Charlty Registration No. 287265 GRENADIER GUARDS ASSOCIATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
GRENADIER GUARDS ASSOCIATION CONTENTS Pa8e Legal and Administrative information Report of the Trustees Independent Examinerfs report Statement of financial activities io Balance sheet li Notes to the financial statements 12-18
GRENADIER GUARDS ASSOCIATION LEGALAND ADMINISTRATIVE INFORMATION Trustees Major General J M H Bowder 08E General Sir Roly Walker KCB DSO ADC Gen Lieutenant General Sir George Norton KCVO, CBE Brigadier D J H Maddan DL Captain (Revdl C A G Bènnett The Rt Hon The Earl of Deth, DL General Secretary and Treasurer Ueutenant Colonel J A Keeley MBE Reglstered Chaiity Number 287265 Address Wellln@ton Barracks Birdcage Walk London SWIE6HQ Independent Examlner Jonathan Healey FCA Lindeyer Francis Ferguson Ltd North House JOP High Strreet Tonbridge Kent TN9 IBE Solldtors Wrlgleys Solicitors LLP 3 Ivellington Plè¢e Leeds LSI 4AP Bankers Lloyd5 Bank PIC 25 Gresham Street London EC2V 7HN Investment managers Cazenove Capital Management l London Wall Place London EC2Y SAU
GRENADIER GUARDS ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 310ECEMBER 2025 The Tru5tee5 present their annual report on the affairs of the Association, together with the Accounts and Independent Examiner's Report for the year ended 31 December 2025. The annual report and financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparlng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland 'FRS 102" Ileffettive l January 20191 Charities SORP IFRS 10211- When reviewing the aims of the charity, and in planning future activitie5, the Trustees have complied with the duty in section 4 of the Charities Act 2011 to have regard to public benefit guidance published by the Charity Commission. Ob ertlves and actlvltles The objects and main activities of the Associatlon to further the charities purposes for the public benefit are: To promote the efflciency of the Grenadier Guards and to maintain its history. tradttlons and esprit de corps. To relieve either generally or individually persons who are serving or who have served In the Regiment and their dependants who are in conditions of need, hardship and di5tre5S. Strurture emance and mèna ement Meetings Trustees detailed in these accounts have ultimate legal responsibility for the administration of the Association. The runninB of the charity is delegated to the Executive Committee who meet formally every six months inter alia to make policy, approve budgets and review progress. Constitution and Management The charf(y is governed bythe Association Rules and by-laws for Branches revised in 1983, 1999, 2014, 2019 and again in 2024 being approved at the Annual General Meeting on 20 April 2024. The Charity Commission were made aware of said changes, however, it was not necessary to -fIle the amended Rules with The Charity Commission given the changes were deemed to be mlnor. The recent revision updated MeMbehlp, Subscriptions and the Days Pay Scheme. The latter revisions resulted in the appointment of the Regimental Trustees and the President of the Association as Trustees of the Association. An Executive Committee of 18 members is appointed for the management, control and general administration of the Association's affairs. The Association Rules specify that the two Life Vice President members are nominated by the Executive Committee and elected at the General Meeting,. they hold Offi for three years. Other members of the Executive Committee are elected annualw al the General Meeting. The Executive Committee In turn appoints members to the Finance Sub-committee. These appointments are ratifted by the Trustees. Management of the twenty-four branche5 of the Association is governed by the by-laws in the governing document. The day to day running of the Central Fund is administered by the General Secretary and Treasurer, with instructions being issued by the Exetuttve and Finante Sub-committees.
GRENADIER GUARD5 A550CIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 The trustees of the Association are also the trustees of the Grenadier Guards Chairty. The trustees generally complete a five-year term however this can be extended should there not be a suitable candidate available. The trustees are generally recruf(ed fortheir professional qualities and attributes, such as finance and property management, and are also selected for experience within regimental posts. The selection proce55 is overseen by the current trustees in line with Charity Commisslon guidance. Policies In recent years funds have been allocated on a consistent basis to the heads of expenditure detailed in the Statement of Financial Artivilies on page 10 of these account5, Wlth a special emphasis on the provision of supplementary allowances, grants at Christmas to those of state retirement age, and individual grants to those members of all ages who are facing hardship and distress. Policy isto allocate expenijlture on broadly similar lines in the forthcoming year. In 2023 it was decided upon, to allow grants to be made to not only support Association Branch activity but also the activf(y of General Member5 who are holding Regimental reunions. In this connection, the Trustees, recognising the importance of conslstent support without undue flurtuation, have a policy of lal transferring such bequests a5 they re1vet0 their investment portfolio to produce increased income in future years, and Ibl bearing in mind the requirement of each of the branches to hold cash funds for their own Ioc31 use, reserving up to £2(K),(KJO. The Trustees are currently holding reseNes in excess of that amount. Achievements and erformance 2025 was a busy year which has seen a rise in Branch activity with lunches, dinners. outlngs and visits across the country being the main activities that have taken place at Branch level. Close links to the Arrny Benevolent Fund. Royal British Legion and Soldie, SaSlors, Airman's Families Association enabled staff at Regimental Headquarters to provide welfare asslstance to both serving and retired Grenadiers, and their dependants. Seventy-three separate grants were made during the year. A total of £48,814 was provided from Headquarters funds for the benefrt of members during 2025 in the form of supplementary allowances and grants at Christmas to those of State Retirement age, and individual grants to those members of all ages who faced hardship and distress. Our two large centrally organised events, Regimental Remembrance Day IRRDI in May and Grenadier Day lour Regimental families, open dayl in July both took place during 2025. Additionally, a number of bespoke events took place with Association members in attendance. An example being numerous reunlons around the country. The Finance and Executive Committees met twice in the year first in March then again in October. An AGM was held in London in March, all Minutes were published thereafter. The President reported to the Regimental Trustees and Regimental Council on two occasions during the year. in May and November.
GRENADIER GUARDS ASSOCIATION REPORT OF THE TRusfEES FOR THE YEAR ENDEO 31 DECEMBER 2025 Rlsk management The Trustees have assessed the major risks to which the Afjsociation is exposed, in particular those related to the operation and finance of the Association, and are satisfied that appropriate action has been taken, and systems established, to mitl8ate the exposure to the major risks. The key risks facing the charity are steep falls in stock market valuations and lower sums received by way of donations and legacies, the latter two are of course, completety out of our control, however, with the assistance of Cazenove's active portfolio management it is expected that modest drawdowns will be maintained, irrespective of short-term volatility or fallin8 markets. Financial review The Association's income exceeded expenditure in the year ended 31 December 2025 by £172,690. Donations and sub5CTiPtions receivable decreased by £16,948. Investment income was £34,742, decrease of £7,342 compared with an increase of £4,874 in 2024. Expenditure on welfare grant5 increased by £10,688. The Trustees continue to keep these matters under review. The decrease in net expenditure before gains for the year of £125,631 is in the main due to an decrease in Legacies of £98,084, plu5 increases in the cost of Branch Events of £10,908, as well as Welfare Grant5 £10.688. Ihe Trustees, polity is to maintain a level of reserves Sufflent to provi(le a stsble plarform for the Association's continuing activities while at the same time ensuring excessive funds are not accumulated. The charity aims to have funds at a level where investment Income alone could support the charity, given legacy and donation5 are expected to reduce over time as branches close. Closing funds at 31 December 2025 total £2,818,88612024.' £2,646,306) and this equates to roughly 10 years of total expenditure without relying on external funding. The trustees belleve that current reserves are sufficient and these are reviewed on a regular basis. Commentary on investments Cazenove Capit31 Management are managlng the portfolS0 on a total retum basls wlth a vlew to maximising the overall return in the longer term. Here follows their most recent commentary for the 12 month period to 31 December 2025: Valuallon. The value of the Associatlon's portfolio was £2,530,452 at 31st December 2025 (investments total £2,542,452 with £12,000 separate to the Cazanove portfolio). This compares with value of £2,263.160 at 31st December 2024. Not includin8 distributions, over 12 months the portfolio is up £253,2921+11.2%1 over 12 months. Income. The annual requirement from the portfollo is £65,0(Kl, which is distributed quarterly. Performance. Over 2025, the portfolio has retLFrned +11.2%, over the same period the benchmarl CPl+3.0%, returned +6.5%.
GRENADIER GUARDS ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 310ECEM8ER 2025 Most financial assets performed well in 2025, driven by strong global economic growth, ongoing optimism around Al, and central bank interest rate cuts. There were, however, significant bumps along the way. Most notably, Trump's 'Liberation Day, tariffs led to huge turmoil, and the US stock market saw its 5th-biggest two-day fall since WW2. Separately, the German fiscal stimulus announcement in March led to the biggest jump in Bund yields since German reunificatlon in 1990. Wlth Investors increasingly concerned about central bank debt levels an(1 the potential for currency debasement, gold and silver prites posted their biggest annual gain since 1979, while the US Dollar weakened by Imost IO% ver5Ys global peers. All the majorglobal equity indices rose in 2025. The best returns were found In the UK, where bankln& defence and mining stocks led the way, and emerging markets, driven by a recovery in Chinese equitie5. The US market was increasingly bifurcated with Al exposed stocks performing very well, but the broader market lagging global peers. within the so-called 'Mag 7,, Nvidia continued to dellver strong resuks with the stock +40% for the year. More recently Alphabet stole a march in the large langLEage model ILLMI arms race, with the release of its Gemini 3 model driving the stock price to a +60% return for the year. 2026 has also started posstively with news Apple will be rolling out Gemini across its iPhone range. The equity holdings within the Association's portfolios produced double digit returns over 2025. In contrast to recent years, the biggest contributions came frorn Asia and Europe as opposed to US. Critical to outperfomiing in Asia was having more exposu to China and less exposure to India. Our key European holding* the Blackrock European Dynamic Fund, delivered good absolute returns but was behind its index. The manager is very bullish on the outlook wtth many of his holding5 Set to benefit from looserfiscal policy over 2026. There wa5 variation within the US and Global fund holdings depending on the technology exposure, with the passNe S&P 500 ETF and active T Rowe Tech Global Technology Fund outperforming the other actNe US holding5 which have more exposure to Smaller companles. We added the T Rowe Tech Fund in April and it has since returned +26%. The main detractor over the year was healthcare, with the sertor reacting poorly to the Trump administration's proposed policy changes to medica and drug pricing. We have recently added to the Position, as we remain positive on the sector given supportive long-terrn trends such as demographic shifts and continued advances in medical innovation. We enter 2026 con5tructtve on equities, reflectin8the continued supportfrom resilient global growth, loose financial conditions and Improving market breadth. But we are inca$lngIY mlndful of the concentration and valuatton risks that have buift up- particularly in the US, where exuberance around artificial Intelligen has driven a narrow and sometimes speculative market rally. We have therefore been broadening our exposure beyond the US, adding to emerging markets and Asia, where earnings growth expectations for 2026 are acleratIng and valuations are more attractive. We a150 continue to like Japan, which offers one of the best combinations of struttural reform, improving shareholder returns and more attractive valuations. Global bonds had a better year, with yields stabilising in the face of improving inflation data arounds the globe. The dominant narrative was around the shape of yield cuNes, with shorter dated yields falling in line with central bank interest rate cuts whllst longer dated yields remalned anchored higher due to concerns about debt sustainability.
GRENADIER GUARDS ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 Within portfolios, the bond allocation performed broadly in line with global equity and credit markets. Government bond returns were p051tive in aggregate, whilst within credit, the Vontobel 24 Absolute Return Fund delivered strong returns. Looking fornard, we are less positive towards government bonds, maintaining an underweight position and a bias to shorter dated bonds. While yields remain more attractive than they have been for much of the past decade, we See limited scope for capital gains given global growth is holding up and inflation is likely to remain sticky. Finally, the alternatives allocation delwered some of the strongest returns in portfoli05. Gold1+65.6%1 did particularly well spurred by increased central bank buyinB and nervousness aboul Trump's policies and global debt levels, whilst broader commodities exposure was also a positive contributor. We are increasingly positive on alternatives with tommoditles and infrastrurture a55ets offering diversification and inflation protection in a world where fiscal risks, geopolltlcal tenslons, and structural imbalances persist. Plans for the future The future plans of the Association remain to maintain and support, for as long as practicable, our Branch structure in line with our Objects. Sadly, in 2025 we lost the Lincoln and the Worcester Branches due to 3 dwindling and ageing membership, this is unfortunatety a sad trend. The Bath rlTr IS pluiiniiip to close in March 2026. We continue where possible to enhance the support we consider appropriate to social activities coordinated on-line through the use of social media through groups that are not traditional geographically based grouping5. For the past few years representation from such groups has bee included at Executive Committee Meetings. Support to such groupings has been complemented by a concerted effort to enhance the visibility of the Association to the serving members of the Reglment. All Serving Officers are now associated to Branches as Vice Presidents. New Draft arriving from inf(ial training are routinety briefed and the General Secretary similarly participated in an All Ranks Briefing Day held by the Battalion. Likewise, greater use is being made of The Regimental Website, Social Media and the Grenadier Gazette Ithe annual Regimental Journal) to highlight the work of the Association and demonstrate how its Objects are being achieved. As Branches close, wlth the attendant loss of their Welfare Officers, work Is actively underway to establish a network of individuals able to provide initial welfare 5UPPOrt and advice to our retlred members across the country. The activation of an RHQ Communications Officer working for the Association in an Honorary role is provtrng to be a great asset not only in greatly improved delivery and coordination of information via social media but also the delivery of welfare support to those members that are In areas of the country without a Branch to call upon. Regimental Remembrance Day for 2026 15 being planned for the 17 May in London, the Regiment will receive new colours on a Presentation of new Colours Parade on 9, June 2026 in Buckingham Palace. with extensive Regimental Association attendance. The decision has been taken to POStpone Grenadier Day for 2026, thi5 has been agreed by the Trustees. Additionally routine Branch activity Ilunchesldinners etcl will continue throughout the year.
GRENADIER GUARDS ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 Trustees. Res onsibilities Statement The Trustees ore responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and UK Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The 18w applicable to charlties in England & Wale5 requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to.. selert suitable accountlng policies and then apply them consistently; observe the method5 and principles in the Charities SORP IFRS 1021,. make judgements and estimates that are reasonable and prudent- state whether applicable accountSng standards have been followed, subject to any material departures disclosed and explained in the financial 5tatement5; prepare the financial statements on the going concern basls unless It Is Inappropriate to presume that the chartty will continue in busines5. The Trustees are responslble for keeping proper accounting record5 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) Regulatlons 2¢XJ8 ar. J the 1s of the trust deed. They are also responsible for safeguarding the assets of the charwty and hen for taking reasonable steps for the preventw)n and detection of fraud and other irregularities. On behalf of the Trustees 4/6 22 Captain (Ret'di C A G Bennett Trustee
GRENADIER GUARDS ASSOCIATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 I report to the trustees on my examination of the accounts of the Grenadler Guards Association I'the CharSty'1 forthe year ended 31 December 2025. Responsibilities and basis ¢f report As the charlty trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Acl'l. I report in respect of my examination of the Charity's accounts carried out under sertion 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examinerf5 Statement I have completed my ex3min8tion. I confirm that no material matters have come to my artention In connethon wtth the examination glving me cause to believe that in any material respect- accounting record5 were not kept in respett of the Trust as required by section 130 ofthe Act- or the accounts do not attord with those records: or 3. the accounts (lo not comply with the applicable requirements concerning the farm and content of accounts set out in the Charities (Accounts and Report51 Regulations 2008 oth2r 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 athed. Jonathan Healey FCA Lindeyer Francis Ferguson Limited North House 198 High Street Tonbridge Kent TN9 IBE Date: S k-luzL
GRENADIER GUARDS ASSOCIATION STATEMENT OF FINANCIAL AcfiviTIES (INCLUDING INCOME AND EXPENDITURE ACCOUNn FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestrirted lunds 2025 Total fvnds 2025 fotul fvnds 2024 as restated Note Income from: Donations and legacies Investment income Sales of goods 158,633 34,742 18,875 158,633 34,742 18,875 273,825 42,084 28,432 Total 212,250 212,250 344,341 Expendlture on: Raising funds Charitable activities 40,173 234,860 40,173 234,860 61,828 219.665 Tgttil LAilfAndi¥ure 275,033 275.033 281,493 Net {expendlture)lincome before Investment gains 162,7831 162,7831 62,848 Net galns on investments 235,473 235,473 183,893 Net movement in funds 172.690 172,690 246,741 Reconciliatlon of funds: Total funds brought forward 2,646,306 2,646,306 2,399,565 Total funds carried foward 2,818,996 2,818,996 2,646,306 All funds are unrestricted in both years and relate to continuing artivities. The notes on pages 12 to 18 form part of these financial statement5. io
IIALINI:.I SIII.I I Nolp. Fi¥od as5els Invp.&lnip.nls 2.542.4)r2 2 ?6J.161? 2.543.051 ?.?64.464 CuTient as%el$ Stocks Deblo Cdsh al bank and In hand 31,921 3.697 256,4 Il 35.596 94,813 268.0IR 10 292,092 398.427 Credltorn: ainouni$ laFling due wtlhln ofte year 11 116.14n 116.5861 Ile", cur.rcnl a5$els 275,945 387,841 Nel assets 2,818,996 2,616.306 The tunds ol Ihe chartty Unre5tricleLI lund5 2,818,996 2,646,306 Approved by the board ol Iru5tee50n. and signed on ils behall by.. Caplain (Rel'dl C A G Beftnett Yrustee Charlly numbe1= 287265 The notes on pages 12 1018 form part of these financial slalomenl5.
GRENADIER GUARDS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting policles 1.1 Accountlng convention The account5 (financial statements) have been prepared In accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities pparIng their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Acl 2011 and UK Generally Accepted Atcounting Practice. The Charity constitutes a public benefit entity as defined by FRSIO2. The financial statements are prepared in Sterling, which Is the functional currenLy of the Charlty. Monetary amounts in these financial statements are rounded to the nearest £1. The financial statements have been prepared under the historitèl cost convention, with the exception of the investments which are held at fair value. 1.2 Goln8 concern At the time of approving the financial statements, the trustees have a reasonable expertation that the Charity has adequate resource5 to tontlnue In operational existence for the foreseeable future. Thu5, the trustees continue to adopt the going concern basis of accounting in preparing the finanaal statements. 1.3 Tangible fixed as5et5 and depretiatlon Tangible fixed assets with a single item value above £1,000 are capitalised at COSt. Tangible fixed assets costing less than £1,000 are expensed in the year of purchase. Tangible fixed assets are stated at cost less depreciation. Depreclation is provided at rates calculated to write off the cost less estimated residual value of each asset over Its expected useful life as follows: Offitr and display equipm 20% per annum on cost Investments Investments are stated at market value. Income thereon together wlth related recoverable tax credits are taken into account a5 and when divi(lends and interest become receivable. Stocks Stock Is valued at the lower of cost and estimated selllng price less costs to complete and sell and represent goods held for sale by the charitv. 12
GRENADIER GUARDS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a maturity of three months or less. Income Income is recognised in the period in which the charity Is entitled to receipt, it is more likely than not that economic benefit will pass to the charity and the amount can be measured wlth reasonable ertainty. Legacles are accounted for at the earller of receipt of the le8acy or the point at which the amount to be rèceived from the estate has been notified to the charity. In the event that legacies are settled after the accounting year end they are included in the accounts provided that probate has been oranted and that the charity was certain of the amounts to be distributed. Expendlture All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. Overheads are all treated as support costs and apportioned between activitie5 on a basis consistent with the use of resources. Grants payable are payments made to third parties in the furtherance of the charitable objectives of the A550ciation. Provisions for grants are made when the intention to make a grant has been communicated to the recipient. The Charity had no employees during the year. All expenditure is inclusive of irrecoverable VAT. Funds All funds of the Charity are unrestricted. Unrestricted funds comprise of the accumulated surpluses and deficits of unrestricted intomlng revenues over resources expended, which are available for use in furtherance of the general objective5 of the charity. 1.10 Financlal Instruments The charity has financial assets and liabilities of a klnd that qualify as basic financial instruments. Basic financial instruments are recognised initially in the accounts at transaction price, including any transaction costs. At the end of each accountin8 period, basic financial instruments are recognised at amortised cost. For debt instruments this is calculated using the effertive interest rate method. 13
GRENADIER GUARDS ASSOCIATION NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 DECEMBER 2025 Critical estimate and judgements and key urCeS of estimation uncertalnty In the application of the Charitvs accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates are recognised in the period in whith the estimate 15 revised where the revision affects only that period, or in the period of the revision and future periods where the revision effects both current and future periods. There were no significant estimates or areas of judgement. Inme from donations and legacles 2025 2024 As restuted Welfare 8rants from regimental funds Covenants and gift aid Refund of tax on donations Non-covenanted or gift aid donations Subscriptions Christmas draw 8ranch events Legacies 19,000 3.452 459 17,263 1,854 16,813 65,037 34,755 30,cKJO 2,948 432 22,557 1.296 18,944 64,809 132,839 158,633 273,825 Investment intome 2025 2024 Investment income Deposf( interest 33,023 1,719 39,974 2,110 34,742 42,084 14
GRENADIER GUARDSASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Expendlture on raisin8 funds 2025 2024 as re5toted Investment management fees Cost of goods sold Support costs 14,868 14,073 11.232 28,508 15,742 17,578 40,173 61,828 Expenditure on charitable artlvltles 2025 2024 as restated Grants and donatlons Charitable allowances paid Ch., tstn34s gifts Welfare grant5 Welf8re expenses 6,783 4,451 48,814 2,359 4,300 7,617 38,126 2,708 62,407 52.751 Donations, wreaths and cr055es 5,914 10.433 68.321 63,184 Association events Grenadier Day expenses Regimental Remembrance Day Branch dinners official expenses Annual dinner and dance Presentations Other 7.663 12,427 2,249 68.387 283 9,865 11.340 11.966 3,044 57,479 90 12,953 100,874 96,872 Support costs 65,665 59,609 Totsl 234,860 219,665 All charitable activities are for the purpose of providing Welfa to individuals who have served in the Regiment and their dependents. 15
GRENADIER GUARDS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Support costs 2025 2024 General adminlstrative costs in Branthes Honoraria, penslon and travelling Insurance Repairs, renewals and maintenance Postage Println& stationery and offite expenses Le8al costs Bank charges Virtual Networking Webslte costs Depreciation of fixed assets Governance costs: AGM, Finan and Central Committee Accountancy costs Independent Examinerfs fee 650 23,356 1.121 1,930 2.317 13,540 485 1,035 2,421 4.100 706 650 21,623 1,080 2,884 1,458 16,928 250 758 2,941 1,214 9,252 12,684 3,300 8,596 12,205 76,897 77.187 Tangible fixed ass5 Cost At l January 2025 Additions Dlsposals 8,410 17,4111 At 31 December 2025 Depreciation At l January 2025 Charge for the year Eliminated on disposal 7,105 706 17,4111 At 310ecember 2025 400 Net book value At 31 December 2025 599 At 31 December2024 1,305 16
GRENADIER GUARDS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 DECEMBER 2025 Fixed asset investments 2025 2024 Market value At ljanuary 2025 Additions Disposals Net investment gains 2,198,060 1,127,130 11,226,2031 235,473 2,040,905 641,104 1667,8421 183,893 At 31 December 2025 2,334,460 2,198,060 Cash 207,992 65,100 Total investments as at 31 December 2025 2,542,452 2.263,160 2025 Cost 2025 Morket value 2024 2024 Morket volue Cost Fixed interest United Kingdom 246,272 257,961 241,368 245.804 Emerglng markets Emerging markets 11,948 15,005 11.815 13,(*J8 Equities United Kingdom North America Continental Europe Far East Emerging Markets Global 62.619 558,712 90.096 179,475 160,260 387,628 74,164 f>44.558 97,636 231,098 177,955 444,880 47,953 598,434 58,610 159,022 74,793 403,824 52,611 788,535 57.326 174,631 67,599 473,770 Alternative funds Other intemation 351,003 379,203 326,547 324,776 Cash United Kingdom 207,992 207,992 65,100 65,100 Other Investments 12.000 12,OC Total 2,268,005 2,542,452 1,987,466 2,263,160 17
GRENADIER GUARDS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 io Debtors 2025 2024 as re5tt7ted Prepayments and accrued income Other debtors 92,339 2.474 3,697 3,697 94,813 li Creditors: amounts fallin8 Within one year 2025 2024 16.147 16,586 16,147 16.586 12 Transactions with trustees and related parties No Trustee received any remuneration from the thèrity during the year for the role as a Trustee. The charity receive(I funding from The Grenadier Guards Charity (Registered charity number 10622571 in the form of an annual grant In the sum of £19,00012024.' £30,000). One Trustee made a donation of £5012024.. £Nill to the charity in the period. This donation was made without conditions attatched. 13 Prlor year adjustment Prior period adjustments have been made to recognise legacy income that was omitted from the 2024 financial statements and to allocate support costs between actlvitles. As a result of this adjustment the 2024 comparative figures for income, debtors and closing funds have intreased by £92,339. 18