Registered Charity Number: 1075877 Report of the Trustees and Unaudited Financial Statements For the Year ended 31 March 2024 For the AGC Museum Trust Rothmans LLP Chartered Accountants Avebury House St Peter Street Winchester Hampshire S023 8BN
AGC Museum Trust Contents of the Financial Statements for the Year ended 31 March 2024 Page Report of the Trustees 11011 Independent Examinerfs Report 12 Statement of Financial Activities 13 Balance Sheet 14 Notes to the Financial Statements 15to24 Detailed Statement of Financial Activities 25to26
AGC Museum Trust Report of the Trustees for the Year ended 31 March 2024 The Trustees present their report with the financial statements of the charty for the year ended 31 March 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities". Statement of Recommended Practice applicable to chartties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RepublTrc of Ireland (FRS 102) (effeclive 1 January 2019). Structure, Government and Management The Adjutant General's Corps (AGC) Museum opened in 2003 to collect, preserve, and display the history of the AGC and rts antecedent corps. the Royal Army Pay Corps. Royal Military Poli, Military Provost Staff Corps. Royal Amiy Educational Corps, Am Legal servIs and the Women's Royal Army Corps and their rich histories. Subsequently: In 1997. the Military Provost Guard ServirE (MPGS) was formed and some of their history is now displayed as part of the AGC Museum collection. In 2011, Ihe Gurkha Staff and Personnel Support (GSPS) was formed which allowed Gurkha administrators to assimilate with Iheir AGC counterparts without 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 accordance with the Museum Trust Deed updated 23 January 2023. The Board of Trustees comprises of not less than 6 members but no more than 12 members. It has: Three Ex-OfFicio members who are members because of their vital and influencing appointments wrth the AGC Corps HQ. Representation from across the Branches of the AGC and its antecedent Corps but it is slowty 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 allows 2 Trustees to call a special meeting at any time giving at least 14 days, notice of the date and the agenda. Formal records of all Board Meetings are maintained and distributed to all Trustees, the Curator and the AGC Finance Manager (as the manager of our bank account(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 Army, 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 rts unique heritage. Chair of Trustees Although the Chair has always been the Corps Colonel AGC appointment, the Trust Deed requires the Trustees at their first meeting each calendar year to elect any one of the Trustees to be the Chair for that year. This provision is there to protect the Museum's interests and prevent any conflicts of interest between the AGC. its Association and the Museum. The provision allows Trustees to ensure the Chair of Trustees cannot for 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 26
AGC Museum Trust Report of the Trustees for the Year ended 31 March 2024 the Board of Trustees which alk)w the flexibility lo deal with issues that woukl othetwise require referral to the Board of Trustees. These powers are limited and contained in an annual letter of delegation from the Board of Trustees. Trustees The Museum collection, at Ihe outset comprised of the histories of the antedent Corps and representatives of those Corps were appointed to be Trustees, from a baland mixture of those still serving in the 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 resFeCtive Branches to add AGC historical ttems to the Museum collection. Honorary Treasurer This Museum appoints an Honorary Treasurer, who chairs a finance committee and is accountable to the Board of Trustees on all financial matters. To preserve their independent role the Honorary Treasurer has no delegated authorty to approve payments although the Trustees have allowed the current incumbent to exceptionalty be the countersigning officer for payments that have been properly authorised and are within budget but exceed the authorising officers level of individual delegation. Museum Director The Corps Secretary AGC is the Museum Director; he supervises the day-t¢>day activities of the Museum and is accountable to the Chair of Trustees and the Board of Trustees on every aspect of the Museum's administration and all of the activities, and administration of the staff. The Museum Director has delegated powers from the Board of Trustees which aim to allow limited flexibility to deal wrth issues Ihat would otheiSe require approval of the Board of Trustees - these powers are contained in an annual letter of delegation from the Board of Trustees. This post is the principal authorising offIr for all payments and the line manager for the Curator. Independerrt Museums Advisor The Board is very fortunate to have an independent advisor on museums; his expertise on museum organisation and collection managemenl ensures the Museum activities protect, preserve and display the museum collection. Although nol a Trustee. the Museums Advisor attends all board meetings and has the experien to advise on a wide range of museum issues. Curator The Curator is not a Trustee but is a¢Untable to the B¢)ard 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 direction of the Board. The Curator is also the line manager of the Museum staff and any volunteers working on behalf of the Museum. The Curator has a lower level of delegated powers from the Board of Trustees which aim to allow the flexibility to deal with daY-ldaY issues 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. Trustee Selection If a vacancy occurs on the Board of Trustees. the Chair of Trustees informs the other Trustees and where possible identrfies potential candidates as replacement for consideration by the Board. No Trustees should be appointed out of committee and every replament 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 Page 2 of 26
AGC Museum Trust Report of the Trustees for the Year ended 31 March 2024 sufficient flexibility to consider replacements and to vote them in as Trustees without the need to convene a special meeting. The only exceptions to Ihis rule are the 3 Ex-officio members who automaticalty become Trustees by virtue of their appointments within the AGC Corps HQ. Trustee Remuneration All of the Twstees are volunteers and none receive remuneration from the Museum; the Trust Deed does however allow for the refund of reasonable travel and subsistence expenses iTicurred by Trustees acting on Museum official activities. Composition of the Board of Trustees The Board of Trustees is sh(rn below.. Name Date Appointed Ex Officio Trustees Date Retired Col VJ Whiting ADC Col SR Allen MBE ADC From 4 June 2021 Retires 24 April 2024 From 24 April 2024 From 28 April 2012 From 9 March 2022 Lt Col (Retd) MJR Cotton MBE W01 {Corps SM) W Heathcote AGC(SPS) W01 (Corps SM) C Hastings AGC{RMP) Retires 24 April 2024 Retires 24 April 2024 From 24 April 2024 Trustees Col {Retd} AK Brown OBE Lt Col (Retd) MMT Burton-Doe Capt DW Boyles AGC(ETS) W01 J Donachie AGC IMPGS) W02 P Fudong AGC (MPS) Col BA Gray Lt Col (Retd) RC Naile MBE Col DJ Rutherford From 31 March 2017 From 28 September 2022 From 24 April 2024 From 9 March 2022 27 September 2023 From 27 September 2023 From 6 June 2018 From 28 September 2022 From 27 September 2023 From 28 September 2022 From 1 October 2020 Col C Terblanche Col SM Vardy Col (Retd) AJ Ward 27 September 2023 From 2 December 2011 In Attendance Mr D Smurthwaite Independent Museum Advisor Curator Mrs BE Taubert-Brayley Committees The Trust Deed all0v the Board of Trustees to fomi committees responsible for speclC areas of the Museum's administration. Such committees act in accordance with direction from the Board of Trustees contained in detailed Terms of Reference. Any committee formed is ultimately accountable to the Board of Trustees but the Chair of Trustees is responsible for routine oversight of these comMees. The Finance Committee Finan Committee meetings are chaired by Col (Retd) Page 3 of 26
AGC Museum Trust Report of the Trustees for the Year ended 31 March 2024 AJ Ward (the Honorary Treasurer) with Col (Retd) AK Brown OBE as the Vice Chair and Lt Col (Retd) MJR Cotton MBE (up to his retirement when Captain DW Boyles AGC(ETS) took over his responsibilities as Museum Director) 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 to monitor inlemal financial controls to assist and advise the Trustees in order that they: Meel their legal duties to safeguard the charities assets. Administer the charities finances and assets in a manner that identffies and manages risks. Ensure the quality and integrity of finanaal reporting. The Museum Redevelopment Cornmittee This committee has been fomied to oversee Ihe redevelopment project {which is currently on hold pending repair work to the floors being undertaken by the DIO). The commrttee is chaired by Lt Col (Retd) MMT Burton- Doe and has members drawn from the Staff and Personnel Support, Provost, Educational and Training Services, and Army Legal Services branches of the AGC as well as an additional trustee in Lt Col (Retd) RC Naile MBE. This Committee has no delegated financial powers now as it is still in the preparatory phase of the project. on 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 letter{s) of delegation will be issued specific to individuals on a project team responsible for the delivery of the redevelopment project. The Trustees have allowed some earty expenditure to take place, but these sunk costs will be recorded against the overall costs of the redevelopment project. Trust Objects 10. 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 collection in a museum or museums or olher such places as the Trustees may from time to time decide, and to conserve, restore, repair. re-construct and preserve the objects of the collection. Purposes of the Charity The purpose of the AGC Museum is to educate the public and members of the Corps in the history and military accomplishments of the AGC and its antecedents. The Museum will collect, document, preserve, display, undertake research and provide access to material relating to both the Corps and rts anlecedents. The work undertaken will be to the standards required to maintain Accredited Museum status with Arts Council (England). 12. In addrtion, material displayed in the Museum will be of benefit to the general public, military veterans and serving personnel. The content of the displays will provide a stimulating experience for all, in order to show the role of the Amiy in the development of this nation" promote the military ethos; assist in recruiting and project a positive image of the British Amiy. The Trustees have paid due regard to the Charity Commission's guidan on public benefft in deciding what activities the charity should undertake. Page 4 of 26
AGC Museum Trust Report of the Trustees for the Year ended 31 March 2024 Review of Activities, Developments and Achievements 13. The Museum has been open for most of the year, only closing during Ihe planned Christmas period. A trial of opening for Bank HolKlay Mondays was conducted, with lrttle success. Visitor traffic has increased to the area and to the VWM stte. The café is still being run by the same linse holder, whose linse will be up for renewal by DIO in the next financial year. 14. Visitor fureS for the 202312024 financial year were 14,436. The increase includes more general visitors. the continuation of unit visits and an increase in the number of educational visits. There were 16 planned unit visits, of which 13 were AGC units. The majority included either an introduction to the Museum or a guided tour. There were also several unplanned unit visits from those untts visiting other museums on site who decided to visit the AGC Museum while in Winchester. 15. School visits increased again in the past year, with 682 pupils over 19 days of school trips to the site with an additional 219 Spanish language students visiting the site over the summer period for self-guided time. AGC Museum staff and volunteers led sessions and helped to navigate the pupils around the WMM srte. Most school visits took place in November, focusing on local hislory, the theme of Remembran and the two World Wars. A new presentation on Floren and Ihe Crimea was lnlrodud. which has proved popular for primary school children. 16. The large temporary exhibrtion for the 202312024 year was trtled "The Mediterranean at War: the Fight for North Africa, Malta and Itaty", it ran from January to Dember 2023. It was then repEad by an exhibition on the history of educating soldier's children, which will run for the rest of 2024. Several small temporary cases were also created, one on the history of Army Education, created by a volunteer. and another on the carr of an Amiy Pay Corps member and his service in the Ang1B0er War. The ttems for that display are on loan from the family. A work placement student has also redisplayed the small case containing prisoner of war items from the Second World War, and another has created a small display on the Brttish Army in Cyprus. 17. The AGC Museum had 12 volunteers for the financial year. Most of the volunteers come in one day a week on a more permanent basis, with 3 work experience placements and a volunteer completing hours as part of their degree. Museum volunteers help with educational visits, front of house. digitizing the archive. and have worked on some small temporary exhibitions and social media posts. The Museum has links wth Winchester University. taking students who need to complete volunteer hours for courses. 18. The boxed collections audit was Mpleted this year. with progress made on the photographic collection. The large, unboxed items and the uniform collection audit has been started, and the small backlog of rtems to be aCSSiOned has been completed. The digitization project has started in earnest, with all staff and volunteers working on the project to digitize the entire collection and archive. The Museum is partnering with staff from the Hampshire Record Office to complete the &year project. with HRO digitizing material either too large or too delicate to be done in-house, and also digttizing the Museum's audio-visual collections. Staff are working on using the newty digitized material for use in the Museum, on the website and on scKial media. Page 5 of 26
AGC Museum Trust Report of the Trustees for the Year ended 31 March 2024 Financial Review 19. This year the Finance Committee focussed on reviewing compliance with areas of our policies. The under-manning srtuation in the Corps HQ has undoubtedly caused some changes but none that would compromise the accuracy of the Museum accounting. 20. Governing Document Although the Trustees passed a resolution to adopt a new Trust Deed which was signed by all Trustees and dated 23 January 2023, it has yet to be acknowledged by the Charity Commission. As there were no changes to the objects this amendment was purely administrative, updating the policy from the previous Army Museum template and updating the 1999 Trust Deed. 21. Letters of Delegation The Twstees 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. 22. Internal Audit. This continues but much of the observations are resolved immediately and those that need further effort are normalty resolved wtthin a week of being nottfied. 23. Cash Flow The Honorary Treasurer provides a financial report to the Trustees on a quartety basis. his reports have moved on from just explaining the infomiation in the SAGE reporting and any anomalies to recommending areas for improvement such as more effective cash flow management. The opening of a 3>day noti deposit account for cash surpluses yielded £2.6K interest Ihis year. The AGC Finan Manager's experience and knowledge has signfficantty contributed to improved accounting and cash flow management. The increased balance in the current account is temporary whilst we open a CCLA instant access saving account to ensure the assets wrth RBS do not exceed the FSA ompensation scheme. Income and Expenditure 24. Sources of Income The Museum's SoUrS of income are.. Arniy Museums Ogilby Trust The Museum is very fortunate to receive a grant toward gross staff costs - this year the grant was £68.6K. AGC Association The AGC Association provides a generous annual grant to cover the estimated shortfall in operating costs- this year's grant was £30K although a further £5K was drawn down from the redevelopment fund for Ihe digitization project. Interest on Investments The Trustees elected to remain with Blackrock until after the redevelopment and the investrnents delivered interest of £2.6K. Donations and Research Fees This year donations have continued at a very good rale realising £321 Ihanks to the generosty of the public and contributions for research undertaken by the Museum staff. Miscellaneous Income The remainder of the income was the interest on Page 6 of 26
AGC Museum Trust Report of the Trustees for the Year ended 31 March 2024 the deposit account of £2.6K and other small items (shop profrt, café intemet contributions. credit card loyalty payment etc) of individually less than one hundred pounds. Donations from the public and sales from the shop have increased since the Museum acquired a credit card machine. 25. Expenditure Activity in the Museum has increased this year and wrth Ihal comes increased Gosts but the most significant areas are: Staff Costs The Museum staff salaries are reviewed annualty and awarded a pay rise normally based on the ONS website March rate of RPI. Given the world and domestic economic issues, this resulted in a significant uplrft. The gross cost of staff salaries was £85.1 K which includes £4K in pension cosls. Operating Costs The other operating costs were for the Insuran of the Museum and collection of £2.5K, Museum professional membership fees of £832, telephone and internet costs of £645, conseniation costs of £562 and bookkeeping fees of £585. The Museum also incurred £600 for the independent examination of the accounts. The remainder of the expenditure was on rtems less than £200 and covered in the accounts. Trustee Expenses The revised Twst Deed entrtles trustees to claim reimbursement of reasonable expenses property incurred in acting in an authorised manner on behalf of the Museum. All such claims are authorised by the Museum Director. This year costs amounted to £457 which is slightty |¢)wer than last years figure of £565. Fixed Asset Register The Trustees approved the disposal of a number of fixed assets from the register valued at £6K. the procurement of new equipment costing £5.5K (including the digitization spend of £4.7K) and the depreciation of assets by £2K Shop Stock The Museum purchased most of rts new stock in March 2024 giving no time lo show increased sales this year. It is hoped that this more relevant stock will be attractive to visitors. 26. Excess of Income The delay in Ihe redevelopmenl programme has led to eXsS of income of £16.5K. 27. Operating Cost Grants. The Trustees annual review of operating costs changed our policy on staff annual pay awards. The Trustees elected to change the Museum's pay increase policy. In futures, RPI would represent the highest possible rise, but the Trustees would also wait for the Civil servi pay award to be announced before discussion on the actual award to our staff. The Trustees hope to balan fairness to the staff with affordability. The change and belated pay award produre were communicated to the staff who were accepting in understanding the reasons for the Twstees decision. Page 7 of 26
AGC Museum Trust Report of the Trustees for the Year ended 31 March 2024 Financial Performance 28. Historical Review of Financial Perforniance The historical look at the previous 6 years financial performan is shown bekm. IncomelExpenditure 31 Mar 19 31 Mar 20 31 Mar 21 31 Mar 22 31 Mar 23 31 Mar 24 Total Income £63.63K £84.77K £85.14K £85.42K £102K £110K Total Expenditure £75.44K £79.71K £74.18K £69.17K £83K £95K Excess of Income NIA £5.06K £10.96K £16.25K £19K £15K Excess of Expenditure £11.81K NIA NIA NIA NIA NIA 29. Ahhough the Museum has, over the past 5 years, annualty made an eXsS of income, the Trustees realise that had the Museum redevelopment taken place, these excesses would have been used. The Trustees have elected to hold these exSseS until the re-costing of the redevelopment project has taken place because the significant delays caused by infrastructure issues are likely to have increased the costs. There may also be a better way to deliver parts with greater use of interactive technology. Investment Policy and Perforniance 30. Investment Management At 31 March 2024, the value of the Blackrock investments was £67.1 K. This compares to the previous yearfs valualion of £65.9K with gain of £1.2K. 31. Investment Objectives In 2011 the Trustees established a reserve that provided quarterly income to the Museum to defray the operational costs on the AGC Regimental Association 2nd to provide a buffer to any employment costs that occurred as we took on staff that were filling posts that were previously Civil Service. This reserves policy remains unchanged and has been validated by the costs of employing a temporary maternty replacement in 2024. 32. Future Investment Strategy The Trustees have frequently discussed their investment strategy and decided not to change until after the redevelopment is complete given the uncertainty over the eventual costs. The Trustees plan to hold a series of sessions post redevelopment to develop a dearer understanding of their future financial strategy, reserves. and investhient policy during 2025. 33. Investment Returns The Trustees remained satisfied that Blackrock was a safe investment for their short-tem objective but looking longer term, they would seek independent financial advice on achieving their investment objectives and getting comparative performance benchmarks. Reserves The Trustees have discussed their reserves policy al every meeting., the frustrating delays in the redevelopment project through infrastructure issues with the Grade 2 listed Page 8 of 26
AGC Museum Trust Report of the Trustees for the Year ended 31 March 2024 MOD building have led them to conclude that the existing reserves policy should be protected until such time as the actual costs of redevelopment are known. The total reserves at 31 March was £253,253 (2023: £236,776). Risk Management 35. The Trustees now have risk as a standing ilem on all Trustee meetings. Each risk is assigned to an owner who is responsible for the maintenance of thal risk, the mitigation and assessing the probability and potential impact. The Trustees consider each of the strategic risks and give their views on the effectiveness of the mitigation. the probability of the risk occurring and the potential impact. All changes to the Risk Register will be discussed and agreed by the Board of Trustees. Plans for the Future 36. The planned redevelopment of Ihe Museum remains the Trustees highest priority activity. The Trustees have directed that the collection is to be rebalanced to give greater focus on the 30 years of the AGC and more recent conflicts and operations. The collection will focus on story-telling through the use of more digital interactive means. 37. In 202312024, redevelopment plans were paused due to ongoing infrastructure issues upon which we depend on the Defence Infrastructure Organisation to rectrfy. It is therefore anticipated that the physical redevelopment will commenTr in 202412025. In terms of visitor numbers winter remains the optimum time to close the Museum for the work to be 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. the redevelopment working group created wtth representatives from each Branch of the AGC will focus on collecting more modern material. Funding from the AGC AsSoCtion remains available when required. 38. As at March 2024 the lease for the Museum is still yet to be finalised. The first of Winchester Military Museum's to be granted rts lease, the Gurkha Museum, reiVed 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 Ihe AGC Museum lo be next in line to receive a lease. as it houses the onty café available on site. 39. The Museum was invited to apply for accreditalion and the submission was made in January 2024. The results will be published in June 24. If successful, accreditation will last for 5 years. 40. In temis 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 will collaborate with the Women's Royal Army Corps (WRAC) Association on a project with Legasee to record oral histories of the ATS and VIRAC starting in June 2024. Page 9 of 26
AGC Museum Trust Report of the Trustees for the Year ended 31 March 2024 Reference and Administrative Details Name Adjutant General's Corps Museum Trust Charity Number 1075877 Principal Addre55 Corps Headquarters AGC The Gloucester Building Worthy Down Winchester Hampshire S021 2RG Bankers Royal Bank of Scotland Nalwest Cambertey 45 Park Street Camberley Surrey GU15 3PA 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 Investment Manager details Blackrock UK Charrties and End¢)wments Drapers Gardens 12 Throgmorton Ave London, EC2N 2DL Page 10 of26
AGC llusewn Trust Report of the TnMtees for th• Yr ended 31 Mareh 2024 The charity Twstees are yepariThJ the Tnstees. Report arKI finanaal statements in accord wrth applicable law and United Kingdom Att0untW Starthrds The law applicable to charlS in England aNI Wales requires ts Trustees to wepare financial statements for each finwKiaJ year that give a ts arKI fair view of the state of affairs of the to wesume that ltharty will continue in LwSIr. The Trustees we ponSIble for keepiThJ sufficaent accwntirvJ recttds that disdose with reasonable acow at any b.me ts finanaal Km of the charity and enable them lo ensu that the financaal statemerrts comFty wth ChafitEs AIX 2011. the Charty (accounts aTr Repts) Regulations 2(X)8 tr Fyovisions of Tntst Deed. They responsible for safeguarding ts assets of the charrty arKI hence ts takry reasonable Ste for the prevents'¢ 2oL Suned on behaff of ts Boar(I: Col A J WARD Honorary Treasurer For Chair of Trustees P4e 11 0126
AGC Museum Trust Independent Examinerfs Report to the Trustees of the AGC Museum Trust For the Year Ended 31 March 2024 Independent examinerfs report to the Trustees of AGC Museum Trust I report to the charity Irustees on my examination of Ihe accounls of AGC Museum Trust (the Trust) for the year ended 31 March 2024. Responsibilities and basis of report As the charty trustees of the Trust, you are responsible for Ihe preparation of Ihe accounts in accordance with the requirements of the Chariiies Act 2011 ('the Acr). I report in respect of my examination of Ihe Trust's accounts carried out under section 145 of the Acl and in carrying out my examination I have followed all applicable Directions given by the Charty Commission under section 145(5)(b) of the Act. Independent Examinerfs Statement I have completed my examination. I confirm that no material matters have o)me to my attention in connection with the examinalion giving me cause to believe Ihat in any material respect.. accounting records were nol kept in respect of the Trust as required by section 130 of the Act,. or the accounts do not accord with those records", or the accounts do not compty with the applicable requirements conceming the form and ontent of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the acuunts give a true and fair view which is not a matter considered as part of an independent examination. I have no COnrnS and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Jonathan Poutter FCA CTA ICAEW Rothmans LLP Chartered Accountants Avebury House St Peter Street Winchester Hampshire S023 8BN Date: 27 JarnAry2025 Page 12 of 26
AGC Museum Trust Statement of Financial Activities For the Year Ended 31 March 2024 2024 2023 Unrestricted Unrestricted & total funds & total funds Notes Income and Endowments From Donations and legacies 103,962 98,533 Charitable activities Museum Activities 657 376 Investment income 5,274 2.964 Totsl 109,893 101,873 Expenditure on Charitable activities Museum Activities 94,623 82.897 Net gains on investments 1,207 7,862) Net InGome 16,477 11,114 Reconciliation of Funds Total funds brought for*Mrd 236.776 225.662 Total Funds Carrled Forward 253,253 236,776 Page 13 of26
For th• Year emled 31 IA•rch 2024 2024 2023 4.335 10 11 80.744 1.744 65.858 150.937 155.635 12 13 14 4.313 5.965 99.426 88.014 16 175) 85.839 253.253 23S.TT6 253.253 236.776 Unreslrr*J fix 16 253.253 TIX•l Fund• 2S3.253 236.Tf6 Col (Retd) A J W¥d . Tn P•Je 14 of 26
Balance Sheet For the Year •nd•d 31 Ilarch 2024 2024 2023 & trAal fvnds & total rtd$ TaryitAe assets 4.335 10 11 80.744 S7.(5 155.635 80.744 65.858 150.937 lnvestrrnts 12 13 14 46 5,965 4.313 Cash at bk in hand 99.426 88.014 15 11.808) (2,175) 85 839 Total Ims Currnrt Liabilhi 236.776 236.T76 Funds UnrestrKd i)Jnds: 16 253.253 236 776 Totsl Fun 253.253 236.776 2•24 SIgd on ts tehf ty. Col (Retd) A J Ward - Trustee P•3e 14 of26
AGC Museum Trust Notes for the Financial Statements For the Year ended 31 March 2024 Accounting Policies Basis of preparing the Financial Statements The financial statements of the charty, which is a public benefrt enlity under FRS 102, have been prepared in accordance wtth 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, wrth the exception of investments which are included at market value. The financial ststements have been prepared to give a llrue and fai¢ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo 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 Iheir accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practi effective from 1 April 2005 which has since been withdrawn. The financial slatemenls are prepared in sterling which is the functional and presentational currency of the Charity. The financial statements are rounded to the nearest pound. The Trustees consider that there are no material unrtaInteS aLrt the charity's abilty to continue as a going concem and these accounts are prepared on a going concern basis. The most significant estimates affecting these accounts are the estimations of the useful lives of Ihe fixed assets and heritage assets. There are no significant judgements which affect the amounts recognised in the financial statements. Wrth respect to the next reporting period, the mosi signfficant areas of UnrtaInty thai affect the carrying value of assets held by the Charty are the level of investment return and the performance of investments. Income All income is recognised in the Statement of Financial Activities On Ihe charity has entttlement to the funds, it is probable that the income will be r1Ved and the amount can be measured reliably. Grants from other agencies, donations and other income from activities are in furtherance of the charity's objects and are part of the general funds of the charity. A restricted fund is recognised where this is an agreed and explicit condition of the grant or donor. Expenditure Liabilities are recognised as expendtture as SCA)n as there is a legal or constructive obligation commrtiing the charty to that expenditure, rt is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. Page 15 of26
AGC Museum Trust Notes for the Financial Statements For the Year ended 31 March 2024 ACCOUNTING POLICIES - continued Governance Costs Governance costs are the costs of professional advi. 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 Charty undertakes in proportion to the level of resources utilised by each activity. During the current and previous years all expendtture incurred by the Charity has related to the single activity of the governance of the AGC Museum. Tangible Fixed Assets All assets having a purchase value of more than £500 are capitalised. The cost of tangible fixed assets are wrrtten off by equal annual instalments over their expected usefvl lives using the following methods of depreciation: Furniture, fixtures and equipment - Straight Line over a period of 2 - 10 years Assets wilh a lrfe of more than one year bLrt with a purchase value of below £500 are induded within the inventory but Ihe cost is written off in the year it is incurred and is not depreciated over Ihe useful life of the asset. Heritage Assets In the course of the unit's history. Ihe chartty has acquired gtfts. memorabilia. regalia, silverware, antiques and other historical artefacls in Ihe course of distinguished milrtary Se1 in Sen¥1 of the Crown. The value of these pieces is in large part derived from their close association wrth Regimental history which precludes the use of conventional valuation techniques being applied. INhilst the objects of the charity do not specificalty include preservation and conservation, the pieces represent an essential element of lebrating the unit's history and foster esprit-de-corps. Consequentw, the managing Trustee considers the charty to hold heritage assets as an element of national history on behalf of the nation. Heritage assets are initialty measured at cost. Assets which are donated to the charty are measured at valuation wherever this can be reliably estimated. The inttial valuation of donated assets is subsequently treated as the deemed cost of the asset therefore these accounts present all ast$ at cost less depreciation. Assets are depreciated over their useful economic lives, h¢)wever in the Trustees, opinion, all of the assets currently held by the Trust have infinite lives and are therefore not depreciated. The Trust's heritage assets are managed by the Trustees of the AGC Museum Trust and are displayed for public viewing at the AGC Museum in Winchester. The Museum Curator maintains a register of all assets which have been acquired by the Trust, including the Sour of each asset, the date of acquisition, a brief description of the asset and its acquisttion cost or value. Stocks Stocks are valued at the k)wer of cost and net realisable value, after making due allowan for obsolete and slow-moving items. Taxation The charity is exempt from lax on its ¢harTtable activities. Page 16 of26
AGC Museum Trust Notes for the Financial Statements For the Year ended 31 March 2024 ACCOUNTING POLICIES - continued Fund Accounting Funds held by the Charty are deemed lo be: General Purpose l Unrestricted funds. These are the funds that can be used in accordance with the charitable objectives at the discretion of the Managing Trustee. The Charity does not currenlty have any Restricted or Endowment funds. Pension Costs and other Post-Retirement Benefrts The charity operales a defined contribLrtion pension scheme. Contributions payable to the charty's pension scheme are charged lo Ihe Stalement of Financial Activities in the period to which they relate. Donated Goods, Services and Facilities Donated goods, services and facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have teen met, the receipt of economic benefit from the use by the charty of the item is probable and that economic benefit can be measured reliably. On receipt. donated professional seIS and donated facilities are recognised on the basis of the value of the giftto the charity which is the amount the charty would have been willing to pay to obtain services or facilities of equivalent economic benefrt on the open market; a corresponding amount is then recognised in expenditure in the period of rlpt. On receipl, donated go(xJs are recognised at their fair value. Goods donated for on-going use 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 balan sheet. The charity's investments are held in unit trusts and the fair value for these investmenls 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 differen between sales proceeds and their opening carrying value or their purchase value rf Uired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the differen between the fair value at the year end and their carying value. Realised and unrealised investment gains and k)sses are combined in the Statement of Financial Activities. Page 17 of26
AGC Museum Trust Notes to the Financial Statements - continued For the Year ended 31 March 2024 Donations and Legacies 2024 2023 Donations Grants 321 103,641 950 97,583 103,962 98,533 The Charty is provided with Museum facilities within the Peninsula Barracks and administrative support from Army personnel within the Worthy Down Arry Camp at no cost. No income is included in these financial statements for these donated facilities as it is not possible to reliably measure the value of these gifts. Grants reived, included in the above, are as follows: 2024 2023 Army Museums Ogilby Trust AGC Regimental Association 68,641 35,000 69,583 28,000 103,641 97,583 Investment Income 2024 2023 Dividends ReiVed Interest reIVed 2,640 2,634 2,519 445 5,274 Income from Charitable Activities 2024 2023 Activity Museum Activities Shop income 657 376 Charitable Activities Costs Support costs (see note 6) Direct Costs Totals Museum Activities 86,931 7,692 94,623 Page 18 of26
AGC Museum Trust Notes to the Financial Statements - continued For the Year ended 31 March 2024 SUPPORT COSTS Governan costs Other Totals Museum Activtties 6.507 7,692 Accountancy and legal fees relate solely to the fees due to the Independent Examiner, Rothmans LLP, for the independent eXaMinatn of these accounts. Support costs. included in the above. are as follows: 2024 Museum Activities 2023 Museum Activities Office & admin costs Insurance Repairs and renewals Telephone & internet Postage and statTronery Sundries Security Travel & Subsistence Depreciation of tangible fixed assets Loss on Disposal Refreshments and rnting costs Bookkeeping ACUntanCY and legal fees 31 2,124 2,534 271 645 182 32 120 180 1,998 454 104 113 331 2,830 511 585 600 744 585 600 7,692 7,933 Trustees. Remuneration and Benefits There were no trustees. muneratIon or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees. expenses Four trustees were reimbursed reasonable expenses tolalling £457 for the year ended 31st March 2024 (31st March 2023 £565). Page 19 of26
AGC Museum Trust Notes to the Financial Statements - continued For the Year ended 31 March 2024 Staff Costs 2024 2023 Wages and salaries Other pension costs 81,104 69,186 85,103 72,409 The average monthty number of employees during the year was as follows: 2024 2023 Museum Staff No employees received emoluments in eXs5 of £60,000. The charity considers the Board of Trustees to be its key management personnel. No Trustee received any remuneration for ServIS to the Charty in the current or previous year. Tangible Fixed Assets Fixtures and fittings Cost At 1 April 2023 Additions Disposals As at 31" March 2024 191,118 5,490 (5,969) 190 639 Depreciation At 1 April 2023 Charge for year On disposal 186,783 1,998 Al 31 March 2024 182,813 Net Book Value At 31 March 2024 7.826 At 31 March 2023 4,335 Page 20 of 26
AGC Museum Trust Notes to the Financial Statements - continued For the Year ended 31 March 2024 10. Heritage Assets Total Market Value At 1 April 2023 Addition At 31 March 2024 80,744 80,744 Net Book Value At 31 March 2024 At 31 March 2023 80,744 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 Heritage Asset procurement has been placed on hold for the last 5 years, save for one item procured in 2023 for £500. Heritage Assets not recognised 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 anIedentS and current Corps. These items are unique io the history of the Corps but the majority of the items do not have commercial value. The accounts include only those items which have been acquired at a known cost. The remainder of the collection has not been recognised in these accounts as information on their cost or valuation is not available and such information cannol be obtained at a cost commensurate with the benefrt to the users of the accounts and to the charity Page 21 of 26
AGC Museum Trust Notes to the Financial Statements - continued For the Year ended 31 March 2024 11. Fixed Asset Investments Listed investments Market Value Al 1 April 2023 Revalualions 65,858 1,207 At 31 March 2024 Net Book Value At 31 March 2024 67,065 At 31 March 2023 65,858 There were no investment assets outSKle the UK. Investments consist solely of investments held in unit trusts or other collective investment schemes. 12. Stocks 2024 2023 Shop Stock 263 46 13. Debtors: Amounts Falling Due within One Year 2024 2023 Other debtors VAT Prepayments and accrued income 119 238 3,956 1,797 436 3,732 4.313 5,965 There are no amounts falling due after more than one year. 14. Cash at Bank and in Hand 2024 Total funds 2023 Total funds Cash in hand Bank current account Bank deposit account 70 18,730 76,050 70 3,516 Total 94,850 82,003 Cash at bank and hand is a financial asset measured at amortised cost. Page 22 of 26
AGC Museum Trust Notes to the Financial Statements - continued For the Year ended 31 March 2024 15. Creditors: Amounts Falling due within One Year 2024 2023 Credit card liability Accrued expenses 141 1,667 774 1.401 1,808 2,175 There are no arnounts falling due after one year. 16. Movemont in Funds Net movement in funds At 31.3.24 At 1.4.23 Unrestricted funds General fund 236.776 16,477 253,253 Total Funds 236.776 16,477 253,253 Net movement in furKls, induded in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 109.893 94.623 1,207 16,477 Total Funds 109.893 94,623 1,207 16,477 Comparativos for movèmènt in funds Net movement in funds At 31.3.23 At 1.4.22 Unrestrlcted funds General fund 225.662 11,114 236,776 Total Funds 225.662 11,114 236,776 Page 23 of 26
AGC Museum Trust Notes to the Financial Statements - continued For the Year ended 31 March 2024 16. Movemerrt in Funds - conlinued Comparative net movement in funds. included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 101.873 (82.897) 17,862) 11,114 Total Funds 101.873 82.897) 17. Related Party Disclosures Whilst the charty has a close working relationship with the Army. there are no transactions the Amiy which require disclosure under SORP FRS102. The only transactions made in favour ofthe Trust are wholly attributable to the charitable activities of furthering military efficiency. The Chairman. who acts as Managing Trustee, is a serving officer and fulfils the role as Trustee in accordance with the applicable laws and regulations. During the year ended 31 March 2024 the charty received grants totslling £35,000 (2023.. £28,000) from The Adjutant General's Corps Association {charity no 11852981. The AGC Museum Trust and the AGC Regimental Associats"on have several trustees in common and both charities have the object of promoting the efficiency of the Adjutant General's Corps. Page 24 of 26
AGC Museum Trust Detailed Statement of Financial Activities For the Year ended 31 March 2024 2024 2023 Income and EndowThents Donations and legacies Donations Grants 321 950 103,962 98,533 Investment income Dividends Received Interest received 2,640 2,519 445 5274 2,964 Charitable activities Shop Income 657 376 Total Incoming Resources Expenditure Charitable activities Wages Pensions Advertising Shop purchases Stock Contribution to FIAPC Conservation Costs Administration & Education Membership fees Exhibition costs 81,104 3,999 132 57 69,186 3,223 162 947 17 374 221 834 563 144 911 21 Support Costs Other Office and Adminislrative Costs Insurance Repairs and Renewals Telephone and Intemel Postage and Stalionery Sundries Securrty Travel and Subsistence Depreciation Fixtures and Frttings Depreciation Computer Equipment Refreshments and Conferencing Costs 31 2,124 2,534 271 645 182 32 120 180 546 1,452 511 454 104 113 331 11 1.221 1,609 744 6507 6,748 Page 25 of 26
AGC Museum Trust Detailed Statement of Financial Activities For the Year ended 31 March 2024 2024 2023 Other Governance Costs Bookkeeping Accountancy and Legal Fees 585 600 585 600 1,185 1,185 Total Resources Expended Net Income before Gains and Losses 15,270 18,976 Realised Recognised Gains and Losses Realised gaIn(lO&SeS) on Fixed Assets Investments Net Incomel(Expenditure) Page 26 of 26