Reglst•r•d Charlty Number: 1075877
Report of tho Trustses and Unaudited Financial Statements
For th6 Yaar ended 31 March 2022
For the AGC Museum Trust
Rolhmans LLP
Chartered Accountsnts
Avebury House
Sl Peter Street
Win¢hesler
Hampshire
S023 8BN

AGC Museum Trust
Contents of the Financlal Statements
for the Yoar ended 31 March 2022
Page
Report of the Trustses
1to12
Independent Examinerfs Report
13
Statement of Flnancial Activities
14
Balance Sheet
15
Notes to the Financial Statements
16to25
Detalled Statement of Flnanclal Activities
26to27

AGC Museum Trust
Report of the Trustse$
for the Year ended 31 March 2022
The Trustees present their report with the financial statements of the charity forthe year ended
31 March 2022. The Tnjstees 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 appIl￿ble in the UK and
Republic of Ireland (FRS 1021 (effective 1 January 2019).
Structure. Government and Management
The Adjutant General's Corps IAGC) Museum opened in 2003 to Collect, preserve,
and display the history of the AGC and its anlecedenl corps, the Royal Amiy Pay Corps,
Royal Military Police. Military Provost Staff Corps, Royal Army Educational Corps, Amy
Legal Services and the Women's Royal Army Corps and their rich histories. Subsequently..
In 1997, the Military Provost Guard servi￿ (MPGS) was formed and some of
their history is now displayed as part of the AGC Museum collection.
In 2011, the Gurkha Staff and Personnel Support IGSPSI was formed which
allowed Gurkha administrators to assimilate with their AGC counterparts without
losing their essential link to the Brigade of Gurkha$. Some of their history wll also
be displayed in Ihe museum.
The Museum is managed by a Board of Trustees in accordance with the Museum
Trust Deed dated 21 April 1999. The Board of Trustees comprises of not less than 6
members but no more than 12 members. It has..
Three Ex-officio members who are members because of their vital and
influencing appointments with the AGC Corps HQ.
Representation from across the Branches of the AGC and its ante¢edent
Corps.
The Board ofTrustees meets twi￿ yearly forordinary meetings but has provision that
allows 2 Trustees to call a special meeting at any time giving at least 14 days, notice of the
date and the agenda. Formal records of all Board Meetings are maintained and distributed
to all Trustees, the Curator and the AGC Finance Manager las the manager of our bank
account{s) and investm8nts). The Board comprises the following key appointments..
Ex Officio Members The Corps Colon81 AGC, the Corps Secretary AGC
and Corps Sergeant Major AGC are ex-offi¢io members. These 3 appointments
have an important role in representing the Museum within the Amiy. th8 AGC and the
general public but also keeping Trustees informed of changes in policy that affect
military museums and encouraging the AGC preseNation of its unique heritage.
Chair of Trustees Although the Chair has always been th8 Corps Colonel
AGC appointment, the Trust Deed requires the Trustees at their first meeting each
calendar year to elect any one of the Trustees to be Ihe Chair for that year. This
provision is there to protect the museum's interests and prevent any conflicts of
interest bel￿een the AGC, it's Regimental Association and the musèum. The
provision allows Trustees to ensure the Chair of Trustees cannot force through an
agenda that may suit theAGC Associalion but which the museum Trustees feel is not
in the museum's best interest. The Chair of Trustees has been granled some
delegated pow8rs from Ihe Board of Truste88 which allow the flexibility to deal with
Page 1 of 27

AGC Museum Trust
Report of the Trustees
for the Year ended 31 March 2022
issues thal would otherwise require referral to the Board of Trustees. These powers
are limited and contained in an annual letter of delègalion from the Board of Trustees.
Trustees The Museum collection, at the outset comprised of the histories
of the antecedent Corps and representatives of those Corps were appointed to be
Trustees, from a balanced mixture of those still serving in the AGC and veterans of
the antecedent Corps. It is now 29 years since the fomiation of the AGC and some
of the seNing Trustees have had their entire se￿1￿ in Ihe AGC. These Trustees
en¢ourage their respective Branches to add AGC historical items to the museum
collection.
Honorary Treasurer This Museum appoints an Honorary.Treasurer. who
chairs a finance commrttee and is accountable to the Chair of Trustees and ultimately
the Board of Trustees on all financial matters. To preserve their independent role the
Honorary Treasurer has no delegated authority to approve payments in their own
right, although the Trustees have allowed the incumbenl to exceptionally be the
counlersigning offI￿r for payments that have been properly authorised and are within
budget but exceed the authorising officers level of individual delegation.
Museum Director The Corps Secretary AGC is the Museum Director., he
supervises the day-to-day activities of the Museum and is accountable to the Chair of
Trustees and the Board of Trustees on every aspect of the Museum's administration
and all of the activities, and administration of the staff. The Museum Director has
delegated powers from the Board of Trustees which aim to allow limited flexibilily to
deal with issues that would othemise require approval of the Board of Trustees -
these powers are contained in an annual letter of delegation from the Board of
Trustees. This post is the principal authorising officer for all payments and the line
manager for the Curator.
Independent Museums Advisor The Board is very fortunate to have an
independent advisor on museums,. his expertise on museum organisation and
collection management ensures the museum activities protect, preserve and display
the museum collection. Although not a Truslee, the museums advisor attends all
board meetings and has the experience to advise on a wide range of museum issues.
Curator The Curator is not a Trustee but is accountable lo the Board of
Trustees. They attend Board Meelings to brief them on the activities Sin￿ the last
meeting, staff issues, to raise any concerns, and to understand the direction of th8
Board. The Curator is also the line manager ofthe museum staff and any volunteers
working on behalf ofthe museum. The Curator has a lower level ofdelegated powers
from the Board of Trustees which aim to allow the flexibility to deal with day-lo-day
issues approved in the budget. In their absence, Ihe Assistant Curator has the
authority to authorise payments that are within their delegation. Both Curator and
Assistant Curator powers are contained in an annual letter of delegation from the
Board of Trustees.
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AGC Museum Trust
Report of the Trustees
for the Year ended 31 March 2022
Trustee Selection
If a vacancy occurs on the Board of Trustees, the Chair of
Trustees informs the other Trustees and where possible identifies potential candidates as
replacement for consideration by the Board. No Trustees should be appointed out of
committee and every ￿placement must be discussed at the next available Board m8eting.
Thé Trust Deed allows between 6 and 12 Members and this allows the Board of Trustees
sufficient flexibility to consider replacements and to vote them in as Trustees without the need
to Convene a special meeting. The only exceptions to this rule are the 3 Ex-officio members
who automatically become Trustees by virtue of their appointments within the AGC Corps
HQ.
Trustee Remunerallon
All of the Trustees are volunteers and none receive
remuneration from the museum. Although the review of th8 Trust Deed has stalled whilst
awailing Army Museums Qgilby Trust {AMOTI advice, the Board of Trustees have elected to
implement the refunding of reasonable travel expenses incurred by Trustees acting on
museum official activities.
Composition of the Board of Trustees The Board of Trustees is shown b810w'.
Name
Dats Appolntsd
Ex orricio Trustses
Date R•tlrod
Col VJ Whib'n9 ADC
Col SJ Holmes ADC
From 4 June 2021
From 26 May 2020
From 28 April 2012
From 16 September 2020
From 9 March 2022
4 June 2021
Lt Col (Retd) MJR Cotton MBE
W01 (Corps SM) A Heron AGCIRMP)
W01 (Corps SMI W Heath¢ote AGC{SPS)
g March 2022
Tru8t088
Col (Retdl AK Brown OBE
Col BA Gray
Col M Ketterer
From 31 March 2017
From 6 June 2018
From 1 October 2020
28 September 2022
17 December 2021
Col {Retd) AN King
Lt Col (Reldl J Jennings
Col C Terblanche
From 28 February 2019
From 9 March 2022
28 September 2022
From 28 September 2022
From 1 October 2020
Col SM Vardy
Lt Col {Retdl Rowena Naile MBE
Lt Col (Retdl Mark Burton-Doe FCMA
W01 J Donachie AGC IMPGSI
Col {Retd} AJ Ward
From 28 September 2022
From 28 September 2022
Fr¢ym 9 March 2022
From 2 December 2011
In Attendance
Mr D Smurthwaite
Independent Museum Advisor
Curator
Mrs BE Taubert-Brayley
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AGC Museum Trust
Report of the Trustees
for the Year ended 31 March 2022
Committees The Trust Deed allows the Board of Twstees to fomi committees
responsible for spe¢ific areas of the museums administration, Such committees act in
accordance with direction from the Board of Trustees containeé in detailed Terms of
Reference,
Any committee formed is ultimately accountable to the Board of Trustees but
the Chair of Trustees is responsible for oversight of these committees.
The Finance Committee
Finance Commrttee meetings are chaired by Col (Retdl
AJ Ward {the Honorary Treasurer) with Col (Retd) AK Brown as the VI￿ Chair and Lt Col
(Retd) MJR Cotton and Mrs Taubert-Brayley as members. The AGC Finance Manager is in
attendance, where his other duties allow, to advise on accounting matters including the Sage
Reports. The Temis of Reference for the Finance Commrttee are to monitor internal
financial controls to assist and advise the Trustees in order that they,.
Meet their legal duties to safeguard the Charities assets.
Administer the Gharities fInan￿S and assets in a manner that identifies and
manages risks.
Ensure the quality and integrity of financial reporting.
Trust Objects
The Objects of the Museum are to educate the publi¢ and members of the Corps in
the history and military accomplishments of the Corps and to promote military eff iciency and
encourage recruilmenl by public exhibition of the collection in a museum or museums or other
such places as the Trustees may from time lo time decide, and lo consetve. restore, repair,
re-construct and preserve the objects of the collection.
Purposes of the Charlty
10.
The purpose of the AGC Museum is to educate the public and members of the Corps
in the history and military accomplishments of the AGC and its antecedents. The museum
will collert, document, preserve, display, undertake research and provide access to material
relaling to bolh the Corps and its antecedents. The work undertaken will be to the standards
required to maintain 'Accredited Museum, status with Arts Council (England).
In addition, material displayed in the museum will be of benefit to the general public,
military veterans and serving personnel. The content of the displays will provide a
slimulaling experience for all, in order to show the role of the Amy in the development of this
nation,. promote the military ethos., assist in reGruiting and project a positive image of the
British Army. The Trustees have paid due regard to the Charity Commission's guidance on
public benefit in deciding what aclivities the charity should undertake.
Review of Activities. Developments and Achievements
12.
In this financial year the Museum was closed from 1 st April unlil 18th May for COVID
lockdown measures. Once the Museum and café reopened, the café licence holderdecided
to not renew her licence due to financial pressures. The café was then closed until a new
licence holder was found in Octob8r. This, as well as restri¢tions to numbers and a lack of
holiday travellers to Win¢hest8r, heavily impacted visitor numbers.
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AGC Musèum Trust
Report of the Trustees
for the Year ended 31 March 2022
13.
The Museum began opening for longer hours but continued daily cleaning regimes
and implementation of restrictions in line with government policies. Staff also were required
to complete weekly lateral flow tests before their scheduled work-days. Governan￿ of the
Museum continued, with virtual Trustees and Finance Committee meetings taking place, and
in person when restrictions permitted.
14.
The Museum had 7,947 visitors for this financial year. This is an increase on the
year before, wilh the Museum being open for all but 8 weeks including th6 nomal Christmas
closure period. The loss of the café over the summer holidays had a large impact on visitor
numbers.
15.
The Education and Volunteers programmes were suspended in March 2019, due to
the inability to host school visits within gov8mment guidelines and to safely have volunteers
working alongside staff. The Education programme was restarted in November 2021, wilh
5 primary schools visiting the site to take part in school sessions. There was also a visit by
a college in February. The volunteering programme was restarted in February with one
volunteer recruited.
16.
The Museum created a lemporary exhibition for AutUMn￿lnIer 2021 for the 30th
anniversary of Operation Granby. A second temporary exhibition for the 40th Anniversary
of the Falklands War took pla¢e from January 2022 until 6th April 2022.
17.
Visits from military establishments increased this financial year, with only 2 having
been cancelled due to COVID. The Museum welcomed visits from 11 units with more
booked for the coming months.
18.
Thé Museum website has now been live for some tirne and updated with blog posts
to focus on aspects of the Museum and its collections. An online temporary exhibition blog
was Created for the Falklands War exhibition and will be completed for all temporary
exhibitions in the future. The Museum continues to post on soual media, including
Facèbook, Instagram and Twitter. Facebook is the most popular platform for the Museum,
with antecedent and AGC themed months completed on top of celebrating anniversaries and
temporary exhibitions.
19.
The audit of th8 coll8Ctions was restarted al the end of last financial year and is
continuing at a steady pace.
20.
The Museum is continuing to accept items into the collection. A small build-up was
amassed during periods of dosure with a subsequent backlog of work, but Ihis has been
scheduled into the work plan and will be cleared fait1y quickly.
21.
The Museum continues to work with other organisations, including Winchester's
Military Museums IWMM) and the National Army Museum {NAM).
22.
Winch&ster's Military MuseumslWMMI continued to hold regular meetings to keep
everyone on site aware ofongoing work and to Continue to promote the museumsjointly. The
education program for the WMM site, which was suspended in March 2020, has revitalised
and r8Started from December 2021.
23.
The National Amiy Museum (NAM) continues to provide free online and in person
training even during periods of closure and hosted a Trustees Away Day in January where
the redevelopment of Ihe Museum was discussed. Col BA Gray acted as the day's facilitator
Page S of 27

AGC Museum Trust
Report of the Trustees
for the Year ended 31 March 2022
and advisors from the NAM and AMOT not only gave thought-provoking presentations but
also contributed to the debate from their vast experience.
24.
There have been 36 enquiries to resear¢h,' the majority of these have been family
history research related, due, in the main, to an increase of members oflhe public becoming
interested in family histories during lockdown. The Museum was contacted by 2 academics
for research, as well several members of the AGC who were working on a Corps Battlefield
Study of D-Day and the wider Normandy Campaign.
Financial Review
25.
The Finan￿ Committee continue to ¢lini¢ally scrutinise the financial aspects of the
Museum assisting the Trustees to better understand their finances and ensuring the
procedures are in place lo protect both the Museum and the staff that are employed.
Progress has been steady but significant engagement has been greatly assisted by the
employment, by the Corps HQ, of a more experienced finance manager whose knowledge
of SAGE, VAT, and general accountancy has been invaluable.
26.
Policy Development
The Trustees have approvèd a program of policy
development, the delivery of which will greatly assist the Trustees, staff and those charged
with reviewing compliance. This shows the Trustees commitment to following the Charity
Commission best pradice guides.
27.
Governlng Document Progress on updating the Trust Deed has been frustralingly
slow. The original document, dated 21 April 1999, was updated by Trustees but it contained
requirement to consult with AMOT on any future amendment. During that consultation rt
transpired thatthe majoriiy of military museums had used the nowdated AMOTtemplale and
that rather than assist the AGC Museum to go it alone. there was merit in AMOT seeking
legal advi￿ on the AGC Museum draft and using that to update their museums template.
The Trustees accepted the logic of this approach but have been disappointed by the lack of
progress.
28.
Letters of Delegation The Trustees letters of delegation lo key personnel and the
subsequent scrutiny of paymenls have not only improved the administration of Museum but
also revealed areas for improvement and in some cases, cost savings.
29.
Budget Screening and Financlal Reportlng The newly introdU￿d 5-year plan
budget screening and in year management processes have resulted in not only greater
awareness of the budget at Board level but also increased confidence in the finan¢ial
management ofthe Museum. Issues have been identified in a number of areas and resolved
and for the first time the AGC Association was able to use the 5-year plan to approve the
grant for the next year their Autumn meeting.
30.
Internal Audlt.
The resoluiion of the Honorary Treasurer internal audit
observations is now controlled by Col AK Brown who not only coordinates the adions
required but also brief the Trustees of the types of issues that have occurred. The Finance
Committee use the issues to make improvements to prevent recurrenGe.
31.
Risk Registèr A High-level Risk Register has been adopted by the Board of
Trustees which they review as an agenda item al each of their meeting. Any Trustee may
recommend an issue for inclusion in the Risk Register. Some of the risks identified
weaknesses and the need for further work by the Trustees to mitigate them.
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AGC Museum Trust
Report of the Trustee8
for the Year ended 31 March 2022
32.
Cash Flow The Honorary Treasurer now provides a financial report to the Trustees
on a quarterfy basis., his reports have moved on from explaining the infomiation in the SAGE
reporting and any anomali8S to recommending areas for improvement such as the opening
of a 35 day deposrt account for cash flow surpluses and underperfomiing investments.
Income and Expendituro
33.
Major Sources of Income The total income as at 31 March 2022 was £85.41 K.
The majority ofthis cam8 from 2 sources of income- a quarterly grant in aide from the MOD
toward staff costs of £61.43K and a grant from the AGC Association toward operating cost
shortfall of £19.5K. There are also a number of smaller income streams from interest on
investments, donations, research fees, shop sales and the recovery of VAT.
Fundraising The Museum has a policy for fundraising activities, including hiring
space in the museum for rneetings, bul has not fundraised in this year because of a lack of
confidence in the public post COVID and concerns regarding staff safety. No legacies from
former m8mb8rs oflheAGC orlheirfamilies were received in this financial year butthe GSPS
held an event which raised £1.15K.
35.
Expenditure The total expenditure as at 31 March 2022 was £69.16K. The bulk
of this expenditure from the museum was for staff costs of £53.18K, pension payments of
£2.64K, insurance of the museum and the collection of £2.17K, IT support of £2.22K and
accountancy & legal ¢ost5 of £1.1 K. All of the other expenditure did not exceed £1 K and
has therefore not been detailed here. It can be seen in lh8 Statem8nt of Financial Activities
at the rear of this submission.
Excess of Income
The Museum ended the year with an unplanned excess of
income before gains of£16.25K generated in the main through the knowledge ofthe Finance
Manager and a period of closure of the museum through COVID. More accurate VAT
accounting also resulted in a greater recovery of VAT. The reduction in the cost of salaries
was due lo a claim for employer's allowance of£3.84K in year and admissible arrears Glaims
totalling £9.45K. The Trustees decision to sell off the café equipment reduced the cost of
maintenance by £1.68K and we received the GSPS donation of £1.15K.
37.
Use of Excess of Income
This years unplanned éxcess of income will be used to
add to the museums reserves to defray the costs of the museum redevelopment and for
contingency against any additional staff costs.
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AGC Museum Trust
Report of the Trustees
for the Year ended 31 March 2022
38.
Histori¢al Review of Financial Performance The historical look at the P￿vIouS 5
year5 financial performance is shown below.
Incomo l Expenditure
31 Mar 17
31 Mar18
31 Mar 19
31 Mar 20
31 Mar 21
Total Income
£50k
£75.29K
£63.63K
£84.77K
£85.14K
Total Expenditure
£54K
£68.74K
£75.44K
£79.71K
£74.18K
ExGe55 of Income ov8r
Expenditure
NIA
£6,55K
NIA
£5.06
£10.96K
Ex￿sS of Expenditure
over Income
NIA
£11.81K
NIA
NIA
£4K
39.
Operating Cost Grants. The Museum is subsidised by the AGC Association by an
annual grant. Historically there has been no reconciliation process at the end of the year
and any excesses of income were kept by Ihe museum. Conversely any excess of
expenditure has been absorbed from the museum's réserves. Given the last 3 years large
excess of income and the improved budgetary controls, it would be wrong for the museum to
continue with this approach. The Trustees have elected to give an annual reconciliation of
the previous years spend as part of their bid to the AGC Association and to redu￿ the
following years demand on them.
Investment Pollcy and Perforniance
40.
Investment Management
As at 31 March 2022, the museum has in total
£79,461.65 invested,. in the Blackrock Armed Forces Common Investment Fund there is
£73,720.74 and in the COIF Charity Funds £5,740.91.
41.
Investment Objective$ In 2011 the Trustees wanted to establish a reserve that
provided quarterly income to the museum to defray the operational cost demands on the
AGC Regimental Association and to provide a buffer lo any employment costs that occurred
as we took on slaff that were filling posts thal were previously Civil Service.
This reserves
policy has not changed.
42.
Future Inveslmenl Strategy
The Trustees have discussed their investment
strategy and decided not to change from the existing policy until after the redevelopment is
complete. The Trustees plan to hold a series of sessions post redevelopment to develop a
clearer understanding of their future financial strategy, reserves and investment policy during
2023 and 2024.
43.
Investmènt Returns This year's investment return was a gain of £4,081. The
Trustees felt that the performance of Blackrock was satisfactory but that they would close the
CCLA account because it had not met their expectations and there were better options for
that small investmenl.
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AGC Museum Trust
Report of the Trustees
for the Year ended 31 March 2022
Rlsk Management
44.
The Trustees now have risk as a standing item on all Trustee meetings. The
Museum now have a strategic risk register (which is maintained by the Museum Director and
reviewed by the Board of Trustees) and a MO￿ tactical financial risk register (which is
reviewed at Finance Committee Meetings).
Each risk is assigned to an owner who is responsible for the maintenance of that risk,
the mitigation and assessing the probability and potential impact. The Trustees consider
each of the strategic risks and give their views on the effectiveness of the mitigation, the
probability of the risk occurring and the potential impact. All changes to the Risk Register
will be discussed and agreed by the Tru￿ee$.
Reserves Strategy
46.
Reserves Policy A reseNes policy was established by the Trustees in 2011
bècause the museum was embarking on a significant Ghange - the museum staff would no
longer be replaced by MOD civil seNants but instead the MOD would provide a quarterly
grant in aide to assist the museum in financing the employment of their own staff. The
Trustees lack of knowledge of employment legislation was discussed and the possib18
impact.
47.
Review of Reserves
The Trust8es have discussed the reserves and decided that
until the Museum redevelopment project had been completed, the existing resetves policy
must not be compromised by over commitment offunds. The reserves policy would continue
to be reviewed annually. The total ￿serveS at 31 st March was £225,662 (2021.. £205,330}.
Plans for the Future
48.
The Chair of Trustees had presented a funding request for a £250K grant with the
AGC Association and desprte the fact that there were still administrative complications with
getting the lease finalised the AGC Association, not only approved the grant but also removed
the previous caveat that it would only be releas8d once the new lease was in place. The
Trustees in reviewing the plans for the redevelopment noted the need for a closure of the
museum to allow the work to be completed and therefore selected the optimum window of
opportunity as De￿mber to February which would have Ihe least impact upon footfall with
grand opening in the Spring. The redevelopment project remains the Trustees highest
priority activity.
49.
OF equal importance to the museum Trustees is securing the lease from MOD and
the adoption of a new trust deed. Significant pressure has been applied to the Defence
Infrastructure Organisation (DIOI for the lease and to AMOT for a response to the changes
proposed. This will continue and the Trustees have discussed getting legal advice lo
proceed with the trust deed without waiting for the AMOT deliberations.
50.
Th8 development of financial policies and improved accounting procedures at all
levèls has made the accounting more robust without adding eX￿sSive and unnecessary
administration. The Trustees now have a far better understanding of the finances and the
consèquences of their decisions and the staff have benefitted from clearer direction and lop
cover for their activities. This work is not completed and will continue follow8d by
compliance review5 in the years following.
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AGC Museum Trust
Report of the Trustses
for the Year ended 31 March 2022
51.
The Curator and Honorary Treasurer have reviewed the fixed assets of the museum
and written off those items beyond economical repair or of no use, or Commercial value. to
the museum. There is still more work to do on this but this area but the museums asset
recording has been greatly improved. The Trustees have also authorised the Curator to
embark on a staged revaluation the heritage property,. this will not only allow a more realistic
insurance value but also reveal the flaws in our existing valuation. This work could only be
possible because of the assiduous accession recording of the collection by the Curator and
the staff.
52.
Although the Museum has only 4 employees,. the procedures and polici8S that must
be in place for the staff and their management are the same as a large organisalion. In 2011
an employee's handbook was drafted bul this has not been regularly updated. The Trustees
have looked at other charities and seen what they have in place and the Chair of Truslees
has undertaken to draft a new employment policy for approval by the Trustees and
implementation in the next period.
53.
The Museum has accreditation high on its agenda and has a programme of reviews
for all the documents that form part of the accreditation pro￿$$ in the next period.
Fortunately, rnany of these documents use the templates provided but that should not lead
to complacency. Gaining accreditation is a top priority for the Trustees so reviewing all of
the relevant documents and policies will be completed on time.
The Trustees have accelerated the equipment replacement,, and purchased
equiprnent more suilable for the task such as larger computer screens, better printers,
heaters and replacement laptops. The Trustees support the Curator's aspiration to improve
the internel speed not only to improve the perfomiance for the staff but also modernise the
system that has been in place for far loo long. Creating an improved working environment
for the staff and giving them lop-down support and encouragement from the Trustees has
been welcomed and our retention of our staff remains eX￿lIent. This work will continue next
year wrth reviews of the CCTV system and other equipment due for rePla￿rnent.
55.
Finally, whilst all of those tasks are important, the Trustees have undertaken to update
the Museums financial slrategy and resetves policy which will give them, and their major
funding sources, a better understanding ofwhere they see the museum in the long tem and
roughly how much was needed to achieve their aspirations.
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AGC Museum Trust
Report of the Trustees
for the Year ended 31 March 2022
R8fèrence and Administratlve Detalls
Name Adjutant General's Corps Museum Trust
Charity Number 1075877
Principal Address
Corps Headquarters AGC
The Gloucester Building
Worthy Down
Winchester
Hampshire
S0212RG
Bankers
Royal Bank of Scotland
Lawrie House
Victoria House
Famborough
Hampshire
GU17 7NR
Independent Examinor
Rothmans LLP
Chartered Accountants
Avebury House
St Peter Street
Winchester
Hampshire
S023 88N
Solicitors
Mr Richard Robson
Wamer & Richardson
29 Jewry Street
Winchester
Hampshire
S023 8RR
Investment Manager detslls
Blackrock UK Charities and Endowments
Drapers Gardens
12 Throgmorton Ave
London, EC2N 2DL
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AGC Museum Trust
Report of the Trustees
for the Year ended 31 March 2022
Statement of Trusteè Responsibilities
The charity Trustees are responsible for preparing the Tw$tees' Report and financial
statements in accordance with applicable law and the United Kingdom Accounting Standards
(United Kingdom G8n8rally Accepted Accounting Practi￿).
The law appli¢able to charities in England and Wales requires the Trustees to prepare financial
statements for each financial year that give a true and fair view of the stale of affairs of the
charity and of the incoming resources and application of the resources of the charity for that
period. In prèparing these financial statements, the Trustees are required to..
Select suitable accounting policies and apply them consislently-
Observe the methods and pnnciples in the Charities SORP,
Make judgements and estimates that are reasonable and prudent;
state whether applicable accounling standards have been followed, subject to any
material departLJres disclosed and explained in the financial statements-
Prepare the financial statements on the going concern basis unless it is inappropriate
to presurne that the charity will continue in business.
The Trustees are responsible for keeping SLrfFicient accounting records that disclose with
reasonable accuracy at any time the financial position of the charity and enable them to ensure
that the financial statements comply with the Charities Act 2011, the Charity (accounts and
Reports) Regulations 2008 and the provisions of the Trust Deed. They are responsible for
safeguarding the assets of the charity and hence for taking reasonable steps for the prevention
and detection of fraud and oth8r irregularities.
The Trustees are responsible for the rna1ntenan￿ and integrity of the Charity and financial
information included in the charity's website in accordance with legislation in the United
Kingdom governing the preparation and disseminalion of financial statements.
Approved by th8 Trustees on
Date
2f lu0up￿￿er 3072
Signed on behalf of the Board
Lt Col (Ret'd} MJR Cotton MBE
Trustee & Museum Director
Date
Page 12 of27

AGC Museum Trust
Indap8ndont Examiner's Report to the Trustees of the AGC Mu8eum Trust
For tha Year Ended 31 March 2022
Independent examIne￿$ report to tho Trustees of AGC Museum Trust
I report to the Gharity trustees on my examination of the accounts of AGC Museum Trust (the
Trust} for the year ended 31 March 2022.
Responsibilitlas and basis of report
As the charity trustees of the Trust you are responsible for the p￿paratIOn of the accounls in
accordance with the requirements of the Charities Act 2011 I'the Act,).
I report in respect of my examination of the Trust's accounts Carried OLrt under section 145 of
the Act and in carrying out my examination I have followed all applicable Directions given by
the Charity Commission under section 145(5)(b) of the Act.
Indepondant Examinerfs Statement
I have completed my examination. I confirm that no material matters have come to my attention
in connection with the examination giving m8 cause to believe that in any material respect..
accounting records were not kept in respect of the Trust as required by section 130
of the Act; or
the accounts do not accord with those records., or
the accounts do not comply with the appliGable requirements Con￿rning 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 indep8ndent examination.
I have no concerns and have come across no other matters in connection with th8
exarnination to which attention should be drawn in this report in order to enable a proper
understanding of the accounts to be reached.
Susan Sullrvan FCA
ICAEW
Rothmans LLP
Chartered Accountants
Avebury House
Sl Peter Street
Winchester
Hampshire
S023 88N
Date..
22 December 2022
Page 13 of 27

AGC Museum Trust
ststement of Financlal Activities
For the Year Ended 31 March 2022
2022
2021
Unrestricted Unrestricted
& total funds & total funds
Notes
Income and Endowments From
Donations and legacies
82,427
82.748
Charitablo a¢tivitles
Museum Activities
544
Investrnent income
2,445
2,391
Total
85,416
85,139
Exwndlture on
Charitable activltles
Museum Activities
69.165
74.176
Net galns on investments
4,081
12,441
Net Income
20,332
23,404
Reconclllatlon of Funds
Total funds brought forward
205,330
181,926
Total Funds Carrled Fonvard
225,662
205,330
Page 14 of 27

AGC Museum Trust
Balance Sheet
For the Year ended 31 March 2022
2022
2021
Unrestricted Unrestricted
& totsl funds & total funds
Notes
Fixod Assets
Tangible assets
Heritage assets
Investments
4,192
80,244
69,639
10
11
80.244
73,720
158,408
154,075
Current Assfrts
Stocks
Debtors
Cash at bank and in hand
12
13
14
994
17,393
50,710
1,094
2,835
49,629
69,097
53,558
Croditors
Amounts falling due within one year
15
11,8431
12,303)
Net Current Assets
67.254
51,2S5
Total Ass•ts less Current Liabilitigs
225,662
205,330
Net Assets
225,662
205,330
Funds
Unreslricled funds..
General fund
16
225,662
205.330
Total Funds
225,662
205,330
The financial statements were approved by the Board of Trustees and authorised for issue on
ck2tand were signed on its behalf by..
Lt Col {Ret'd) MJR Cotton MBE- Trustee
Page 16 of27

AGC Museum Trust
Notes for the Financial Statements
For the Year ended 31 March 2022
Accountlng Policies
Basis of preparing the Financial Statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been
prepared in accordan￿ with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities..
Statement of Recommended PraGti¢e 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 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard
applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements
have been prepared under the historical cost convention, wilh the exception of investments which
are included at market value.
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 relevant version of the Statement of
Recommended Pra¢tice applicable to charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} rather than the
Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April
2005 which has since been withdrawn.
The financial slatements are prepared in sterfing which is the functional and presentational currency
of the Charity. The financial statements are rounded to the nearest pound.
The Trustee5 consider that there are no material uncertainties about the charIt￿S ability to continue
as a going Gon¢ern and these accounts are prepared on a going concem basis.
The most significant estimates affecting these accounts are the estimations of the useful lives of the
fixed assets and heritage assets. There are no significant judgements which affecl the amounts
recognised in the financial statements.
With respect to the next reporting period, the most significant areas of uncertainty that affect the
carrying value of assets held by the Charity are the level of investrnent return and the performan
of investments.
Income
All in¢ome is recognised in the Statement of Financial Activities once the charity has entitlement to
the funds, rt is probable that the income will be received and the amount can be measured reliably.
Grants from other agencies, donations and other income from activities are in furtherance of the
charity's objects and are part of the general funds of the charity. A restricted fund is recognised
where this is an agreed and explicit condition of the grant or donor.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation
Committing the charity to Ihal expenditure, 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
accounted for on an accruals basis and has been classified under headings that aggregate all Cost
related lo the category. Where costs cannot be directly attributed to particular headings, they have
been allocated to activities on a basis consistent with the use of resources.
Page 16 of 27

AGC Museum Trust
Notes for tha Financial Statements
For the Year ended 31 March 2022
ACCOUNTING POLICIES - continued
Governance Costs
Governan￿ costs are the costs of professional advice, holding trustee meetings or committee
meetings associated wilh decision making, any fee for audit or independent examination and any
fee incurred in the preparation, statutory filing, printing or copying of the annual report and accounts.
Allocation and Apportionment of Costs
Support costs include administrative and govemants costs and are allocated to the activities the
Charity undertakes in proportion to the level of resources utilised by 6ach activity. During the ¢urrenl
and previous years all expenditure incurred by the Charity has related to the single activity of the
goveman¢e of the AGC Museum.
Tanglble Flxed Assets
All assets having a purchase value of more than £500 are capitalised. The cost of tangible fixed
assets are written off by equal annual instalments over their expected useful lives using the following
methods of depreciation:
Fumilure, fixtures and equipment - Straight Line over a period of 2 - 10 years
Assets with a life of more than one year but with a purchase value of below £500 are included within
the inventory but the cost is written off in the year rt is incurred and is not depreciated over the useful
life of the asset.
Heritage Assets
In the course of the unit's history, the charity has acquired gifts, memorabilia, regalia, silverware,
antiques and other historical artefacts in the course of distinguished military service in service of the
Crown. The value of these pieces is in large part derived from their close association with Regimental
history which precludes the use of conventional valuation techniques being applied. Whilst the
objects of the charity do not specifically include preservation and conservation, the pieces represent
an essential element of ￿lebrating the unit's history and foster esprit-de-corps. Consequently, the
managing Trustee considers the charity to hold heritage 8s$ets as an element of national history on
behalf of the nation.
Heritage assets are initially measured at cost. Assets which are donated to th8 charity are measured
at valuation wherever this can b8 reliably estimated. The initial valuation of donated assets is
subsequently treated as the deemed cost of the asset therefor8 these accounts present all assets
at cost less depr8ciation. Assets are depreciated over their useful èconomic lives, however in the
Trustees, opinion, all of the assets currently held by the Trust have infinite lives and are therefore
not depreciated.
The Trust's heritage assets are managed by the Trustee5 of the AGC Museum Trust and are
displayed for public viewing at the AGC Museum in Winchester. The Museum Curator maintains
register of all assets which have been acquired by the Trust. including the source of each asset, the
date of acquisition, a briet description of the asset and its acquisition cost or value.
Stocks
Stocks a￿ valued at th8 lower of cost and net realisable value, after making due allowance for
obsolete and slow-moving items.
Taxation
The charity is exempt from tax on its charitable activities.
Page 17 of 27

AGC Museum Trust
Notes for the Financial Statsments
For the Year ended 31 March 2022
ACCOUNTING POLICIES - continued
Fund Accountlng
Funds held by the Charity are deemed to be..
General Purpose l Unrestricted funds. These are the funds that can be used in accordance with the
charitable objectives at the discretion of the Managing Trustee.
The Charity does not cu￿entlY have any Restricted or Endowment funds.
Penslon Costs and other Post-Retir8ment Benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's
pension scheme are charged to the Statement of Financial Activities in the period to which they
relate.
Donatsd Goods, Services and Facilitios
Donated goods, services and facilities are recognised as income when the charity has control over
the Item, any conditions associated with the donated item have been mel, the receipl of economic
benefrt from the use by the charity ofthe item is probable and that economi¢ benefrt can be measured
reliably.
On receipt, donated professional services and donated facilities are recognised on the basis of the
value of the gift to the charity which is the amount the charity would have been willing to pay to obtain
setvices or facilities of equivalenl economic benefit on the open market,. a corresponding amount is
then reco9nised in expenditure in the period of reGeipt.
On receipt, donated goods are recognised at theirfairvalue. Goods donated for on-going use by the
charrty are recognised as tangible fixed assets, with the corresponding gain recognised as income
from donations.
Investments
Investments are a fomi of basic financial instrument and are initially recognised at their transaction
value and subsequently measured at their fair value as al the balance sheet. The Charity's
investments are held in unit trusts and the fair value for these investments is equivalent to the market
value, using the bid price.
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains
and losses on investments are calculated as the difference between sales proceeds and their
opening carrying value or their purchase value if acquired subsequent to the first day of the financial
year. Unrealised gains and losses are calculated as the drfference between the fair value at Ihe year
end and their carrying value. Realised and unrealised investment gains and losses are combined in
the Statement of Financial Activities.
Page 18 of27

AGC Museum Trust
Notes to the Financlal Statements - continued
For the Year ended 31 March 2022
Donatlons and Legacies
2022
2021
Donations
Grants
1,494
80,933
67
82,681
82,427
82,748
The Charity is provided with Museum facilities within the Peninsula Barracks and administrative
supportfrom Army personnel within theworthy Down Army Camp at no cost, No income is included
in these financial statements for these donated facilities as it is not possible to reliably measure the
value of these grfts.
Grants re￿ived, included in the above, are as follows..
2022
2021
Arniy Museums Ogilby Trust
AGC Regimental Association
61,433
19,500
64,681
18,000
80,933
82,681
Investment Income
2022
2021
Dividends Received
Deposit account interest
2,443
2,367
24
2,445
2,391
Incomè from Charitable Activities
2022
2021
Activity
Museum Activities
Shop income
544
Charitable Actlvltles Costs
Support
costs (see
note 6)
Direct
Costs
Totals
Museum Activities
57,868
11,297
69,165
Page 19 of27

AGC Museum Trust
Notes to the Financial Statements - continued
For the Year ended 31 March 2022
SUPPORT COSTS
Governance
costs
Other
Totals
Museum Activities
9,430
1,867
11,297
Accountancy and legal fees relate solely to the fees due to the Independenl Examiner,
Rothmans LLP, for the independent examination of these accounts.
Support costs, included in the above, are as follows..
2022
Museum
Activities
2021
Museum
Activities
Office & admin costs
Insurance
Repairs and renewals
Telephone & internet
Postage and stationery
Sundries
Security
Travel & Subsistence
Depreciation of tangible fixed assets
Loss on Disposal
Refreshments and meeting costs
Bookkeeping
Accountancy and legal fees
30
2,176
1,765
2,222
13
1,664
528
1,567
206
270
87
35
877
153
104
98
166
1,084
742
585
1,125
11,297
6,957
Trustees, Remuneration and Benefits
There were no trustees, remuneration or other benefits for the year ended 31 March 2022 nor
for the year ended 31 March 2021.
Trugtees. expenses
There were 4 trustees who were reimbursed expenses of £543.04 for the year ended 31 st
March 2022 (31st March 2021 £Nil).
Page 20 of27

AGC Museum Trust
Notes to the Financial Statements - conllnued
For the Year ended 31 March 2022
Staff Costs
2022
2021
Wages and salaries
other pension costs
53,180
63,921
55,817
65.941
The average monthly number of employees during the year was as follows..
2022
2021
Museum Staff
No employees received emoluments in excess of £60,000.
The charty considers the Board of Trustees lo be its key management personnel. No Trustee
received any remuneration for services to the Charity in the current or previous year.
Tanglble Fixed Assets
Fixtures
and
fittings
Cost
At 1 April 2021
Additions
Disposals
195,330
3,007
(6,140)
st
As at 31 March 2022
192 197
Depreciation
At 1 April 2021
Charge for year
On disposal
191,138
1,548
At 31 March 2022
187,753
Net Book Value
At 31 March 2022
4,444
At 31 March 2021
4,192
Page 21 of 27

AGC Museum Trust
Notss to the Financial Statements - continued
For the Year ended 31 March 2022
10. Heritage Assets
Total
Market Value
At 1 April 2021 and 31 March 2022
80,244
Net Book Value
At 31 March 2022
80,244
At 31 March 2021
80.244
The charity accounts for all Heritage Assets at cost18ss depreciation. Assets with indefinite
useful lives are not depreciated and are subject to periodic impairment reviews.
Summary Analysis of Horitago Asset Transactions
There have been no heritage asset transactions in the last 5 years.
Heritage Assets not recognised on the Balance Shoet
The museum reserve colleclion consists of 60,000 items comprising photographs, documents,
objects and uniforms all of which relate to the hislory of the ante￿dentS and current Corps.
These items are unique lo the history of the Corps but the majority of the ilerns do not have
commercial value.
The accounts include only those items which have been acquired at a known cost. The
remainder of the collection has not been recognised in these accounts as infomiation on their
cost or valuation is not available and such infomation cannot be obtained at a cost
commensurate with the benefit to the users of the accounts and to the charity
Page 22 of 27

AGC Museum Trust
Notes lo thè Financial Statements- continued
For the Year ended 31 March 2022
11.
Fixed Asset Investrnènts
Listed
investments
Market Value
At 1 April 2021
Revalualions
69,639
4,081
At 31 March 2022
73,720
Net Book Value
At 31 March 2022
73.720
At 31 March 2021
69,639
There were no investment assets outside the UK.
Investments consist solely of investments held in unit trusts or other collective investment
schemes.
12. Stocks
2022
2021
Shop Stock
994
1,094
13. Debtors: Amounts Falling Due wlthln One Year
2022
2021
Other debtors
VAT
Prepayments and accrued income
9,990
156
7,247
18
2,817
17,393
2,835
Th8r8 are no amounts falling due after more than one year.
1& Cash at Bank and In Hand
2022
Total
funds
2021
Total
funds
Cash in hand
Bank current account
Bank deposit accounl
70
34,898
15,742
40
43,849
5,740
Total
50,710
49,629
Cash at bank and hand is a financial asset measured at amortised cost.
Page 23 of 27

AGC Museum Trust
Notes to the Financial Statements - continued
For the Year ended 31 March 2022
1S. Creditors.. Amounts Falllng due within One Year
2022
2021
Credit card liability
Accrued expenses
159
2,303
1.843
2,303
The￿ are no amounts falling due after one year.
16.
PJlovement In Funds
Net
movement
in funds
At
31.3.22
At 1.4.21
Unrestricted funds
General fund
205,330
20,332
225,662
Total Funds
205,330
20,332
225,662
Net movement in funds, included in the above are as follows..
Incoming
resources
Resourees
expended
Gains and
losses
Movement
in funds
Unrestricted fund8
General fund
85,416
169,1651
4,081
20.332
Total Funds
85,416
69,1651
20 332
Comparatlvos for movement in fund$
Net
movement
in funds
Al
31.3.21
At 1.4.20
Unreslri¢ted funds
General fund
181,926
23.404
205,330
Total Funds
181,926
23,404
205,330
Page 24 of 27

AGC Museum Trust
Notes to the Flnancial Statements - continuod
For the Year ended 31 March 2022
16.
Movem•nt in Funds - contlnuod
Comparativ& net movement in funds, included in the above are as follows..
Incoming
resources
Resources
expended
Gains and
bsses
Movement
in funds
Unrestricted funds
General fund
85,139
{74,176)
12,441
23,404
Total Funds
85,139
74,1761
12,441
23,404
17.
Rolated Party Dls¢lo•ure8
Whilst the Charity has a close working relationship with the Amiy, there are no transactions with the
Army which require disclosure under SORP FRS102. The only transactions made in favour of the Trust
are wholly allributable to the charitable activities of furthering military efficiency. The Chairman, who
a¢ls as Managing Trustee, is a serving officer and fulfils th• role as Trustee in awordanGe with the
applicable laws and regulations.
During the year ended 31 March 2022 the charity received grants totalling £19.50012021.' £18,000)
from The Adjutant General's Corps Association (charity no 11852981. The AGC Museum Trust and the
AGC Regimental Association have several trustees in common and trK*th Charities have the obj'ect of
promoting the efficiency of the Adjutant General's Corps.
Page 25 of 27

AGC Museum Trust
Detalled Statement of Financial Activities
For the Year ended 31 March 2022
2022
2021
Income and Endowmonts
Donations and legacles
Donations
Grants
1,494
80 933
67
82,427
82,748
Investment income
Dividenés Received
Deposit Account Interest
2,443
2,367
24
2,445
2,391
Charitable aGtivlties
Shop Income
Total Incoming Resources
Expenditure
Charitable activities
Wages
Pensions
Advertising
Shop purchases
Stock Contribution to RAPC
Conservation Costs
Administralion & Education
Membership fees
Exhibition costs
Projects
53,180
2,637
129
100
139
536
150
804
63,921
2,020
156
799
238
85
186
57,868
67,219
Support Cosls
Other
Office and Administrative Costs
Insurance
Repairs and Renewals
Telephone and Internet
Postage and Stationery
Sundries
Security
Travel and Subsisten
Depreciation Fixtures and Fittings
Depreciation Computer Equipment
Loss on sale of Café Equipment
Refreshments and Conferencing Costs
30
2,176
1,765
2,222
13
1,664
528
1,567
206
270
87
35
877
153
104
98
829
719
166
1.084
9,430
5,247
Page 26 of 27

AGC Musèum Trust
Detalled Statement of Financial Activitles
For the Year ended 31 March 2022
2022
2021
Other
Governance Costs
Bookkeeping
Accountancy and Legal Fees
742
585
1,867
1,710
Total Resources Expended
Net Income before Gains and Losses
16,251
10,963
Reali8ed Ro¢ogni8ed Gains and Losses
Realised gain￿{lOsSes) on Fixed Assets
Investments
Net Incomel{Expenditure)
Page 27 of 27