2025-03-31-accounts

Charity number. 1162766 WELSH GUARDS CHARITY TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

CONTENTS Page Reference and administrative detalls of the Charlty. ils Trn$t￿ and advisers Trustaes, report 3-15 Independent audltors. report on th• financlal statemetts 16-19 Statement of financlal athllles 20-21 Balance sheet Statement of cash Ilow3 23 Notss to the financlal statements 24-48

WELSH GUARDS CHARITY REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2026 Trustees Brigadier G R Harris DSO OBE. Chairman {reglgned 25 April 2025) Brigadier D Bevan MVO, Chaimian (appointed 25 April 2025) Captain R S Mason, Trustee Captain B M H Branston, Trustee S C Rhodes Esq, Trustee Captain T C MacDonald-Mllner, Trustee J A J Prlce Esq, Trustee Mrs M Bowen, Trustee Captaln R A J Forre8t, Tru8tee Captaln P W H Cra5g-Cooper. Trustee Caplaln O G James, Trustee Lieutenant Colonel C K Antelme DSO, TN8tee (resigned 29 October 2024) Charlty reghter¢d number 1152766 Prfnclpal offlc• Regimental Headquarter8 Welsh Guards Wellington Barrack8 Birdcage Walk London SW1E 6HQ Indop•ndent audltors Shaw Gibb8 (Audlt) Limlted Statutory Audltorn Way Court We8t Unlon Road Famham Surrey GU9 7PT Bankern Lloyds Banklng Group PIC cO￿S & King's PO Box1190 7 Pall Mall London SW1Y SNA wef 2 Apr 25: Holt's Mllltary Bankirtg 200 Fr)wler Avenue Famborough Business Park Farnborough Hampshire GU14 7JP Reglmental Adjutant and Lleutenant Colonel G Bartl8Jones Secretary Reglmontsl Welfare and Major M E Browne BEM Flnance Offi¢er Page 1

WELSH GUARDS CHARrrY REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Investment managers Rathbones 30 Gresham Street London EC2M 7AZ Page 2

WELSH GUARDS CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees are pleased to present their report and the financlal statements of the Welsh Guards Charity for the year ended 31 March 2025. This report is prepared in accordance with the recommendations of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effectNe 1 January 2019)- Charities SORP (FRS102). Structure, Govemance and Management The Charity was fomied by a scheme of Ihe Charity Commission on 29 Kqay 2013 and was reglstered with the Commission on 8 July 2013. It was forn)ed to take over the net assets and activitses of the Welsh Guards Comforts Fund, The Welsh Guard Welfare Fund and olher charitable funds relating to the Welsh Guards regiment. The trustees are responsible for the management of the charity. New trustees are recruited from serving or retired members of the Regiment or their wiveslpartners and candidates are chosen because they hav8 particular skills andlor experience which complement those of existing trustees. New trustees are briefed by the Regimental Adjutant and the Chaimian on joinlng. Training which is appropriate to the activities of the Charity, including attendance at seminars, 1$ provided for trustees. The trustees meet twice a year w￿n policy conceming the charity is discussed and decisions made. The Irustees during the year were. Brigadier G R Harris DSO OBE {Chalnnan) (Resigned 25 Apr 25) Captain R S Mason Captain B M H Branst< S C Rhodes Esq Captain T C MacDonald-Milner JAJPriceEsq Mrs M Bowen Captain R Forrest Captain P Craig4ooper Captain OG James Lieutenant Colonel C K Antelme DSO (Resigned 29 Oct 24) The offJces of the Charity are based in Regimental Headquarters Welsh Guards at Wellington Barracks, London which is a Ministry of Defence (MOD) establishment and the key management personnel. who are both civil servants employed by the MOD, comprise the Regimental Adjutant and Treasurer, therefo￿ netther office accommodation or Staffing incur any cost to the Charity. Both the Regimental Adjutant and Treasurer were paid honoraria by the charity as discussed and agreed upon by the Trustees on the advice and recommendalions of their Remuneration sub Committee. The Charty has four funds: Genoral Purposes Fund. This is an expendable endowment fund. the income of which can be used for general purposes. Welfare fund. This is a pemianent endowment fund the income of which can only be used for welfare. The Band Fund. This is an expendable endowment fund the income of which can be used both for the Band and for the efficiency of the Amied Forces (i.e. Welsh Guards) rf so wished. Welsh Guards Afghanlstan Fund. Thls fund is an expendable endowment fund the income of which can be used only for the purposes of the Appeal. Page 3

WELSH GUARDS CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 PaARCH 2025 Iconljnued) With a fifth fund. the We15h Guards Asso¢lation Fund, held for our linked charty (registered number 1152766- 1), and being used solely for the good and of members of the Webh Guards Association in accordance with their constitution and as decided by their own Trustees. Committees and Members. Objectlves and ActivltA•s The objectives of the charity are: 1. To promole the thiency of the Welsh Guards. by fostering Esprit De Ccyps and by such other means as the trustees shall from time to time determine. 2. To commemorate and remember those members. or fomier members. of the Welsh Guards who have lost their lives, suffered injury or put themsefves at rtsk of loss of life or injury, in seNice to the public. 3. To relieve either generatly or individualty persons who are serving or who have served in the We18h Guards tx the dependents of such persons Wt￿ are in condilions of need, hardship or distre&s. 4. To advance the educati+Jn of the public, indud1￿ members of the Welsh Guards, in the history, deeds, traditions and role of the Welsh Guards. Grant maklng polley and public benefft The Trustees confimi that they have paid due regard to the guidan￿ contained in the Charity Commission General Guidance on Public Benefft when reviewing the Charivs aims and objecttves and when planning future activitie8 and setting grant making policies. The Charity provides public benefit by enhancing the morale and efficiency of seTring sarvice pepsonnel to more effectivety perform their role within the Regiment. supporting comradeship within the wider Regimental family (regular, reserve and retired). arKI provKling benevolence to individuals and their families when and where Ihere is a need, promoting the mantra.once a Welsh Guardsman. 8lways a Welsh Guardsman. and thus the concepl of'support for rrfe". Takirg the Charity C¢Jnmission's guidance inlo consideration, ts Trustees are satisfied that the public benefrt requirements have been met and that the Charity makes grants within the parameters of its charitable objectives listed above. As a matter of principle, assistance given to fom*r members of the Regiment and their families is nomially through one of the registered welfare organisations rather than by direct grant to individuals. Applications for assistance are usualty routinely supported by a Royal British Legion or a SSAFA report. The Regimental Veterans Officer (RVO)1 is in constant Ikais<)n with welfare agencies and, rf assistsnce is not available from Welsh Guards Charitable funds. he can often help by directing the application lo a charity which might be able to assist and also by ensuriThJ that applicants are at least receiving any benefits to which they may be entit￿1. Similarly, requests for assistarKe from TArviNJ members of thè Regiment are routed through the Unit Welfare Officer. must be supported by their Commanding Officer arKI in most cases, grants will be paid thr(MJgh him and never direct to an individual. Bids for major grants are nomwlty considered by Trustees at tha March meeting annually when the detailed forecast of incom9 arxl eXp￿lture is presented. Exceptio￿ bids may be considared out of cornmittee. Page 4

WELSH GUARDS CHARrrY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 Icontlnuad) 2024125 Gan•ral Revlew The Welsh Guards Charity ha8 In large part been unhlndered by the turbulonce created by world events over the last 12 months, although mldyear, our annual investment income forecast was revised downwards by Rathbone8 by £48,000 from £300k to £252k whilst our capital inve8trnents remained steady throughout the year. It was not until the Trump Slump caused stocks to plummet and the bond markel to get a 'bit ylppf towards the end of March 2025 that our charlty Investrnents took a large hit and dropped 7.5% overnight and are still very 81owly recovering - thls wlll of course have a negative impact on future income throughout FY 2025126. Whereas other charlties report seeing a reduction In donations and fundraising in the year. the Welsh Guards Charity has once again been blessed with outstanding 8UPPOrt with both donation8 and fundraising exceeding original estlmates and this, comblned with the alm08t 100QA contlnued support of our serving per80nnel vla the Day'8 Pay Givlng Schem82, ha8 6nabled Trustees to allocate funds to 8ervice all reque8ts. The Reglmental Trustees are not complacent however and are fully aware of the dlfflcuttie8 belng created by the squeezed natlonal and local government funding which Is being reallocated to statutory services and the impact that this w511 have with [potentially] more people seeklng charitable assistance and although not loo advefi8ely affected by tha rSge in employers National Insurance contributions (from 13.8% to 15Qh). as the charity only dlrectly employs two Indivlduals. but other national increa8e83 will impact the charities running costs and reduce what funds are available for charitable purpos&8. Th18 combined with the ever pr8$8nt pressures placed on tho Mlnlstry of D8fen¢e (MOD) budget. could result In actlvEtles whlch have In the past been funded by the MOD, fall to Regimental Charities to help fund to maintaln a sense of adventure, excitement and workllffe balance to encourage our hlghly train•d and 6kSlled 8oldiern to remaln. Ever mlndlul of the need to reduce ovarheads, th• charlty moved bank8 from Lloyd8 Bank to Holt's MS1itary Banking4 as Lloyds Bank, aslde from removlng dlrect access to 8 dedlcated 8uslness Relatlonshlp Manager, had recently Introduced 8everal additional account servlce chafges whlch would see the charity paying an exceSs￿e amount over a 12 month perlod. Thlg was considered unacceptsble and a move to a Bank without these charges, a dedicated Relatlonshlp Manager and w6th a miltary heritage, having been appointed mllitary agent8 since 1809, saw us complete the move to Hott's Military Banking in April 2025. 2 A vofuntary payroll dad￿ pmgram wthere Ser￿n9 persorn￿ donale a pryvon ofthelr pay, bgfore tax, to thetr R¢glmenL 3 Such 88 poslage, from 7 AWN 25, the prtce ofa flrst4lass $tamp Inw8ed ty Sp. or 3%. from £1 ffj510 £1.70, th8 elghlh prlce hlke In ffive years. 4 Holvs MIOtory Banktng Is a tradlng narne of The Royal Bard( of Scolland. 4 ¥ubsldl¥ry of NalWe8t Group. Page 5

WELSH GUARDS CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 PIARCH 2025 Icontlnued) Achlevwnent8 and perfornianc• The Wetsh Guards Charity has continued to fijffil the obpctives of Ihe charity through making granls in accordance with our grant making policy arKI details of our expenditure are given in the notes to the financial statements. The success and impact of the chantys actwities are assessed in many ways including feedback from the Commanding Officer b the Trustees at their biannual meetings, deta'led reports by the Regimental Veterans Officer on Welsh Guardsmen and their relatives. many of whom have been helped by the chanty and by the various entries within our Charity Impacl Report {sample pages from our latest Impact Report giving examples of our Esprit De Corps. Welfare and Heritage activitses are at Appendix A. Note that the figures included in the Impact Report will differ to those in the accounts due lo the date of preparation). In addition. our annual Regimental Magazine. a 250 page glossy pubfication which is provided free of charge to serving personnel and is availth to purchase by our veteran communty, contains many examples of our charitable activities and funding. Fosterin rtt De Co In financial year 2024r2025. ts Charity Tn￿tee5 granted 1st Battalion Welsh Guards access to grants worth up to £90,000 in order to promote the efficiew of the Welsh Guards and foster Esprit de Corps. mainly through sports and adventurous training activits&. Despite another partiojlaty packed programme the Battalion was able to use around 70% of the althated granL This. combined with their income from investrnents of £19.042. and additional grant arnounts of £8.000 towards Ihe Battalion Families Day, £2.1701o offset food costs on King's Guard and £3,435 to allow 3 members lo atterKI the Regimental Battlefield Tour and 3 to attend the Association Battlefield Tour, saw the Battalion recive funding to the value of £95.147 specifically to benefit our officers. soldiers and their familres. Wider Regimental and HouSetr￿[d Diwsion Esplit de Corps actsvity has been wKle rangiro and far reaching and all has been aded with grants from the charity. Examples of such activities are; sponsorship of the Regimental Cobne14n£hlefs Golf Cup teams {£4.012). support to the Regimental St Davi￿$ Day event in Bridgend. Wales {£2.512>, provision of Regimental leaving presentatK)ns on cornpletK)n of 22 years sarvice {£6.963). Annual Grdnt to the Guards Museum {£1,000), Ann[￿1 grdnt to Guards Compary at the Infantry Training Centra Catterid( {£1.500) and. as aws. the Welsh Guards pensioners at the Royal Hospital Chebea received free tickets to the King's Birthday Parade and the tradilional Chrislrnas gfft (of £25 per pensioner). d Benev Ir-. nce The Welsh Guards charities most erKluring and impactful initi'ative is ts conttnued employnent of our Regimental Veterans Officer (RVO), Mr J Myers MBE, WIK) provides weffare support and athiice to any of our people that may need IL He is hugely experienced. trusted by eVeryOr￿ and is a real tangible asset to the chanty and his depth of kn¢y•Aedge, buitt up over 12 years of wnpl0￿n8nt as the RVO and before that as a serving Warrant Officer. ensu￿5 that he is best pjaced to be able to access funding from a wide variety of other areas and to advise and make sure that our veterans and their families are receNing the correct financial help which they might be entbtled lo. His database of regimental casualties. those he has helped or is helping now contains Ihe detsils of 258 of our veterans. The Trustees are conscious of their responsibility towards him and his own mental health and wellbeing and fund monthty sessions for him with one of the county's top consultant psychotherapists who provides guidance and advice as necessary. Page 6

TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 (contlnued) Via the RVO, the charity received SS individual benevolence requests for financial support grants whlch attracted Welsh Guards Chanty funding of over £24,0005 paid via the Am)y Benevolent Fund, Royal British Legion and SSAFA8 Ihe Amied For¢es Charity in support of our people. Those individual cases which did nol meet our charitable objectives were diverted tlywards charikn seeking Tr￿1p from elsewhere. These indmdual grants vary in amount and requiremenl and are for items such a8 white1brtr￿I goods on setting up a home. helping settle priority debts, help to fund mobilty Scooters. home adaptations. cost of Imng grants, essential clothing etc. In addition, we made our annual grant to the Amiy Benevolent FurKI of £5.000 and havo sponsored respite breaks and professional counselling of two children whose Father was killed on operations (£1.750). We have asslsted BLESMA, The Limbless Veterans in providing bathroom adaptions for two veterans. one a Falklands Veteran, the olher a veteran from the Northom Ireland Campaign (£4,373). and have purchased a specially adapted PU8hchair for Ihe dlsabled daughtar of a servin9 Welsh Guard (£2.972). We also funded a Warrior Equine, mèntal resilience course for ten member3 of 1st Battalion Welsh Guard8 (£6,000) and have committed to contlnue to fund these courses when any future need is Identified. One of our core •ducatlonal and herltage aciivities 18 the partrlpatton of veteran8 and 80rving personnel In Battlefield Tours arKI we were delighted to be able to subsidise both the Reglmental Battlefield Tour to study the Battalions actions in liberaling the Ltyv Countrie8 in 1944 and also Ihe annual Welsh Guards Association Battlefield Tour to H￿hte1. Arras, Passchendael and many more regimentally significant areas in Europe. Both tours are extremety popular and the Subsidy provided by the charity ensures that both lours represent excellent value for money for those attending and abty demonstrate8 the d•$ire to remomber our fallen and to onsure thelr $acrifice8 are never forgotten. The Regimental 8attlefiekl Tour coincided with the celebration8 in Europe in support of the 80th Anniversary of Ihe Normandy Landings and the Welsh Guards Charity funded, at a combined cost of £9.297, a delegation to 8ttend the celebrations in Brussels markirvJ the Ilberation of the Cty by the Welsh Guards on 3rd September 1944 and a delegation to attend the celebration8 In Arras. France on 1st Septembor 2024. W￿re the Welsh Guard8 were granted the Freedom of the Cty in recognition of them liberatlng it on 1 Septembor 1944. In additlon, a small delegation was sent to the annual St Charte8 de Percy mernorial èvent in Nomiandy. France, rememberlng thoae 44 We￿h Guardsmen who died there In 1944. We continue to support the Welsh Guards Collection (Museum) located al Park Hall In Oswesty. Shropshire and in 2024r25 paid £14,500 toward8 the ¢xpen8es of the volunteers and Curator who all do such a wonderful job maintsining and promoting the collection and in talking to th6 many visitors. Some 20,000 people visit Ihe Collection each year which d¢)es much to promota our heritage arKI educate the WKler public ab(yJt the Regiment. Remembrance continues to be of Ihe utrnost IMp￿n￿nce and signfficance to our charity and aside from fundlng the annual Regiment Rernmbrance Day event in London each year. we also fund the many poppy wreaths laid at various memorials throughout Wales as ￿11 as the annual Regimental Field of Remembran¢e plot and crosses at Westminster Abbey. In addition. in 2024r25 we provrded a grant to the Blaenavon Heritage Group t¢)wards their project to record the missing names, induding Iwo Welsh Guardsmen, on to the Blaenavon War Memorialy. vAlhln tl oudlled accounts as Ihese fjgumy ￿ to giants wlwreas Ihe Report fflgure rfats$ to all ￿der regimentsl Ifare fuTrl ex￿liU 7 2359 Prlv8le Benjthn Blbey 1s18attalton Wel¥h Guwds jL￿ li a(on M 6th 1918 arnl 287 Pd¥Ate Mhur Rhy¥ Oantel 287 Welsh ¢)Jard¥ kukd in •¢Uon on 17th 1)Laober 1915. Page 7

WELSH GUARDS CHARITY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 (contlnued) Communlcatlon In earfy 2017. the Trustees took the declsion that the Charity needed to rai8e Its profile to become better known and, in $0 dolng, achievin9 our charitable objectives better. As a result, it was decided to produce an annual Charlty Imp8Ct Report and to establlsh a standalone Charlty webslte. The Charty has now produced nlne Impact Reports and these are promulgated widely within the Regiment and can be viewed online on the Charity website. The Welsh Guards Charlty website y￿9 launched in September 2017 and has been a huge success. It Is a valuable forum In which the Charlty is able to post events and keep people ebre85t of the Charltys work and th• Reglmental Social Media Manager is in the pr(Kess of giving It a much needed refr•sh and update which will allow us to better seNe our veterans and communlcata wlth them In 8 80¢ur6 onllne area. The revi8ed web81te 18 available at wAw.wel$hguards.charity. Aware of the importance of a good, hl9h proffle, Soclal media presence, both for attractlng new recrults Into the reglment and keeping in touch with veterans, whilst also Informing the wider population about the RegSment, the Tru8tee8 agreed to fund a new post of Reglmontal Sttial Media Manager (RSMM). The p08t was filled in December 2024 by Mr Chrfs Morgan, who had recently retlred from a full Carner with the Welsh Guards. latterly as the Battallon photographor and SocSal Medla Manager as he was ideally placed to contlnue to drive the audience uptake in Facebook, In8tagram and Llnkedln. He 1$ responsible for the Reglment'8 onllne presen and will expand It thls comlng finaincial year with the Induslon of Podcasts and a refre8hlupdate of the WG Charlty wabstte. Tru8tsM' re8pon•lbllftl Charlty Law requires the Trustees to prepare financial statements for each Ilnancial period whSch glve a true and fair viaw of the charl1￿8 financial activitleB durfng the period and of their financial position at Ihe end of tho period. In preparing those financial statements, the Trustees should follow best practice and: select sultable accounting pollcies and then apply them consistently; make judgements and estimates that are reasonable and prudent; obsep4e the method8 and principle8 in the Charitias SORP state whether applicable UK A¢countlng Standards have been followed, subject to material departur88 disclosed and explalned In the financial statement8 prepare the financial statements on the golng concern basis unle68 it is Inapproprlate to presume that the Charity will continue in the foreseeable futuro. The Trustaes are responsible for keeplng proper accounting records whlch di8c108e wlth reasonable accuracy at any time the finanGial position of the Charity and which enable it to ensure that the financial statements comply with appllcable law. Thay ara also responsible for safeguarding the assets of the Charlty and hence for taking reasonable steps for the preventlon and detection of fraud and other irregularitles. Page 8

WELSH GUARDS CHARITY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 (C¢￿tinu•d> Flnanclal revl•w At the March 2024 meeting the Regimental Trustees forecast arKI aut￿riSed expenditure of over £646.000 for FY 2024125 based on an estimated income of around £472.000. This income is primarity fomed of income from investments. Wh￿ was forecast by Rathbones as being around £300,0008, the Da￿$ Pay Schemeg. any donations or fundraising there might be and personal contributions from those attending organised regimental events. With cash at bank. at the time. across all funds totalling over £119.000, this was considered sufficient to make up any deficit In expenditure ther• might be with the oplion of rele88ing capital rf required. Supporting 1st Battalion Welsh Guards Is one of the ¢haritls largest expendltures and highest priorities each year and in 2024r25 the BattalFon was alltted up lo £90.000 to draw throughout the year. The grant asslgted greatly in the welfare of the soldiern and their families. subsidized adventurous training and sports and was Instrumental in a varlety of esprtt de c￿S actlvities. In addition. several smaller inwear grants helped fund: six members of the 8attalion to attend Battlefield Tours (£3.435), he￿ad toward8 the Battal￿n Families Day (£8,000) and enabled the Battalion to hold a WaNior Equine mental resilience course for ten members (£6,000). nditu Sam hmarkin Con8CiOUS that their spending decisions are rnade based on future assumed Income and expenditure, the TN$tee8. in an effort to identify bèsl prac11￿. regularly scnrtenise the data and have induded a small 8ample of ben¢hmark8 from Ix>th income and expendilure as •xample8 of the nuances Involvad withln the fOre￿81￿ng. Inves llL￿o. We had been forecast by Rathbones to receive £300,000 th FY 2024r25 but actually received £252,488 spread over the four quarters and across all fund8. . Fully aware that It is difficult to accurately gauge potential donations over a 12 month pgrlod. the Trustees alwayB err on th• side of caution and con8ervatively estlmat•d donated income of around £S0.000, whereas ry4er £112,84010 wa8 received. in large due to Iwo large legacy arnountSl1. Sale imen Income from the sale of Regimental Goods was forecast as being £5,000, but with a concerted effort and the purchase of new item8, over £12,000 of salas wa8 realised. nt BgiLaLM￿aZlna. The annual Regimentd Magazine was produced at a ¢08t of £11,557. It Os provlded free of charge to 8erving Welsh Guardsrnen and Welsh Guards veterans are able to purd)88e a copy shoukl they wish, The Trustees are fully aware that the Regimental Magazine is produced at a 1088. but it is consldered a reglmentalty significant publicats'on records the regiments activities throughout the year. The TNstee8 had forecast £5.500 income from sales, which materialised as being £5,455. Just Giving Incom• is defived mainly from knKlividual fundrnising efforts and our forecast is based on income levels frorn previous years. We had estimated Just Giving Incom as being £20,000 for 2024r25, but evenlualty received £11,625. This does not tell the Who￿ fundraising story though as another £47,000 was raised through regimental fundraising efforts. outside of Just GNing. in conjunction with our Frfends of Ihe Regiment (FOTR) and a fundraising diive by the Regimentsl AdjutanL 8 Th1¥ forocasl was later revtsed do￿ by Rathborm lo £259.000 and Ihe e¥entual amount re￿1￿1 a shade i)ver £252,000. g The Regimenlal Trust¢e¥ lo be parfojlaty tyjr personnel t+¥to support the (wrty ty volurttadty slgnlrwj up lo the Days Pay Scheme th don8tes dtys pay a >ar Ipald at a rale ol 1112 monthty). uplake, tThenty at (Ner 99% 5$ cong15tsnUy hlgh and for 2024r25 athi¢4Yd Jn to d￿rtty of obwÉ74.740. 10 The diThllon amount of £112.840 Is frKlwled llNn th¢ accourds as wt ofts dorth t¢)lal of£183.123 I￿￿ude8 all donations. gades 8rKI Ono Day's Pay Sche￿* tncom. Page 9

TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 (Gontinued) nditure St David 5. This regwnentalty significant day was ¢e￿brated in Wales, for thè first time since 2019. on Saturday 1st March in BridgerKI. Largety hosted by Bridgend Council. the Welsh Guards Charity had allocated £4.000 the event which was to be attended by members of the battalion, their families. Welsh Guards veterans and their families and invited guests. Overan £10,702 was expended. but with income from tTrckets sales and grants reaching £8,190, the Welsh Guards Chatity contribiution was just £2,512. £1.500 bel￿ eslimate. imental resentation hostin meetin s and entertainment. £24.000 had been allocated to this particular wide ranging area which induded Ihe hosting of our charity supporters at such events as The King's Birthday Parade, the King's Guard Officers Mess, The House1￿ld Division Musical Spectacular and various conferences and meetings throughout the year. In addition, it also allowed for funding towards regimental representation in Brussels. Arras and St Charles de Percy and of the £24,000 allowance. just over half. £12.540 was expended. imental Veterans Officer RV Clinica uida The Trustees allocated £5.220 towards funding clinical guidance sessions for the RVO ￿ Dr Stelros Kiosses. This would be sufficient for two 1 hour sossions per month (@ £180 per hour) with an additional S hours funded per year should ti be required. Just £1.980 was expended {11 x 1 hour monthly sessions) as the RVO has become particukrty proficient over the years and did not feel the need for more guidance than provided in the one hour monthly session. imental Battlefield T ur. We had forecast expenditure of £20.000 towards the Regimental Battlefield Tour which eventually cost £33.474. This was as expected as deducting income from those attending (esltmated at being £15.000 but was actually £17.633) meant the tour was subsidized by £15,841 - this being the mst of individual subsidies for those attending and paymenl in full for 6 members of the tour. Fundralslng The Trustees are awarè of their responsbilities under the Charities (Protection and Social Inveslmnt) Act 2016 and have considered the wnplications of tsir furKlraising activitses. We are most fortunate that all fundrdising actI￿ltieS for the Welsh Guards Charity are carried out by voluntews and the Welsh Guards Charity does use any professional fundraisers ¢x have any commercaal particwors. No complainls relatirvJ to furKlraising activitses have been received by the Welsh Guards Charity during Ihis financial period, however. the Wetsh Guards Charity has procedures in place that would be followed in the event of a complaint being received with the initial response beiw the responsibilty of the Regimetnal Adjutant. Any continuing issues woukj be p￿d lo the Regimental T￿￿tee$ to delemiine what further action might be required. Page 10

WELSH GUARDS CHARITY TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 ￿CH 2025 Icontlnued) Risk management The Trustees have due regard for the principal areas of the charit￿$ operations and the major risks which May arise in these areas. In their opinion. the Charity has eslablished resources and review systerns which. under nornial conditions, should al￿ the risks identrfied by them to be mitigated to an acceptable level in their day to day operations. The three principal risks facing the Wetsh Guards Charity idenlified by the Trustees are: That poor investrnent perf0m￿nCe could sevwety deplete the charitys reserves and abilty to generate sufficient funds to meet needs. A significant large scale operational incident taklng p￿ Involving Welsh Guardsmen which requires the charity to provide ongoing substantial financial aid. That any review of the Regimental Headquarters establishment results in a reduction of civilian workforce resultlng In the charity having lo recrui( fund and empby manptrwer. To mltigate the risk of the charities investments failing, a Financial lnvestrr￿nts sub£ommittee (FIC) comprising of Trustees with a weallh of experience In financial services meets regularly to monitor the perfomwnce of tha fvnd managers and to communicate any concems with them. We are unable to have any Influen￿ whatsoever over any operational deployments and therefore the inherent risks a&y)ciated with them and can only do our best to ensure that the Charity is in a healthy position to shoukl the need ever arise. Similarly, as the MOD reviews Its structures as budget deficiis are addressed. there is little we can do to lnfiUen￿ future manpower figures other than pass our concerns and justifcations for retaining manpower up the chain of ¢ommand for consideration. The Regimentsl Trustee's carr￿d out a revithv of their risks in klay 2024 and a revised Risk Policy document was issued on 10 May 2024 to replace previous Risk Policy document dated 22 October 2022. The Risk Policy document incorporates. as advised by COBSEO12. a whisueblowing and complaints procedure which is available on the Welsh Guards Charity ￿*bSite. The Risk Policy dowment win be revvwed again in 2026 and will incorporate other policy document requirements akn. Page 11

WELSH GUARDS CHARITY TRUSTEES, REPORT (CONnNUED) FOR THE YEAR ENDED 31 MARCH 2026 (continued) Inveslment Property The Welsh Guards Charity Investme￿ used to be held in the Welsh Guards Common Invesknent FurKI. On 9th May 2014, all investments were transferred to the Welsh Guards Chaiity and the Common Investment Fund was wound up. Our investments were then managed by Nthvton Investment Mana9ement untll May 2019 when Ihey were transferred to Rathbones Investrnent manag￿nL The Trustees Financial Investrnents sub-committee {FIC) have a remit to conduct a S year review of Rathbones perf0m￿nCe and to that end the members of the FIC met wilh Rathbones on 26 Sep 24. online. via Tearns, to carry out this review. All concluded that tt had t)een a difficuft year but that Rathbones had been performing well. noting that the Rathbones Risk rating is 4 (medium). The FIC had instructed Rathbones to r&invest the Ruffer fund and consolidate in the Troy Trqan and gNen the fiexibilty that Rathbones gNes us whilst still managing the Portfolio on a day to day basis, the FIC Ur￿nIMOUSIY recornmended for Rathbones to manage the Portft>lio for further 5 years. This FIC recommendation vras discussed at the 29 Oct 24 truslee meeting and atl trustees agreed that Rathbones should be reappointed for a further 5 years. This was duly communicated to Rathbones by the Regimental Adjutant on 31 Oct 24. The FIC meet with Rathbones Investrnent Managers as and when required, and prior to the iwo annual trustee meetings, in order to agree any changes in'the asset allocation between the main fijnd and the reserve fund and to discuss Rathbones intend investing the main fvnd. The FIC members discuss and agree the RisklReward Rating for the main fijnd with Rathbones which then leads them to decide what asset allo¢ation is required to deli*r the rating. Grrfen that we have a reserve fund and other regukr income we can agree to mantain quite a high Rating. and investing surplus funds may be useful for creating Ihe addrtional valuation lo £10rn. rf the market allows. However rf there is a stgnificant rtsk of bear marf(ets then we may have to agree with Rathbones lo Incre￿ the reserve fund and reduce the RisklReward rating of the main fund. Currently, with the issues surrounding the US marf(ets, Trumps Tarrifs and the drop in the Dollar versus slerfing. the funds previously invested in US equities in order to increase the totsl retum (with drop in the value of sterling increasing the net income) have been moved to thé UK with around £350k in cash. Given that Ihe economic outlook is very poor PMI data shows commercial negatsvity). it May well be that Rathbones decide to invest, on our behalf, in Gilts and Bonds instead of equities (unless there are some good equty opportunrties). This will provida a reasonable sfjeld arKI more so than rf invested in Troy Tn)ian. Page 12

WELSH GUARDS CHARITY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 (Gonllnued) Reserves With total cash & investment holdlngs of £8,190,86813 at the end of Ff 2024r25 the Tru8tses belleve there will be sufficlent cash available to fulfil our charitiable objectives in the comlng year but are aware that they may, potentially, have to release a portion of our réservag from capltal to fulfil all spending commitment8. Expenditure pattems within the charity are such that with ca￿lu1 planning and execution and by constantly reviewing our spending requlrement, our particularly detailed forecasts of income and expenditure should have captured all known [anticipated] expenditure and there Should be faw 8urprl38s. The amount held In reseNe when compared to our runnlng costs. equates to fundlng around 17 month8 of total expenditure without hw41ng to rely on any funding from elsewher914. The primary purpose of having this reserve fvnd 1$ to ensure that if divklends fall and the market crashes wa can st511 fund e88entlals such as salarle8 and other mandatory spendlng obllgatlons, wlthout havlng to sell shares at a loss. The reseDRS include investment8 in the No2 account portfolio, combined wlth the total cash, held both by Rathbones in the main portfcllo and tho c88h held in the varlou8 fund accounts hekl in Lloyds Bank (Holt's Military Banking wef 2 Apr 25)15. The number 2, rnserve account currently comprlses the Troy Trolan lund, whlch provldes a very strong protectlon In bear markets but underperfomis in bull markets and pays less income than gilts and bonds and total return8. However If there Is a bear market and Investment In￿m? collapses then tho Trojan fund maintain8 Its value whlch Ss useful for paylng essentlal expense8 and, as at tha end of the Covid bear market, the fund8 were invested at the bottom of a bear market which then rose and led to an increase In Ihe value of our portfolio from £6m to around £9m. When the reseNe fund vms flrst get up, the bond and gilt ylelds were mlnirnal which made the Trojan fund very attractive, but now that gilt yleld8 are much hi9her we decided to transfer SO% of the reseNe fund, some £470k, Into the maln fund In order for it to b• Invested In glhs with a much higher yleld or to be u88d to increa8e the portlolio value. We also moved the remalnlng 50% of the reserve funds to Ruffers t>ear fund but It perfomied less well than Troy and 80 we have movad it back to Troy. The Tru3tee8' policy ha8 alway8 been and remains to maintaln a level of reserves suffl¢ient to provide a stable base for the Chartys continuing actNities while at the same tlme ensurlng excessive funds ar8 not accumulated. The Trustees believe that the reseNes are sufficient for its current purposes and these are revlewed on a regular ba818. The Flnanclal Investments Sub commlttee recommended to the Tru8tee8 to keep the balance of the reseNes in the No 2 account rather than transferring it to the main a¢￿Unt as thls would make it easier to monitor the rèserves and to release them to spend on essentlals If absolutey nacessary. Thoy would also be readily available to offer them to Rathbones to invest in the market if a big investment opportunlty ar18es as was the CAse after covld. 13 Comprl$lThJ £7.956.098 Invested Rathbones, and Includlng £234.770 ¢ash o¢xo8$ 811 a¢¢ounts. 14 Be Ihal Da￿8 Pay S¢*wne incoffle. Donallons or Fundralslng. 15 AS 81 31 Mar 25 our resep4es were valued al £717.274 Ythlth equate$ lo approximately 17 moftths runnlng ¢os Page 13

WELSH GUARDS CHARITY TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Icontlnued) Future Plans The Trustees have a reasonable expectation that the Charity ha8 adequate resources to ¢¢ntlnue wlth planned expenditure for the long4erm and the Charty plans to continue to fulfil its objectNes through making grants in accordance wth the term8 of its funds with the ablllty to do $0 dependlng on the perfomMnce of the investment portfolio. the continued uptake of the Day's Pay Stheme by our servlng personnel and the enduring VK)nderful support of our fundraisers and donors. As per last year, the Trustees remain keen to ensure that in the future a greater percentage of charitable expendlture can be achloved from Investment Income and retums which would reduce reliance on donatlons and other fund ralslng activities whilst ensuring that our essential expenditur88 could be met. The usual minimum investment retum is around 3.50A which would mean a portfolio of £10m would provlde average investment Income of £350k agalnst the current expendituro of £460 to £580k (ideally thi8 investment incorne would be even More using total return strategy In a bull market and cover nearly all anticipated expenditure>. Looking foNard, as we see the MOD being squeezed to make saving8. the call on our char5ty fundSng could increase expotentSally to cover any shorttall In MOD funding. We are also mindful of the turbulent tlmes we Ilve In wtth the prospect of any future combat activitle8 involving Welsh Guardsmen potentialty resutting In a much Increased call on our welfare 8UPPOrt 8yStems. It 58 prudent lo consider these f8¢tor8 and increase the amount of our investrnenl Income by gffjwing our capital base at a tlme when we are under 1888 serious expendllure pressures. In an effort to 'do more In wal￿., greater advert58e the work of the Welsh Guards Charlty, whilst also growing the Charty support base, and thereby potentially increasing donatlons and fundralslng efforts to halp grow the portfolio to £1 Om, and a180 to retsln the current soclal media success being enjoyed by the Reglment in ragards to attracting naw recruts, the Trustee8 made the decislon to appoSnt and fund the following two P08ts: mentsl Event8 Coordlnator REC . The Trustees agreed to fund, part tlme, vla an annual honorarlum, the post of Regimental Events Coordlnator (REC), to work with, but separate from, the Regimental Veterans Officer (RVO) in providing advertlsement, and event coordination between branches of the Assoclation, the Battalion. and other groups, and to advertlse events and activities more widely, and where appropriate advlse on funding wlth the intent that the REC wlll be able to provlde a joined-up approach to wider Regimental events in Wales. The REC'S direct mission is to act as a condult between the wider WG communlty, the Regiment and the Charity, in order to bring group8 together, generate a sense of belonging, and provlde value for monoy and an element of fund raising for the Charity. through coordlnatsd, well advertised activitie8 and events, predominantly in Waleg. Having served a full career In tha Regiment. Major Darren Prldrnore was ideally placed to fill this role on retirement and commenced work in May 2024 for an inittal trial perf¢)d of 12 months, which was further extended by the Trustees at thelr 20 Mar 25 meeting. imentsl Soclal Media Mana er RSMM . In order to maximlse and contlnue the regiments use of Soaal Media the [full tim8J salaried post of Regimental Social Media Manager (RSMM) was discussed and agreed upon at the Trustees Oct 24 meeting. Sgt Chris Morgan, was inStially employed as the Battallon Photographer and who had been responsible for establishing the very effective Battalion Social Media campaign. had recently retired from the Army and was ideally plaGed, as recommended by the Commandlng Officer, to fill the role and becorne tha RSMM. Sgt Morgan's input to the Battalion's Social Media efforts had had a Significant impact to recruiting and thereth the Battalion agreed to contrlbute haff the cogt of the salary remuneralion from the Annual Battalion bid. Page 14

WELSH GUARDS CHARITY TRUSTEES, REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2026 (contlnued) The Trustees agreed that il was essential Ihal the regiment Temained proactive in Ihe Social Media world as key contnbutor to not only recruiting but to promote the Welsh Guards Regimental identity and the good work of the Welsh Guards Charity and the post was established and Chri5 Morgan commenced work in December 2024. Whilst initially concentrating on consolidating and growing the current Welsh Guards Social media presence on F8￿book. Instagram and Linkedln. he will also te looking foreward to establishing a Welsh Guards Podcast, updating and refreshing the Charty Website and estsblishing a Welsh Guards holisti Pfesence on Facebook in the coming financial year. Approved by the Board of Twstees and signed on its behall Trustee PL￿￿r Date: L) Page 15

WELSH GUARDS CHARrrY INDEPENDENT AUDITOR8. REPORT TO THE MEMBERS OF WELSH GUARDS CHARITY Oplnlon We have audited the financial statements of Welsh Guards Charity (the 'charity) for the year ended 31 March 2025 which comprise the Statement of financial activities. the Balance sheet, the Statement of cash flows and Ihe related notes, including a sumrnary of signfficant accounting policies. The financial reporting framework that has been applied in their prepardtion is applicable law. including Financlal Reporting Standard 102 The Financial Reporting Standard applicable In the UK and Republic of Ireland, {United Kingdom Generally Accepted Accounting Practlce). The financial ststements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance wtth the Financial Reporting Stsndards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on l April 2005 which is ￿ferred to in the extant regulations but has been withdrawn. This has been done in order for the accounls to provlde a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginnlng on or after 1 January 2015. In our opinion the financial stalements: give a true and fair view of the state of the charivs affairs as at 31 Wjarch 2025 end 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. 8asls for oplnlon We conducted our audit in accordance with Intemational Standards on Audlting (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further descrrbed in Ihe Auditors, responsiblllties for the audit of the financial staternents section of our report. We are independent of the charity in accordance with the ethical requiremenls that are relevant to our audit of the financial statements In the United Kingdom, including the Financial Reporting Councll's Ethical Standard, and we have fulfilled our other ethical responslbiliti6$ in accordance with these requirements. We believe that the audit evidence wo have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslong Yelating to golng concern In auditing the financial statements. we have concluded that the Trustees, uge of the going concern basis of accounting in Ihe preparation of the financial statements is appropriate. Based on the work we have perfomied. we have not identffied any material uncertainlies relating to events or conditlons that. individually or collectively. may cast signfficant doubt on the charivs ability to continue as a going concern for a period of al least twelve monlhs from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to golng concem are described in the relevant sections of this repo Page 16

INDEPENDENT AUCrfTORS' REpoirf TO THE hlEPABERS OF WELSH GUARDS CHARITY (CONTINUED) Other Inforn￿tiOn The other infonywtion cryises the infornth included in the Annual report other than the financial statements arKI our Auditors. report there￿. The Trustees are responS￿e for the otr￿r information conlained within the Annual report. Our opinion on the financial statements does not cover the other Irrf0rn￿t10n and, except to the extent otherwise explicitly ststed in our rewt, we do nol express any fonn of aSsUrar￿e conclusion thereon. Our responsibilty is to read the other infomiation and. in doww so. consider whether the 0￿r inforniation is materially inconsistent with ￿ financial statements or our krK>wledge obtsined in the course of the audit. or Other￿Se appears to be materialty misststed. If we identify such matarial inconsistencies or apparent material misstatements. we are required to determine whethw this gives rise to a material misstatement in the financial Statements Ihernsefves. If, based ¢)n the we have perf0M￿d. we conclude that there is a material misstatement of this other information, are required to report that fac We have nothing to report in this regard. Matters on whlch we are requlred to report by exceptlon We have nothing lo rwrt in respect of the following matters whern the Charities (Accounls and Reports) Regulations 2008 requires us to report to you rf, in our opinion: the infomMtion given in the Trustees. report is inconsistent in any malerial respect wlth the financlal statements: or sufficient accounting records have not been kept or the financial stateff*nts are not in agreement with the accounting records and retums: or we have not received all the inf0m￿tIOn and explanations we requira for our audit. R•sponsibililies of tn￿tee3 As explained rnore fvlly in the Trustees. responS￿lI111es statement. the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such intemal control as the Trustees detemiine is necessary to enable the preparation of financial statements that are free from material Misstateff￿nt, whether due to fraud or error. In preparing the financial statements. the T￿￿teeS are responsible for a&sessing the charlws ablllty to continue as a going concem, disdosing, as applicable. matters retated to gotng concern and using the going concern basis of accounting unless the T￿￿teeS either interKI to I￿uldate the charity or to cease operations. or have no real￿1C alternative but to do so. Page 17

WELSH GUARDS CHARrrY INDEPENDENT AUtXTORS' REPORT TO THE hlEMBERS OF WELSH GUARDS CHARITY (CONTINUED) Audltors. responsibilitles for the audlt of the financial StateM￿ts We have been appointed as auditor under section 144 of the Ch¥ities Act 2011 arKI report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about the financial statemenls as a whole are free from material misstatement. whether due to fraud or error. and to issue an Auditors. report that includes our opinion. Reasonable a&8urance is a high level of assurance. but ts not a guarantee that an audit conducted in accordance with ISAS (UK) will aTrways detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf. individually or in the aggregate, they could reasonably be expected to influence the econ¢xnic decisions of users taken on the basis of these financial statements. Irregularities, induding fraud, are instances of non-comprlan￿ with laws and regulations. We design procedures in line wilh our responsibilities, (xrtlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are Capable of detecting irregularities. includin9 fraud is detailed beknw. We gained an urKlerstsndiThJ of the legal and reguktory frammk applicable to the charity and the objeclNes it operates for and considered the risk of acts by the charity that were c<xrtrary to applicable laws and regulations. including fraud. We designed audit procedures to resporMI to the risk, recognising that the risk of not detecting a material misststement due to fraud is h￿her than the risk of not detecting one resuliing from error, as fraud may invdve deliberate concealment by, for example. forgery or intentional misrepresentalions. or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements. including. but not limited lo, the Charities Act 2011. Our tests included agreeing the financial statement disdosures to underlying Supportiw documentatN)n, enquiries with management and inspection of legal correspondence. In additron to this. our testing irKluded a review of grants payable and other expenditure to ensure they were relevant to the Gharity's aCtsvit￿. AS in all our audits, we also addressed the risk of management override of intemal controls. including testing journals. dassffications of funds and evalualing whether there was evidence of bias by the trustees Ihat represented a risk of material misstateffent due to fraud. There are inherent limitations in the audit procedures described above and. the further removed r#)ncompliance with laws and regulations is from thè events and transactions refiected in the financial statements. the less likety we would become aware of IL We did not rdentify any key audit matters relaling to irregularities. including fraud. A further description of our responsibililies for ts audit of the financAI statements is located on the FinancAI Reporting Council's website aL' .uklaudttorsres sbilities. This description fomis part of our Audttors. report. Page 18

WELSH GUARDS CHARITY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF WELSH GUARDS CHARITY (CONTINUED) Use of our rnport This report is made solety lo the charitys trustees, as a body, in accordance Part 4 of Ihe Charities (Accounts and Reports) Regulattons 2008. Our audit th has been undertaken so that we might state to the chantys trustees those matters are required to stste to them in an Auditors, report arKI for no other purpose. To the fullest extent pemiitted by law. we do not accept or assume responsibilty to anyone other than the charty and its trustees. as a body, for our audit this report or for the opinions we have f0M￿d. Shaw Glbbs {Audlt) Umlted Statutory Auditors Wey Court West Union Road Famham Surrey GU9 7PT Date: 3cJ Ii£J Ioois Page 19

WELSH GUARDS CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 PIARCH 2025 As restated Tolal funds 2024 Unrestrlcted funds 2025 Restrlcted Endowment funds nds 2025 2025 Total funds 2025 Note Income and endowments from: Donations and legacies Charitable activities Investments Other income 144,303 113,921 150,956 38,820 183,123 113,921 252,938 29.527 179.412 59,226 284.340 35,072 101.982 Total Income and endowments 438,484 141,025 579,509 558,050 Expendlture on: Raising funds Charitable activities Other expenditure 24,324 360,841 15,031 70,889 534.112 IS.121 77,479 560,030 16. 197 10 11 173,271 90 Total expendlture 400,196 173.361 46,565 620,122 653. 706 Net Incomel{expendlture) before net gainslllosses) on investments Rea158ed gainsl(losses) on investments 38,288 (32.336) (46,666) 140,613) (95,656) 12,210 12,210 (26,002) Net incomel(expendlture) Transfers between funds Gains on revaluation of fixed assets Unrealised gainsl(losses) on investments 38,288 (32,336) 134,35S {28A03} (121, 658) 24 15891 108.050 7,931 7,931 407,014 Net movement In funds 37,699 (32,336) (25,835) (20,472) 393,406 Page 20

WELSH GUARDS CHARITY STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 As rest8ted Total funds 2024 Unrnstrlcted funds 2025 Restrictod Endowment fund? funds 2026 2026 Total funds 2026 Noto Roconclllatlon of funds: Total fund8 brought fonvard Net rnovemont in fund8 988,768 37,699 69.838 (32,336) 7.981,933 (25,836) 9.030.529 120,472) 8,637, 123 393,406 Total funds carrl•d forward 1,026,467 27,502 7,956,098 9,010,067 9,030,529 Tho Statement of Flnanclal A¢tfvItI￿ includes all galns and10s8e8 recogni8ed in the year. The not88 on page8 24 to 48 forni part of tha88 finandal Statements. Page 21

WELSH GUARDS CHARITY BALANCE SHEET AS AT 31 MARCH 202S As Trstatad 2024 2026 Note Flxod 08s8t8 Tangible assets Heritage assets Investments Debentures 16 17 18 3,186 767,700 7,956,098 17,623 767, 700 7,982. 189 18,314 8,744.607 8. 768.203 Current a880t8 Stocks Debtors Cash at bank and in hand 20 21 16.099 47,755 234,771 11,100 94.630 199,655 298,626 305.385 Creditors. amounts falling due within one year 22 (33,175) (43,059) Net current a889ts 265,450 262, 326 Total a886t81888 current liabllltle8 9,010,057 9.030. 529 Not ao8ets excludlng penBlon asset 9,010,057 9,030, 529 Total net auet8 9.010,057 9, 030, 529 Charlty fund8 Endowment funds Rèstricted funds Unrestricted funds 24 24 24 7,956.098 27.502 1,026,457 7.981,933 59,838 988, 758 Total funds 9.010.057 9,030, 529 The financial statements Ware approved and authorised for issue by the Trustees and signed on their behalf by.. Tru8to0 Date.. The notes on pages 24 to 48 lom part of these financial statements. Page 22

WELSH GUARDS CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2026 2026 2024 Cash flows from operatlng actlvltles Net cash used In operatlng 8Ctlvkle8 (260,695) (449,379) Cash flow8 from Investlng actlvltles DI￿dendS and interests from Inve8tments Purchase of tanglble fixed a&8et$ Proceed8 from 8a18 of inv88tments Purchase of inv88trn8nts Inve8tments ca8h movement8 262,938 284.340 13,359) (t,300) 1.399,891 1,054, 147 11.069,707) (1,240,399) (293,953) 239,712 Nat cash provld•d by Inve8tlng actlvltl88 296010 336,500 Cash flow• from Ilnanclng •ctlvltle• Not Gash provld•d by flnanclng actlvltle• Change In cash and cash equfvalents In the year Cash and cash equlvalent8 at the beglnnlng of the year 36.116 199.665 1112,879) 312,534 Cash and cash equlval•nts at tho end of the y•ar 234770 199,655 The notes on pages 24 to 48 forni part of Ihe88 financLql 8tatemenl8 Page 23

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General Informthn The Welsh Guards Charity is a charity registered with the Charity Commission in England and Wales. The principal address is Regimental Headquarters. Welsh Guards. Wellington Barracks, Birdcage Walk, London. SW1E 6HQ. Accounting pollcl•s 2.1 Basis of preparatlon of financial statements The financial statements have been prepared in accordance the Charities SORP (FRS 102) - Accounting and Reporting by Chariiies: Statement of Recommended Practice applicable to charities preparing their aCc(￿nts in accordance with the Financial Reporting Standard applrcable in the UK and Republic of Ireland {FRS 102) (effective 1 Janw 2019}, the Financial Reporting Standard applicable in ts UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared lo give a 'trua arKI fairf arKI have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a Irue and fairf vieN. This departure has invofved follcwing the Charities SORP {FRS 102) published in October 2019 rather than the Accounting arKI RepO￿"ng by Charities: Statemwrt of Recornmended Practice effectNe from 1 April 2005 vthich has since been wiihdrawn. Welsh Guard¥ Charity meets the definition of a public benefft ￿tity under FRS 102. Assets and liabilities are inibally recognised at historical ￿5t lx transaction vaue unless otherwise stated in the releV￿t accounting poli￿. 12 Golng concern At the time of approving the financial Stat￿ents. the trustees a reas¢)nable expectation that the Charity has adequate r￿oUrceS to continue in operational existence for the foreseeable fijture. Thus the truslees continue to adopt the goiffj concern basis of accounling in pwring the financial statements. 13 Income All income Is recognised once the Charity has entitlement to the incorrE, it k8 probable that Ihe income will be received arKI Ihe amount of income ￿CeiVable can be measured reliabty. The recognition of Income from lagacies is dependent on establishing entitlemen( the probability of receipt and the abilty to estimate sufficient accuracy the amount receivable. Evidence of entiknent to a legacy exists when the Chanty has sufficient evIden￿ that a g5ft has been left to them (through kntrwledge of the e￿Ience of a valtd will and the death of Ihe benefactor) and Ihe executor is satisfied that ￿ property in question will not be requlred to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable. which will generalty be the expected cash arnount to be distributed to Ihe Charity. can be reliably rr￿Sured. Where the donated good is a f￿ed asset. li is measured al fair valu< unless it is impractical to measure this reliabiy. in which case the cost of ￿ item to the donor shwld be used. The gain is recognised as income from donations and a corresponding arnount is induded in the appropriate fixed asset class and depreciated over the useful economic lrfe in accordance with Ihe Charitys accounting policies. On receip( donaled professional services and facilitias are recognised on the basis of the value of the gift to the Charity vthich is the amount it wouhj have been willing to pay to obtain services or Page 24

WELSH GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PIARCH 2025 Accounting pollcles (contlnued> 13 Income (conlinued) facilities of equivalent economic benefrt on the open Market; a corresponding amourrt is then recognised in expgnditure in the period of le￿IpL Income tax recoverable in relation lo donations rec￿ed under Gfft Aid or daeds of covenant Is re¢ogniged at the lime of the donatK)n. Income tax recoverable in relats.on to inves1n￿ income is recognisad at the time Iha investment incoTho is receivable. Other income is recognised in the period in which it is receivable and to the exlent the goods have been provided or on completion of the wvice. 14 Expendlture Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefrt lo a third party, it is probth that a transfer of economic benefrts will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classffied by activty. The costs of each actsvity arg rnade up of the total of direct costs arKI shared costs. induding support costs involved in undertaking each activity. Direct costs gttributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one a¢tMty and support costs which are not attributable to a single actpiity are appoitioned beiween those activities on a basis consistent with Ihe use of resources. Central staff costs are allocated on the basis of time spènt. and dq>reciation charges allocated on the pOrt￿n of the assefs use. Expenditure on raising funds includes alt experKliture incurred by the Charity to raise funds for its charitable purposes and indudes ¢0sts of all fvndraising activitses events and non<haiitable tradirvj. Expendlture on charitable aCtivits￿ is incurred on directly undertaking the activitses which further Ihe Charitys obiectNes, as well as any associated support cosl$. Grants payable are charged in the year when the offer is made exwl in those cages whare the offer is condttional. such grants being recognised as expenditure when the corKlitions attaching are fuffilled. Grants offered subject lo conditions which have not been mel at tha end are noted as a ornmitmenL but not accrued as expenditure. All expenditure is indusive of irrecoverable VAT. IS Tangible fixed assets and depreciation Tangible fixed a%8ets are capItal￿d and recognised when future econ(xnic beneffts are probable and the cost or value of thé asset can be measured Rkably. Tangible f￿ed assets are initially recognised at cost. After recognition, urbder the cost model. tsngible fixed assets are measured at cost less accumulated d4)reciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended vKirking condition should be induded in the m&￿UreMent of cosL Page 25

WELSH GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policla8 (contlnuod) 2.5 Tanglblo fixed assets and deproclatlon (contlnued) Depreciatlon is Charged so as to allocate the cost of tangibl8 fixed aggets less thelr residual value over their estimated useful lives, using the 8traight4ine method. D8prKiation 18 provkled on the following basis: Motor vehlck7s Office equipment Debentures 25% per annum on c08ts 25% per annum on costs 3% per annum on c08t8 The a88ets' re81dual values, Useful Ilves and deprecSatlon methods are revlthyed, and adJu8ted pr08pectivety rf appropriate, or rf Ihere is an indication of a 6ignfficant change since the last reporting date. Galns and108898 on dl3posal8 are determlned by comparing the proceed8 With the carrying amount and are recognl8ad in the Statornent d financial activiti•$. 2.8 Horltagg 4890ts At each reF>Orting date the Charity asses8e8 whether there is any indication of impairment. If such indicatlon exi8t$, the recoverable amount of the asset18 determlned to be the higher of its fair valua legs costs to sell and its value in use. An lmpalrmenl1088 Is recogn58ed where the carrying amount •xceeds the recover8bl8 amounL 2.7 Investments Flxed asset Investments are a form of financial instrument and are Initially recognised at their tran8actlon cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured rellably in whtch case li 13 measured at cost less impairment. Investment galns and losses, whether reallsed or unreallsed, are omblned and presented as 'GaSn81(L088es) on inve8trnents' in the Statsment of financial actlvities. 18 Stock¥ st¢xks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks uslng the FIFO method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 19 D•btor8 Trade and other debtors ara recognisad at the settlement amount after any trade dlscount offered. Prepayments are valued at the amount prepaid net of any trade dI￿Ounts due. 110 Cash at bank and In hand Cash at bank and in hand includes cash and short-tenn highly lIqu￿ investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 26

WELSH GUARDS CHARrrY NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles (continuod) 2.11 Liabllltles and provl8lons Liabilities are recognised when there is an obligation at the Balance sheel date as a result of a past event, it is probable that a transfer of economic benefrt will be required in settlement. and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it V4fj11 pay to settle the debt or Ihe amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where Ihe effect of the time value of money is material, Ihe provision is based on the present value of those amounts. di8counted at the prfrtax discounl rate that refiects the risks specffic to the liabilty. The unwinding of the discount is recognised in the Ststement of financial activities as a finance cost. 2.12 Finan¢ial instruments The Charty only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initialty recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.13 Defined contrlbutlons penslon plan The chaiity operates a defined contribution plan for ts employee. A defined contribution plan is a pension plan under vrfhich the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charty has no further payment obligations. The contributions are recognised as an expense in the Statement of Financial Activities when they fall due. Amounts not paid are shown in the accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the charity in independently administrated funds. Page 27

WELSH GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng polkles (¢ontinued> 2.14 Fund accounting General funds are unrestricted funds vthich are available for use at tha discrellon of Ihe Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. The expendable endovnnent fvnd relates lo an investment portfolio with the tern￿ that the primary objective is to preserrfe the capital whilst ttr￿ income generated is wholly unrestricted to be applied by the Trustees towards the general charitable purpose of the Charity. The temis of Ihe fund also allow for income to be accumutated and for the capltal to be spent if the Trustees so detennine. The pemianent endowment fund relates to an investment portfolio with the tenns Ihal the primary objactiva is to preserve the capital whilst the income ger￿rated is wholly unrestricted lo be applied by the Trustees towards the general charitable purpose of the Chanty. Reslricted funds are funds which are to be used in accordance with Spectr￿ restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raistng and administering such funds are charged against the specific fund. The aim and use of each restrided fund is set out in the notes to the financial statements. Investment income. gains and losses are allocated to the appropriate fund. Income from donations and legacles Unrestricted Restrlcted funds funds 2025 2025 Total funds 202S Donatlons Legacies One and two days. pay scheme 66,797 40.136 37.370 1,450 68,247 40,136 74.740 37.370 Total 2026 144,303 38,820 183,123 Unrestricted funds 2024 Re8tn'ct8d funds 2024 Total fvnds 2024 Donations Legacies One and Iwo days, pay scheme 75,828 27,628 37. 195 1.566 77,394 27.628 74.390 37, 195 ToÉ812024 140,651 38, 761 179,412 Page 28

WELSH GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from charitable activities Unrestrlctsd funds 2025 Total funds 2025 Fundraising 113,921 113.921 UnrestlTCted funds 2024 Total fvnds 2024 Fundraising 59,226 59,226 Investment Income Unrestrlcted Restricted funds funds 2025 2026 Total funds 2026 Income from investments 150,956 101.982 252,938 Unrnstricted Restricted funds funds 2024 2024 Tot81 funds 2024 Income from investmenls 169, 708 114,632 284,340 Other Incomlng resources Unrestrlcted Restrlcted funds funds 2025 2026 Total funds 202S other income 29,304 223 29,527 Page 29

WELSH GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Other Incoming rnsources (continued) Unrnsbicted Resth'cted funds funds 2024 2024 Total funds 2024 Other income 32.838 2,234 35,072 Expendlture on raislng funds Costs of ralslng voluntsry income Unrestrlcted funds 202S Total funds 2025 Costs of ralsing voluntary income 24,324 24,324 Page 30

WELSH GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Expendlture on ralslng funds (continued) Costs of ralslng voluntary income (continued) Unrnstsict8d runds 2024 Total lunds 2024 Costs of raising voluntary income 33.355 33.355 Investment management costs Endovmient funds 2025 Total funds 2025 Inveslment manager fees 48,565 46,565 Total funds 2024 funds 2024 Investrnent manager fees 44. 124 44. 124 Page 31

WELSH GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PIJARCH 2025 Analys18 of grants Grants and Donations 2025 T¢)tal funds 2025 General Fund Band Fund Welfare Fund Welsh Guards Afghanlstan Appeal Fund We18h Guard8 A8sociation Fund 107,130 438 44,080 4,400 1,710 107,130 44,080 4AOO 1.710 Total 2026 157.758 167,768 Grnnts and Donations 2024 Total funds 2024 General Fund Band Fund Welfare Fund Welsh Guards Afghan18tan Appeal Fund Welsh Guard8 A880ciation Fund 178,046 374 31,110 4,400 1,500 178,046 374 31,110 4,400 1,500 Total 2024 215,430 215,430 Gonoral fund - analy$h of grants 2025 2024 1 sl Batta15on Welsh Guards Atlantic Venture - rowlng Other grants for sports and memorlals Other grants less than £200 each 88,921 115,337 21,035 41,674 17.443 766 107,130 178,046 Page 32

WELSH GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Welfare grants 1st Battalion Welsh Guards Amiy Benevolent Fund Royal British Legion SSAFA the Amied Forces charity 21,526 4.000 s,000 6,693 6,862 21.110 44,080 31,110 10. Anatysis of expendlture on charftable actlvltles Summary by fund type Unrestrictsd Restrfctad funds funds 2026 2025 Total 2025 General Fund Band Fund Welfare Fund Welsh Guards Afghanistan Appeal Fund Welsh Guards Association Fund 297,882 14,512 297.882 14,512 76,017 97,254 48,447 76,017 97.254 48,447 Total 2025 360,841 173,271 534,112 Unrestiicted fvnds 2024 Restricted lunds 2024 Total 2024 General Fund Band Fund Weffare Fund Welsh Guards Afghanistsn Appeal Fund Welsh Guards Association Fund 378,692 12,721 378.692 12,721 50.334 80,107 38,176 50,334 80, 107 38,176 Total 2024 429,589 130.44q 560,030 Page 33

WELSH GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 hWICH 2025 11. Other owndlturn Unrostrkted R8strlcted funds funds 2025 2025 Totsl funds 2026 Repairs and maintenanc• Insurance Regimental prwty 2.875 3,167 8,989 2.876 3,267 8.989 90 Total 2025 15,031 90 16.121 Unrnstricted Restiicted funds funds 2024 2024 funds 2024 Repalr8 and malnterwic• In8urance Reglmental property 11,360 3, 166 1,581 11,360 3,256 1,581 Total 2024 16, 107 16. 197 12. Anatys18 of expendltur• by a￿mIl Actlvltles undertaken dlrectly 2025 Grant fundlng of actfvltles 2025 Support costs 2026 Total fund8 2026 Genaral Fund Band Fund Welfarn Fund Welsh Guard8 Afghanistan Ap￿[ Fund Welsh Guards As8OCi8tion Fund 158,141 11,874 107.130 32,611 2,200 5,637 12.844 2.426 297,882 14,512 76,017 97254 48,447 44.080 80.010 44.311 1,710 320,636 157,758 55.718 534,112 Page 34

WELSH GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Analysis of expgndlture by activltles (c¢￿tInued) Activitses undertaken Grnnt fundiry Support dirncty of activities 2￿24 2024 Tot81 2024 2024 General Fund Band FurKI Welfare Fund Welsh Guards Afghanistan Appeal Fund Welsh Guards Association Fund 177,492 11,249 10.862 58,476 35.445 178,046 374 31.110 23, 154 1,098 8,362 17.231 1,231 378. 692 12, 721 50.334 80. 107 38,176 1,5( 293.524 21&430 51,076 56Q,030 Page 35

WELSH GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11 Anatysls of expendlture by actfvltles (contlnued) Anatysls of dlrect cost8 Welsh Guards We16h Afghanlstan Guards Appaal A8soclatlon Fund Fund 2026 2026 G•n•ral Fund 2026 Band W•lfar• Fund Fund 2025 2026 Total Funds 2025 Battlefield tour Regimental Vetern officer salary and 33.475 24.394 67,869 17,478 25,781 14,121 6,961 19,063 46,866 33,125 71,306 81,719 14.394 Honoraria and expenses Remembrance Day Welsh Guards Charity Christmas card Presentati¢)n - sal+Krs Meeting l ontertainment Regimental good8 Olher expenses Various events Welsh Guard8 Charity Website Esprit de Corps Debenlure Amortisation Depreclatlon 3,750 273 1,652 8,625 5.963 17,207 1,672 25,264 1,662 8,626 6,372 17,207 6,283 49,031 (603> 12.068 19 4,195 11,699 3.771 3,771 415 173 276 691 173 158,141 11,874 80.010 44.311 320,636 Page 36

WELSH GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysls of dlrect CO8ts {contlnuedl Welsh Welsh Guards Gua￿$ Gernral Band Weffarn Afghanistan Association Fund Fund Fund App881 Fund Fund Tot81 Funds 2024 2024 2tr24 2024 2024 2024 Battlefield lour Regimental Veteran8 officer PAlary and expenses Honoraria and expen8e8 Remembrance Day Welsh Guards Charity Chfl8tma8 card Presentation . safvers Maeting l entertalnThnt Regimental g¢ods Other expenses Varklus events We18h Guards Charity Website HQH Oiv. Subs Esprit de Corps Debenture AMorti￿tIon 58,516 16, 744 75,260 2,645 10,633 17,344 4,072 6.514 45,449 13,027 52. 166 38.174 17,784 440 3,114 1776 21170 3,918 4225 34802 3,114 3. 776 22,300 3,918 9,098 56,309 130 2,981 8, 138 9,369 2750 4.862 3,322 415 2, 750 4,862 3,322 691 276 177,492 11,249 10.862 58,476 35,445 293,524 Page 37

WELSH GUARDS CHARrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PIARCH 2025 Anatysls of 8UPPOrt costs Welsh Welsh Guard Guards Welfare Afghanlstsn A880¢5atlon Fund Appoal Fund Fund Total Funds 2025 2025 2026 Fund Band Fund 2026 2026 Honorarfa and expenses Other expenses offi¢8 Costs Other Exchange rats variance Govemance CQ8ts 13,750 525 10,112 (2,176) 1,034 14,784 4,657 11.266 {2,973) 4,132 1,073 (797) 675 126 424 91 1.393 9,725 8,288 1,262 26,692 32,611 2.200 5,637 12,844 2.426 66.718 Welsh Welsh Guard Guanls Genernl Afghanist8n As$0￿8110n Fund Band Fund Welfare Fund Appeal Fund Fund Tot81 Funds 2024 2024 r24 2024 2024 2024 Honorarla and expenses Other expen9aS Office Co8t8 Other Exchange rate variance Governance ¢ost8 2, 775 2, 775 5.551 3.671 11.153 3,671 7,971 2,972 7.925 1176 46 796 317 523 q.761 377 5,638 7,618 6.248 854 19,671 23, 154 1,098 8.362 17,231 1,231 51.076 Page 38

WELSH GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. Audltors. remuneratlon 2026 2024 Fees payable to the Charity8 auditor for the audit of the Charity8 annual 8cc(yJnts 14,301 13,620 Fee8 payable to the Charitys auditor in respect ot. All non4udlt service8 not Included above 4,631 4.410 14. Staff costs 2025 2024 Wage8 and salarles S¢xial 8ecurlty and pen8k)n costs Honorarium 56,566 3,937 89,761 43,863 4,537 45. 156 160.264 93,556 The average number of per80n8 employed by the Charlty during tho yaar was a8 follow8: 2025 2024 No. Employee8 No employee received remuneration amountlng to more than £60,000 in either year. The Honorarium relates to the Reglmental Adjutant, the A88Sstant Reglmental Adjutant and the Treasurer, all of which are not employed by the charity. 15. Trustees. remunerallon and •xp•nses During the year, no Trustees received any remuneratlon or other ban￿t3 (2024 - £NIL). Durlng the year ended 31 March 2025, no Trustee expen8es have been incurred (2024 - £NIL). Page 39

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Tanglble fixed assets Office vehlcles equipmant Total Cost or valuatlon At 1 April 2024 Additio 13.025 13,947 3,359 26,972 3A59 At 31 March 2025 13,025 17,306 30.331 Depreclatlon At 1 April 2024 Charge for the year 13,026 13.947 173 26.972 173 At 31 March 2025 13,025 14,120 27,146 Net book value At 31 March 2025 3.186 3,186 At 31 March 2024 Page 40

WELSH GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. Herftage assets Vktorla Cross 2025 Other 2025 Palntlngs 2025 Total 2025 Carying value at 1 April 2024 4.300 250,000 513,400 767.700 The Victoria Cross was valued by Dix Noonan Webb {DNW) on the 11 January 2022. The valuation was based on commercial markets, including recent transactions and infonnation from auctions where slmilar types of medals were sold. The paintings held by the ¢harity We￿ valued by Eoknrd Fraser Ltd at 31 March 2024 based on commercial markets. The Trustee5 Gonsider each year rf any impairments have affected the valuatlon of the assets. 18. Flxed asset Inv¢stsnents Llsted 5nveslments Cost or valuatlon At 1 April 2024 Additions Disposals Revaluations 7,941,612 1,069.707 (1,387.735) 7.931 At 31 March 2025 7,621,515 Net book value At 31 March 2025 7,621,515 Al 31 March 2024 7,941,612 Cash investments also included in fixed asset investments at the year end were valued at £336,206 (2024 as restated: £40,038). Page 41

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Debenlures Debentures is comprised two £50 debentures issued by ￿ Walsh Rugby Union acquired for a consideratK)n of £22,388 and arnortised over their 30-year len9th. 20. Stocks 2025 2024 Finished goods and goods for resale 16,099 11.100 21. Debtors 2025 2024 Due vAthln one year Trade debtors Other debtors Prepayments and accrued inco 4250 89,380 44,252 47,755 94.630 21 Creditors: Amounts falllng due vAthln one year 2025 2024 Other creditors Accruals arKI deferred income 12.535 30.524 32.541 33,176 43,059 PrK)r year adjustments riming of investrnent transactIor￿ dose to the end of the prior year meant they had not been refiected In prior year figures. A prior year adjustrnent was made to decrease cash investrnents by £120.733. decrease reali8ed arKI unrealised inveslrnent gains by £118,559 and increase forelgn exchange loss by £2,174. Page 42

WELSH GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Statement of funds Statomant of funds - current year Baknce at 31 March 2025 Balance at 1 Aprfl 2024 Transfern Inlout Galnsl Incorne Expendfture Unrestrlcted funds General Purpose Fund BarKI Fund Welsh Guards Association Revaluation reseNe 240,613 15,104 361673 18,807 (323.480) (16.810) (589) 279317 17,101 38.023 ($9.906) 35,121 695,018 695,018 988,758 438,484 (400,1961 1,026,457 Endowme funds Expendable End¢xvment Permanent End(Avment 7231.261 141244) 18.272 7207.878 750.672 {4,321) 1,869 748,220 7.981.933 (46,565) 20.141 7.956,098 Restricted funds Welfare Fund Welsh Guards Afghanistan Appeal Fund 36A98 61.137 (76,062) 21,473 23840 79.888 (972991 6,029 141.025 1173.3611 27,502 Total of funds 9,030,529 $79.$09 1620.122) 20,141 9,010,057 Page 43

WELSH GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 ststement of funds (contlnu•d) The Charity has four fund8: Genernl Purp0888 Fund This is an expendable endowment fund, th& Income of whlch can be used for general purposes. Welfare fund This is a permanent endowment fund tha Income of whlch can only be used for welfare. Tho Band Fund Thi8 is an expendab￿ endowment lund the income of which can be used l)oth for the Band and for the efficiency of the Armed Forces {i.e. Welsh Guards) rf so wished. Welsh Guards Afghanlstan App•al Fund Thls fund is an 6xpendablo endowment fund the Income of whSch can be used only for the purpose8 of the Appeal. In addition, It holds an amount donated anonymously, tha capital and income from whrch is restricted and Can only be used, as stlpulated by the benefactor, for the educational benefrt of two chlldr6n whose Fathar was killed in action in Afghanistan. Endowment fund Expendable endowment funds can be splft btheen the General. Band and The We18h Guards Associallon funds. Permanent endowment lund8 are attributable to the Welfare fund. Expendable endowment fund8 breakdown can be Seen in note 24. Page 44

WELSH GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 statement of funds (conlinued Statement of fvnds - prlor year As restated Balanc8 at Galn 31 Ma￿h (LO￿$) 2024 Balance at As reststed I W 2023 Income Expenditure Trnnsfe Unr•strlct•d funds General Purpo8e Fund Band Fund Welsh Guards A880clatlon Revaluatk)n reserve 315,843 10,054 338,293 17,655 (418, 150) (13,010) 4. 627 405 240,613 15, 104 38,665 46.477 (46,603) (516) 38.023 108.050 695,018 951,530 402,425 (477, 763) 112.566 988, 758 Endowm•nt fund• Expendable EndNment Pemianent Endowment 6.934.359 (41.997) (6, 754) 345.653 7,231,261 720,274 (4,296) (665) 3&359 7W,672 7,654,633 (46,293) (7,419) 381,012 7.981.933 R88trfct•d funds Welfare Fund Welsh Guards Afghanistan Appeal Fund 20,013 (￿, 178) 665 36.398 10,947 89, 729 (79,474) 2,238 23,440 155,627 (129,652) 59.838 Total of lunds 8,637. 123 558.052 (653. 708) 108.050 381,012 9.030.529 Page 45

WELSH GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PaARCH 2025 Expendable Endovmwnt Fund Balance at 31 March 2025 Balance at 1 Aprll 2024 Pllovements Trnnsfers General Purpos￿ Fund Band Fund Afghantstan Appeal Fund Welsh Guards Association 3.707.469 {12.464) (1.485) (8,253) (1,770) 589 3.695.594 452,999 2,519.241 2,527,494 541.814 7,231,261 (23,972) 589 7,207,878 Summary of fvnds Summary of funds - cUrr￿t y￿r Balance at 31 hlarch 2025 Balance at 1 Aprfl 2024 Transfer8 inlout Gainsl Income Expenditure General funds End¢y•mient funds Restri¢Xed funds 988,758 438A84 1400.196) 1,026.457 7,981,933 {46,565) 1173,361) 20,141 7.956.098 27.502 141.025 9,030,529 $79,509 (620,122) 20.141 9.010.OSI Summary of funds - prfor year As rnstat8d Balance at Gain 31 March (Losses) 2024 As restated Transfers Income E¥wKliturn l Apn7 2023 General funds Endowment funds Restricted funds 951,530 402.425 (477. 763) 112.566 988. 758 7.654, 633 30.960 (46.293) (129.652) (7.419) 381,012 7,981.933 59,838 155.627 8.637. 123 558.052 (653. 708) 108. 381,012 9,030,529 Page 46

WELSH GUARDS CHARrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 27. Anatysls of net assets btheen funds Anatys5s of net assets between funds . currnnt year Total funds 2025 funds funds 2025 funds 2025 TarvJible fixed a&8ets F￿d asset investrnents Investment property Heritage assets Current assets Creditors due within one 3.186 3,186 7,956,098 17,623 767,700 298,626 (33,176) 7,956,098 17.623 767.700 256.587 (18,639) 42.038 (14,536) Total 1.026,457 27,502 7.956,098 9.010.057 Anatysls of net assets btha•n lunds - prior year UnTrstiicted Restricted Endowment funds funds fvnds 2024 2tr24 2024 Tor funds 2024 Fixed asset investrnents Investment property Heritage assets Current assets Credit¢xs due within one y 7,982, 189 7,982. 189 18,314 767. 700 305,385 (43,059) 18,314 767. 7C 231.012 (24268) 74,373 (14.535) (256) Totsi 988.758 59.838 7,981,933 9.030.529 Page 47

WELSH GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 28. Roconclllatlon of net movamont In funds to net cash fiow from operatlng actlvftles 2025 2024 Net expenditur& for the year (as per Statement of Financlal Actlvltles) {28,403) (121, 658) Adjuslments for: Deprecialion charge8 Amortisation charges Galn811088e8 on inve8tmen18 Income from Inve8tmen18 De¢reasel(Increa88> In stock8 D•crea8el(In¢r•ase) In debtor8 In¢rea8el(decrea88) In credltors 173 691 691 {12,210) 26,000 1252.938) (284,340) (4,999) 5.857 46,874 (90.237) (9,883) 14.308 Net Gash used In operatlng aGtlvltles {260,696) (449,379) 29. Anaty81s of cash and Ga•h equlvalents 2025 2024 Cash In hand 234,770 199, 655 Total ca8h and ca8h •qulval•nt• 234,770 199, 655 30. Anaty818 of change8 In net debt At 1 Aprll 2024 Cash flows At 31 March 2025 Cash at bank and in hand 199.655 35,115 234770 Page 48

Appendix A How we help - Welfare and Benevolence uring the p8riod covered by this report11 Apr 2410 31 Mar 251, the Welsh Guards Chanty has recwved 55 requests lor indwidual financi support grants resulting in over £24,000 b8ing prowded (double the amount provided last yearl. Most, il not all ol the needs assessments lor these requests are carried OLrt independently by SSAFA or Floyal British Legion Caseworkers, whilst serving soldiers and their lamilies apply through th8 Unil WeKare Officer IUWOI. AJI ￿qUeStS are Ireal8J with the slricle510l conliclencg, with our granls very often supporting veterans and families in need when no other means ol fundiro is availabb. In lolal, over £88,000. around 16% 01 our lolal charity expenditure ha5 been spent on wellare. Wg continue lo donate £5,000 each year lo th8 Army Benevolent Fund, provide the Battalion with a large welfare grant lo spend on the families and soldièrs lover ￿0,000 this year alone) and will continue lo h81p whenever and wherever we can. The lollowng are just a low examples ol the asslslan¢8 provided in the last 12 months. A Servlng Soldler and his family were provided with a grant lo purchase a specidized bath lor their disabled child. Several Disabl•d W•l•h Guards Veterans were prowded wrth grants towards th8 cost ol purchasing a mobility scooter to help aid Ihair mobility and lo r8Stor8 independence. A Servlng member of th• Reglmenl was provided wlh a grant lo purchase a mad8 lo order Convaid Cruis6r 30° fixed-titt pedialric buggy lor their disabled child. Two Veteran• from the Falklands Campaign wer8 providecj with grants lor home adaplalions li.e. bathroom adapllons, riser chalr. wheelchair acc8ss rafflp elcl lo enable them lo teller coFe with their disability and Improve their quality ol life. An Op HERRICK IAlghanlslan} Veteran was provided wlh a grant lo repair his boiler when no other rneans ol funding was availabl8. REGIMENTAL VETERANS OFFICER The RVO carries out regular hom8 vlsils lo Veterans and lamlll8S lo di%cuss S￿pOrt optv)ns for any welfare issues or concem& All of tha meetings are held in the slrtclest of conftdence. Working wllh the Individual. a 8UPPJrt plan is put into place and any 8peciali81 refeffds are rnad8 to OTganisalSons orcharfties best Jltthy lor the n88d8 at hand Visits are alg) conducted Ihe Welsh Guardsmen that are In ca homes and may bo leellng lonely and out of touch wilh lrfends that they seNed wrth. These visits are generally lor friendly chal4 uwlat89 on Regimental news and evènl8 8nd (>Jmpany durfng periods of lonelin888. Ongoing supportlg al80 provklgd to or bereaved famllle& Whether il be hoBling them al Regimental events. ch6rking In with thèm to make sur8 they ar8 w811 or sorting out any issu89 that the hav8 regalriing the remembranc8 ol IhèSr lov8d on8. Supwrt and ￿+r￿SentatIon Is dso provld&d by thè RVO lor PIP IPersonal Independence Paymenll appeals and tribunal8. Tho RVO can attend court tribunals arKI advise on the complellon of th8 r816vanl appllcalions whlch can be quII8 compl8x and Intlmidallng. Some Velerany have complex mental heatth, mental Illness arKI addiction issues that they kEqulre SLtpFort for. In lthe cases lh& RVO can liaise with organisallons and Local Aulhorflles to ggt the support Ihatls needed. Some cases require s8veral different support leams lo help. whth can be confuslryj and Inlimkiatlrvj lo those thal need the most hdp. The RVO Jso allends monthly meellngs with th8 NHS Vel8rar Thoraplsts and mlor Semce Charities lo discuss cases. Veterans issue5 and concems ar8 also passed on to the rdevant authoril¢es and the Chaln ol commarKI rf rg]uired. The FWO is dways available to confidenti￿ty discuss arry wdfara Lssues or concems that yOLt may havb. Pl￿8 feèl free to contact him al any lime. If requi￿, a private home l L￿al vi8it can be arranged. Ifyou or sOmet￿Y you know requires support or advke from the RVO. pl8as8 contact him u%ng one ol the methc¥Js list8d al pag8 3 of Ihls report. A Veteran from Northern Ireland was provided with a grant lor ess8nlial clothing, furniture and IT equipment. Priorlty Dobts, An élderly and disabled Veteran was prowded a grant lo assist in clearing priority dabls. A young Welsh Guards Veteran was provided with a grant to assist with a home deposit and lo purchase somg basic appliances, when no other mean ol funding was available. S8veral Welsh Guards Veterans on low incomes were provided with grants lo purchasg essential household items when no other means ol funding was available. A large grant was made lo enabl618n Battalion attend a Warrior Equlne Windsor. WARRIOR EQUINE I. WG Cl)anty rec8nltyms1*81 th8 ho￿￿01a 2. The Convwd CTutset30"fixed-Iitt pethaincbts99y, purch8sedbylh8 Wd5h Guard5 Chantyicx Ihe daughl olaswingmeml)eroflhe Regwi.

How we help - Fostering Esprit de Corps sprit d8 Corps actmty is once again the1argesl charitable expendrture this year with over £258.000 lor 46 1 of all expendilurel expended. We have continued to make a grant of £1.500 10 Guards Company al the Inlanlry Training Centre lo help towards loslering esprit de corps within the new recruits 2nd have SUPtX)rted all regimental activities wlh grants of varying amounts. The Association Battlefield Tour and association representation al kna$ and Brus8els1£9,5001, Regimenlaj Magazine production 1£13,8001, Gdahad lunch Granl1£1,9001, R￿lMen1th Battlefield Tour 1£10,OWI, Regimenld representation al Brussds. Arras and Chades de Percy in support ol the 80th anniversary ol Normanoly1£7,OC()I lo highlight just a few. The Trustees allocated the Battafion £90,(XK) lo be spent on Esprit de Corps aclivlcies, ol which £63,OCM) was expended in addition lo the Battalions own income from inveslrnenls ol over £19,IM. Primari ussd on sports, adventure training and wellare, each year this funding also enables Battalion the opportunity lo recognis8 achievements and purchase indiMdual awards. hold prize gmng cer8monies and prowde ￿￿1pment and opportunities outside ol the nomial military remit. There is not one aspect ol Ballalion life that th8 charity does not support and the followng lew photographs demonslrale just how the charity helps ils serving p￿)ple.. - Th" Go'aras Endur(I l. Battayw Effth Clubfvnd8dby Ihe Wetsh Gtswds 3. Thepurch&s& trlartificiLeeks lOrSIDav￿ 08ydoes notcomo chespat£l pwle&k. 4. WG Ch8ntyfun¢led wbystrw5 5. Battalw Chw. W support8dby lh6 WG Charity 6. 88118￿on War9￿￿9 Cl{￿. 2. forBattaTron &W.

How we help . Veterans and Heritage 2024125 saw over £168,(m spent k)oking after our Veterans and R￿lmental Heritage. thats just over 30Vo ol 811 yearty expenditure and the following are just a lew examples ol the suprort provided throughout the year lo support this charitable objeclpie.. £4,51J) Svbsidy for those Falkland Ve18rans returning lo th8 Islands lor the first lime and a £1,IKK) Grant provided lo offset the cost ol the annual Wrexham FdkEands church service, parade, and relreshmenls. Over £14,000 spent on Regimental Remembranc8 events in London and Wales, including the annual Fidd ol Remembranc8. r £g,000 prowded to the Welsh Guards Association lo holp fund the annual Battleliekl Tour and asswialion repr8sènlation al th& Brussels and Arras 80th anniversary ol Nomandy cdebrations. C2,500 spent on providing Regiment Magazines, fm of Charge, to members ol the Association, whilst also subsidizing the pro(Juclion Cost ol the rnaga2ine lo the lune of £6,102. £4,400 spent lo subsidise attendance by our veterans al the Sl David s Day celebration in Bridgend. £1,(KKI Annual Grant to the Guards Museurn £14,500 fur￿1￿9 provided lo the WG Collection lo help fund the volunteers who work tire1￿lY lo manlain the Coll￿1￿)n and educate th8 public atr￿ul the F18gimenl. 114.: MtMrAIl . IIEIIH GUARDS oouEonon E'YE bof... l. Fol￿{￿$ Veier8nsre.iY&i 10 Ih8Fklands support8d bylhè GJar(Is Charrty. 2. The annuAssoci3l￿n batt￿field four, subsidEedby Guwds Uarity 3. Welsh GuwdsA$sociai￿n 8ienn1￿Lun¢b. heab sub&dthybh' 1heAsswai￿rt elexeniofthe We4sh . Thfr¥li4eii 4. MeffloriaI8ench fvndedby the Wldsh GuaKIs ChanIyar￿nQY/n srtuin FitJoy. Fafhiancllthnds. alongsityè the Krfelsh Gtsards MÉ¥non 5. The aTrnu ¥ltrptham FklarKls Re¢Jnon. 6. Regmen181R8memiKence Day. The Hotsseholtt Eywuon Mefflon ffarge thg RoyalBnfysh Legion 212 ¢osI olow£5CUI. 7. Wdsh GLwds Collsclw L￿fi91