GUARDS, CHAPEL TRUST TRUSTEE'S REPORT AND FINANaAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 REGISTERED CHARITY NO. 238694
GUARDS, CHAPEL TRUST CONTENTS Legal and administrative infomiation Report of the trustee Independent examinerfs report Statement of financial activities Balance sheet Statement of Cash Flows Notes to the financial statements io
GUARDS. CHAPEL TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Further to a resolution passed on 11 December 2023 the Trustee board resigned and the sole Trustee became the Household Division Charity CIO Iregistered charity number 12LK)8731 with effect from 16 January 2024. The Trustees of the Household Division Charity who served during the year are". Major General J M H Bover OBE Brigadier M S P Bery Lieutenant Colonel G C Light Lieutenant Colonel C M J Foinette lappointed 5 August 20241 Lieutenant Colonel J E N B Shaw (resigned 5 August 20241 D S S Chichester Esq J A C Campbell-johnston Esq J B Codrington Esq (appointed 29 May 20251 Trustees of the charity serving during the period to 16 January 2024 were.. Major General J M H Bowder OBE Brigadier Mark Simon Peter Berry Lieutenant Colonel G C Light Lieutenant Colonel J E N B Shaw D S S Chichester Esq J A C Campbell-johnston Esq Charlty number 238694 Address Horse Guarils Whitehall London SWIA 2AX Independent examlner Cara Turtington FCA tKhA Saffery LLP 71 Queen Vittoria Street London EC4V 4BE Bankers Lloyds TSB Bank PIC Guards & Cavalry Branch 7 Pall Mall London SWIY SNA Solicitors Wilsons 4 Lincoln's Inn Fields London WC2A 3AA
GUARDS. CHAPEL TRUST REPORTOF THE TRUSTEE FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustee presents its financial statements for the yearended 30 September 2024. The trustees who served during the period and up to the date of this port are set out on page l. Strurture* governance and management The Guards, Chapel Trust is a charitable trust. It is governed by a Trust Deed dated 28 October 1964 as amended by a scheme dated 11 October 1966 as amended bya scheme dated 9 September 2010 as amended by SolUtion dated 15 December 2011. On 11 December 2023 the Trustee board resolved to resign and the sole Trustee became the Household Division Charity CIO (registered charity number 12(X)8731 with effect from 16 January 2024. The objects of the Charity are to erect and maintain memorials to members of the Brigade of Guards (the Household Divi5ionl who have lost their lives in the service of theircountry as part of the fabric at the Guard Chapel, also to repair, clean, furnish, decorate and maintain the Guards, Chapel and such other charitable purposes connected with the Guards, Chapel as the trustees may at their absolute discretion determine. The charity takes into account experience. qualifications and dedication to charitable causes when recruiting and appointing new trustees. The charity provides on80ing training for its trustees where appropriate. Representotives of the Trustee On their first appointment, new representstives of the Trustee are given a copy of the scheme and a copy of the Charivs latest report and statement of account5. All representatives of the Trustee undergo induction training by the Charivs lawyer on appointment and fvrther 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 representatives of the Trustee. The representatives of the Trustee must hold at least 2 meetings in each 12 month period and at one such meeting the representative5 of the Trustee review the Trustee's Annual Report and Accounts and approve the Report and Accounts for adoption and authorise the Chairman to sign the report on the Trustee's behalf. Orgonisutional strurture The representatives of the Tnjstee manage the Charity through the Treasurer and part-time Assistant Treasurer. Sub-committee5 are provided with Terms of Reference and budgets to ensure good governance and compliance with best practice. The representatNes of the Trustee comply with the requirements of the Charity Scheme by holdin8 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 Trustee's policy. Where thresholds are likely to be exceeded. authorisation is sought from the representatives of the Trustee. The representatives of the Trustee maintain a Register of the Risks facing the Charity which, along with the Budget, is reviewed routinely.
GUARDS. CHAPEL TRUST REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 SEPTEMBER 2024 Risk monagement The representatives of the Trustee have regard for the principal areas of the Charivs operation5 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 representatives of the Trustee 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 representatives of the Trustee are therefore involved in the day to day management of the charity. The principal risk is that poor investment perfomiance could severely deplete the Charity's reserves and ability to generate sufficient funds to meet needs. Thi5 risk 15 mana8ed by apFK)inting reputable fund managers and review of their performance at meetings of the representative5 of the Trustee. The risk of inappropriate expenditure is covered by authorisation PrOdUreS and review of detailed management and year-end account5 by representatives of the Trustee. A secondary risk is the inCasing cost of funding the Choir, combined with diminishing demands for services for which fees are charged. The fees are reviewed annually. Additional digital card readers and QR code Cards have been made available to encourage digital donations by vi51tor5 and efforts are made to welcome passing tourists. The new organ is expected to attract greater interest a5 It has now been completed. Objertives and artivities The charity's main objective and activity is the operation and maintenance of the Guards, Chapel located at Wellington 8arracks in London. The representatives of the Trustee have referred to the guidance contained in the Charity Commission's general guidance on publit benefit when reviewing its aim and objectives. Achievements and perforniance The Guard5, Chapel Committee members, on behalf of the Trustee. continue to optimi5e the use of the Chapel in support of all military personnel in London but also the wider community of stakeholder5. the general public and visitors from abroad. The primary function at the Chapel remains to hold church services and recitals on a routine basis too- the recitals being open to the public. Initiatives continue to be explored, in particular engaging with local schools. During the year covered by this report. the representatrves of the Trustee continued to raise funds to replace the a8eing pipe organ. Installation of the new instrument was completed in June 2024. Financlal Review The charity generated a total net surplus for the year of E26,29312023= surplus of 161,8371 before gains on investments of £63,117 12023= gains of £24,557). This surplus included all organ related income and expenditure. The charity generated a net surplus on restritted funds of £109.704 before other recognised gains or losses 12023.. a surplus of £181,557) and a deficit on its unrestricted funds of £83,41112023: deficit of £19.7201. After accounting for gains on investments. all of which were unrestrirted. the total deficit on the unrestricted funds wa5 £20,29412022: surplus of £4.8371. During the year the charity made donations of £1.154 (2023.. £4371.
GUARDS. CHAPEL TRUST REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 SEPTEMBER 2024 Reserves policv It is the policy of the charity to maintain unrestricted funds sufficient to provide a stable base for the charity's continuing activities while at the Same time ensuring excessive funds are not accumulated. At 30 September 2024 unrestricted reserves were £1,053,85912023'. £1,074,153) and restritted reserves were £1.341,993 12023: £1,232,289). Investment pollcy The majority of the Charitys funds are invested with Evetyn Partners Investment Management. The investments aim to achieve a balance between capitsl 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. The equity securities in the portfolio will general be considered to have good potential for capital growth together with rising leve15 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 IEvelyn Partners Strategy 5 Index). The yardstick asset allocation las at May 20231 is 23-24% UK, 40% overseas, 30% Bonds or Alternatives and 6-7% cash Ideviation 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%. Publlc Benefit The Trustees confirm that in setting their objectives and planning their activities they have given careful consideration to the Charity Commission's general guidan on public benefit. Plans for future perlods It is the charitys intention to continue to operate the Guards, Chapel on an established annual programme in accordance with precedent. The trustees seek to embrace the widest congregation in order to meet the tharit¢s objectives fully. In the coming year the trustees plan to explore live-streamin8 for all special Services and increase the amount of donations received by the charity by making the process of donating more straightforward.
GUARDS. CHAPEL TRU REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 SEPTEMBER 2024 Statement of trustee's responsibilities The Trustee is responsible for preparing the Report of the Trustee and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Charity law requires the trustee to prepare finanual statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. In preparing these financial statements, the trustee is required to: Select suitable accounting policies and then apply them con5iStently- 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. subjett to any material departures disclosed and explained in the financial statements.. prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The Trustee is 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 IAccounts and Reports) Regulations 2W8 and the piovisions of the trust deed. The Trustee is 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. Approved by the trustee on and signed on tts behalf by: 3sL Lieuten Truste nl Colonel C M J Fo ette ot Household Division Charity
GUARDS, CHAPEL TRUST INDEPENDENT EXAMINERS REPORT TO THE TRusfEE OF GUARtyS CHAPEL TRUST FOR THE YEAR ENDED 30 SEwfEMBER 2024 I report to the trustee on my examination of the accounts of the chèrity for the year ended 30 September 2024. ftespertlve responsibilities of trustees and exarniner As the charity trustee of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111.the Arf). I report in respect of my examination of the Trusvs accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Art. Basls of independent examlnees report My examination was carried out in accordance with the 8eneral Directions given by the Chartty Commission. An examination includes a review of the accounting record5 kept by the charity and a compari50n of the accounts presented with those records. It also includes consideration of any unusual items or disclosure5 in the accounts, and seeking explanations from you as the trustee concerning any such matter5. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair Vie and the report is limited to those matter5 set out in the statement below. Independent exarninerfs sLitement Since the charity's gross income exceeded £250.IXKI your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect= accounting records were not kept in re5pett of the Trust as required by section 130 of the Act- or 2. the accounts do not accord with those records: or 3. the accounts do not compty with the applicable requirement5 concerning the form and content of account5 set out in the Charities (Accounts and Reports) Regulations 2(KJ8 other than any requirement that the accounts give a 'true and frdir view which is not a matter considered as part of an independent examination. I have no concerns and have come acr055 no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Cara Turtington FCA DChA Saffery LLP 71 Queen Vidoria Street London EC4V 48E 28 July 2025
GUARDS. CHAPEL TRUST STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 Unrestrirted 2024 Restrirted 2024 Totsl 2024 Total 2023 Income Donation5 Charitable artivities Investment income 61,166 72,878 18,035 306.762 367,928 72,878 18,035 321,432 79,099 21,357 Total income 152,079 306.762 458,841 421,888 Expenditure Raising funds Charitable activities SSI 234.939 124,067 72,991 124.618 307.930 51,001 209,050 Total expenditure 235,490 197,058 432,548 260,051 Net incoming resources before movements on investments 183.4111 IC8,704 26,293 161,837 GainsllLossesl on investment 63.117 63.117 24,557 Net income and M0ment Sn funds (20.2941 109,704 89.410 186,394 Reconciliation of Funds Total funds brought forward at i October 2023 1.074.153 1,232,289 2,306.442 2,120,048 Total funds canied forward at 30 September 2024 1,053,859 1,341.993 2.395.852 2,306,442
GUARDS, CHAPEL TRUST 8AiANCE SHEET AT 30 SEPTEMBER 2024 2024 2024 2023 2023 Notes Fixed assets Tangible fixed assets Investments 1,532.540 666,736 1,378,336 853,619 2.199.276 2.231,955 Current assets Stock Debtors Cash at bank io li 5.711 5,674 318.857 5,711 9,173 189,667 330,242 204,551 Current liabilities Creditors 12 1133.6661 1130,0641 Net current assets 196,576 74,487 Net asset5 2.395.852 2,306,442 Represent by: Unrestricted funds Restricted funds 13 13 1.053,859 1,341,993 1,074,153 1,232,289 Total funds 2.395,852 2,306,442 Approved and authori5ed for issue by the trustee on ,'Ji 2025 Lieutenant Colon C M J Foinette on behalf of the Household DbViSion Charity CIO Trustee of Household Division Charity
GUARDS, CHAPEL TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024 ststement of cash flows 2024 2023 Net cash provided by operating activities 33.017 149,387 Cash flows from investing arti¥ities Investment income Purchases of investments Disposal proceeds from investments Cash withdrawal from the portfolio Purchase of tan8ible fixed a55ets Net cash provided byl (used in) Investin8 artivities 19.E4)7 1117,6111 117,614 250.CKKJ 1173,4371 96.173 21,357 1136.6041 146,459 1850,7751 1819,5631 Change in cash and cash equivalents in the year Cash and cash equivalents at l October Cash and cash equivalents at 30 September 129.190 189,667 318,857 1670,1761 859,843 189.667 Reconcillation of net income to net cash flow from operatin8 activities Net Income ft*r the reporting period as per the ststement of financial activities Adjustments for: Depreciation charges Unrealised investment lossesl(8ains) Investment income Decrease/lincreasel in debtors Increase/ldecreasel in creditors Decrease/lincreasel in stock 89.410 186.394 19,232 163,1171 118.035) 1.925 3.602 17,533 134.4101 121,3571 {1,8561 2,975 Net cash provided by operatin8 activities 33,017 149.387 Cash and cash equivalents Ati October 2023 At30 September 2024 Movement in year Cash at bank 189,667 129.190 318,857
GUARDS. CHAPEL TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policies The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year. 8asis of accounting The financial statements have been prepad in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 10211second edition) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102. 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 £. Fund accounting Funds held by the charity are= Unrestricted funds= These are funds which can be used in accordan with the charitable objerts at the discretion of the trustees. Restricted funds: These are funds Whe the donor has specified their future use and they are held a5 restricted funds until they have been used on that purpose. Where funds are raised for a significant capital project the asset will be retained in the fund with future depreciation debited to the fund over the expected useful economic life of the asset. Going con¢em The Trustees have reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus they adopt the going concern basis in preparing the annual financial statements. Incomlng reurCeS All incoming resources are included in the statement of financial artivities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: Voluntary income is received by way of grants. donations and grfts and is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity are recogni5ed when the charity becomes unconditionally entitled to the granL Income from investments is included in the year in which it is receivable. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is reported as part of the expenditure to which it relates. io
GUARDS, CHAPEL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Resources expended {continued} Costs of generating funds comprise the costs incurred by the charity in the delivery of its activities and seryices for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities ènd services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of on indirect nature necessary to support them. Stock Stock is held at the lower of cost and net realisable value. Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or vèluation of assets less their residual values over their useful lives on the following basis: Sound System Choir Robe5, Furniture and Equipment Organ 25% straight line 25% stralght line Over ICM) years from date of completion The organ is treated as an asset under construction until it is completed and brought into Use. No depreciation is charged during the period of construction. The charity owns the embellishments of the Guards, Chapel. the Book of Remembrance and the Memorial Bookcase which are kept for the benefit of future generations. Therefore assets of these types are not depreciated. Investments Listed investments are stated at market value at the balance sheet date. Financial assets Financial assets are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Basic financial assets. which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets are dereco8nised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. i.io Financial liabilities Basic financial liabilities are initially measured at transaction price. Financial liabilities are derecogniied when. and only when, the charitys obligations are discharged, cantelled. or they expire. li
GUARDS. CHAPEL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 i.ii Key judgements and assumptions The key judgements and assumptions that have been made by the Trustees in the preparation of the financial statements relate to the deptIatIOn and valuation of assets. 1.12 Taxatlon The charitws activitie5 fall within the exemptions afforded by the provisions of the Income and Corporation Taxes Act 1988. Accordingly. there is no taxation charge in these accounts. Oonatlons Unrestrirted 2024 Restrfrted 2024 Total 2024 Totsl 2023 Donation5 collections & 8rants Donations- Friends of the Guards Chapel Donations for kneelers and plaques Wages in kind 50.761 1.879 291,762 342.523 1,879 I5,() ,526 308,224 5,741 15,(M)) 8,526 7,467 61,166 306.762 367,928 321,432 In 2023 £253,497 of the donations were re5trirted. Charitable Activitie5 Unrestrlrted 2024 Unrestrlrted 2023 Choir event5 Chapel fees 114 72,764 79.099 72,878 79,099 Investment incorne Unrestrirted 2024 Unrestricted 2023 Investment income Bank interest 17,054 981 21,357 18,035 21.357 12
GUARDS. CHAPEL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Fundralslng Unrestrirted Restrtrted 2024 2024 Total 2024 Total 2023 Staff costs Travel Fundraising for organ costs Other fundraising 6,958 108 20,568 23,367 551 551 124,067 124.067 551 124,067 124.618 51.(MJl In 2023 all fundraising costs were unrestricted apart from Organ project costs of £34,343. Charltable Artivities Unrestricted 2024 Restrirted 2024 Total 2024 Total 2023 Staff cost5 Grants and donations Organ scaffoldin& consultant and composition5 Organist and choir Wages in kind Furniture. kneelers and plaques Insurance maintenan and depreciation Admin and IT 31,5 1,154 31,590 1,154 437 42,355 661 42,355 155,102 8,526 33.608 2,235 19,232 8.897 4,531 37,597 135.975 7.467 154,441 8,526 18.608 2,235 4.556 8.897 4.531 15.(MXI 14,676 19,247 1,893 4,221 Accountancy Legal fees Sundry Travel 401 401 299 299 305 234.939 72.991 307,930 209,050 In 2023 all Charitable ActNities were unrestricted apart from Organ projett costs of £37,597. The Chartty has no employees12023-. none). During the period no payments were made to anv Trustee for their services nor were any expenses reimbursed to them12023= none).
GUARDS, CHAPEL TRUST NOTES TO THE FINANaAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Wages and salarles 2024 2023 Wages Social Security Pension costs 23.704 7.886 6.858 31.590 6,858 Salary costs as Gift in Kind Travel costs 8.526 299 7,467 305 40,415 14,630 Employees and trustee tran5artion5 There were 2 employee$12023= 0 employeesl during the period. The Trustee5 are tonsidered to be the key management personnel of the charity with the staff having more operational roles. Consequently the costs of the key management personnel of the organisation amounted to £0 for the year {2023= £ 01 No employee earned more than £60.(MJ) on an annuali5ed basis {2023= none). The trustees did not receprfe any remuneration or expenses during the year12023= nill. 14
GUARDS, CHAPEL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Tangible Fixed A55ets Embelllshmerf of Book of Guard< Chapel RemembrarKe Memorlal Bookcase At l Ortober 2023 Additions 74,407 3.472 1,612 At 30 September 2024 74.407 3,472 1.612 Depreclation At l October 2023 Charge for the year At 30 September 2024 Net Book Value At 30 september 2024 74A07 3,472 1,612 At 30 September 2023 74,407 3,472 1.612 Sound Choir robes. equipment and furniture Organ Total At l October 2023 Addition5 69.71XI 37,106 1,294,183 173,437 1,480.480 173,437 At 30 September 2024 69,7(K) 37.106 1,467.620 1,653,917 Deprecialion At l October 2023 Charge for the year 65,252 36,892 102,144 19,232 14,676 At 30 September 2024 69.7(M) 37.CrfXI 14.676 121,376 Net B¢)ok Value At 30 September 2024 106 1.452.943 1,532,540 At 30 September 2024 214 1.294,183 1,378,336 15
GUARDS, CHAPEL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Investments 1024 2023 Market value at l October 2023 Additions Disposals Gainslllossesl on investments Cash movement Capital withdrawn Impact of aliquot Changes 853,619 117.611 1119,8851 63,117 157,4591 1250,CWI 59,733 829,063 136,604 1146,4591 27,774 6,637 Market value at 30 September 2024 666,736 853,619 2024 2023 UK Government Bonds UK Fixed interest securities Overseas Fixed interest securities UK Equity shares Overseas Equity shares Other 24,046 31,652 19,431 166,317 312.433 107.827 30,956 58,567 14,686 237,(KJ5 342,766 107,151 661,706 5.030 791,131 62,488 Cash Market value at 30 September 2024 666.736 853,619 io. Stocks Unrestrfrted 2024 Unrestrfrted 2023 Cloth and badge materials 5,711 5,711 5,711 5,711 ii. Debto Unrestricted 2024 Unrertrirted 2023 Other Debtors Accrued income 1,394 4.280 3,319 5,854 5.674 9,173
GUARDS, CHAPEL TRUST NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 12. Credttors 2024 2023 Accruals Loans from regiments 3,666 130.CKJ) 5,064 125.OCQ 133.666 130,064 13. Net a55ets by fund 2024 Unrestrfrted Restricted Total Tangible fixed assets Investments Stock Debtors Cash at bank Creditors 79.597 666.736 5.711 5.674 299.807 13,6661 1,452,943 1.532.540 666.736 5,711 5,674 318.857 1133,6661 19,050 {130.LKKII Total 1,053.859 1,341,993 2.395.852 2023 Unrestricted Re5tritted Total Tangible fixed assets Investments Stock Debtors Cash at bank Creditors 84,153 853.619 5,711 9,173 126,561 15,0641 1,294,183 1,378,336 853,619 5,711 9,173 189.667 1130,0641 63,106 I125.Cl Total 1,074.153 1.232,289 2.306.442 17
GUARDS, CHAPEL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 14. Rertrfrted furds Ati Atyo September 2024 Galns I transfers 2023 Organ Kneelers and plaques 1,232,289 291,762 15,C(X) 1182,0581 115,CKM)I 1,341,993 1,232.289 3[,762 1197,0581 1,341,993 2023 Organ 1.050.732 253.497 171.9401 1,232,289 1.050.732 253,497 171,9401 1,232.289 Restricted funds represent money raised in connection with The Guards, Chapel Organ Campaign, the purpose of which is to commission and inrtall a new pipe organ in the Chapel. Thi5 new organ will support not only the Chapel's ceremonial and weekly service5 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. A grant was received in the year to restore the plaques and cabinets damaged in the bofflbing during WWII. This has been fully spent in the current year. 15. Related party transactlons The Trustees confim that there have been no related party transactions in the period which require disclosure in the financial statements12023: none). 18
GUARDS, CHAPEL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 ComparatNe ststement of financial a¢t•¥itie5 Unrestrirted 2023 Restricted Z023 Total 2023 Note Income Donations Charitable activities Investment income Other incomin8 resources 67,935 79,099 21.357 253.497 321.432 79.099 21,357 Total income 168.391 253,497 421,888 Expendlture Raising funds Charitable activities 16.658 171.453 34,343 37.597 51.(Kll 209,050 Total expenditure 188,111 71.940 260,051 Net incoming resources before movements on investment5 119.7201 181.557 161,837 Gains1lLossesl on investment 24.557 24,557 Net income and m¢>vement in fvnds 4,837 181557 186,394 Reconciliation of Funds Total funds brought forward at I October 2022 I,C69,316 1,050.732 2,120,048 Total fvnds carrfed forward at 30 September 2023 1,074,153 1.232.289 2,306,442