2025-09-30-accounts

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HOUSEHOLD DIVISION CHARITY

Trustees’ report and financial statements

For the year ended 30 September 2025

Company Registration No. CE030570 (England and Wales) Charity Registration No. 1200873

HOUSEHOLD DIVISION CHARITY

	Page
Reference and administrative information	1
Trustees’ report	2
Independent auditor’s report	8
Consolidated statement of financial activities	12
Consolidated balance sheet	13
Charity balance sheet	14
Consolidated cash flow statement	15
Notes to the accounts	16

HOUSEHOLD DIVISION CHARITY

REFERENCE AND ADMINISTRATIVE INFORMATION

Trustees
	Ex-officio
	Major General J M H Bowder OBE
	Brigadier M S P Berry (resigned 5 February 2026)
	Lieutenant Colonel R R D Griffin (appointed 5 February 2026)
	Lieutenant Colonel G C Light (resigned 21 November 2025)
	Lieutenant Colonel E J Paintin (appointed 22 November 2025)
	Lieutenant Colonel C M J Foinette
	Nominated
	D S S Chichester Esq
	J A C Campbell-Johnston Esq
	J B Codrington Esq (appointed 29 May 2025)
Treasurer	Major W B Style
Company number	CE030570
Charity number	1200873
Address	Horse Guards
	Whitehall
	London
	SW1A 2AX
Investment managers	Evelyn Partners Investment Management
	45 Gresham Street
	London
	EC2V 7BG
Bankers	Lloyds Bank Plc
	25 Gresham Street
	London
	EC2V 7HN
Independent auditor	Saffery LLP
	71 Queen Victoria Street
	London
	EC4V 4BE
Solicitors	Wilsons
	4 Lincoln’s Inn Fields
	London
	WC2A 3AA

Page 1

HOUSEHOLD DIVISION CHARITY

TRUSTEES’ REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2025

The Trustees present their report and the audited financial statements of the Charity for the year ended 30 September 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity’s governing document, the Charities Act 2011, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and with the Charities SORP (FRS 102).

Structure, governance and management

Legal structure

A number of charities established for the benefit of the Household Division were regulated by Schemes of the Charity Commissioners of the 8 July 1963, 5 September 1973 and 23 December 1988. On 8 September 2010, a Scheme was established to govern the charity known as The Household Division Charity registered under number 1138248.

A CIO (Charity number 1200873) was established in November 2022 and on 14 October 2024 the funds and operations of the original Charity were transferred to the new CIO.

On 16 January 2024 the CIO was appointed as the sole Trustee for The Guards’ Chapel Trust, The Guards Museum Trust and the King’s Guard Officers’ Mess. The appointment as Trustee gives the Household Division Charity control over these subsidiary charities. Therefore, the results of these entities have been consolidated within these financial statements.

The Household Division Charity accumulated resources for use for General Purposes (~90%) and those restricted to the promotion of military efficiency (~10%).

Trustees

The Trustees comprise the key management personnel and are unpaid.

There are 4 ex officio Trustees and not more than 3 nominated Trustees. The ex officio Trustees are The Major General Commanding the Household Division, The Regimental Adjutant of the Household Cavalry (formerly The Lieutenant Colonel Commanding the Household Cavalry), The Lieutenant Colonel of the Foot Guards and The Brigade Major of the Household Division.

The nominated Trustees must be appointed by the Major General Commanding the Household Division and each appointment must be made for a term not exceeding 4 years.

On their first appointment, new Trustees are given a copy of the scheme and a copy of the Charity’s latest report and statement of accounts. All Trustees undergo induction training by the Charity’s lawyer on appointment and further training is promulgated when perceived to be necessary, guided by legal and accountancy advisors.

The Major General Commanding the Household Division is the chairman of the meetings of the Trustees.

The Trustees must hold at least 2 meetings in each 12-month period and at one such meeting the Trustees review the Trustees’ Report and Accounts; and approve the Report and Accounts for adoption and authorise the Chairman to sign the report on the Trustees’ behalf.

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HOUSEHOLD DIVISION CHARITY

TRUSTEES’ REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Organisational structure

The Trustees manage the Charity through the Treasurer (Key management personnel). Subcommittees are provided with Terms of Reference and budgets to ensure good governance and compliance with best practice. The remuneration of the key management personnel is discussed by the Trustees on an annual basis.

The Trustees comply with the requirements of the Charity Scheme by holding meetings during the year. Minutes provide records of decisions unless these are made out of Committee in which case written records are maintained. The Treasurer is provided with an annual budget within which he applies the Trustees’ policy. Where thresholds are likely to be exceeded, authorisation is sought from the Trustees. The Trustees maintain a Register of the Risks facing the Charity which, along with the Budget, is reviewed routinely.

Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.

In preparing these financial statements, the Trustees are required to:

Select suitable accounting policies and then apply them consistently;
Observe the methods and principles in the Charities SORP;
Make judgements and estimates that are reasonable and prudent;
State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Risk management

The Trustees have regard for the principal areas of the Charity’s operations and the major risks which may arise in these areas. In their opinion, the Charity has established resources and review systems which, under normal conditions, should allow the risks identified by them to be mitigated to an acceptable level in their day to day operations.

The principal risk is that poor investment performance could severely deplete the charity’s reserves and ability to generate sufficient funds to meet needs. This risk is managed by appointing reputable fund managers and review of their performance at Trustees’ meetings at which the fund managers present. The risk of inappropriate expenditure is covered by authorisation procedures and review of

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HOUSEHOLD DIVISION CHARITY

TRUSTEES’ REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2025

detailed management and year-end accounts by Trustees. The Trustees are aware of the risks associated with the small staff team at the charity, including the risk of fraud and risks associated with cash handling. The Trustees are therefore involved in the day-to-day management of the charity.

Objectives and activities

The objects of the Charity are:

a) To promote the efficiency of the armed forces of the Crown and in particular the Household Division;
b) To commemorate and remember those members, or former members, of the Household Division who have lost their lives or suffered injury, or put themselves at risk of loss of life or injury, in service to the public;
c) To relieve either generally or individually persons who are serving or who have served in the Household Division or the dependants of such persons who are in conditions of need, hardship or distress.
d) To advance the education of the public, including members of the Household Division, in the history, deeds, traditions and role of the Household Division.

Strategies for achieving objectives

The Trustees review financial commitments regularly. The Household Division is recognised by the nation as setting an international standard of excellence. With a legacy spanning 350 years, the Household Division Charity is driven primarily to generate even greater levels of military efficiency. Resources are allocated for the promotion of ‘esprit de corps’ based on optimal physical and mental fitness, breadth of knowledge, competence and experience to develop courage and professional effectiveness in the face of any danger. In support of this objective, funds are allocated to further education opportunities for individuals and groups, welfare and memorialisation to reinforce the sense of special unity that binds all members, serving and retired, able-bodied and injured, and their families including the bereaved.

Grant making policy and public benefit

Grants are made in accordance with the budget agreed by the Trustees and the objects of the Charity. The Trustees confirm that they have referred to the guidance contained in the Charity Commission General Guidance on Public Benefit when reviewing the Charity’s aim and objectives.

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HOUSEHOLD DIVISION CHARITY

TRUSTEES’ REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Financial review

The primary sources of income come from investments, subscriptions and donations. Income is also derived from sales of Household Division booklets, programmes and tickets for annual musical events. The application of resources from the Household Division Charity complies with all national, legal and Ministry of Defence obligations and initiatives. The summary results for the charity and group is as below:

Charity Total income Total expenses Net expenditure before investment gains Gains on investments Net income Net Assets Group Income from charitable activities Income on formation of group Total expenses Net income before investment gains Gains on investments Net income Net Assets	2025 £ 815,203 (1,011,892) (196,689) 547,664 350,975 8,167,316 2025 £ 2,105,361 - (1,952,921) 152,440 657,467 809,907 12,417,912	2024 £ 810,157 (882,067)
		(71,910) 383,120
		311,210
		7,816,340
		2024 £ 1,567,737 3,695,865 (1,641,128)
		3,622,474 480,401
		4,102,875
		11,608,005

The Trustees believe that the adoption of CIO status has given the charity greater resilience, and the Trustees have reaffirmed their commitment to investing as much income annually as possible into the reserves in anticipation of future national and international challenges.

Reserves policy

The Trustees’ policy is to maintain a level of reserves sufficient to provide a stable base for the charity’s continuing activities while at the same time ensuring excessive funds are not accumulated. The Trustees believe that the reserves are sufficient for its current purposes, and these are reviewed on a regular basis.

Unrestricted reserves at 30 September 2025 were £5,979,868 (30 September 2024: £5,807,345), which includes designated funds of £180,447 (2024: £169,693).

Investment policy

The majority of the Charity’s funds are invested with Evelyn Partners Investment Management. The investments aim to achieve a balance between capital growth and a steady and growing level of income from a diversified portfolio predominantly investing in bonds and equities. The portfolio aims to deliver progressive income growth that exceeds longer-term inflation. Over the longer term the portfolio aims to preserve and grow its capital value in real terms notwithstanding shorter term market volatility.

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HOUSEHOLD DIVISION CHARITY

TRUSTEES’ REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2025

The equity securities in the portfolio will generally be considered to have good potential for capital growth together with rising levels of income where dividends are payable. The fixed income portion of the fund is invested in UK government bonds, sterling denominated corporate issues and interest paying instruments such as convertible securities. The portfolio's asset allocation reflects the Trustees' benchmark (Evelyn Partners Strategy 5 Index). The yardstick asset allocation is 23-24% UK, 40% overseas, 30% Bonds or Alternatives and 6-7% cash (deviation authorised within Evelyn Partners' current risk assessment guidance). This benchmark allocation is used in conjunction with the ARC Steady Growth Charity Index and CPI +3%.

Fundraising

The Trustees take their responsibilities under the Charities (Protection and Social Investment) Act 2016 seriously and have considered the implications on their fundraising activities. The charity raises funds from the public through its main events during the year including bucket collections. The charity does not work directly with commercial sponsors but engaged the services of a professional fundraiser on a contract from 1 April 2025. There have been no complaints received during the period in relation to the charity’s fundraising practices.

Achievements and performance

The Charity's main commitment remains to enhancement of military efficiency whilst it continues at every opportunity to support education, welfare and commemoration.

The Trustees pursue their charitable objectives relentlessly.

Central to their efforts continue to be those which reinforce cohesion across the Household Division and focus on optimising effective recruiting and retention of their officers and soldiers. This all becomes much more important as Ministry of Defence funds are placed under great strain from other national demands for cash.

Future plans

The Trustees continue to thread their way past the current economic challenges, specifically managing the impact of reduced income whilst meeting their established commitments.

Particular areas receiving encouragement over existing developments and precedent include:

Continuing to support excellence in the Household Division Bands.
Re-investing income in order to generate longer term benefits is judged to be of primary importance.
Formal fundraising to grow the investment portfolio and double the income generated from investments annually. This is to compensate for expected reduced levels of support in relation to funding from the Ministry of Defence.
Conclude the CIO governance by establishing the Guards’ Chapel Trust and Guards Museum Trust as CIOs in their respective right.

The Trustees have made the decision transfer the activities of King’s Guard Officers’ Mess to the Ministry of Defence. As a result, King’s Guard Officers’ Mess charity will cease to exist at the date of transfer and no longer form part of the Household Division Charity CIO. Although not yet finalised, this is expected to be within twelve months of the date of approval of these accounts.

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HOUSEHOLD DIVISION CHARITY

TRUSTEES’ REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2025

On behalf of the Trustees

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……………………………………………
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Lieutenant Colonel C M J Foinette Trustee

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…………. ……………………………… 2026
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HOUSEHOLD DIVISION CHARITY

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES

Opinion

We have audited the financial statements of Household Division Charity (the ‘parent charity’) and its subsidiaries (the ‘group’) for the year ended 30 September 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group and parent charity’s affairs as at 30 September 2025 and of the group’s incoming resources and application of resources for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or the parent charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we

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HOUSEHOLD DIVISION CHARITY

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES

identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

the information given in the Trustees’ Report is inconsistent in any material respect with the financial statements; or
the charity has not kept sufficient accounting records; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 3, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group and the parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

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HOUSEHOLD DIVISION CHARITY

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES

Identifying and assessing risks related to irregularities:

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

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

Audit response to risks identified:

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

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

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

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

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HOUSEHOLD DIVISION CHARITY

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES

Use of our report

This report is made solely to the charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Saffery LLP Statutory Auditors 71 Queen Victoria Street London EC4V 4BE

Date 29 July 2026

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

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HOUSEHOLD DIVISION CHARITY

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Restricted Funds £ 579,250 391,715 71,181 126,812 -	Expendable Endowment £ - - - - - - - 836 - 836 (836) 10,529	Total 2025 £ 713,916 1,016,837 247,796 126,812 -	Total 2024 £ 417,318 802,428 240,962 107,029 3,695,865
1,168,958		2,105,361	5,263,602
227,564 12,415 540,875		656,181 52,498 1,244,242	473,517 46,922 1,120,689
780,854		1,952,921	1,641,128
388,104 152,704		152,440 657,467	3,622,474 480,401
540,808 4,404,374	9,693 129,877 139,570	809,907 11,608,005	4,102,875 7,505,130
4,945,182		12,417,912	11,608,005

The Statement of Financial Activities includes all gains and losses in the year. The notes on pages 16 to 34 form part of these financial statements.

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HOUSEHOLD DIVISION CHARITY

CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2025

Notes Fixed assets Tangible assets Intangible assets 10 Investments 11 Current assets Stock 12 Debtors 13 Cash at bank Liabilities Creditors: Amounts falling due within one year 14 Net current assets Net assets Funds Unrestricted funds 16 Restricted funds 16 Permanent Endowment 16 Expendable Endowment 16	2025 2025 2024 2024 £ £ £ £ 1,665,519 4,551 1,629,852 - 9,289,505 8,749,816 10,959,575 10,379,668 25,821 16,093 157,530 158,637 1,441,513 1,378,423 1,624,864 1,553,153 (166,527) (324,816) 1,458,337 1,228,337 12,417,912 11,608,005 5,979,868 5,807,345 4,945,182 4,404,374 1,353,292 1,266,409 139,570 129,877 12,417,912 11,608,005	2025 2025 2024 2024 £ £ £ £ 1,665,519 4,551 1,629,852 - 9,289,505 8,749,816 10,959,575 10,379,668 25,821 16,093 157,530 158,637 1,441,513 1,378,423 1,624,864 1,553,153 (166,527) (324,816) 1,458,337 1,228,337 12,417,912 11,608,005 5,979,868 5,807,345 4,945,182 4,404,374 1,353,292 1,266,409 139,570 129,877 12,417,912 11,608,005

		11,608,005
		5,807,345 4,404,374 1,266,409 129,877
		11,608,005

Approved by the Trustees on 2026 and signed on behalf of the Trustees by:

………………………………………….. Lieutenant Colonel C M J Foinette Trustee

The notes on pages 16 to 34 form part of these financial statements.

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HOUSEHOLD DIVISION CHARITY

CHARITY BALANCE SHEET AS AT 30 SEPTEMBER 2025

Notes Fixed assets Tangible assets 10 Investments 11 Current assets Debtors 13 Cash at bank Liabilities Creditors: Amounts falling due within one year 14 Net current assets Net assets Funds Unrestricted funds 16 Restricted funds 16 Permanent Endowment 16 Expendable Endowment 16	2025 2025 2024 2024 £ £ £ £ 80,793 81,869 7,697,280 7,388,918 7,778,073 7,470,787 68,655 66,230 388,222 344,252 456,877 410,482 (67,634) (64,929) 389,243 345,553 8,167,316 7,816,340 5,961,284 5,765,382 713,170 654,672 1,353,292 1,266,409 139,570 129,877 8,167,316 7,816,340	2025 2025 2024 2024 £ £ £ £ 80,793 81,869 7,697,280 7,388,918 7,778,073 7,470,787 68,655 66,230 388,222 344,252 456,877 410,482 (67,634) (64,929) 389,243 345,553 8,167,316 7,816,340 5,961,284 5,765,382 713,170 654,672 1,353,292 1,266,409 139,570 129,877 8,167,316 7,816,340

		7,816,340
		5,765,382 654,672 1,266,409 129,877
		7,816,340

Approved by the Trustees on 2026 and signed on behalf of the Trustees by:

…………………………………………..

Lieutenant Colonel C M J Foinette Trustee

The notes on pages 16 to 34 form part of these financial statements.

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HOUSEHOLD DIVISION CHARITY

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Note Net cash (used in)/ provided by operating activities A Cash flows from investing activities Investment income Tangible fixed asset additions Intangible fixed asset additions Purchases of investments Disposal proceeds from investments Cash on formation of group Net cash provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at 01 October 2024 Cash and cash equivalents at 30 September 2025 Reconciliation of net income/(expenditure) to net cash flow from operating activities Net income/(expenditure) for the reporting period as per the statement of financial activities Adjustments for Depreciation Loss on disposal Investment income Unrealised investment losses/(gains) Value of subsidiaries on formation of group (Increase)/Decrease in debtors (Decrease)/Increase in creditors (Increase)/decrease in stock Net cash provided by operating activities Reconciliation of net debt As at 1 October 2024 £ Cash at bank and on instant access deposit accounts 1,378,423 Cash with investment manager 66,007 1,444,430	2025 £ (242,062) 247,811 (55,870) (4,551) (1,869,994) 2,067,817 - 385,213 143,151 1,444,430 1,587,581 809,907 20,204 (247,796) (657,467) - 1,107 (158,289) (9,728) (242,062) Movement in the year £ 63,090 80,061 143,151	2024 £ (200,857) 234,573 (176,930) - (1,423,450) 1,442,513 842,426
		919,132 718,275 726,155
		1,444,430
		4,102,875 24,731 921 (240,242) (480,401) (3,695,865) 92,067 2,227 (7,170)
		(200,857)
		As at 30 September 2025 £ 1,441,513 146,068
		1,587,581

The notes on pages 16 to 34 form part of these financial statements.

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HOUSEHOLD DIVISION CHARITY

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

1 Accounting policies

1.1 Accounting convention and basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

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

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

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Basis of Consolidation

The financial statements present the results of the Charity and its subsidiary entities; The Guard’s Chapel Trust (charity number 238694), King’s Guard Officers’ Mess (charity number 1158087) and The Guards Museum Trust (charity number 278181). Consolidation is prepared on a line by line basis.

No Statement of Financial Activities (SOFA), Income and Expenditure Account or Statement of Cash Flows of the Charity has been presented as permitted by the 2008 regulations under section 132 of the Charities Act 2011. Total income of the charity during the year, including investments, was £815,203 (2024: £810,157) less resources expended of £1,011,892 (2024: £882,067) leading to a deficit before gains and losses of £196,689 (2024: £71,910) and a surplus after gains and losses of £350,975 (2024: surplus of £311,597).

1.4 Funds

Unrestricted funds:

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the objectives of the Charity and which have not been designated for other purposes.

Restricted funds:

Restricted funds are those which are to be used in accordance with specific restrictions of the donors, or which have been raised by the Charity for particular purposes. The purpose for which restricted funds are held is analysed in the notes to the accounts.

Endowment funds:

Endowment funds are restricted funds that are to be retained for the benefit of the Charity as a capital fund. Permanent endowments require the capital to be maintained and only the income can be utilised. With expendable endowments the capital may also be utilised.

Page 16

HOUSEHOLD DIVISION CHARITY

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

1.5 Donations, legacies and subscriptions

Donations under deeds of covenant, together with the associated tax recoverable, and subscriptions are recognised as income when the amounts are receivable.

1.6 Income from charitable activities

Activities to generate funds and income from charitable activities for the group income fundraising income, museum sales, mess income, choir and chapel fees. All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

1.7 Investment income

Investment income is credited to the SOFA when receivable.

1.8 Fixed assets

Tangible Fixed assets

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

Short-term Leasehold property - 20% annum on cost Equipment, fixtures and furniture - 10% to 25% per annum on cost Yacht - 10% per annum on cost Organ - over 100years

No depreciation is provided on pictures, items of memorial, silver and medals.

Intangible fixed assets

Intangible assets are capitalised and recognised when future economic benefits are probable, and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

1.9 Fixed asset investments

Investments are stated at market value.

1.10 Financial instruments

The charity has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised initially in the accounts at transaction price, including any transaction costs. At the end of each accounting period, basic financial instruments are recognised at amortised cost. For debt instruments this is calculated using the effective interest rate method.

1.11 Stock

Stocks are valued at the lower of cost and net realisable value after making allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Page 17

HOUSEHOLD DIVISION CHARITY

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

1.12 Critical estimates and judgements and key sources of estimation uncertainty

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision effects both current and future periods.

There are no critical estimates, judgements or key sources of estimation uncertainty in 2025 or 2024.

Page 18

HOUSEHOLD DIVISION CHARITY

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

2 Donations, legacies and subscriptions

Donations Subscriptions and fees Wages in kind Donations Subscriptions and fees Wages in kind 3 Activities to generate funds Fundraising events Museum sales Officers mess income Choir chapel and fees Other income Fundraising events Museum sales Officers mess income Choir chapel and fees Other income	Unrestricted Funds 2025 £ 59,365 49,706 25,595 134,666 Unrestricted Funds 2024 £ 21,705 54,600 33,046 109,351 Unrestricted Funds 2025 £ 456,294 - 130,310 - 38,518 625,122 Unrestricted Funds 2024 £ 438,429 - 93,717 - 44,488 576,634	Restricted Funds 2025 £ 570,624 - 8,626 579,250 Restricted Funds 2024 £ 299,441 - 8,526 307,967 Restricted Funds 2025 £ - 294,180 - 97,535 - 391,715 Restricted Funds 2024 £ - 195,847 - 29,947 - 225,794	Total 2025 £ 629,989 49,706 34,221
			713,916
			Total 2024 £ 321,146 54,600 41,572
			417,318
			Total 2025 £ 456,294 294,180 130,310 97,535 38,518 1,016,837
			Total 2024 £ 438,429 195,847 93,717 29,947 44,488 802,428

Page 19

HOUSEHOLD DIVISION CHARITY

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

4 Income from charitable activities Museum admissions (restricted income) 5 Investment income Dividends from listed investments - in the UK -outside the UK Interest Dividendsfrom listedinvestments - in the UK -outside the UK Interest 6 Cost of raising funds Military events Museum merchandise purchases Professional fundraising fees Military events Museum merchandise purchases Chapel professional fundraising fees		Unrestricted Funds 2025 £ 175,779		2025 £ 126,812 126,812 Restricted Funds 2025 £ 70,868	2024 £ 107,029 107,029 Total Funds 2025 £ 246,647


- in the UK -outside the UK		57,544 118,235		23,200 47,668	80,744 165,903
Interest Dividendsfrom listedinvestments		836 176,615 Unrestricted Funds 2024 £ 192,212		313	1,149
				71,181	247,796
				Restricted Funds 2024 £ 47,090	Total Funds 2024 £ 239,302
- in the UK -outside the UK		64,171 128,041		15,720 31,370	79,891 159,411
	679 192,891 Unrestricted Funds 2025 £ 358,346 - 70,271 428,617 Unrestricted Funds 2024 £ 305,579 - - 305,579			981	1,660
				48,071	240,962
			Restricted Funds 2025 £ - 172,608 54,956 227,564 Restricted Funds 2024 £ - 43,871 124,067 167,938		Total Funds 2025 £ 358,346 172,608 125,227
					656,181
					Total Funds 2024 £ 305,579 43,871 124,067
					473,517

Page 20

HOUSEHOLD DIVISION CHARITY

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

7 Charitable activities

Support of military efficiency Sports and recreation Guards Museum Guards Chapel Officers Mess Support of military efficiency Sports and recreation Guards Museum Guards Chapel Officers Mess	Direct Costs £ 415,432 28,310 223,349 172,400 137,506 976,997 Direct Costs £ 356,475 77,734 101,411 258,719 90,076 884,415	Support Costs £ 12,729 20,945 117,597 - 19,717 170,988 Support Costs £ 26,755 1,786 74,899 41,380 4,403 149,223	Governance Costs £ 62,370 - 18,904 8,625 6,358 96,257 Governance Costs £ 73,258 - 6,512 4,531 2,750 87,051	2025 Total £ 490,531 49,255 359,850 181,025 163,581 1,244,242 2024 Total £ 456,488 79,520 182,822 304,630 97,229 1,120,689

8 Governance

Included within note 7 are governance costs as set out below:

Audit fees Accounting and support fees Advisory fees Legal fees	2025 £ 17,490 47,568 16,259 14,460 96,257	2024 £ 14,080 53,741 4,770 14,460
		87,051

Page 21

HOUSEHOLD DIVISION CHARITY

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

9 Wages and salaries Wages Social Security Pension costs Salary costs as Gift in Kind Travel costs	2025 £ 354,802 30,148 7,150 392,100 34,221 - 426,321	2024 £ 229,455 29,617 6,887
		265,959 41,572 299
		307,830

Employees and Trustee transactions

There were 5 employees (2024: 9 employees) during the period. Total costs of the key management personnel of the organisation amounted to £56,492 for the year (2024: £56,598)

No employee earned more than £60,000 on an annualised basis (2024: no employees).

No Trustee received any remuneration during the year (2024: nil).

Two Trustees received reimbursement of expenses of £2,061 during the year (2024: No Trustees). Three Trustees also purchased copies of the Magazine in the year, totalling £48 (2024: No transactions).

Page 22

HOUSEHOLD DIVISION CHARITY

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

10 Tangible fixed assets Group

Cost At 1 October 2024 Additions Disposals At 30 September 2025 Depreciation At 1 October 2024 Disposals Charge during year At 30 September 2025 Net book value 30 September 2025 30 September 2024	Short- term Leasehold Property £ 11,617 1,100 - 12,717 6,675 - 1,080 7,755 4,962 4,942	Equipment, fixtures and fitting £ 314,091 7,192 - 321,283 299,182 - 3,972 303,154 18,129 14,909	Property, Silver and Artifacts £ 162,367 - - 162,367 5,309 - - 5,309 157,058 157,058	Yacht £ 141,475 - - 141,475 141,475 - - 141,475 - -	Organ £ 1,467,620 47,578 - 1,515,198 14,676 - 15,152 29,828 1,485,370 1,452,943	Total 2,097,170 55,870 -
						2,153,040
						467,317 - 20,204
						487,521
						1,665,519
						1,629,852

Tangible fixed assets Charity

Cost At 1 October 2024 Additions Disposals At 30 September 2025 Depreciation At 1 October 2024 Disposals Charge during year At 30 September 2025 Net book value 30 September 2025 30 September 2024	Property & Silver £ 53,712 - - 53,712 5,309 - - 5,309 48,403 48,403	Equipment, fixtures and fitting £ 90,078 - - 90,078 85,776 - 1,076 86,852 3,226 4,302	Memorial £ 29,164 - - 29,164 - - - - 29,164 29,164	Yacht £ 141,475 - - 141,475 141,475 - - 141,475 - -	Total 314,429 - -
					314,429
					232,560 - 1,076
					233,636
					80,793
					81,869

Page 23

HOUSEHOLD DIVISION CHARITY

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

11 Listed investments Opening Market value Transfer Acquisitions Disposal proceeds Net investment gains Movement in cash Net capital withdrawal Other investment movement Closing Market value Historical cost Represented by: United Kingdom - Equities - Bonds Overseas - Equities - Bonds Alternative investments Investment cash Other 12 Stock Cloth and badge materials Wine Museum stock	Group 2025 £ 8,749,816 - 1,869,994 (2,067,817) 657,447 152,065 (72,000) - 9,289,505 5,499,668 Group 2025 £ 2,222,308 1,536,583 4,566,124 - 818,422 146,068 - 9,289,505 Group 2025 £ 9,010 7,143 9,668 25,821	Group 2024 £ 7,056,424 1,513,617 1,421,070 (1,437,546) 480,401 (281,362) (11,000) 8,212 8,749,816 6,512,259 Group 2024 £ 2,182,633 795,416 4,355,168 705,046 645,546 66,007 - 8,749,816 Group 2024 £ 5,711 8,386 1,996 16,093	Charity 2025 £ 7,388,918 0 1,566,722 (1,871,312) 547,664 262,288 (197,000) - 7,697,280 5,499,668 Charity 2025 £ 1,841,404 1,273,212 3,783,492 - 678,140 121,032 - 7,697,280 Charity 2025 £ - - - -	Charity 2024 £ 7,056,424 - 1,303,459 (1,317,661) 597,451 (237,682) (11,000) (2,073)
				7,388,918
				5,499,668
				Charity 2024 £ 1,843,255 1,267,156 3,462,634 215,350 544,779 55,744 -
				7,388,918
				Charity 2024 £ - - -
				-

Page 24

HOUSEHOLD DIVISION CHARITY

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

13	Debtors
					Group	Group		Charity	Charity
					2025		2024	2025	2024
					£		£	£	£
	Other debtors				13,740	11,322		-	4,000
	Prepayments and accrued income				143,790	147,315		68,655	62,230
					157,530	158,637		68,655	66,230
14	Creditors
					Group	Group		Charity	Charity
					2025		2024	2025	2024
					£		£	£	£
	Amounts falling due within one			year
	Trade creditors				14,278	13,760		-	-
	Accruals				80,638	71,868		32,412	58,864
	Other creditors				71,611	239,188		35,222	6,065
					166,527	324,816		67,634	64,929
15	Analysis of net assets between funds
	Group
		Unrestricted	Restricted		Permanent		Expendable		30 September
		funds		funds	Endowment		Endowment		2025
									Total
		£		£		£		£	£
Tangible
fixed assets		80,793	1,584,726			-		-	1,665,519
Intangible
assets		-		4,551		-		-	4,551
Investments		5,619,870	2,195,206		1,326,447			147,982	9,289,505
Net	current
(liabilities)/ assets		279,205	1,160,699			26,845		(8,412)	1,458,337
		5,979,868	4,945,182		1,353,292			139,570	12,417,912
		Unrestricted	Restricted		Permanent		Expendable		30 September
		funds		funds	Endowment		Endowment		2024
									Total
		£		£		£		£	£
Tangible
fixed assets		81,869	1,547,983			-		-	1,629,852
Investments		6,012,485	1,360,898		1,241,861			134,572	8,749,816
Net	current
(liabilities)/ assets		(287,009)	1,495,493			24,548		(4,695)	1,228,337
		5,807,345	4,404,374		1,266,409			129,877	11,608,005

Page 25

HOUSEHOLD DIVISION CHARITY

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

15 Analysis of net assets between funds (continued)

Charity Tangible fixed assets Investments Net current assets Tangible fixed assets Investments Net current assets	Unrestricted funds £ 80,793 5,619,870 260,621 5,961,284 Unrestricted funds £ 81,869 5,447,275 236,238 5,765,382	Restricted funds £ - 602,981 110,189 713,170 Restricted funds £ - 565,282 89,390 654,672	Permanent Endowment £ - 1,326,447 26,845 1,353,292 Permanent Endowment £ - 1,241,796 24,613 1,266,409	Expendable Endowment £ - 147,982 (8,412) 139,570 Expendable Endowment £ - 134,565 (4,688) 129,877	30 September 2025 Total £ 80,793 7,697,280 389,243
					8,167,316
					30 September 2024 Total £ 81,869 7,388,918 345,553
					7,816,340

Page 26

HOUSEHOLD DIVISION CHARITY

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

16 Movement in funds

Group Fund Unrestricted funds General funds Kings Guard Officers Mess - General Designated funds Sailing fund Yacht fund Total Unrestricted Restricted funds Household Division Military Efficiency Guards Chapel Trust - General Guards Chapel Trust – Organ Guards Museum Trust – General Guards Museum Trust – Grant in Aid Total Restricted Permanent Endowment Funds Household Division General Purpose Expendable Endowment Funds Household Division Military Efficiency TOTAL FUNDS	At 01 October 2024 £ 5,595,690 41,963 5,637,653 95,213 74,479 5,807,345 654,672 1,053,859 1,341,992 1,353,851 - 4,404,374 1,266,409 129,877 11,608,005	Income £ 796,200 140,203 936,403 - - 936,403 19,003 340,806 57,654 616,774 134,721 1,168,958 - - 2,105,361	Expenditure £ (1,000,155) (163,582) (1,163,737) - - (1,163,737) (3,407) (287,882) (70,108) (351,133) (68,324) (780,854) (7,494) (836) (1,952,921)	Gains / (Losses) £ 389,102 - 389,102 4,159 6,596 399,857 42,902 60,338 - 49,464 - 152,704 94,377 10,529 657,467	Transfer £ - - - - - - - (100,831) 100,831 - - - - - -	At 30 September 2025 5,780,837 18,584
						5,799,421 99,372 81,075
						5,979,868
						713,170 1,066,290 1,430,369 1,668,956 66,397
						4,945,182
						1,353,292 139,570
						12,417,912

Page 27

HOUSEHOLD DIVISION CHARITY

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

16 Movement in funds (continued)

The funds carried forward at 30 September 2025 represent:

i. The designated sailing fund was created to fund recreational sailing
ii. The designated Yacht fund was credited to build up funds needed for the eventual replacement of Yacht.
iii. The restricted military efficiency funds comprise amounts previously accounted for in the Depot Trust and Saddle Club the use of which is restricted to promoting the efficiency of the Armed Forces.
iv. The restricted Gladeye fund related to funds received in the year which were meant for the repairs and maintenance of Gladeye. The funds were fully utilised in 2024.
v. The restricted kneelers and plaques relate to a grant that was received in 2024 to restore the plaques and cabinets damaged in the bombing during WWII. The funds were fully utilised in 2024.
vi. The restricted Guards Chapel Trust general fund relates to the funds within the Guards Chapel Trust for the purposes of delivering on the objects of the charity which include the erection and maintenance of memorials to members of the brigade of guards who lose or have lost their lives in the service of their country, as part of the fabric of the guards chapel, the repair cleaning furnishing decoration or maintenance of the Guards Chapel at the Wellington Barracks or such other chapel as His Majesty`s Brigade of Guards may adopt and such other charitable purposes connected with the Guards Chapel as the Trustees determine.
vii. The restricted Guards’ Chapel Organ fund relates to money raised in connection with The Guards' Chapel Organ Campaign, the purpose of which is to commission and install a new pipe organ in the Chapel. The organ supports not only the Chapel's ceremonial and weekly services but also a greater programme of recitals and concerts which make use of the Chapel's facilities, including outreach initiatives for the local community and schools. Following the completion of the project this fund represents the net book value of the organ.
viii. The restricted Guards Museum Trust general fund relates to the funds for the Guards Museum Trust for the purposes of delivering on the objects of the charity which include educating the public including members of the household division in the traditions of the division and the memorialisation of its deeds.
ix. The restricted Guards Museum Trust – Grant in Aid fund relates to the funds that are received by the Guards Museum Trust for the purposes of contributing to the Museum’s staff.
x. Permanent Endowment funds generate income for general purposes and comprise amounts previously accounted for in the Our Comrades Graves, Lady Paget and Guards Home Funds.
xi. Expendable Endowment funds are for the purposes of Military Efficiency and comprise amounts previously accounted for in the Household Division Messes Fund.

Page 28

HOUSEHOLD DIVISION CHARITY

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

17 Movement in funds (continued)

Fund Unrestricted funds General funds Kings Guard Officers Mess - General Designated funds Sailing fund Yacht fund Total Unrestricted Restricted funds Household Division Military Efficiency Gladeye (Yacht) Kneelers and plaques Guards Chapel Trust - General Guards Chapel Trust – Organ Guards Museum Trust – General Guards Museum Trust – Grant in Aid Total Restricted Permanent Endowment Funds Household Division General Purpose Expendable Endowment Funds Household Division Military Efficiency TOTAL FUNDS	At 1 October 2023 £ 5,403,093 - 5,403,093 91,439 69,988 5,564,520 608,221 - - - - - - 608,221 1,208,759 123,630 7,505,130	Income £ 775,446 103,430 878,876 - - 878,876 20,150 14,561 15,000 62,991 205,762 337,926 32,471 688,861 - - 1,567,737	Expenditure £ (856,862) (97,229) (954,091) - - (954,091) (3,104) (14,561) (15,000) (234,926) (182,058) (197,377) (32,471) (679,497) (6,803) (737) (1,641,128)	Gains / (Losses) £ 274,013 - 274,013 3,774 4,491 282,278 29,405 - - 64,196 - 33,085 - 126,686 64,453 6,984 480,401	Transfer £ - 35,762 35,762 - 35,762 - - - 1,161,598 1,318,288 1,180,217 - 3,660,103 - - 3,695,865	At 30 September 2024 5,595,690 41,963
						5,637,653 95,213 74,479
						5,807,345
						654,672 - - 1,053,859 1,341,992 1,353,851 -
						4,404,374
						1,266,409 129,877
						11,608,005

Page 29

HOUSEHOLD DIVISION CHARITY

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

18 Movement in funds (continued)

Charity

Charity
Unrestricted funds General funds Designated funds Sailing fund Yacht fund Total unrestricted Restricted Funds Military Efficiency Permanent Endowment funds General Purpose Expendable endowment funds Military Efficiency Total funds	At 1 October 2024 £ 5,595,690 95,213 74,479	Income £ 796,200 - - 796,200 19,003 - - 815,203	Expenditure £ (1,000,155) - -	Gains £ 389,102 4,159 6,596 399,857 42,902 94,377 10,529 547,665	At 30 September 2025 £ 5,780,837 99,372 81,075
	5,765,382 654,672 1,266,409 129,877		(1,000,155) (3,407) (7,494) (836)		5,961,284 713,170 1,353,292 139,570
	7,816,340		(1,011,892)		8,167,316

Page 30

HOUSEHOLD DIVISION CHARITY

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

16 Movement in funds (continued)

Unrestricted funds General funds Designated funds Sailing fund Yacht fund Total unrestricted Restricted Funds Military Efficiency Gladeye (Yacht) Permanent Endowment funds General Purpose Expendable endowment funds Military Efficiency Total funds	At 1 October 2023 £ 5,403,093 91,439 69,988	Income £ 775,446 - - 775,446 20,150 14,561 - - 810,157	Expenditure £ (856,862) - -	Gains £ 274,013 3,774 4,491 282,278 29,405 - 64,453 6,984 383,120	At 30 September 2024 £ 5,595,690 95,213 74,479
	5,564,520 608,221 - 1,208,759 123,630		(856,862) (3,104) (14,561) (6,803) (737)		5,765,382 654,672 - 1,266,409 129,877
	7,505,130		(882,067)		7,816,340

17 Related party transactions

Within the year ended 30 September 2025, other than the transactions identified in note 9 to the accounts, the Trustees are unaware of any related parties benefiting from the Charity beyond that enjoyed by all potential beneficiaries of the Charity (2024: none).

18 Post balance sheet events

Page 31

HOUSEHOLD DIVISION CHARITY

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

19 Activity from Subsidiaries

Guards Chapel Trust (Charity number - 238694)

The Charity's main activities include the provision of moral support to all military personnel, retired servicemen, families and members of the wider community as well as provide grants to support Chapel fundraising activities. The summary of the results for the charity are shown below and separate accounts for the charity are filed with the Charities Commission for England and Wales.

Income Donations and legacies Charitable activities Investments Expenditure Raising funds Charitable activities Net income and movement in funds Gains/(losses) on investments Total funds brought forward Funds carried forward Fixed Assets Tangible assets Investments Stock Debtors Cash at bank and in hand Creditors: amounts falling due within one year Net current assets Total net assets Charity Funds Unrestricted funds Restricted funds	2025 £ 279,821 97,968 20,671 398,460 59,368 298,622 357,990 40,470 60,338 2,395,852 2,496,660 2025 £ 1,564,861 848,599 2,413,460 9,010 13,444 122,937 145,391 (62,191) 83,200 2,496,660 1,011,291 1,485,369 2,496,660	2024 £ 367,928 72,878 18,035
		458,841
		124,618 307,930
		432,548
		26,293 63,117 2,306,442
		2,395,852
		2024 £ 1,532,540 666,736
		2,199,276
		5,711 5,674 318,857
		330,242 (133,666)
		196,576

		2,395,852
		1,038,859 1,356,993
		2,395,852

Page 32

HOUSEHOLD DIVISION CHARITY

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

19 Activity from Subsidiaries (continued)

King’s Guards Officers’ Mess (Charity number - 1158087)

The Charity's main activities include the operation of the King's Guard Officers' Mess at St James's Palace for the welfare of those on Royal Guard duties. The summary of the results for the charity are shown below and separate accounts for the charity are filed with the Charities Commission for England and Wales.

Income Donations Charitable activities Expenditure Charitable activities Net income and movement in funds Total funds brought forward Funds carried forward Current Assets Stock Debtors Cash at bank and in hand Creditors: amounts falling due within one year Net current assets Total net assets Charity Funds Restricted funds Unrestricted funds	2025 £ 9,781 130,421 140,202 163,581 163,581 (23,379) 41,963 18,584 2025 £ 7,143 713 21,998 29,854 (11,270) 18,584 18,584 - 18,584 18,584	2024 £ 8,488 136,146
		144,634
		138,945
		138,945
		5,689 36,274
		41,963
		2024 £ 8,386 1,270 49,919
		59,575 (17,612)
		41,963

		41,963
		- 41,963
		41,963

Page 33

HOUSEHOLD DIVISION CHARITY

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

,Activity from Subsidiaries (continued)

Guards Museum Trust (Charity number - 278181)

The Guards Museum Trust in turn has a wholly owned subsidiary – Guards Museum Enterprises Limited. The Charity's main activities include the education of the public in the traditions of The Guards though visits and events held at the Guards Museum throughout the year. The summary of the results for the charity are shown below and separate accounts for the charity are filed with the Charities Commission for England and Wales.

Income Donations and legacies Charitable activities Other trading activities Investments Expenditure Raising funds Charitable activities Gains/(losses) on investments Net income and movement in funds Total funds brought forward Funds carried forward	Consolidated Guard Museum Trust 2025 2024 £ £ 298,996 47,529 126,812 107,028 294,180 195,847 31,507 19,993 751,495 370,397 196,110 128,437 223,349 101,411 419,459 229,848 49,463 33,085 381,499 140,549 1,353,852 1,180,218 1,735,350 1,353,852	Standalone Guards Museum Enterprises 2025 2024 £ £ - - - - 294,180 195,847 - - 294,180 195,847 111,158 55,417 84,927 140,430 196,085 195,847 - - 98,095 - (4,582) (4,582) 93,513 (4,582)	Standalone Guards Museum Enterprises 2025 2024 £ £ - - - - 294,180 195,847 - - 294,180 195,847 111,158 55,417 84,927 140,430 196,085 195,847 - - 98,095 - (4,582) (4,582) 93,513 (4,582)
			195,847
			55,417 140,430
			195,847
			- - (4,582)
			(4,582)

Page 34

HOUSEHOLD DIVISION CHARITY

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

19 Activity from Subsidiaries (continued)

Fixed Assets Intangible assets Tangible assets Investments Current Assets Stock Debtors Cash at bank and in hand Creditors: amounts falling due within one year Net current assets Total net assets Charity Funds Restricted funds Unrestricted funds Share Capital Profit and loss account	Consolidated Guard Museum Trust 2025 2024 £ £ 4,550 - 19,865 15,443 743,626 694,162 768,041 709,605 9,668 1,996 75,432 86,735 908,356 665,396 993,456 754,127 (26,146) (109,880) 967,310 644,247 1,735,351 1,353,852 66,395 - 1,668,956 1,353,852 - - - - 1,735,351 1,353,852	Standalone Guards Museum Enterprises 2025 2024 £ £ 4,550 - 18,115 13,693 - - 22,665 13,693 9,668 1,996 69,077 79,588 168,266 96,325 247,011 177,909 (176,161) (196,182) 70,849 (18,273) 93,514 (4,580) - - - - 1 1 93,513 (4,581) 93,514 (4,580)	Standalone Guards Museum Enterprises 2025 2024 £ £ 4,550 - 18,115 13,693 - - 22,665 13,693 9,668 1,996 69,077 79,588 168,266 96,325 247,011 177,909 (176,161) (196,182) 70,849 (18,273) 93,514 (4,580) - - - - 1 1 93,513 (4,581) 93,514 (4,580)
			13,693
			1,996 79,588 96,325
			177,909 (196,182)
			(18,273)

			(4,580)
			- - 1 (4,581)
			(4,580)

Page 35

HOUSEHOLD DIVISION CHARITY

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

20 Comparative Consolidated Statement of Financial Activities

Restricted Funds £ 307,967 225,794 48,071 107,029 3,660,103	Expendable Endowment £ - - - - - - - 737 - 737 (737) 6,984	Total 2024 £ 417,318 802,428 240,962 107,029 3,695,865 5,263,602 473,517 46,922 1,120,689 1,641,128 3,622,474 480,401
4,348,964
167,938 9,545 502,013
679,496
3,669,468 126,685
3,796,153 608,221	6,247 123,630 129,877	4,102,875 7,505,130 11,608,005
4,404,374

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HOUSEHOLD DIVISION CHARITY

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

21 Value of subsidiaries on formation of group

On 01 November 2022, the Household Division Charity Charitable Incorporated Organisation (CIO) was registered and became effective from 01 January 2023 following the transfer of assets from the unincorporated trust to the CIO. Subsequent to being registered, the CIO was appointed as the sole Trustee for the Guards' Chapel Trust (GCT), The Guards Museum Trust (GMT) and the Kings' Guard Officers' Mess (KGOM) with effect from 16 January 2024 (acquisition date).

Effective from the acquisition date, the CIO has control of GCT, GMT and KGOM and as such presents consolidated financial statements including the income, expenses, assets and liabilities of these entities. A summary of the assets and liabilities for each of these entities at acquisition date is as below. In line with the Charitable objectives of each of these entities as at the acquisition date, the Funds for KGOM are accounted for as unrestricted funds whilst the funds for GCT and GMT are accounted for as restricted funds (refer to note 15 for further details on these funds).

Fixed Assets Investments Stock Debtors Cash Creditors	King’s Guards Officers Mess £ 8,106 - - 3,073 37,074 (12,491) 35,762	Guards Chapel Trust £ 1,378,336 852,540 5,711 1,394 366,545 (124,640) 2,479,886	Guards Museum Trust £ 17,294 661,077 3,212 180,552 376,557 (58,475) 1,180,217	Total 1,403,736 1,513,617 8,923 185,019 780,176 (195,606)
				3,695,865

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HOUSEHOLD DIVISION CHARITY

CHARITY ONLY STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 30 SEPTEMBER 2025

THIS PAGE DOES NOT FORM PART OF THE CONSOLIDATED FINANCIAL STATMENTS

Restricted Funds £ - - 19,003	Expendable Endowment £ - - - - - 836 - 836 (836) 10,529	Total 2025 £ 124,885 494,812 195,506	Total 2024 £ 115,671 481,445 213,041
19,003		815,203	810,158
- 3,407 -		428,616 43,490 539,785	305,578 40,481 536,008
3,407		1,011,891	882,067
15,596 42,902		(196,688) 547,664	(71,910) 383,120
58,498 654,672	9,693 129,877 139,570	350,976 7,816,340	311,210 7,505,130
713,170		8,167,316	7,816,340

Page 38

HOUSEHOLD DIVISION CHARITY

CONTENTS

TRUSTEES’ REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Structure, governance and management

Legal structure

Trustees

TRUSTEES’ REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Organisational structure

Trustees’ responsibilities

Risk management

TRUSTEES’ REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Objectives and activities

Strategies for achieving objectives

Grant making policy and public benefit

TRUSTEES’ REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Financial review

Reserves policy

Investment policy

TRUSTEES’ REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Fundraising

Achievements and performance

Future plans

TRUSTEES’ REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2025

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES

Opinion

Basis for opinion

Conclusions relating to going concern

Other information

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES

Matters on which we are required to report by exception

Responsibilities of Trustees

Auditors’ responsibilities for the audit of the financial statements

Identifying and assessing risks related to irregularities:

Audit response to risks identified:

Use of our report

HOUSEHOLD DIVISION CHARITY

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 30 SEPTEMBER 2025

CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2025

HOUSEHOLD DIVISION CHARITY

CHARITY BALANCE SHEET AS AT 30 SEPTEMBER 2025

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

1 Accounting policies

1.1 Accounting convention and basis of preparation

1.2 Going concern

1.3

Basis of Consolidation

1.4 Funds

Restricted funds:

Endowment funds:

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

1.5 Donations, legacies and subscriptions

1.6 Income from charitable activities

1.7 Investment income

1.8 Fixed assets

Tangible Fixed assets

Intangible fixed assets

1.9 Fixed asset investments

1.10 Financial instruments

1.11 Stock

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

1.12 Critical estimates and judgements and key sources of estimation uncertainty

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

2 Donations, legacies and subscriptions

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

7 Charitable activities

8 Governance

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Employees and Trustee transactions

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

10 Tangible fixed assets Group

Tangible fixed assets Charity

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

15 Analysis of net assets between funds (continued)

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

16 Movement in funds