Registerod Charity Number: 1075877 Report of the Trustees and Unaudited Financlal Statements For the Year ended 31 March 2023 For the AGC Museum Trust Rothmans LLP Chartered Accountants Avebury House Sl Peter Street Winchester Hampshire S023 8BN
AGC Museum Trust Contents of thè Financlal Statements for the Year ended 31 March 2023 Pag6 Report of the Trusteas 1 to12 Independent ExaMineS Report 13 Statement of Financial Activities 14 Balance Sheet 15 Notes to the Financial Statements 16to25 Detailed Statement of Financial ActivitiEs 26to27
AGC Museum Trust Report of the Trustees for the Year ended 31 March 2023 The Trustees present their report with the financial statements of the charity for the year ended 31 March 2023. The Trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in Ihe UK and Republic of Ireland {FRS 102} (effective 1 January 2019). Structure, Government and Management The Adjutant General's Corps (AGC) Mu$8um opened in 2003 to collect, preserve, and display the history of the AGC and its antecedent corps, the Royal Amiy Pay Corps, Royal Military Poli, Military Provost Staff Corps, Royal Army Educational Corps, Amiy Legal Services and the Women's Royal Amiy Corps and their rich histories. Subsequently- In 1997, the Military Provost Guard SeNice IMPGSI was formed and some of their history is now displayed as part ofthe AGC Museum collection. In 2011, the Gurkha Staff and Personnel Support IGSPS) was formed which allowed Gurkha administrators to assimilate with their AGC counterparts wilhout losing their essential link to the Brigade of Gurkhas. Some of their history will also be displayed in the museum. The Museum is managed by a Board of Trustees in ac¢ordan¢e with the Museum Trust Deed updated 23 January 2023. The Board of Trustees comprises of not less than 6 members bul no more than 12 members. It has: Three Ex-officio members who are members because of their vital and influencing appointments wilh the AGC Corps HQ. Representation from across the Branches of the AGC and its antecedent Corps bul it is slowly adapting the composition to meet the needs of the Board and the Museum rather than trying to cover every interest group. The Board of Trustees meets twice yearly for ordinary meetings but has provision that all¢)ws 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 acGount{s) and investments). The Board comprises the following key appointments.. Ex Officio Members The Corps Colonel AGC, the Corps Secretary AGC and Corps Sergeant Major AGC are ex-officio members. These 3 appointments have an important role in representing the Museum within the Arniy, the AGC and the general public but also keeping Trustees informed of changes in policy that affect military museums and encouraging the AGC preservation of its unique heritage. Chair of Trustees Although the Chair has always been the Corps Colonel AGC appointment, the Trust Deed requires the Trustees at their firsl meeting each alendar year to elect any one of the Trustees to be the Chair for that year. This provision is there to protect the museum's interests and prevent any conflicts of interest beeen the AGC, its Association and the museum. The provision allows Trustees to ensure the Chair of Trustees cannot force through an agenda that may suit the AGC Association but which the museum Trustees feel is not in the museum's best interest. The Chair of Trustees has been granted some delegated powers from Page 1 of 27
AGC Museum Trust Report of the Trustees for the Year ended 31 March 2023 the Board of Trustees which allow the flexibility to deal with issues that would otherwise require referral to the Board of Trustees. These powers are limited and contained in an annual letter of delegalion from the Board of Trustees. Trustoes The Museum collection, at the outset ¢omprised of the histories of the antecedent Corps and representatives of those Corps were appointed lo be Trustees, from a balanced mixture of those still serving in Ihe AGC and veterans of the antecedent Corps. It is now over 30 years since the formation of the AGC and some of the serving Trustees have had their entire service in the AGC. These Trustees encourage their respective Branches to add AGC historical items to the museum collection. Honorary Treasurer This Museum appoints an Honorary Treasurer, who chairs a finance committee 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 delegaled authority lo approve payments in their own right, although the Trustees have allowed the current incumbent to exceptionally be the countersigning officer for payments that have been properly authorised and are within budget but èxceed the authorising officers level of individual delegation. Museum Dir8ctor 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 adminislralion of the staff. The Museum Director has delegated powers from the Board of Trustees which aim to allow limited flexibility to deal wilh issues that would otherwise require approval of the Board of Trustees these powers are contained in an annual letter of delegation from the Board of Truslees, This post is the principal authorising officer for all paymenls and the line manager for the Curator. Indèpendent Musoums 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 Trustee, the museums advisor attends all board meetings and has the experience to advise on a wide range ofmuseum issues. Curator The Curator is not a Trustee but is accountable to the Board of Trustees. The Curator attends Board Meetings to brief on the activities since the last meeting, staff issues, to raise any concerns, and to understand the dire¢tion of the Board. The Curator is also the line manager ofthe museum staff and any volunteers working on behalfof the museum. The Curator has a lower level ofdelegated powers from the Board of Trustees which aim to allow the flexibility to deal with day-to-day issués approved in the budget. In their absence, the 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. Page 2 of 27
AGC Museum Trust Report of the Trustees for the Year ended 31 March 2023 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 ommittee and every replacement must be discussed at the next available Board meeting. The Trust Deed allows between 6 and 12 members and this allows the Board of Trustees sufficient flexibility to consider Teplacements 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 wilhin the AGC Corps HQ. Chair Of Trustees The issue of what would happen should the Chair of Trustees be posted or operationally deployed and become unavailable as Chair was discussed at recent Trustee meeting. Atthough no decision on how this might be handled was made, it was clear that although a rep1arnent would assume the Ex Officio role as a Trustee, th8y would not automatically become Chair of Trustees. Trustee Remuneration All of the Trustees are volunteers and none re1ve remuneration from the museum, although the revised trust deed allows for the refund of reasonable expensès incurred by Trustees acting on museum official activities. Composltlon of the Board of Trustees The Board of Trustees is shown below.. Name Date Appolnted Ex Officio Trustees Date Retlred Col VJ Whiling ADC Lt Col (Retdl MJR Cotton MBE W01 (Corps SMI W Heathcote AGCISPSI From 4 June 2021 From 28 April 2012 From 9 Mah 2022 Trust••$ Col IReldl AK Brown OBE Lt Col (Reldl MMT Burton-Doe W01 J Donachie AGC IMPGSI Col BA Gray Col M Ketterer From 31 March 2017 From 28 September 2022 From 9 Marth 2022 From 6 June 2018 From 1 O¢tober2020 28 September 2022 28 September 2022 Lt Col (Retdl J Jennings Lt Col IRetdl RC Naile MBE Col C Terblanche From 9 March 2022 From 28 September 2022 From 28 September 2022 From l O¢tober 2020 Col SM Vardy Col {Retdl AJ Ward From 2 December 2011 In Attendance Mr D Smurthwaile Independent Museum Advisor Curator Mrs BE Taubert-Brayley Page 3 of 27
AGC Museum Trust Report of the Trustees for the Year ended 31 Mar¢h 2023 Committees The Trust Deed allows the Board of Trustees lo form Gommittees responsible for specific areas of the museums administration. Such committees act in accordance with direction from the Board of Trustees contained in detailed Terms of ReferenGe. Any committee fomed is ultimately accountable to the Board of Trustees but the Chair of Trustees is responsible for oversight of thesè committees. The Finance Committee Finan Committee meetings are Gurrently chaired by Col {Retd} AJ Ward (the Honorary Treasurer) with Col IRetd} AK Brown as the Vice Chair and Lt Col (Retd} MJR Cotton and Mrs BE Taubert-Brayley as members. The AGC Finan Manager (Mr R Sorsbie) is in attendance, where his other duties allow, to advise on accounting matters including the Sage Reporting. The Terms of Reference for the Finance Committee are lo monitor internal financial controls to assist and advise the Trustees in order that they: Meet their legal duties to Safèguard the charities assets. Administer the charities finances and assets in a manner that identifies and manages risks. Ensure the quality and integrity of financial reporting. 10. The Museum Redevelopment Committee This committee has been formed to oversee the redevelopment project. The committee is Chaired by Lt Col {Reldl MMT Burton- Doe and has members drawn from the Staff and Personnel Support, Provost, Educational and Training Setvices, and Amy Legal SeNices branches ofthe AGC aswell as an additional Irustee in Lt Col (Retd) RC Naile MBE. This Committee has no delegated financial powers at the moment as it is still in the preparatory phase of the project. Once fully costed plan and delivery schedules are approved by the Board of Trustees, funding will be sought from the AGC Association, terms of reference and letterls) of delegation will be issued specrfic to individuals on a projecl team responsible for the delivery of the redevelopment project. The Trustees have allowed some early expenditure to take place bul these sunk costs will be recorded against the overall costs of the redevelopment project. Trust Objects The Objects of the Museum are to educate the public and members of the Corps in the history and military accomplishments of the Corps and to promote military efficiency and encourage recruitment by public exhibition of the ¢ollection in a museum or museums or other such places as the Trustees may from time to time decide, and to conserve, restore, repair, r8-construct and preserve the objects of the collection. Purposes of the Charity 12. The purpose of the AGC Museum is to educate the public and members ofthe Corps in the history and military accomplishments of the AGC and its antecedents. The museum will collect, document, preserve, display, undertake research and provide access to material relating to both the Corps and its antecedents. The work undertaken will be to the standards required to maintain Accredited Museum status with Arts Council (England). 13. In addition, material displayed in the museum will be of benèfit to the general publi¢, military velerans and seNing personnel. The content of the displays will provide a stimulating experience for all, in order to show the role of the Army in the development of Ihis Page 4 of 27
AGC Museum Trust Report of the Trustees for the Year ended 31 March 2023 nation,. promote the military elhos., assist in recruiting 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 activities the charity should undertake. Rèview of Activities. Developments and Achievements 14. The Museum has been open for the most of this year only closing for the major Bank Holidays and for 2 weeks over the Christmas period. Visilor traffic to Winchester has increased but have been more UK based slaycalion or day-trip visitors ralher than international tourists. The café is still being run by Ihe same licence holder, who has now held the licen¢e for over a year. The café continues to be popular and has an increasing regular customer base. 15. The Museum has now returned to its opening hours pre-COVID. Illness has impacted café opening,. however, the Museum has managed to continue to operate as normal even with members of staff sickness. 16. The Museum has had 12,833 visitors this financial year. This is a significant increase on the previous year due to an increase in general visitors. as well as increased educational and military unil visits to the site. Fifteen military units visited the site, 10 of these visits included a lecture or guided tour by a member of museum staff. All 10 were AGC unit visits coming specifically to the museum for ethos and Corps history tours. 17. The education programme for the site has been extremely successful, with 15 schools over 19 days visiting for history topics in this financial year. Most school visits occurred in November, and focused on the World Wars, local history, and Remembran. In total 734 pupils utilised the AGC Museum and our staff's knowledge and expertise. As part of Winchester's Military Museums, a portion of the edu¢alion programme is funded through Reaching Outl a Hampshire-wide, multi-museum initiative to engage with schools with a high pupil premium. This was the sixth year of the programme with the funding renewed for another year. 18. The Volunteer programme has restarted with the successful recruitment of 5 new volunteers. The volunteers help with social media, school visits, the archive, and ¢ollections work. Many of the volunteers are students at Winchester University and are completing volunteer hours as part of various degree programmes. The Museum hosted a work experience student, the first sinc8 COVID, with several more booked in the new financial year. 19. The audit of the boxed collection has continued, with only 220/0 of the collection left to check. An audit of the photograph collèction has begun. Items are still being a¢pIed into the collection, with more contemporary items being offered for donation due to the 30th anniversary celebrations. 20. Two temporary exhibitions were created for this financial year. This included an exhibition celebrating the 30th Anniversary of the formation of the AGC, which ran from 6th April 2022 until January 2023, and an exhibition on the Second World War. This latter exhibition focused on the Central Mediterranean Theatre and will run until the end of 2023. 21. There have been 32 enquiries of historical research,. a majority of have been family history related. The Museum has been contacted by an academic for their master's degree dissertation. The Museum has also support8d the Corps events for the 30th Anniversary Page 5 of 27
AGC Museum Trust Report of the Trustees for the Year ended 31 March 2023 celebrations, and continues to support through historical research and ethos visits. Financial Revl8w 22. The work of the Finance Committee has greatly eased since the ernployment of the latest AGC Finance Manager. The accounts now reconcile each month so audit checks are much quicker. sage reports arefar more accurate and available, and efforts are now focussed more on improving other areas Ihat would benefrt from some attention. 23. Policy Dev8lopment The policy development continues and this year with a ¢omprehensive staff handbook drafted by the Chair of Trustees. commented on by Truslees both out of committee and at 2 Trustee meetings, before being adopted as a welcome guide by the staff. Work continues in 2023 on other policies but this is significant progress for both the Board and the staff. 24. Governing Document The Trustees passed a resolution to adopt a new Trust Deed which was signed by all Trustees and dated 23 January 2023. This brings our governing document up to date and resolves a number of anomalies in the previous document. 25. Letters of Delegation The Trustees approved letters of delegation lo key personnel and the subsequent scrutiny of payments have not only improved the administration of the Museum but also revealed areas for improvement and in some cases, cost savings. This year saw no change from the previous year and the delegated levels were not increased. 26. Internal Audit. This continues but much of the observations are resolved irnmediately and those that need further effort are normally resolved within a week of being notified. 27. Risk Register A High-level Risk Register has been adopted by the Board of Trustees which they review as an agenda item at each of their meeting. Any Trustee may recommend an issue for inclusion in the Risk Register. Some of the risks identified weakn8sses and the need for further work by the Trustees to mitigate them. 28. Cash Flow The Honorary Treasurer now provides a financial report to the Trustees on a.quarterly basis., his reports have moved on from explaining the inforrration in the SAGE reporting and any anomalies to recommending areas for improvement such as the opening of 8 35 day deposit account for cash flow surpluses {which yielded more than £400 interest this year} and closing underperforming investments. Income and Expènditure 29. Sources of Income The Museum's sour$ of income are: Army Museum8 Ogilby Trust The museum is very fortunate to receive a grant toward gross staff costs this year the grant was £69.58K. This includes a £3K adjustment from underpayments in previous years. The AGC Association provide8 a generous annual grant AGC Associatlon Page 6 of 27
AGC Museum Trust Report of the Trustees for Ihe Year endod 31 March 2023 to cover the estimated shortfall in operating ¢osts- this year's grant was £28K. The grant was assessed lo cover the operaling cost shortfall in a year that included the delivery of the redevelopment project the delay in delivery has resulted in underspends in a number of areas. Interest on Investments The Trustees elected to remain with Blackrock until after the redevelopment and the investments delivered interest of £2.5K. Donations and Research Fees This year donations have continued at a very good rate realising £950 thanks to the generosity of the public and contributions for research undertaken by the museum staff. Miscellaneous Income The remainder of the income was the interest on the deposit account {including £6.86 from the closed COIF account) of£425 and olher small items (shop profit, café internet contributions, credit card loyalty payment etc) of individually less than one hundred pounds 30. Expenditure Activity in the museum has increased this year and with that comes increased costs but the most significant areas are.. staff Costs The museum staff salaries are reviewed annually and awarded a pay rise nomially based on the ONS website March rate of RPI. Given the world and domesti¢ e¢onomic issues, this resulted in a significant uplift. The nel cost of slaff salaries was £69.19K with an additional £3.2K in pension ¢osts. Operating Costs The museum incurred insurance costs for the museum and collection of £2'.1 K, museum professional membership fees of £834, telephone and internet ¢osts of £454, and bookkeeping fees of £585. The museum also paid £600 for the independent examination of the accounts. The remainder of the expenditure was on items less than £500 and covered in the accounts. Trustee Expenses The revised Trust deed entitles trustees to claim reimbursement of reasonable expenses properly incurred in acting in an authorised manner on behalf of the museum. All such claims are authorised by the Museum Director. This year wsts amounted lo £565. New Equipment The equipment replacement program saw the planned replacement of some computer equipment, the broughl forward replacement of the CCTV equipment and the purchase of some new equipment to supportthe digitization project and a card reader forthe shop. The total spent on this area was £2.72K. Shop Stock The Trustees reviewed the museurn shop and after much deliberation decided to write off the majority of the sto¢k for 3 reasons it was not selling, some was over 10 years old and it had the wrong badge on it since the new AGC cypher had been inlroduced last year. This resulted in a write off of £686. 31. Excess of Income The Museum had budgeted for the delivery of the redevelopment project in year and as such areas of the budget were deliberately inflated to cover things that would occur as part of that projecl - conservation ¢osls would increase of moving and temporarily storing items, cleaning and repairing cabinets, small minor works to prepare for the redevelopment, a planned opening ceremony etc, etc. The ongoing issues with the ingress of water effècting the fabric of this grade 2 listed building prevented the Page 7 of 27
AGC Museum Trust Report of th8 Trustees for the Year ended 31 March 2023 Trustees approving the project from proedIng. The finanGial consequent of this was the museum could not spend the income as planned resulting in an excess of income before gains of £18,976. Use of Excess of Income 32. Historical Review of Financial Performance The historical look at the previous 6 years financial performance is shown below. In¢omelExpendtture 31 Mar 18 31 Mar 19 31 Mar 20 31 Mar 21 31 Mar 22 31 Mar 23 Total Income £75.29k £63.63K £84.77K £85.14K £85.42K £102K Total Expenditure £68.74K £75.44K £79.71K £74.18K £69.17K £83K Excess of Income £6.55K NIA £5.06K £10.96K £16.25K £19K Excess of Expenditure NIA NIA NIA £11.81K NIA NIA 33. Operating Cost Grants. In our last report the Trustees were ¢lear on the critical dependency on the AGC Association for the shortfall in the operating costs and the need for some of annual reporting on how tha money has been spent {or as in this year, why it hasn'l been spent and what the Trustees have done with the excess). At the March trustees meeting, the Trustees discussed the fact that there would be an excess this year it was decided that given the predicted, but yet unknown, rise in the Cost for the redevelopment project the museum would place the excess into the reserves until such time as the project is Gomplete. Investment Policy and Perfonnance 34. Inveslrnent Management As at 31 March 2023, the value of the Blackrock investments was £65,858.84. This compares badly to the previous year's valuation of £73,720.74 with a loss of £7,862.10. It is worth noting that the valuation at 30 June 2022 was £67,364 and therefore most of loss was incurred in first 3 months of year. 35. Invèstment Objectives 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 lo provide a buffer to any employment costs that occurred as we took on staff that were filling posts that were previously Civil SeNI¢e. This reserves policy remains unchanged. 36. Future Investment Strategy The Trustees have frequently discussed their investment strategy and decided not to change until after the redevelopment is complete. The Trustees plan to hold a series of sessions post redevelopment to develop a ¢learer understanding of their future financial strategy, reserves and investment policy during 2024 and 2025. 37. Investment Returns The Trustees remained satisfied that Blackrock was a safe investment for their short-term objective but looking longer term, they would seek independent finan¢ial advice on achieving their investment objectives and getting Page 8 of27
AGC Museum Trust Report of the Trustees for the Year endod 31 March 2023 comparative rformanCe benchmarks. Risk Management 38. The Trustees now have risk as a standing item on all Trustee meetings. Each risk is assigned to an owner who is responsible for the Maintenan of thal risk, the mitigation and assessing the probability and potential impact. The Trustees consider ea¢h 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 Trustees. Plans for the Future 39. The planned redevelopment of the Museum remains the Trustees highest priority activity. The Trustees have directed that th& collection is to be rebalan¢ed to give greater focus on the 30 years of the Adjutant General's Corps and more recent ¢onflicts in the Balkans, Iraq and Afghanistan. The collection will also focus on story-telling through the use of more digital interactive means. 40. In 202212023, plans were put on hold due to ongoing infrastructure issues with the roof.ofthe museum, further complicated by a change of MOD contractor and the listing of the building. Repair work commenced in March 2023 and it is therefore anticipated that the physical redevelopment will commence in 202312024. In late March 2023, damp was discovered which is being investigaled and may yet further delay the timeline. In terms of visitor numbers winter remains the optimum time to ¢lose the museum for the work to tse carried out. Once all infrastructure matters are resolved a decision will be taken in conjunction with the project manager on when to start. In the meantime, a redevelopment working group was created with repres8ntatives from each Branch of the AGC, meeting for the firsttime in May 2022. Two newTrusleeswere brought on board lo manage the prOS$. As work commences the working group will become a project board with one of these Trustees as Chairperson. Funding from the AGC Association remains available when required. 41. In July 2022 a meeting was held to discuss the draft revised Twst Deed with Army Museums Ogilby Trust {AMOT). The Director of AMOT, accompanied by a solicitor, agreed that the revised Deed was fit for purpose and did nol require legal advice to be adopted as the objects of the charity and the dissolution clause remain intact. Going forward, the Trust Deed will be fomially reviewed every four years in line with COBSEO guidance. 42. As at March 2023 the lease for the Museum is yet to be finalised. The first of Winchesler Military Museum's to be granted its lease, the Gurkha Museum, received theirs in July 2022. It is anticipated that this will form a template for the remainder of the museums on the Peninsula Barracks site. Significant pressure has been placed on MOD for the AGC Museum to be next in line to receive a lease, as it houses the only café available on site. 43. In 2023, certain Museum governance documents will be reviewed. The AGC Museum HR Policy Compendium was ratified by the Trustees in Mar¢h 2023 and will be formally reviewed again in 2027, with minor updates occurring as and when required to remain compliant with legislation. The Museum Director is leading on the review of the Business Page 9 of27
AGC Museum Trust Report of the Trustees for the Year ended 31 March 2023 Continuity Plan to be presented to Trustees at th8 October board meeting. The Chair of Trustees is leading on the review of Trustee training and induction, once again for review at the October board meeting. It is expected that the Museum will be invited to apply for accreditation in July. If su¢cessful, accreditation will last for 5 years. In terms of the collection, the digitisation of the collection is ongoing with grants being sought for items that are too large or difficult to digitise in-house. The Museum is in lalks with the Wornen's Royal Army Corps to collaborate on a project with Legasee to record oral hislories of the ATS and WRAC. An asset review is ongoing, with the Honorary Treasurer and Curator focussing on currency items in the next quarter. 45. Rèvlew of Reserves The Trustées have discussed the reserves and decided that until the Museum redevelopment project had been completed, the existing reserves policy must not be compromised by over Gommitment of funds. The reseNes policy would continue to be reviewed annually. The total reseNes at 31 $t March was £236,776 { 2022.. £225,662). Page 10 of 27.
AGC Museum Trust Report of the Trustees for the Year ended 31 March 2023 Reference and Administrative Details Name Adjutant General's Corps Museum Trust Charfty Numb8r 1075877 Principal Addrèss Corps Headquarters AGC The Gloucester Building Worthy Down Winchester Hampshire S0212RG Bankers Royal Bank of Scotland Lawrie House Victoria House Farnborough Hampshire GU177NR Independent Examiner Rothmans LLP Chartered Accountants Avebury House St Peter Street Winchester Hampshire S023 8BN Solicitors Mr Richard Robson Warner & Richardson 29 Jewry Street Winchester Hampshire S023 8RR Investmènt Manager details Blackrock UK Charities and Endowments Drapers Gardens 12 Throgmorton Ave London, EC2N 2DL Page 11 of 27
AGC Museum Trust Report of the Trustees for the Year ènded 31 March 2023 Statement of Trustee Responsibilities The charity Trustees ar& responsible for preparing the Trusle8s' Report and financial statements in accordance with applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted A¢¢ounting Practice). The law applicable to charities in England and Wales requires the Trustees to prep8ra financial statements for each financial year that give a true and fair view of the state of affairs of the charity and of the incoming resour$ and application of the resources of the charity for that period. In preparing these financial statements, the Trustees are required to.. Select suitable accounting policies and apply them consistently.. Observe the methods and principles in the Charities SORP- Make judgements and estimates that are reasonable and prudent- State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the finarjcial statements., Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial slalements comply wilh the Charities Act 2011, the Charity la¢¢ounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are responsible for safeguarding Ihe assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the charity and financial information included in the Gharity's website in accordance with legislation in the Unit8d Kingdom goveming the preparation and dissemination of financial statements. Approved by the Trustees on Date 302Y Signed on behalf ofthe Board Lt Col (Ret'd) MJR Cotton MBE Trustee & Museum Director Date 22 ' -rrty1 201 Page 12 of27
AGC Museum Trust Independent Examlner's Report to the Trustees of the AGC Museum Trust For the Year Ertded 31 March 2023 Independent examine¢s report to the Trustees of AGC Museum Trust I report to the charity trustees on my examination of the accounls of AGC Museum Trust (thè Trust) for the year ended 31 March 2023. Responsibilities and basls of report As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'}. I report in respect of my examination of the Trust's accounts carried oul under sertion 145 of the Act and in carrying out my examination I have followed all applicable Direclions given by the Chanty Commission under section 145(51{b) of the Act. Independent Examiner's Statement I have completed my examination. I confirm that nD material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in resped of the Trust as required by section 130 ofthe Act,. or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements GonrnIng the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. 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 ofthe accounts to be reached. Susan Sullivan FCA ICAEW Rothmans LLP Chartered Accountants Avebury House St Peter Street Winchester Hampshire S023 8BN Date.. 24 January 2024 Page 13 of27
AGC Musgum Trust Statemant of Financial Activities For th8 Year Ended 31 March 2023 2023 2022 Unreslricled Unrestricted & lolal funds & total fvnds Notes Income and Endowments From Donations and legacies 98,533 82,427 Charltsble activitie$ Museum Activities 376 544 Investment income 2,964 2,445 Total 101,873 85,416 Expendlture on Charitable activltles Museum Activities 82,897 69,165 Nel gains on investrnents 4081 Net Incom 11,114 20.332 Reconciliation of Fund8 Total funds brought fon•Mrd 225,662 205,330 Total Fund8 Carrled Forward 236,776 225 662 Page 14 of 27
AGC Museum Trust Balance Sheet For the Year ended 31 March 2023 2023 2022 Unrestricted Unrestricted & total funds & total funds Notes Flxed Assets Tangible assets Heritage assets Investments 4.335 80,744 65.858 4,444 80,244 10 11 150,937 158,408 Current Assets Stocks Debtors Cash at bank and in hand 12 13 14 994 17,393 5,965 82 003 88,014 69,097 Creditors Amounts falling due within one year 15 12,1751 {1,8431 Net Current Assets 85,839 67,254 Total Assets less Current Liabilitiès 236,776 225,862 Net Assets 236 776 225,662 Funds Unrestricted funds: General fund 16 236,776 225 662 Total Fund8 236 776 225 662 The financial statements were approved by the Board of Trustees and authorised for issue on 201 Y and were signed on its behalf by.. Lt Col (Ret'd) MJR Cotton MBE - Trustee Page 15 of27
AGC Museum Trust Notes for the Financial Statements For tho Year ended 31 March 2023 Accounting Policies Basis of preparing the Financial Statements The financial slalements of the charity, which is a publi¢ benefi't entity under FRS 102, have been prepared in accordance with the Charities SORP {FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019),. Financial Reporting Standard 102 'The Financial Reporting Slandard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at markel value. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulalion$ 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 Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} rather than the Accounting and Reporting by Charities.. Statement of Recommended Practic6 effective from 1 April 2005 which has since been withdrawn. The financial statements are prepared in sterling which is the functional and presentslional currency of the Charity. The financial statements are rounded to the nearest pound. The Truslees consider that there are no material uncertainties about the charily's ability lo continue as a going concern and these accounts are. prepared on a going concern basis. The most significant estimates affecting these accounts are the estimalions of the useful lives of the fixed assets and heritage assets. There are no significant judgements which affect the amounts recognised in the financial statements. With respect to the next reporting period, the mo81 significant areas of uncertainty that affect the carrying value of assels held by the Charity are lh8 level of investment return and the performance of investments. Incom6 All income is recognised in the Statement of Financi81 Activities once the charity has entitlement to the funds, il is probable that th8 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 fvnds of Ihe 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 ommitting the charity to that 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 1$ accounted for on an accruals basis and has been classified under headings that aggregate all cost rélated to the category. Where costs cannot be directly attributed to particular headings, Ihey have been allocaled to activities on a basis consistent with the use of resources. Page 16 of27
AGC Museum Trust Notes for the Financial Statements For the Year ended 31 March 2023 ACCOUNTING POLICIES - continued GovernanGe Costs Governance crjsts are the costs of professiorfal advice, holding trustee meetings or committee meetings associated with 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 governance Costs and are allocated to the activities the Charity undertakes in proportion to the level of resources utilised by each activity. During the current and previous years all expenditure incurred by the Chariiy has r81ated to the single activity of the governance of the AGC Museum. Tangible Flxed Assets All assets having a purchase value of more than £500 are capitalised. The cost of langible fixed assets are written off by equal annual instalmenls over their expected us¢ful lives using the following methods of depreciation.. Furniture, fixtures and equipment- Straighl Line over a period of 2 - 10 years Assets with a life of more than one year but with a purchase value of below £5QO are included wilhin the inventory bul the cost is written off in the year it 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 aCqUid gifts, memorabilia, r8galia, Silveare. 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 Gharity do not specifically include preservation and conservation, the pieces represent an essential element of celebrating the unit's history and foster esprit-de-corps. Consequently, the managing Trustee considers the charity to hold heritage assets as an element of national history on behalf of the nation. Heritage assels are inrtially measured at Cost. Assets which are donated to the charity are measured at valuation wherever this can be reliably estimated. The initial valuation of donated assets is subsequently treated as the deemed cost of the asset therefore these accounts present all assets at cost less depreciation. Assets are depreciated over their useful economic lives, however in the Trustees, opinion. all of the assets currently held by the Trust have infinite lives and are therefore not deprècialed. The Trust's heritage assets are managed by the Trustees of the AGC Museum Trust and are displayed for public viewing at the AGC Museum in Win¢hesler. The Museum Curator maintains register of all assets whi¢h have been acquired by the Trust, including the source of each asset. the date of acquisition, a brief description of the asset and its acquisition cosl or value. Stocks stocks are valued at the lower of cost and nel realisable value, after making due allowan 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 Ststements For th8 Year ended 31 March 2023 ACCOUNTING POLICIES - ¢ontinued Fund Accounting Funds held by the Charity are deemed to be.. General Purpose l Unrestricled 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 Gurrently have any Restricted or Endowment funds. Pension Costs and other Post-Retirement Beneflts 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. Donated Goods, Services and Facilities Donated goods, ServIS and facilities are recognised as income when the charity has control over the item, any Conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to Ihe charity which is the amount the charity would have been willing to pay to obtain servi¢es or facilities of equivalenl economic benefit on the open market., a corresponding amount is . then recognised in expenditure in the period of receipt. On receipt, donated goods are recognised at their fair value. Goods donated for on-going usa by the charity are recognised as tangible fixed assets, with the corresponding gain recognised as income from donations. Investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet. The ¢harity'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 difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are Gombined in the Statement of Financial Activities. Page 18 of27
AGC Museum Trust Notes to the Financial Statements - contlnued For the Year ended 31 March 2023 Donations and Legacies 2023 2022 Donations Grants 950 97,583 1,494 80,933 The Charity is provided with Museum facilities within the Peninsula Barracks and administrative 8UPPOrtfrom Army personnel within the Worthy Down Army Camp at no cosl. No income is included in these financial statements for these donated faGilities as it is not possible to reliably measure Ihe value of these gifts. Grants received, included in the above, are as follows.. 2023 2022 Army Museums Ogilby Trust AGC Regimental Association 69,583 61,433 Invèstmènt In¢om• 2023 2022 Dividends Received Interest received 2,519 445 2.443 2,964 Income from Charltsble Activities 2023 2022 Activity Museum Activities Shop income 376 544 Charitable Activities Costs Support osts (see note 6) Direct Costs Totals Museum Activities 75,964 7,933 83,897 Page 19 of27
AGC Museum Trust Notes to the Financial Statements- continued For the Year ended 31 March 2023 SUPPORT COSTS Governance costs Other Totals Museum Activities 1,185 Accountancy and legal fees relate solely to the fees due to the Independent Examiner, Rothmans LLP, for the independent examination of these a¢¢ounts. Support costs, included in the above, are as follows: 2023 Museum Activities 2022 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 meetin9 costs Bookkeeping Accountancy and legal fees 31 2,124 30 2,176 1,765 2,222 84 153 104 98 1,548 166 1,084 742 454 104 113 331 2,830 744 585 600 Trustees. Remuneration and Benefits There were no trustees, remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022. Trustees, expenses Four trustees were reimbursed reasonable expenses totalling £565 for the year ended 31st March 2023 (31st March 2022 £543.04). Page 20 of27
AGC Museum Trust Notes to the Financial Statements - continued For the Year ended 31 March 2023 staff Costs 2023 2022 Wages and salaries Other pension costs 69,186 53,180 72,409 55,817 The average monthly number of employees during the year was as follows.. 2023 2022 Museum Staff No employees received emoluments in excess of £60,000. The charity considers the Board of Trustees to be its key managemenl personnel. No Trustee received any remuneration for services to the Charity in the current or previous year. Tangible Flxed Assets Fixtures and fittings Cost At 1 April 2022 Additions Disposals As at 31" March 2023 192,197 2,721 (3,800) 191 118 Dèprèciation At 1 April 2022 Charge for year On disposal 187,753 2,830 3,800 At 31 March 2023 186,783 Net Book Value At 31 March 2023 4,335 Al 31 March 2022 Page 21 of 27
AGC Museum Trust Notes to the Financial Statements- eontlnued For the Year ended 31 March 2023 10. Heritage Assets Total Market Value At 1 April 2022 Addition At 31 March 2023 80,244 500 Net Book Valu At 31 March 2023 80,744 At 31 March 2022 80,244 The charity accounts for all Heritage Assets at cost less depreciation. Assets with indefinite useful lives are not depreciated and are subject to periodic impairment reviews. Summary Analysis of Heritsge Asset Transactions There have been no h8ritage asset transactions in the last 5 years, except for the £500 addition above. Heritage Assets not recognlsed on the Balance Sheet The museum reserve collection consists of 60,000 items comprising photographs, documents, objects and uniforms all of which relate to the history of the antecedents and current Corps. These items are unique to the history of the Corps but the majority of the items do not have commercial value. The accounls include only those items which have b8en acquired at a known cost. The remainder of the collection has not been recognis6d in these accounts as information on their cost or valuation is not available and su¢h information cannot be obtained al a cost commensurate with the benefit to the users of the accounts and to the charity Page 22 of 27
AGC Museum Trust Notes to the Financial Statements - continued For the Yèar ended 31 March 2023 11. Flxed Asset Investments Listed investments Market Value At 1 April 2022 Revaluations 73,720 At 31 March 2023 65.858 Net Book Value At 31 March 2023 65,858 At 31 March 2022 There were no investment assets OLrtside the UK. Investments consist solely of investments held in unit trusts or other collective investment schemes. 12. Stocks 2023 2022 Shop Slo¢k 46 994 13. Debtors: Amounts Falling Dug within On? Year 2023 2022 Olher debtors VAT Prepayments and accrued income 1,797 436 9,990 156 There are no amounts falling due after more than one year. 14. Cash at Bank and in Hand 2023 Total funds 2022 Total funds Cash in hand Bank current account Bank deposit account 70 3,516 70 34,898 Total Cash al bank and hand is a financial asset measured at amortised cost. Page 23 of27
AGC Museum Trust Notes to the Financial Statements - continued For the Year ended 31 March 2023 16. Creditors.. Amounts Falling due within One Year 2023 2022 Credit card liability ArUed expenses 774 1.401 159 1,843 The are no amounts falling due after one year. 16. Movoment In Funds Net movement in funds At 31.3.23 At 1.4.22 Unrestri¢ted funds General fund 225,662 11,114 236,776 Total Funds 225 662 11,114 236,776 Nel movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and Movement losses in funds Unrestricted funds General fund 101,873 {82,8971 17,862) 11,114 Total Funds 101,873 82,8971 11,114 Comparatives lor movement In funds Net movement in funds At 1.4.21 31.3.22 Unrestricted funds General fvnd 205,330 20,332 225,662 Total Funds 205,330 20,332 225 662 Page 24 of 27
AGC Museum Trust Notes to the Financial Statements - continued For the Year ended 31 March 2023 16. Movemenl in Funds - contlnued Comparalive net mov8menl in funds, in¢luded in the above are as follows.. Incoming reSoUrS Resources expended Gains and losses Movement in funds Unrestricted funds General fund 85,416 (69,165} 4,081 20,332 Total Funds 85,416 69,1651 17. Rèlated Party Dlsclosures Whilst the charity has a close working lationShIp with the Army, there are no transactions with the Army which require disclosure under SORP FRS102. The only Ir2nsaclions made in favour of the Trust are wholly attributable to the charitable activities of furthering military efficiency. The Chairman, who acts as Managing Trustee, is a seNing officor and fuifils the role as Trustee in accordan wrfth the applicable laws and regulations. During the year ended 31 March 2023 the charity received grants tolalling £28,00012022.' £19,500) from The Adjutant General's Corps Association Icharrty no 1185298). The AGC Museum Trust and the AGC Regimental Association have several Iruslees in common and both charities have the object of promoting the efficiency of the Adjutsnt General's Corps. Page 25 of27
AGC Museum Trust Detsiled Ststement of Flnancial Activities For the Year ended 31 March 2023 2023 2022 Income and Endowments Donations and legacies Donations Grants 950 1,494 98,533 82,427 Investment incomè Dividends Received Interest received 2,519 445 2,443 2,964 2,445 Charitable activitles Shop Income 376 544 Totsl Incoming Resourcès Expenditure Charitable actlvities Wages Pensions Advertising Shop purchases Stock Contribution to RAPC Conservation Costs Administration & EdueAtion Membership fees Exhibition costs Projects 69,186 3.223 162 947 17 374 221 834 53,180 2,637 129 100 139 536 150 804 186 74,964 57,868 Support Costs 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 31 2,124 30 2,176 1,765 2,222 84 153 104 98 829 719 166 454 104 113 331 1,221 1,609 744 6,748 9,430 Page 26 of 27
AGC Museum Trust Detailed Statement of Financial Activities For the Year ended 31 March 2023 2023 2022 Other Governanc8 Costs Bookkeeping Accountancy and Legal Fees 585 600 742 1,185 1,867 Total Resources Expend8d Net Income before Gains and Losses 18,976 16,251 Realised Recognised Gains and Losses Realised gainsl{lossesl on Fixed Assets Investments Net IncomellExpenditure) Page 27 of 2Y