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2025-09-30-accounts

GUARDS’ CHAPEL TRUST

TRUSTEE’S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

REGISTERED CHARITY NO. 238694

GUARDS’ CHAPEL TRUST

CONTENTS

Page
Legal and administrative information 1
Report of the trustee 2
Independent examiner’s report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9

GUARDS’ CHAPEL TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees The sole Trustee of the Charity is the Household Division Charity CIO
(registered charity number 1200873). The Trustees of the Household
Division Charity who served during the year are:
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
D S S Chichester Esq
J A C Campbell-Johnston Esq
J B Codrington Esq (appointed 29 May 2025)
Charity number 238694
Address Horse Guards
Whitehall
London
SW1A 2AX
Independent examiner Cara Turtington FCA DChA
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Bankers Lloyds TSB Bank Plc
Guards & Cavalry Branch
7 Pall Mall
London
SW1Y 5NA
Solicitors Wilsons
4 Lincoln’s Inn Fields
London
WC2A 3AA

1

GUARDS’ CHAPEL TRUST REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 SEPTEMBER 2025

The trustee presents its financial statements for the year ended 30 September 2025. The trustee who served during the period and up to the date of this report are set out on page 1.

Structure, 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 by a scheme dated 9 September 2010 as amended by resolution dated 15 December 2011.

The sole Trustee of the Charity is the Household Division Charity CIO (registered charity number 1200873).

The objects of the Charity are to erect and maintain memorials to members of the Brigade of Guards (the Household Division) who have lost their lives in the service of their country as part of the fabric at the Guards’ 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 ongoing training for its trustees where appropriate.

Representatives of the Trustee

On their first appointment, new representatives of the Trustee are given a copy of the scheme and a copy of the Charity’s latest report and statement of accounts. All representatives of the Trustee 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 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 representatives of the Trustee review the Trustee’s Annual Report and Accounts and authorise the Chairman or his appointed representative to sign the report on the Trustee's behalf.

Organisational structure

The representatives of the Trustee manage the Charity through the Treasurer and part-time Assistant Treasurer. Sub-committees are provided with Terms of Reference and budgets to ensure good governance and compliance with best practice.

The representatives of the Trustee 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 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.

2

GUARDS’ CHAPEL TRUST REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 SEPTEMBER 2025

Risk management

The representatives of the Trustee 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 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 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 meetings of the representatives of the Trustee. The risk of inappropriate expenditure is covered by authorisation procedures and review of detailed management and year-end accounts by representatives of the Trustee.

A secondary risk is the increasing 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 visitors and efforts are made to welcome passing tourists. The new organ is expected to attract greater interest as it has now been completed.

Objectives and activities

The charity’s main objective and activity is the operation and maintenance of the Guards’ Chapel located at Wellington Barracks in London. The representatives of the Trustee have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing its aim and objectives.

Achievements and performance

The Guards' Chapel Committee members, on behalf of the Trustee, continue to optimise the use of the Chapel in support of all military personnel in London but also the wider community of stakeholders, 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.

The Guards' Chapel enjoys significant interest in the new organ, reviving visits and services. This is important at a time when the Household Division has witnessed the reduction of its own community as a consequence of the passing of the much larger World War 2 generation who were associated with the Guards' Chapel in person.

Financial Review

The charity generated a total net surplus for the year of £40,470 (2024: surplus of £26,293) before gains on investments of £60,338 (2024: gains of £63,117). This surplus included all organ related income and expenditure.

The charity generated a net deficit on restricted funds of £12,454 before transfers and other recognised gains or losses (2024: a surplus of £109,704) and a surplus on its unrestricted funds of £52,924 (2024: deficit of £83,411). After accounting for transfers and gains on investments, all of which were unrestricted, the total surplus on the unrestricted funds was £12,431 (2024: deficit of £20,294). During the year the charity made donations of £5,305 (2024: £1,154).

3

GUARDS’ CHAPEL TRUST REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 SEPTEMBER 2025

Reserves policy

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 2025 unrestricted reserves were £1,066,290 (2024: £1,053,859) representing over 3 years of unrestricted expenditure of the Trust. At 30 September 2025 restricted reserves were £1,430,370 (2024: £1,341,993) and these predominantly represent the value of the Chapel organ.

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.

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%.

Public Benefit

The Trustees confirm that in setting their objectives and planning their activities they have given careful consideration to the Charity Commission’s general guidance on public benefit.

Plans for future periods

It is the charity’s 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 charity’s objectives fully. In the coming year the trustees plan to explore live-streaming for all special services and increase the amount of donations received by the charity by making the process of donating more straightforward.

4

GUARDS’ CHAPEL TRUST REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 SEPTEMBER 2025

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 (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the trustee to prepare financial 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:

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 (Accounts and Reports) Regulations 2008 and the provisions 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 2026 and signed on its behalf by:

Lieutenant Colonel C M J Foinette Trustee of Household Division Charity CIO

5

GUARDS’ CHAPEL TRUST INDEPENDENT EXAMINERS REPORT TO THE TRUSTEE OF GUARD’S CHAPEL TRUST FOR THE YEAR ENDED 30 SEPTEMBER 2025

I report to the trustee on my examination of the accounts of the charity for the year ended 30 September 2025.

Respective responsibilities of trustees and examiner

As the charity trustee you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Trust’s 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 145(5)(b) of the Act.

Basis of independent examiner’s report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as the trustee concerning any such matters. 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 view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I 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:

  1. accounting records were not kept in respect 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 comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Cara Turtington FCA DChA Saffery LLP 71 Queen Victoria Street London EC4V 4BE 24 July 2026

6

GUARDS’ CHAPEL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025

Restricted
Unrestricted (Note 14) Total Total
2025 2025 2025 2024
Note £ £ £ £
Income
Donations 2 222,600 57,654 280,254 367,928
Charitable activities 3 97,535 - 97,535 72,878
Investment income 4 20,671 - 20,671 18,035
Total income 340,806 57,654 398,460 458,841
Expenditure
Raising funds 5 4,412 54,956 59,368 124,618
Charitable activities 6 283,470 15,152 298,622 307,930
Total expenditure 287,882 70,108 357,990 432,548
Net incoming resources
before movements on
investments		 52,924 (12,454) 40,470 26,293
Transfers between funds 7 (100,831) 100,831 - -
Gains/(Losses) on investment 60,338 - 60,338 63,117
Net income and movement in
funds		 12,431 88,377 100,808 89,410
Reconciliation of Funds
Total funds brought forward
at 1 October 2024		 1,053,859 1,341,993 2,395,852 2,306,442
Total funds carried forward
at 30 September 2025		 1,066,290 1,430,370 2,496,660 2,395,852

7

GUARDS’ CHAPEL TRUST BALANCE SHEET AT 30 SEPTEMBER 2025

Notes
Fixed assets
Tangible fixed assets
8
Investments
9
Current assets
Stock
10
Debtors
11
Cash at bank
Current liabilities
Creditors
12
Net current assets
Net assets
Represented by:
Unrestricted funds
Restricted funds
14
Total funds
13		 2025
£
9,010
13,444
122,937
145,391
(62,191)		 2025
£
1,564,861
848,599
2,413,460
83,200
2,496,660
1,066,290
1,430,370
2,496,660		 2024
£
5,711
5,674
318,857
330,242
(133,666)		 2024
£
1,532,540
666,736
2,199,276
196,576
2,395,852
1,053,859
1,341,993
2,395,852

Approved and authorised for issue by the trustee on 2026

Lieutenant Colonel C M J Foinette Trustee of Household Division Charity CIO

8

GUARDS’ CHAPEL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

1. Accounting policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year.

1.1

Basis of accounting

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 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 £.

1.2

Going concern

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.

1.3

Exemption from preparing a cash flow

Advantage has been taken of the exemption for charities with income less than £500,000 from preparing a cash flow statement.

1.4

Fund accounting

Funds held by the charity are:

Unrestricted funds:

These are funds which can be used in accordance with the charitable objects at the discretion of the trustees.

Restricted funds:

These are funds where the donor has specified their future use and they are held as 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.

1.5

Incoming resources

All incoming resources are included in the statement of financial activities 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 gifts 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 recognised when the charity becomes unconditionally entitled to the grant.

9

GUARDS’ CHAPEL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

Income from investments is included in the year in which it is receivable.

1.6 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.

Costs of raising funds comprise the costs incurred by the charity in the delivery of its activities and services 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 and services 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.

1.7

Stock

Stock is held at the lower of cost and net realisable value.

1.8

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 valuation of assets less their residual values over their useful lives on the following basis:

Sound System 25% straight line Choir Robes, Furniture and Equipment 25% straight line Organ Over 100 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.

1.9

Investments

Listed investments are stated at market value at the balance sheet date.

1.10

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 derecognised 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.

10

GUARDS’ CHAPEL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

1.11 Financial liabilities

Basic financial liabilities are initially measured at transaction price.

Financial liabilities are derecognized when, and only when, the charity’s obligations are discharged, cancelled, or they expire.

1.12 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 depreciation and valuation of assets.

1.12 Taxation

The charity’s activities 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.

2. Donations

Donations
Donations collections & grants
Donations – Friends of the Guards Chapel
Donations for kneelers and plaques
Wages in kind		 Unrestricted
2025
£
213,541
-
-
8,626
222,167		 Restricted
2025
£
57,654
-
-
-
57,654		 Total
2025
£
271,195
-
-
8,626
279,821		 Total
2024
£
342,523
1,879
15,000
8,526
367,928

In 2024 £306,762 of the donations were restricted.

11

GUARDS’ CHAPEL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

3. Charitable Activities

haritable Activities
Choir events
Chapel fees		 Unrestricted
2025
£
-
97,535
97,535		 Unrestricted
2024
£
114
72,764
72,878

4. Investment income

nvestment income
Investment income
Bank interest		 Unrestricted
2025
£
20,358
313
20,671		 Unrestricted
2024
£
17,054
981
18,035

5. Fundraising

undraising
Investment management
Travel
Fundraising for organ costs		 Unrestricted
2025
£
4,412
-
-
4,412		 Restricted
2025
£
-
-
54,956
54,956		 Total
2025
£
4,412
-
54,956
59,368		 Total
2024
£
-
551
124,067
124,618

In 2024 all fundraising costs were restricted apart from travel costs of £551.

12

GUARDS’ CHAPEL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

6. Charitable Activities

2025
Staff costs
Grants and donations
Organ
scaffolding,
consultant
and
compositions
Organist and choir
Wages in kind
Furniture, kneelers and plaques
Flowers and candles
Insurance
Maintenance and depreciation
Admin and IT
Accountancy
Legal fees
Sundry
Travel
2024
Staff costs
Grants and donations
Organ
scaffolding,
consultant
and
compositions
Organist and choir
Wages in kind
Furniture, kneelers and plaques
Insurance
Maintenance and depreciation
Admin and IT
Accountancy
Legal fees
Sundry
Travel		 Unrestricted
2025
£
21,412
5,305
64,522
157,553
8,626
4,576
1,200
1,334
106
7,870
8,625
-
410
1,931
283,470
Unrestricted
2024
£
31,590
1,154
-
154,441
8,526
18,608
2,235
4,556
8,897
4,531
-
401
-
234,939		 Restricted
2025
£
-
-
-
-
-
-
-
-
15,152
-
-
-
-
-
15,152
Restricted
2024
£
-
-
42,355
661
-
15,000
-
14,676
-
-
-
-
299
72,991		 Total
2025
£
21,412
5,305
64,522
157,553
8,626
4,576
1,200
1,334
15,258
7,870
8,625
-
410
1,931
298,622
Total
2024
£
31,590
1,154
42,355
155,102
8,526
33,608
2,235
19,232
8,897
4,531
-
401
299
307,930

13

GUARDS’ CHAPEL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

14

GUARDS’ CHAPEL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

7. Wages and salaries

Wages
Social Security
Pension costs
Salary costs as Gift in Kind
Travel costs		 2025
£
17,208
4,204
-
21,412
8,526
1,931
31,869		 2024
£
23,704
7,886
-
31,590
8,526
299
40,415

Employees and trustee transactions

There was 1 employee (2024: 2 employees) during the period.

The Trustees are considered 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 (2024: £ 0)

No employee earned more than £60,000 on an annualised basis (2024: none).

The trustees did not receive any remuneration or expenses during the year (2024: nil).

15

GUARDS’ CHAPEL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

8. Tangible Fixed Assets

Cost
At 1 October 2024
Additions
At 30 September 2025
Depreciation
At 1 October 2024
Charge for the year
At 30 September 2025
Net Book Value
At 30 September 2025
At 30 September 2024
Cost
At 1 October 2024
Additions
At 30 September 2025
Depreciation
At 1 October 2024
Charge for the year
At 30 September 2025
Net Book Value
At 30 September 2025
At 30 September 2024		 Sound
system
£
69,700
-
69,700
69,700
-
69,700
-
-		 Embellishment of
Guards’ Chapel
Book of
Remembrance
£
£
74,407
3,472
-
-
74,407
3,472
-
-
-
-
-
-
74,407
3,472
74,407
3,472
Choir robes,
equipment
and furniture
Organ
£
£
37,106
1,467,620
-
47,578
37,106
1,515,198
37,000
14,676
106
15,152
37,106
29,828
-
1,485,370
106
1,452,943		 Memorial
Bookcase
£
1,612
-
1,612
-
-
-
1,612
1,612
Total
£
1,653,917
47,578
1,701,495
121,376
15,258
136,634
1,564,861
1,532,540

16

GUARDS’ CHAPEL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

9.
Investments
Market value at 1 October 2024
Additions
Disposals
Gains on investments
Cash movement
Capital added/(withdrawn)
Market value at 30 September 2025
UK Government Bonds
UK Fixed interest securities
Overseas Fixed interest securities
UK Equity shares
Overseas Equity shares
Alternative investments
Cash
Market value at 30 September 2025
10.
Stocks
Cloth and badge materials
11.
Debtors
Other Debtors
Accrued income		 2025
£
666,736
210,987
(97,777)
60,338
(116,685)
125,000
848,599
2025
£
70,593
69,851
-
234,467
417,344
73,711
835,254
13,345
848,599
Unrestricted
2025
£
9,010
9,010
Unrestricted
2025
£
7,293
6,151
13,444		 2025
£
666,736
210,987
(97,777)
60,338
(116,685)
125,000		 2024

£

853,619

117,611

(119,885)

63,117

2,274

(250,000)

666,736
2024

£

24,046

31,652

19,431

166,317

312,433

107,827

661,706

5,030

666,736
Unrestricted
2024
£
5,711		 2024
£
853,619
117,611
(119,885)
63,117
2,274
(250,000)
848,599 666,736
2025
£
70,593
69,851
-
234,467
417,344
73,711		 2024
£
24,046
31,652
19,431
166,317
312,433
107,827
835,254
13,345		 661,706
5,030
848,599 666,736
5,711
Unrestricted
2024
£
1,394
4,280
5,674

17

GUARDS’ CHAPEL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

18

GUARDS’ CHAPEL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

12. Creditors

Accruals
Other creditors
Loans from regiments
13.
Net assets by fund
2025
Tangible fixed assets
Investments
Stock
Debtors
Cash at bank
Creditors
Total
2024
Tangible fixed assets
Investments
Stock
Debtors
Cash at bank
Creditors
Total		 2025
2024
£
£
5,425
3,666
1,766
-
55,000
130,000
62,191
133,666
Unrestricted
Restricted
Total
£
£
£
79,491
1,485,370
1,564,861
848,599
-
848,599
9,010
-
9,010
13,444
-
13,444
122,937
-
122,937
(7,191)
(55,000)
(62,191)		 2024
£
3,666
-
130,000
133,666
1,066,290
1,430,370
2,496,660
Unrestricted
Restricted
Total
£
£
£
79,597
1,452,943
1,532,540
666,736
-
666,736
5,711
-
5,711
5,674
-
5,674
299,807
19,050
318,857
(3,666)
(130,000)
(133,666)
1,053,859
1,341,993
2,395,852

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GUARDS’ CHAPEL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

14. Restricted funds

2025
Organ
2024
Organ
Kneelers and plaques		 At 1
October
2024
£
1,341,993
1,341,993
1,232,289
-
1,050,732		 Income
£
57,654
57,654
291,762
15,000
253,497		 Expenditure
£
(70,108)
(70,108)
(182,058)
(15,000)
(71,940)		 Gains /
transfers
£
100,831
100,831
-
-
-		 At 30
September
2025
£
1,430,370
1,430,370
1,341,993
-
1,232,289

Restricted funds represent 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. This new organ will support 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.

Transfers between funds represent costs met in relation to organ refurbishment that have been met from unrestricted funds.

A grant was received in the prior year to restore the plaques and cabinets damaged in the bombing during WWII. This was fully spent in the prior year.

15. Related party transactions

The Trustees confirm that there have been no related party transactions in the period which require disclosure in the financial statements (2024: none).

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GUARDS’ CHAPEL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

16. Comparative statement of financial activities

Unrestricted Restricted Total
2024 2024 2024
Note £ £ £
Income
Donations 2 61,166 306,762 367,928
Charitable activities 3 72,878 - 72,878
Investment income 4 18,035 - 18,035
Total income 152,079 306,762 458,841
Expenditure
Raising funds 5 551 124,067 124,618
Charitable activities 6 234,939 72,991 307,930
Total expenditure 235,490 197,058 432,548
Net incoming resources before
movements on investments (83,411) 109,704 26,293
Gains/(Losses) on investment 63,117 - 63,117
Net income and movement in funds (20,294) 109,704 89,410
Reconciliation of Funds
Total funds brought forward at 1
October 2023		 1,074,153 1,232,289 2,306,442
Total funds carried forward at 30
September 2024		 1,053,859 1,341,993 2,395,852

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