**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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
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