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2025-09-30-accounts

Charity number: 278181

THE GUARDS MUSEUM TRUST

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

THE GUARDS MUSEUM TRUST

CONTENTS

Page
Reference and administrative details of the charity, its Trustees and advisers 1
Trustee's report 2
Independent examiner's report 5
Consolidated statement of financial activities 6
Consolidated balance sheet 7
Charity balance sheet 8
Consolidated statement of cash flows 9
Notes to the financial statements 10

THE GUARDS MUSEUM TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2025

Trustees

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

The Trustees of the Household Division Charity CIO 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 278181

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

THE GUARDS MUSEUM TRUST

TRUSTEE'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025

The Trustee presents its annual report together with the financial statements of the charity for the 1 October 2024 to 30 September 2025.

The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Objectives and activities

a. Policies and objectives

The objects of the charity as set out in the trust deed are:

"Educating the public including members of the Household Division in the traditions of the Division and the memorialisation of its deeds."

The Guards Museum exists to tell the story of the development of the five Regiments of Her Majesty's Foot Guards. It collects and preserves artefacts that represent these Regiments' rich history since 1642 to the present day.

b. Strategies for achieving objectives

The Museum in Central London is open daily and receives c.20,000 visitors a year. Children are admitted free of charge and the museum welcomes educational groups. The Trustees aim to make the Museum accessible to everyone to learn about, enjoy and be inspired by the Foot Guards. The Museum is registered with Arts Council England (ACE) and received accreditation in 2008 and was successfully re accredited in 2012 and again in 2017.

c. Activities undertaken to achieve objectives

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

The charity undertakes various activities in order to raise funds for the work of the Museum. Many of these are now undertaken in a wholly owned trading subsidiary which donates all its profits to the Trust.

2

THE GUARDS MUSEUM TRUST

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Achievements and performance

a. Key performance indicators

The accounts show a surplus, including restricted funds, of £332,036 (2024 - £140,549). After allowing for unrealised gains and losses on the investments, the overall net movement on funds was a current year surplus of £381,499 (2024 - £173,634).

The Trust’s reserves have historically been accumulated slowly over the years as unrestricted funds. The unrestricted reserves are held to maintain continuity and financial stability for the Museum and to provide funds for the purchase of artefacts as additions to the collection, and capital projects. The charity's consolidated reserves at 30 September 2025 were £1,735,351 (2024 - £1,353,852). The reserves are principally held as investments with a further amount held as working capital for the trading activities and are considered adequate by the trustees.

Financial review

a. Going concern

The Trustees are mindful of potential financial risks, including cost of living pressures on household incomes and continued global economic uncertainty, however after making appropriate enquiries, they have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

b. Reserves policy

Our current reserves would provide for at least four years of trading without any revenue.

The deliberate policy to build up the trust fund as our ‘rainy day fund’ has been prudent in recent years, given the impact of the Covid pandemic and local and global economic factors affecting the heritage sector. The museum plans prudent investment in capital projects in the next financial year and continues to keep sufficient funds in place to allow for at least three years of trading without revenue going forward.

Structure, governance and management

a. Constitution

The Guards Museum Trust is a registered charity, number 278181, and is constituted under a Trust deed.

b. Methods of appointment or election of Trustee

The management of the Group and the charity is the responsibility of the Trustee who are elected and coopted under the terms of the Trust deed.

3

THE GUARDS MUSEUM TRUST

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Statement of Trustee's responsibilities

The Trustee are responsible for preparing the Trustee's 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 Trustee to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Group and the charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustee are required to:

The Trustee are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and 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 Group and the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustee and signed on their behalf by:

Lieutenant Colonel E J Paintin Trustee of Household Division Charity

Date:

4

THE GUARDS MUSEUM TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF THE GUARDS MUSEUM TRUST FOR THE YEAR ENDED 30 SEPTEMBER 2025

I report to the charity trustees on my examination of the consolidated accounts of the Group comprising the Guards Museum Trust (‘the Trust’) and its subsidiary undertakings for the year ended 30 September 2025.

Responsibilities of trustees and examiner

As the Trustee of the Trust you are responsible for the preparation of the consolidated accounts of the Group in accordance with the requirements of the Charities Act 2011 ('the 2011 Act') and you have chosen to prepare consolidated accounts for the Group. You are satisfied that the accounts of both parent charity and the Group are not required by charity law to be audited and have chosen instead to have an independent examination.

I report in respect of my examination of the consolidated accounts. I have carried out my examination under section 145 of the 2011 Act. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 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 trustees 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 Trust’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 matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records with respect to the parent charity were not kept as required by section 130 of the 2011 Act and with respect to its subsidiaries as required by section 386 of the Companies Act 2006; 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.

I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.

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

29 July 2026

5

THE GUARDS MUSEUM TRUST

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

Income from:
Note
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net movement in funds before other
recognised gains/(losses)
Other recognised gains/(losses):
Gains on revaluation of investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward
Unrestricted
funds
£
Restricted
funds
£
Total funds
(12 months)
2025
£
Total funds
(9 months)
2024
£

164,275
134,721
298,996
47,529

126,812
-
126,812
107,028

294,180
-
294,180
195,847

31,507
-
31,507
19,993
Unrestricted
funds
£
Restricted
funds
£
Total funds
(12 months)
2025
£
Total funds
(9 months)
2024
£

164,275
134,721
298,996
47,529

126,812
-
126,812
107,028

294,180
-
294,180
195,847

31,507
-
31,507
19,993
616,774
134,721
751,495		 370,397

196,110
-
196,110

155,023
68,326
223,349		 128,437
101,411
351,133
68,326
419,459		 229,848
265,641
66,395
332,036
49,463
-
49,463		 140,549
33,085
315,104
66,395
381,499		 173,634
1,353,852
-
1,353,852
315,104
66,395
381,499		 1,180,218
173,634
1,668,956
66,395
1,735,351		 1,353,852

The Consolidated statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 10 to 35 form part of these financial statements.

6

THE GUARDS MUSEUM TRUST

CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2025

Note
Fixed assets
Intangible assets
13
Tangible assets
14
Investments
15
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within
one year
18
Net current assets
Net assets
Charity funds
Restricted funds
19
Unrestricted funds
19
Total funds		 9,668
75,432
908,356		 2025
£
4,550
19,865
743,626		 1,996
86,735
665,396		 2024
£
-
15,443
694,162
768,041
967,310		 709,605
644,247
993,456
(26,146)		 754,127
(109,880)
1,735,351 1,353,852
66,395
1,668,956		 -
1,353,852
1,735,351 1,353,852

The financial statements were approved and authorised for issue by the Trustee and signed on their behalf by:

Lieutenant Colonel E J Paintin

Trustee of Household Division Charity

Date:

The notes on pages 10 to 35 form part of these financial statements.

7

THE GUARDS MUSEUM TRUST

CHARITY BALANCE SHEET AS AT 30 SEPTEMBER 2025

Note
Fixed assets
Tangible assets
14
Investments
15
Current assets
Debtors
17
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within
one year
18
Net current assets
Net assets
Charity funds
Restricted funds
19
Unrestricted funds
19
Total funds		 165,790
740,090		 2025
£
1,750
743,625		 129,298
569,071		 2024
£
1,750
694,162
745,375
896,461		 695,912
662,521
905,880
(9,419)		 698,369
(35,848)
1,641,836 1,358,433
66,395
1,575,441		 -
1,358,433
1,641,836 1,358,433

The financial statements were approved and authorised for issue by the Trustee and signed on their behalf by:

Lieutenant Colonel E J Paintin

Trustee of Household Division Charity

Date:

The notes on pages 10 to 35 form part of these financial statements.

8

THE GUARDS MUSEUM TRUST

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

Cash flows from operating activities
Net cash provided by operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of intangible assets
Purchase of tangible fixed assets
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 30
September
2025
(12 months)
£
30
September
2024
(9 months)
£
224,296
279,431
31,507
12,901
(8,293)
(3,493)
(4,550)
-
18,664
9,408
242,960
288,839
665,396
376,557
908,356
665,396

The notes on pages 10 to 35 form part of these financial statements

9

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

1. General information

The Guards Museum Trust is a charity, registered in England and Wales. The charity's registered office address is Household Division Funds, Horse Guards, Whitehall, London, SW1A 2AX.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The 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 the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

During the prior period, the financial year end was shortened from December to September. The periods shown in the financial statements are therefore not directly comparable due to the period being 12 months compared to the shortened 9 month prior period.

The Guards Museum Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

2.2 Income

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.

Grants and donations are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

The premises in which the museum operates out of are donated by the Ministry of Defence. As the premises would not be rented out for any other activity other than that of the museum it is not possible to attach a market rate to the transaction.

10

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

2. Accounting policies (continued)

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.5 Intangible assets and amortisation

Intangible assets costing £NIL or more 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.

Amortisation is provided on the following basis:

Computer software - %

2.6 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

11

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

2. Accounting policies (continued)

2.6 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following bases:

Short-term leasehold property - 20% straight line Fixtures and fittings - 25% Reducing balance Office equipment - 25% Reducing balance

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.8 Stocks

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

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

12

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

2. Accounting policies (continued)

2.12 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Pensions

The Group contributes into a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

2.14 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustee in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

13

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

3. Income from donations and legacies


Donations
Grants		 Unrestricted
Restricted
Total
funds
funds
funds
12 months 12 months 12 months
ended
ended
ended
30
30
30
September September September
2025
2025
2025
£
£
£
164,275
134,721
298,996
Unrestricted
Restricted
Total
funds
funds
funds
9 months
9 months
9 months
ended
ended
ended
30
30
30
September September September
2024
2024
2024
£
£
£
15,058
-
15,058
-
32,471
32,471
15,058
32,471
47,529

14

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

4. Income from charitable activities

Museum admissions
Museum admissions		 Unrestricted
Total
funds
funds
12 months 12 months
ended
ended
30
30
September September
2025
2025
£
£
126,812
126,812
Unrestricted
Total
funds
funds
9 months
9 months
ended
ended
30
30
September September
2024
2024
£
£
107,028
107,028

15

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

5. Income from other trading activities

Income from non charitable trading activities

Sales
Sales		 Unrestricted
Total
funds
funds
12 months 12 months
ended
ended
30
30
September September
2025
2025
£
£
294,180
294,180
Unrestricted
Total
funds
funds
9 months
9 months
ended
ended
30
30
September September
2024
2024
£
£
195,847
195,847

16

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

6. Investment income


Listed investments
Deposit account interest
Listed investments
Deposit account interest		 Unrestricted
Total
funds
funds
12 months 12 months
ended
ended
30
30
September September
2025
2025
£
£
17,780
17,780
13,727
13,727
31,507
31,507
Unrestricted
Total
funds
funds
9 months
9 months
ended
ended
30
30
September September
2024
2024
£
£
12,901
12,901
7,092
7,092
19,993
19,993

17

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

7. Expenditure on raising funds

Costs of raising voluntary income

Unrestricted Unrestricted
T o t a l
funds 12
f u n d s 1 2
months
m o n t h s
ended 30
e n d e d 3 0
September
S e p t e m b e r
2025
2 0 2 5
£ £
Purchases 30,801 30,801
Repairs and maintenance 859 859
Travel 1,068 1,068
Entertainment 316 316
Office costs 16,682 16,682
Bank fees 2,192 2,192
Accounts and bookkeeping 18,904 18,904
Charitable/political donations 1,000 1,000
Wages and salaries 40,360 40,360
Depreciation 3,864 3,864
116,046 116,046

18

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

7. Expenditure on raising funds (continued)

Costs of raising voluntary income (continued)

Purchases
Repairs and maintenance
Travel
Entertainment
Office costs
Bank fees
Accounts and bookkeeping
Donations
Wages and salaries
Depreciation		 Unrestricted
funds 9
months
ended 30
September
2024
£
T o t a l f u n d s
9 m o n t h s
e n d e d
3 0
S e p t e m b e r
2 0 2 4
£
43,871
43,871
731
731
8,644
8,644
153
153
7,637
7,637
1,500
1,500
6,513
6,513
200
200
23,092
23,092
4,428
4,428
96,769
96,769

19

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

7. Expenditure on raising funds (continued)

Other trading expenses


Cost of sales
Administration expenses		 Unrestricted
Total
funds
funds
12 months 12 months
ended
ended
30
30
September September
2025
2025
£
£
39,996
39,996
40,068
40,068
80,064
80,064

Administration expenses

Unrestricted Total
funds funds
9 months 9 months
ended ended
30 30
September September
2024 2024
£ £
31,668 31,668

20

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

8. Analysis of expenditure on charitable activities

Summary by fund type


Museum
Museum		 Unrestricted
Restricted
funds
funds
Total
12 months 12 months 12 months
ended
ended
ended
30
30
30
September September September
2025
2025
2025
£
£
£
155,023
68,326
223,349
Unrestricted
Restricted
funds
funds
Total
9 months
9 months
9 months
ended
ended
ended
30
30
30
September September September
2024
2024
2024
£
£
£
68,940
32,471
101,411

21

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

9. Analysis of expenditure by activities

Museum
Museum
Analysis of direct costs
Wages and salaries
Insurances
Office costs
Travel		 Activities
undertaken
Support
Total
directly
costs
funds
12 months 12 months 12 months
ended
ended
ended
30
30
30
September September September
2025
2025
2025
£
£
£
121,832
101,517
223,349
Activities
undertaken
Support
Total
directly
costs
funds
9 months
9 months
9 months
ended
ended
ended
30
30
30
September September September
2024
2024
2024
£
£
£
89,785
11,626
101,411
Total
Museum
funds
12 months 12 months
ended
ended
30
30
September September
2025
2025
£
£
119,253
119,253
1,799
1,799
424
424
356
356
121,832
121,832

22

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

9. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Wages and salaries
Subcontractors
Insurances
Office costs		 M u s e u m
9 m o n t h s
e n d e d
3 0
S e p t e m b
e r 2 0 2 4
£
T o t a l
f u n d s 9
m o n t h s
e n d e d
3 0
S e p t e m b
e r 2 0 2 4
£
73,731
73,731
12,553
12,553
2,740
2,740
761
761
89,785
89,785

23

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

9. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Accountancy
Professional fees
Bookkeeping
Bank charges
Postage, freight & courier
Volunteer costs
Interest paid
Office expenses
Accountancy
Professional fees
Bookkeeping
Bank charges		 Total
Museum
funds
12 months 12 months
ended
ended
30
30
September September
2025
2025
£
£
79,738
79,738
10,350
10,350
35
35
8,500
8,500
1,416
1,416
3
3
1,375
1,375
65
65
35
35
101,517
101,517
Total
Museum
funds
9 months
9 months
ended
ended
30
30
September September
2024
2024
£
£
5,450
5,450
35
35
5,400
5,400
741
741
11,626
11,626

24

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

10. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £4,000 ( 2024 - £3,750 ).

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution
pension schemes		 G r o u p 1 2
m o n t h s
ended
30
September
Group 9
months
ended 30
September
Charity 12
months
ended 30
September
2025
2024
2025
£
£
£
207,750
86,876
167,389
15,406
5,587
15,406
16,196
4,360
16,196


Charity 9
months
ended 30
September
2024
£
63,784
5,587
4,360
73,731
239,352
96,823
198,991

The average number of persons employed by the charity during the year was as follows:

Employees

Group Group
12 months 9 months
ended ended
30 30
September September
2025 2024
No. No.
5 3

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
12 months 9 months
ended ended
30 30
September September
2025 2024
No. No.
Banding between £60,001 - £70,000 1 1
In the band £70,001 - £80,000 1 -

25

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

12. Trustee's remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL)

During the year ended 30 September 2025, no Trustee expenses have been incurred (2024 - £NIL) .

13. Intangible assets

Group

Cost
Additions
At 30 September 2025
Net book value
At 30 September 2025
At 30 September 2024		 Computer
software
£
4,550
4,550
4,550
-

14. Tangible fixed assets

Group

Cost or valuation
At 1 October 2024
Additions
At 30 September 2025		 Short-term
leasehold
property
Plant and
machinery
Office
equipment
£
£
£
11,617
102,649
2,000
1,100
7,192
-		 Total
£
116,266
8,292
12,717
109,841
2,000		 124,558

26

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

14. Tangible fixed assets (continued)

Group (continued)

Depreciation
At 1 October 2024
Charge for the year
At 30 September 2025
Net book value
At 30 September 2025
At 30 September 2024		 Short-term
leasehold
property
Plant and
machinery
Office
equipment
Total
£
£
£
£
6,675
93,898
250
100,823
1,080
2,790
-
3,870
7,755
96,688
250
104,693
4,962
13,153
1,750
19,865
4,942
8,751
1,750
15,443

27

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

14. Tangible fixed assets (continued)

Charity

Cost or valuation
At 1 October 2024
At 30 September 2025
Depreciation
At 1 October 2024
At 30 September 2025
Net book value
At 30 September 2025
At 30 September 2024
15.
Fixed asset investments
charity
Cost or valuation
At 1 October 2024
Revaluations
At 30 September 2025
Net book value
At 30 September 2025
At 30 September 2024		 Fixtures and
fittings
£
Office
equipment
£
65,838
2,000		 Total
£
67,838
65,838
2,000		 67,838
65,838
250		 66,088
65,838
250		 66,088
1,750 1,750
-
1,750		 1,750
Listed
investments
£
694,162
49,463
743,625
743,625
694,162

28

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

16. Stocks

Group Group
2025 2024
£ £
Finished goods and goods for resale 9,668 1,996

17. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
Group
2025
2024
£
£
2,925
-
-
-
3,522
5,929
68,985
80,806		 Charity
Charity
2025
2024
£
£
-
-
159,433
122,152
3,522
5,432
2,835
1,714
75,432
86,735		 165,790
129,298

29

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

18. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Pension payable
Other creditors
Accruals and deferred income		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
7,647
6,679
2,100
1,800
7,508
70,152
-
3,125
921
669
919
668
351
25,255
-
25,255
9,719
7,125
6,400
5,000
26,146
109,880
9,419
35,848

30

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

19. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds - all funds
Restricted funds
Grant in Aid		 Balance at 1
October
2024
Income Expenditure
£
£
£
1,353,852
616,774
(351,133)		 Gains/
Balance at
30
September
(Losses)
2025
£
£
49,463
1,668,956
134,721
(68,326)		 -
66,395

The restricted grant in aid fund relates to funds that are received by the Guards Musuem Trust for the purposes of contributing to the Musuem's staff expenditure.

Total of funds
Statement of funds - prior year
1,353,852
751,495
(419,459)
Balance at
1 January
2024
Income
Expenditure
£
£
£
Unrestricted funds
General Funds - all funds
1,180,218
337,926
(197,377)
Restricted funds
Grant in Aid
-
32,471
(32,471)
Total of funds
1,180,218
370,397
(229,848)		 1,353,852
751,495
(419,459)		 49,463
1,735,351
Gains/
(Losses)
Balance at
30
September
2024
£
£
33,085
1,353,852
-
32,471
(32,471)		 -
-
1,180,218
370,397
(229,848)		 33,085
1,353,852

31

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

20. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds 2025 £
Restricted
funds 2025
£
Total
funds
2025
£
19,865
-
19,865
4,550
-
4,550
743,626
-
743,626
927,061
66,395
993,456
(26,146)
-
(26,146)
1,668,956
66,395
1,735,351

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
 Unrestricted
funds 2024 £
Total
funds
2024
£
15,443
15,443
694,162
694,162
754,127
754,127
(109,880)
(109,880)
1,353,852
1,353,852

Total

32

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Loss on the sale of fixed assets
Decrease/(increase) in stocks
Decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities		 G r o u p
1 2
m o n t h s
e n d e d
2 0 2 5 £
G ro u p
9
m o n t hs
e n d e d
2 0 2 4 £
332,036
140,549
3,870
4,423
(31,507)
(12,901)
-
923
(7,672)
1,215
11,303
93,820
(83,734)
51,402
224,296
279,431

22. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 Group
Group
2025
2024
£
£
908,356
665,396
908,356
665,396

33

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

23. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year		 At 1
October
2024 Cash flows
At 30
September
2025
£
£
£
665,396
242,960
908,356
(669)
(252)
(921)
664,727
242,708
907,435

24. Pension commitments

The group contributes into a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £16,196 (2024 - £4,635). Amounts payable to the fund at the balance sheet date total £921 (2024 - £944) and are included in group creditors.

25. Related party transactions

At the balance sheet date, the trustees confirm that there have been no related party transactions in the period which require disclosure in the financial statements (2024: none).

26. Controlling party

The Household Division Charity CIO is the sole trustee of Guards Museum Trust (registered charity number 278181).

34

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

27. Principal subsidiaries

The following was a subsidiary undertaking of the charity:

Name Company Registered office or principal Principal activity number place of business Guards Museum Enterprises 06461708 Wellington Barracks, Birdcage Museum activities Limited Walk, London, SW1E 6HQ

Class of Holding Included in shares consolidation Ordinary 100% Yes

The financial results of the subsidiary for the year were:

Name Income Expenditure Profit/(Loss) Net assets
£ £ / Surplus/ £
(Deficit) for
the year
£
Guards Museum Enterprises Limited 294,180 (196,085) 98,095 93,514

35