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 MeMbe￿hlp, 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 re￿1vet0 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 Suff￿lent 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 inc￿a$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 ac￿leratIng 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 p￿parIng 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.
In￿me 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 ass￿5
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