## **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**
## **CONTENTS**
||**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.
Page 2
**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
Page 3
**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.
Page 4
**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.
Page 5
**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.
Page 6
**HOUSEHOLD DIVISION CHARITY**
## **TRUSTEES’ REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2025**
On behalf of the Trustees
**----- Start of picture text -----**
……………………………………………
**----- End of picture text -----**
Lieutenant Colonel C M J Foinette **Trustee**
**----- Start of picture text -----**
…………. ……………………………… 2026
**----- End of picture text -----**
Page 7
**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
Page 8
**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.
Page 9
**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.
Page 10
**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
Page 11
## **HOUSEHOLD DIVISION CHARITY**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 30 SEPTEMBER 2025**
|**Notes**
**Income from:**
Donations and legacies
**2**
Activities to generate
funds
**3**
Investment income
**5**
Charitable activities
**4**
Value of Subsidiaries
**21**
**Total income**
**Expenditure on:**
Raising funds
**6**
Investment management
costs
Charitable activities
**7**
**Total expenditure**
**Net (expenditure)/**
**income before**
**investment gains**
**Gains on investment**
**assets**
**Net income and net**
**movement in funds**
**Total funds brought**
**forward**
**Total funds carried**
**forward**
**16**|**Unrestricted**
**Funds**
**£**
134,666
625,122
176,615
-
-
**936,403**
428,617
31,753
703,367
**1,163,737**
(227,334)
399,857
**172,523**
5,807,345
**5,979,868**|**Restricted**
**Funds**
**£**
579,250
391,715
71,181
126,812
-|
**Permanent**
**Endowment**
**£**
-
-
-
-
-
**-**
-
7,494
-
**7,494**
(7,494)
94,377
**86,883**
1,266,409
**1,353,292**|**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.
Page 12
**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.
Page 13
## **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.
Page 14
**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.
Page 15
**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|**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|**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**
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.
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**
|**Income from:**
Donations and legacies
Activities to generate funds
Investment income
Charitable activities
Value of Subsidiaries
**Total income**
**Expenditure on:**
Raising funds
Investment management
costs
Charitable activities
**Total expenditure**
**Net income/**
**(expenditure) before**
**investment gains**
**Gain/(loss) on**
**investment assets**
**Net income/**
**(expenditure) and net**
**movement in funds**
**Total funds brought**
**forward**
**Total funds carried**
**forward**|**Unrestricted**
**Funds**
**£**
109,351
576,634
192,891
-
35,762
**914,638**
305,579
29,837
618,676
**954,092**
(39,454)
282,279
242,825
5,564,520
**5,807,345**|**Restricted**
**Funds**
**£**
307,967
225,794
48,071
107,029
3,660,103|
**Permanent**
**Endowment**
**£**
-
-
-
-
-
**-**
-
6,803
-
**6,803**
(6,803)
64,453
57,650
1,208,759
**1,266,409**|
**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**||||
Page 36
**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**
|**Income from:**
Donations and legacies
Activities to generate funds
Investment income
**Total income**
**Expenditure on:**
Raising funds
Investment management
costs
Charitable activities
**Total expenditure**
**Net (expenditure)/**
**income before**
**investment gains**
**Gains on investment**
**assets**
**Net income and net**
**movement in funds**
**Total funds brought**
**forward**
**Total funds carried**
**forward**|**Unrestricted**
**Funds**
**£**
124,885
494,812
176,503
**796,200**
428,616
31,753
539,785
**1,000,154**
(203,954)
399,856
**195,902**
5,765,382
**5,961,284**|**Restricted**
**Funds**
**£**
-
-
19,003|
**Permanent**
**Endowment**
**£**
-
-
-
**-**
-
7,494
-
**7,495**
(7,495)
94,377
**86,883**
1,266,409
**1,353,292**|
**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**|
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