000).

10. Auditors’ remuneration
2024 2023
£ £
Audit fees 16,340 16,340
Taxation and other advice 4,400 3,030
20,740 19,370

11. Operating leases

The Charity had the following commitments under non-cancellable operating leases The Charity had the following commitments under non-cancellable operating leases as at 31
December 2024:
2024 2023
£ £
Payable in:
Less than one year 7,599 3,516
Between two and five years 12,665 -
20,264 3,516

Page 19

THE GRENADIER GUARDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12. Tangible fixed assets

Tangible fixedfixed assets
Furniture
Pictures, fixtures Band
Silver, ete & equipment instruments Total
£ £ £ £
Cost
At 1 January 2024 706,059 72,618 89,843 868,520
Additions 9.013 - - 9.013
At 31 December 2024 715,072 72,618 89,843 877,533
Depreciation
At 1 January 2024 - 63,960 89,843 153,803
Charge forthe year - 1,983 - 1,983
At 31 December 2024 - 65,943 89,843 155,786
Net book value
At 31 December 2024 715,072 6,675 - 721,747
At31December2023 706,059 8,658 - T14,717

Regimental property (excluding Band Fund property) is currently insured for £4,965,584 (2023: £4,965,584).

Band Fund property is currently insured for £Nil (2023: £Nil).

Page 20

THE GRENADIER GUARDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

enn

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |13.|Investments| |Total|investments|at|market|value|at|the|year-end|are:| |2024|2023| |£|£| |Land|and|Property|1,765,000|1,815,000| |Managed|Portfolio|of quoted|investments|5,285,699|5,043,765| |Colonel’s Fund|quoted|investments|2,448,644|2,354,800| |Total|investments|held|at year|end|9,499|343|9,213,565| |Freehold|interest|in|land|and|buildings| |2024|2023| |£|£| |10|High|Street Tenterden,|Kent|725,000|725,000| |7|and|15|High|Street,|Wimborne,|Dorset|700,000|750,000| |Sherborne|270,000|270,000| |Land|at Middle|Green —|Grazing|land|70,000|70,000| |Total|1,765,000|1,815,000| |Market value|at|31|December|2023|1,815,000|1,880,000| |(Loss)|on|revaluation|(50,000)|(65,000)| |Market value|at|31|December|2024|1,765,000|1,815,000|

----- End of picture text -----

The original purchase price of the aforementioned properties is as follows: Tenterden-£105k, Wimborne-£160k and Sherborne-£350k. The land at Middle Green was gifted to the Charity by an exGrenadier.

Page 21

THE GRENADIER GUARDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

ee

13. Investments (continued)

Managed Portfolio of quoted investments

2024 2023
Cost Market Cost Market
value value
£ £ £ £
Fixed Interest
UnitedKingdom 1,351,049 1,385,549 1,611,419 1,637,503
Other International - - - -
Equities
UnitedKingdom 118,342 129,937 118,342 118,715
Other International 3,019,100 3,592,972 2,593,755 3,061,268
Cash
United Kingdom 180,575 180,575 226,279 226,279
Total Assets 4,669,066 5,289,033 4,549,795 5,043,765
Market value at 31 December 2023
Acquisitions
Disposals		 5,043,765
1,613,068
(1,787,453)		 5,010,905
2,056,947
(2,258,753)
Investment gains 419,653 234,666
Marketvalueat31December2024 5,289,033 5,043,765

Page 22

THE GRENADIER GUARDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13. Investments (continued)

Colonel’s Fund quoted investments

Colonel’s Fund quoted investments
2024 2023
Cost Market Cost Market
value value
£ £ £ £
Fixed Interest
United Kingdom 578,636 590,048 678,119 688,464
Other International - - 38,660 41,650
Equities
UnitedKingdom 55,436 60,854 55,436 55,611
Other International 1,296,312 1,561,847 1,117,141 1,314,791
Property
Charities Property Fund 144.506 187,870 144,506 186,846
Cash
United Kingdom 48,025 48,025 67,438 67,438
Total Assets 2,122,915 2,448,644 2,101,300 2,354,800
Market value at 31 December2023 2,354,800 2,434,631
Acquisitions 615,070 1,019,946
Disposals (698,115) (1,128,496)
Investment gains 176,889 28,719
Marketvalueat31December2024 2,448,644 2,354,800

Page 23

THE GRENADIER GUARDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

14, Restricted funds

The Relief in Need fund is to relieve either individually or generally those who are serving or have served in the Grenadier Guards, and their dependents.

The Colonel’s Fund is a fund within the Relief in Need Fund. As described in the Trustees’ Report its purpose is to assist those who have been injured on active service and their dependents, including those who develop problems later in life as a result of active service. It may also be spent on other purposes within the purposes of the Relief in Need Fund.

Relief in
Need Colonel’s 2024
Fund Fund Total
£ £ £
Balance at 1 January 2024 1,241,109 2,370,573 3,611,682
Income
Expenditure		 92,911
(118,100)		 276,938
(314,142)		 369,849
(432,242)
Gains 63,935 176,889 240,824
Transfersbetween funds (9,723) - (9,723)
Balanceat31December2024 1,270,132 2,510,258 3,780,390

The transfer between unrestricted and restricted funds represents a correction of an allocation between funds made in the year which relates to the Relief In Need’s Share of the 2023 audit fee paid in July 2024 from unrestricted funds. The Colonel’s Fund figure above of £2,510,258, differs from the balance held at Cazenove of £2,448,644, by £61,614, this relates to the amount held with Lloyds Bank - £37,911, plus debtors - £35,990, less creditors — (£12,287).

Reliefin
Need Colonel’s 2023
Fund Fund Total
£ £ £
Balance at January 2023 1,245,724 2,453,669
Income
Expenditure		 97,249
(117,489)		 113,539
(263,954)		 210,788
(381,443)
Gains and Losses 22,611 67,319 89,930
Transfers between funds (6,986) - (6,986)
Balanceat31December2023 1,241,109 2,370,573 3,611,682

The transfer between unrestricted and restricted funds represents a correction of an allocation between funds made in the year which relates to the Relief In Need’s Share of the 2022 audit fee paid in July 2023 from unrestricted funds.

Page 24

THE GRENADIER GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

15. Analysis of Net Assets between funds

2024
Unrestricted Restricted Total
£ £ £
Tangible Fixed Assets 721,747 - 721,747
Land and Property 1,460,520 304,480 1,765,000
Managed Portfolio ofquoted investments 4,373,863 3,360,480 7,734,343
Net Current Assets /(Liabilities) (43,183) 115,430 72,247
6,512,947 3,780,390 10,293,337
2023
Unrestricted Restricted Total
£ £ £
Tangible Fixed Assets 714,717 - 714,717
Land and Property 1,501,894 313,106 1,815,000
Managed Portfolio of quoted investments 4,173,665 3,224,900 7,398,565
Net Current Assets /(Liabilities) (43,303) 73,676 30,373
6,346,973 3,611,682 9,958,655

16. Transactions with trustees and related party transactions

No Trustee received any remuneration from the Charity during the year for their role as a Trustee. Travel expenses of £nil were paid to trustees (2023: £nil) during the year.

The Charity made a grant of £30,000 (2023: £30,000) in the year to the Grenadier Guards Association (Charity Registration number 287265). All of the Trustees of the Grenadier Guards Charity are also Trustees of the Grenadier Guards Association. The grant was paid during the year and no balance remained outstanding at the year end.

Page 25

THE GRENADIER GUARDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

17. Comparative Statement of Financial Activities

Unrestricted Restricted 2023
Funds Funds Total
£ £ £
Income from:
Donations and legacies 48,524 81,538 130,062
Trading activities 14,767 38,088 52,855
Investments 221,307 91,162 312,469
284,598 210,788 495,386
Total
Expenditure on:
Raising funds 83,114 41,699 124.813
Charitable activities 340,880 339,744 680,624
Total resources expended 423,994 381,443 805,437
Net (expenditure) (139,396) (170,655) (310,051)
Other recognised gains and losses
Realised and unrealised gains/(losses):
on investments 162,242 101,143 263,385
on property (53,787) (11,213) (65,000)
Net (expenditure) (30,941) (80,725) (111,666)
Transfers between funds 6,986 (6,986) -
Net movement in funds (23,955) (87,711) (111,666)
Funds balance brought forward 6,370,928 3,699,393 10,070,321
Fundsbalancecarriedforward 6,346,973 3,611,682 9,958,655

Page 26