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 servI￿s 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 ante￿dent Corps and representatives of those Corps were appointed to be
Trustees, from a balan￿d 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 othe￿iSe 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 offI￿r 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-l￿daY
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 repla￿ment 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(r￿n 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 spec￿lC 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 comM￿ees.
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 li￿nse holder, whose li￿nse will be up for renewal by DIO in the next
financial year.
14.
Visitor f￿ureS 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 lnlrodu￿d. 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 De￿mber 2023. It
was then repEa￿d 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 car￿r of an Amiy Pay Corps
member and his service in the Ang1￿B0er 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 aC￿SSiOned 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 SoUr￿S 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 eX￿sS
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 pro￿dure 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 eX￿sS 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 ex￿SseS 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 AsSoC￿tion 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, re￿iVed 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• Y￿r 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 charl￿S 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
Rep￿ts) 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 COn￿rnS 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
lnvestrr￿nts
12
13
14
46
5,965
4.313
Cash at b￿k in hand
99.426
88.014
15
11.808)
(2,175)
85 839
Total Ims Currnrt Liabilhi
236.776
236.T76
Funds
UnrestrK*d i)Jnds:
16
253.253
236 776
Totsl Fun
253.253
236.776
2•24 SIg￿d on ts teh*f 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 un￿rtaInt￿eS a￿Lrt 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 Un￿rtaInty 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 r￿1Ved 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 Se￿1￿ 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 as￿t$
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 se￿I￿S 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 r￿lpt.
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 re￿ived, 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 Re￿iVed
Interest re￿IVed
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 eXaMinat￿n 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 rn￿ting costs
Bookkeeping
AC￿UntanCY 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 eX￿s5 of £60,000.
The charity considers the Board of Trustees to be its key management personnel. No Trustee
received any remuneration for ServI￿S 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 anIe￿dentS 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