# **THE GRENADIER GUARDS CHARITY** 

# **(Registered No. 1062257)** 

# **TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** 



## **THE GRENADIER GUARDS CHARITY** 

## **CONTENTS** 

||**Page**|
|---|---|
|Legal and Administrative information|1|
|Report of the Trustees|2 – 6|
|Independent auditors’ report|7 – 10|
|Statement of financial activities|11|
|Balance sheet|12|
|Statement of cash flows|13|
|Notes to the financial statements|14 – 30|





**THE GRENADIER GUARDS CHARITY** 

## **LEGAL AND ADMINISTRATIVE INFORMATION** 

|**Charity Commission Scheme**|The Grenadier Guards Charity was formed by a Charity Commission Scheme|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 2ndBattalion Suspended||
||Animation Charity, The Grenadier Guards|3rdBattalion 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 of The 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 of the|Grenadier Guards|
||(Major General J M H Bowder OBE)||
|**Co-opted Trustees**|Brigadier D J H Maddan, DL||
||Captain C A G Bennett||
||Lieutenant General Sir George Norton KCVO CBE||
||General Sir Roly Walker KCB DSO||
||The Rt Hon The Earl of Derby, DL||
|**Election**|Replacement Co-opted Trustees are appointed by the Trustees||
|**Regimental Adjutant**|Major JPW Gatehouse||
|**Treasurer**|Lieutenant Colonel J A Keeley MBE||
|**Address**|Wellington Barracks||
||Birdcage Walk||
||London SW1E 6HQ||
|**Registered Charity Number**|1062257||
|**Bankers**|Lloyds TSB Bank Plc<br>**Auditors**|WP Audit Services LLP|
||25 Gresham Street|North House, 198 High Street|
||London, EC2V 7HN|Tonbridge, Kent|
|||TN9 1BE|
|**Solicitors**|Wrigleys Solicitors LLP<br>**Investment**<br>Cazenove Capital||
||3rdFloor<br>**Managers**|Management Ltd|
||3 Wellington Place|1 London Wall Place|
||Leeds, LS1 4AP|London, EC2Y 5AU|
|**Property Managers**|The Hedley Foundation||
||1 College Hill||
||London, EC4R 2RA||



Page 1 



**THE GRENADIER GUARDS CHARITY** 

## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2025** 

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. 

## **Objectives and activities** 

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 their lives or suffered injury, or put themselves at risk of loss of life or injury, in service to the public. 

(3) To relieve either generally or individually persons who are serving or who have served in the 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. 

## **Structure, governance and management** 

## **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. 

Page 2 



**THE GRENADIER GUARDS CHARITY** 

**TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **Achievements and performance** 

## **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 notes 7 and 8 of the financial statements. There are no significant changes or developments to report in 2025. 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 2025 he actively supported 18 bereaved families and 86 wounded Grenadiers, many with their own families now, including another four more new cases taken on during 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 2025 totalled £417,775 made up mostly of investment income (dividends and interest) of £41,406, event income of £174,772 and donations and legacies of £201,597. Expenditure amounted to £171,154. The principal fundraising for 2025 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. 

## **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 3.5% and this is deemed by the Trustees and Cazenove to be sustainable. 

## _**Cazenove’s Investment Manager Commentary**_ 

_**Valuation.** The value of the Common Investment Fund’s portfolio was £6,355,180 at 31st December 2025. This compares with a value of £5,289,033 at 31st December 2024. Not including distributions, over 12 months the portfolio is up £594,178 (+10.7%) over 12 months._ 

Page 3 



**THE GRENADIER GUARDS CHARITY** 

**TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2025** 

_**Performance.** Over 2025, the portfolio has returned +10.7%, over the same period the benchmark, CPI+3.0%, returned +6.5%._ 

_**Commentary.** Most financial assets performed well in 2025, driven by strong global economic growth, ongoing optimism around AI, and central bank interest rate cuts. There were, however, significant bumps along the way. Most notably, Trump’s ‘Liberation Day’ tariffs led to huge turmoil, and the US stock market saw its 5th-biggest two-day fall since WW2. Separately, the German fiscal stimulus announcement in March led to the biggest jump in Bund yields since German reunification in 1990. With investors increasingly concerned about central bank debt levels and the potential for currency debasement, gold and silver prices posted their biggest annual gain since 1979, while the US Dollar weakened by almost 10% versus global peers._ 

_All the major global equity indices rose in 2025. The best returns were found in the UK, where banking, defence and mining stocks led the way, and emerging markets, driven by a recovery in Chinese equities. The US market was increasingly bifurcated with AI exposed stocks performing very well, but the broader market lagging global peers. Within the so-called ‘Mag 7’, Nvidia continued to deliver strong results with the stock +40% for the year. More recently Alphabet stole a march in the large language model (LLM) arms race, with the release of its Gemini 3 model driving the stock price to a +60% return for the year. 2026 has also started positively with news Apple will be rolling out Gemini across its iPhone range._ 

_The equity holdings within your portfolios produced double digit returns over 2025. In contrast to recent years, the biggest contributions came from Asia and Europe as opposed to US. Critical to outperforming in Asia was having more exposure to China and less exposure to India. Our key European holding, the Blackrock European Dynamic Fund, delivered good absolute returns but was behind its index. The manager is very bullish on the outlook with many of his holdings set to benefit from looser fiscal policy over 2026. There was variation within the US and Global fund holdings depending on the technology exposure, with the passive S&P 500 ETF and active T Rowe Tech Global Technology Fund outperforming the other active US holdings which have more exposure to smaller companies. We added the T Rowe Tech Fund in April and it has since returned +26%. The main detractor over the year was healthcare, with the sector reacting poorly to the Trump administration’s proposed policy changes to Medicare and drug pricing. We have recently added to the position, as we remain positive on the sector given supportive long-term trends such as demographic shifts and continued advances in medical innovation._ 

_We enter 2026 constructive on equities, reflecting the continued support from resilient global growth, loose financial conditions and improving market breadth. But we are increasingly mindful of the concentration and valuation risks that have built up – particularly in the US, where exuberance around artificial intelligence has driven a narrow and sometimes speculative market rally. We have therefore been broadening our exposure beyond the US, adding to emerging markets and Asia, where earnings growth expectations for 2026 are accelerating and valuations are more attractive. We also continue to like Japan, which offers one of the best combinations of structural reform, improving shareholder returns and more attractive valuations. Global bonds had a better year, with yields stabilising in the face of improving inflation data arounds the globe. The dominant narrative was around the shape of yield curves, with shorter dated yields falling in line with central bank interest rate cuts whilst longer dated yields remained anchored higher due to concerns about debt sustainability._ 

_Within portfolios, the bond allocation performed broadly in line with global equity and credit markets. Government bond returns were positive in aggregate, whilst within credit, the Vontobel 24 Absolute Return Fund delivered strong returns._ 

_Looking forward, we are less positive towards government bonds, maintaining an underweight position and a bias to shorter dated bonds. While yields remain more attractive than they have been for much of the past decade, we see limited scope for capital gains given global growth is holding up and inflation is likely to remain sticky._ 

_Finally, the alternatives allocation delivered some of the strongest returns in portfolios. Gold (+65.6%) did particularly well spurred by increased central bank buying and nervousness about Trump’s policies and global debt levels, whilst broader commodities exposure was also a positive contributor. We are increasingly positive on alternatives with commodities and infrastructure assets offering diversification and inflation protection in a world where fiscal risks, geopolitical tensions, and structural imbalances persist._ 

Page 4 



**THE GRENADIER GUARDS CHARITY** 

## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **Commercial 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 15% of the Common investment Fund, i.e., excluding The Colonel’s Fund. At the start of 2025 there were three retail premises, one in each of Sherborne, Tenterden and Wimborne, At the November 2024 Trustees Meeting the decision was made by the Trustees to sell all 3 properties, hopefully, by 2026 and in August 2025 the property in Wimborne was sold. The remaining properties are 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. In December 2025 a further valuation took place with the remaining 2 properties being valued at £1,105,000. 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 2025 of £98,051. Forecast income to be received in 2026 is in the region of £86,950. 

In addition to these three properties, within The Colonel's Fund investment portfolio there is a holding in the Charities Property Fund, valued at £190,328 (up from £187,870 in 2024). 

## **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 of this. In May 2025, the Charity ran a fundraising shoot event and auction which raised net income of £65,515. 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 £649,268 to £729,299. The increase of £80,031 comes from an increase in donations received of £132,336, partially offset by a decrease in investment income of £65,257 and an increase in trading activities of £12,952. Expenditure totalled £786,285 producing a deficit of £56,986 (2024: £211,860). After net investment gains of £841,025 (2024: £546,542), the Charity’s funds increased by £784,039 (2024: £334,682). 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 2025 were £11,077,376 (2024: £10,293,337) of which £4,435,399 (2024: £3,909,199) was held in the Relief in Need fund and Colonel’s Fund (which are restricted) leaving unrestricted funds of £6,641,977 (2024: £6,384,138) most of which is represented by fixed assets and investments which are held for the long term to provide a return which forms a 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 £247,755 (2024: £174,751). The Trustees consider the investments within the 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. 

Page 5 



THF. C:RF.NADIER GUARD% CHARITY
TRUSTF,F.S' RF.PORT
FOR TFIE YEAR ENI)F,D 31 J)F.CEMBER 1025
The Colonel's Fvnd held £3.126.789 at 31 Decembw 202512024.. E2.625,055I and is likoty lo be expended over
relatively long penod as descrit*d al)ove.
Going Concern
Based an ihe lact that the Charty ctN)tinues to manage its cashfith¥ aTrd investments wudÈntly. the Trustees
have a reasonable expe¢tabon Ihat the Charity has aL1equate resources to coniinue vAih planned expenditure for
the long-term.
Future Plans
The Charity plans to conlinue to allocate lund$ to the same head$ of expenditu￿ as befo￿. The Charity'5 ability
to maintain and increase the level of 9ran15 8nd donalions will depend on the perfonnaw of the investm?nt
portfolio and on th8 $u¢cess of any lundiaising efftyts.
Trusteg5' r8¥ponsI￿lItIv¥ statern•nl
The trustees 8re responsible for preparing the Iruslees, reporl and the frnanci81 slaiements In 8ccord8nce with
appli¢#ble law and Uniled Kingdom Accounting Sl8ndard$ (Uniied Kingdom Gener8Try Aecepled A￿OUnting
Piacts'¢el.
The law applicable to charities in Engla￿1 & W81es requires Ihe trustees lo prepare financi81 slatemenl8 for each
financk81 year which glve 8 true 8nd fair view of the $181e of affairs of Ihe Charity and ol the incomlng resourc88
and application of resour￿$ of Ihe ChBrily ts Ih8t Pgriod. In prep•rfng these financial $13tem8nls. the trusieas
Bre required lo.
6et8CI suitoblo 8¢comting pc4w and I￿n a￿Y them consistenlty",
obserye Ihe method¥ 8nd prinukges in the Chari1￿$ SORP IFRS1021.'
make ludgemenls and e$tsmaie5 that a￿ reasonablè and ￿￿en1".
stsle %¥helher applicatle accounling standard5 have beeTr followed, 8ubjed to •ny material departur•5
disclosed and explained In Ihe financial slaiemenls". and
prepare the linano81 staiemenis on Ihe goin9 cL)neém ba￿5 u￿eSS rt 18 inapproprwto 10 presume that
the chwrty will ¢<¥rtinue in buwness.
The Irust•e8 are responsible lor keeping proper accounting r8cords thai disdose with reasonable &ccuracy at
8ny Ilme the financial posrtion ol the Ch&rity 8nd enable them to ensure th81 Ihe fin8nci81 statements comply with
the Charities Act 2011, appli¢ablo accounling regulali(w)s and the provisions of Ihe Charily Commissioii Scheme.
They are alsg responsible lor safeguarding Ihe asse15 01 Ihe Chanty and for tsking mA$onabltr $leps lor
Ihe preventson aThd deteciiw ol fraud olher irregularilies.
In March 2024. N Finance Ccmmittee wa$ lomied 10 ch)3ely $t¥ulinise the Ch81ty'B Finances And lo better 81ign
exp8ndiluie wilh Income as parl ol move tcwards beller governgw.
On behalf ol Ihe trugtge8
O•h•rlll J M H Bowrtlvr OBE
.2026
Page 6

**THE GRENADIER GUARDS CHARITY** 

## **INDEPENDENT AUDITORS’ REPORT TO MEMBERS FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **Opinion** 

We have audited the financial statements of The Grenadier Guards Charity (‘the charity’) for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance Sheet, Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law, 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: 

- give a true and fair view of the state of the charity’s affairs as at 31 December 2025 and of its incoming resources and application of resources for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis of opinion** 

We have 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. 

If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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. 

Page 7 



**THE GRENADIER GUARDS CHARITY** 

## **INDEPENDENT AUDITORS’ REPORT TO MEMBERS FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **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 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records; 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 in the Trustees' Report, 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’s responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

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. 

We obtained an understanding of the legal and regulatory framework applicable to the preparation of the financial statements of the charity and the procedures that management adopt to ensure compliance. We have considered the extent to which non-compliance might have a material effect on the financial statements, and in particular we identified the Charities Act 2011 and Charities SORP (FRS 102). 

We have also identified other laws and regulations that do not have a direct effect on the amounts or disclosures within the financial statements, but for which compliance is fundamental to the charity’s operations and to avoid material penalties, including GDPR, data protection regulations and employment laws. 

Page 8 



**THE GRENADIER GUARDS CHARITY** 

## **INDEPENDENT AUDITORS’ REPORT TO MEMBERS FOR THE YEAR ENDED 31 DECEMBER 2025** 

Having reviewed the laws and regulations applicable to the charity, we designed and performed audit procedures to obtain sufficient appropriate audit evidence. Specifically, we: 

- Obtained an understanding of the charity’s procedures for ensuring compliance with laws and regulations; 

- Made enquiries of management and the trustees regarding whether they were aware of any actual or suspected incidences of non-compliance with laws and regulations; 

- Reviewed legal expenses accounts for indications of any possible non-compliance; and 

- Reviewed the completeness and accuracy of any disclosures made in the financial statements. 

We assessed the susceptibility of the charity’s financial statements to material misstatement, including considering how fraud might occur. This was performed by: 

- Making an assessment of the charity’s control environment, systems and controls including identifying any weaknesses and considering the risk of management override of controls; 

- Considering whether there are any incentives or opportunities for management to manipulate financial results; 

- Obtaining and evaluating the trustees’ assessment of the risk of fraud, and enquiring as to whether they are aware of any actual or suspected incidences of fraud; 

- Reviewing the accounting policies and accounting estimates for signs of management bias; and 

- Identifying key risks relating to irregularities as relating to revenue recognition, management override of controls and investments. 

We then designed audit procedures in response to the risks identified, including performing substantive testing on all material income streams and  reviewing accounting estimates. 

The audit has been planned and performed in accordance with auditing standards, however, because of the inherent limitations of audit procedures there remains a risk that we will not detect all irregularities, including those that may lead to material misstatements in the financial statements. There are inherent difficulties in detecting irregularities, and irregularities that result from fraud may be more difficult to detect than irregularities that result from error, for example due to concealment, override of controls, collusion or misrepresentations. In addition, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less audit procedures are able to identify it. 

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

Page 9 



THE GRENADIER GUARDS CHARITY
INDEPENDENT AiIDITORS' REPORT TO MEMBERS
FOR THE YEAR ENDED 31 DECEMBER 2025
Use of our roport
This report 1$ made tothe charrty'5 truslees. as a tody. in accordancewith Part4 ofthe Charibes IAccount$
and Reports) Regulat￿n$ 2008. OUT audit work has been undertaken so that we mwht state lo the charty's
trustees those matters we a￿ required lo state to them in an audf(orfs report and for no other purpose. To the
fullest èxtent pemiitted by law, we do not accept or assu￿ responsibility to anyone other than the charity and
the charty's trustees as a body. for our audrt work, for this rep￿. or for the opmi¢)ns we have fomed.
WP Audlt S•rvlces LLP
Chartered Accountants and Statutory AL*Jrtors
North House
198 High Street
Tonbridge
Kent
TN9 IBE
Date.
Avdil SeNices LLP is elgible to xl a5 ￿ auditor in terms of sectson 1212 ofthe Companies Act 2008
Page 10

## **THE GRENADIER GUARDS CHARITY** 

## **STATEMENT OF FINANCIAL ACTIVITIES** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ 


**----- Start of picture text -----**<br>
2025 2025 2025 2024<br>Unrestricted  Restricted  Total  Total<br>funds funds funds funds<br>As restated<br>£ £ £ £<br>Note<br>Income from:<br>Donations and legacies 3 56,570 254,630 311,200 178,864<br>Other trading activities 4 14,702 174,772 189,474 176,522<br>Investments 5 151,733 76,892 228,625 293,882<br>Total income 223,005 506,294 729,299 649,268<br>Expenditure on:<br>Raising funds 6 262,148 84,432 346,580 311,676<br>Charitable activities 7 249,551 190,154 439,705 549,452<br>Total expenditure 511,699 274,586 786,285 861,128<br>Net (expenditure) / income ( 288,694) 231,708 ( 56,986) ( 211,860)<br>Transfers between funds - - - -<br>Other recognised gains and losses<br>Gains on revaluation of investments 513,433 287,592 801,025 596,542<br>Gains / (losses) on revaluation of property 33,100 6,900 40,000 ( 50,000)<br>546,533 294,492 841,025 546,542<br>Net movement in funds 257,839 526,200 784,039 334,682<br>Reconciliation of funds:<br>Total funds brought forward 6,384,138 3,909,199 10,293,337 9,958,655<br>Total funds carried forward 17 6,641,977 4,435,399 11,077,376 10,293,337<br>**----- End of picture text -----**<br>


11 



THE GRENADIER GUARDS CHARITY
BALANCE SHEET
AS A T 31 DECEMBER 2025
2025
2025
2024
A$ restated
2024
As re5tatgd
Fixed assets
Tangible assets
Heritage a5set8
Investrnen15
Not•
12
13
14
8.186
710,322
10.152,$02
6.675
715,072
9,502,6n
10.869.010
10,224,424
Current all80t8
Stocks
Debtors
Cash ai bank and in h•nd
2,484
222.168
85,534
15
2.598
.264
73,160
310.186
132.022
CredltorB: amounts lalnng due withln Or￿ wr 18
1101.8201
163,1091
Ntrt Cyr￿nt a8•ets
208,366
68,913
Total not a•88t•
11.077.376
10,293,337
The fund• of the charlty
Unreslricled lund¥
RestrKted fund¥
6.641,977
4.435.399
6,384,138
3,￿9.199
17
11,077.37fj
10,293.337
The financial 51attment8 were bpproved by Ihe Btsard of Trusltts on .
their beh81f by-
2￿26 and ¥igTred on
Mal
Trup e¢
•n•rml J M H aowd•r QBE
12

## **THE GRENADIER GUARDS CHARITY** 

## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ 


**----- Start of picture text -----**<br>
2025 2024<br>As restated<br>Note £ £<br>Cash flows from operating activities:<br>Net cash provided by operating activities A ( 403,921) ( 500,964)<br>Cash flows from investing activities:<br>Investment income 228,625 293,882<br>Purchase of tangible fixed assets ( 1,130) ( 9,013)<br>-<br>Purchase of heritage assets ( 2,400)<br>Purchase of investments ( 3,860,068) ( 2,228,138)<br>Proceeds of disposal of investments 4,431,226 2,560,160<br>Net cash used in investing activities 796,253 616,891<br>Change in cash and cash equivalents in the year 392,332 115,927<br>Cash and cash equivalents at the beginning of the year 301,760 185,833<br>Cash and cash equivalents at the end of the year B 694,092 301,760<br>A. Reconciliation of net income to net cash flow from<br>operating activities<br>Net (expenditure) / income per the Statement of Financial Activities 784,039 334,682<br>Investment income ( 228,625) ( 293,882)<br>Depreciation charges 1,619 1,983<br>-<br>Loss on disposal 7,150<br>Gains on investments ( 841,025) ( 546,542)<br>Decrease in stocks 114 75<br>Increase in debtors ( 165,904) ( 6,741)<br>Increase in creditors 38,711 9,461<br>Net cash provided by operating activities ( 403,921) ( 500,964)<br>B. Analysis of changes in net cash<br>Cash at  Cash in<br>bank investments Total<br>£ £ £<br>At the beginning of the year 73,160 228,600 301,760<br>Cash flows 12,374 379,958 392,332<br>At the end of the year 85,534 608,558 694,092<br>**----- End of picture text -----**<br>


13 



## **THE GRENADIER GUARDS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ 

## **1 Status** 

The Grenadier Guards Charity is an unincorporated charitable organisation registered in England and Wales governed by a Charity Commission Scheme dated 17 September 2015 and taking effect on 1 January 2016. The address of the principal office is Wellington Barracks, Birdcage Walk, London SW1E 6HQ. 

## **2 Accounting policies** 

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: 

## **2.1 Basis of preparation** 

These financial statements have been prepared in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (Effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 

The Grenadier Guards Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). 

There are no material uncertainties about the charity's ability to continue, and so the going concern basis of accounting has been adopted. 

The financial statements are presented in pounds sterling and rounded to the nearest pound. 

## **2.2 Income** 

Income from donations is recognised when the charity is entitled to the funds, the receipt is probable and the amount can be measured reliably. This is usually on receipt, other than fundraising income which is recognised inline with the events occurring. Donated assets are recognised at their market value in both income and expenditure. 

Investment income is recognised when notified as due. 

14 



## **THE GRENADIER GUARDS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ 

## **2 Accounting policies continued** 

## **2.3 Expenditure** 

Expenditure is recognised when a present legal or constructive obligation exists at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation, and the amount can be estimated reliably. All expenditure is accounted for on an accruals basis. 

Grants payable are recorded once the charity has made an unconditional commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid, whichever is the earlier. 

Expenditure has been classified under headings that aggregate all costs related to the category. Support costs have been allocated between activities based on the proportion of direct costs of those activities. 

The charity is registered for VAT. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. 

## **2.4 Tangible assets and depreciation** 

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided in order to write off the cost of each asset evenly over its expected useful life at the following rates: 

Furniture, fixtures and equipment 10% to 20% on cost Band instruments 5% on cost 

## **2.5 Heritage assets** 

No depreciation is provided against heritage assets which consist of pictures, silver and medals. These are maintained to a standard such that any depreciation charge would not be material. 

## **2.6 Investments** 

Fixed asset investments are stated at market value at the balance sheet date. Investment property, which is property held to earn rentals and / or for capital appreciation, is initially measured at cost and subsequently measured at fair value at each reporting date. Listed investments are stated at fair value at each balance sheet date. All gains and losses on revaluation are recognised in the Statement of Financial Activities. 

## **2.7 Financial Instruments** 

The charity only has financial instruments of a kind that qualify as basic financial instruments. Short term debtors, prepayments and creditors are measured at their settlement value. 

## **2.8 Fund accounting** 

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. 

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or trust deed. 

15 



## **THE GRENADIER GUARDS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ 

## **2 Accounting policies continued** 

## **2.9 Critical estimates and judgements and key sources of estimation uncertainty** 

In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 

The critical estimates and judgements relating to the financial statements for 2025 and the comparatives for 2024 relate to the investment property valuation. 

## **2.10 Change in accounting estimate** 

In the prior period, no allocation of support costs was made to the Raising Funds activity. In the current period, allocations of support costs between activities have been made in accordance with the new accounting policy described above. The comparative financial statements have been amended to increase expenditure on raising funds by £81,868 and reduce expenditure on charitable activities by the same amount,  prior to the adjustments discussed in note 3. 

## **2.11 Prior period adjustments** 

A prior year adjustment has been made to reclassify pictures and silver from tangible fixed assets to heritage assets. This has reduced tangible fixed assets by £715,072 and increased heritage assets by the same amount. 

A second prior year adjustment has been made to reclassify expenditure included within charitable activities to both support costs and raising funds. The impact of this adjustment has reduced expenditure on charitable activities by £41,552 and increased expenditure on raising funds by £17,153 and support costs by £24,399 

A third prior year adjustment has been made to reallocate other creditors which were allocated incorrectly against investments. The impact of this adjustment has increased investments by £3,334 and increase accruals and deferred income by the same amount. 

A final prior year adjustment has been made to adjust the expenditure allocation between restricted and unrestricted funds. The impact of this adjustment has increased unrestricted expenditure by £128,809 and decrease restricted expenditure by the same amount. 

16 



## **THE GRENADIER GUARDS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ 

|**3**<br>**Income from donations and legacies**<br>One Day's Pay Scheme<br>Donations - Colonel's Fund<br>Donations - other<br>Legacies - Colonel's Fund<br>**4**<br>**Income from other trading activities**<br>Band Fund income<br>Colonel's Fund fundraising<br>Sale of regimental goods<br>Other income<br>In the preceding period, income of £124,302 was restricted.<br>In the preceding period, income of £150,354 was restricted.|**2025**<br>**£**<br>53,033<br>51,597<br>56,570<br>150,000<br>311,200<br>**2025**<br>**£**<br>3,147<br>174,772<br>11,555<br>-<br>189,474|**2024**<br>**£**<br>51,562<br>72,740<br>54,562<br>-<br>178,864<br>**2024**<br>**£**<br>414<br>150,354<br>12,041<br>13,713<br>176,522|
|---|---|---|



17 



## **THE GRENADIER GUARDS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ 

|**5**<br>**Income from investments**<br>Dividends<br>Dividends - Colonel's Fund<br>Rental income<br>Deposit interest<br>Rents receivable comprise:<br>10 High Street, Tenterden, Kent<br>7 & 15 High Street, Wimbourne, Dorset<br>Land at Middle Green, Langley, Slough, Berkshire<br>Sherborne<br>Other income - wayleave / grazing<br>**6**<br>**Expenditure on raising funds**<br>Colonel's Fund fundraising expenses<br>Cost of gazette and sundry purchases<br>Band Fund expenditure<br>Investment management fees<br>Rental expenses<br>Legal fees for sale of investment property<br>Support costs (See Note 9)<br>In the preceding period, income of £95,193 was restricted.|**2025**<br>**£**<br>83,102<br>41,406<br>103,716<br>401<br>228,625<br>**2025**<br>**£**<br>49,575<br>30,625<br>2,650<br>18,866<br>2,000<br>103,716<br>**2025**<br>**£**<br>84,432<br>28,197<br>4,574<br>60,248<br>23,687<br>20,480<br>124,962<br>346,580|**2024**<br>**£**<br>103,337<br>53,844<br>136,351<br>350<br>293,882<br>**2024**<br>**£**<br>58,000<br>53,701<br>2,650<br>20,000<br>2,000<br>136,351<br>**2024**<br>**As restated**<br>**£**<br>74,088<br>33,083<br>9,378<br>63,104<br>30,290<br>-<br>101,733<br>311,676|
|---|---|---|



18 



## **THE GRENADIER GUARDS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ 

|**7**<br>**Expenditure on charitable activities**<br>Grants and donations (see Note 8)<br>Staff costs<br>Travelling and entertaining<br>Counselling<br>Support costs (See Note 9)<br>**8**<br>**Grants and donations**<br>Unrestricted specific:<br>Adventure and individual training: Battalion / Company<br>Officers' welfare: Battalion messes<br>Sports, recreation and other activities: Battalion / Company<br>Welfare grants - serving soldiers:<br>Education<br>Charitable donations<br>Recruiting and publicity<br>Unrestricted other:<br>Queen's Guard subsidy<br>Fagan Award<br>First Guards Club - Handbook<br>Sergeants' (Past and Present) Club<br>ABF The Soldiers' Charity<br>Lieutenant Colonel's Contingency Fund<br>Special Events<br>Other grants<br>Restricted:<br>Welfare grant to Association<br>Colonel's Fund (including casualty support)|**2025**<br>**£**<br>141,132<br>52,051<br>30,658<br>57,325<br>158,539<br>439,705<br>**2025**<br>**£**<br>9,926<br>10,000<br>51,500<br>-<br>90<br>6,544<br>78,060<br>3,790<br>1,000<br>( 1,750)<br>1,750<br>2,800<br>8,519<br>3,983<br>( 7,140)<br>12,952<br>19,000<br>31,120<br>50,120<br>141,132|**2024**<br>**As restated**<br>**£**<br>215,990<br>52,967<br>51,043<br>50,108<br>179,344<br>549,452<br>**2024**<br>**As restated**<br>**£**<br>12,841<br>10,000<br>51,500<br>600<br>190<br>6,899<br>82,030<br>2,090<br>1,000<br>-<br>1,750<br>8,000<br>22,625<br>14,529<br>8,740<br>58,734<br>30,000<br>45,226<br>75,226<br>215,990|
|---|---|---|



19 



## **THE GRENADIER GUARDS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ 

|**9**<br>**Support costs**<br>Administration:<br>Staff costs<br>Accounting support, tax and other advice<br>Computer costs<br>Printing, postage and stationery<br>GDPR project<br>Regimental property:<br>Repairs and maintenance<br>Insurance<br>Property valuation costs<br>Depreciation<br>Sundry expenses<br>Regimental commitments:<br>Grenadier Day<br>Remembrance Day<br>Travelling and entertaining<br>Presentations<br>Governance costs:<br>Audit fees<br>Legal and professional fees<br>Trustee and council expenses|**2025**<br>**£**<br>132,462<br>44,669<br>17,632<br>4,343<br>35<br>199,141<br>21,534<br>9,038<br>2,046<br>1,619<br>911<br>35,148<br>6,567<br>7,362<br>12,832<br>2,108<br>28,869<br>18,000<br>1,844<br>499<br>20,343<br>283,501|**2024**<br>**As restated**<br>**£**<br>117,262<br>46,815<br>15,911<br>5,510<br>35<br>185,533<br>29,711<br>8,627<br>-<br>1,983<br>896<br>41,217<br>8,826<br>7,535<br>12,951<br>3,339<br>32,651<br>16,340<br>5,187<br>149<br>21,676<br>281,077|
|---|---|---|



20 



## **THE GRENADIER GUARDS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ 

|**10**<br>**Employees**<br>Wages and salaries<br>Employer's National Insurance<br>Employer's pension contributions|**2025**<br>**£**<br>168,087<br>8,824<br>7,602<br>184,513|**2024**<br>**£**<br>151,291<br>11,517<br>4,534<br>167,342|
|---|---|---|



There were 3 (2024: 3) employees during the year. 1 employee (2024: Nil) received employee benefits (excluding employer national insurance and pension) between £70,000 and £80,000. In the prior year 1 employee received between £60,000 and £70,000 

|**11**|**Net (expenditure) / income**||
|---|---|---|
||Net (expenditure) / income is stated after charging:|**2025**<br>**2024**<br>**£**<br>**£**|
||Auditors' remuneration:||
||Audit fees|12,500<br>16,340|
||Taxation and other advice|2,500<br>4,400|
||Operating lease rentals|7,599<br>3,780|
||Depreciation|1,619<br>1,983|
||Loss on disposal|7,150<br>-|



21 



## **THE GRENADIER GUARDS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ 

|**12**<br>**Tangible fixed assets**<br>**Cost**<br>At 1 January 2025<br>Additions<br>Disposals<br>At 31 December 2025<br>**Depreciation**<br>At 1 January 2025<br>Charge for the year<br>Eliminated on disposal<br>At 31 December 2025<br>**Net book value**<br>At 31 December 2025<br>At 31 December 2024|**Furniture,**<br>**fixtures &**<br>**equipment**<br>**£**<br>72,618<br>1,130<br>-<br>73,748<br>65,943<br>1,619<br>-<br>67,562<br>6,186<br>6,675|**Band**<br>**instruments**<br>**£**<br>89,844<br>-<br>-<br>89,844<br>89,844<br>-<br>-<br>89,844<br>-<br>-|**Total**<br>**£**<br>162,462<br>1,130<br>-<br>163,592<br>155,787<br>1,619<br>-<br>157,406<br>6,186<br>6,675|
|---|---|---|---|



22 



## **THE GRENADIER GUARDS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ 

|**13**<br>**Heritage Assets**<br>**Cost**<br>At 1 January 2025<br>Additions<br>Disposals<br>At 31 December 2025<br>**Depreciation**<br>At 1 January 2025<br>Charge for the year<br>Eliminated on disposal<br>At 31 December 2025<br>**Net book value**<br>At 31 December 2025<br>At 31 December 2024|**Heritage assets**<br>**£**<br>715,072<br>2,400<br>( 7,150)<br>710,322<br>-<br>-<br>-<br>-<br>710,322<br>715,072|**Total**<br>**£**<br>715,072<br>2,400<br>( 7,150)<br>710,322<br>-<br>-<br>-<br>-<br>710,322<br>715,072|
|---|---|---|



23 



## **THE GRENADIER GUARDS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ 

|**14**<br>**Investments**<br>Total investments at fair value:<br>Land and property<br>Managed portfolio of listed investments<br>Colonel's Fund listed investments<br>Freehold interest in land and buildings:<br>10 High Street, Tenterden, Kent<br>7 & 15 High Street, Wimbourne, Dorset<br>Land at Middle Green, Langley, Slough, Berkshire<br>Sherborne<br>Change in market value<br>Historical cost:<br>10 High Street, Tenterden, Kent<br>Land at Middle Green, Langley, Slough, Berkshire<br>Sherborne|**2025**<br>**£**<br>1,105,000<br>6,355,180<br>2,692,322<br>10,152,502<br>**2025**<br>**£**<br>650,000<br>-<br>155,000<br>300,000<br>1,105,000<br>40,000<br>**£**<br>105,000<br>-<br>350,000<br>455,000|**2024**<br>**£**<br>1,765,000<br>5,289,033<br>2,448,644<br>9,502,677<br>**2024**<br>**£**<br>725,000<br>700,000<br>70,000<br>270,000<br>1,765,000<br>( 50,000)|
|---|---|---|



24 



## **THE GRENADIER GUARDS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ 

## **14 Investments continued** 

Managed portfolio of listed investments: 

|Fixed interest<br>UK<br>Equities<br>UK<br>International<br>Multi-Asset<br>UK<br>Property<br>Charities Property Fund<br>Property Income Trust<br>Alternatives<br>Other alternatives<br>Cash<br>UK<br>Market value at 1 January 2025<br>Additions at cost<br>Disposals at carrying value<br>Revaluation<br>Cash movement<br>Market value at 31 December 2025|**2025**<br>**Cost**<br>**£**<br>561,552<br>150,043<br>3,085,487<br>26,971<br>227,661<br>235,000<br>986,893<br>442,682<br>5,716,289|**2025**<br>**Market value**<br>**£**<br>589,979<br>178,636<br>3,582,864<br>33,868<br>227,831<br>231,723<br>1,067,597<br>442,682<br>6,355,180<br>**£**<br>5,289,033<br>2,772,640<br>( 2,406,890)<br>438,290<br>262,107<br>6,355,180|**2024**<br>**Cost**<br>**£**<br>1,351,049<br>118,342<br>3,019,100<br>-<br>-<br>-<br>-<br>180,575<br>4,669,066|**2024**<br>**As restated**<br>**Market value**<br>**£**<br>1,385,549<br>129,937<br>3,592,972<br>-<br>-<br>-<br>-<br>180,575<br>5,289,033<br>**£**<br>5,043,765<br>1,613,068<br>( 1,787,518)<br>465,900<br>( 46,182)<br>5,289,033|
|---|---|---|---|---|



25 



## **THE GRENADIER GUARDS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ 

## **14 Investments continued** 

Colonel's Fund listed investments: 

|Fixed interest<br>UK<br>Equities<br>UK<br>International<br>Multi-Asset<br>UK<br>Property<br>Charities' Property Fund<br>Alternatives<br>Other alternatives<br>Cash<br>UK<br>Market value at 1 January 2025<br>Additions at cost<br>Disposals at carrying value<br>Revaluation<br>Cash movement<br>Market value at 31 December 2025|**2025**<br>**Cost**<br>**£**<br>270,517<br>66,017<br>1,382,952<br>13,431<br>144,506<br>320,269<br>165,876<br>2,363,568|**2025**<br>**Market value**<br>**£**<br>285,489<br>77,702<br>1,605,637<br>16,866<br>190,328<br>350,424<br>165,876<br>2,692,322<br>**£**<br>2,448,644<br>1,087,428<br>( 1,153,361)<br>191,760<br>117,851<br>2,692,322|**2024**<br>**Cost**<br>**£**<br>578,636<br>55,436<br>1,296,312<br>-<br>144,506<br>-<br>48,025<br>2,122,915|**2024**<br>**As restated**<br>**Market value**<br>**£**<br>590,048<br>60,854<br>1,561,847<br>-<br>187,870<br>-<br>48,025<br>2,448,644<br>**£**<br>2,354,800<br>615,070<br>( 705,272)<br>173,459<br>10,587<br>2,448,644|
|---|---|---|---|---|



26 



## **THE GRENADIER GUARDS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ 

|**15**<br>**Debtors**<br>Trade Debtors<br>Prepayments and accrued income<br>Other debtors<br>**16**<br>**Creditors: amounts falling due within one year**<br>Tax and social security<br>Accruals and deferred income<br>Other creditors|**2025**<br>**£**<br>32,050<br>176,122<br>13,996<br>222,168<br>**2025**<br>**£**<br>1,853<br>96,375<br>3,592<br>101,820|**2024**<br>**£**<br>-<br>49,489<br>6,775<br>56,264<br>**2024**<br>**As restated**<br>**£**<br>7,312<br>55,797<br>-<br>63,109|
|---|---|---|



27 



## **THE GRENADIER GUARDS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ 

|**17**<br>**Movement on funds**<br>**Current period:**<br>Unrestricted funds<br>Restricted funds:<br>Relief in Need Fund<br>Colonel's Fund<br>Total funds<br>**Prior period:**<br>Unrestricted funds<br>Restricted funds:<br>Relief in Need Fund<br>Colonel's Fund<br>Total funds|**Brought**<br>**forward**<br>**£**<br>6,384,138<br>1,284,144<br>2,625,055<br>3,909,199<br>10,293,337<br>**Brought**<br>**forward**<br>**£**<br>6,346,973<br>1,241,109<br>2,370,573<br>3,611,682<br>9,958,655|**Income**<br>**£**<br>223,005<br>88,519<br>417,775<br>506,294<br>729,299<br>**Income**<br>**£**<br>279,419<br>92,911<br>276,938<br>369,849<br>649,268|**£**<br>( 511,699)<br>( 103,432)<br>( 171,154)<br>( 274,586)<br>( 786,285)<br>**As restated**<br>**£**<br>( 557,695)<br>( 104,088)<br>( 199,345)<br>( 303,433)<br>( 861,128)<br>**Expenditure**<br>**Expenditure**|**Gains / losses /**<br>**transfers**<br>**£**<br>546,533<br>39,379<br>255,113<br>294,492<br>841,025<br>**Gains / losses /**<br>**transfers**<br>**£**<br>315,441<br>54,212<br>176,889<br>231,101<br>546,542|**Carried forward**<br>**£**<br>6,641,977<br>1,308,610<br>3,126,789<br>4,435,399<br>11,077,376<br>**Carried forward**<br>**As restated**<br>**£**<br>6,384,138<br>1,284,144<br>2,625,055<br>3,909,199<br>10,293,337|
|---|---|---|---|---|---|



## _**Transfers**_ 

During the prior year there was a transfer from the Relief in Need fund to unrestricted funds amounting to £9,723, which 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. 

## _**Relief in Need fund**_ 

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

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## **THE GRENADIER GUARDS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ 

## **17 Movement on funds continued** 

## _**Colonel's Fund**_ 

The Colonel's Fund is a fund within the Relief in Need Fund. Its purpose is to assist those who have been injured on active service and their dependants, including those who develop problems later in life as a result of active service. It may also be spent on other purposes within the scope of the Relief in Need Fund. 

## **18 Analysis of net assets between funds** 

|**Current period:**<br>Tangible assets<br>Heritage assets<br>Investments<br>Net current assets<br>**Prior period:**<br>Tangible assets<br>Heritage assets<br>Investments<br>Net current assets|**£**<br>6,186<br>710,322<br>6,173,224<br>( 247,755)<br>6,641,977<br>6,675<br>715,072<br>5,837,142<br>( 174,751)<br>6,384,138<br>**Unrestricted**<br>**funds**|**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>3,979,278<br>456,121<br>4,435,399<br>-<br>3,665,535<br>243,664<br>3,909,199|**Total funds**<br>**£**<br>6,186<br>710,322<br>10,152,502<br>208,366<br>11,077,376<br>6,675<br>715,072<br>9,502,677<br>68,913<br>10,293,337|
|---|---|---|---|



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## **THE GRENADIER GUARDS CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ 

## **19 Related party transactions** 

The key management personnel of the charity are considered to be the trustees. 

Trustees did not receive any remuneration, benefits or reimbursed expenses during the current nor preceding period. 

During the year, Trustees, key management personnel, or other related parties paid at total of £17,210 (2024: £22,795) towards The Colonel's Fund fundraising. Furthermore, an additional £2,021 (2024: £Nil) were received by means of donations. At the year end,  £7,000 (2024: £Nil) is owed to the charity for The Colonel's Fund fundraising activities. 

During the year, The Grenadier Guards Charity paid Middlerigg Services Limited £5,500 (2024: £5,500) for the management of their investment properties and Middlerigg Nominees Limited hold the three investment properties in trust on behalf of The Grenadier Guards Charity. The Hedley Foundation Limited is the ultimate parent of both Middlerigg Services Limited and Middlerigg Nominees Limited. The Grenadier Guards Charity have a Trustee in common with The Hedley Foundation Limited. Furthermore, during the year, The Grenadier Guards Charity sold the Wimborne property to The Hedley Foundation for £700,000 before legal fees. 

The charity made a grant of £19,000 (2024: £30,000) 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 with no balance outstanding at the year end. 

## **20 Financial commitments** 

The Charity had the following commitments under non-cancellable operating leases as at 31 December 2025: 

|Payable in:<br>Less than one year<br>Between two and five years|**2025**<br>**£**<br>7,599<br>5,066<br>12,665|**2024**<br>**£**<br>7,599<br>12,665<br>20,264|
|---|---|---|



## **21 Post balance sheet events** 

After the balance sheet date, the Charity agreed to sell the property at 10 Cheap Street, Sherborne for £300,000 before legal fees. 

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