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 ExaMine￿S 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 be￿een 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
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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.
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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 rep1a￿rnent 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 re￿1ve
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 Ma￿h 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
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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
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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
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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 pro￿edIng. 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
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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 prO￿S$.
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
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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 $t March was £236,776 { 2022..
£225,662).
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AGC Museum Trust
Report of the Trustees
for the Year ended 31 March 2023
Reference and Administrative Details
Name Adjutant General's Corps Museum Trust
Charfty Numb8r 1075877
Principal Addrèss
Corps Headquarters AGC
The Gloucester Building
Worthy Down
Winchester
Hampshire
S0212RG
Bankers
Royal Bank of Scotland
Lawrie House
Victoria House
Farnborough
Hampshire
GU177NR
Independent Examiner
Rothmans LLP
Chartered Accountants
Avebury House
St Peter Street
Winchester
Hampshire
S023 8BN
Solicitors
Mr Richard Robson
Warner & Richardson
29 Jewry Street
Winchester
Hampshire
S023 8RR
Investmènt Manager details
Blackrock UK Charities and Endowments
Drapers Gardens
12 Throgmorton Ave
London, EC2N 2DL
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AGC Museum Trust
Report of the Trustees
for the Year ènded 31 March 2023
Statement of Trustee Responsibilities
The charity Trustees ar& responsible for preparing the Trusle8s' Report and financial
statements in accordance with applicable law and the United Kingdom Accounting Standards
(United Kingdom Generally Accepted A¢¢ounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prep8ra financial
statements for each financial year that give a true and fair view of the state of affairs of the
charity and of the incoming resour￿$ 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 Gon￿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 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 aCqUi￿d gifts, memorabilia, r8galia, Silve￿are.
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, ServI￿S 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
A￿rUed 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
reSoUr￿S
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