REGISTERED COMPANY NUMBER: 05314773 {England and Wales)
REGISTERED CHARITY NUMBER: 1108039
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2025
for
THE HOUSEHOLD CAVALRY MUSEUM TRUST
LIMITED
Richardson Swift
Chartered Accountants
11 Laura Place
Bath
BA2 4BL

THE HOUSEHOLD CAVALRY MUSEUM TRUST
LIMITED
Contents of the Financial Statements
for the year ended 31 March 2025
Page
Reference and Administralive Details
Report of the Trustees
Independent Examinerfs Report
Consolidated Statement of Financial Activities
Consolidated Balance Sheet
Charity Balance Sheet
Consolidated Cash Flow Statement
Notes to the Consolidated Cash Flow Statement
12
Notes to the Financial Statements
13 to 22

THE HOUSEHOLD CAVALRY MUSEUM TRUST
LIMITED
Reference and Administrative Details
for the year ended 31 March 2025
TRUSTEES
MSPBerry
JREColes
J D A Gaselee
HSJScott
R J Spiller
C A Lockhart (appointed 27.11.24)
B Rogers
COMPANY SECRETARY
R R D Griffin
REGISTERED OFFICE
Headquarters Household Cavalry
Horse Guards
Whitehall
London
SW1A 2AX
REGISTERED COMPANY
NUMBER
05314773 (England and Wales)
REGISTERED CHARITY
NUMBER
1108039
INDEPENDENT EXAMINER
Richardson Swift
Chartered Accountants
11 Laura Place
Bath
BA2 4BL
SOLICITORS
Stone King LLP
13 Queen Square
Bath
BA12HJ
BANKERS
National Westminster Bank plc
Windsor and Eton Branch
12 High Street
Windsor
Berkshire
SL4 1LQ
Lloyds Bank plc
Coxs & Kings branch
1 Legg Street
Chelmsford
Essex
CM1 1JS
Page 1

THE HOUSEHOLD CAVALRY MUSEUM TRUST
LIMITED
Report of the Trustees
for the year ended 31 March 2025
The trustees who are also directors of the charity for the purposes of the Companies Act 2006. present their
report with the financial statements of the charity for the year ended 31 March 2025. The trustees have
adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Scope
The financial statements consolidate the financial statements of The Household Cavalry Museum Trust
Limited with those of its wholly owned subsidiary, The Household Cavalry Museum Enterprises Limited, for
the year ended 31 March 2025.
Introduction and background
The Household Cavalry Museum used to be situated at Combermere Barracks in Windsor and housed the
Regimental Collection.
In 2000. a prime site became available at the Horse Guards building in Whitehall. central London, for the
Household Cavalry to create a purpose built, modern showcase museum that would not only tell the story of
the Household Cavalry through its collections but also afford public access for the first time to one of the
most important Grade I listed buildings in the Capital. The Museum opened to the public on 9 July 2007 and
provides the visitor with a living experience whereby they are able to observe the mounted and dismounted
Household Cavalrymen on duty at Horse Guards. The visitor is also able to see the daily changing of the
Queen's Life Guard on Horse Guards parade ground directly adjacent to the Museum's entrance and gain
access to a working stables from where they can see behind the scenes of public duty. The day-to-day
operation of the Museum is the responsibility of the charity's wholly owned subsidiary, The Household
Cavalry Museum Enterprises Limited, a company registered in England and Wales (Company Registration
No 05844779).
As part of the original development project, refurbishment at the Windsor site was completed in July 2008.
Since April 2009. it has become the focus for school visits and formal education.
It houses the reserve collection and is the centre for historical and genealogical research.
The Household Cavalry Museum Trust Limited is the charitable company through which the fundraising and
preseNation, management and restoration of the Regimental Collection are accounted for.
Objectives and activities
The charitable company's objects are to educate the public and members of the Household Cavalry in the
Regiment's history, heritage, traditions and military accomplishments. These objects are achieved through
the preservation, maintenance and management of the regimenlal collection. Activities are conducted
through the operation of a Museum at Horse Guards in London and also through the housing of a reserve
collection in an education and research establishment in Combermere Barracks, Windsor.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general
guidance on public benefit when reviewing the charity's objectives and aims and in planning future activities.
Page 2

THE HOUSEHOLD CAVALRY MUSEUM TRUST
LIMITED
Report of the Trustees
for the year ended 31 March 2025
Financial review
Results for the year
A summary of the group's results for the year is given in the consolidated statement of financial activities on
page 6 of this annual report and financial statements.
Income for the year totalled £418,632 {2024: £397,578). Donations and similar income amounting to £39,196
(2024: £41,674) were received during the year and included £24,728 (2024: £23,663) received from the
Ministry of Defence towards staff costs. Income from trading activities was £379.436 (2024: £355,904) for
the year. There were no grants received from the Arts Council Cultural Recovery Fund in 2025.
Expenditure totalled £470.014 (2024: £409,998) and included trading costs of £332,072 {2024- £271,014),
costs of raising donations of £2,100 (2024.. £2.100). and costs in relation to the preservation and
maintenance of the regimental collection (including depreciation) of £135.842 (2024: £136.884) and
govemance costs of £5.343 (2024.. £8,445). The net reduction in funds for the year was £51,382 (2024:
£12.420).
Financial position
At 31 March 2025, the group had total funds of £2.558.339 (2024: £2,609,721 }. These funds comprised
tangible fixed assets of £2.270,586. Ministry of Defence restricted funds of £433. a retained surplus in the
trading subsidiary of £17.123 and general funds of £270,197.
Page 3

THE HOUSEHOLD CAVALRY MUSEUM TRUST
LIMITED
Report of the Trustees
for the year ended 31 March 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Reserves policy
It is the trustees. intention to build sufficient reseNes through fundraising initiatives in order to meet existing
liabilities as they fall due and to enable the continued development of the charity's educational activities. The
trustees have agreed that free reserves should approximate to £200.000.
At 31 March 2025. the group's free reserves were £273.934. which is in line with the reserves policy.
Governance, structure and management
Governance
The Household Cavalry Museum Trust Limited was incorporated as a company limited by guarantee
(Company Registration Number 05314773 (England and Wales)) on 16 December 2004. The company is
governed by its memorandum and articles of association. It registered as a charity with the Charity
Commission for England and Wales on 10 February 2005 (Charity Registration Number 1108039).
The charitable company remained dormant until 28 March 2006 when The Household Cavalry Regimental
Collection Trust (formerly Charity Registration Number 274185) transferred its net assels (excluding the
regimental collection) and its activities (including preservation. management and restoration of the
regimental collection and the appeal for funds for the Horse Guards development) to the charitable company.
This transfer was in accordance with a legal transfer of undertakings. On 18 April 2006, The Household
Cavalry Regimental Collection Trust became a subsidiary of the charitable company. With effect from that
date. the Charity Registration Number of The Household Cavalry Regimental Collection Trust was amended
to 1108039-1. This charity is the charitable trust in which the regimental collection is held. The trustees of
both The Household Cavalry Museum Regimental Collection Trust and The Household Cavalry Museum
Trust Limited are identical.
Trustees
The names of the trustees of the charitable company who were in office during the year or at the time these
financial statements were approved are set out below-
TrusteeslDirectors
JREColes
J D A Gaselee
R J Spiller
B E Rogers
MSPBerry
HSJScott
C A Lockhart
AppointedlResigned
Appointed 2711112024
Induction and training of trustees
All trustees receive induction on joining the Board so that they are equipped to carry out their role. In order to
keep Board members informed aboul the charity's on-going work, the Board receives reports from senior
staff members as required.
Subsidiary company
The Household Cavalry Museum Trust Limited fully owns The Household Cavalry Museum Enterprises
Limited (Company Registration Number 05844779 (England and Wales), which has an issued share capital
of £1. The company was formed to carry out the day-to-day operation of the Household Cavalry Museum. It
commenced trading on 1 July 2007.
Report of the trustees, incorpoSfljg9282gtrategic report, approved by order of the board of trustees. as the
company directors, on .
and signed on the board's behalf by:
J D A Gaselee- Trustee
Page 4

Independent Examiner's Report to the Trustees of
The Household Cavalry Museum Trust
Limited
Independent examiner's report to the trustees of The Household Cavalry Museum Trust Limited ('the
Company.)
report to the charity trustees on my examination of the accounts of the Company for the year ended
31 March 2025.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are
responsible for the preparation of the accounts in accordance with the requirements of the Companies Act
2006 ('the 2006 Act.).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the
2006 Act and are eligible for independent examination, I report in respect of my examination of your charily's
accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my
examination I have followed the Directions given by the Charity Commission under Section 145{5} (b) of the
2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I
can confirm that l am qualified to undertake the examination because l am a member of the Institute of
Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the
examination giving me cause to believe:
accounting records were not kept in respect of the Company as required by Section 386 of the 2006
Act; or
the accounts do not accord with those records- or
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other
than any requirement that the accounts give a true and fair view which is not a matter considered as
part of an independent examination. or
the accounts have not been prepared in accordance with the methods and principles of the Statement
of Recommended Practice for accounting and reporting by charities (applicable to charities preparing
their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic
of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which
attention should be drawn in this report in order to enable a proper understanding of the accounts to be
reached.
Catherine Edwards Bsc ACA
Richardson Swift
Chartered Accountants
11 Laura Place
Bath
BA2 4BL
Date:
211Ji/2S
Page 5

THE HOUSEHOLD CAVALRY MUSEUM TRUST
LIMITED
Consolidated Statement of Financial Activities
for the year ended 31 March 2025
2025
Total
funds
2024
Total
funds
Unrestricted
funds
Restricted
funds
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
14,468
24,728
39,196
41,674
Other trading activities
Investment income
379.436
379,436
355.904
Total
393,904
24.728
418,632
397,578
EXPENDITURE ON
Raising funds
Raising donations and legacies
other trading activilies
2,100
332,072
2,100
332.072
2,100
271,014
334,172
334,172
273.114
Charitable activities
Preservation and maintenance of the
regimental collection
111.547
24,295
135.842
136,884
Total
445,719
24,295
470,014
409.998
NET INCOMEI(EXPENDITURE)
(51.815)
433
(51.382)
(12,420)
RECONCILIATION OF FUNDS
Total funds brought forward
2,609,721
2.609,721
2,622,141
TOTAL FUNDS CARRIED FORWARD
2,557.906
433
2,558,339
2,609,721
The notes form part of these financial statements
Page 6

THE HOUSEHOLD CAVALRY MUSEUM TRUST
LIMITED
Consolidated Balance Sheet
31 March 2025
2025
Total
funds
2024
Total
funds
Unrestricted
funds
Restricted
funds
Notes
FIXED ASSETS
Tangible assets
Investments
11 2,283,972
2,283.972
2,352.036
2,283.972
2.283.972
2.352,036
CURRENT ASSETS
Stocks
Debtors
Cash at bank
12
13
16,474
18.379
286.855
16,474
18,379
287,288
15,757
6,812
278,205
433
321,708
433
322.141
300,774
CREDITORS
Amounts falling due within one year
14
(47,774)
{47,774)
(43,089)
NET CURRENT ASSETS
273,934
433
274,367
257,685
TOTAL ASSETS LESS CURRENT
LIABILITIES
2,557,906
433
2,558,339
2.609,721
NET ASSETS
2.557.906
433
2.558,339
2.609,721
FUNDS
Unrestricted funds:
General fund
Non-charitable trading funds
Tangible fixed assets fund
15
270,197
17,123
2.270,586
276,462
(18,7771
2.352.036
2,557,906
2,609,721
Restricted funds
433
TOTAL FUNDS
2,558,339
2,609,721
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for
the year ended 31 March 2025.
The members have not required the company to oblain an audit of its financial statements for the year ended
31 March 2025 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibiSities for
(a)
ensuring that the charitable company keeps accounting records that comply with Sections 386 and
387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable
company as at the end of each financial year and of ils surplus or deficit for each financial year in
accordance with the requirements of Sections 394 and 395 and which otherwise comply with the
requirements of the Companies Act 2006 relaling to financial statements. so far as applicable to the
charitable company.

THE HOUSEHOLD CAVALRY MUSEUM TRUST
LIMITED
Consolidated Balance Sheet - continued
31 March 2025
The £lliiFJ81 statements were approved by the Board of Trustees and authorised for issue on
and were signed on its behalf by-
J D A Gaselee- Trustee

THE HOUSEHOLD CAVALRY MUSEUM TRUST
LIMITED
Charity Balance Sheet
31 March 2025
2025
Unrestricted
funds
2024
Total
funds
Notes
FIXED ASSETS
Tangible assets
Investments
2,270,585
2,352,035
2,270,586
2,352,036
CURRENT ASSETS
Debtors
Cash at bank
189,074
90,193
210,726
78,391
279,267
289.117
CREDITORS
Amounts falling due within one year
(8.638)
(12,655)
NET CURRENT ASSETS
270,629
276,462
TOTAL ASSETS LESS CURRENT
LIABILITIES
2,541.215
2.628.498
NET ASSETS
2.541,215
2,628.498
FUNDS
Unrestricted funds:
General fund
Tangible fixed asset fund
10
270.630
2,270,585
276,462
2,352,036
2,541,215
2,628.498
TOTAL FUNDS
2,541,215
2,628,498
The charitable company is enlitled to exemption from audit under Section 477 of the Companies Act 2006 for
the year ended 31 March 2025.
The members have not required the company to obtain an audit of its financial statements for Ihe year ended
31 March 2025 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
(a)
ensuring that the charitable company keeps accounting records that comply with Sections 386 and
387 of the Companies Act 2006 and
preparing financial statements which give a true and fair view of the state of affairs of the charitable
company as at the end of each financial year and of its surplus or deficit for each financial year in
accordance with the requirements of Sections 394 and 395 and which otherwise comply with the
requirements of the Companies Act 2006 relating to financial statements. so far as applicable to the
charitable company.
(b)
THE HOUSEHOLD CAVALRY MUSEUM TRUST
LIMITED

Charity Balance Sheet - continued
31 March 2025
The fiwfp&&s8tements were approved by the Board of Trustees and authorised for issue
on.
and were signed on its behalf by:
J D A Gaselee- Trustee
10

THE HOUSEHOLD CAVALRY MUSEUM TRUST
LIMITED
Consolidated Cash Flow Statement
for the year ended 31 March 2025
2025
2024
Notes
Cash flows from operating activities
Cash generated from operations
24,518
78,869
Net cash provided by operating activities
24,518
78,869
Cash flows from investing activities
Purchase of tangible fixed assets
15.435)
Net cash (used in)Iprovided by investing activities
15,435)
Change In cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
9,083
78,869
278.205
199.336
Cash and cash equivalents at the end
of the reporting period
287,288
278,205

THE HOUSEHOLD CAVALRY MUSEUM TRUST
LIMITED
Notes to the Consolidated Cash Flow Statement
for the year ended 31 March 2025
RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING
ACTIVITIES
2025
2024
Net expenditure for the reporting period (as per the Statement
of Financial Activities)
Adjustments for:
Depreciation charges
Increase in stocks
(Increase)Idecrease in debtors
Increase in creditors
(51,382)
{12,420)
83.499
(717)
(11.566)
4,684
86,058
{182)
3,160
2.253
Net cash provided by operations
24.518
78.869
ANALYSIS OF CHANGES IN NET FUNDS
At 1.4.24
Cash flow
At 31.3.25
Net cash
Cash at bank
278,205
9,083
287.288
278,205
9,083
287.288
Total
278.205
9,083
287,288
12

THE HOUSEHOLD CAVALRY MUSEUM TRUST
LIMITED
Notes to Ihe Financial Statements
for the year ended 31 March 2025
ACCOUNTING POLICIES
Basis of preparing the financial statements
These financial statements have been prepared for the year lo 31 March 2025 with comparative
information provided in respect to Ihe year to 31 March 2024.
The financial statements have been prepared under the historical cost convention with items
recognised at cost or transaction value unless otherwise stated in the relevant accounting policies
below or the notes to these financial statements.
The 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 United Kingdom and Republic of
Ireland (Charities SORP FRS 102) issued on 16 July 2014, the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The charity constitutes a public benefit entity as defined by FRS 102.
The financial statements are presented in sterling and are rounded to the nearest pound.
Going concern
To be confirmed
Preparation of consolidated financial statements
The statement of financial activities, balance sheet and the statement of cash flows consolidates the
assets, liabilities, income and expenditure of the charity and its wholly-owned subsidiary undertaking,
The Household Cavalry Museum Enterprises Limited. for the year ended 31 March 2025. The results
of the subsidiary undertaking are.consolidated on a line by line basis.
Critical accounting judgements and key sources of estimation uncertainty
Preparation of the financial statements requires the trustees and management to make significant
judgements and estimates.
The items in the financial statements where these judgements and eslimates have been made
include:
Estimating the useful economic life of tangible fixed assets for the purpose of determining the
annual depreciation charge.
Estimating the provision needed. if only. for slow moving or obsolete stock., and
Estimating future income and expenditure flows for the purpose of assessing going concern.
Income
Income is recognised in the period in which the group and charity has entitlement to the income. the
amount of income can be measured reliably and it is probable that the income will be received.
Income comprises donations and income from trading activities.
Donations are recognised when the charity has confirmation of both the amount and settlement date.
In the event of donations pledged but not received. the amount is accrued for where the receipt is
considered probable. In the event that a donation is subject to conditions that require a level of
performance before the charity is entitled to the funds, the income is deferred and not recognised until
either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of
the charity and it is probable that those conditions will be fulfilled in the reporting period.
Donated services and facilities are recognised on the basis of the value of the gift to the charity which
is the amount the charity would have been willing to pay to obtain facilities or services of equivalent
economic benefit on the open market.
13

THE HOUSEHOLD CAVALRY MUSEUM TRUST
LIMITED
Notes to the Financial Statements - continued
for the year ended 31 March 2025
ACCOUNTING POLICIES - continued
Income
In accordance with the Charities SORP FRS 102. volunteer time is not recognised.
Legacies are included in the statement of financial activities when the charity is entitled to the legacy,
the executors have established that there are sufficient surplus assets in the estate to pay the legacy.
and any conditions attached to the legacy are within the control of the charity.
Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has
been granted, the estate has been finalised and notification has been made by the executor to the
charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a
legacy. in whole or in part, is only considered probable when the amount can be measured reliably
and the charity has been notified of the executorfs intention to make a distribution. Where legacies
have been notified to the charity, or the charity is aware of the granting of probate. but the criteria for
income recognition have not been met, then the legacy is treated as a contingent asset and disclosed
if material. In the event that the gift is in the form of an asset other than cash or a financial asset
traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably
measurable with a degree of reasonable accuracy and the title of the asset having being transferred
to the charity.
Turnover generated by The Household Cavalry Museum Enterprises Limited comprises of income
from ticket sales, shop sales. events and room hire. It is measured at the fair value of the
consideration received or receivable. excluding discounts. rebates. value added tax and other sales
taxes. Grants from bodies are credited to income when the company is entitled to receipt, the
amount receivable can be quantified and receipt is probable.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation
committing the group and charity to make a payment to a third party, it is probable that a transfer of
economic benefits will be required in settlement and the amount of the obligation can be measured
reliably. All expenditure is accounted for on an accruals basis. All expenses are allocated or
apportioned to the applicable expenditure headings. The classification between activities is as follows..
Expenditure on raising funds includes all expenditure associated with raising funds for the group
and charity. This includes costs associated with fundraising and the costs of trading activities
including the operating costs of The Household Cavalry Museum Enterprises Limited inc5uding
the operating costs of Ihe Household Cavalry Museum Enterprises Limited.
Expenditure on charitable activities includes all costs associated with furthering the charitable
purposes of the charity through the provision of its charitable activities. Such costs include:
Preservation and maintenance of the Regimental Collection including improvement of its
accessibility to members of the public, other individuals and organisations:
Donations made to other charities specifically to enable them to assist family members of
Household Cavalry soldiers killed or wounded in recent conflicts. Charitable donations
comprise single year payments rather than multi-year grants. Donations are included in the
statement of financial activities when approved for payment by the trustees. Provision is
made for donations approved but unpaid at the period end.
Governance costs comprising the cost5 involving the public accountability of the charity (including
audit costs) and Gosts in respect to its compliance with regulation and good practice are allocated to
the cost of preserving and maintaining the Regimental ColleGtion.
All expenditure is stated inclusive of irrecoverable VAT.
14

THE HOUSEHOLD CAVALRY MUSEUM TRUST
LIMITED
Notes to the Financial Statements - continued
for the year ended 31 March 2025
ACCOUNTING POLICIES - continued
Tangible fixed assets
All assets costing over £1.000 and with an expected useful life exceeding one year are capitalised.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated
to write off the cost of each asset over its expected useful life as follows:
Building improvements
20/0 Straight line
Museum fixtures and fittings
Over 4. 5 or 15 years straight line according to asset's useful life
Equipment
250/0 Straight line
Heritage assets
The Regimental Collection comprises an extensive library and unique artefacts including produced
textiles such as standards and banners. silverware. weaponry, paintings, musical instruments. horse
furniture and ceremonial and operational uniforms, all of which form part of the heritage of the
Household Cavalry and the nation generally.
One of the principal objectives of the charity is to preserve such assets for the enjoyment of future
generations. As such, the assets meet the definition of heritage assets in the Charities SORP FRS
102 and are not valued for the purposes of these financial statements. It is not possible to place any
meaningful valuation on the collection for the purposes of these financial statements and details of
specific items are not given for security reasons.
Stocks
Stock of items for resale in the museum shop is stated at the lower of cost and net realisable value
with provision made against any obsolete or slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds represent monies which are freely available for application towards achieving any
charitable purpose that falls within the charity's charitable objects.
Non-charitable trading funds represent the accumulated surplus or deficit of the subsidiary trading
company, The Household Cavalry Museum Enterprises Limited.
The tangible fixed asset fund represents the net book value of the improvements to land and buildings
occupied by the group and other tangible fixed assets attributable to the charitable company. Such
assets are vital to the group being able to carry out its work and the value invested in the assets
cannot. therefore. be realised in order to meet future expenditure or liabilities. To emphasise this
point. the net book value of the assets is represented by a specific tangible fixed asset fund on the
balance sheet.
Pension Costs and other post-retirement benefits
The charitable company operates a defsned contribution pension scheme. Contributions payable to
the charitable company's pension scheme are charged to the Statement of Financial Activities in the
period to which they relate.
Investments
Investment in the subsidiary company is valued at cost.
Debtors
15

THE HOUSEHOLD CAVALRY MUSEUM TRUST
LIMITED
Notes to the Financial Statements - continued
for the year ended 31 March 2025
ACCOUNTING POLICIES - continued
Debtors are recognised at their settlement amount. less any provision for non-recoverability.
Prepayments are valued at the amount prepaid. They have been discounted to the present value of
the future cash receipt where such discounting is material.
Cash at bank and in hand
Cash at bank and in hand represents such accounts and instruments that are available on demand or
have a maturity of less than three months from the date of acquisition.
Creditors and provisions
Creditors and provisions are recognised when there is an obligation at the balance sheet date as a
result of a past event, it is probable that a transfer of economic benefit will be required in settlement,
and the amount of the settlement can be estimated reliably.
Creditor5 and provisions are recognised at the amount the charity anticipates it will pay to settle the
debt. They have been discounted to the present value of the future cash payment where such
discounting is material.
DONATIONS AND LEGACIES
2025
2024
Donations
Gift aid
Research & Visitor Fees
Ministry of Defence (MOD) funding for staff posts
9,136
697
4.635
24.728
14.425
674
2.912
23,663
39,196
41.674
£24,728 (2024 - £23,663) of the income above was attributable to restricted funds and £14.468 (2024
£18.011) attributable to unrestricted funds.
Throughout the year. volunteers give their time to assist the operations of the Museum. The charity is
grateful to these individuals for their enthusiasm and support. In accordance with the Charities SORP
FRS 102, the economic contribution of these volunteers is not recognised.
OTHER TRADING ACTIVITIES
2025
2024
Ticket Income
Shop Sales
Events Income
Other Income
219.180
120,011
39,745
500
210,336
105,000
40,468
100
379,436
355.904
16

THE HOUSEHOLD CAVALRY MUSEUM TRUST
LIMITED
Notes to the Financial Statements - continued
for the year ended 31 March 2025
RAISING DONATIONS AND LEGACIES
2025
2024
Consultancy fees and reimbursed expenses
2.100
2,100
OTHER TRADING ACTIVITIES
2025
2024
Cost of shop sales
Administrative expenses
62.065
270.007
49,281
221.733
332,072
271,014
PRESERVATION AND MAINTENANCE OF THE REGIMENTAL COLLECTION
2025
2024
Salaries and related costs
Other preservation and maintenance costs
Depreciation on tangible fixed assets
Governance cost
24,295
23.660
82,544
5.343
25.875
16,510
86,054
8,445
135,842
136,884
£24.295 (2024 - £23,663) of the expenditure above was attributable to restricted funds and £111,547
(2024 - £113.221) attributable to unrestricted funds.
NET INCOMEI(EXPENDITURE)
Net incomel(expenditure) is stated after chargingl(crediting)-
2025
2024
Depreciation - owned assets
Staff Gosts
83,499
227.001
86,058
200.327
TRUSTEES. REMUNERATION AND BENEFITS
There were no trustees, remuneration or other benefits for the year ended 31 March 2025 nor for the
year ended 31 March 2024.
Trustees, expenses
There were no trustees. expenses paid for the year ended 31 March 2025 nor for the year ended
31 March 2024.
17

THE HOUSEHOLD CAVALRY MUSEUM TRUST
LIMITED
Notes to the Financial Statements - continued
for the year ended 31 March 2025
STAFF COSTS
2025
2024
Wages and salaries
Social security costs
other pension costs
206.268
14,814
5,919
184,027
11,320
4.980
227,001
200,327
The average monthly number of employees during the year was as follows:
2025
2024
Employees
Employees (funded by MOD)
One employee had emoluments during the year in excess of £60,000 (2024.. Nil).
The trustees consider that they comprise the key management personnel of the charity in charge of
controlling, running and operating it on a day to day basis. None of the trustees received any
remuneration from the charity or the group.
The directors consider that they together with the Museum Director and Deputy Visitor Services
Manager comprise the key management personnel of the company in charge of directing and
controlling, running and operating the company on a day to day basis. The total remuneration paid to
key management personnel during the year was £118.962 (2024: £98,139).
10.
FIXED ASSET INVESTMENTS
Inv. in
subsidiary
CHARITY
COST OR VALUATION
At 1 April 2024
At 31 March 2025
The charity owns the entire issued ordinary share capital of £1 in The Household Cavalry Museum
Enterprises Limited a company registered in England and Wales (Company Registration Number
05844779). The subsidiary carries out commercial activities, namely the day-to-day operation of the
Household Cavalry Museum. All activities have been consolidated on a line-by-line basis in the
statement of financial activities.
18

THE HOUSEHOLD CAVALRY MUSEUM TRUST
LIMITED
Notes to the Financial Statements - continued
for the year ended 31 March 2025
11. TANGIBLE FIXED ASSETS
Museum
Fixtures
& Fittings
Combermere
Barracks
Horse
Guards
Group
Equipment
Totals
COST
At 1 April 2024
Additions
385,220
3,134,268
124,236
14,342
703.720
1.093
4,347.444
15,435
At 31 March 2025
385,220
3,134,268
138,578
704,813
4,362.879
DEPRECIATION
At 1 April 2024
Charge for year
122,770
7,704
1.065,334
62,683
115,212
9,980
692,092
3,132
1,995,408
83,499
At 31 March 2025
130,474
1,128,017
125,192
695,224
2.078,907
NET BOOK VALUE
At 31 March 2025
254.746
2,006,251
13,386
9,589
2.283,972
At 31 March 2024
262,450
2,068,934
9.024
11.628
2.352.036
Museum
fixtures
& fittings
Combermere
Barracks
Horse
Guard
Charity
Equipment
Totals
COST
At 1 April 2024
Additions
385,219
3,134.268
50,681
703,720
1,093
4.273,888
1.093
At 31 March 2025
385.219
3,134.268
50.681
704.813
4.274.981
DEPRECIATION
At 1 April 2024
Charge for year
122.770
7.704
1,065,334
62,683
41.657
9,024
692.092
3,132
1,921,853
82,543
At 31 March 2025
130,474
1.128,017
50,681
695,224
2,004,396
NET BOOK VALUE
At 31 March 2025
254,745
2.006.251
9,589
2,270,585
At 31 March 2024
262,449
2,068,934
9,024
11,628
2.352,035
Heritage assets
As explained under principal accounting policies, heritage assets comprise the regimental collection.
This collection includes an extensive library and unique artefacts including produced textiles such as
standards and banners. silverware, weaponry, paintings. musical instruments, horse furniture and
ceremonial and operational uniforms. It is not possible to place any meaningful valuation on the
collection for the purposes of these financial statements. Details of specific items are not given for
security reasons.
19

THE HOUSEHOLD CAVALRY MUSEUM TRUST
LIMITED
Notes to the Financial Statements - continued
for the year ended 31 March 2025
12. STOCKS
Group
2025
Group
2024
Charity Charity
2025
2024
Finished goods and goods for resale
16.474
15.757
13.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
2025
Group Charity Charity
2024
2025
2024
Amounts receivable within one year
Trade debtors
Social security and taxation
Prepayments and accrued income
Amount due from subsidiary undertaking
10,543
385
7,451
2,826
837
3,149
385
1.006
47.683
837
1,009
48.880
18,379
6,812 49,074
50.726
Group
2025
Group Charity Charity
2024
2025
2024
Amounts receivable after more than one year
Amount due from subsidiary undertaking
140,000 160,000
140,000 160,000
The charity has a loan agreement with its subsidiary. providing a maximum loan facility of £200,000.
The loan is to be applied solely for the purposes of trading to generate income for the charity and for
assisting the charity to advance its charitable purposes. The loan is repayable by ten equal annual
instalments and attracts interest at 2°/0 per annum above the Bank Rate of the Bank of England.
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
2025
Group Charity Charity
2024
2025
2024
Trade creditors
Accruals and deferred income
Social security and taxation
11,735
19,745
16.294
7,101
21,267
14,721
226
8.412
2.868
9,788
47,774 43,089
8,638
12,656
20

THE HOUSEHOLD CAVALRY MUSEUM TRUST
LIMITED
Notes to the Financial Statements - continued
for the year ended 31 March 2025
15. MOVEMENT IN FUNDS
Net
movement
in funds
Transfers
between
funds
At
31.3.25
At 1.4.24
Unrestricted funds
General fund
Non-charitable trading funds
Tangible fixed assets fund
276,461
{18,776}
2.352.036
(5,171)
35,899
82,543)
(1,093)
270.197
17.123
2,270,586
1,093
2,609.721
(51,815)
2.557,906
Restricted funds
Ministry of Defence (MOD)
433
433
TOTAL FUNDS
2,609,721
51,382)
2,558,339
Net movement in funds. included in the above are as follows:
Incoming
resources
Resources
expended
Movement
in funds
Unrestricted funds
General fund
Non-charitable trading funds
Tangible fixed assets fund
25,932
367.972
(31.103)
(332.073)
82.543)
{5,171)
35,899
393,904
{445.719)
(51,815)
Restricted funds
Ministry of Defence (MOD)
24.728
(24,295)
433
TOTAL FUNDS
418.632
470,014)
51.382)
Comparatives for movement in funds
Net
movement
in funds
At
31.3.24
At 1.4.23
Unrestricted funds
General fund
Non-charitable trading funds
Tangible fixed assets fund
274,673
(90.626)
2.438.094
1.789
71.849
86,058)
276,462
(18.777)
2,352,036
2,622,141
12,420
2,609,721
TOTAL FUNDS
2,622,141
12,420) 2.609.721
21

THE HOUSEHOLD CAVALRY MUSEUM TRUST
LIMITED
Notes lo the Financial Statements - continued
for the year ended 31 March 2025
15.
MOVEMENT IN FUNDS - continued
Comparative nel movement in funds, included in the above are as follows..
Incoming
resources
Resources
expended
Movement
in funds
Unrestricted funds
General fund
Non-charitable trading funds
Tangible fixed assets fund
31,055
342.860
{29,266)
(271,011)
86,058)
1,789
71,849
86.058)
373,915
(386,335)
(12.420)
Restricted funds
Ministry of Defence (MOD)
23.663
(23.663)
TOTAL FUNDS
397,578
409,998)
12,420)
The tangible fixed assets fund represents the book value of the tangible fixed assets held by the
group and charity respectively. A decision was made to separate this fund from the general funds of
the group and charity in recognition of the fact that the assets are essential to the day to day work of
the group and charity and as such their value should not be regarded as funds that would be available
with ease in order to meet future contingencies.
16. TRANSACTIONS WITH CONNECTED CHARITIES AND OTHER RELATED PARTIES
The group is connected to The Household Cavalry Foundation. a registered charity, Charity
Registration Number 08236363. by virtue of the fact that Ihe Household Cavalry Museum Trust
Limited and its subsidiary both have directors in common with The Household Cavalry Foundation.
22